Blackstone Secured Lending Fund
NYSE: BXSL · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-05
Blackstone Secured Lending Fund (BXSL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $-2.30M | $147.58M | $389.12M | $473.35M | $387.80M | $874.72M | $1.05B | $1.27B |
| Revenue growth (YoY) | — | +6513.9% | +163.7% | +21.6% | -18.1% | +125.6% | +19.8% | +20.9% |
| Cost of revenue | $1.35M | $35.43M | $65.95M | $101.72M | $151.20M | $255.98M | $316.28M | $271.34M |
| Gross profit | $1.77M | $112.15M | $323.18M | $473.35M | $387.80M | $618.74M | $731.26M | $995.39M |
| Gross margin | -77.0% | 76.0% | 83.1% | 100.0% | 100.0% | 70.7% | 69.8% | 78.6% |
| R&D | $1.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $1.20M | $36.98M | $80.62M | $10.66M | $13.88M | $15.35M | $11.94M | $14.59M |
| Operating income | $-292000.00 | $74.08M | $241.05M | $462.86M | $602.23M | $628.75M | $708.62M | $960.53M |
| Operating margin | 12.7% | 50.2% | 61.9% | 97.8% | 155.3% | 71.9% | 67.6% | 75.8% |
| EBITDA | $-2.94M | $74.08M | $241.05M | $358.13M | $681.30M | $628.75M | $708.62M | $95.78M |
| EBITDA margin | 127.9% | 50.2% | 61.9% | 75.7% | 175.7% | 71.9% | 67.6% | 7.6% |
| EBIT | $-292000.00 | $74.08M | $241.05M | $462.86M | $602.23M | $863.28M | $1.05B | $0.00 |
| Interest expense | $935000.00 | $35.43M | $65.95M | $114.12M | $196.29M | $255.98M | $316.28M | $381.64M |
| Income tax | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-2.94M | $106.21M | $218.64M | $460.42M | $404.56M | $611.95M | $694.10M | $563.46M |
| Net income growth (YoY) | — | +3707.5% | +105.9% | +110.6% | -12.1% | +51.3% | +13.4% | -18.8% |
| Profit margin | 127.9% | 72.0% | 56.2% | 97.3% | 104.3% | 70.0% | 66.3% | 44.5% |
Frequently asked questions
What is Blackstone Secured Lending Fund's revenue?
Blackstone Secured Lending Fund's trailing twelve-month revenue is $1.39B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is BXSL?
In its most recent fiscal year, BXSL ran a gross margin of 78.58%, an operating margin of 75.83%, and a net margin of 44.48%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does BXSL generate?
BXSL produced $581.63M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is BXSL's balance sheet healthy?
BXSL holds $289.61M in cash and equivalents against — in long-term debt, on $6.25B of shareholder equity. That debt is best read against the cash flow the business throws off each year.