Blackstone Secured Lending Fund

Earnings data Q4 2021

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Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

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Earnings data Q4 2024

Blackstone Secured Lending Fund (BXSL) posts strong Q1 results

Blackstone Secured Lending Fund (BXSL) reported strong Q1 2024 earnings, demonstrating robust deal activity and financial resilience. While facing challenges such as spread compression and interest rate risk, the fund can leverage its strengths in risk management and investment themes to seize growth opportunities.

Blackstone Secured Lending Fund reports strong Q3 performance and growth

BXSL's Q3 performance showcased strength in NII, NAV growth, credit ratings, and successful capital deployment.
While challenges exist in managing PIK income, repayments, and market dynamics, opportunities in lower rates and deal activity are promising.
BXSL's focus on quality, documentation, and capital strategies align with market trends and growth potential.
Overall, BXSL's solid performance, validated platform, and strategic positioning indicate a positive outlook for future growth.

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The full company name is Blackstone Secured Lending Fund.

Alerian MLP ETF

Ares Capital

Brookfield Renewable Partners

Brookfield Infrastructure Partners L.P.

Brookfield Infrastructure

VanEck Vectors BDC Income ETF

Vanguard Total Bond Market ETF

Capital Southwest

Enbridge

Enterprise Products Partners

Golub Capital BDC

Janus Henderson AAA CLO ETF

Janus Detroit Street Trust-Janus Henderson B-BBB CLO ETF

JPMorgan Nasdaq Equity Premium Income ETF

Kayne Anderson BDC Inc

Lineage Inc

Mid-America Apartment Communities

Main Street Capital

MPLX

Morgan Stanley Direct Lending Fund

Microsoft

iShares Preferred and Income Securities ETF 

Schwab US Dividend Equity ETF

The threat of higher inflation and interest rates for longer has sent the market into turmoil. However, high yield investors have nothing to fear from this development. We share a 7%-yielding portfolio that is well-positioned to weather the current macro environment.

Worried About Higher For Longer? Sleep Well With This 7%-Yielding Portfolio

We take a look at the action in business development companies through the second week of December and highlight some of the key themes we are watching. BDCs were flat this week with CSWC and PSEC underperforming; average valuations have risen slightly above the 5-year average. Continuing themes in the BDC sector include performance persistence and valuation compression.

BDC Weekly Review: Two Key Themes Persist

Apple

AbbVie

AGNC Investment

Antero Midstream Partners

Apple Hospitality REIT

Apollo Commercial Real Estate Finance

Broadcom

Boeing

Alibaba

Bank of America

BASF SE

B&G Foods

Bank of Nova Scotia

BRT Apartments

Blackstone Group

Colgate-Palmolive

Canadian Imperial Bank of Commerce

Cisco Systems

In November, I invested $1,400 primarily in Business Development Companies, boosting my yearly dividend income by $148, with a YTD total exceeding $1,400. My portfolio achieved all-time highs, driven by a strong earnings season and a dovish Fed, with BDCs like Goldman Sachs BDC and Blackstone Secured Lending Fund as key picks. November's dividend income hit a record $620, a 20% Y/Y growth, mainly due to ongoing investments into Hercules Capital.

My Dividend Stock Portfolio: New November Dividend Record - 97 Holdings With 18 Buys

Energy Transfer LP Unit

Genesis Energy

Goldman Sachs BDC

Kinder Morgan

Kayne Anderson MLP Investment

SPDR S&P 500 ETF Trust

TC Energy

Western Gas Partners

Williams

Energy Select Sector SPDR Fund

AI stocks have dominated the markets over the past few years. However, there are a few other sectors that have also shined over the past few years. I share two high-flying big dividend sectors that, I think, will continue to outperform in 2025.

I Am Loading Up On These 2 High-Flying High-Yield Sectors For 2025

Fidus Investment

Gladstone Capital

The financial outlook for many BDCs is not promising. Already lower base rates will continue to depress results in Q4 reports. The trajectory for SOFR is not great either.

5 BDCs With High Dividend Resistance To Falling Interest Rates

Delek Logistics Partners

Global X MLP & Energy Infrastructure ETF

Oaktree Specialty Lending

Big dividend stocks are on a big holiday sale this Christmas season. Even in some of the most in-favor sectors of the high-yield space, bargains can still be found. I share some well-covered 11-14% dividend yields that can be found on the bargain rack.

11-14% Yields: Give Yourself The Gift Of Dividends For Christmas

BXSL is a dominant BDC that focuses on strategic expansion done safely while maintaining a robust and versatile company portfolio. Its experienced leadership team is disciplined and confident. Integration within the Blackstone ecosystem demonstrably enhances BXSL's ability to create new commitments and funding.

Blackstone Secured Lending Fund: Rock-Solid Option For Income Investors

Barings BDC Inc

New Mountain Finance

Blue Owl Capital Corp III

WhiteHorse Finance

We take a look at the action in business development companies through the first week of December and highlight some of the key themes we are watching. BDCs experienced a slight decline this week, but are up nearly 10% year-to-date. Wrapping up Q3 earnings: WHF had a -2% total NAV return with rising non-accruals, while BXSL posted a strong 3.2% total NAV return.

BDC Weekly Review: BDCs Have Overcome The August Dip

Blackstone Secured Lending delivered a 3.2% total NAV return in Q3, outperforming the sector median. BXSL trades at a 17% premium to book value and offers a 9.7% dividend yield, with net income yield on price at 11.5%. The company's portfolio quality remains high with low non-accruals and strong diversification, though the net yield margin has fallen due to tighter spreads and higher interest expense.

Blackstone Secured Lending: Outperformance Streak Continues; Watch Valuation

Vanguard Real Estate ETF

Utilities Select Sector SPDR Fund

The market rarely offers 10%+ yielding common equities that have a low risk of facing a cut. However, once in a while it offers up compelling opportunities like this. I share two 10%+ yields that are well-covered, and the market appears to be sleeping on them.

10% Yields: 2 Well-Covered Big Dividends The Market Is Sleeping On

Monroe Capital

Portman Ridge Finance Corp

BDCs offer attractive opportunities for income investors to enhance their portfolio yields. Yet, since the yields are so enticing, the chances are high for getting caught in value traps. In the article I elaborate on two BDCs that are very close to cutting their dividends with a high probability of making the announcements in 2025.

Dividend Cut Alert: 2 BDCs With Likely Lower Dividends In 2025

Altria

Realty Income Corp

Neos Nasdaq-100 High Income ETF

Neos S&P 500 High Income ETF

This week saw market gains and a slight decline in my Dividend Harvesting Portfolio, emphasizing the importance of staying grounded and vigilant in investing. The portfolio's profitability stands at 27.94%, with forward annualized dividend income reaching $1,889.19, showcasing the success of my diversified, income-focused strategy. I added to NEOS S&P 500 High Income ETF and Blackstone Secured Lending Fund, boosting dividend income and positioning for future growth in a lower rate environment.

Dividend Harvesting Portfolio Week 197: $19,700 Allocated, $1,889.19 In Projected Dividends

NEW YORK--(BUSINESS WIRE)--Blackstone Secured Lending Fund (NYSE:BXSL) (“BXSL” or the “Company”) announced today that it has priced an underwritten public offering of $300.0 million in aggregate principal amount of 5.350% notes due 2028 (the “notes”). The notes will mature on April 13, 2028 and may be redeemed in whole or in part at BXSL's option at the applicable redemption price. The notes will be a further issuance of the Company's 5.350% notes due 2028 that the Company issued on October 15,.

Blackstone Secured Lending Fund Prices Public Offering of $300.0 million 5.350% Unsecured Notes due 2028

CION Investment Corp

FS KKR Capital Corp

Hercules Capital

TCP Capital

Private credit/BDC investments offer exposure to structural growth and a significant portfolio yield enhancement. Yet, we have to be extra careful of not falling into value traps and investing in unsustainable yields, which are abundant in the inherently risky sector. In this article, I share a BDC portfolio that has ~10.5% yield, healthier fundamentals than the average in the space, and, importantly, meaningful price appreciation potential.

Invest In $95,000 BDC Portfolio For $10,000 Annual Income And Durable Compounding

Alexandria Real Estate Equities

British American Tobacco

2025 seems to be a rather volatile year with a lot of macro uncertainties. The risks are high, but it should not necessarily be the case for retirement income-focused investors as long as the right strategy is in place. I share 5 high-yield picks, which in my view should be seriously considered for retirement investors who seek durable current income.

Top 5 'Stress-Free' High Yield Retirement Picks For 2025

Morgan Stanley

Starwood Property

AT&T

Verizon

The S&P 500 is projected to finish between 6,700 and 7,200 in 2025, driven by lower Fed rates and potential corporate tax cuts. The Dividend Harvesting Portfolio reached new all-time highs with a 29.08% return, generating $1,876.88 in forward annualized dividend income. Consistent weekly investments and reinvesting dividends have significantly grown the portfolio, showcasing the power of income investing even with limited capital.

Dividend Harvesting Portfolio Week 196: $19,600 Allocated, $1,876.88 In Projected Dividends

The BDC segment offers significant opportunities for retail investors due to low competition from institutional investors and potential valuation inefficiencies. The best thing that could happen is if we identify these inefficiencies within BDCs that carry robust fundamentals and safe dividend coverage levels. In this article, I share two picks, which, in my opinion, are set to become the next stars in the BDC space (similar to BXSL).

2 BDCs That Could Be The Next Stars In The Sector

Blackstone Secured Lending is a top BDC investment due to its strong dividend coverage, high-quality portfolio, and low non-accrual percentage. BXSL's first lien-strategy and robust underwriting standards minimize loan write-off risks, ensuring portfolio stability and investor confidence. Despite a 21% premium, BXSL's consistent excess dividend coverage and secure 10% yield justify the higher valuation.

Blackstone Secured Lending: A 10%-Yielding BDC Gem

VanEck Vectors Gold Miners ETF

SPDR Gold Trust

Newmont Mining

I love stocks that pay big dividends and buy back a lot of stock. I share some dividend stocks that meet these criteria. I detail why they are compelling buys right now.

12% Yield And Big Buyback: Dividend Stocks I Am Buying Hand-Over-Fist

Blackstone Secured Lending offers a high, well-covered 9.8% dividend yield, making it an attractive pick for income-focused investors in a frothy market. BXSL's portfolio is anchored in first-lien senior secured debt, with a low non-accrual rate and support from Blackstone's robust ecosystem, enabling scale and strategic advantages. Q3 results show strong portfolio growth, robust dividend coverage, and consistent NAV per share expansion, supported by a conservative balance sheet and raised investment-grade credit rating.

Blackstone Secured Lending: 10% Yielding Buy For A Market Melt-Up

Gladstone Investment

Blue Owl Capital Corp

Triplepoint Venture Growth BDC

Sixth Street Specialty Lending

When investing for 10%+ BDC yields, investors have to pay extra attention to leverage, dividend coverage, and portfolio quality. Going into Q3, 2024 earnings season, my expectation was that we would see elevated volatility levels and falling NII results. While the actual results have been mostly positive for high-quality BDCs (and even for some speculative picks), many risks remain open.

Investing In BDCs For 10%+ Yields? This Is What Matters Now

bluebird bio

Bank of Montreal

Investment activity in October focused on Business Development Companies, with $1,300 added to the market. Adjusted dividend income in October of $789, up 25% Y/Y and up 11% sequentially. Main picks included Blackstone Secured Lending, Goldman Sachs BDC, and Midcap Financial Investment Corporation.

My Dividend Stock Portfolio: New October Dividend Record - 100 Holdings With 15 Buys

Blackstone Secured Lending showed strong growth during recent earnings, with solid net asset value and income increases, positioning it well to be a long-term investment. BXSL's high first-lien loan exposure and low non-accrual rates highlight its strong credit quality and management's underwriting ability. BXSL's 118% dividend coverage and attractive P/NAV ratio of 1.16x make it a compelling buy despite trading at a premium.

Blackstone Secured Lending: A Growth BDC That Makes For A Good Long-Term Investment

Blackstone Secured Lending Fund boasts robust dividend coverage, a low non-accrual ratio, and a 15% premium to NAV, making it a top BDC choice. BXSL's investment portfolio, primarily floating-rate First Liens, is well-diversified across low-volatility sectors like Software, Healthcare, and Professional Services. Despite potential interest rate cuts, BXSL's high excess portfolio income ensures a safe 10% yield and potential for dividend hikes.

Blackstone Secured Lending: A Best-Of-Breed BDC With A 10% Yield

Blackstone Secured Lending remains a top pick in the BDC space for income-oriented investors due to its defensive portfolio and solid dividend coverage. Despite another interest rate cut, BXSL's regular dividend payments are expected to withstand several more, maintaining decent coverage. BXSL's valuation has slightly increased, but it still offers moderate upside potential.

Another Interest Rate Cut: How's Blackstone Secured Lending's Dividend Coverage?

News for Blackstone Secured Lending Fund ETF (BXSL)