Blackstone Secured Lending Fund (BXSL) - Net Assets
Based on the latest financial reports, Blackstone Secured Lending Fund (BXSL) has net assets worth $6.10 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($14.44 Billion) and total liabilities ($8.34 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. Check BXSL tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $6.10 Billion |
| % of Total Assets | 42.25% |
| Annual Growth Rate | 59.63% |
| 5-Year Change | 40.42% |
| 10-Year Change | N/A |
| Growth Volatility | 205.11 |
Blackstone Secured Lending Fund - Net Assets Trend (2018–2025)
This chart illustrates how Blackstone Secured Lending Fund's net assets have evolved over time, based on quarterly financial data. See Blackstone Secured Lending Fund (BXSL) liquidity interval to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Blackstone Secured Lending Fund (2018–2025)
The table below shows the annual net assets of Blackstone Secured Lending Fund from 2018 to 2025. For live valuation and market cap data, see market value of Blackstone Secured Lending Fund.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $6.25 Billion | +2.78% |
| 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 20008500000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $197.19 Million | 3.16% |
| Common Stock | $232.00K | 0.00% |
| Other Components | $6.05 Billion | 96.84% |
| Total Equity | $6.25 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 |
|---|---|
|
Jiangsu Xinquan Automotive Trim Co Ltd
SHG:603179
|
$5.50 Billion |
|
Liquidia Technologies Inc
NASDAQ:LQDA
|
$5.50 Billion |
|
YASKAWA ELEC. UNSP. ADR 2
F:YEC0
|
$5.50 Billion |
|
Matson Inc
NYSE:MATX
|
$5.51 Billion |
|
Guangzhou Friendship Group Co Ltd
SHE:000987
|
$5.49 Billion |
|
Outfront Media Inc
NYSE:OUT
|
$5.49 Billion |
|
Renk Group AG
XETRA:R3NK
|
$5.48 Billion |
|
Primoris Services Corporation
NYSE:PRIM
|
$5.47 Billion |
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 2024 to 2025, total equity changed from 6,076,521,000 to 6,245,175,000, a change of 168,654,000 (2.8%).
- Net income of 563,455,000 contributed positively to equity growth.
- Dividend payments of 677,978,000 reduced retained earnings.
- New share issuances of 295,447,000 increased equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $563.46 Million | +9.02% |
| Dividends Paid | $677.98 Million | -10.86% |
| Share Issuances | $295.45 Million | +4.73% |
| Other Changes | $-12.27 Million | -0.2% |
| Total Change | $- | 2.78% |
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: 0.87x
- 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 9.52x to 0.87x 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 | $23.61 | x |
| 2019-12-31 | $49.41 | $23.61 | x |
| 2020-12-31 | $34.28 | $23.61 | x |
| 2021-12-31 | $30.78 | $23.61 | x |
| 2022-12-31 | $25.04 | $23.61 | x |
| 2023-12-31 | $29.54 | $23.61 | x |
| 2024-12-31 | $30.18 | $23.61 | x |
| 2025-12-31 | $27.25 | $23.61 | 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): 9.02%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 44.48%
- • Asset Turnover: 0.09x
- • Equity Multiplier: 2.35x
- Recent ROE (9.02%) is above the historical average (8.08%), 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 |
| 2025 | 9.02% | 44.48% | 0.09x | 2.35x | $-61.06 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: $1,830,051,427
- Average return on equity (ROE) among peers: -2.68%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Blackstone Secured Lending Fund (BXSL) | $6.10 Billion | -1.25% | 1.37x | $5.49 Billion |
| Acadian Asset Management Inc (AAMI) | $2.43 Billion | 0.12% | 2.51x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $381.33 Million | 35.01% | 0.36x | $3.27 Billion |
| Associated Capital Group Inc (AC) | $878.25 Million | 1.16% | 0.08x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $97.63 Million | -30.60% | 0.04x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $8.00 Million | -83.04% | 0.47x | $194.14 Million |
| Alpha Compute Corp (ALP) | $-214.26K | 0.00% | 0.00x | $5.62 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $970.20 Million | -10.62% | 0.29x | $296.12 Million |
| Affiliated Managers Group Inc (AMG) | $4.30 Billion | 10.10% | 0.79x | $9.37 Billion |
| Ameriprise Financial Inc (AMP) | $9.23 Billion | 14.45% | 14.66x | $40.38 Billion |
| AMTD IDEA Group (AMTD) | $3.92 Million | 36.60% | 15.42x | $40.58 Million |
About 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