Blackstone Secured Lending Fund
Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Fund elec… Read more
Blackstone Secured Lending Fund (BXSL) - Net Assets
Latest net assets as of September 2025: $6.27 Billion USD
Based on the latest financial reports, Blackstone Secured Lending Fund (BXSL) has net assets worth $6.27 Billion USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($14.26 Billion) and total liabilities ($7.99 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $6.27 Billion |
| % of Total Assets | 43.98% |
| Annual Growth Rate | 71.77% |
| 5-Year Change | 85.95% |
| 10-Year Change | N/A |
| Growth Volatility | 216.34 |
Blackstone Secured Lending Fund - Net Assets Trend (2018–2024)
This chart illustrates how Blackstone Secured Lending Fund's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Blackstone Secured Lending Fund (2018–2024)
The table below shows the annual net assets of Blackstone Secured Lending Fund from 2018 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $6.08 Billion | +22.71% |
| 2023-12-31 | $4.95 Billion | +19.07% |
| 2022-12-31 | $4.16 Billion | -6.49% |
| 2021-12-31 | $4.45 Billion | +36.10% |
| 2020-12-31 | $3.27 Billion | +95.31% |
| 2019-12-31 | $1.67 Billion | +607.85% |
| 2018-12-31 | $236.37 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Blackstone Secured Lending Fund's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 32942900000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $326.54 Million | 5.37% |
| Common Stock | $222.00K | 0.00% |
| Other Components | $5.75 Billion | 94.62% |
| Total Equity | $6.08 Billion | 100.00% |
Blackstone Secured Lending Fund Competitors by Market Cap
The table below lists competitors of Blackstone Secured Lending Fund ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
GAS NATURAL SDG - Dusseldorf Stock Exchang
DU:GAN
|
$239.11K |
|
PhenixFIN Corporation 5.25% Notes due 2028
NASDAQ:PFXNZ
|
$239.13K |
|
APx Acquisition Corp. I Warrant
NASDAQ:APXIW
|
$239.17K |
|
ROCCA SA ZY -05
F:82J
|
$239.44K |
|
First Eagle Alternative Capital BDC Inc
NYSE:FCRX
|
$238.90K |
|
Primary Bank
PINK:PRMY
|
$238.85K |
|
ParcelPal Technology Inc
PINK:PTNYF
|
$238.85K |
|
Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock
NASDAQ:OXLCN
|
$238.68K |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Blackstone Secured Lending Fund's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 4,952,041,000 to 6,076,521,000, a change of 1,124,480,000 (22.7%).
- Net income of 694,097,000 contributed positively to equity growth.
- Dividend payments of 583,351,000 reduced retained earnings.
- New share issuances of 1,037,027,000 increased equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $694.10 Million | +11.42% |
| Dividends Paid | $583.35 Million | -9.6% |
| Share Issuances | $1.04 Billion | +17.07% |
| Other Changes | $-23.29 Million | -0.38% |
| Total Change | $- | 22.71% |
Book Value vs Market Value Analysis
This analysis compares Blackstone Secured Lending Fund's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.81x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 9.87x to 0.81x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2018-12-31 | $2.48 | $24.47 | x |
| 2019-12-31 | $49.41 | $24.47 | x |
| 2020-12-31 | $34.28 | $24.47 | x |
| 2021-12-31 | $30.78 | $24.47 | x |
| 2022-12-31 | $25.04 | $24.47 | x |
| 2023-12-31 | $29.54 | $24.47 | x |
| 2024-12-31 | $30.18 | $24.47 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Blackstone Secured Lending Fund utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 11.42%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 66.26%
- • Asset Turnover: 0.08x
- • Equity Multiplier: 2.22x
- Recent ROE (11.42%) is above the historical average (7.95%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2018 | -1.25% | 0.00% | 0.00x | 2.43x | $-26.58 Million |
| 2019 | 6.35% | 71.96% | 0.05x | 1.91x | $-61.11 Million |
| 2020 | 6.69% | 56.19% | 0.07x | 1.82x | $-108.14 Million |
| 2021 | 10.35% | 97.27% | 0.05x | 2.29x | $15.67 Million |
| 2022 | 9.73% | 104.32% | 0.04x | 2.38x | $-11.34 Million |
| 2023 | 12.36% | 69.96% | 0.09x | 2.05x | $116.75 Million |
| 2024 | 11.42% | 66.26% | 0.08x | 2.22x | $86.44 Million |
Industry Comparison
This section compares Blackstone Secured Lending Fund's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $310,488,743
- Average return on equity (ROE) among peers: -23.81%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Blackstone Secured Lending Fund (BXSL) | $6.27 Billion | -1.25% | 1.27x | $238.93K |
| Aberdeen International Inc (AABVF) | $136.31 Million | 25.56% | 0.23x | $2.78 Million |
| Acadian Asset Management Inc (AAMI) | $-17.60 Million | 0.00% | 0.00x | $1.39 Billion |
| AllianceBernstein Holding L.P. (AB) | $402.30 Million | 32.07% | 0.95x | $3.43 Billion |
| VIVO Cannabis Inc (ABCCF) | $164.13 Million | 16.36% | 0.09x | $148.26 Million |
| Associated Capital Group Inc (AC) | $502.13 Million | 5.33% | 0.17x | $42.54 Million |
| Adrian Resources Ltd (ADLRF) | $605.01 Million | 3.35% | 0.58x | $609.82 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $85.10 Million | -65.65% | 0.01x | $77.20K |
| AGF Management Limited (AGFMF) | $1.12 Billion | 10.14% | 3.56x | $298.43 Million |
| Agronomics Limited (AGNMF) | $100.03 Million | 1.02% | 0.02x | $57.14 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $6.11 Million | -266.31% | 0.76x | $2.71 Million |