Blackstone Secured Lending Fund

BXSL · NYSE

$23.61+$0.11 (+0.47%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $23.50

BXSL analyst rating

HoldConsensus of 11 analysts over the last 12 months. 55% rate it a buy.

Strong buy0
Buy6
Hold4
Underperform1
Sell0

12-month price target · 13 analysts

Average $25.19 (+6.7% upside)

Low: $22.22
Now: $23.61
High: $27.30

Upgrades and downgrades

The latest rating actions, newest first

BXSL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 1, 2026	Maintains	Neutral	$24.50 → $25.50	100%
Oppenheimer	Jul 23, 2026	Initiates	Perform	$25.00	34%
JP Morgan	Jul 2, 2026	Maintains	Overweight	$24.00 → $23.00	56%
Keefe, Bruyette & Woods	Jun 8, 2026	Downgrade	Outperform → Market Perform	$25.00 → $24.00	36%
Truist Securities	May 19, 2026	Maintains	Buy	$30.00 → $26.00	63%
UBS	May 18, 2026	Maintains	Neutral	$24.75 → $24.50	100%
RBC Capital	May 18, 2026	Maintains	Outperform	$28.00 → $26.00	29%
B. Riley Securities	May 12, 2026	Maintains	Neutral	$24.50 → $23.50	0%
Wells Fargo	May 8, 2026	Maintains	Underweight	$24.00 → $22.00	50%
Keefe, Bruyette & Woods	Apr 16, 2026	Maintains	Outperform	$27.00 → $26.00	36%

The case for and against

Updated Oct 17, 2026

Bull case

Blackstone Secured is supported by a differentiated Blackstone affiliation that provides proprietary deal flow, scale in origination, and portfolio-support resources that can improve borrower performance and credit quality across its senior secured first-lien lending book. Its conservative portfolio construction and low-cost operating model have helped produce competitive economics, with NII margins of 7.4% in 2025 and 8.6% in 2024, while estimated 2026 and 2027 EPS of $2.02 and $2.46 imply improving ROE of 7.7% and 9.7%. Although non-accruals increased and leverage rose to 1.32x debt/equity, the dividend was maintained at $3.08 per share and spillover support appears available, reinforcing income durability and a favorable risk-adjusted outlook.

Bear case

Blackstone Secured is facing a weakened fundamental profile because its portfolio is concentrated in riskier small-cap lending, with 21% in software and 98% in first-lien assets, leaving it exposed to industry disruption, U.S. business-cycle stress, and rising credit losses. Non-accruals jumped to 4.7% of the portfolio from 0.6% in 4Q, while 1Q26 GAAP net income per share was only $0.11 after $0.66 of realized and unrealized losses, signaling that asset quality and mark-to-market pressure are already eroding earnings. Leverage of 1.32x sits above management’s target and the estimated NII per share of $2.68 in 2026 and $2.46 in 2027 trails the $3.08 dividend, raising the risk that liquidity and spillover income only delay a future dividend cut.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.