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Blackstone Secured Lending Fund (BXSL) Operating Margin (2021 - 2026)

Blackstone Secured Lending Fund filings provide 5 years of Operating Margin readings, the most recent being 53.01% for Q4 2025.

  • On a quarterly basis, Operating Margin rose 10.0% to 53.01% in Q4 2025 year-over-year; TTM through Dec 2025 was 53.28%, a 114.0% decrease, with the full-year FY2025 number at 53.28%, down 114.0% from a year prior.
  • Operating Margin hit 53.01% in Q4 2025 for Blackstone Secured Lending Fund, down from 54.02% in the prior quarter.
  • In the past five years, Operating Margin ranged from a high of 61.97% in Q3 2022 to a low of 49.33% in Q4 2022.
  • Median Operating Margin over the past 5 years was 55.52% (2021), compared with a mean of 56.1%.
  • Biggest five-year swings in Operating Margin: skyrocketed 873bps in 2023 and later plummeted -680bps in 2024.
  • Blackstone Secured Lending Fund's Operating Margin stood at 55.37% in 2021, then fell by -11bps to 49.33% in 2022, then increased by 18bps to 58.06% in 2023, then fell by -9bps to 52.9% in 2024, then rose by 0bps to 53.01% in 2025.
  • The last three reported values for Operating Margin were 53.01% (Q4 2025), 54.02% (Q3 2025), and 52.12% (Q2 2025) per Business Quant data.