Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026)
Blackstone Secured Lending Fund's (BXSL) quarterly Net Margin came in at 22.69% in Q2 2026, down 156.0% on a YoY basis from 40.52% in Q2 2025, and down 6.2% quarter-over-quarter from 24.19% in Q1 2026.
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Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund (BXSL) has reported Net Margin for 6 consecutive years, with 22.69% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Net Margin fell 156.0% year-over-year to 22.69%; the trailing twelve-month figure through Jun 2026 stood at 24.25% (down 203.0% YoY), and the FY2025 full-year result was 25.25%, down 350.0% from the prior year.
- Net Margin slipped to 22.69% in Q2 2026 per BXSL's latest filing, from 24.19% in the prior quarter.
- Across five years, Net Margin topped out at 36.27% in Q2 2023 and bottomed at 22.69% in Q2 2026.
- Historically, Net Margin has averaged 29.47% across 5 years, with a median of 29.97% in 2023.
- The sharpest annual moves came in 2023 and 2024: Net Margin jumped 409 bps in 2023, then tumbled 861 bps in 2024.
- Over 5 years, Net Margin stood at 32.21% in 2022, then advanced by 6 bps to 34.24% in 2023, then slipped by 25 bps to 25.62% in 2024, then retreated by 8 bps to 23.5% in 2025, then declined by 3 bps to 22.69% in 2026.
- According to Business Quant data, Net Margin over the past three periods registered 22.69%, 24.19%, and 23.5% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.39 Bn | 14.01 Bn | - | 18.88% |
| 2 | Blackstone Secured Lending Fund | 5.76 Bn | 5.49 Bn | - | 22.69% |
| 3 | Blue Owl Capital | 5.62 Bn | 5.38 Bn | - | 13.25% |
| 4 | Main Street Capital | 5.39 Bn | 5.33 Bn | - | 113.52% |
| 5 | Blue Owl Technology Finance | 5.20 Bn | 4.99 Bn | - | 8.83% |
| 6 | Hercules Capital | 4.68 Bn | 4.64 Bn | - | 39.56% |
| 7 | FS KKR Capital | 3.48 Bn | 3.37 Bn | - | - |
| 8 | Golub Capital Bdc | 3.38 Bn | 3.34 Bn | - | -2.12% |
| 9 | PennantPark Floating Rate Capital | 2.47 Bn | -134.94 Mn | - | -29.16% |
| 10 | MidCap Financial Investment | 2.07 Bn | 2.02 Bn | - | 8.35% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 22.69% |
| 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 | 25.62% |
| Sep 30, 2024 | 28.47% |
| Jun 30, 2024 | 28.82% |
| Mar 31, 2024 | 32.60% |
| Dec 31, 2023 | 34.24% |
| Sep 30, 2023 | 33.64% |
| Jun 30, 2023 | 36.27% |
| Mar 31, 2023 | 31.12% |
| Dec 31, 2022 | 32.21% |
| Sep 30, 2022 | 33.86% |
| Jun 30, 2022 | 32.18% |
| Mar 31, 2022 | 33.61% |
| Dec 31, 2021 | 37.04% |
| Sep 30, 2021 | 36.59% |