Blackstone Secured Lending Fund Financial Ratios — GM8 Stock

Profitability (USD)

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	11.12	8.85	11.94	9.4	13.43	12.59	9.15
Return on Assets (%)	- -	5.64	4.78	5.71	4.03	6.11	5.88	4.01
Return on Capital (%)	- -	4.09	3.75	5.41	4.12	6.26	6.04	4.1
Return on Invested Capital (%)	- -	2.89	4.15	- -	- -	- -	- -	- -
Gross Margin (%)	158.71	69.68	72.34	- -	- -	- -	- -	- -
EBITDA Margin (%)	41.81	64.32	101.74	- -	- -	- -	- -	- -
Operating Margin (%)	12.69	64.32	101.74	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	63.33	137.73	- -	- -	- -	- -	- -
Pretax Margin (%)	125.68	91.27	91.93	97.97	104.99	101.62	96.9	95.34
Profit Margin (%)	127.94	90.88	91.71	97.45	104.63	98.9	94.92	92.69
Net Income to Common Margin (%)	127.94	90.88	91.71	97.45	104.63	98.9	94.92	92.69
Effective Tax Rate (%)	- -	0.44	0.24	0.53	0.34	2.67	2.05	2.78
Dvd Payout Ratio (%)	- -	33.3	66.38	55.12	104.67	71.57	84.04	120.33
Sustainable Growth Rate (%)	- -	7.42	2.98	5.36	-0.44	3.82	2.01	-1.86

Credit (USD)

Credit Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	370	2,908	3,815	5,499	5,528	4,912	7,056	8,080
ST Debt	185	1,454	1,315	- -	- -	- -	- -	- -
LT Debt	185	1,454	2,500	5,499	5,528	4,912	7,056	8,080
Total Debt/EBITDA	-384.62	38.69	15.73	- -	- -	- -	- -	- -
Net Debt/EBITDA	-185.83	18.47	9.41	- -	- -	- -	- -	- -
Total Debt/EBIT	-384.62	38.69	15.73	- -	- -	- -	- -	- -
Net Debt/EBIT	-185.83	18.47	9.41	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	41.13	52.45	54.91	43.7	41.97	48.86	45.1	42.61
Long-Term Debt/Equity (%)	78.27	86.92	76.52	123.63	132.91	99.19	116.12	129.38
Long-Term Debt/Capital (%)	30.51	31.74	35.3	55.28	57.07	49.8	53.73	56.4
Long-Term Debt/Total Assets (%)	32.19	45.59	42.02	54.03	55.78	48.47	52.38	55.13
Total Debt/Equity (%)	156.54	173.83	116.74	123.63	132.91	99.19	116.12	129.38
Total Debt/Capital (%)	61.02	63.48	53.86	55.28	57.07	49.8	53.73	56.4
Total Debt/Total Assets (%)	64.38	91.17	64.11	54.03	55.78	48.47	52.38	55.13
Net Debt to Equity	75.63	83	69.84	-2.31	-3.16	-3.13	-3.78	-4.64
Net Debt/Capital (%)	29.79	30.75	33.25	-1.05	-1.37	-1.59	-1.78	-2.06
EBITDA	-1	75	243	- -	- -	- -	- -	- -
EBITDA-CapEx	-1	75	243	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	75	243	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.02	0.04	0.15	- -	- -	- -	- -	- -
Current Ratio	0.08	0.06	0.24	- -	- -	- -	- -	- -
Quick Ratio	0.08	0.06	0.24	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	-2.76	-1.54	- -	- -	- -	- -	- -
Common Equity/Total Assets	41.13	52.45	54.91	43.7	41.97	48.86	45.1	42.61
Long-Term Debt/Equity (%)	78.27	86.92	76.52	123.63	132.91	99.19	116.12	129.38
Long-Term Debt/Capital (%)	30.51	31.74	35.3	55.28	57.07	49.8	53.73	56.4
Long-Term Debt/Total Assets (%)	32.19	45.59	42.02	54.03	55.78	48.47	52.38	55.13
Total Debt/Equity (%)	156.54	173.83	116.74	123.63	132.91	99.19	116.12	129.38
Total Debt/Capital (%)	61.02	63.48	53.86	55.28	57.07	49.8	53.73	56.4
Total Debt/Total Assets (%)	64.38	91.17	64.11	54.03	55.78	48.47	52.38	55.13
CFO/Total Liabilities	-103.37	-168.64	-86.47	-66.81	11.7	8.85	-34.16	-5.45
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	11.42	4.07	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	31.97	89.77	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	5,083	7,362	6,256
- Cash & Cash Equivalents	6	65	218	103	131	155	230	290
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	370	2,908	3,815	5,499	5,528	4,912	7,056	8,080
Enterprise Value	- -	- -	- -	- -	- -	9,840	14,188	14,047
Total Capital	606	4,582	7,083	9,946	9,687	9,864	13,133	14,325
Total Debt/Capital (%)	61.02	63.48	53.86	55.28	57.07	49.8	53.73	56.4
Total Debt / EV	- -	- -	- -	- -	- -	0.5	0.5	0.58
EV/Sales	- -	- -	- -	- -	- -	15.9	19.4	23.11
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	21.45	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	21.45	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	4,586	6,681	6,181
Diluted Enterprise Value	- -	- -	- -	- -	- -	9,343	13,507	13,971
EV per Share	- -	- -	- -	- -	- -	52.97	63.94	60.56
TTM Sales	-2	117	238	472	387	619	731	608
TTM EBITDA	-1	75	243	- -	- -	- -	- -	- -
TTM Operating Income	- -	75	243	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	-2,558	-2,320	-3,829	673	459	-2,526	-459
TTM Free Cash Flow to Firm	- -	-2,558	-2,320	-3,829	673	459	-2,526	-459

Multiples (USD)

Valuation Multiples API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	10	-2.64	-13.48
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	- -	- -	9,840	14,188	14,047
Low Price	- -	- -	- -	- -	- -	23.56	27.25	24.77
EV/Sales	- -	- -	- -	- -	- -	15.9	19.4	23.11
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	7.49	9.63	10.97
Price/Earnings Average	- -	- -	- -	- -	- -	7.35	8.82	12.22
Price/Earnings High	- -	- -	- -	- -	- -	7.89	9.63	13.97
Price/Earnings Low	- -	- -	- -	- -	- -	6.45	7.91	10.08
Price/Book Value	- -	- -	- -	- -	- -	1.03	1.21	1
Price/Book Value Average	- -	- -	- -	- -	- -	1.01	1.11	1.12
Price/Book Value High	- -	- -	- -	- -	- -	1.08	1.21	1.28
Price/Book Value Low	- -	- -	- -	- -	- -	0.88	1	0.92
Price/Tangible Book Value	- -	- -	- -	- -	- -	1.03	1.21	1
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	1.01	1.11	1.12
Price/Tangible Book Value High	- -	- -	- -	- -	- -	1.08	1.21	1.28
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	0.88	1	0.92
Price/Sales	- -	- -	- -	- -	- -	7.41	9.14	10.17
Price/Sales Average	- -	- -	- -	- -	- -	7.27	8.37	11.33
Price/Sales High	- -	- -	- -	- -	- -	7.8	9.14	12.95
Price/Sales Low	- -	- -	- -	- -	- -	6.38	7.5	9.34
Price/Cash Flow	- -	- -	- -	- -	- -	10	-2.64	-13.48
Price/Cash Flow Average	- -	- -	- -	- -	- -	9.8	-2.42	-15.01
Price/Cash Flow High	- -	- -	- -	- -	- -	10.52	-2.64	-17.17
Price/Cash Flow Low	- -	- -	- -	- -	- -	8.61	-2.17	-12.38
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	9.8	-2.42	-15.01
Price/Free Cash Flow High	- -	- -	- -	- -	- -	10.52	-2.64	-17.17
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	8.61	-2.17	-12.38
EV/Sales Average	- -	- -	- -	- -	- -	15.75	18.56	24.28
EV/Sales High	- -	- -	- -	- -	- -	16.34	19.4	25.93
EV/Sales Low	- -	- -	- -	- -	- -	14.76	17.6	22.27
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	27.36	33.18	26.97
High Price	- -	- -	- -	- -	- -	28.81	33.18	34.36
Enterprise Value Average	- -	- -	- -	- -	- -	9,743	13,575	14,760
Enterprise Value High	- -	- -	- -	- -	- -	10,109	14,188	15,760
Enterprise Value Low	- -	- -	- -	- -	- -	9,135	12,873	13,537

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	168	168	168	169	160	186	222	232
Diluted Weighted Avg Shares	95	95	95	145	166	168	201	229
Basic Weighted Avg Shares	95	95	95	145	166	168	201	229
Revenue per Share	-0.02	1.23	2.5	3.27	2.33	3.69	3.63	2.65
EBITDA per Share	-0.01	0.79	2.54	- -	- -	- -	- -	- -
Operating Income per Share	- -	0.79	2.54	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.03	1.11	2.29	3.19	2.44	3.65	3.45	2.46
Basic EPS from Cont Ops	-0.03	1.11	2.29	3.19	2.44	3.65	3.45	2.46
Diluted EPS, GAAP	-0.03	1.11	2.29	3.19	2.44	3.65	3.45	2.46
Diluted EPS from Cont Ops	-0.03	1.11	2.29	3.19	2.44	3.65	3.45	2.46
Dividend per Share	- -	0.37	1.52	1.76	2.55	2.61	2.9	2.96
Cash Flow per Share	-3.67	-26.84	-24.34	-26.49	4.05	2.74	-12.55	-2
Free Cash Flow per Basic Share	-3.67	-26.84	-24.34	-26.49	4.05	2.74	-12.55	-2
Cash & Equivalents per Share	0.04	0.39	1.3	0.61	0.82	0.83	1.03	1.25
Book Value per Share	1.41	9.98	19.5	26.27	25.93	26.66	27.39	26.92
Tangible Book Value per Share	1.41	9.98	19.5	26.27	25.93	26.66	27.39	26.92