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Blackstone Secured Lending Fund (BXSL) Financials

$29.46 +0.02 (+0.05%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$29.47 +0.01 (+0.05%)

As of 07:29 AM Eastern

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Annual Income Statements for Blackstone Secured Lending Fund

This table shows Blackstone Secured Lending Fund's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	273	1,379	1,172	671	2,087
Consolidated Net Income / (Loss)	273	1,379	1,172	612	2,087
Net Income / (Loss) Continuing Operations	273	1,379	1,172	671	2,087
Total Pre-Tax Income	33	1,027	688	671	1,380
Total Operating Income	268	1,059	949	-94	1,709
Total Gross Profit	367	1,097	1,289	36	2,015
Total Revenue	369	1,095	1,276	36	2,017
Operating Revenue	369	1,095	1,276	36	2,017
Total Cost of Revenue	1.93	-1.76	-13	0.00	1.09
Operating Cost of Revenue	1.93	-1.76	-13	-	1.09
Total Operating Expenses	99	37	340	129	306
Selling, General & Admin Expense	8.44	10	13	14	11
Depreciation Expense	17	-105	126	-	14
Other Operating Expenses / (Income)	72	132	200	115	281
Total Other Income / (Expense), net	-235	-32	-261	760	-330
Interest Expense	66	120	204	266	326
Other Income / (Expense), net	-21	89	-57	-110	-3.37
Other Gains / (Losses), net	240	352	484	-	708
Basic Earnings per Share	$2.29	$3.19	$2.44	$3.65	$3.45
Weighted Average Basic Shares Outstanding	95.33M	144.51M	166.07M	167.62M	201.37M
Diluted Earnings per Share	$2.29	$3.19	$2.44	$3.65	$3.45
Weighted Average Diluted Shares Outstanding	95.33M	144.51M	166.07M	167.62M	201.37M
Weighted Average Basic & Diluted Shares Outstanding	-	-	160.57M	191.60M	227.82M
Cash Dividends to Common per Share	$2,300.00	$2,030.00	$2.91	$2.94	$3.08

This table shows Blackstone Secured Lending Fund's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	253	584	415	429	529	-701	548	590	474	475
Consolidated Net Income / (Loss)	253	586	415	429	529	-760	548	590	474	475
Net Income / (Loss) Continuing Operations	253	584	415	429	529	-701	548	590	474	475
Total Pre-Tax Income	121	338	266	257	368	-220	383	417	288	292
Total Operating Income	204	594	337	335	426	-1,191	429	474	405	402
Total Gross Profit	329	681	409	439	472	-1,285	485	525	496	509
Total Revenue	326	674	405	435	468	-1,271	485	525	497	510
Operating Revenue	326	674	405	435	468	-1,271	485	525	497	510
Total Cost of Revenue	-3.49	-6.76	-4.12	-4.69	-4.55	13	0.22	0.29	0.29	0.29
Operating Cost of Revenue	-3.49	-	-4.12	-4.69	-4.55	-	0.22	0.29	0.29	0.29
Total Operating Expenses	125	87	72	105	46	-94	56	51	92	108
Selling, General & Admin Expense	3.09	4.09	3.17	3.69	4.42	3.16	2.80	2.82	2.56	2.67
Depreciation Expense	71	-	11	37	-21	-	-12	-21	17	30
Other Operating Expenses / (Income)	51	55	58	64	63	-69	65	69	72	75
Total Other Income / (Expense), net	-83	-256	-71	-77	-58	967	-46	-57	-117	-110
Interest Expense	55	63	67	66	65	68	67	79	88	92
Other Income / (Expense), net	-28	-7.45	-4.31	-11	7.05	-101	20	22	-28	-17
Other Gains / (Losses), net	132	-	149	171	161	-	166	173	186	183
Basic Earnings per Share	$0.58	$0.76	$0.86	$0.90	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73
Weighted Average Basic Shares Outstanding	165.03M	166.07M	160.50M	161.08M	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M
Diluted Earnings per Share	$0.58	$0.76	$0.86	$0.90	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73
Weighted Average Diluted Shares Outstanding	165.03M	166.07M	160.50M	161.08M	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M
Weighted Average Basic & Diluted Shares Outstanding	-	160.57M	160.78M	165.62M	173.65M	191.60M	192.44M	200.97M	216.67M	227.82M

This table details how cash moves in and out of Blackstone Secured Lending Fund's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	152	-115	25	27	76
Net Cash From Operating Activities	-2,320	-3,829	673	459	-2,526
Net Cash From Continuing Operating Activities	-2,322	-3,836	673	459	-2,519
Net Income / (Loss) Continuing Operations	219	460	405	612	694
Consolidated Net Income / (Loss)	219	460	405	612	694
Depreciation Expense	17	-105	126	51	14
Amortization Expense	-45	-60	-33	-38	-24
Non-Cash Adjustments To Reconcile Net Income	-2,524	-4,160	167	-171	-3,220
Changes in Operating Assets and Liabilities, net	12	29	8.26	4.67	17
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	2,473	3,713	-648	-432	2,602
Net Cash From Continuing Financing Activities	2,473	3,713	-648	-432	2,602
Repayment of Debt	-1,950	-2,784	-877	-2,091	-1,456
Repurchase of Common Equity	-0.75	0.00	-265	0.00	0.00
Payment of Dividends	-145	-254	-423	-438	-583
Issuance of Debt	2,992	5,779	921	1,440	3,616
Issuance of Common Equity	1,583	981	0.00	665	1,037
Other Financing Activities, net	-6.54	-9.36	-3.79	-8.59	-11
Cash Interest Paid	52	95	182	256	297
Cash Income Taxes Paid	0.57	0.13	4.11	5.25	11

This table details how cash moves in and out of Blackstone Secured Lending Fund's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-37	-3.54	-31	35	-1.48	24	-7.18	144	-94	33
Net Cash From Operating Activities	488	168	156	521	-90	-128	-396	-709	-518	-904
Net Cash From Continuing Operating Activities	488	168	156	521	-90	-128	-396	-709	-518	-897
Net Income / (Loss) Continuing Operations	96	122	139	145	171	157	184	196	152	162
Consolidated Net Income / (Loss)	96	122	139	145	171	157	184	196	152	162
Depreciation Expense	71	26	11	37	-	23	-12	-21	-	30
Amortization Expense	-12	-7.65	-5.46	-17	-5.48	-9.98	-5.97	-6.64	-4.70	-6.55
Non-Cash Adjustments To Reconcile Net Income	340	16	30	333	-267	-316	-543	-895	-635	-1,114
Changes in Operating Assets and Liabilities, net	-7.41	12	-19	23	-17	17	-18	18	-13	31
Net Cash From Financing Activities	-525	-171	-187	-487	89	152	388	853	424	937
Net Cash From Continuing Financing Activities	-525	-171	-187	-487	89	152	388	853	424	937
Repayment of Debt	-484	-178	-177	-892	-620	-403	0.00	-495	-95	-867
Payment of Dividends	-112	-118	-92	-107	-111	-128	-137	-142	-148	-156
Issuance of Debt	232	172	84	390	610	357	364	1,302	360	1,590
Issuance of Common Equity	-	-	0.00	125	211	330	162	188	310	376
Other Financing Activities, net	1.97	-	-2.35	-2.80	-	-3.44	0.00	-	-4.35	-7.14
Cash Interest Paid	70	36	89	38	80	51	73	61	104	60

This table presents Blackstone Secured Lending Fund's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	10,178	9,909	10,135	13,472
Total Current Assets	10,229	9,944	10,216	13,374
Cash & Equivalents	103	131	155	230
Short-Term Investments	10,126	9,813	10,061	13,140
Other Current Assets	-	-	0.00	4.81
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	14	13	16	22
Other Noncurrent Operating Assets	14	13	16	22
Total Liabilities & Shareholders' Equity	10,178	9,909	10,135	13,472
Total Liabilities	5,730	5,750	5,183	7,396
Total Current Liabilities	158	161	219	275
Accrued Expenses	3.10	0.85	13	18
Other Current Liabilities	116	115	166	203
Other Current Nonoperating Liabilities	39	45	40	54
Total Noncurrent Liabilities	5,499	5,539	4,921	7,063
Long-Term Debt	5,499	5,528	4,912	7,056
Other Noncurrent Operating Liabilities	-	11	8.93	7.11
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,447	4,159	4,952	6,077
Total Preferred & Common Equity	4,447	4,159	4,952	6,077
Total Common Equity	4,447	4,159	4,952	6,077
Common Stock	4,245	4,033	4,702	5,750
Retained Earnings	202	126	250	327

This table presents Blackstone Secured Lending Fund's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	9,848	9,572	9,802	10,705	11,770	12,372
Total Current Assets	9,731	9,438	9,839	148	11,636	12,235
Cash & Equivalents	103	147	146	148	291	194
Short-Term Investments	9,628	9,290	9,693	-	11,341	12,026
Other Current Assets	-	-	-	-	3.79	15
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	15	16	15	379	13	16
Other Noncurrent Operating Assets	15	16	15	379	13	16
Total Liabilities & Shareholders' Equity	9,848	9,572	9,802	10,705	11,770	12,372
Total Liabilities	5,657	5,222	5,200	5,549	6,376	6,671
Total Current Liabilities	155	183	187	34	233	227
Accrued Expenses	3.88	3.55	8.48	4.33	7.93	12
Other Current Liabilities	131	134	152	-	181	191
Other Current Nonoperating Liabilities	20	45	27	30	44	24
Total Noncurrent Liabilities	5,452	4,990	4,971	5,515	6,093	6,401
Long-Term Debt	5,452	4,978	4,962	5,274	6,084	6,389
Other Noncurrent Operating Liabilities	-	12	8.69	241	8.48	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,190	4,350	4,603	5,156	5,395	5,701
Total Preferred & Common Equity	4,190	4,350	4,603	5,156	5,395	5,701
Total Common Equity	4,190	4,350	4,603	5,156	5,395	5,701
Common Stock	4,038	4,169	4,384	4,870	5,065	5,380
Retained Earnings	152	181	219	286	330	320

This table displays calculated financial ratios and metrics derived from Blackstone Secured Lending Fund's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	197.00%	16.54%	-97.20%	5,549.26%
EBITDA Growth	0.00%	349.44%	-0.48%	-119.36%	989.07%
EBIT Growth	0.00%	364.63%	-22.30%	-122.82%	937.99%
NOPAT Growth	0.00%	295.28%	-10.37%	-109.87%	1,924.84%
Net Income Growth	0.00%	405.89%	-15.01%	-47.79%	241.09%
EPS Growth	0.00%	39.30%	-23.51%	49.59%	-5.48%
Operating Cash Flow Growth	0.00%	-65.01%	117.58%	-31.82%	-650.61%
Free Cash Flow Firm Growth	0.00%	0.00%	0.31%	-103.33%	5,008.32%
Invested Capital Growth	0.00%	0.00%	0.00%	-51.47%	-17.28%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-98.28%	2.18%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-110.67%	1.87%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-111.50%	1.22%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-105.25%	1.49%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-71.45%	0.33%
EPS Q/Q Growth	0.00%	0.00%	0.00%	3.40%	-4.17%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-39.20%	-44.33%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-16.14%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-144.01%	0.00%
Profitability Metrics	-	-	-	-	-
Gross Margin	99.48%	100.16%	101.02%	100.00%	99.95%
EBITDA Margin	59.33%	89.78%	77.22%	-534.46%	84.11%
Operating Margin	72.69%	96.74%	74.40%	-262.39%	84.76%
EBIT Margin	67.01%	104.84%	69.89%	-570.27%	84.59%
Profit (Net Income) Margin	73.94%	125.95%	91.85%	1,714.34%	103.51%
Tax Burden Percent	825.21%	134.23%	170.28%	91.24%	151.29%
Interest Burden Percent	13.37%	89.51%	77.18%	-329.48%	80.88%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	31.01%	28.18%	13.43%	37.85%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	11.28%	9.00%	-2.03%	14.45%
Return on Assets (ROA)	0.00%	13.55%	11.83%	6.11%	17.68%
Return on Common Equity (ROCE)	0.00%	31.01%	28.18%	13.43%	37.85%
Return on Equity Simple (ROE_SIMPLE)	0.00%	31.01%	28.18%	12.36%	34.35%
Net Operating Profit after Tax (NOPAT)	268	1,059	949	-94	1,709
NOPAT Margin	72.69%	96.74%	74.40%	-262.39%	84.76%
Net Nonoperating Expense Percent (NNEP)	0.00%	14.05%	10.43%	15.02%	6.63%
Return On Investment Capital (ROIC_SIMPLE)	-	10.65%	9.80%	-0.95%	13.02%
Cost of Revenue to Revenue	0.52%	-0.16%	-1.02%	0.00%	0.05%
SG&A Expenses to Revenue	2.29%	0.92%	1.02%	40.46%	0.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.79%	3.42%	26.62%	362.39%	15.19%
Earnings before Interest and Taxes (EBIT)	247	1,148	892	-204	1,706
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	219	983	985	-191	1,696
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.88	1.15
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.88	1.15
Price to Revenue (P/Rev)	0.00	0.00	0.00	121.82	3.47
Price to Earnings (P/E)	0.00	0.00	0.00	6.48	3.35
Dividend Yield	0.00%	2.16%	16.02%	11.74%	9.53%
Earnings Yield	0.00%	0.00%	0.00%	15.42%	29.82%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.34
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.41
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.40
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.40
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.40
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	1.24	1.33	0.99	1.16
Long-Term Debt to Equity	0.00	1.24	1.33	0.99	1.16
Financial Leverage	0.00	-1.02	-1.03	-1.03	-1.03
Leverage Ratio	0.00	2.29	2.38	2.20	2.14
Compound Leverage Factor	0.00	2.05	1.84	-7.25	1.73
Debt to Total Capital	0.00%	55.28%	57.07%	49.80%	53.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	55.28%	57.07%	49.80%	53.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	44.72%	42.93%	50.20%	46.27%
Debt to EBITDA	0.00	5.59	5.61	-25.75	4.16
Net Debt to EBITDA	0.00	-4.81	-4.48	27.80	-3.72
Long-Term Debt to EBITDA	0.00	5.59	5.61	-25.75	4.16
Debt to NOPAT	0.00	5.19	5.82	-52.44	4.13
Net Debt to NOPAT	0.00	-4.47	-4.65	56.63	-3.69
Long-Term Debt to NOPAT	0.00	5.19	5.82	-52.44	4.13
Altman Z-Score	0.00	0.00	0.00	1.66	2.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	64.73	61.78	46.69	48.72
Quick Ratio	0.00	64.73	61.78	46.69	48.70
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	1,164	1,063	-35	1,739
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	9.67	5.22	-0.13	5.33
Operating Cash Flow to Interest Expense	-35.18	-31.78	3.31	1.72	-7.75
Operating Cash Flow Less CapEx to Interest Expense	-35.18	-31.78	3.31	1.72	-7.75
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.11	0.13	0.00	0.17
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	-105	-113	-171	-201
Invested Capital Turnover	0.00	-20.83	-22.56	-0.25	-10.83
Increase / (Decrease) in Invested Capital	0.00	-105	-113	-58	-30
Enterprise Value (EV)	0.00	0.00	0.00	-955	687
Market Capitalization	0.00	0.00	0.00	4,349	7,001
Book Value per Share	$0.00	$30.78	$25.04	$28.52	$28.04
Tangible Book Value per Share	$0.00	$30.78	$25.04	$28.52	$28.04
Total Capital	0.00	9,946	9,687	9,864	13,133
Total Debt	0.00	5,499	5,528	4,912	7,056
Total Long-Term Debt	0.00	5,499	5,528	4,912	7,056
Net Debt	0.00	-4,730	-4,416	-5,304	-6,313
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-158	-161	-219	-270
Debt-free Net Working Capital (DFNWC)	0.00	10,071	9,783	9,997	13,100
Net Working Capital (NWC)	0.00	10,071	9,783	9,997	13,100
Net Nonoperating Expense (NNE)	-4.64	-320	-223	-706	-378
Net Nonoperating Obligations (NNO)	0.00	-4,553	-4,272	-5,123	-6,278
Total Depreciation and Amortization (D&A)	-28	-165	93	13	-9.67
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-14.43%	-12.61%	-612.91%	-13.37%
Debt-free Net Working Capital to Revenue	0.00%	919.74%	766.61%	28,005.45%	649.61%
Net Working Capital to Revenue	0.00%	919.74%	766.61%	28,005.45%	649.61%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$2.44	$3.65	$3.45
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	166.07M	167.62M	201.37M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$2.44	$3.65	$3.45
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	166.07M	167.62M	201.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	160.57M	191.60M	227.82M
Normalized Net Operating Profit after Tax (NOPAT)	188	741	665	-66	1,196
Normalized NOPAT Margin	50.88%	67.72%	52.08%	-183.67%	59.33%
Pre Tax Income Margin	8.96%	93.83%	53.94%	1,878.92%	68.42%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	3.75	9.53	4.38	-0.76	5.23
NOPAT to Interest Expense	4.06	8.79	4.66	-0.35	5.24
EBIT Less CapEx to Interest Expense	3.75	9.53	4.38	-0.76	5.23
NOPAT Less CapEx to Interest Expense	4.06	8.79	4.66	-0.35	5.24
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	53.23%	18.40%	36.13%	71.57%	27.95%
Augmented Payout Ratio	53.51%	18.40%	58.70%	71.57%	27.95%

This table displays calculated financial ratios and metrics derived from Blackstone Secured Lending Fund's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	2,949.25%	65.61%	43.44%	-288.49%	19.88%	20.77%	6.23%	140.09%
EBITDA Growth	0.00%	0.00%	912.31%	84.14%	81.37%	-311.50%	27.56%	52.88%	-13.07%	131.89%
EBIT Growth	0.00%	0.00%	1,007.46%	95.39%	145.10%	-320.36%	35.18%	53.31%	-13.08%	129.75%
NOPAT Growth	0.00%	0.00%	1,022.09%	78.14%	108.56%	-240.37%	27.37%	41.62%	-4.99%	148.21%
Net Income Growth	0.00%	0.00%	286.84%	89.96%	108.53%	-229.76%	32.21%	37.63%	-10.31%	162.47%
EPS Growth	0.00%	0.00%	36.51%	91.49%	74.14%	15.79%	11.63%	12.22%	-25.74%	-17.05%
Operating Cash Flow Growth	0.00%	0.00%	913.02%	1,334.72%	-118.52%	-176.24%	-353.77%	-236.05%	-472.81%	-606.45%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.38%	99.00%	-25.24%	155.65%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-51.47%	0.00%	-4,752.51%	-18.88%	-17.28%
Revenue Q/Q Growth	94.05%	106.93%	-47.35%	7.34%	7.58%	-371.92%	4.01%	8.14%	-5.38%	2.63%
EBITDA Q/Q Growth	156.02%	156.61%	-51.62%	1.51%	39.62%	-399.23%	14.51%	8.46%	-24.02%	9.78%
EBIT Q/Q Growth	148.73%	231.96%	-51.18%	-2.73%	33.91%	-398.47%	23.50%	10.32%	-24.09%	2.16%
NOPAT Q/Q Growth	212.50%	190.81%	-51.08%	-0.64%	27.30%	-295.72%	13.85%	10.48%	-14.60%	-0.69%
Net Income Q/Q Growth	533.25%	131.12%	-46.22%	3.33%	23.29%	-243.82%	17.19%	7.57%	-19.65%	0.17%
EPS Q/Q Growth	23.40%	31.03%	13.16%	4.65%	12.22%	-12.87%	9.09%	5.21%	-25.74%	-2.67%
Operating Cash Flow Q/Q Growth	1,243.05%	-65.61%	-7.12%	234.44%	-117.34%	-41.56%	-209.14%	-79.30%	27.00%	-74.59%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	39.10%	75.46%	-2,224.83%	-61.66%	123.05%	-9.19%	-45.66%
Invested Capital Q/Q Growth	0.00%	0.00%	-100.00%	0.00%	-4,080.04%	-144.01%	133,842,027,000.00%	-234.77%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	101.07%	101.00%	101.02%	101.08%	100.97%	0.00%	99.95%	99.94%	99.94%	99.94%
EBITDA Margin	72.31%	89.67%	83.57%	79.03%	91.44%	0.00%	88.92%	89.19%	74.83%	80.04%
Operating Margin	62.65%	88.05%	83.16%	76.99%	91.10%	0.00%	88.36%	90.28%	81.48%	78.84%
EBIT Margin	54.20%	86.94%	82.10%	74.40%	92.61%	0.00%	92.58%	94.45%	75.77%	75.43%
Profit (Net Income) Margin	77.76%	86.85%	102.46%	98.64%	113.04%	0.00%	113.01%	112.41%	95.45%	93.16%
Tax Burden Percent	208.93%	173.31%	156.15%	166.68%	143.73%	345.68%	143.34%	141.52%	164.52%	162.57%
Interest Burden Percent	68.67%	57.64%	79.93%	79.54%	84.93%	17.01%	85.15%	84.10%	76.56%	75.97%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,448.22%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,443.45%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,380.02%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	28.18%	0.00%	34.18%	42.54%	13.43%	68.20%	0.00%	16.55%	37.85%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,140.17%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	11.20%	0.00%	12.18%	18.72%	0.00%	16.04%	0.00%	1.61%	12.89%
Return on Assets (ROA)	0.00%	11.18%	0.00%	16.15%	22.85%	0.00%	19.57%	0.00%	2.03%	15.92%
Return on Common Equity (ROCE)	0.00%	28.18%	0.00%	34.18%	42.54%	13.43%	68.20%	0.00%	16.55%	37.85%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	34.18%	42.54%	0.00%	38.28%	0.00%	14.95%	0.00%
Net Operating Profit after Tax (NOPAT)	204	594	337	335	426	-834	429	474	405	402
NOPAT Margin	62.65%	88.05%	83.16%	76.99%	91.10%	0.00%	88.36%	90.28%	81.48%	78.84%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.19%	0.00%	4.20%	4.31%	1.57%	4.76%	4.17%	1.30%	1.28%
Return On Investment Capital (ROIC_SIMPLE)	-	6.13%	-	3.59%	4.45%	-8.45%	4.11%	4.13%	3.35%	3.06%
Cost of Revenue to Revenue	-1.07%	-1.00%	-1.02%	-1.08%	-0.97%	0.00%	0.05%	0.06%	0.06%	0.06%
SG&A Expenses to Revenue	0.95%	0.61%	0.78%	0.85%	0.95%	0.00%	0.58%	0.54%	0.52%	0.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.42%	12.95%	17.85%	24.09%	9.87%	0.00%	11.59%	9.67%	18.46%	21.10%
Earnings before Interest and Taxes (EBIT)	177	586	332	323	433	-1,292	449	496	376	384
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	236	605	338	343	427	-1,279	432	468	372	408
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.87	0.87	0.88	0.97	1.04	1.01	1.15
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.87	0.87	0.88	0.97	1.04	1.01	1.15
Price to Revenue (P/Rev)	0.00	0.00	2.01	2.41	2.02	121.82	2.71	0.00	24.41	3.47
Price to Earnings (P/E)	0.00	0.00	2.26	2.54	2.04	6.48	2.55	0.00	6.31	3.35
Dividend Yield	15.78%	16.02%	13.59%	11.94%	11.48%	11.74%	10.40%	10.57%	10.77%	9.53%
Earnings Yield	0.00%	0.00%	44.20%	39.43%	48.97%	15.42%	39.28%	0.00%	15.85%	29.82%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	75.84	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	5.47	0.00	0.00	0.34
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	6.51	0.00	0.00	0.41
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	6.47	0.00	0.00	0.40
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	6.48	0.00	0.00	0.40
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	7.09	0.33	0.00	0.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.33	0.00	1.14	1.08	0.99	1.02	1.13	1.12	1.16
Long-Term Debt to Equity	0.00	1.33	0.00	1.14	1.08	0.99	1.02	1.13	1.12	1.16
Financial Leverage	0.00	-1.03	0.00	-1.03	-1.03	-1.03	-0.97	-0.57	-1.03	-1.03
Leverage Ratio	0.00	2.38	0.00	2.20	2.13	2.20	2.08	2.19	2.15	2.14
Compound Leverage Factor	0.00	1.37	0.00	1.75	1.81	0.37	1.77	1.84	1.65	1.63
Debt to Total Capital	0.00%	57.07%	0.00%	53.36%	51.88%	49.80%	50.57%	53.00%	52.85%	53.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	57.07%	0.00%	53.36%	51.88%	49.80%	50.57%	53.00%	52.85%	53.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	42.93%	0.00%	46.64%	48.12%	50.20%	49.43%	47.00%	47.15%	46.27%
Debt to EBITDA	0.00	5.61	0.00	4.00	2.93	-25.75	3.38	0.00	709.98	4.16
Net Debt to EBITDA	0.00	-4.48	0.00	-3.58	-2.88	27.80	3.29	0.00	-647.98	-3.72
Long-Term Debt to EBITDA	0.00	5.61	0.00	4.00	2.93	-25.75	3.38	0.00	709.98	4.16
Debt to NOPAT	0.00	5.82	0.00	4.16	2.93	-52.44	3.37	0.00	54.85	4.13
Net Debt to NOPAT	0.00	-4.65	0.00	-3.72	-2.88	56.63	3.27	0.00	-50.06	-3.69
Long-Term Debt to NOPAT	0.00	5.82	0.00	4.16	2.93	-52.44	3.37	0.00	54.85	4.13
Altman Z-Score	0.00	0.00	0.00	1.90	2.02	1.30	0.91	1.87	1.84	2.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	61.78	0.00	51.62	52.50	46.69	4.29	49.93	53.91	48.72
Quick Ratio	0.00	61.78	0.00	51.62	52.50	46.69	4.29	49.91	53.85	48.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	337	468	580	-775	295	658	434	431
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	5.05	7.08	8.89	-11.35	4.42	8.35	4.92	4.67
Operating Cash Flow to Interest Expense	8.82	2.67	2.34	7.88	-1.39	-1.87	-5.93	-9.00	-5.87	-9.78
Operating Cash Flow Less CapEx to Interest Expense	8.82	2.67	2.34	7.88	-1.39	-1.87	-5.93	-9.00	-5.87	-9.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.13	0.00	0.16	0.20	0.00	0.17	0.00	0.02	0.17
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-113	0.00	-134	-154	-171	134	-180	-183	-201
Invested Capital Turnover	0.00	-11.28	0.00	-23.43	-25.68	-0.25	27.71	0.00	-1.39	-10.83
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	-134	-154	-58	134	-184	-29	-30
Enterprise Value (EV)	0.00	0.00	0.00	-688	-881	-955	10,150	60	-82	687
Market Capitalization	0.00	0.00	3,345	3,771	3,995	4,349	5,024	5,609	5,749	7,001
Book Value per Share	$0.00	$25.04	$0.00	$27.06	$27.79	$28.52	$27.05	$28.03	$28.37	$28.04
Tangible Book Value per Share	$0.00	$25.04	$0.00	$27.06	$27.79	$28.52	$27.05	$28.03	$28.37	$28.04
Total Capital	0.00	9,687	0.00	9,328	9,565	9,864	10,430	11,479	12,090	13,133
Total Debt	0.00	5,528	0.00	4,978	4,962	4,912	5,274	6,084	6,389	7,056
Total Long-Term Debt	0.00	5,528	0.00	4,978	4,962	4,912	5,274	6,084	6,389	7,056
Net Debt	0.00	-4,416	0.00	-4,460	-4,876	-5,304	5,126	-5,548	-5,831	-6,313
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-161	0.00	-183	-187	-219	-34	-229	-212	-270
Debt-free Net Working Capital (DFNWC)	0.00	9,783	0.00	9,255	9,651	9,997	113	11,403	12,008	13,100
Net Working Capital (NWC)	0.00	9,783	0.00	9,255	9,651	9,997	113	11,403	12,008	13,100
Net Nonoperating Expense (NNE)	-49	8.11	-78	-94	-103	-74	-120	-116	-69	-73
Net Nonoperating Obligations (NNO)	0.00	-4,272	0.00	-4,484	-4,757	-5,123	-5,022	-5,575	-5,884	-6,278
Total Depreciation and Amortization (D&A)	59	18	5.94	20	-5.48	13	-18	-28	-4.70	24
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-12.61%	0.00%	-11.67%	-9.46%	-612.91%	-1.86%	0.00%	-90.00%	-13.37%
Debt-free Net Working Capital to Revenue	0.00%	766.61%	0.00%	590.55%	487.07%	28,005.45%	6.11%	0.00%	5,098.04%	649.61%
Net Working Capital to Revenue	0.00%	766.61%	0.00%	590.55%	487.07%	28,005.45%	6.11%	0.00%	5,098.04%	649.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.76	$0.86	$0.90	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73
Adjusted Weighted Average Basic Shares Outstanding	0.00	166.07M	160.50M	161.08M	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M
Adjusted Diluted Earnings per Share	$0.00	$0.76	$0.86	$0.90	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	0.00	166.07M	160.50M	161.08M	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	160.57M	160.78M	165.62M	173.65M	191.60M	192.44M	200.97M	216.67M	227.82M
Normalized Net Operating Profit after Tax (NOPAT)	143	416	236	234	298	-834	300	332	283	281
Normalized NOPAT Margin	43.86%	61.63%	58.21%	53.89%	63.77%	0.00%	61.86%	63.19%	57.03%	55.19%
Pre Tax Income Margin	37.22%	50.11%	65.62%	59.18%	78.65%	0.00%	78.84%	79.43%	58.01%	57.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.19	9.33	4.98	4.89	6.64	-18.92	6.73	6.29	4.27	4.16
NOPAT to Interest Expense	3.69	9.45	5.05	5.06	6.53	-12.21	6.43	6.01	4.59	4.35
EBIT Less CapEx to Interest Expense	3.19	9.33	4.98	4.89	6.64	-18.92	6.73	6.29	4.27	4.16
NOPAT Less CapEx to Interest Expense	3.69	9.45	5.05	5.06	6.53	-12.21	6.43	6.01	4.59	4.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	36.13%	29.53%	28.79%	21.84%	71.57%	24.51%	0.00%	65.18%	27.95%
Augmented Payout Ratio	0.00%	58.70%	29.53%	28.79%	21.84%	71.57%	24.51%	0.00%	65.18%	27.95%

Frequently Asked Questions About Blackstone Secured Lending Fund's Financials

When does Blackstone Secured Lending Fund's financial year end?

According to the most recent income statement we have on file, Blackstone Secured Lending Fund's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Blackstone Secured Lending Fund's net income changed over the last 4 years?

Blackstone Secured Lending Fund's net income appears to be on an upward trend, with a most recent value of $2.09 billion in 2024, rising from $272.62 million in 2020. The previous period was $611.95 million in 2023. See Blackstone Secured Lending Fund's forecast for analyst expectations on what’s next for the company.

What is Blackstone Secured Lending Fund's operating income?

Blackstone Secured Lending Fund's total operating income in 2024 was $1.71 billion, based on the following breakdown:

Total Gross Profit: $2.02 billion
Total Operating Expenses: $306.27 million

How has Blackstone Secured Lending Fund revenue changed over the last 4 years?

Over the last 4 years, Blackstone Secured Lending Fund's total revenue changed from $368.68 million in 2020 to $2.02 billion in 2024, a change of 447.0%.

How much debt does Blackstone Secured Lending Fund have?

Blackstone Secured Lending Fund's total liabilities were at $7.40 billion at the end of 2024, a 42.7% increase from 2023, and a 29.1% increase since 2021.

How much cash does Blackstone Secured Lending Fund have?

In the past 3 years, Blackstone Secured Lending Fund's cash and equivalents has ranged from $102.88 million in 2021 to $229.61 million in 2024, and is currently $229.61 million as of their latest financial filing in 2024.

How has Blackstone Secured Lending Fund's book value per share changed over the last 4 years?

Over the last 4 years, Blackstone Secured Lending Fund's book value per share changed from 0.00 in 2020 to 28.04 in 2024, a change of 2,804.5%.

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This page (NYSE:BXSL) was last updated on 5/7/2025 by MarketBeat.com Staff

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Blackstone Secured Lending Fund (BXSL) Financials

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Blackstone Secured Lending Fund (BXSL) Financials

Annual Income Statements for Blackstone Secured Lending Fund

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Quarterly Cash Flow Statements for Blackstone Secured Lending Fund

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Quarterly Balance Sheets for Blackstone Secured Lending Fund

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Frequently Asked Questions About Blackstone Secured Lending Fund's Financials

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