Blackstone Secured Lending Fund Common Shares of Beneficial Interest (BXSL)

FairStock Score: 66/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I begin with the filed figures. Blackstone Secured Lending Fund is an externally managed business development company and closed-end fund. In fiscal Q2 2026, the quarter ended 2026-06-30, net income was $9.5M and diluted EPS was $0.04, down sharply from fiscal Q2 2025 net income of $155.0M and diluted EPS of $0.68. For full FY2025, net income was $563.5M and diluted EPS $2.46, versus FY2024 net income of $694.1M and diluted EPS $3.45, and FY2023 net income of $612.0M and diluted EPS $3.65. That is a deteriorating earnings path. At the 2026-10-13 close of $23.76, FairStock calculates P/B at 0.93, so the market pays less than book. The Graham Number is $27.01, giving a 12.03% margin of safety, and the FairStock Lynch category is ASSET PLAY because it trades below book. Yet quality and safety are mixed: FairStock ROE is 4.80%, ROCE 5.19%, D/E 1.27, Piotroski 4/9, and Altman Z 0.41. The 12.40% dividend yield is attractive, but with fiscal Q2 2026 earnings so low and FCF yield only 2.7%, coverage is questionable. A durable moat is not evident in these numbers; the fund is externally managed and its results depend on leverage and portfolio credit. The discount to book could narrow, but low Altman and weak earnings suggest this is an asset play with real risk.

In plain English: Blackstone Secured Lending Fund is a closed-end lending fund run by Blackstone. Its recent profits have fallen sharply, so the business looks weaker than in prior years. The shares trade a little below their stated book value, which makes the price look modestly cheap, but the weak profit trend keeps the picture mixed.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer