Valuation, from the filing
| Public float | $6.97B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $30.00 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 12.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
12.4× earnings today, against a median of 9.2× across 4 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $6.97B | 12.4× | |
| 2024-06-30 | $5.97B | 8.6× | |
| 2023-06-30 | $4.43B | 7.2× | |
| 2022-06-30 | $3.98B | 9.8× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the industry filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 1.29x | 63th |
Blackstone Secured Lending Fund (BXSL) reported net income of $563.46M for the fiscal year ended 2025-12-31. This page shows 6 annual periods of income statement, balance sheet and cash flow figures normalized from Blackstone Secured Lending Fund’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $563.46M | $694.10M | $611.95M | $404.56M | $460.42M | $218.64M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 229.16M | shares 201.37M | shares 167.62M | shares 166.07M | shares 144.51M | shares 95.33M |
| Pretax income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Diluted EPS | $2.46 | $3.45 | $3.65 | $2.44 | $3.19 | $2.29 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $289.60M | $229.61M | $154.86M | $131.27M | $102.88M | Unavailable |
| Total assets | $14.66B | $13.47B | $10.13B | $9.91B | $10.18B | Unavailable |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $8.41B | $7.40B | $5.18B | $5.75B | $5.73B | Unavailable |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $6.25B | $6.08B | $4.95B | $4.16B | $4.45B | $3.27B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | $8.08B | $7.06B | $4.91B | $5.53B | $5.50B | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$458.66M | -$2.53B | $458.82M | $672.95M | -$3.83B | -$2.32B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Financing cash flow | $530.61M | $2.60B | -$432.16M | -$648.18M | $3.71B | $2.47B |
| Net change in cash | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | $677.98M | $583.35M | $437.97M | $423.44M | $253.78M | $145.12M |
| Common share repurchases | Unavailable | $0 | $0 | $263.02M | $0 | $0 |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 1.29x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BXSL in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.