Financial health
- Total debt ($8.1B) exceeds cash ($290M); net debt is $7.8B.
Shareholder returns
- Dividends have been paid for 6 consecutive years, consuming 120.3% of earnings.
- The dividend has grown 36.1% per year over the past 5 years.
BXSL Financials Blackstone Secured Lending Fund
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $563M | — | — | — | $8.1B | $290M |
| 2024 | — | $694M | — | — | — | $7.1B | $230M |
| 2023 | — | $612M | — | — | — | $4.9B | $155M |
| 2022 | — | $405M | — | — | — | $5.5B | $131M |
| 2021 | — | $460M | — | — | — | $5.5B | $103M |
| 2020 | — | $219M | — | — | — | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $25M | — | — | — | $8.0B | $351M |
| Dec '25 | — | $126M | — | — | — | $8.1B | $290M |
| Sep '25 | — | $132M | — | — | — | $7.7B | $250M |
| Jun '25 | — | $155M | — | — | — | $7.1B | $274M |
| Mar '25 | — | $150M | — | — | — | $7.4B | $965M |
| Dec '24 | — | $162M | — | — | — | $7.1B | $230M |
| Sep '24 | — | $152M | — | — | — | $6.4B | $194M |
| Jun '24 | — | $196M | — | — | — | $6.1B | $291M |
| Mar '24 | — | $184M | — | — | — | $5.3B | $148M |
| Dec '23 | — | $157M | — | — | — | $4.9B | $155M |
| Sep '23 | — | $171M | — | — | — | $5.0B | $146M |
| Jun '23 | — | $145M | — | — | — | $5.0B | $147M |
| Mar '23 | — | $139M | — | — | — | $5.5B | $103M |
| Dec '22 | — | $122M | — | — | — | $5.5B | $131M |
| Sep '22 | — | $96M | — | — | — | $5.5B | $131M |
| Jun '22 | — | $80M | — | — | — | — | — |
| Mar '22 | — | $107M | — | — | — | — | — |
| Dec '21 | — | $122M | — | — | — | $5.5B | $103M |
| Sep '21 | — | $110M | — | — | — | — | — |
Valuation over time
How the market has priced BXSL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 14.3× (Mar '23) to 9.9× (Jun '26).
- The dividend yield has risen from 7.3% (Mar '23) to 12.2% (Jun '26).
P/E
Dividend yield %
Frequently asked questions
Is BXSL growing its revenue and profit?
See the revenue and net-income charts above for Blackstone Secured Lending Fund's multi-year trend.
How much debt does BXSL have?
As of FY2025, Blackstone Secured Lending Fund reported $8.1B of total debt against $290M of cash.
What is BXSL's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is BXSL's P/E ratio?
As of Jun '26, Blackstone Secured Lending Fund traded at a price-to-earnings ratio of about 9.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.