Blackstone Secured Lending Fund
BXSL NYSE Financials FY2020–FY2025
Last close · Oct 23, 2026
$23.33
2.4%
Revenue
Total sales reported in the income statement.
$1.4B
6.9%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$563M
18.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$5.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
18.4x
On $1.27 EPS (TTM)
What Blackstone Secured Lending Fund does
No business description yet.
- Legal name
- Blackstone Secured Lending Fund
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001736035-26-000004
0001736035
Revenue and margins
Blackstone Secured Lending Fund had $1.4B of revenue in fiscal 2025, up 6.9% on the year before.
FY20
Revenue $390M
FY21
Revenue $625M
FY22
Revenue $850M
FY23
Revenue $1.1B
FY24
Revenue $1.3B
FY25
Revenue $1.4B
Q3 '23
Revenue $284M
Q4 '23
Revenue $304M
Q1 '24
Revenue $304M
Q2 '24
Revenue $327M
Q3 '24
Revenue $343M
Q4 '24
Revenue $353M
Q1 '25
Revenue $358M
Q2 '25
Revenue $345M
Q3 '25
Revenue $359M
Q4 '25
Revenue $358M
Q1 '26
Revenue $325M
Q2 '26
Revenue $320M
FY20
Gross —
Operating —
Net 56.1%
FCF —
FY21
Gross —
Operating —
Net 73.7%
FCF —
FY22
Gross —
Operating —
Net 47.6%
FCF —
FY23
Gross —
Operating —
Net 53.5%
FCF —
FY24
Gross —
Operating —
Net 52.3%
FCF —
FY25
Gross —
Operating —
Net 39.7%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 60.2%
FCF —
Q4 '23
Gross —
Operating —
Net 51.7%
FCF —
Q1 '24
Gross —
Operating —
Net 60.5%
FCF —
Q2 '24
Gross —
Operating —
Net 60.0%
FCF —
Q3 '24
Gross —
Operating —
Net 44.2%
FCF —
Q4 '24
Gross —
Operating —
Net 46.1%
FCF —
Q1 '25
Gross —
Operating —
Net 41.9%
FCF —
Q2 '25
Gross —
Operating —
Net 45.0%
FCF —
Q3 '25
Gross —
Operating —
Net 36.9%
FCF —
Q4 '25
Gross —
Operating —
Net 35.3%
FCF —
Q1 '26
Gross —
Operating —
Net 7.8%
FCF —
Q2 '26
Gross —
Operating —
Net 3.0%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew 1.4% a year. Loss periods are shown in red.
FY20
Net income $219M
FY21
Net income $460M
FY22
Net income $405M
FY23
Net income $612M
FY24
Net income $694M
FY25
Net income $563M
Q3 '23
Net income $171M
Q4 '23
Net income $157M
Q1 '24
Net income $184M
Q2 '24
Net income $196M
Q3 '24
Net income $152M
Q4 '24
Net income $162M
Q1 '25
Net income $150M
Q2 '25
Net income $155M
Q3 '25
Net income $132M
Q4 '25
Net income $126M
Q1 '26
Net income $25.2M
Q2 '26
Net income $9.5M
FY20
Diluted EPS $2.29
FY21
Diluted EPS $3.19
FY22
Diluted EPS $2.44
FY23
Diluted EPS $3.65
FY24
Diluted EPS $3.45
FY25
Diluted EPS $2.46
Q3 '23
Diluted EPS $1.01
Q4 '23
Diluted EPS $0.88
Q1 '24
Diluted EPS $0.96
Q2 '24
Diluted EPS $1.01
Q3 '24
Diluted EPS $0.75
Q4 '24
Diluted EPS $0.73
Q1 '25
Diluted EPS $0.66
Q2 '25
Diluted EPS $0.68
Q3 '25
Diluted EPS $0.57
Q4 '25
Diluted EPS $0.55
Q1 '26
Diluted EPS $0.11
Q2 '26
Diluted EPS $0.04
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity 6.7%
Return on assets —
FY21
Return on capital —
Return on equity 11.9%
Return on assets 4.5%
FY22
Return on capital —
Return on equity 9.4%
Return on assets 4.0%
FY23
Return on capital —
Return on equity 13.4%
Return on assets 6.1%
FY24
Return on capital —
Return on equity 12.6%
Return on assets 5.9%
FY25
Return on capital —
Return on equity 9.1%
Return on assets 4.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY20
Cash from operations −$2.3B
Capital spending —
FY21
Cash from operations −$3.8B
Capital spending —
FY22
Cash from operations $673M
Capital spending —
FY23
Cash from operations $459M
Capital spending —
FY24
Cash from operations −$2.5B
Capital spending —
FY25
Cash from operations −$459M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations −$90.4M
Capital spending —
Q4 '23
Cash from operations −$128M
Capital spending —
Q1 '24
Cash from operations −$396M
Capital spending —
Q2 '24
Cash from operations −$709M
Capital spending —
Q3 '24
Cash from operations −$518M
Capital spending —
Q4 '24
Cash from operations −$904M
Capital spending —
Q1 '25
Cash from operations $425M
Capital spending —
Q2 '25
Cash from operations −$221M
Capital spending —
Q3 '25
Cash from operations −$433M
Capital spending —
Q4 '25
Cash from operations −$230M
Capital spending —
Q1 '26
Cash from operations $249M
Capital spending —
Q2 '26
Cash from operations $561M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Blackstone Secured Lending Fund returned $678M to shareholders in fiscal 2025. The diluted share count rose 13.8%.
FY20
Dividends $145M
Buybacks $0.0M
FY21
Dividends $254M
Buybacks $0.0M
FY22
Dividends $423M
Buybacks $263M
FY23
Dividends $438M
Buybacks $0.0M
FY24
Dividends $583M
Buybacks $0.0M
FY25
Dividends $678M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $111M
Buybacks $0.0M
Q4 '23
Dividends $128M
Buybacks $0.0M
Q1 '24
Dividends $137M
Buybacks —
Q2 '24
Dividends $142M
Buybacks —
Q3 '24
Dividends $148M
Buybacks —
Q4 '24
Dividends $156M
Buybacks —
Q1 '25
Dividends $166M
Buybacks —
Q2 '25
Dividends $170M
Buybacks —
Q3 '25
Dividends $172M
Buybacks —
Q4 '25
Dividends $171M
Buybacks —
Q1 '26
Dividends $171M
Buybacks —
Q2 '26
Dividends $170M
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.10B
FY21
Diluted shares 0.14B
FY22
Diluted shares 0.17B
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.20B
FY25
Diluted shares 0.23B
Balance sheet
Cash, debt and the ratios that show how comfortably Blackstone Secured Lending Fund can carry it.
FY20
Cash $218M
Debt —
FY21
Cash $103M
Debt $5.5B
FY22
Cash $131M
Debt $5.5B
FY23
Cash $155M
Debt $4.9B
FY24
Cash $230M
Debt $7.1B
FY25
Cash $290M
Debt $8.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $103M | $131M | $155M | $230M | $290M |
| Debt incl. finance leases | $5.5B | $5.5B | $4.9B | $7.1B | $8.1B |
| Debt / equity | 1.2x | 1.3x | 1.0x | 1.2x | 1.3x |
| Total assets | $10.2B | $9.9B | $10.1B | $13.5B | $14.7B |
| Total liabilities | $5.7B | $5.8B | $5.2B | $7.4B | $8.4B |
| Shareholders' equity | $4.4B | $4.2B | $5.0B | $6.1B | $6.2B |
| Net debt (− = net cash) | $5.4B | $5.4B | $4.8B | $6.8B | $7.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 4 / 7 | 5 / 7 | 1 / 7 | 1 / 7 |
| Accruals ratio | — | 42.1% | −2.7% | 1.5% | 27.3% | 7.3% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $390M | $625M | $850M | $1.1B | $1.3B | $1.4B |
| Interest expense | $65.9M | $120M | $204M | $266M | $326M | $382M |
| Net income | $219M | $460M | $405M | $612M | $694M | $563M |
| Diluted EPS | $2.29 | $3.19 | $2.44 | $3.65 | $3.45 | $2.46 |
| Diluted shares | 0.10B | 0.14B | 0.17B | 0.17B | 0.20B | 0.23B |
| Cash flow | ||||||
| Cash from operations | −$2.3B | −$3.8B | $673M | $459M | −$2.5B | −$459M |
| Share buybacks | $0.0M | $0.0M | $263M | $0.0M | $0.0M | — |
| Dividends paid | $145M | $254M | $423M | $438M | $583M | $678M |
| Dividends and buybacks | $145M | $254M | $686M | $438M | $583M | $678M |
| Balance sheet | ||||||
| Cash and short-term investments | $218M | $103M | $131M | $155M | $230M | $290M |
| Total debt | — | $5.5B | $5.5B | $4.9B | $7.1B | $8.1B |
| Total assets | — | $10.2B | $9.9B | $10.1B | $13.5B | $14.7B |
| Total liabilities | — | $5.7B | $5.8B | $5.2B | $7.4B | $8.4B |
| Shareholders' equity | $3.3B | $4.4B | $4.2B | $5.0B | $6.1B | $6.2B |
| Margins | ||||||
| Net margin | 56.1% | 73.7% | 47.6% | 53.5% | 52.3% | 39.7% |
| Returns | ||||||
| Return on equity | 6.7% | 11.9% | 9.4% | 13.4% | 12.6% | 9.1% |
| Return on assets | — | 4.5% | 4.0% | 6.1% | 5.9% | 4.0% |
| Return on tangible equity | 6.7% | 10.4% | 9.7% | 12.4% | 11.4% | 9.0% |
| Growth | ||||||
| Revenue growth | — | 60.3% | 36.1% | 34.5% | 16.0% | 6.9% |
| Net income growth | — | 110.6% | −12.1% | 51.3% | 13.4% | −18.8% |
| EPS growth | — | 39.3% | −23.5% | 49.6% | −5.5% | −28.7% |
| Share count change | — | 51.6% | 14.9% | 0.9% | 20.1% | 13.8% |
| Financial health | ||||||
| Debt / equity | — | 1.2x | 1.3x | 1.0x | 1.2x | 1.3x |
| Quality scores | ||||||
| Piotroski F-score | — | — | 4.0 | 5.0 | 1.0 | 1.0 |
| Accruals ratio | — | 42.1% | −2.7% | 1.5% | 27.3% | 7.3% |
Source: SEC EDGAR XBRL filings (CIK 0001736035). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.