Blackstone Secured Lending Fund

What Blackstone Secured Lending Fund does

Blackstone Secured Lending Fund (NYSE: BXSL) is a publicly traded, externally managed business development company (BDC) that primarily invests in first lien senior secured debt of private U.S. companies. Founded in 2018 and listed on the NYSE in October 2021, the fund is advised by Blackstone Private Credit Strategies LLC and sub-advised by Blackstone Credit BDC Advisors LLC, both affiliates of Blackstone Credit & Insurance. As of Q1 2026, BXSL held $13.9B of investments at fair value across 316 portfolio companies, with 97.6% in first lien senior secured debt, 95.8% in floating-rate instruments, and a 51.7% weighted average loan-to-value ratio. The fund generated $0.77 per share in quarterly dividends, representing an 11.7% annualized dividend yield on NAV of $26.26, and reported a 10.9% annual total net return since inception.

BXSL's revenue model is straightforward specialty finance: current income is generated through interest payments on its portfolio of senior secured, primarily floating-rate loans. Shareholders are charged a 1.00% management fee on gross assets and a 17.5% incentive fee on net income and net realized capital gains, subject to a quarterly 1.50% hurdle and a cumulative return cap. The fund finances its portfolio through a combination of equity, unsecured notes (including $400M of 5.875% notes due 2027 and $700M of 5.350% notes due 2028), and revolving credit facilities. Investors access the vehicle via the NYSE under ticker BXSL, with capital supported by an optional Dividend Reinvestment Plan.

The fund's competitive position is anchored to Blackstone's $1.3 trillion AUM platform, providing differentiated origination, underwriting, and the Blackstone Credit Value Creation program (which has reportedly created $5 billion of implied value across portfolio companies). BXSL carries a Baa2 investment-grade rating from Moody's — among only two publicly traded BDCs with that distinction as of Q3 2024 — and is covered by nine sell-side brokerages with a Moderate Buy consensus. The portfolio spans software, professional services, healthcare, commercial services, aerospace & defense, and other sectors, with reported investments in the U.S., Europe, Bermuda/Cayman, and Canada.

Name

Blackstone Secured Lending Fund

Legal name

Blackstone Secured Lending Fund

Website

https://bxsl.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Blackstone Secured Lending Fund (NYSE: BXSL) is a publicly traded business development company that invests primarily in first lien senior secured debt of private U.S. companies. Externally managed by Blackstone Credit & Insurance, it held $13.9B across 316 portfolio companies as of Q1 2026.

Ownership category

akta.pro rank

Product category

Business Development Company (Private Credit)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

akta.pro secondary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Private credit lending
• Senior secured loans
• Business development company
• Direct lending
• Specialty finance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Others, Marketing or Sales, Personnel

Revenue model

1. Interest Income from Debt Investments: The company generates primarily current income through interest payments on its portfolio of senior secured loans to private U.S. companies. As a BDC, it invests in privately originated senior secured loans that pay floating interest rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Blackstone Secured Lending Fund is a publicly traded business development company (BDC) that primarily invests in first lien senior secured debt of private U.S. companies. It generates current income for shareholders through interest payments on a portfolio of floating-rate senior secured loans, while seeking long-term capital appreciation. The fund is externally managed by Blackstone Credit & Insurance and trades on the NYSE under ticker BXSL.

Product overview

Blackstone Secured Lending Fund (BXSL) is a single, unified business development company (BDC) that provides first lien senior secured debt financing to private U.S. companies. The fund operates as a non-diversified, closed-end management investment company regulated under the Investment Company Act of 1940. The primary offering is the BXSL investment vehicle itself, which generates current income through interest payments on floating-rate senior secured loans and secondarily seeks long-term capital appreciation. An optional Dividend Reinvestment Plan (DRIP) allows shareholders to reinvest distributions into additional shares, enhancing the compounding of returns within the same fund structure.

Differentiator

Problem solved

Functional benefit

Products and services

• Blackstone Secured Lending Fund (BXSL)
• Dividend Reinvestment Plan (DRIP)

Quantifiable outcome

• 10.9% annual total net return since inception
• +3 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• SS&C GIDS, Inc.coreOthersTransfer agent for BXSL common shares. Handles share registration, dividend distributions, and shareholder record-keeping.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• FS KKR Capital Corp: Public BDC jointly advised by FS Investments and KKR Credit, investing in senior secured loans to middle-market companies. Direct competitor for similar borrowers and similar first lien mandate.
• Golub Capital BDC: Externally managed BDC focused on first lien senior secured loans to U.S. middle-market companies. Closely comparable business model and asset mix to BXSL.
• Ares Capital Corp: Largest publicly traded BDC in the U.S., focused on first lien senior secured middle-market direct lending. Most direct comparable to BXSL by mandate, structure, and target borrower base.
• New Mountain Finance Corp: Public BDC managed by New Mountain Finance Advisers, focused on senior secured loans to U.S. middle-market companies in defensive growth industries. Comparable mandate and structure.
• Sixth Street Specialty Lending (TSLX): Public BDC focused on first lien senior secured loans to middle-market companies, externally managed by Sixth Street. Highly comparable mandate, security package, and sponsor structure.
• Carlyle Secured Lending (CGBD): Public BDC sponsored by Carlyle, focused on first lien senior secured loans to U.S. middle-market companies. Direct competitor for similar deal flow with similar security profile.
• Oaktree Specialty Lending (OCSL): Public BDC managed by Oaktree Capital, focused on senior secured loan origination to private U.S. middle-market companies. Competes head-to-head with BXSL for first lien direct lending opportunities.
• Bain Capital Specialty Finance (BCSF): Public BDC managed by Bain Capital Credit, providing senior secured loan financing to U.S. middle-market companies. Overlapping borrower base and mandate with BXSL.
• Blue Owl Capital Corp (OBDC, fka Owl Rock): Large-cap publicly traded BDC sponsored by Blue Owl, focused on first lien senior secured direct lending to private U.S. companies. Closest peer by size, mandate, and manager sponsorship profile.

Emerging players

• Trinity Capital Inc: Public BDC providing senior secured loans and equipment financing to growth-oriented middle-market companies. Comparable in asset class but slightly differentiated by growth-stage focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blackstone Secured Lending Fund