BXSL Stock - Blackstone Secured Lending Fund
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $1.05B | $874.72M | $584.09M | $587.46M | $238.40M |
| Gross Profit | $731.26M | $618.74M | $386.65M | $472.46M | $323.18M |
| Gross Margin | 69.8% | 70.7% | 66.2% | 80.4% | 135.6% |
| Operating Income | $708.62M | $628.75M | $405.94M | $462.86M | $242.56M |
| Net Income | $694.10M | $611.95M | $404.56M | $460.42M | $218.64M |
| Net Margin | 66.3% | 70.0% | 69.3% | 78.4% | 91.7% |
| EPS | $3.45 | $3.65 | $2.44 | $3.19 | $2.29 |
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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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| October 6th 2025 | Keefe Bruyette | Upgrade | Outperform | $30 |
| September 25th 2025 | B. Riley Securities | Initiation | Buy | $32 |
| September 11th 2025 | UBS | Initiation | Neutral | $31 |
| December 2nd 2024 | Wells Fargo | Downgrade | Equal Weight | $29 |
| March 25th 2024 | BofA Securities | Upgrade | Buy | - |
| February 29th 2024 | Raymond James | Downgrade | Market Perform | - |
| October 23rd 2023 | JP Morgan | Upgrade | Overweight | $28.5← $28 |
| October 10th 2023 | Truist | Initiation | Buy | $29 |
| November 11th 2022 | Janney | Upgrade | Buy | $27← $26 |
| July 12th 2022 | Compass Point | Upgrade | Buy | - |
| May 13th 2022 | Raymond James | Upgrade | Outperform | $26 |
Earnings History & Surprises
BXSLEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | May 5, 2026 | — | — | — | — |
Q1 2026 | Feb 25, 2026 | $0.80 | — | — | — |
Q4 2025 | Nov 10, 2025 | $0.79 | $0.82 | +4.5% | ✓ BEAT |
Q3 2025 | Aug 6, 2025 | $0.81 | $0.77 | -4.9% | ✗ MISS |
Q2 2025 | May 7, 2025 | $0.82 | $0.83 | +1.2% | ✓ BEAT |
Q1 2025 | Feb 26, 2025 | $0.86 | $0.84 | -2.3% | ✗ MISS |
Q4 2024 | Nov 12, 2024 | $0.89 | $0.91 | +2.2% | ✓ BEAT |
Q3 2024 | Aug 7, 2024 | $0.90 | $0.89 | -1.1% | ✗ MISS |
Q2 2024 | May 8, 2024 | $0.92 | $0.87 | -5.4% | ✗ MISS |
Q1 2024 | Feb 28, 2024 | $0.93 | $0.96 | +3.2% | ✓ BEAT |
Q4 2023 | Nov 8, 2023 | $0.98 | $0.95 | -3.1% | ✗ MISS |
Q3 2023 | Aug 9, 2023 | $0.98 | $1.06 | +8.2% | ✓ BEAT |
Q2 2023 | May 10, 2023 | $0.92 | $0.93 | +1.1% | ✓ BEAT |
Q1 2023 | Feb 27, 2023 | $0.88 | $0.90 | +2.3% | ✓ BEAT |
Q4 2022 | Nov 10, 2022 | $0.68 | $0.80 | +17.6% | ✓ BEAT |
Q3 2022 | Aug 11, 2022 | $0.59 | $0.62 | +5.1% | ✓ BEAT |
Q2 2022 | May 12, 2022 | $0.62 | $0.61 | -1.6% | ✗ MISS |
Q1 2022 | Feb 28, 2022 | $0.59 | $0.76 | +28.8% | ✓ BEAT |
Q4 2021 | Nov 12, 2021 | — | $0.66 | — | — |
Q3 2021 | Aug 9, 2021 | — | $1.22 | — | — |
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