Blackstone Secured Lending Fund (BXSL) Financials

$23.73 -0.04 (-0.16%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$23.70 -0.04 (-0.16%)

As of 04:51 AM Eastern

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	273	1,379	1,172	671	710	1,868
Consolidated Net Income / (Loss)	273	1,379	1,172	612	694	1,868
Net Income / (Loss) Continuing Operations	273	1,379	1,172	671	710	1,868
Total Pre-Tax Income	33	1,027	688	671	722	1,128
Total Operating Income	268	1,059	949	-89	-132	1,698
Total Gross Profit	367	1,097	1,289	35	10	2,017
Total Revenue	369	1,095	1,276	35	10	2,018
Operating Revenue	369	1,095	1,276	35	10	2,018
Total Cost of Revenue	1.93	-1.76	-13	0.00	0.00	1.17
Operating Cost of Revenue	1.93	-1.76	-13	-	-	1.17
Total Operating Expenses	99	37	340	124	142	319
Selling, General & Admin Expense	8.44	10	13	14	11	13
Depreciation Expense	17	-105	126	-	-	149
Other Operating Expenses / (Income)	72	132	200	109	131	156
Total Other Income / (Expense), net	-235	-32	-261	755	842	-571
Interest Expense	66	120	204	266	326	382
Other Income / (Expense), net	-21	89	-57	-115	-155	-189
Other Gains / (Losses), net	240	352	484	-	-	740
Basic Earnings per Share	$2.29	$3.19	$2.44	$3.65	$3.45	$2.46
Weighted Average Basic Shares Outstanding	95.33M	144.51M	166.07M	167.62M	201.37M	229.16M
Diluted Earnings per Share	$2.29	$3.19	$2.44	$3.65	$3.45	$2.46
Weighted Average Diluted Shares Outstanding	95.33M	144.51M	166.07M	167.62M	201.37M	229.16M
Weighted Average Basic & Diluted Shares Outstanding	-	-	160.57M	191.60M	227.82M	232.28M
Cash Dividends to Common per Share	$2,300.00	$2,030.00	$2.91	$2.94	$3.08	$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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	529	-701	265	629	506	475	300	655	623	135	376
Consolidated Net Income / (Loss)	529	-760	265	629	506	475	300	655	623	135	376
Net Income / (Loss) Continuing Operations	529	-701	265	629	506	475	300	655	623	135	376
Total Pre-Tax Income	368	-220	99	456	320	292	113	479	434	-51	197
Total Operating Income	426	-1,191	145	510	443	402	246	593	597	110	453
Total Gross Profit	472	-1,285	202	523	496	509	366	688	708	106	652
Total Revenue	468	-1,271	202	524	497	510	366	688	708	107	652
Operating Revenue	468	-1,271	202	524	497	510	366	688	708	107	652
Total Cost of Revenue	-4.55	13	0.22	0.29	0.29	0.29	0.31	0.29	0.28	0.29	0.29
Operating Cost of Revenue	-4.55	-	0.22	0.29	0.29	0.29	0.31	0.29	0.28	0.29	0.29
Total Operating Expenses	46	-94	56	13	54	108	120	95	111	-4.00	199
Selling, General & Admin Expense	4.42	3.16	2.80	2.82	2.56	2.67	2.92	3.21	3.67	3.64	3.35
Depreciation Expense	-21	-	-12	-21	17	30	41	8.32	40	60	158
Other Operating Expenses / (Income)	63	-69	65	32	34	75	77	84	67	-68	38
Total Other Income / (Expense), net	-58	967	-46	-54	-123	-110	-133	-113	-163	-162	-256
Interest Expense	65	68	67	79	88	92	93	92	95	102	100
Other Income / (Expense), net	7.05	-101	20	25	-34	-17	-40	-21	-68	-60	-156
Income Tax Expense	-	-	-	-	-	-	2.08	0.41	-0.07	-	-0.51
Other Gains / (Losses), net	161	-	166	173	186	183	189	176	189	186	179
Basic Earnings per Share	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73	$0.66	$0.68	$0.57	$0.55	$0.11
Weighted Average Basic Shares Outstanding	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M
Diluted Earnings per Share	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73	$1.49	$1.45	$1.39	($1.04)	$0.88
Weighted Average Diluted Shares Outstanding	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M
Weighted Average Basic & Diluted Shares Outstanding	173.65M	191.60M	192.44M	200.97M	216.67M	227.82M	228.01M	230.23M	231.22M	232.28M	232.65M
Cash Dividends to Common per Share	$0.77	-	$0.77	$0.77	$0.77	-	$0.77	$0.77	$0.77	-	$0.77

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	152	-115	25	27	76	72
Net Cash From Operating Activities	-2,320	-3,829	673	459	-2,526	-459
Net Cash From Continuing Operating Activities	-2,322	-3,836	673	459	-2,519	-459
Net Income / (Loss) Continuing Operations	219	460	405	612	694	563
Consolidated Net Income / (Loss)	219	460	405	612	694	563
Amortization Expense	-45	-60	-33	-38	-24	-32
Non-Cash Adjustments To Reconcile Net Income	-2,524	-4,160	167	-171	-3,220	-1,006
Changes in Operating Assets and Liabilities, net	12	29	8.26	4.67	17	17
Net Cash From Investing Activities	0.00	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	0.00
Net Cash From Financing Activities	2,473	3,713	-648	-432	2,602	531
Net Cash From Continuing Financing Activities	2,473	3,713	-648	-432	2,602	531
Repayment of Debt	-1,950	-2,784	-877	-2,091	-1,456	-1,927
Payment of Dividends	-145	-254	-423	-438	-583	-678
Issuance of Debt	2,992	5,779	921	1,440	3,616	2,844
Issuance of Common Equity	1,583	981	0.00	665	1,037	295
Other Financing Activities, net	-6.54	-9.36	-3.79	-8.59	-11	-3.56
Cash Interest Paid	52	95	182	256	297	353

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.48	24	-7.18	144	-94	33	735	-693	-11	41	65
Net Cash From Operating Activities	-90	-128	-396	-709	-518	-904	425	-221	-433	-230	249
Net Cash From Continuing Operating Activities	-90	-128	-396	-709	-518	-897	425	-221	-433	-229	249
Net Income / (Loss) Continuing Operations	171	157	184	196	152	162	150	155	132	126	25
Consolidated Net Income / (Loss)	171	157	184	196	152	162	150	155	132	126	25
Amortization Expense	-5.48	-9.98	-5.97	-6.64	-4.70	-6.55	-12	-5.96	-8.15	-6.67	-6.00
Non-Cash Adjustments To Reconcile Net Income	-267	-316	-543	-895	-635	-1,114	297	-395	-634	-275	265
Changes in Operating Assets and Liabilities, net	-17	17	-18	18	-13	31	-11	25	-13	15	-35
Net Cash From Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	89	152	388	853	424	937	310	-472	422	270	-184
Net Cash From Continuing Financing Activities	89	152	388	853	424	937	310	-472	422	270	-184
Repayment of Debt	-620	-403	0.00	-495	-95	-867	-560	-576	-94	-697	-1,381
Payment of Dividends	-111	-128	-137	-142	-148	-156	-166	-170	-172	-171	-171
Issuance of Debt	610	357	364	1,302	360	1,590	847	216	664	1,117	1,368
Issuance of Common Equity	211	330	162	188	310	376	189	59	27	21	0.00
Other Financing Activities, net	-	-3.44	-	-	-4.35	-7.14	0.00	-	-3.13	-	-0.40
Cash Interest Paid	80	51	73	61	104	60	96	69	113	75	116

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	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	10,178	9,909	10,135	13,472	14,656
Total Current Assets	10,229	9,944	10,216	13,374	14,555
Cash & Equivalents	103	131	155	230	290
Short-Term Investments	10,126	9,813	10,061	13,140	14,254
Other Current Assets	-	-	0.00	4.81	11
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	14	13	16	22	20
Other Noncurrent Operating Assets	14	13	16	22	20
Total Liabilities & Shareholders' Equity	10,178	9,909	10,135	13,472	14,656
Total Liabilities	5,730	5,750	5,183	7,396	8,411
Total Current Liabilities	158	161	219	274	297
Accrued Expenses	3.10	0.85	13	17	21
Other Current Liabilities	116	115	166	203	215
Other Current Nonoperating Liabilities	39	45	40	54	62
Total Noncurrent Liabilities	5,499	5,539	4,921	7,063	8,085
Long-Term Debt	5,499	5,528	4,912	7,056	8,080
Other Noncurrent Operating Liabilities	-	11	8.93	7.11	4.82
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,447	4,159	4,952	6,077	6,245
Total Preferred & Common Equity	4,447	4,159	4,952	6,077	6,245
Total Common Equity	4,447	4,159	4,952	6,077	6,245
Common Stock	4,245	4,033	4,702	5,750	6,048
Retained Earnings	202	126	250	327	197

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	9,848	9,572	9,802	10,705	11,770	12,372	13,969	13,711	14,256	14,437
Total Current Assets	9,731	9,438	9,839	148	11,636	12,235	13,856	13,584	14,117	14,342
Cash & Equivalents	103	147	146	148	291	194	965	274	250	351
Short-Term Investments	9,628	9,290	9,693	-	11,341	12,026	12,881	13,300	13,856	13,989
Other Current Assets	-	-	-	-	3.79	15	9.57	11	11	1.82
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	15	16	15	379	13	16	21	20	21	19
Other Noncurrent Operating Assets	15	16	15	379	13	16	21	20	21	19
Total Liabilities & Shareholders' Equity	9,848	9,572	9,802	10,705	11,770	12,372	13,969	13,711	14,256	14,437
Total Liabilities	5,657	5,222	5,200	5,549	6,376	6,671	7,728	7,423	7,987	8,337
Total Current Liabilities	155	183	187	34	233	227	276	289	288	284
Accrued Expenses	3.88	3.55	8.48	4.33	7.93	12	8.00	12	17	7.90
Other Current Liabilities	131	134	152	-	181	191	210	212	213	215
Other Current Nonoperating Liabilities	20	45	27	30	44	24	58	65	58	61
Total Noncurrent Liabilities	5,452	4,990	4,971	5,515	6,093	6,401	7,390	7,096	7,662	8,039
Long-Term Debt	5,452	4,978	4,962	5,274	6,084	6,389	7,383	7,091	7,657	8,034
Other Noncurrent Operating Liabilities	-	12	8.69	241	8.48	11	7.02	5.65	4.76	5.44
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	6,241	6,288	6,270	6,100
Total Preferred & Common Equity	4,190	4,350	4,603	5,156	5,395	5,701	6,241	6,288	6,270	6,100
Total Common Equity	4,190	4,350	4,603	5,156	5,395	5,701	6,241	6,288	6,270	6,100
Common Stock	4,038	4,169	4,384	4,870	5,065	5,380	5,940	6,009	6,036	6,056
Retained Earnings	152	181	219	286	330	320	301	279	234	44

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	197.00%	16.54%	-97.20%	5,549.26%	19,885.26%
EBITDA Growth	0.00%	349.44%	-0.48%	-119.36%	989.07%	597.64%
EBIT Growth	0.00%	364.63%	-22.30%	-122.82%	937.99%	625.71%
NOPAT Growth	0.00%	295.28%	-10.37%	-109.87%	1,924.84%	1,387.77%
Net Income Growth	0.00%	405.89%	-15.01%	-47.79%	241.09%	169.09%
EPS Growth	0.00%	39.30%	-23.51%	49.59%	-5.48%	-28.70%
Operating Cash Flow Growth	0.00%	-65.01%	117.58%	-31.82%	-650.61%	81.84%
Free Cash Flow Firm Growth	0.00%	0.00%	0.31%	-103.33%	5,008.32%	1,764.43%
Invested Capital Growth	0.00%	0.00%	0.00%	-51.47%	-17.28%	-4.28%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-98.28%	2.18%	-25.42%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-110.67%	1.87%	-31.07%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-111.50%	1.22%	-26.58%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-105.25%	1.49%	-22.77%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-71.45%	0.33%	-22.82%
EPS Q/Q Growth	0.00%	0.00%	0.00%	3.40%	-4.17%	-41.84%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-39.20%	-44.33%	59.51%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-16.14%	-23.02%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-144.01%	0.00%	-3.72%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	99.48%	100.16%	101.02%	100.00%	99.95%	99.94%
EBITDA Margin	59.33%	89.78%	77.22%	-534.46%	84.11%	73.18%
Operating Margin	72.69%	96.74%	74.40%	-262.39%	84.76%	84.15%
EBIT Margin	67.01%	104.84%	69.89%	-570.27%	84.59%	74.79%
Profit (Net Income) Margin	73.94%	125.95%	91.85%	1,714.34%	103.51%	92.54%
Tax Burden Percent	825.21%	134.23%	170.28%	91.24%	151.29%	165.61%
Interest Burden Percent	13.37%	89.51%	77.18%	-329.48%	80.88%	74.72%
Effective Tax Rate	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%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	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%	0.00%
Return on Equity (ROE)	0.00%	31.01%	28.18%	13.43%	37.85%	30.32%
Cash Return on Invested Capital (CROIC)	0.00%	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%	10.73%
Return on Assets (ROA)	0.00%	13.55%	11.83%	6.11%	17.68%	13.28%
Return on Common Equity (ROCE)	0.00%	31.01%	28.18%	13.43%	37.85%	30.32%
Return on Equity Simple (ROE_SIMPLE)	0.00%	31.01%	28.18%	12.36%	34.35%	0.00%
Net Operating Profit after Tax (NOPAT)	268	1,059	949	-94	1,709	1,698
NOPAT Margin	72.69%	96.74%	74.40%	-262.39%	84.76%	84.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	14.05%	10.43%	15.02%	6.63%	2.66%
Return On Investment Capital (ROIC_SIMPLE)	-	10.65%	9.80%	-0.95%	13.02%	11.86%
Cost of Revenue to Revenue	0.52%	-0.16%	-1.02%	0.00%	0.05%	0.06%
SG&A Expenses to Revenue	2.29%	0.92%	1.02%	40.46%	0.54%	0.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.79%	3.42%	26.62%	362.39%	15.19%	15.79%
Earnings before Interest and Taxes (EBIT)	247	1,148	892	-204	1,706	1,509
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	219	983	985	-191	1,696	1,477
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.88	1.15	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.88	1.15	0.97
Price to Revenue (P/Rev)	0.00	0.00	0.00	121.82	3.47	3.02
Price to Earnings (P/E)	0.00	0.00	0.00	6.48	3.35	3.26
Dividend Yield	0.00%	2.16%	16.02%	11.74%	9.53%	11.70%
Earnings Yield	0.00%	0.00%	0.00%	15.42%	29.82%	30.68%
Enterprise Value to Invested Capital (EV/IC)	0.00	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	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.41	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.40	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.40	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	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	0.40	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	1.24	1.33	0.99	1.16	1.29
Long-Term Debt to Equity	0.00	1.24	1.33	0.99	1.16	1.29
Financial Leverage	0.00	-1.02	-1.03	-1.03	-1.03	-1.03
Leverage Ratio	0.00	2.29	2.38	2.20	2.14	2.28
Compound Leverage Factor	0.00	2.05	1.84	-7.25	1.73	1.71
Debt to Total Capital	0.00%	55.28%	57.07%	49.80%	53.73%	56.40%
Short-Term Debt to Total Capital	0.00%	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%	56.40%
Preferred Equity to Total Capital	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%
Common Equity to Total Capital	0.00%	44.72%	42.93%	50.20%	46.27%	43.60%
Debt to EBITDA	0.00	5.59	5.61	-25.75	4.16	5.47
Net Debt to EBITDA	0.00	-4.81	-4.48	27.80	-3.72	-4.38
Long-Term Debt to EBITDA	0.00	5.59	5.61	-25.75	4.16	5.47
Debt to NOPAT	0.00	5.19	5.82	-52.44	4.13	4.76
Net Debt to NOPAT	0.00	-4.47	-4.65	56.63	-3.69	-3.81
Long-Term Debt to NOPAT	0.00	5.19	5.82	-52.44	4.13	4.76
Altman Z-Score	0.00	0.00	0.00	1.66	2.34	2.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	64.73	61.78	46.69	48.72	48.93
Quick Ratio	0.00	64.73	61.78	46.69	48.70	48.89
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	1,164	1,063	-35	1,739	1,707
Operating Cash Flow to CapEx	0.00%	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	4.47
Operating Cash Flow to Interest Expense	-35.18	-31.78	3.31	1.72	-7.75	-1.20
Operating Cash Flow Less CapEx to Interest Expense	-35.18	-31.78	3.31	1.72	-7.75	-1.20
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.11	0.13	0.00	0.17	0.14
Accounts Receivable Turnover	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
Fixed Asset Turnover	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
Days Sales Outstanding (DSO)	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
Days Payable Outstanding (DPO)	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
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-105	-113	-171	-201	-209
Invested Capital Turnover	0.00	-20.83	-22.56	-0.25	-10.83	-9.85
Increase / (Decrease) in Invested Capital	0.00	-105	-113	-58	-30	-8.60
Enterprise Value (EV)	0.00	0.00	0.00	-955	687	-375
Market Capitalization	0.00	0.00	0.00	4,349	7,001	6,088
Book Value per Share	$0.00	$30.78	$25.04	$28.52	$28.04	$27.01
Tangible Book Value per Share	$0.00	$30.78	$25.04	$28.52	$28.04	$27.01
Total Capital	0.00	9,946	9,687	9,864	13,133	14,325
Total Debt	0.00	5,499	5,528	4,912	7,056	8,080
Total Long-Term Debt	0.00	5,499	5,528	4,912	7,056	8,080
Net Debt	0.00	-4,730	-4,416	-5,304	-6,313	-6,463
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-158	-161	-219	-270	-286
Debt-free Net Working Capital (DFNWC)	0.00	10,071	9,783	9,997	13,100	14,257
Net Working Capital (NWC)	0.00	10,071	9,783	9,997	13,100	14,257
Net Nonoperating Expense (NNE)	-4.64	-320	-223	-706	-378	-169
Net Nonoperating Obligations (NNO)	0.00	-4,553	-4,272	-5,123	-6,278	-6,454
Total Depreciation and Amortization (D&A)	-28	-165	93	13	-9.67	-32
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-14.43%	-12.61%	-612.91%	-13.37%	-14.18%
Debt-free Net Working Capital to Revenue	0.00%	919.74%	766.61%	28,005.45%	649.61%	706.40%
Net Working Capital to Revenue	0.00%	919.74%	766.61%	28,005.45%	649.61%	706.40%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$2.44	$3.65	$3.45	$2.46
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	166.07M	167.62M	201.37M	229.16M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$2.44	$3.65	$3.45	$2.46
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	166.07M	167.62M	201.37M	229.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	232.28M
Normalized Net Operating Profit after Tax (NOPAT)	188	741	665	-66	1,196	1,189
Normalized NOPAT Margin	50.88%	67.72%	52.08%	-183.67%	59.33%	58.91%
Pre Tax Income Margin	8.96%	93.83%	53.94%	1,878.92%	68.42%	55.88%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	3.75	9.53	4.38	-0.76	5.23	3.96
NOPAT to Interest Expense	4.06	8.79	4.66	-0.35	5.24	4.45
EBIT Less CapEx to Interest Expense	3.75	9.53	4.38	-0.76	5.23	3.96
NOPAT Less CapEx to Interest Expense	4.06	8.79	4.66	-0.35	5.24	4.45
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	53.23%	18.40%	36.13%	71.57%	27.95%	36.30%
Augmented Payout Ratio	53.51%	18.40%	58.70%	71.57%	27.95%	36.30%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	232,279,811.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	232,279,811.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.62
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	43.44%	-288.49%	19.88%	20.77%	6.23%	140.09%	155.33%	31.49%	42.52%	108.81%	78.03%
EBITDA Growth	81.37%	-311.50%	27.56%	52.88%	-13.07%	131.89%	134.50%	11.53%	23.72%	103.17%	49.69%
EBIT Growth	145.10%	-320.36%	35.18%	53.31%	-13.08%	129.75%	116.43%	6.88%	29.40%	103.60%	44.12%
NOPAT Growth	108.56%	-240.37%	27.37%	41.62%	-4.99%	148.21%	174.20%	16.14%	34.79%	108.98%	88.37%
Net Income Growth	108.53%	-229.76%	32.21%	37.63%	-10.31%	162.47%	71.62%	4.10%	23.16%	119.07%	25.48%
EPS Growth	74.14%	15.79%	11.63%	12.22%	-25.74%	-17.05%	-31.25%	43.56%	85.33%	-242.47%	-40.94%
Operating Cash Flow Growth	-118.52%	-176.24%	-353.77%	-236.05%	-472.81%	-606.45%	207.37%	68.83%	16.44%	74.59%	-41.30%
Free Cash Flow Firm Growth	0.00%	0.00%	-12.38%	99.00%	-25.24%	155.65%	6,202.21%	9.76%	30.35%	110.33%	-17.93%
Invested Capital Growth	0.00%	-51.47%	0.00%	-4,752.51%	-18.88%	-17.28%	-245.45%	-10.30%	-10.00%	-4.28%	-6.86%
Revenue Q/Q Growth	7.58%	-371.92%	4.01%	8.14%	-5.38%	2.63%	1.11%	33.57%	2.83%	-84.92%	511.09%
EBITDA Q/Q Growth	39.62%	-399.23%	14.51%	8.46%	-24.02%	9.78%	-14.87%	62.90%	-8.01%	-91.63%	567.64%
EBIT Q/Q Growth	33.91%	-398.47%	23.50%	10.32%	-24.09%	2.16%	-6.64%	59.27%	-7.54%	-90.50%	490.90%
NOPAT Q/Q Growth	27.30%	-295.72%	13.85%	10.48%	-14.60%	-0.69%	-0.80%	48.54%	0.80%	-87.05%	487.43%
Net Income Q/Q Growth	23.29%	-243.82%	17.19%	7.57%	-19.65%	0.17%	-4.22%	44.01%	-4.80%	-78.40%	179.24%
EPS Q/Q Growth	12.22%	-12.87%	9.09%	5.21%	-25.74%	-2.67%	-9.59%	119.70%	-4.14%	-174.82%	184.62%
Operating Cash Flow Q/Q Growth	-117.34%	-41.56%	-209.14%	-79.30%	27.00%	-74.59%	146.98%	-152.06%	-95.69%	46.91%	208.53%
Free Cash Flow Firm Q/Q Growth	75.46%	-2,224.83%	-61.66%	123.05%	-9.19%	-45.66%	68.53%	-16.01%	0.74%	-86.04%	444.18%
Invested Capital Q/Q Growth	-4,080.04%	-144.01%	133,842,027,000.00%	-234.77%	0.00%	0.00%	3.15%	-2.21%	-1.42%	-3.72%	0.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.97%	0.00%	99.95%	99.94%	99.94%	99.94%	99.94%	99.96%	99.96%	99.73%	99.96%
EBITDA Margin	91.44%	0.00%	88.92%	89.19%	74.83%	80.04%	67.38%	82.18%	73.52%	40.80%	44.58%
Operating Margin	91.10%	0.00%	88.36%	90.28%	81.48%	78.84%	77.35%	86.09%	84.31%	103.48%	69.45%
EBIT Margin	92.61%	0.00%	92.58%	94.45%	75.77%	75.43%	69.65%	83.05%	74.67%	47.06%	45.50%
Profit (Net Income) Margin	113.04%	0.00%	113.01%	112.41%	95.45%	93.16%	88.24%	95.14%	88.07%	126.17%	57.65%
Tax Burden Percent	143.73%	345.68%	143.34%	141.52%	164.52%	162.57%	170.99%	136.61%	143.68%	-261.55%	191.29%
Interest Burden Percent	84.93%	17.01%	85.15%	84.10%	76.56%	75.97%	74.10%	83.86%	82.09%	-102.52%	66.24%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	-0.02%	0.00%	-0.26%
Return on Invested Capital (ROIC)	0.00%	0.00%	2,448.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	2,443.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-2,380.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	42.54%	13.43%	68.20%	0.00%	16.55%	37.85%	39.96%	39.42%	40.44%	30.32%	31.51%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	2,140.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	18.72%	0.00%	16.04%	0.00%	1.61%	12.89%	13.15%	16.26%	15.18%	6.75%	7.38%
Return on Assets (ROA)	22.85%	0.00%	19.57%	0.00%	2.03%	15.92%	16.67%	18.63%	17.90%	18.11%	9.35%
Return on Common Equity (ROCE)	42.54%	13.43%	68.20%	0.00%	16.55%	37.85%	39.96%	39.42%	40.44%	30.32%	31.51%
Return on Equity Simple (ROE_SIMPLE)	42.54%	0.00%	38.28%	0.00%	14.95%	0.00%	36.49%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	426	-834	429	474	405	402	399	592	597	77	454
NOPAT Margin	91.10%	0.00%	88.36%	90.28%	81.48%	78.84%	77.35%	86.02%	84.32%	72.44%	69.63%
Net Nonoperating Expense Percent (NNEP)	4.31%	1.57%	4.76%	4.17%	1.30%	1.28%	0.98%	1.04%	0.43%	0.90%	-1.23%
Return On Investment Capital (ROIC_SIMPLE)	4.45%	-8.45%	4.11%	4.13%	3.35%	3.06%	2.93%	4.43%	4.29%	0.54%	3.21%
Cost of Revenue to Revenue	-0.97%	0.00%	0.05%	0.06%	0.06%	0.06%	0.06%	0.04%	0.04%	0.27%	0.04%
SG&A Expenses to Revenue	0.95%	0.00%	0.58%	0.54%	0.52%	0.52%	0.57%	0.47%	0.52%	3.41%	0.51%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.87%	0.00%	11.59%	9.67%	18.46%	21.10%	22.59%	13.86%	15.65%	-3.75%	30.51%
Earnings before Interest and Taxes (EBIT)	433	-1,292	449	496	376	384	359	572	529	50	297
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	427	-1,279	432	468	372	408	347	566	520	44	291
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.87	0.88	0.97	1.04	1.01	1.15	1.18	1.12	0.96	0.97	0.90
Price to Tangible Book Value (P/TBV)	0.87	0.88	0.97	1.04	1.01	1.15	1.18	1.12	0.96	0.97	0.90
Price to Revenue (P/Rev)	2.02	121.82	2.71	0.00	24.41	3.47	3.16	2.81	2.22	3.02	2.39
Price to Earnings (P/E)	2.04	6.48	2.55	0.00	6.31	3.35	3.24	3.04	2.48	3.26	2.83
Dividend Yield	11.48%	11.74%	10.40%	10.57%	10.77%	9.53%	9.52%	10.02%	11.81%	11.70%	13.00%
Earnings Yield	48.97%	15.42%	39.28%	0.00%	15.85%	29.82%	30.89%	32.84%	40.32%	30.68%	35.33%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	75.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	5.47	0.00	0.00	0.34	0.39	0.21	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	6.51	0.00	0.00	0.41	0.49	0.28	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	6.47	0.00	0.00	0.40	0.48	0.27	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	6.48	0.00	0.00	0.40	0.46	0.26	0.00	0.00	0.00
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	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	7.09	0.33	0.00	0.40	0.40	0.26	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.08	0.99	1.02	1.13	1.12	1.16	1.18	1.13	1.22	1.29	1.32
Long-Term Debt to Equity	1.08	0.99	1.02	1.13	1.12	1.16	1.18	1.13	1.22	1.29	1.32
Financial Leverage	-1.03	-1.03	-0.97	-0.57	-1.03	-1.03	-1.01	-1.03	-1.03	-1.03	-1.03
Leverage Ratio	2.13	2.20	2.08	2.19	2.15	2.14	2.17	2.18	2.22	2.28	2.30
Compound Leverage Factor	1.81	0.37	1.77	1.84	1.65	1.63	1.60	1.83	1.83	-2.34	1.52
Debt to Total Capital	51.88%	49.80%	50.57%	53.00%	52.85%	53.73%	54.19%	53.00%	54.98%	56.40%	56.84%
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%	0.00%
Long-Term Debt to Total Capital	51.88%	49.80%	50.57%	53.00%	52.85%	53.73%	54.19%	53.00%	54.98%	56.40%	56.84%
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%	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%	0.00%
Common Equity to Total Capital	48.12%	50.20%	49.43%	47.00%	47.15%	46.27%	45.81%	47.00%	45.02%	43.60%	43.16%
Debt to EBITDA	2.93	-25.75	3.38	0.00	709.98	4.16	3.95	3.72	3.57	5.47	5.11
Net Debt to EBITDA	-2.88	27.80	3.29	0.00	-647.98	-3.72	-3.46	-3.40	-3.01	-4.38	-4.01
Long-Term Debt to EBITDA	2.93	-25.75	3.38	0.00	709.98	4.16	3.95	3.72	3.57	5.47	5.11
Debt to NOPAT	2.93	-52.44	3.37	0.00	54.85	4.13	3.76	3.47	3.48	4.76	4.22
Net Debt to NOPAT	-2.88	56.63	3.27	0.00	-50.06	-3.69	-3.29	-3.17	-2.93	-3.81	-3.31
Long-Term Debt to NOPAT	2.93	-52.44	3.37	0.00	54.85	4.13	3.76	3.47	3.48	4.76	4.22
Altman Z-Score	2.02	1.30	0.91	1.87	1.84	2.01	2.02	2.08	1.95	1.77	1.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	52.50	46.69	4.29	49.93	53.91	48.72	50.27	46.99	49.05	48.93	50.55
Quick Ratio	52.50	46.69	4.29	49.91	53.85	48.70	50.23	46.95	49.01	48.89	50.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	580	-775	295	658	434	431	727	611	615	86	467
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%	0.00%
Free Cash Flow to Firm to Interest Expense	8.89	-11.35	4.42	8.35	4.92	4.67	7.82	6.62	6.50	0.84	4.67
Operating Cash Flow to Interest Expense	-1.39	-1.87	-5.93	-9.00	-5.87	-9.78	4.57	-2.40	-4.57	-2.26	2.49
Operating Cash Flow Less CapEx to Interest Expense	-1.39	-1.87	-5.93	-9.00	-5.87	-9.78	4.57	-2.40	-4.57	-2.26	2.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.00	0.17	0.00	0.02	0.17	0.19	0.20	0.20	0.14	0.16
Accounts Receivable Turnover	0.00	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	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	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	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	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	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	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	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-154	-171	134	-180	-183	-201	-195	-199	-202	-209	-208
Invested Capital Turnover	-25.68	-0.25	27.71	0.00	-1.39	-10.83	-76.61	-13.15	-14.05	-9.85	-11.44
Increase / (Decrease) in Invested Capital	-154	-58	134	-184	-29	-30	-329	-19	-18	-8.60	-13
Enterprise Value (EV)	-881	-955	10,150	60	-82	687	909	529	-447	-375	-804
Market Capitalization	3,995	4,349	5,024	5,609	5,749	7,001	7,372	7,011	6,002	6,088	5,503
Book Value per Share	$27.79	$28.52	$27.05	$28.03	$28.37	$28.04	$27.39	$27.58	$27.23	$27.01	$26.26
Tangible Book Value per Share	$27.79	$28.52	$27.05	$28.03	$28.37	$28.04	$27.39	$27.58	$27.23	$27.01	$26.26
Total Capital	9,565	9,864	10,430	11,479	12,090	13,133	13,624	13,379	13,927	14,325	14,134
Total Debt	4,962	4,912	5,274	6,084	6,389	7,056	7,383	7,091	7,657	8,080	8,034
Total Long-Term Debt	4,962	4,912	5,274	6,084	6,389	7,056	7,383	7,091	7,657	8,080	8,034
Net Debt	-4,876	-5,304	5,126	-5,548	-5,831	-6,313	-6,463	-6,483	-6,449	-6,463	-6,306
Capital Expenditures (CapEx)	0.00	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)	-187	-219	-34	-229	-212	-270	-266	-278	-277	-286	-282
Debt-free Net Working Capital (DFNWC)	9,651	9,997	113	11,403	12,008	13,100	13,580	13,295	13,830	14,257	14,058
Net Working Capital (NWC)	9,651	9,997	113	11,403	12,008	13,100	13,580	13,295	13,830	14,257	14,058
Net Nonoperating Expense (NNE)	-103	-74	-120	-116	-69	-73	-56	-63	-27	-57	78
Net Nonoperating Obligations (NNO)	-4,757	-5,123	-5,022	-5,575	-5,884	-6,278	-6,436	-6,487	-6,471	-6,454	-6,308
Total Depreciation and Amortization (D&A)	-5.48	13	-18	-28	-4.70	24	-12	-5.96	-8.15	-6.67	-6.00
Debt-free, Cash-free Net Working Capital to Revenue	-9.46%	-612.91%	-1.86%	0.00%	-90.00%	-13.37%	-11.42%	-11.14%	-10.22%	-14.18%	-12.23%
Debt-free Net Working Capital to Revenue	487.07%	28,005.45%	6.11%	0.00%	5,098.04%	649.61%	582.82%	532.89%	511.04%	706.40%	610.13%
Net Working Capital to Revenue	487.07%	28,005.45%	6.11%	0.00%	5,098.04%	649.61%	582.82%	532.89%	511.04%	706.40%	610.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73	$0.66	$0.68	$0.57	$0.55	$0.11
Adjusted Weighted Average Basic Shares Outstanding	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M
Adjusted Diluted Earnings per Share	$1.01	$0.88	$0.96	$1.01	$0.75	$0.73	$0.66	$1.45	$1.39	($1.04)	$0.88
Adjusted Weighted Average Diluted Shares Outstanding	169.84M	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	173.65M	191.60M	192.44M	200.97M	216.67M	227.82M	228.01M	230.23M	231.22M	232.28M	232.65M
Normalized Net Operating Profit after Tax (NOPAT)	298	-834	300	332	283	281	279	592	418	77	317
Normalized NOPAT Margin	63.77%	0.00%	61.86%	63.19%	57.03%	55.19%	54.14%	86.02%	59.02%	72.44%	48.62%
Pre Tax Income Margin	78.65%	0.00%	78.84%	79.43%	58.01%	57.30%	51.61%	69.64%	61.30%	-48.24%	30.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.64	-18.92	6.73	6.29	4.27	4.16	3.86	6.19	5.58	0.49	2.96
NOPAT to Interest Expense	6.53	-12.21	6.43	6.01	4.59	4.35	4.29	6.42	6.30	0.76	4.53
EBIT Less CapEx to Interest Expense	6.64	-18.92	6.73	6.29	4.27	4.16	3.86	6.19	5.58	0.49	2.96
NOPAT Less CapEx to Interest Expense	6.53	-12.21	6.43	6.01	4.59	4.35	4.29	6.42	6.30	0.76	4.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.84%	71.57%	24.51%	0.00%	65.18%	27.95%	26.86%	27.75%	27.40%	36.30%	35.13%
Augmented Payout Ratio	21.84%	71.57%	24.51%	0.00%	65.18%	27.95%	26.86%	27.75%	27.40%	36.30%	35.13%

Financials Breakdown Chart

Key Financial Trends

Blackstone Secured Lending Fund (BXSL) shows growing asset size and active financing activity in 2025, but cash flow from operations remained uneven and financing costs rose. Here are the key trends from BXSL’s quarterly statements across 2022–2025, focused on the last four years.

2025 Q4 net cash from financing activities: $270,275,000 (positive), highlighting continued access to capital markets to fund distributions.
2025 Q4 net change in cash & equivalents: $40,611,000 increase, contributing to reported liquidity for the period.
Balance sheet growth: Total assets rose to about $14.26 billion in 2025 Q3, with total equity around $6.27 billion, indicating substantial balance-sheet expansion and capacity to fund ongoing operations and distributions.
Profitability at the quarter level: 2025 Q4 Revenue $106.711 million and Total Gross Profit $106.422 million (very high gross margin, near 99.7%), supported by a solid operating result for that period.
2025 Q4 consolidated net income attributable to common shareholders: $134.638 million; Basic EPS $0.55 and a per-share dividend policy of $0.77, suggesting ongoing earnings and payout activity.
Dividend policy maintained: Cash dividends per share remained at $0.77 across 2024–2025 quarters, appealing to income-focused investors.
Financing inflows were sizable across multiple 2025 quarters (Q2: $852.779 million; Q3: $422.076 million; Q4: $270.275 million), indicating reliance on debt/equity markets to support liquidity and distributions.
Operating cash flow was volatile in 2025: Net cash from continuing operating activities was negative in Q2, Q3, and Q4 along with a positive result in Q1, reflecting quarterly variability in cash generation from core operations.
Diluted earnings per share (EPS) dipped in 2025 Q4 (Diluted EPS: -$1.04) despite a positive Basic EPS ($0.55), signaling potential dilution effects or discrete items affecting non-cash adjustments and financing costs.
Leverage remained high: Long-term debt around $7.66 billion as of 2025 Q3, with total liabilities elevated across periods, indicating sustained reliance on debt and interest-bearing liabilities to fund growth and distributions.

05/14/26 05:54 AM ETAI Generated. May Contain Errors.

Blackstone Secured Lending Fund Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Blackstone Secured Lending Fund's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Blackstone Secured Lending Fund's net income appears to be on an upward trend, with a most recent value of $1.87 billion in 2025, rising from $272.62 million in 2020. The previous period was $694.10 million in 2024. Check out Blackstone Secured Lending Fund's forecast to explore projected trends and price targets.

Blackstone Secured Lending Fund's total operating income in 2025 was $1.70 billion, based on the following breakdown:

Total Gross Profit: $2.02 billion
Total Operating Expenses: $318.67 million

Over the last 5 years, Blackstone Secured Lending Fund's total revenue changed from $368.68 million in 2020 to $2.02 billion in 2025, a change of 447.4%.

Blackstone Secured Lending Fund's total liabilities were at $8.41 billion at the end of 2025, a 13.7% increase from 2024, and a 46.8% increase since 2021.

In the past 4 years, Blackstone Secured Lending Fund's cash and equivalents has ranged from $102.88 million in 2021 to $289.61 million in 2025, and is currently $289.61 million as of their latest financial filing in 2025.

Over the last 5 years, Blackstone Secured Lending Fund's book value per share changed from 0.00 in 2020 to 27.01 in 2025, a change of 2,701.0%.

Related Companies

Financial statements for NYSE:BXSL last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Blackstone Secured Lending Fund (BXSL) Financials

Financials Breakdown Chart

Key Financial Trends

Blackstone Secured Lending Fund Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Blackstone Secured Lending Fund (BXSL) Financials

Annual Income Statements for Blackstone Secured Lending Fund

Quarterly Income Statements for Blackstone Secured Lending Fund

Annual Cash Flow Statements for Blackstone Secured Lending Fund

Quarterly Cash Flow Statements for Blackstone Secured Lending Fund

Annual Balance Sheets for Blackstone Secured Lending Fund

Quarterly Balance Sheets for Blackstone Secured Lending Fund

Annual Metrics And Ratios for Blackstone Secured Lending Fund

Quarterly Metrics And Ratios for Blackstone Secured Lending Fund

Financials Breakdown Chart

Key Financial Trends

Blackstone Secured Lending Fund Financials - Frequently Asked Questions

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

How has Blackstone Secured Lending Fund's net income changed over the last 5 years?

What is Blackstone Secured Lending Fund's operating income?

How has Blackstone Secured Lending Fund's revenue changed over the last 5 years?

How much debt does Blackstone Secured Lending Fund have?

How much cash does Blackstone Secured Lending Fund have?

How has Blackstone Secured Lending Fund's book value per share changed over the last 5 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools