Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026)
Blackstone Secured Lending Fund (BXSL) posted Net Margin of 18.18% for Q1 2026, down 4.29% on a QoQ basis from 19.0% in Q4 2025, and down 650.0% year-over-year from 3.31% in Q1 2025.
Blackstone Secured Lending Fund (BXSL) Net Margin (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund's Net Margin history runs 6 years deep, the most recent figure standing at 18.18% for 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 395.0% YoY) and the FY2025 annual result came in at 24.12%, down 354.0% from the prior year.
- Net Margin was 18.18% for Q1 2026 at Blackstone Secured Lending Fund, down from 19.0% in the prior quarter.
- Across five years, Net Margin topped out at 40.82% in Q4 2023 and bottomed at 18.18% in Q1 2026.
- A 5-year average of 26.79% and a median of 24.69% in 2025 frame the typical range for Net Margin.
- Annual changes were most pronounced in 2023 — Net Margin jumped 917 bps — and 2024, when it plunged 1932 bps.
- Blackstone Secured Lending Fund's Net Margin stood at 31.66% in 2022, then increased by 29 bps to 40.82% in 2023, then tumbled by 47 bps to 21.51% in 2024, then decreased by 12 bps to 19.0% in 2025, then declined by 4 bps to 18.18% in 2026.
- Business Quant data shows BXSL's Net Margin at 18.18% in Q1 2026, 19.0% in Q4 2025, and 21.21% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Brookfield | 1,236.60 Bn | 1,311.20 Bn | 18.56 Bn | 0.55% |
| 2 | BlackRock | 161.01 Bn | 148.08 Bn | - | 32.99% |
| 3 | Blackstone | 97.77 Bn | 96.72 Bn | - | 34.77% |
| 4 | Apollo Global Management | 70.80 Bn | 90.38 Bn | -409.00 Mn | -889.40% |
| 5 | State Street | 51.30 Bn | 51.30 Bn | - | 18.57% |
| 6 | Ameriprise Financial | 48.54 Bn | 39.27 Bn | 4.57 Bn | 18.73% |
| 7 | Northern Trust | 32.93 Bn | 32.93 Bn | - | 37.97% |
| 8 | Raymond James Financial | 32.59 Bn | 17.67 Bn | - | 14.05% |
| 9 | Price T Rowe | 24.70 Bn | 21.13 Bn | - | 26.07% |
| 10 | Blackstone Secured Lending Fund | 5.37 Bn | 5.02 Bn | - | 18.18% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 | 21.51% |
| 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 | 31.66% |
| Sep 30, 2022 | 29.19% |
| Jun 30, 2022 | 34.42% |
| Mar 31, 2022 | 23.31% |
| Dec 31, 2021 | 50.37% |
| Sep 30, 2021 | 24.91% |