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Blackstone Secured Lending Fund (BXSL)
Key Statistics
Fund Size
$13,253M
Target Return
N/A
Annualized Return
10.9%
Launch Year
2018
Min. Investment
N/A
Availability
Open for public
Structure
BDC
Product Category
Publicly listed
Domicile
United States
GP Type
Single
Liquidity Level
High (<1 year)
Management Fee
1%
Carry
17.5% incentive fee on income (1.5% quarterly hurdle, 100% catch-up, 12-quarter lookback) and 17.5% on capital gains
Hurdle Rate
6%
Catch-Up Mechanism
100% catch-up
Ticker
BXSL
CUSIP
09261X102
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Daily trading on the NYSE
Highlights
US Fund Metrics
NAV per Share
$25.53
Market Price
$24.93
Discount/Premium
-2.40%
At discount
Market Yield
12.10%
Distribution Frequency
Quarterly
Redemption Notice
N/A - publicly traded
Tax Form
1099-DIV
Liquidity Terms
Publicly traded on the New York Stock Exchange under ticker BXSL — standard stock market liquidity with no redemption restrictions, lock-ups or notice periods. Shares may trade at a premium or discount to net asset value.
Allocations
Investment Strategy
Industry Focus
Performance Summary
Common Shares (BXSL)(BXSL) — Performance from 2023-12-31 to 2026-06-30
NAV: 25.53
Performance Comparison
1-Year Return
7.5%
Annualized Since Inception
10.9%
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $26.26 | $25.53 | — | — |
| 2025 | — | — | — | $26.92 |
| 2024 | — | — | — | $27.39 |
| 2023 | — | — | — | $26.66 |
Information about fund
BXSL at a Glance
Blackstone Secured Lending Fund (BXSL) is a business development company externally managed by Blackstone Credit BDC Advisors LLC. It began originating loans in November 2018 and completed an initial public offering on the New York Stock Exchange in October 2021 at $26.15 per share. Unlike most funds on this site, BXSL is a publicly traded, exchange-listed vehicle: shares are bought and sold through an ordinary brokerage account during market hours, and the price can trade at a premium or a discount to net asset value.
Key Figures (30 June 2026)
Portfolio
$13.3B
313 portfolio companies at fair value
NAV per Share
$25.53
Net assets $5.9B
First Lien
96.8%
96.3% floating rate; LTV 51.9%
Quarterly Dividend
$0.77
12.1% annualized on NAV, Q2 2026
Since-Inception Return
10.9%
Annualized net on NAV, Nov 2018 – Mar 2026
Fees
1.0% + 17.5%
Management + incentive over 6% hurdle
Structure & Terms
| Listing | NYSE, ticker BXSL — no minimums, redemption windows or notice periods |
| Leverage | Target 1.0x–1.25x debt-to-equity; 1.28x at 30 June 2026 (1.25x net of cash) |
| Credit Ratings | Investment grade from Moody’s, S&P and Fitch |
| Non-Accruals | 1.8% of portfolio at fair value (30 June 2026) |
| Tax | BDC taxed as a RIC; Form 1099-DIV |
The share price fluctuates around net asset value: BXSL traded at 0.91x price-to-book on June 4, 2026, and at roughly $24.93 in late August 2026 against a June 2026 NAV of $25.53 per share. Net investment income has covered the regular dividend in every quarter for more than six years, and the base dividend was raised 13% in September 2022 and a further 10% in mid-2023. Investors should weigh the risks of a leveraged credit portfolio: borrower defaults, the sensitivity of income to falling interest rates given the floating rate book, and the fact that the share price can diverge materially from net asset value in either direction.
Deepdive & Related Funds
Blackstone ECRED
Blackstone European Private Credit Fund (ECRED) is Blackstone’s evergreen European direct-lending vehicle: a Luxembourg SICAV launched in October 2022 that originates floating-rate, first-lien senior secured and unitranche loans to upper-mid-market European companies. €2.5 billion across 243 investments as of February 2026, 8.7% annualized net return since inception (A-A EUR), monthly subscriptions and gated monthly redemptions from €25,000.
Blackstone Private Credit Fund (BCRED)
Blackstone Private Credit Fund (BCRED) is the largest non-traded BDC in existence today. The perpetual-life US direct lending vehicle has an aggregate net asset value of $43.0 billion and a $77 billion portfolio that is 91% first lien senior secured, with 99.8% of performing debt floating rate. Subscriptions are accepted monthly at NAV, quarterly share repurchases are capped at 5% of shares outstanding, and the fund charges a 1.25% management fee plus a 12.5% incentive fee above a 5% hurdle.
Other Blackstone Funds
Blackstone Private Equity Strategies (BXPE)
Blackstone Private Equity Strategies (BXPE) functions as an evergreen private equity fund which lets qualified investors join Blackstone's worldwide buyout operations through a semi-liquid investment vehicle. The fund operates under Blackstone Inc. management which operates as the world's largest alternative asset manager to provide private equity access to institutional investors through BXPE.
Blackstone Real Estate Income Trust (BREIT)
Blackstone Real Estate Income Trust (BREIT) is the largest non-traded REIT: a perpetual-life vehicle with a $57.4 billion NAV and approximately $104 billion of total asset value in income-producing US real estate. Roughly 90% of the portfolio sits in rental housing, industrial and data centers, with about 65% of properties in Sunbelt markets. NAV is struck monthly, subscriptions and distributions are monthly, and repurchases are capped at 2% of NAV per month and 5% per quarter.
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