NYSE : BXSL
Blackstone Secured Lending Fund — Financial statements
Financials · Asset Management · United States
Last price 23.52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.48B
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Financial statements
Blackstone Secured Lending Fund (BXSL) reported revenue of 1.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 4.16M | 5.79M | ||||
| Other Revenue | 1.36B | 1.42B | 1.33B | 1.14B | 846.13M | 618.91M |
| Revenue | 1.36B | 1.42B | 1.33B | 1.14B | 850.29M | 624.70M |
| Gross Profit | 1.36B | 1.42B | 1.33B | 1.14B | 850.29M | 624.70M |
| Selling, General & Admin | 220.12M | 281.27M | 278.65M | 206.40M | 161.55M | 150.12M |
| Operating Expenses | 220.12M | 281.27M | 278.65M | 206.40M | 161.55M | 150.12M |
| Operating Income | 1.14B | 1.14B | 1.05B | 937.12M | 688.74M | 474.58M |
| Interest Expense | -397.62M | -381.64M | -326.13M | -266.42M | -203.58M | -120.47M |
| Currency Exchange Gain (Loss) | -4.18M | -12.57M | 10.13M | 15.09M | 9.87M | -3.77M |
| EBT Excluding Unusual Items | 740.41M | 743.48M | 732.25M | 685.79M | 495.03M | 350.35M |
| Gain (Loss) on Sale of Investments | -438.63M | -149.13M | -33.16M | -57.05M | -89.09M | 112.51M |
| Other Unusual Items | 9.41M | -11.92M | 11.19M | |||
| Pretax Income | 311.19M | 582.42M | 710.28M | 628.75M | 405.94M | 462.86M |
| Income Tax Expense | 17.86M | 18.97M | 16.18M | 16.80M | 1.39M | 2.44M |
| Net Income | 293.34M | 563.46M | 694.10M | 611.95M | 404.56M | 460.42M |
| Net Income to Common | 293.34M | 563.46M | 694.10M | 611.95M | 404.56M | 460.42M |
| Shares Outstanding (Basic) | 231.66M | 229.16M | 201.37M | 167.62M | 166.07M | 144.51M |
| Shares Outstanding (Diluted) | 231.66M | 229.16M | 201.37M | 167.62M | 166.07M | 144.51M |
| EPS (Basic) | 1.27 | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 |
| EPS (Diluted) | 1.27 | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 |
| Dividend Per Share | 3.08 | 3.08 | 3.08 | 2.94 | 2.26 | 2.03 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 83.84% | 80.18% | 79.00% | 81.95% | 81.00% | 75.97% |
| Profit Margin | 21.53% | 39.71% | 52.31% | 53.52% | 47.58% | 73.70% |
| EBIT | 1.14B | 1.14B | 1.05B | 937.12M | 688.74M | 474.58M |
| EBIT Margin | 83.84% | 80.18% | 79.00% | 81.95% | 81.00% | 75.97% |
| Effective Tax Rate | 5.74% | 3.26% | 2.28% | 2.67% | 0.34% | 0.53% |
| Revenue as Reported | 1.36B | 1.42B | 1.33B | 1.14B | 850.29M | 624.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 183.42M | 200.20M | 227.11M | 154.86M | 131.27M | 102.88M |
| Cash & Short-Term Investments | 183.42M | 200.20M | 227.11M | 154.86M | 131.27M | 102.88M |
| Accounts Receivable | 133.15M | 108.89M | 119.43M | 94.87M | 147.14M | 205.54M |
| Other Receivables | 1.84M | 11.29M | 4.81M | |||
| Receivables | 134.98M | 120.18M | 124.24M | 94.87M | 147.14M | 205.54M |
| Restricted Cash | 83.74M | 89.41M | 2.50M | |||
| Other Current Assets | 2.46M | 19.63M | 4.00M | |||
| Total Current Assets | 404.60M | 429.42M | 357.84M | 249.73M | 278.42M | 308.42M |
| Long-Term Investments | 13.36B | 14.21B | 13.09B | 9.87B | 9.62B | 9.86B |
| Long-Term Deferred Charges | 19.77M | 19.75M | 21.86M | 16.45M | 13.33M | 13.55M |
| Other Long-Term Assets | 194.00K | |||||
| Total Assets | 13.79B | 14.66B | 13.47B | 10.13B | 9.91B | 10.18B |
| Accounts Payable | 9.64M | 2.17M | 19.28M | 8.57M | 20.27M | 36.22M |
| Accrued Expenses | 114.38M | 146.37M | 147.88M | 119.03M | 105.82M | 105.50M |
| Other Current Liabilities | 185.14M | 178.62M | 170.75M | 143.05M | 96.22M | 89.72M |
| Total Current Liabilities | 309.17M | 327.16M | 337.91M | 270.65M | 222.31M | 231.43M |
| Long-Term Debt | 7.54B | 8.08B | 7.06B | 4.91B | 5.53B | 5.50B |
| Long-Term Deferred Tax Liabilities | 4.70M | 4.00M | 1.70M | |||
| Total Liabilities | 7.85B | 8.41B | 7.40B | 5.18B | 5.75B | 5.73B |
| Common Stock | 233.00K | 232.00K | 222.00K | 186.00K | 160.00K | 169.00K |
| Additional Paid-In Capital | 6.06B | 6.05B | 5.75B | 4.70B | 4.03B | 4.25B |
| Retained Earnings | -126.07M | 197.19M | 326.54M | 250.03M | 125.69M | 202.19M |
| Shareholders' Equity | 5.94B | 6.25B | 6.08B | 4.95B | 4.16B | 4.45B |
| Total Liabilities & Equity | 13.79B | 14.66B | 13.47B | 10.13B | 9.91B | 10.18B |
| Total Debt | 7.54B | 8.08B | 7.06B | 4.91B | 5.53B | 5.50B |
| Net Cash (Debt) | -7.35B | -7.88B | -6.83B | -4.76B | -5.40B | -5.40B |
| Net Cash Per Share | -31.74 | -34.39 | -33.91 | -28.38 | -32.49 | -37.34 |
| Filing Date Shares Outstanding | 232.97M | 232.28M | 227.82M | 191.60M | 160.57M | 169.69M |
| Total Common Shares Outstanding | 232.65M | 231.97M | 221.89M | 185.78M | 160.36M | 169.27M |
| Working Capital | 95.43M | 102.26M | 19.93M | -20.92M | 56.10M | 76.99M |
| Book Value Per Share | 25.53 | 26.92 | 27.39 | 26.66 | 25.93 | 26.27 |
| Tangible Book Value | 5.94B | 6.25B | 6.08B | 4.95B | 4.16B | 4.45B |
| Tangible Book Value Per Share | 25.53 | 26.92 | 27.39 | 26.66 | 25.93 | 26.27 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 293.34M | 563.46M | 694.10M | 611.95M | 404.56M | 460.42M |
| Other Amortization | 22.84M | 20.92M | 16.00M | 14.81M | 14.41M | 9.78M |
| Loss (Gain) From Sale of Investments | 388.24M | 95.77M | -6.70M | 4.18M | 41.66M | -175.31M |
| Other Operating Activities | -512.43M | -1.13B | -3.24B | -225.90M | 167.74M | -4.10B |
| Change in Accounts Receivable | -5.02M | 6.14M | -20.16M | 52.27M | 58.39M | -69.54M |
| Change in Accounts Payable | 7.30M | -17.11M | 10.71M | -11.71M | -15.94M | -12.37M |
| Change in Other Net Operating Assets | -46.30M | -1.33M | 21.75M | 13.21M | 2.13M | 57.02M |
| Operating Cash Flow | 147.96M | -458.66M | -2.53B | 458.81M | 672.95M | -3.83B |
| Long-Term Debt Issued | 2.84B | 3.62B | 1.44B | 920.83M | 5.78B | |
| Total Debt Issued | 4.12B | 2.84B | 3.62B | 1.44B | 920.83M | 5.78B |
| Long-Term Debt Repaid | -1.92B | -1.45B | -2.09B | -877.15M | -2.78B | |
| Total Debt Repaid | -3.61B | -1.92B | -1.45B | -2.09B | -877.15M | -2.78B |
| Net Debt Issued (Repaid) | 509.78M | 920.48M | 2.17B | -650.87M | 43.67M | 3.00B |
| Issuance of Common Stock | 47.59M | 295.45M | 1.04B | 665.26M | 981.10M | |
| Common Dividends Paid | -682.97M | -677.98M | -583.35M | -437.97M | -314.09M | -253.78M |
| Other Financing Activities | -10.13M | -7.34M | -16.65M | -8.59M | -268.41M | -12.76M |
| Financing Cash Flow | -135.72M | 530.61M | 2.60B | -432.16M | -648.18M | 3.71B |
| Foreign Exchange Rate Adjustments | -18.76M | -11.95M | -1.06M | -3.07M | 3.62M | |
| Net Cash Flow | -6.52M | 60.00M | 74.75M | 23.59M | 28.39M | -115.11M |
| Levered Free Cash Flow | 409.02M | 384.21M | 498.73M | 534.60M | 366.92M | 213.75M |
| Unlevered Free Cash Flow | 634.69M | 601.82M | 686.56M | 686.30M | 479.74M | 279.26M |
| Cash Interest Paid | 376.60M | 353.48M | 297.47M | 256.48M | 182.15M | 94.55M |
| Change in Working Capital | -44.03M | -12.30M | 12.31M | 53.77M | 44.58M | -24.89M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.43B | 6.09B | 7.00B | 4.80B | 3.57B | 5.74B |
| Enterprise Value | 12.78B | 13.57B | 13.18B | 9.62B | 8.95B | 9.94B |
| Last Close Price | 23.29 | 23.91 | 26.38 | 20.45 | 14.83 | 20.05 |
| PE Ratio | 18.39 | 10.80 | 10.09 | 7.84 | 8.83 | 12.48 |
| Forward PE | 8.96 | 8.69 | 9.82 | 7.51 | 6.33 | 14.15 |
| PS Ratio | 3.98 | 4.29 | 5.28 | 4.20 | 4.20 | 9.20 |
| PB Ratio | 0.91 | 0.97 | 1.15 | 0.97 | 0.86 | 1.29 |
| P/TBV Ratio | 0.91 | 0.97 | 1.15 | 0.97 | 0.86 | 1.29 |
| P/OCF Ratio | 36.67 | 10.46 | 5.31 | |||
| EV/Sales Ratio | 9.38 | 9.56 | 9.94 | 8.41 | 10.53 | 15.91 |
| EV/EBIT Ratio | 11.19 | 11.93 | 12.58 | 10.26 | 13.00 | 20.95 |
| Debt / Equity Ratio | 1.27 | 1.29 | 1.16 | 0.99 | 1.33 | 1.24 |
| Net Debt / Equity Ratio | 1.24 | 1.26 | 1.12 | 0.96 | 1.30 | 1.21 |
| Asset Turnover | 0.10 | 0.10 | 0.11 | 0.11 | 0.09 | 0.08 |
| Quick Ratio | 1.03 | 0.98 | 1.04 | 0.92 | 1.25 | 1.33 |
| Current Ratio | 1.31 | 1.31 | 1.06 | 0.92 | 1.25 | 1.33 |
| Return on Equity (ROE) | 4.80% | 9.15% | 12.59% | 13.43% | 9.40% | 11.94% |
| Return on Assets (ROA) | 5.19% | 5.06% | 5.55% | 5.84% | 4.29% | 3.68% |
| Return on Invested Capital (ROIC) | 7.93% | 8.14% | 9.06% | 9.47% | 7.08% | 6.13% |
| Return on Capital Employed (ROCE) | 8.50% | 7.90% | 8.00% | 9.50% | 7.10% | 4.80% |
| Earnings Yield | 5.44% | 9.25% | 9.92% | 12.75% | 11.33% | 8.02% |
| Dividend Yield | 13.23% | 11.74% | 9.76% | 11.38% | 10.15% | 5.98% |
| Payout Ratio | 243.24% | 120.32% | 84.05% | 71.57% | 77.64% | 55.12% |
| Buyback Yield / Dilution | -5.81% | -13.80% | -20.14% | -0.93% | -14.92% | -51.58% |
| Total Shareholder Return | 7.42% | -2.06% | -10.38% | 10.45% | -4.78% | -45.60% |