Blackstone Secured Lending Fund
Provides senior secured loans to private companies through an externally managed BDC.
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Profile
Provides privately originated senior secured loans, chiefly first-lien and unitranche debt, to private companies. Interest income from this portfolio is supported by shareholder equity and borrowing facilities, within an externally managed business development company structure.
Invests in privately originated senior secured loans to private companies, emphasizing first-lien and unitranche debt. Interest on these loans supplies most investment income, while other debt instruments and equity securities play smaller roles. The portfolio is mostly U.S.-based, with a European allocation, and spans software, health care, professional services, insurance, and commercial services.
Operates as an externally managed business development company, with Blackstone affiliates handling origination, underwriting, structuring, monitoring, and administration. Funding combines shareholder equity with secured and unsecured borrowings; RIC treatment generally supports distributions of available earnings. Results depend on borrower credit performance, floating-rate benchmarks and borrowing costs, private-asset valuations, financing access, BDC and RIC requirements, and Blackstone's advisers.
Company facts
Categories
Key statistics
Year to date −6.9% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| Jul 23, 2026 | Oppenheimer | Initiate | Perform | $25 |
| May 18, 2026 | UBS | Target | $24.50 | |
| May 18, 2026 | RBC Capital | Target | $26 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.66 | $0.75 | +13.3% | $326.7M | $320.5M | −1.9% | +1.61% |
| May 7, 2026Q1 FY26 | $0.75 | $0.77 | +2.7% | $353.2M | $325.5M | −7.8% | −0.74% |
| Feb 25, 2026 | $0.79 | $0.80 | +1.3% | $359.1M | $358.0M | −0.3% | −0.89% |
| Nov 10, 2025 | $0.79 | $0.82 | +4.5% | $353.6M | $235.0M | −33.5% | +0.19% |
Financial highlights
| 2 quarters | — | — | — | — | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $328.5M | $282.4M | |
| Gross profit | — | — | — | — | $288.4M | $244.1M | |
| Operating income | — | — | — | — | $127.4M | $101.7M | |
| Net income | — | — | — | — | $25.2M | $9.5M | |
| Diluted EPS | — | — | — | — | $0.11 | $0.04 | |
| Gross margin | — | — | — | — | 87.8% | 86.4% | |
| Operating margin | — | — | — | — | 38.8% | 36.0% |
Balance sheet, Jun 30, 2026Cash & short-term investments $267.2M · Total debt $7.54B · Total assets $13.79B · Shareholders' equity $5.94B
Dividends
Raised for 3 straight years — most recently to $0.77 from $0.70 in Sep 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 24 | $0.77 | |
| Mar 31, 2026 | Mar 31 | Apr 24 | $0.77 | |
| Dec 31, 2025 | Dec 31 | Jan 23 | $0.77 | |
| Sep 30, 2025 | Sep 30 | Oct 24 | $0.77 | |
| Jun 30, 2025 | Jun 30 | Jul 25 | $0.77 | |
| Mar 31, 2025 | Mar 31 | Apr 25 | $0.77 | |
| Dec 31, 2024 | Dec 31 | Jan 24 | $0.77 | |
| Sep 30, 2024 | Sep 30 | Oct 25 | $0.77 |
Ownership
Shares outstanding 232.65M · Float 202.67M · 87.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Greenwich Venture Capital LLC | 12.60M | 5.60% | 13G | Feb 14, 2025 |
| Morgan Stanley | 6.36M | 2.73% | 13F | Aug 13, 2026 |
| Bank of America Corp /DE/ | 5.63M | 2.42% | 13F | Aug 14, 2026 |
| UBS Group AG | 5.13M | 2.20% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 4.16M | 1.79% | 13F | Aug 14, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Ares Capital
Scaled direct lender contesting sponsor-backed middle-market loans.
- Blue Owl Capital
Close-scale sponsor lender in senior and unitranche private credit.
- FS KKR Capital
Upper-middle-market lender spanning senior debt and asset-based finance.
- Sixth Street Specialty Lending
Direct originator of senior secured U.S. middle-market credit.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.6 | 4.6 | −0.8% |