Blackstone Secured Lending Fund (BXSL)
Blackstone Secured Lending Fund (BXSL) is a Delaware statutory trust, established on March 26, 2018, that operates as an externally managed, non-diversified closed-end investment fund. On October 26, 2018, it formally became regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Additionally, for U.S. federal income tax purposes, it has chosen and plans to retain its status as a Regulated Investment Company (RIC), as defined by Subchapter M of the Internal Revenue Code of 1986. The fund's core mission is to generate current income, complemented by a secondary focus on long-term capital appreciation. To achieve these goals, BXSL primarily invests in private U.S. small and middle-market companies. Its strategy centers on originating various debt and equity securities, most notably first lien senior secured and unitranche loans (which encompass first out/last out structures). While these form the bulk of its holdings, the fund also selectively invests in syndicated loans, second lien, third lien, unsecured, and subordinated loans, as well as other debt and equity instruments.
Industry: Asset Management
Blackstone Secured Lending Fund
NYSE:BXSLFinancial Services · Asset Management
-2.43%$23.33
AH Close$23.89+2.40%vs close
AH Close$23.89+2.40%vs close
Mkt Cap$5.44B
Float203.17M
O/S232.97M
Inst Own37.3%
Div Yield13.20%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.27B
Net Income$563.46M
Total Assets$14.66B
Free Cash Flow-$458.66M
Debt & Equity
Debt 56%
Equity 44%
Total Debt$8.08B
Total Equity$6.25B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BXSL's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$14.66B
Liabilities$8.41B
Accounts Receivable$105.7M
Accounts Payable$242.74M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $1.27B | $1.05B | $874.72M | $584.09M | $587.46M | $238.4M | $116.87M | -$2.3M |
| YoY Growth | 20.9% | 19.8% | 49.8% | -0.6% | 146.4% | 104.0% | -5179.1% | - |
| Cost of Revenue | $271.34M | $316.28M | $255.98M | $197.44M | $115M | $65.95M | $35.43M | $1.35M |
| Gross Profit | $995.39M | $731.26M | $618.74M | $386.65M | $472.46M | $323.18M | $112.15M | $1.77M |
| Gross Margin | 78.6% | 69.8% | 70.7% | 66.2% | 80.4% | 135.6% | 96.0% | -77.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $14.59M | $11.94M | $15.35M | $13.88M | $10.66M | $10.41M | $7.4M | $1.2M |
| Other | $20.27M | $10.71M | -$25.36M | -$33.17M | -$1.06M | -$80.52M | -$1.13M | -$4.56M |
| Total Operating Expenses | $34.86M | $22.64M | -$10.01M | -$19.29M | $9.6M | -$70.11M | $6.26M | -$3.36M |
| Operating Income (EBIT) | $960.53M | $708.62M | $628.75M | $405.94M | $462.86M | $242.56M | $75.17M | -$292K |
| Operating Margin | 75.8% | 67.6% | 71.9% | 69.5% | 78.8% | 101.7% | 64.3% | 12.7% |
| Interest Expense | $381.64M | $316.28M | $255.98M | $197.44M | $115M | $65.95M | $35.43M | $935K |
| Interest Income | $1.42B | $1.32B | $1.14B | $836.82M | $618.7M | $0 | $0 | $0 |
| Other Income (Expense) | -$394.21M | $0 | $0 | $0 | $0 | -$23.4M | $31.5M | -$2.6M |
| Income Before Tax (EBT) | $566.32M | $708.62M | $628.75M | $405.94M | $462.86M | $219.16M | $106.67M | -$2.89M |
| Income Tax Expense | $2.87M | $14.52M | $16.8M | $1.39M | $2.44M | $517K | $465K | $52K |
| Net Income | $563.46M | $694.1M | $611.95M | $404.56M | $460.42M | $218.64M | $106.21M | -$2.94M |
| Net Income Margin | 44.5% | 66.3% | 70.0% | 69.3% | 78.4% | 91.7% | 90.9% | 127.9% |
| Supplementary Data | ||||||||
| EPS | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 | 2.29 | 3.14 | -0.03 |
| Diluted EPS | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 | 2.29 | 3.14 | -0.03 |
| Weighted Average OS | 229.16M | 201.37M | 167.62M | 166.07M | 144.51M | 95.33M | 33.86M | 95.33M |
| EBITDA | $947.96M | $708.62M | $628.75M | $405.94M | $462.86M | $0 | $0 | $0 |
| EBITDA Margin | 74.8% | 67.6% | 71.9% | 69.5% | 78.8% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $289.61M | $229.61M | $154.86M | $131.27M | $102.88M | $217.99M | $65.5M | $6.23M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $289.61M | $229.61M | $154.86M | $131.27M | $102.88M | $217.99M | $65.5M | $6.23M |
| Accounts Receivable | $105.7M | $124.24M | $94.87M | $147.14M | $205.54M | $139.42M | $25.66M | $19.96M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $395.31M | $353.85M | $249.73M | $278.42M | $308.42M | $357.41M | $91.15M | $26.19M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $14.23B | $4M | $9.87B | $9.62B | $9.86B | $5.59B | $3.09B | $545.33M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $19.75M | $13.11B | $16.45M | $0 | $0 | $7.51M | $6.51M | $3.23M |
| Total Long-Term Assets | $14.25B | $13.12B | $9.88B | $9.62B | $9.86B | $5.59B | $3.1B | $548.56M |
| Other Assets | $0 | $0 | $0 | $13.33M | $13.75M | $0 | $0 | $0 |
| Total Assets | $14.66B | $13.47B | $10.13B | $9.91B | $10.18B | $5.95B | $3.19B | $574.74M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $242.74M | $243.99M | $8.57M | $20.27M | $36.22M | $149.94M | $43.41M | $147.44M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $1.31B | $0 | $185M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | -$105.82M | -$102.4M | -$14.71M | $1.43B | -$2.99M |
| Total Current Liabilities | $310.39M | $243.99M | $8.57M | $221.46M | $231.43M | $1.5B | $1.52B | $338.16M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $8.08B | $7.06B | $4.91B | $5.53B | $5.5B | $1.19B | $1.45B | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $20.77M | $95.63M | $0 | -$5.37B | $0 | $0 | -$56.98M | $0 |
| Total Long-Term Liabilities | $8.1B | $7.15B | $4.91B | $161.78M | $5.5B | $1.19B | $1.4B | $222K |
| Other Liabilities | $0 | $0 | $262.08M | $5.53B | $0 | $0 | -$1.4B | $0 |
| Total Liabilities | $8.41B | $7.4B | $5.18B | $5.75B | $5.73B | $2.68B | $1.52B | $338.38M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $232K | $222K | $186K | $160K | $169K | $130K | $64K | $10K |
| Retained Earnings | $197.19M | $326.54M | $250.03M | $125.69M | $202.19M | $35.12M | $37.14M | -$2.89M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $6.05B | $5.75B | $4.7B | $4.03B | $4.25B | $3.23B | $1.64B | $239.25M |
| Total Equity | $6.25B | $6.08B | $4.95B | $4.16B | $4.45B | $3.27B | $1.67B | $236.37M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $14.66B | $13.47B | $10.13B | $9.91B | $10.18B | $5.95B | $3.19B | $574.74M |
| Supplementary Data | ||||||||
| Total Debt | $8.08B | $7.06B | $4.91B | $5.53B | $5.5B | $2.5B | $1.45B | $185M |
| Net Debt | $7.79B | $6.83B | $4.76B | $5.4B | $5.4B | $2.28B | $1.39B | $178.77M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | $563.46M | $694.1M | $611.95M | $404.56M | $460.42M | $218.64M | $106.21M | -$2.94M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$343K | -$24.96M | $52.27M | $58.39M | -$69.54M | -$116.28M | $242K | $10.39M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$25.58M | $0 | $0 | -$22.08M | $0 | $11.01M | $15.3M | $309K |
| Other Working Capital | $13.62M | $37.27M | $1.5M | $8.26M | $44.65M | $50.95M | -$135.34M | $89.58M |
| Total Working Capital Change | -$12.3M | $12.31M | $53.77M | $44.58M | -$24.89M | -$54.32M | -$119.8M | $100.27M |
| Other Non-Cash Items | $30.48M | -$3.23B | -$206.91M | $223.81M | -$4.26B | -$2.48B | -$2.54B | -$447.11M |
| Net Cash from Operating | $581.63M | -$2.53B | $458.81M | $672.95M | -$3.83B | -$2.32B | -$2.56B | -$349.78M |
| Investing Activities | ||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$3.27B | -$3.94B | $0 | -$961.77M | $0 | $0 | $0 | $0 |
| Sales of Investments | $2.23B | $787.52M | $0 | $1.17B | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $3.16B | $0 | -$212.41M | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$1.04B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||
| Debt Repaid | -$913.14M | -$2.17B | $650.87M | -$43.67M | -$3B | -$1.04B | -$1.27B | -$120M |
| Common Stock Issuance | $295.45M | $1.04B | $665.26M | -$1.61M | $981.1M | $1.58B | $1.39B | $239.31M |
| Common Stock Repurchases | $0 | $0 | $0 | -$263.02M | $0 | $0 | $0 | $0 |
| Dividends Paid | -$677.98M | -$583.35M | -$437.97M | -$423.44M | -$253.78M | -$145.12M | -$35.37M | $0 |
| Other Financing Activities | $0 | -$16.65M | -$8.59M | -$3.79M | -$12.76M | -$9.32M | -$4.1M | -$3.3M |
| Net Cash from Financing | $530.61M | $2.6B | -$432.16M | -$648.18M | $3.71B | $2.47B | $2.62B | $356M |
| Forex Effect | -$11.95M | -$1.06M | -$3.07M | $3.62M | $0 | $0 | $0 | $0 |
| Net Change in Cash | $60M | $74.75M | $23.59M | $28.39M | -$115.11M | $152.5M | $59.27M | $6.23M |
| Supplementary Data | ||||||||
| Operating Cash Flow | -$458.66M | -$2.53B | $458.81M | $672.95M | -$3.83B | -$2.32B | -$2.56B | -$349.78M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | -$458.66M | -$2.53B | $458.81M | $672.95M | -$3.83B | -$2.32B | -$2.56B | -$349.78M |
| Cash at Beginning | $229.61M | $154.86M | $131.27M | $102.88M | $217.99M | $65.5M | $6.23M | $0 |
| Cash at End | $289.61M | $229.61M | $154.86M | $131.27M | $102.88M | $217.99M | $65.5M | $6.23M |