Industry n/a · SIC —
Blackstone Secured Lending Fund
BXSL
Business Development Company (Blackstone) — 'net margin' looks high because investment income, not sales, is the revenue line.
Latest revenue
$183.0M
as of 2026-03-31
Latest net income
$25.2M
as of 2026-03-31
Net margin
13.8%
as of 2026-03-31
ActaClear Score
Computed from 5 years of SEC fundamentals + latest market data, ranked within industry (4096 peers). 10 = best in industry, 5 = median, 0 = worst. Refreshed Jun 6, 2026.
Fair value · DCF
DCF: 10-year forecast of free cash flow, discounted at the company's WACC, with a Gordon-growth terminal at year 10. FCF is proxied by last fiscal-year net income (proper FCF needs CFO − CapEx by year, which we don't store yet). Drag the slider to test your own growth thesis — the dominant assumption in any DCF is what comes next, not what the math does with it. Beta defaults to 1.0 when not reported.
Community sentiment
Where do you think BXSL is heading?
Price · 5Y
Market data
Price feed temporarily unavailable for BXSL.
5-year trend
What this company does
Item 1. Business. Our Company Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company,” “we,” “us,” or “our”), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a…
AI summary unavailable — showing raw filing excerpt
Generated from BXSL's filing dated 2026-02-25
Key risks
Item 1A. Risk Factors. Investing in our Common Shares involves a number of significant risks. In addition to the other information contained in this annual report, shareholders should consider carefully the following information before making an investment in our Common Shares. The risks set forth below are not the only risks we face. Such additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Common Shares could decline, and…
AI summary unavailable — showing raw filing excerpt
Generated from BXSL's filing dated 2026-02-25
Profitability
Net margin
74.5%
22.5%Return on equity
9.0%
21.0%Return on assets
3.8%
27.5%Leverage
Debt / equity
1.35×
16.6%Long-term debt / equity
1.29×
11.4%Debt / assets
57.4%
7.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $183.0M | -5.2% | $25.2M | -83.1% | 13.8% |
Q4 2025 2025-12-31 | $189.7M | +1.7% | $126.2M | -22.4% | 66.5% |
Q3 2025 2025-09-30 | $193.7M | +2.0% | $132.4M | -12.7% | 68.4% |
Q2 2025 2025-06-30 | $179.7M | +1.8% | $155.0M | -21.0% | 86.3% |
Q1 2025 2025-03-31 | $193.0M | +14.0% | $149.8M | -18.5% | 77.6% |
Q4 2024 2024-12-31 | $186.6M | — | $162.5M | — | 87.1% |
Q3 2024 2024-09-30 | $189.8M | +14.5% | $151.7M | -11.3% | 79.9% |
Q2 2024 2024-06-30 | $176.5M | +0.0% | $196.2M | +35.4% | 111.1% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Industry · SIC —
Your notes
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Insider activity
Insider buying
$270.6K
Insider selling
$0
Net activity
+$270.6K
Distinct insiders
4
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns BXSL
Institutional value
$988.3M
Total shares held
44.3M
Distinct holders
246
-140 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | UBS Group AG | 4.7M | $112.0M | -3.0K (-0.1%) | Trimmed |
| 2 | STRS OHIO | 4.0M | $94.8M | — | New |
| 3 | NOMURA ASSET MANAGEMENT CO LTD | 3.6M | $84.4M | -250.4K (-6.6%) | Trimmed |
| 4 | Ensign Peak Advisors, Inc | 2.6M | $61.6M | +385.0K (+17.4%) | Added |
| 5 | Generali Asset Management SPA SGR | 2.5M | $59.7M | +475.0K (+23.2%) | Added |
| 6 | WELLS FARGO & COMPANY/MN | 2.0M | $48.3M | +527.5K (+35.0%) | Added |
| 7 | Sound Income Strategies, LLC | 1.7M | $40.1M | +144.1K (+9.1%) | Added |
| 8 | JPMORGAN CHASE & CO | 1.4M | $33.7M | +82.7K (+6.2%) | Added |
| 9 | Creative Planning | 1.4M | $32.2M | -59.4K (-4.2%) | Trimmed |
| 10 | Muzinich & Co., Inc. | 1.2M | $28.2M | +18.4K (+1.6%) | Added |
| 11 | HighTower Advisors, LLC | 957.1K | $22.7M | -49.4K (-4.9%) | Trimmed |
| 12 | Sumitomo Mitsui Trust Group, Inc. | 896.5K | $21.2M | +3.0K (+0.3%) | Added |
| 13 | BlackRock, Inc. | 761.0K | $18.0M | +551.2K (+262.8%) | Added |
| 14 | Russell Investments Group, Ltd. | 727.1K | $17.2M | +537.3K (+283.0%) | Added |
| 15 | Allen Investment Management, LLC | 666.3K | $15.8M | -90.0K (-11.9%) | Trimmed |
| 16 | LPL Financial LLC | 628.7K | $14.9M | -97.9K (-13.5%) | Trimmed |
| 17 | FRANKLIN RESOURCES INC | 609.1K | $14.4M | -38.9K (-6.0%) | Trimmed |
| 18 | Global Strategic Investment Solutions, LLC | 404.7K | $9.6M | -17.8K (-4.2%) | Trimmed |
| 19 | Cetera Investment Advisers | 339.4K | $8.0M | +3.9K (+1.2%) | Added |
| 20 | ENVESTNET ASSET MANAGEMENT INC | 315.5K | $7.5M | -8.0K (-2.5%) | Trimmed |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
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