Blackstone Secured Lending Fund(BXSL)Stock Analysis
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Pending next ranking run
This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.
Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.
BXSL Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Blackstone Secured Lending Fund (BXSL). BXSL is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), Blackstone Secured Lending Fund reports net income of $25.2M, free cash flow of $249.3M. Top institutional holders of BXSL by reported 13-F value include MORGAN STANLEY, BANK OF AMERICA /DE/, UBS Group AG, based on the most recent SEC filings. BXSL trades on the NYSE exchange and files with the SEC under CIK 1736035. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BXSL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Blackstone Secured Lending Fund directly from SEC EDGAR.
Net Income
Q1 2026
$25.2M
Free Cash Flow
Q1 2026
$249.3M
D/E Ratio
Q1 2026
1.32
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Net Income
+110.6% YoYEPS (Diluted)
+39.3% YoYTotal Assets
Total Debt
Op. Cash Flow
-65.0% YoY| Metric | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|
| Net Income | $460.4M +110.6% | $218.6M | — | — |
| EPS (Diluted) | $3.19 +39.3% | $2.29 | — | — |
| Total Assets | $10.18B | — | — | — |
| Total Debt | $5.50B | — | — | — |
| Operating Cash Flow | $-3.83B -65.0% | $-2.32B | — | — |
AI Insight: BXSL Financial Trends
Net income collapsed to $25M in Q1 2026 — the lowest in the observable period — while total debt climbed to $8,034M, pressuring equity.
• Net income has deteriorated sharply from $196M in Q2 2024 to just $25M in Q1 2026, an ~87% decline over eight quarters.
• Total debt expanded from $6,084M in Q2 2024 to $8,080M in Q4 2025, a 33% increase, before a modest dip to $8,034M in Q1 2026.
• Equity grew from $5,395M in Q2 2024 to a peak of $6,288M in Q2 2025, but has since declined to $6,100M in Q1 2026.
• Operating cash flow has been persistently negative across most quarters, with only Q1 2025 ($425M) and Q1 2026 ($249M) turning positive.
⚠ Net income drop to $25M in Q1 2026 — well below the prior range of $126M–$196M — warrants close scrutiny for credit quality deterioration.
⚠ Debt-to-equity ratio reached approximately 1.32x in Q1 2026 ($8,034M/$6,100M), the highest leverage level in the observed period.
⚠ Recurring negative operating cash flow signals ongoing portfolio deployment; monitor whether new originations translate into sustainable income recovery.
AI Insight: BXSL Ratio Trends
BXSL's ROE collapsed to 1.7% in Q1 2026, the weakest quarterly reading in the dataset, as leverage climbed to a new high of 1.32x D/E.
• ROE has deteriorated sharply from 14.5% in Q2 2024 to just 1.7% in Q1 2026, a decline of nearly 13 percentage points.
• ROA followed the same trajectory, falling from 6.7% in Q2 2024 to 0.7% in Q1 2026.
• D/E leverage has risen from 1.12x in Q3 2024 to 1.32x in Q1 2026, the highest level in the dataset.
⚠ Q1 2026 ROE of 1.7% vs. TTM ROE of 7.2% — the gap suggests a significant one-off drag or accelerating deterioration.
⚠ Rising D/E alongside falling ROA compresses return spread over cost of debt; further leverage increases would be concerning.
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Available Research
13F Pro tracks comprehensive data for Blackstone Secured Lending Fund including:
Top Institutional Holders of BXSL
MORGAN STANLEY
$142.1M5,997,970 shBANK OF AMERICA CORP /DE/
$136.4M5,758,410 shUBS Group AG
$112.0M4,728,295 shSTRS OHIO
$94.8M4,000,000 shNOMURA ASSET MANAGEMENT CO LTD
$84.4M3,561,909 shBlackstone Inc.
$76.0M3,206,530 shEnsign Peak Advisors, Inc
$61.6M2,602,115 shCorient Private Wealth LLC
$59.8M2,525,700 shGenerali Asset Management SPA SGR
$59.7M2,519,480 shOMERS ADMINISTRATION Corp
$52.5M2,216,715 sh
| Fund | Value | Shares |
|---|---|---|
| MORGAN STANLEY | $142.1M | 5,997,970 |
| BANK OF AMERICA CORP /DE/ | $136.4M | 5,758,410 |
| UBS Group AG | $112.0M | 4,728,295 |
| STRS OHIO | $94.8M | 4,000,000 |
| NOMURA ASSET MANAGEMENT CO LTD | $84.4M | 3,561,909 |
| Blackstone Inc. | $76.0M | 3,206,530 |
| Ensign Peak Advisors, Inc | $61.6M | 2,602,115 |
| Corient Private Wealth LLC | $59.8M | 2,525,700 |
| Generali Asset Management SPA SGR | $59.7M | 2,519,480 |
| OMERS ADMINISTRATION Corp | $52.5M | 2,216,715 |
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Popular Research
Is BXSL a good stock to buy?
13F Pro's AI-powered analysis of Blackstone Secured Lending Fund (BXSL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BXSL are available on the BXSL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own BXSL?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BXSL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Blackstone Secured Lending Fund's investment landscape.