Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026)
Blackstone Secured Lending Fund (BXSL) reported Net Margin of 24.19% for Q1 2026, down 258.0% on a YoY basis from 15.31% in Q1 2025, and up 2.95% quarter-over-quarter from 23.5% in Q4 2025.
Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund has reported Net Margin for 6 years, with the latest figure at 24.19% in Q1 2026.
- For the quarter ending Q1 2026, Net Margin fell 258.0% year-over-year to 24.19%; the trailing twelve-month figure through Mar 2026 stood at 24.61% (down 278.0% YoY), and the FY2025 full-year result was 25.25%, down 350.0% from the prior year.
- Net Margin for Q1 2026 stood at 24.19%, up from 23.5% in the prior quarter.
- The five-year high for Net Margin was 36.28% in Q2 2023, with the low at 23.5% in Q4 2025.
- Historically, Net Margin has averaged 29.95% across 5 years, with a median of 32.18% in 2022.
- Annual changes were most pronounced in 2023 — Net Margin soared 409 bps — and 2024, when it plunged 860 bps.
- Blackstone Secured Lending Fund's Net Margin stood at 32.2% in 2022, then climbed by 6 bps to 34.23% in 2023, then decreased by 25 bps to 25.63% in 2024, then fell by 8 bps to 23.5% in 2025, then climbed by 3 bps to 24.19% in 2026.
- The last three Net Margin figures came in at 24.19% (Q1 2026), 23.5% (Q4 2025), and 26.43% (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 | 163.18 Bn | 153.56 Bn | - | 34.73% |
| 2 | Blackstone | 96.85 Bn | 95.80 Bn | - | 34.77% |
| 3 | Kkr | 86.45 Bn | 133.96 Bn | - | 8.45% |
| 4 | Apollo Global Management | 82.30 Bn | 101.04 Bn | 5.04 Bn | -38.15% |
| 5 | State Street | 46.95 Bn | 21.27 Bn | - | 18.57% |
| 6 | Ameriprise Financial | 43.65 Bn | 43.52 Bn | 4.57 Bn | 18.73% |
| 7 | Northern Trust | 31.92 Bn | 31.92 Bn | - | 37.97% |
| 8 | Raymond James Financial | 30.62 Bn | 19.37 Bn | - | 12.72% |
| 9 | Ares Management | 29.04 Bn | 32.41 Bn | - | 8.40% |
| 10 | Blackstone Secured Lending Fund | 5.48 Bn | 5.13 Bn | - | 24.19% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 24.19% |
| Dec 31, 2025 | 23.50% |
| Sep 30, 2025 | 26.43% |
| Jun 30, 2025 | 24.25% |
| Mar 31, 2025 | 26.77% |
| Dec 31, 2024 | 25.63% |
| Sep 30, 2024 | 28.47% |
| Jun 30, 2024 | 28.83% |
| Mar 31, 2024 | 32.60% |
| Dec 31, 2023 | 34.23% |
| Sep 30, 2023 | 33.64% |
| Jun 30, 2023 | 36.28% |
| Mar 31, 2023 | 32.43% |
| Dec 31, 2022 | 32.20% |
| Sep 30, 2022 | 33.86% |
| Jun 30, 2022 | 32.18% |
| Mar 31, 2022 | 33.61% |
| Dec 31, 2021 | 40.00% |
| Sep 30, 2021 | 36.93% |