Blackstone Secured Lending Fund
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12.33%
ROIC.AI
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- Blackstone Secured Lending Fund (NYSE: BXSL) is a business development company (BDC) that primarily invests in first lien senior secured debt of private U.S. companies, with a focus on generating current income and, to a lesser extent, long-term capital appreciation. The Fund originates loans, equity, and other securities, including syndicated loans, targeting small- and middle-market companies; its portfolio emphasizes first lien senior secured and unitranche loans (including first out/last out structures), and to a lesser extent, second lien, third lien, unsecured, subordinated loans, and other debt and equity securities. As of September 30, 2025, the portfolio totals $13.8 billion at fair value, with 97.5% in first lien senior secured investments, 98.6% in floating rate debt, and a loan-to-value ratio of 49.7% across diverse sectors such as software, aerospace & defense, professional services, health care providers & services, insurance, and commercial services & supplies. Formed as a Delaware statutory trust on March 26, 2018, and electing BDC status under the Investment Company Act of 1940 on October 26, 2018, the Fund is externally managed by Blackstone Alternative Credit Advisors LP, part of Blackstone Credit & Insurance (BXCI), and headquartered at 345 Park Avenue, 31st Floor, New York, New York 10154. BXSL operates predominantly in the United States, providing flexible capital solutions to private companies backed by private equity sponsors; it leverages BXCI's global platform, which screens over 5,100 issuers, for deal sourcing and value creation, including revenue enhancement, cost optimization, and operational support in areas like cybersecurity, sustainability, and healthcare. Recent developments include robust portfolio growth, with investments expanding 15% year-over-year to $13.8 billion by Q3 2025, driven by a 65% increase in net deployment and 90% in gross deployment quarter-over-quarter, adding 22 net new borrowers for a total of 311 companies. The Fund achieved strong Q3 2025 results, reporting net investment income of $189 million ($0.82 per share, a 12% annualized return on equity), fueled by a 25% uptick in new LBOs, heightened M&A activity favoring private credit, and repeat fundings to two-thirds of BXCI borrowers; notable Q3 investments included sole-lender debt financing for a global specialty consulting firm and a deal for Layer Zero, an AI infrastructure equipment provider. BXSL priced a $300 million public offering of 5.350% notes due 2028, enhancing its funding capacity amid increased private deal screenings up 20% year-over-year. The BXCI value creation program has generated approximately $5 billion in illustrative value for portfolio companies since inception, including over $440 million in cost reductions.
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