Blackstone Secured Lending's NAV, Valuation, And Dividend Versus 11 BDC Peers - Part 1 (Includes Recommendations As Of 3/6/2026)

Part 1 of this article compares Blackstone Secured Lending Fund's recent quarterly change in NAV, quarterly and trailing 24-month economic return, NII, and current valuation to 11 business development company peers. Part 1 also performs a comparative analysis between each company's investment portfolio as of 9/30/2025 and 12/31/2025. This includes an updated percentage of investments on non-accrual status. I also provide a list of the other BDC stocks I currently believe are undervalued (a Buy recommendation), overvalued (a Sell recommendation), or appropriately valued (a Hold recommendation).