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Blackstone Secured Lending Fund
BXSLFinancial ServicesNYSEUS
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An annual income target of approximately $50,400, or $4,200 per month, is a reasonable goal for a single 64-year-old retiree who wants investment income to carry most of the load before Social Security benefits begin. In that scenario, Social Security eventually becomes a supplement to retirement income rather than its primary source. The key question... A $625,000 Portfolio That Quietly Pays $4,200 a Month From Just Three Income Sleeves
Blackstone Secured Lending Fund (BXSL) posted a 0.4% total NAV return in Q1, outperforming the BDC sector median despite notable portfolio headwinds. BXSL trades at a 10% discount to book value and a 13% dividend yield, but faces potential dividend pressure from rising non-accruals and NII pressures. Medallia's writedown drove the largest NAV drop since IPO (excluding COVID), raising questions about portfolio concentration and recurring revenue loan underwriting.
The June GVAS portfolio highlights 13 'safer,' fair-priced large-cap value stocks with strong dividend yields and positive free cash flow margins. Top ten GVAS stocks are forecasted to deliver average net gains of 39.68% by June 2027, with yields ranging from 7.9% to 16.46%. Energy and financial sectors dominate the highest-yielding, lowest-priced GVAS, with Okeanis Eco Tankers and IRSA Inversiones offering standout upside potential.
April net investment activity reached a multi-year low as rising stock valuations and BDC sector weakness prompted a cautious approach and selective BDC purchases. Focused April allocations on Ares Capital, Blue Owl Capital, and Hercules Capital, yielding a 7.5% average on new investments despite sector headwinds. Dividend income set a modest April record at $990, up 3% year-over-year, with BDCs contributing 27% of Q2 year-to-date dividends but facing potential further cuts.
There is a principle I have followed for 30 years in this business. When the smartest credit team on the planet starts aggressively buying a beaten-down asset class they understand better than anyone alive, you do not sit on your hands and debate whether the timing is perfect.
Passive income is characterized by its ability to generate revenue without requiring the earner's continuous active effort, making it a desirable financial strategy for those seeking to diversify their income streams or achieve financial independence.
The BDC sector has been hit hard since July 2025. However, I think the tide may be about to turn with a bright future ahead for some companies in the sector. I share which BDC names I think are poised to outperform moving forward.
More than 1,500 stocks have reported earnings since the current season began in mid-April, and the average stock that has reported has seen an average absolute one-day share price reaction of roughly 7%. The last time we saw earnings vol spike was during the Financial Crisis bear market, when stocks were tanking. This time around, we're seeing earnings vol increase during a strong AI-driven bull market. Tech stocks are seeing record earnings day volatility as investors and traders presumably make snap judgements about AI's future impact on the bottom line.
Blackstone Secured Lending faces mounting risks with sequential declines in net investment income and NAV and a sharp rise in non-accruals. BXSL's dividend coverage dropped to 100%, and non-accruals surged from 0.6% to 4.7%, signaling deteriorating credit quality. Despite a 12.6% yield and 7.3% NAV discount, I see no near-term catalysts and expect a potential 9–10% dividend cut before year-end.
Blackstone Secured Lending Fund. (BXSL) Q1 2026 Earnings Call Transcript
Blackstone Secured Lending Fund NYSE: BXSL reported first-quarter 2026 net investment income of $179 million, or $0.77 per share, fully covering its quarterly dividend, as management emphasized the resilience of its senior secured lending portfolio amid market volatility and rising non-accruals.
I am downgrading Blackstone Secured Lending to 'Hold' due to a sharp rise in non-accruals and reduced dividend coverage in Q1 '26. BXSL's Q1 non-accrual ratio jumped to 3.1%, based off of fair value, and dividend coverage dropped to 100%, leaving no margin for error. Despite a 10% discount to NAV, BXSL has a negative outlook for its dividend.
Blackstone Secured Lending offers a high 12.7% yield backed by a conservative portfolio and Blackstone's proven credit expertise. BXSL also trades at a substantial discount to NAV. However, the recent jump in non-accruals and looming AI disruption risk are putting a fresh spotlight on the sustainability of the dividend.
Blackstone Secured Lending Fund (BXSL) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.83 per share a year ago.
NEW YORK--(BUSINESS WIRE)--Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its first-quarter 2026 results. Brad Marshall, Co-Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported another strong quarter despite recent market volatility, with net investment income per share fully covering our dividend per share of $0.77, representing an 11.7% annualized dividend yield on NAV of $26.26 per share. New investment activity was nearly $325 millio.
With $14.7 billion in total assets, the Blackstone Secured Lending Fund is one of the largest publicly traded business development companies. At the end of 2025, BXSL reported a non-accrual rate of 0.6% on a cost basis, by far the lowest among all the BDCs I have researched so far. This can be mostly attributed to the fact that 97.6% of BSXL's portfolio is invested in first-lien senior secured loans, the highest proportion within my coverage universe.
NEW YORK--(BUSINESS WIRE)--Blackstone Secured Lending Fund (NYSE: BXSL) (the “Company”) announced today that it will host its first-quarter 2026 investor conference call via public webcast on May 7, 2026 at 9:30 a.m. ET. The Company will report its first-quarter results prior to the call the morning of May 7, 2026. To register for the investor call, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1759712&tp_key=af0b41e04f For those unable to listen to the live bro.
Blackstone Secured Lending Fund is trading at its steepest discount to NAV in years. We take a deep look under the hood to see if the market is justified in pricing it at a big discount to NAV. We look at some of BXSL's biggest question marks, including the sustainability of its huge 13.3%-yielding dividend.
I have gathered 20 BDC short interest statistics. What I found out surprised me - i.e., my top (quality) BDC picks are among the most shorted ones. In the article I've unpacked this situation and explained the potential drivers from the short sellers' perspective.
Rates are stuck, and most high-yield investors are positioned all wrong. I provide a detailed sector-by-sector breakdown of exactly where smart money is moving right now, including specific blue-chip picks trading at deep discounts. I also detail my disciplined capital recycling approach to accelerate my income and total return compounding in the current environment.
Blackstone Secured Lending Fund (BXSL) is transitioning from peak earnings to a normalized environment, with earnings and portfolio yields declining but credit quality remaining strong. BXSL trades at a ~15% discount to NAV, reflecting market concerns about rate normalization and macro risks, though actual credit deterioration is not yet evident. With ~98% first-lien loans and ~50% LTV, BXSL's downside risk appears gradual and manageable, supporting a reasonable Buy for near double-digit returns.
Blackstone Secured Lending Fund is downgraded to hold as earnings stagnate, NAV declines, and dividend coverage thins despite a record discount to NAV. BXSL's portfolio is heavily weighted toward first lien debt, but its 21% software exposure poses risk amid sector headwinds and AI-driven disruption. Net investment income covers the 13.3% dividend yield, but coverage is shrinking, and increased PIK income signals potential portfolio stress.
This article provides a direct comparison between the two largest BDC companies: ARCC and BXSL. I rate ARCC a 'buy' due to its size, diversification, and a rare 9% P/NAV discount versus its historical 5% premium. BXSL is upgraded to 'hold' for its resilience and strong dividend coverage, but its lower diversification and recent underperformance versus ARCC warrant caution.
Palmer Square Capital BDC (NYSE: PSBD - Get Free Report) and Blackstone Secured Lending Fund (NYSE: BXSL - Get Free Report) are both finance companies, but which is the better business? We will contrast the two businesses based on the strength of their earnings, risk, valuation, profitability, analyst recommendations, institutional ownership and dividends. Profitability This table compares
Currently, BDCs provide very high-yield opportunities. The fact that additional interest rate cuts are unlikely to happen this year should theoretically support the existing levels. Yet for most BDCs, the damage has already been done.
Baltic International USA (OTCMKTS:BISA - Get Free Report) and Blackstone Secured Lending Fund (NYSE: BXSL - Get Free Report) are both finance companies, but which is the better stock? We will compare the two businesses based on the strength of their institutional ownership, earnings, risk, profitability, dividends, analyst recommendations and valuation. Profitability This table compares Baltic
A wave of negative headlines and mounting pressures has created a sudden panic in the private credit industry, leaving massive discounts in its wake. Declining net investment income and tightening spreads have forced dividend cuts, but this disruption is masking a rare, golden buying opportunity. While some management teams are failing to show confidence in their own books, triggering severe credit rating downgrades, others are eating their own cooking and rewarding shareholders.
Two popular BDCs offer sky-high yields and deep discounts to NAV after the recent sector-wide sell-off. One is a very attractive "Buy," while I am avoiding the other one. I detail how to sort the wheat from the chaff when analyzing deep value BDC opportunities like GBDC and FSK.
I see compelling value in floating-rate preferred shares and baby bonds, especially as credit spreads widen and many now trade at discounts to call value. Recent market volatility and higher interest rates have created attractive entry points in select REITs, BDCs, preferred shares, and baby bonds. I've allocated a significant portion of my portfolio to preferred shares and baby bonds in March 2026.
I see recent credit risk repricing as excessively aggressive and overblown, creating potential opportunity. Market reactions often swing violently when sentiment shifts, lacking balanced or rational repricing. Current drawdowns are being fueled by any available argument, logical or not, amplifying volatility.
Part 2 of this article compares Blackstone Secured Lending Fund's recent dividend per share rates, yield percentages, and several other highly detailed (and useful) dividend sustainability metrics to 11 other BDC peers. BXSL remains cautious regarding 2026 dividend sustainability (along with most peers). Two covered peers already reduced dividends during Q1 2026. A couple more will likely announce cuts during Q2-Q4 2026. A BXSL dividend cut during calendar Q2 2026 is not a foregone conclusion, but the probability of a reduction during 2026 remains likely (analyzing the forward yield curve).
Blackstone Secured Lending Fund and VICI Properties present high-yield, discounted opportunities amid market fear, with strong downside protection and dividend coverage. BXSL offers a 13% yield, 12% discount to NAV, 97.6% first-lien debt, and resilient software sector exposure, with disciplined underwriting and low non-accruals. VICI offers a 6.7% yield, 65% payout ratio, long-term triple-net leases, and inflation protection.
Many BDCs already have cut their dividends by an average of 20%. Some of those that are still holding their dividend untouched could likely preserve such levels going forward. However, there are several high-quality names out there, which I doubt would be able to sustain the current dividends going forward.
Discover the essential 'two qualifiers' that determine if a high-yield strategy is the right fit for your retirement goals. Learn the four-pillar framework for identifying sustainable dividends and avoiding common yield traps that lead to capital loss. Explore a diversified selection of high-income opportunities across numerous sectors of individual stocks, ETFs, and CEFs to bolster your monthly cash flow.
Loans on watchlists, showing stress but still paying, have risen since late 2024.
Private credit and BDCs are under sector-specific pressure, not part of a broader fixed income risk-off trade. Recent negative sentiment is driven by liquidity events, failed mergers, and redemption pressures in major private credit funds. Unlisted BDCs like Blue Owl, Blackstone, and Blackrock have faced elevated redemption requests, exceeding or gating withdrawal limits.
High-yielding stocks can take the sting out of market volatility. I highlight two such names that are trading at attractive valuations while sporting yields of 7% and 13%. Both have diversified and contracted cash flows and investment grade credit ratings.
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).
Most investors chase yield and quietly destroy their retirement income in the process. A surprisingly simple portfolio structure can produce 7%+ income without excessive risk. The strategy combines three powerful income engines most investors rarely use correctly.
Two elite income machines just fell to valuations investors rarely get to see. These stocks have traded down sharply due to scary-sounding headlines, but the data tells a very different story. The yields are already massive, and the upside could surprise many investors.
We take a look at the action in business development companies through the last week of February and highlight some of the key themes we are watching. BDCs fell sharply on Friday, likely as a result of a bankruptcy of a UK mortgage provider. Q4 earnings are largely fine in aggregate, if not spectacular.
