BXSL - Blackstone Secured Lending Fund
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$25.50
DETAILS
HIGH:
$26.00
LOW:
$25.00
MEDIAN:
$25.50
CONSENSUS:
$25.50
UPSIDE:
8.51%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 1,266.7 | 1,047.5 | 874.7 | 584.1 | 587.5 | 238.4 | 116.9 | (2.3) |
| Cost of Revenue | 271.3 | 316.3 | 256.0 | 197.4 | 115.0 | 65.9 | 35.4 | 1.4 |
| Gross Profit | 995.4 | 731.3 | 618.7 | 386.7 | 472.5 | 323.2 | 112.2 | 1.8 |
| Operating Expenses | ||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 14.6 | 11.9 | 15.3 | 13.9 | 10.7 | 10.4 | 7.4 | 1.2 |
| Other Expenses | 20.3 | 10.7 | (25.4) | (33.2) | (1.1) | (80.5) | (1.1) | (4.6) |
| Operating Expenses | 34.9 | 22.6 | (10.0) | (19.3) | 9.6 | (70.1) | 6.3 | (3.4) |
| Operating Income | ||||||||
| Operating Income | 960.5 | 708.6 | 628.7 | 405.9 | 462.9 | 242.6 | 75.2 | (0.3) |
| Interest Expense | 381.6 | 316.3 | 256.0 | 197.4 | 115.0 | 65.9 | 35.4 | 0.9 |
| Interest Income | 1,416.0 | 1,323.0 | 1,136.1 | 836.8 | 618.7 | 0 | 0 | 0 |
| Profitability | ||||||||
| EBITDA | 948.0 | 708.6 | 628.7 | 405.9 | 462.9 | 0 | 0 | 0 |
| EBIT | 948.0 | 708.6 | 628.7 | 405.9 | 462.9 | 0 | 0 | 0 |
| Income Before Tax | 566.3 | 708.6 | 628.7 | 405.9 | 462.9 | 219.2 | 106.7 | (2.9) |
| Income Tax Expense | 2.9 | 14.5 | 16.8 | 1.4 | 2.4 | 0.5 | 0.5 | 0.1 |
| Net Income | 563.5 | 694.1 | 612.0 | 404.6 | 460.4 | 218.6 | 106.2 | (2.9) |
| Per Share Data | ||||||||
| EPS (Basic) | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 | 2.29 | 3.14 | -0.03 |
| EPS (Diluted) | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 | 2.29 | 3.14 | -0.03 |
| Shares Outstanding | 229.2 | 201.4 | 167.6 | 166.1 | 144.5 | 95.3 | 33.9 | 95.3 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||
| Cash & Cash Equivalents | 289.6 | 229.6 | 154.9 | 131.3 | 102.9 | 218.0 | 65.5 | 6.2 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 105.7 | 124.2 | 94.9 | 147.1 | 205.5 | 139.4 | 25.7 | 20.0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 395.3 | 353.8 | 249.7 | 278.4 | 308.4 | 357.4 | 91.2 | 26.2 |
| Non-Current Assets | ||||||||
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 14,226.9 | 4.0 | 9,868.4 | 9,617.2 | 9,855.4 | 5,585.9 | 3,092.4 | 545.3 |
| Other Non-Current Assets | 19.8 | 13,114.4 | (9,868.4) | (9,617.2) | (9,855.4) | 7.5 | 6.5 | 3.2 |
| Total Non-Current Assets | 14,246.7 | 13,118.4 | 9,884.9 | 9,617.2 | 9,855.4 | 5,593.5 | 3,099.0 | 548.6 |
| Total Assets | 14,656.5 | 13,472.2 | 10,134.6 | 9,909.0 | 10,177.5 | 5,950.9 | 3,190.1 | 574.7 |
| Current Liabilities | ||||||||
| Account Payables | 242.7 | 244.0 | 8.6 | 20.3 | 36.2 | 149.9 | 43.4 | 147.4 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 1,314.6 | 0 | 185 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | (327.3) | (102.4) | (14.7) | 1,431.1 | (3.0) |
| Total Current Liabilities | 310.4 | 244.0 | 8.6 | 423.5 | 231.4 | 1,497.2 | 1,517.0 | 338.2 |
| Non-Current Liabilities | ||||||||
| Long-Term Debt | 8,080.1 | 7,056.1 | 4,911.9 | 5,527.7 | 5,498.6 | 1,185.8 | 1,454.2 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 20.8 | 95.6 | 12.8 | (5,365.9) | 3.1 | 0 | (57.0) | 0 |
| Total Non-Current Liabilities | 8,100.9 | 7,151.7 | 4,911.9 | 161.8 | 5,498.6 | 1,185.8 | 1,397.2 | 0.2 |
| Total Liabilities | 8,411.3 | 7,395.7 | 5,182.6 | 5,750.0 | 5,730.1 | 2,683.1 | 1,517.0 | 338.4 |
| Stockholders' Equity | ||||||||
| Common Stock | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 |
| Retained Earnings | 197.2 | 326.5 | 250.0 | 125.7 | 202.2 | 35.1 | 37.1 | (2.9) |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 6,245.2 | 6,076.5 | 4,952.0 | 4,159.0 | 4,447.5 | 3,267.8 | 1,673.1 | 236.4 |
| Total Liabilities & Equity | 14,656.5 | 13,472.2 | 10,134.6 | 9,909.0 | 10,177.5 | 5,950.9 | 3,190.1 | 574.7 |
| Debt Metrics | ||||||||
| Total Debt | 8,080.1 | 7,056.1 | 4,911.9 | 5,527.7 | 5,498.6 | 2,500.4 | 1,454.2 | 185 |
| Net Debt | 7,790.5 | 6,826.5 | 4,757.1 | 5,396.4 | 5,395.8 | 2,282.4 | 1,388.7 | 178.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | 563.5 | 694.1 | 612.0 | 404.6 | 460.4 | 218.6 | 106.2 | (2.9) |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | (12.3) | 12.3 | 53.8 | 44.6 | (24.9) | (54.3) | (119.8) | 100.3 |
| Other Non-Cash Items | 30.5 | (3,232.7) | (206.9) | 223.8 | (4,264.0) | (2,484.5) | (2,544.7) | (447.1) |
| Operating Cash Flow | (458.7) | (2,526.3) | 458.8 | 672.9 | (3,828.5) | (2,320.2) | (2,558.3) | (349.8) |
| Investing Activities | ||||||||
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (3,269.2) | (3,942.7) | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 2,228.9 | 787.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 3,155.2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (1,040.3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Activities | ||||||||
| Net Debt Issuance | 913.1 | 2,165.1 | (650.9) | 43.7 | 2,998.8 | 1,044.6 | 1,269.2 | 120 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | (678.0) | (583.4) | (438.0) | (423.4) | (253.8) | (145.1) | (35.4) | 0 |
| Other Financing Activities | 0 | (16.6) | (8.6) | (268.4) | (12.8) | (9.3) | (4.1) | (3.3) |
| Financing Cash Flow | 530.6 | 2,602.1 | (432.2) | (648.2) | 3,713.4 | 2,472.7 | 2,617.6 | 356.0 |
| Cash Position | ||||||||
| Net Change in Cash | 60.0 | 74.7 | 23.6 | 28.4 | (115.1) | 152.5 | 59.3 | 6.2 |
| Cash at Beginning | 229.6 | 154.9 | 131.3 | 102.9 | 218.0 | 65.5 | 6.2 | 0 |
| Cash at End | 289.6 | 229.6 | 154.9 | 131.3 | 102.9 | 218.0 | 65.5 | 6.2 |
| Free Cash Flow | (458.7) | (2,526.3) | 458.8 | 672.9 | (3,828.5) | (2,320.2) | (2,558.3) | (349.8) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 1,266.7 | 1,047.5 | 874.7 | 584.1 | 587.5 | 238.4 | 116.9 | (2.3) |
| Gross Profit | 995.4 | 731.3 | 618.7 | 386.7 | 472.5 | 323.2 | 112.2 | 1.8 |
| Operating Income | 960.5 | 708.6 | 628.7 | 405.9 | 462.9 | 242.6 | 75.2 | (0.3) |
| Net Income | 563.5 | 694.1 | 612.0 | 404.6 | 460.4 | 218.6 | 106.2 | (2.9) |
| EPS (Diluted) | 2.46 | 3.45 | 3.65 | 2.44 | 3.19 | 2.29 | 3.14 | -0.03 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 289.6 | 229.6 | 154.9 | 131.3 | 102.9 | 218.0 | 65.5 | 6.2 |
| Total Assets | 14,656.5 | 13,472.2 | 10,134.6 | 9,909.0 | 10,177.5 | 5,950.9 | 3,190.1 | 574.7 |
| Total Debt | 8,080.1 | 7,056.1 | 4,911.9 | 5,527.7 | 5,498.6 | 2,500.4 | 1,454.2 | 185 |
| Stockholders' Equity | 6,245.2 | 6,076.5 | 4,952.0 | 4,159.0 | 4,447.5 | 3,267.8 | 1,673.1 | 236.4 |
| Cash Flow | ||||||||
| Operating Cash Flow | (458.7) | (2,526.3) | 458.8 | 672.9 | (3,828.5) | (2,320.2) | (2,558.3) | (349.8) |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | (458.7) | (2,526.3) | 458.8 | 672.9 | (3,828.5) | (2,320.2) | (2,558.3) | (349.8) |