Blackstone Secured Lending Fund (BXSL) Operating Expenses (2021 - 2026)
Blackstone Secured Lending Fund's (BXSL) quarterly Operating Expenses came in at $142.5 million in Q1 2026, down 13.55% YoY from $164.8 million in Q1 2025, and down 15.28% on a QoQ basis from $168.2 million in Q4 2025.
Blackstone Secured Lending Fund (BXSL) Operating Expenses (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund (BXSL) has 6 years of Operating Expenses data on file, last reported at $142.5 million in Q1 2026.
- Quarterly Operating Expenses fell 13.55% year-over-year to $142.5 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $640.6 million (up 0.91% YoY) and the FY2025 annual result came in at $662.9 million, up 9.61% from the prior year.
- Operating Expenses eased to $142.5 million in Q1 2026, from $168.2 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $168.2 million in Q4 2025 to a low of $78.3 million in Q4 2022.
- A 5-year average of $134.4 million and a median of $142.5 million in 2026 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2023 — Operating Expenses soared 108.75% — and 2026, when it slipped 13.55%.
- Tracing BXSL's Operating Expenses over 5 years: stood at $78.3 million in 2022, then jumped by 108.75% to $163.4 million in 2023, then increased by 1.65% to $166.1 million in 2024, then climbed by 1.24% to $168.2 million in 2025, then slipped by 15.28% to $142.5 million in 2026.
- The last three Operating Expenses figures came in at $142.5 million (Q1 2026), $168.2 million (Q4 2025), and $164.9 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 4.62 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 2.38 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 5.41 Bn |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.64 Bn |
| 10 | Blackstone Secured Lending Fund | 5.75 Bn | 5.48 Bn | - | 142.27 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 142.27 Mn |
| Mar 31, 2026 | 142.47 Mn |
| Dec 31, 2025 | 168.15 Mn |
| Sep 30, 2025 | 164.85 Mn |
| Jun 30, 2025 | 165.10 Mn |
| Mar 31, 2025 | 164.80 Mn |
| Dec 31, 2024 | 166.09 Mn |
| Sep 30, 2024 | 153.39 Mn |
| Jun 30, 2024 | 150.55 Mn |
| Mar 31, 2024 | 134.76 Mn |
| Dec 31, 2023 | 163.40 Mn |
| Sep 30, 2023 | 129.01 Mn |
| Jun 30, 2023 | 113.90 Mn |
| Mar 31, 2023 | 113.14 Mn |
| Dec 31, 2022 | 78.27 Mn |
| Sep 30, 2022 | 104.72 Mn |
| Jun 30, 2022 | 81.73 Mn |
| Mar 31, 2022 | 90.96 Mn |
| Dec 31, 2021 | 80.98 Mn |
| Sep 30, 2021 | 70.85 Mn |