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Sell-side consensus EPS, revenue estimates, YoY growth, forward P/E, and per-year analyst coverage — for any covered stock.
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Blackstone Secured Lending Fund (BXSL) is a Delaware statutory trust, established on March 26, 2018, that operates as an externally managed, non-diversified closed-end investment fund. On October 26, 2018, it formally became regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Additionally, for U.S. federal income tax purposes, it has chosen and plans to retain its status as a Regulated Investment Company (RIC), as defined by Subchapter M of the Internal Revenue Code of 1986. The fund's core mission is to generate current income, complemented by a…
From a technical perspective, Blackstone Secured Lending Fund (BXSL) is looking like an interesting pick, as it just reached a key level of support. BXSL recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
Business Development Companies (BDCs) offer high yields but carry significant, often overlooked risks tied to their underlying leveraged loan portfolios. Negative asymmetry in BDCs arises from management fee structures, which erode upside while exposing investors to nearly all downside, justifying persistent NAV discounts. Investors frequently misjudge BDC discounts, expecting P/NAV convergence, but structural risks and poor track records often warrant these discounts.
The lion's share of BDC players has cut their dividends in the past 12-month period (especially, if we count in supplemental payments). For most BDCs that haven't done that yet, it is only a matter of time before they arrive at such a decision. Among these BDCs, we can also find so-called blue-chip BDCs that some investors view as truly durable income compounders.
Blackstone Secured Lending faces near-term headwinds, with sequential declines in earnings and dividend coverage falling below 100% for the first time in 28 quarters. Management signaled an imminent dividend cut, likely reducing the payout to $0.66–$0.70 per share to align with long-term earnings trends and lower base rates. Despite credit deterioration and a declining NAV, BXSL's 12%+ yield and 4% NAV discount remain attractive for income-focused investors seeking stable BDC exposure.
Blackstone Secured Lending Fund has seen NAV per share decline for five consecutive quarters, with the stock trading at a 4% NAV discount. BXSL's portfolio yield stabilized at 9.4%, but portfolio size shrank due to slower originations and higher repayments, pressuring investment income. Non-accrual rates improved sequentially, with Medallia's restructuring set to further reduce non-accruals, with software exposure at 19%.