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BXSL 
Blackstone Secured Lending Fund (BXSL)
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Upturn Advisory Summary
12/18/2025: BXSL (2-star) has a low Upturn Star Rating. Not recommended to BUY.
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 $29.77
1 Year Target Price $29.77
| 4 | Strong Buy |
| 2 | Buy |
| 3 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 29.78% | Avg. Invested days 57 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 12/18/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 6.36B USD | Price to earnings Ratio 10.38 | 1Y Target Price 29.77 |
Price to earnings Ratio 10.38 | 1Y Target Price 29.77 | ||
Volume (30-day avg) 9 | Beta 0.44 | 52 Weeks Range 24.53 - 32.05 | Updated Date 12/19/2025 |
52 Weeks Range 24.53 - 32.05 | Updated Date 12/19/2025 | ||
Dividends yield (FY) 11.10% | Basic EPS (TTM) 2.65 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 42.42% | Operating Margin (TTM) 80.43% |
Management Effectiveness
Return on Assets (TTM) 5.28% | Return on Equity (TTM) 10.02% |
Valuation
Trailing PE 10.38 | Forward PE 9.29 | Enterprise Value 13767938048 | Price to Sales(TTM) 4.5 |
Enterprise Value 13767938048 | Price to Sales(TTM) 4.5 | ||
Enterprise Value to Revenue 19.96 | Enterprise Value to EBITDA - | Shares Outstanding 231220381 | Shares Floating - |
Shares Outstanding 231220381 | Shares Floating - | ||
Percent Insiders 8.71 | Percent Institutions 43.24 |
Upturn AI SWOT
Blackstone Secured Lending Fund
Company Overview
History and Background
Blackstone Secured Lending Fund (NYSE: BXSL) is a publicly traded, diversified business development company (BDC) managed by Blackstone. It was established to originate and invest in senior secured loans made to U.S. corporations. BXSL aims to provide its shareholders with attractive current income and capital appreciation. It is part of Blackstone's credit segment, a significant area of focus for the alternative asset manager.
Core Business Areas
- Senior Secured Loans: Origination and investment in floating-rate, senior secured loans primarily to private U.S. middle-market companies. These loans are typically first-lien secured debt, offering a high degree of downside protection.
- Direct Lending: Focuses on direct lending, meaning BXSL negotiates and structures loans directly with borrowers, rather than investing in broadly syndicated loans. This allows for greater control over deal terms and covenants.
- Diversified Portfolio: Invests across a wide range of industries to mitigate sector-specific risks, seeking to build a resilient portfolio.
Leadership and Structure
BXSL is externally managed by Blackstone's credit business. The investment decisions are made by an experienced team of investment professionals within Blackstone Credit. Key management personnel include individuals with extensive experience in credit markets, direct lending, and portfolio management.
Top Products and Market Share
Key Offerings
- Senior Secured Loans to Middle Market Companies: BXSL's primary offering is its portfolio of senior secured loans. These are typically floating-rate loans, providing investors with protection against rising interest rates. Market share data for individual BDCs is not readily available in the same way as for publicly traded companies in other sectors, but BXSL is considered a significant player within the BDC space, particularly among those managed by large alternative asset managers. Competitors include other BDCs, private credit funds, and traditional commercial banks. Notable competitors with similar strategies include Ares Capital Corporation (ARCC), Owl Rock Capital Corporation (ORCC), and Golub Capital BDC, Inc. (GBDC).
Market Dynamics
Industry Overview
The Business Development Company (BDC) industry operates within the broader private credit market. This market has seen substantial growth, driven by the deleveraging of traditional banks and increasing demand for flexible financing solutions from middle-market companies. The BDC sector offers investors access to this asset class with the liquidity of publicly traded securities. The market is characterized by a focus on origination, underwriting, and portfolio management of corporate debt.
Positioning
Blackstone Secured Lending Fund is positioned as a leading BDC managed by a globally recognized alternative asset manager. Its affiliation with Blackstone provides significant advantages in sourcing deals, conducting due diligence, and accessing a deep pool of capital and expertise. BXSL's focus on senior secured loans offers a relatively defensive credit profile within the BDC landscape. Its competitive advantages include Blackstone's scale, underwriting capabilities, and extensive industry relationships.
Total Addressable Market (TAM)
The total addressable market for middle-market lending in the U.S. is substantial and continuously evolving, estimated to be in the hundreds of billions of dollars. This includes traditional bank lending, private credit funds, and BDCs. Blackstone Secured Lending Fund, as a BDC, targets a significant portion of this market by providing debt financing to U.S. middle-market companies. Its positioning within this TAM is strong due to its affiliation with Blackstone and its focus on senior secured debt, a widely sought-after asset class by institutional and retail investors seeking yield and diversification.
Upturn SWOT Analysis
Strengths
- Strong affiliation with Blackstone, providing deal flow, expertise, and reputation.
- Focus on senior secured loans, offering a defensive credit profile.
- Experienced management team with deep credit market knowledge.
- Diversified portfolio across industries.
- Access to flexible capital through its public listing.
Weaknesses
- External management structure means management fees can impact net returns.
- Reliance on Blackstone for deal flow and investment decisions.
- Potential for increased competition in the direct lending space.
- Interest rate sensitivity, although floating-rate loans offer some mitigation.
Opportunities
- Continued growth of the middle-market direct lending space.
- Potential for further expansion into new industries or geographies.
- Leveraging Blackstone's broader platform for opportunistic investments.
- Increasing investor demand for yield-generating assets.
- Potential for strategic acquisitions or mergers.
Threats
- Economic downturns leading to increased credit defaults.
- Rising interest rates impacting borrower repayment capacity.
- Intensified competition from other BDCs and private credit funds.
- Regulatory changes affecting the BDC industry.
- Liquidity risks in the secondary market for BDC shares.
Competitors and Market Share
Key Competitors
- Ares Capital Corporation (ARCC)
- Owl Rock Capital Corporation (ORCC)
- Golub Capital BDC, Inc. (GBDC)
Competitive Landscape
Blackstone Secured Lending Fund competes with a number of other BDCs and private credit funds. Its advantages lie in its scale, the financial strength and reputation of Blackstone, and its disciplined approach to originating senior secured loans. However, it faces intense competition, which can put pressure on deal terms and yields. The ability to consistently source attractive, well-underwritten deals is crucial for maintaining its competitive edge.
Growth Trajectory and Initiatives
Historical Growth: BXSL has demonstrated growth in its total assets and net asset value (NAV) over its operating history, driven by new loan originations and successful investment management. The company has benefited from its association with Blackstone to expand its investment portfolio.
Future Projections: Future growth is projected to be driven by continued origination of senior secured loans, portfolio diversification, and potentially strategic acquisitions. Analyst estimates typically focus on projected net investment income growth and NAV appreciation. The sustained demand for middle-market financing and the stability of floating-rate loans are positive factors for future growth.
Recent Initiatives: Recent initiatives likely focus on optimizing the existing portfolio, prudently managing leverage, and identifying new origination opportunities. This may include deploying capital into sectors with favorable risk-reward profiles and further leveraging Blackstone's expertise in complex debt structures.
Summary
Blackstone Secured Lending Fund is a robustly managed BDC with a strong focus on senior secured loans, benefiting immensely from its affiliation with Blackstone. Its core strength lies in its experienced management and disciplined investment strategy, allowing for consistent income generation and capital appreciation. While facing a competitive market and potential economic headwinds, the BDC's solid positioning within the growing middle-market lending sector and its commitment to shareholder returns present a positive outlook. Continued prudent risk management and deal origination will be key to navigating future challenges.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company filings (SEC EDGAR)
- Financial news and analysis websites
- Blackstone Secured Lending Fund investor relations
Disclaimers:
This information is for illustrative purposes and should not be considered financial advice. Market share data is estimated and may vary based on methodology. Specific financial metrics and dividend information require consulting the latest official company reports.
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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