Blackstone Secured Lending Fund (BXSL) stock analysis

BXSLNYSEFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 6/3011% above fair value

$23.67−0.38 (-1.58%)

Close on Nov 12, 2026Market cap $5.51BP/E 19.7Yield 13.01%

StockData Score

Prices as of Nov 12, 2026How the score works

Weak6 of 30 checks passed

Blackstone Secured Lending Fund passes 6 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 1/6
Growth: 0/6
Past performance: 2/6
Financial health: 0/6
Dividend: 3/6

What stands out

Earnings grew over 5 years
Net income grew 20.8% a year on average over the last five fiscal years.
P/B below the industry
Blackstone Secured Lending Fund's price-to-book of 0.94 is below the US market median of 1.87.
Return on equity above the industry
Blackstone Secured Lending Fund's return on equity of 4.6% is above the US market median of 3.5%.
Pays a dividend
Blackstone Secured Lending Fund paid dividends worth 13.0% of the share price over the last twelve months.

What to watch

Margin of safety under 20%
The price is 10.7% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $23.67 is above our fair value estimate of $21.39.
Return on equity under 15%
Return on equity was 4.6% over the last twelve months and averaged 11.3% over five years; we look for 15% on both.
EPS growing under 10% a year
Diluted EPS grew 0.3% a year over the last three fiscal years.

Valuation1/6

P/E above its 5-year median
Blackstone Secured Lending Fund's P/E of 19.7 is above its own 5-year median of 9.3.
P/E above the industry
Blackstone Secured Lending Fund's P/E of 19.7 is above the US market median of 19.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Blackstone Secured Lending Fund's price-to-book of 0.94 is below the US market median of 1.87.
Trading above fair value
The share price of $23.67 is above our fair value estimate of $21.39.
Margin of safety under 20%
The price is 10.7% above fair value, so there is no margin of safety.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew 0.3% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -53.7% over the last twelve months, against a 5-year average of 20.8% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance2/6

Return on equity under 15%
Return on equity was 4.6% over the last twelve months and averaged 11.3% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Blackstone Secured Lending Fund's return on equity of 4.6% is above the US market median of 3.5%.
Earnings grew over 5 years
Net income grew 20.8% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health0/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.43; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

Pays a dividend
Blackstone Secured Lending Fund paid dividends worth 13.0% of the share price over the last twelve months.
Yield above Treasuries
The 13.0% yield is above the 4.6% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.9% or more; Blackstone Secured Lending Fund yields 13.0%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 6 fiscal years.
Not covered by earnings
Dividends take 246% of net income, leaving little room.
Cash-flow cover
Needs dividends paid and free cash flow.

Fair value

How we estimate it

Our estimate per share

$21.39

The share price is 11% above this estimate.

20%+ below

Near fair value

20%+ above

$23.67Price

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	14.5×	9.3×	19.3×	$17.44	80%
P/B	1.5×	1.0×	1.9×	$37.20	20%
Fair value				$21.39	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 9.3
US market median 19.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $39.12M
Value traded per 1% price move: $39.98M

Downside

Low risk

Typical loss in a bad month: 8.8%
Volatility (annualized): 22%
Sharpe ratio, 1 year: -0.73
Beta to the S&P 500 (5Y): 0.43

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years
Net income	-18.8%	+11.7%	+20.8%	–
EPS, diluted	-28.7%	+0.3%	+1.4%	–
Dividend per share	0.0%	+1.9%	-73.4%	–

Measure	FY2018	FY2020	FY2025
Return on equity	–	8.9%	9.1%
Return on assets	–	–	4.0%
Diluted shares	–	95M	229M

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