# Blackstone Secured Lending Fund (BXSL)

> Source: Nexqual · https://nexqual.com/BXSL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Blackstone Secured Lending Fund (BXSL), nexqual.com/BXSL" · informational, not investment advice.

**Price:** USD 23.91 (+2.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.37 · day 23.4–24 · 52w 22.47–28.59 · market cap $5.57B · NYQ

## Key facts
- Valuation: P/E 19.0x (avg 9.2x at the last 3 fiscal year-ends), net debt $7.27B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $50K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (12 analysts), mean target USD 24.66 (range 22–26).
- Total return with dividends: 1Y +1.9% vs S&P 500 +14.9%; 5Y +42.0% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $460M | $405M | $612M | $694M | $563M | $293M |
| EPS (diluted) | $3.19 | $2.44 | $3.65 | $3.45 | $2.46 | — |
| Cash + short-term investments | $103M | $131M | $155M | $230M | $290M | — |
| Total debt | $5.50B | $5.53B | $4.91B | $7.06B | $8.08B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.0x · P/B 0.9x · Earnings yield 5.27% · Dividend yield (paid, TTM) 12.26% · Net debt $7.27B · EV $12.8B
P/E at fiscal year-ends: Dec 2025 10.7x, Dec 2024 9.4x, Dec 2023 7.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $50K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-12 | Bass Robert J |  | 2,095 | $50K | 23.8 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 12 analysts; mean target USD 24.66 (low 22, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | UBS | Target raised | Neutral | $24.5 → $25.5 |
| 2026-07-23 | Oppenheimer | Initiated | Perform | $25 |
| 2026-07-02 | JP Morgan | Target lowered | Overweight | $24 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +1.9% | +42.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.9% | +7.3% |
| Volatility (annualized) | 20.6% | 19.2% |
| Max drawdown | -14.8% (Dec 2025→Mar 2026) | -34.1% (Dec 2021→Jul 2022) |

## Peers (Asset Management)
VCTR (Victory Capital Holdings, Inc. ) USD 107.39 -0.20% · PDI (PIMCO Dynamic Income Fund) USD 14.3 +1.20% · AMG (Affiliated Managers Group, Inc.) USD 395.53 +0.48% · IVZ (Invesco Ltd) USD 28.79 -1.57% · SEIC (SEI Investments Company) USD 104.5 -3.62% · ARCC (Ares Capital Corporation) USD 18.79 +2.12%

## More
Full page: https://nexqual.com/BXSL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BXSL's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1736035/000173603526000004/bxsl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PJT Partners Inc. (PJT) | "In addition, one or more investment vehicles controlled by Blackstone could be established to facilitate participation in Blackstone's side-by-side investment program by employees and/or partners of PJT." |
| Partner | Corebridge Financial, Inc. (CRBG) | "In addition, Blackstone acquired a minority interest in Corebridge, and in connection therewith has entered into a long-term asset management partnership with certain subsidiaries and/or affiliates of Corebridge to serve…" |
| Partner | McKesson (MCK) | "At Deloitte, Mr. Bass was responsible for all services provided to Forstmann Little and its portfolio companies and was the advisory partner for Blackstone, DIRECTV, 24 Hour Fitness, McKesson, IMG and CSC." |

## Company outlook (8-K filed 2026-08-06)

- "(2) BXSL has an investment grade credit rating of Baa 2 / negative outlook from Moody's, issued on June 1 , 2026 , an investment grade credit rating of BBB / stable outlook from Fitch, reaffirmed on April 9 , 2026 , and an investment grade credit rating of BBB - / stable from S&P, issued on June 1 , 2026 ."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.66 | $0.66 | -0.8% | $317.8M | 12 |
| Next quarter (ends 2026-12-31) | $0.65 | $0.65 | -0.2% | $319.2M | 12 |
| Current fiscal year (ends 2026-12-31) | $2.83 | $2.74 | +3.2% | $1.28B | 11 |
| Next fiscal year (ends 2027-12-31) | $2.56 | $2.56 | -0.2% | $1.28B | 12 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 22.3% | ±5.4% |
| 2026-12-18 | 56 | 19.9% | ±6.3% |
| 2027-01-15 | 84 | 16.1% | ±7.6% |
| 2027-02-19 | 119 | 16.8% | ±8.6% |
| 2027-05-21 | 210 | 18.9% | ±12.9% |