Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026)
Blackstone Secured Lending Fund's (BXSL) quarterly Net Margin came in at 18.18% in Q1 2026, down 650.0% YoY from 3.31% in Q1 2025, and down 4.29% on a QoQ basis from 19.0% in Q4 2025.
Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund (BXSL) has 6 years of Net Margin data on file, last reported at 18.18% in Q1 2026.
- Quarterly Net Margin fell 650.0% year-over-year to 18.18% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 20.41% (down 603.0% YoY) and the FY2025 annual result came in at 24.12%, down 354.0% from the prior year.
- Net Margin slipped to 18.18% in Q1 2026, from 19.0% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 40.82% in Q4 2023 to a low of 18.18% in Q1 2026.
- A 5-year average of 27.39% and a median of 28.6% in 2023 frame the typical range for Net Margin.
- The widest YoY moves for Net Margin: up 775 bps in 2024, down 1119 bps in 2024.
- Tracing BXSL's Net Margin over 5 years: stood at 33.84% in 2022, then advanced by 21 bps to 40.82% in 2023, then declined by 27 bps to 29.63% in 2024, then plunged by 36 bps to 19.0% in 2025, then slipped by 4 bps to 18.18% in 2026.
- The last three Net Margin figures came in at 18.18% (Q1 2026), 19.0% (Q4 2025), and 21.21% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 27.15% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 46.71% |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 11.53% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 1.88% |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 51.57% |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 11.98% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 25.35% |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 22.20% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 58.35% |
| 10 | Blackstone Secured Lending Fund | 5.75 Bn | 5.48 Bn | - | 22.69% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 22.69% |
| Mar 31, 2026 | 18.18% |
| Dec 31, 2025 | 19.00% |
| Sep 30, 2025 | 21.21% |
| Jun 30, 2025 | 23.15% |
| Mar 31, 2025 | 24.69% |
| Dec 31, 2024 | 29.63% |
| Sep 30, 2024 | 22.71% |
| Jun 30, 2024 | 28.83% |
| Mar 31, 2024 | 30.65% |
| Dec 31, 2023 | 40.82% |
| Sep 30, 2023 | 28.60% |
| Jun 30, 2023 | 34.56% |
| Mar 31, 2023 | 22.90% |
| Dec 31, 2022 | 33.84% |
| Sep 30, 2022 | 29.19% |
| Jun 30, 2022 | 34.42% |
| Mar 31, 2022 | 23.31% |
| Dec 31, 2021 | 37.45% |
| Sep 30, 2021 | 24.91% |