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BXSL 
Blackstone Secured Lending Fund (BXSL)
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Upturn Advisory Summary
10/31/2025: BXSL (2-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Number of Analysts
9 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $31.14
1 Year Target Price $31.14
| 4 | Strong Buy |
| 2 | Buy |
| 3 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 30.25% | Avg. Invested days 64 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  4.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/31/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 6.09B USD | Price to earnings Ratio 9.41 | 1Y Target Price 31.14 |
Price to earnings Ratio 9.41 | 1Y Target Price 31.14 | ||
Volume (30-day avg) 9 | Beta 0.44 | 52 Weeks Range 24.53 - 32.05 | Updated Date 11/2/2025 |
52 Weeks Range 24.53 - 32.05 | Updated Date 11/2/2025 | ||
Dividends yield (FY) 11.67% | Basic EPS (TTM) 2.81 |
Earnings Date
Report Date 2025-11-10 | When - | Estimate 0.7852 | Actual - |
Profitability
Profit Margin 44.26% | Operating Margin (TTM) 78.88% |
Management Effectiveness
Return on Assets (TTM) 5.47% | Return on Equity (TTM) 10.6% |
Valuation
Trailing PE 9.41 | Forward PE 9.29 | Enterprise Value 12904231936 | Price to Sales(TTM) 4.35 |
Enterprise Value 12904231936 | Price to Sales(TTM) 4.35 | ||
Enterprise Value to Revenue 19.96 | Enterprise Value to EBITDA - | Shares Outstanding 230232988 | Shares Floating - |
Shares Outstanding 230232988 | Shares Floating - | ||
Percent Insiders 8.75 | Percent Institutions 43.9 |
Upturn AI SWOT
Blackstone Secured Lending Fund
Company Overview
History and Background
Blackstone Secured Lending Fund (BXSL) was formed in 2018 as a business development company (BDC) focused on providing first lien senior secured loans to middle-market companies. It leverages Blackstone's established credit platform and expertise.
Core Business Areas
- Direct Lending: BXSL primarily originates, structures, and invests in first lien senior secured loans to middle-market companies. These loans typically support buyouts, acquisitions, growth capital, and recapitalizations.
Leadership and Structure
Jonathan Bock is the Chief Executive Officer. The fund is externally managed by Blackstone Credit BDC Advisors LLC, an affiliate of Blackstone Inc.
Top Products and Market Share
Key Offerings
- First Lien Senior Secured Loans: BXSL's core offering is providing first lien senior secured loans to middle-market companies. The BDC reports origination volume and portfolio composition, but specific market share data for this exact segment is not publicly disclosed in a readily available format. Competitors include other BDCs like Ares Capital (ARCC) and Golub Capital BDC (GBDC).
Market Dynamics
Industry Overview
The direct lending market is growing as middle-market companies seek alternatives to traditional bank financing. BDCs play a significant role in this market, offering flexible capital and specialized expertise.
Positioning
BXSL benefits from its affiliation with Blackstone, providing access to deal flow, credit expertise, and a strong capital base. It focuses on first lien loans, generally considered less risky than other types of debt.
Total Addressable Market (TAM)
The US middle market direct lending TAM is estimated to be in the trillions of dollars. BXSL is positioned to capture a portion of this market by providing capital to companies underserved by traditional banks.
Upturn SWOT Analysis
Strengths
- Blackstone affiliation
- Experienced management team
- Focus on first lien loans
- Access to deal flow
Weaknesses
- External management structure (potential conflicts of interest)
- Sensitivity to interest rate changes
- Reliance on middle-market company performance
- Asset concentration in relatively few companies
Opportunities
- Growing demand for direct lending
- Expansion into new industries or geographies
- Potential acquisitions of smaller BDCs
- Increased regulatory scrutiny of traditional banks
Threats
- Economic downturn
- Increased competition from other lenders
- Rising interest rates
- Regulatory changes impacting BDCs
Competitors and Market Share
Key Competitors
- Ares Capital (ARCC)
- Golub Capital BDC (GBDC)
- Owl Rock Capital Corporation (ORCC)
Competitive Landscape
BXSL benefits from the Blackstone brand and access to its resources. However, ARCC is a significantly larger player. GBDC has a strong track record, and ORCC is another major competitor in the direct lending space.
Growth Trajectory and Initiatives
Historical Growth: BXSL has grown its portfolio since inception through loan originations and acquisitions. Data requires real-time updates.
Future Projections: Future projections depend on market conditions, investment opportunities, and management's execution. Data requires analyst estimates.
Recent Initiatives: Recent initiatives include portfolio optimization and strategic investments to drive income and returns.
Summary
Blackstone Secured Lending Fund (BXSL) leverages the Blackstone platform to originate and invest in first lien senior secured loans. Its strengths lie in its affiliation and focus on senior debt. However, the external management structure and reliance on the middle market expose it to certain risks. BXSL needs to maintain a diversified portfolio and manage credit risk effectively to sustain its growth and dividend payouts.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company filings
- Analyst reports
- Industry publications
Disclaimers:
This analysis is based on publicly available information and is not financial advice. Market data and financial metrics are subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Blackstone Secured Lending Fund
Exchange NYSE | Headquaters New York, NY, United States | ||
IPO Launch date 2021-10-28 | Trustee, Chairman & Co-CEO Mr. Brad Marshall | ||
Sector Financial Services | Industry Asset Management | Full time employees - | Website https://www.bxsl.com |
Full time employees - | Website https://www.bxsl.com | ||
Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company ("RIC"), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The fund also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC. The fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective primarily through originated loans, equity and other securities, including syndicated loans, of private U.S. companies, specifically small and middle market companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities.
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