What is Blackstone Secured Lending Fund's operating income?

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

Blackstone Secured Lending Fund (BXSL) Financials

$24.77 +0.10 (+0.41%)

As of 08/21/2026 03:58 PM 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	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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-701	265	629	506	475	300	655	623	135	376	19
Consolidated Net Income / (Loss)	-760	265	629	506	475	300	655	623	135	376	19
Net Income / (Loss) Continuing Operations	-701	265	629	506	475	300	655	623	135	376	19
Total Pre-Tax Income	-220	99	456	320	292	113	479	434	-51	197	-153
Total Operating Income	-1,191	145	510	443	402	246	593	597	110	453	102
Total Gross Profit	-1,285	202	523	496	509	366	688	708	106	652	279
Total Revenue	-1,271	202	524	497	510	366	688	708	107	652	279
Operating Revenue	-1,271	202	524	497	510	366	688	708	107	652	279
Total Cost of Revenue	13	0.22	0.29	0.29	0.29	0.31	0.29	0.28	0.29	0.29	0.31
Operating Cost of Revenue	-	0.22	0.29	0.29	0.29	0.31	0.29	0.28	0.29	0.29	0.31
Total Operating Expenses	-94	56	13	54	108	120	95	111	-4.00	199	177
Selling, General & Admin Expense	3.16	2.80	2.82	2.56	2.67	2.92	3.21	3.67	3.64	3.35	3.92
Depreciation Expense	-	-12	-21	17	30	41	8.32	40	60	158	133
Other Operating Expenses / (Income)	-69	65	32	34	75	77	84	67	-68	38	40
Total Other Income / (Expense), net	967	-46	-54	-123	-110	-133	-113	-163	-162	-256	-255
Interest Expense	68	67	79	88	92	93	92	95	102	100	101
Other Income / (Expense), net	-101	20	25	-34	-17	-40	-21	-68	-60	-156	-154
Income Tax Expense	-	-	-	-	-	2.08	0.41	-0.07	-	-0.51	1.34
Other Gains / (Losses), net	-	166	173	186	183	189	176	189	186	179	174
Basic Earnings per Share	$0.88	$0.96	$1.01	$0.75	$0.73	$0.66	$0.68	$0.57	$0.55	$0.11	$0.04
Weighted Average Basic Shares Outstanding	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M	232.56M
Diluted Earnings per Share	$0.88	$0.96	$1.01	$0.75	$0.73	$1.49	$1.45	$1.39	($1.04)	$0.88	$0.79
Weighted Average Diluted Shares Outstanding	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M	232.56M
Weighted Average Basic & Diluted Shares Outstanding	191.60M	192.44M	200.97M	216.67M	227.82M	228.01M	230.23M	231.22M	232.28M	232.65M	232.97M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	24	-7.18	144	-94	33	735	-693	-11	41	65	-83
Net Cash From Operating Activities	-128	-396	-709	-518	-904	425	-221	-433	-230	249	561
Net Cash From Continuing Operating Activities	-128	-396	-709	-518	-897	425	-221	-433	-229	249	561
Net Income / (Loss) Continuing Operations	157	184	196	152	162	150	155	132	126	25	9.49
Consolidated Net Income / (Loss)	157	184	196	152	162	150	155	132	126	25	9.49
Amortization Expense	-9.98	-5.97	-6.64	-4.70	-6.55	-12	-5.96	-8.15	-6.67	-6.00	-6.73
Non-Cash Adjustments To Reconcile Net Income	-316	-543	-895	-635	-1,114	297	-395	-634	-275	265	552
Changes in Operating Assets and Liabilities, net	17	-18	18	-13	31	-11	25	-13	15	-35	6.66
Net Cash From Financing Activities	152	388	853	424	937	310	-472	422	270	-184	-644
Net Cash From Continuing Financing Activities	152	388	853	424	937	310	-472	422	270	-184	-644
Repayment of Debt	-403	0.00	-495	-95	-867	-560	-576	-94	-697	-1,381	-1,440
Payment of Dividends	-128	-137	-142	-148	-156	-166	-170	-172	-171	-171	-170
Issuance of Debt	357	364	1,302	360	1,590	847	216	664	1,117	1,368	969
Other Financing Activities, net	-3.44	-	-	-4.35	-7.14	0.00	-	-3.13	-	-0.40	-3.03
Cash Interest Paid	51	73	61	104	60	96	69	113	75	116	73

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	Q2 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	6/30/2026
Total Assets	9,848	9,572	9,802	10,705	11,770	12,372	13,969	13,711	14,256	14,437	13,789
Total Current Assets	9,731	9,438	9,839	148	11,636	12,235	13,856	13,584	14,117	14,342	13,894
Cash & Equivalents	103	147	146	148	291	194	965	274	250	351	267
Short-Term Investments	9,628	9,290	9,693	-	11,341	12,026	12,881	13,300	13,856	13,989	13,625
Other Current Assets	-	-	-	-	3.79	15	9.57	11	11	1.82	1.84
Plant, Property, & Equipment, net	0.00	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	20
Other Noncurrent Operating Assets	15	16	15	379	13	16	21	20	21	19	20
Total Liabilities & Shareholders' Equity	9,848	9,572	9,802	10,705	11,770	12,372	13,969	13,711	14,256	14,437	13,789
Total Liabilities	5,657	5,222	5,200	5,549	6,376	6,671	7,728	7,423	7,987	8,337	7,850
Total Current Liabilities	155	183	187	34	233	227	276	289	288	284	291
Accrued Expenses	3.88	3.55	8.48	4.33	7.93	12	8.00	12	17	7.90	14
Other Current Liabilities	131	134	152	-	181	191	210	212	213	215	214
Other Current Nonoperating Liabilities	20	45	27	30	44	24	58	65	58	61	63
Total Noncurrent Liabilities	5,452	4,990	4,971	5,515	6,093	6,401	7,390	7,096	7,662	8,039	7,541
Long-Term Debt	5,452	4,978	4,962	5,274	6,084	6,389	7,383	7,091	7,657	8,034	7,536
Other Noncurrent Operating Liabilities	-	12	8.69	241	8.48	11	7.02	5.65	4.76	5.44	5.36
Commitments & Contingencies	0.00	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	5,939
Total Preferred & Common Equity	4,190	4,350	4,603	5,156	5,395	5,701	6,241	6,288	6,270	6,100	5,939
Total Common Equity	4,190	4,350	4,603	5,156	5,395	5,701	6,241	6,288	6,270	6,100	5,939
Common Stock	4,038	4,169	4,384	4,870	5,065	5,380	5,940	6,009	6,036	6,056	6,065
Retained Earnings	152	181	219	286	330	320	301	279	234	44	-126

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	232,279,811.00	232,652,003.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	232,279,811.00	232,652,003.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.62	0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-288.49%	19.88%	20.77%	6.23%	140.09%	155.33%	31.49%	42.52%	108.81%	78.03%	-59.47%
EBITDA Growth	-311.50%	27.56%	52.88%	-13.07%	131.89%	134.50%	11.53%	23.72%	103.17%	49.69%	-110.45%
EBIT Growth	-320.36%	35.18%	53.31%	-13.08%	129.75%	116.43%	6.88%	29.40%	103.60%	44.12%	-109.17%
NOPAT Growth	-240.37%	27.37%	41.62%	-4.99%	148.21%	174.20%	16.14%	34.79%	108.98%	88.37%	-87.97%
Net Income Growth	-229.76%	32.21%	37.63%	-10.31%	162.47%	71.62%	4.10%	23.16%	119.07%	25.48%	-97.10%
EPS Growth	15.79%	11.63%	12.22%	-25.74%	-17.05%	-31.25%	43.56%	85.33%	-242.47%	-40.94%	-45.52%
Operating Cash Flow Growth	-176.24%	-353.77%	-236.05%	-472.81%	-606.45%	207.37%	68.83%	16.44%	74.59%	-41.30%	353.76%
Free Cash Flow Firm Growth	0.00%	-12.38%	99.00%	-25.24%	155.65%	6,202.21%	9.76%	30.35%	110.33%	-17.93%	-86.22%
Invested Capital Growth	-51.47%	0.00%	-4,752.51%	-18.88%	-17.28%	-245.45%	-10.30%	-10.00%	-4.28%	-6.86%	-6.47%
Revenue Q/Q Growth	-371.92%	4.01%	8.14%	-5.38%	2.63%	1.11%	33.57%	2.83%	-84.92%	511.09%	-57.21%
EBITDA Q/Q Growth	-399.23%	14.51%	8.46%	-24.02%	9.78%	-14.87%	62.90%	-8.01%	-91.63%	567.64%	-120.34%
EBIT Q/Q Growth	-398.47%	23.50%	10.32%	-24.09%	2.16%	-6.64%	59.27%	-7.54%	-90.50%	490.90%	-117.66%
NOPAT Q/Q Growth	-295.72%	13.85%	10.48%	-14.60%	-0.69%	-0.80%	48.54%	0.80%	-87.05%	487.43%	-84.31%
Net Income Q/Q Growth	-243.82%	17.19%	7.57%	-19.65%	0.17%	-4.22%	44.01%	-4.80%	-78.40%	179.24%	-94.95%
EPS Q/Q Growth	-12.87%	9.09%	5.21%	-25.74%	-2.67%	-9.59%	119.70%	-4.14%	-174.82%	184.62%	-10.23%
Operating Cash Flow Q/Q Growth	-41.56%	-209.14%	-79.30%	27.00%	-74.59%	146.98%	-152.06%	-95.69%	46.91%	208.53%	125.05%
Free Cash Flow Firm Q/Q Growth	-2,224.83%	-61.66%	123.05%	-9.19%	-45.66%	68.53%	-16.01%	0.74%	-86.04%	444.18%	-82.00%
Invested Capital Q/Q Growth	-144.01%	133,842,027,000.00%	-234.77%	0.00%	0.00%	3.15%	-2.21%	-1.42%	-3.72%	0.61%	-1.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	99.95%	99.94%	99.94%	99.94%	99.94%	99.96%	99.96%	99.73%	99.96%	99.89%
EBITDA Margin	0.00%	88.92%	89.19%	74.83%	80.04%	67.38%	82.18%	73.52%	40.80%	44.58%	-21.19%
Operating Margin	0.00%	88.36%	90.28%	81.48%	78.84%	77.35%	86.09%	84.31%	103.48%	69.45%	36.49%
EBIT Margin	0.00%	92.58%	94.45%	75.77%	75.43%	69.65%	83.05%	74.67%	47.06%	45.50%	-18.78%
Profit (Net Income) Margin	0.00%	113.01%	112.41%	95.45%	93.16%	88.24%	95.14%	88.07%	126.17%	57.65%	6.80%
Tax Burden Percent	345.68%	143.34%	141.52%	164.52%	162.57%	170.99%	136.61%	143.68%	-261.55%	191.29%	-12.36%
Interest Burden Percent	17.01%	85.15%	84.10%	76.56%	75.97%	74.10%	83.86%	82.09%	-102.52%	66.24%	292.88%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	-0.02%	0.00%	-0.26%	0.00%
Return on Invested Capital (ROIC)	0.00%	2,448.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	2,443.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-2,380.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	13.43%	68.20%	0.00%	16.55%	37.85%	39.96%	39.42%	40.44%	30.32%	31.51%	21.40%
Cash Return on Invested Capital (CROIC)	0.00%	2,140.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	16.04%	0.00%	1.61%	12.89%	13.15%	16.26%	15.18%	6.75%	7.38%	-2.59%
Return on Assets (ROA)	0.00%	19.57%	0.00%	2.03%	15.92%	16.67%	18.63%	17.90%	18.11%	9.35%	0.94%
Return on Common Equity (ROCE)	13.43%	68.20%	0.00%	16.55%	37.85%	39.96%	39.42%	40.44%	30.32%	31.51%	21.40%
Return on Equity Simple (ROE_SIMPLE)	0.00%	38.28%	0.00%	14.95%	0.00%	36.49%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-834	429	474	405	402	399	592	597	77	454	71
NOPAT Margin	0.00%	88.36%	90.28%	81.48%	78.84%	77.35%	86.02%	84.32%	72.44%	69.63%	25.54%
Net Nonoperating Expense Percent (NNEP)	1.57%	4.76%	4.17%	1.30%	1.28%	0.98%	1.04%	0.43%	0.90%	-1.23%	-0.83%
Return On Investment Capital (ROIC_SIMPLE)	-8.45%	4.11%	4.13%	3.35%	3.06%	2.93%	4.43%	4.29%	0.54%	3.21%	0.53%
Cost of Revenue to Revenue	0.00%	0.05%	0.06%	0.06%	0.06%	0.06%	0.04%	0.04%	0.27%	0.04%	0.11%
SG&A Expenses to Revenue	0.00%	0.58%	0.54%	0.52%	0.52%	0.57%	0.47%	0.52%	3.41%	0.51%	1.40%
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	0.00%	11.59%	9.67%	18.46%	21.10%	22.59%	13.86%	15.65%	-3.75%	30.51%	63.40%
Earnings before Interest and Taxes (EBIT)	-1,292	449	496	376	384	359	572	529	50	297	-52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,279	432	468	372	408	347	566	520	44	291	-59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.88	0.97	1.04	1.01	1.15	1.18	1.12	0.96	0.97	0.90	0.93
Price to Tangible Book Value (P/TBV)	0.88	0.97	1.04	1.01	1.15	1.18	1.12	0.96	0.97	0.90	0.93
Price to Revenue (P/Rev)	121.82	2.71	0.00	24.41	3.47	3.16	2.81	2.22	3.02	2.39	2.91
Price to Earnings (P/E)	6.48	2.55	0.00	6.31	3.35	3.24	3.04	2.48	3.26	2.83	4.22
Dividend Yield	11.74%	10.40%	10.57%	10.77%	9.53%	9.52%	10.02%	11.81%	11.70%	13.00%	12.99%
Earnings Yield	15.42%	39.28%	0.00%	15.85%	29.82%	30.89%	32.84%	40.32%	30.68%	35.33%	23.71%
Enterprise Value to Invested Capital (EV/IC)	0.00	75.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	5.47	0.00	0.00	0.34	0.39	0.21	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.51	0.00	0.00	0.41	0.49	0.28	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	6.47	0.00	0.00	0.40	0.48	0.27	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	6.48	0.00	0.00	0.40	0.46	0.26	0.00	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	7.09	0.33	0.00	0.40	0.40	0.26	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	1.02	1.13	1.12	1.16	1.18	1.13	1.22	1.29	1.32	1.27
Long-Term Debt to Equity	0.99	1.02	1.13	1.12	1.16	1.18	1.13	1.22	1.29	1.32	1.27
Financial Leverage	-1.03	-0.97	-0.57	-1.03	-1.03	-1.01	-1.03	-1.03	-1.03	-1.03	-1.03
Leverage Ratio	2.20	2.08	2.19	2.15	2.14	2.17	2.18	2.22	2.28	2.30	2.25
Compound Leverage Factor	0.37	1.77	1.84	1.65	1.63	1.60	1.83	1.83	-2.34	1.52	6.59
Debt to Total Capital	49.80%	50.57%	53.00%	52.85%	53.73%	54.19%	53.00%	54.98%	56.40%	56.84%	55.93%
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	49.80%	50.57%	53.00%	52.85%	53.73%	54.19%	53.00%	54.98%	56.40%	56.84%	55.93%
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	50.20%	49.43%	47.00%	47.15%	46.27%	45.81%	47.00%	45.02%	43.60%	43.16%	44.07%
Debt to EBITDA	-25.75	3.38	0.00	709.98	4.16	3.95	3.72	3.57	5.47	5.11	7.94
Net Debt to EBITDA	27.80	3.29	0.00	-647.98	-3.72	-3.46	-3.40	-3.01	-4.38	-4.01	-6.70
Long-Term Debt to EBITDA	-25.75	3.38	0.00	709.98	4.16	3.95	3.72	3.57	5.47	5.11	7.94
Debt to NOPAT	-52.44	3.37	0.00	54.85	4.13	3.76	3.47	3.48	4.76	4.22	5.33
Net Debt to NOPAT	56.63	3.27	0.00	-50.06	-3.69	-3.29	-3.17	-2.93	-3.81	-3.31	-4.49
Long-Term Debt to NOPAT	-52.44	3.37	0.00	54.85	4.13	3.76	3.47	3.48	4.76	4.22	5.33
Altman Z-Score	1.30	0.91	1.87	1.84	2.01	2.02	2.08	1.95	1.77	1.80	1.72
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	46.69	4.29	49.93	53.91	48.72	50.27	46.99	49.05	48.93	50.55	47.77
Quick Ratio	46.69	4.29	49.91	53.85	48.70	50.23	46.95	49.01	48.89	50.55	47.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-775	295	658	434	431	727	611	615	86	467	84
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	-11.35	4.42	8.35	4.92	4.67	7.82	6.62	6.50	0.84	4.67	0.83
Operating Cash Flow to Interest Expense	-1.87	-5.93	-9.00	-5.87	-9.78	4.57	-2.40	-4.57	-2.26	2.49	5.55
Operating Cash Flow Less CapEx to Interest Expense	-1.87	-5.93	-9.00	-5.87	-9.78	4.57	-2.40	-4.57	-2.26	2.49	5.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.17	0.00	0.02	0.17	0.19	0.20	0.20	0.14	0.16	0.14
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	-171	134	-180	-183	-201	-195	-199	-202	-209	-208	-212
Invested Capital Turnover	-0.25	27.71	0.00	-1.39	-10.83	-76.61	-13.15	-14.05	-9.85	-11.44	-9.22
Increase / (Decrease) in Invested Capital	-58	134	-184	-29	-30	-329	-19	-18	-8.60	-13	-13
Enterprise Value (EV)	-955	10,150	60	-82	687	909	529	-447	-375	-804	-840
Market Capitalization	4,349	5,024	5,609	5,749	7,001	7,372	7,011	6,002	6,088	5,503	5,516
Book Value per Share	$28.52	$27.05	$28.03	$28.37	$28.04	$27.39	$27.58	$27.23	$27.01	$26.26	$25.53
Tangible Book Value per Share	$28.52	$27.05	$28.03	$28.37	$28.04	$27.39	$27.58	$27.23	$27.01	$26.26	$25.53
Total Capital	9,864	10,430	11,479	12,090	13,133	13,624	13,379	13,927	14,325	14,134	13,475
Total Debt	4,912	5,274	6,084	6,389	7,056	7,383	7,091	7,657	8,080	8,034	7,536
Total Long-Term Debt	4,912	5,274	6,084	6,389	7,056	7,383	7,091	7,657	8,080	8,034	7,536
Net Debt	-5,304	5,126	-5,548	-5,831	-6,313	-6,463	-6,483	-6,449	-6,463	-6,306	-6,356
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)	-219	-34	-229	-212	-270	-266	-278	-277	-286	-282	-289
Debt-free Net Working Capital (DFNWC)	9,997	113	11,403	12,008	13,100	13,580	13,295	13,830	14,257	14,058	13,603
Net Working Capital (NWC)	9,997	113	11,403	12,008	13,100	13,580	13,295	13,830	14,257	14,058	13,603
Net Nonoperating Expense (NNE)	-74	-120	-116	-69	-73	-56	-63	-27	-57	78	52
Net Nonoperating Obligations (NNO)	-5,123	-5,022	-5,575	-5,884	-6,278	-6,436	-6,487	-6,471	-6,454	-6,308	-6,151
Total Depreciation and Amortization (D&A)	13	-18	-28	-4.70	24	-12	-5.96	-8.15	-6.67	-6.00	-6.73
Debt-free, Cash-free Net Working Capital to Revenue	-612.91%	-1.86%	0.00%	-90.00%	-13.37%	-11.42%	-11.14%	-10.22%	-14.18%	-12.23%	-15.25%
Debt-free Net Working Capital to Revenue	28,005.45%	6.11%	0.00%	5,098.04%	649.61%	582.82%	532.89%	511.04%	706.40%	610.13%	717.92%
Net Working Capital to Revenue	28,005.45%	6.11%	0.00%	5,098.04%	649.61%	582.82%	532.89%	511.04%	706.40%	610.13%	717.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.88	$0.96	$1.01	$0.75	$0.73	$0.66	$0.68	$0.57	$0.55	$0.11	$0.04
Adjusted Weighted Average Basic Shares Outstanding	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M	232.56M
Adjusted Diluted Earnings per Share	$0.88	$0.96	$1.01	$0.75	$0.73	$0.66	$1.45	$1.39	($1.04)	$0.88	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	167.62M	190.60M	193.91M	203.42M	201.37M	226.58M	228.19M	230.46M	229.16M	232.20M	232.56M
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	191.60M	192.44M	200.97M	216.67M	227.82M	228.01M	230.23M	231.22M	232.28M	232.65M	232.97M
Normalized Net Operating Profit after Tax (NOPAT)	-834	300	332	283	281	279	592	418	77	317	71
Normalized NOPAT Margin	0.00%	61.86%	63.19%	57.03%	55.19%	54.14%	86.02%	59.02%	72.44%	48.62%	25.54%
Pre Tax Income Margin	0.00%	78.84%	79.43%	58.01%	57.30%	51.61%	69.64%	61.30%	-48.24%	30.14%	-55.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-18.92	6.73	6.29	4.27	4.16	3.86	6.19	5.58	0.49	2.96	-0.52
NOPAT to Interest Expense	-12.21	6.43	6.01	4.59	4.35	4.29	6.42	6.30	0.76	4.53	0.71
EBIT Less CapEx to Interest Expense	-18.92	6.73	6.29	4.27	4.16	3.86	6.19	5.58	0.49	2.96	-0.52
NOPAT Less CapEx to Interest Expense	-12.21	6.43	6.01	4.59	4.35	4.29	6.42	6.30	0.76	4.53	0.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	71.57%	24.51%	0.00%	65.18%	27.95%	26.86%	27.75%	27.40%	36.30%	35.13%	52.21%
Augmented Payout Ratio	71.57%	24.51%	0.00%	65.18%	27.95%	26.86%	27.75%	27.40%	36.30%	35.13%	52.21%

Financials Breakdown Chart

Key Financial Trends

Blackstone Secured Lending Fund (NYSE: BXSL) has shown a generally strong earnings profile over the last several years, but the most recent quarter highlights a few important watch items for investors. Revenue and net income remain solid, yet leverage is still high and operating cash flow has been volatile from quarter to quarter.

Revenue remains strong. In Q1 2026, BXSL reported $652.1 million of revenue, up meaningfully from $106.7 million in Q4 2025 and above the $509.7 million level in Q4 2024.
Net income improved sharply year over year. Q1 2026 net income attributable to common shareholders was $376.0 million, compared with $134.6 million in Q4 2025 and $299.6 million in Q1 2025.
Operating income stayed very strong. BXSL generated $452.9 million of operating income in Q1 2026, showing the portfolio is still producing substantial earnings power.
Equity increased over time. Total common equity rose to $6.10 billion in Q1 2026 from $5.70 billion in Q3 2024 and $4.19 billion in Q1 2023, reflecting growth in the balance sheet.
Cash and liquid assets are substantial. BXSL ended Q1 2026 with $351.3 million in cash and $14.0 billion in short-term investments, giving it meaningful liquidity.
Dividends appear steady. Cash dividends to common shareholders were $0.77 per share in recent quarters, suggesting a consistent payout profile.
Shares outstanding have trended lower than earlier periods. Weighted average basic shares were 232.2 million in Q1 2026 versus 226.6 million in Q1 2025 and 160.5 million in Q1 2023, so dilution has been a factor over the longer term, even though recent movement is modest.
Reported EPS is not perfectly consistent across statements. For Q1 2026, basic EPS was $0.11 while diluted EPS was shown at $0.88, which suggests investors should focus on the broader earnings trend rather than a single per-share figure.
Leverage remains elevated. Long-term debt was $8.03 billion in Q1 2026, up from $7.66 billion in Q3 2025 and $5.27 billion in Q1 2024.
Operating cash flow has been uneven. BXSL generated $249.3 million of operating cash flow in Q1 2026, but this followed a loss of $229.0 million in Q4 2025 and a loss of $432.6 million in Q3 2025.

Looking at the longer trend, BXSL’s earnings and revenue have generally grown from 2023 into 2025 and 2026, but the cash flow statements show that results can swing sharply quarter to quarter because of financing activity, debt repayment, and non-cash adjustments. For retail investors, the key takeaway is that BXSL still looks like a high-income lender with strong earnings capacity, but the balance sheet and cash flow volatility mean debt levels and portfolio performance remain important to watch.

08/23/26 02:08 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 financial year ends in December. Their financial 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. View Blackstone Secured Lending Fund's forecast to see where analysts expect Blackstone Secured Lending Fund to go next.

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 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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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

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 fiscal 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?

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