Blackstone Secured Lending Fund (BXSL) Operating Margin (2021 - 2026)
Blackstone Secured Lending Fund (BXSL) posted Operating Margin of 54.97% for Q1 2026, up 13.33% on a QoQ basis from 48.51% in Q4 2025, and up 220.0% year-over-year from 17.18% in Q1 2025.
Blackstone Secured Lending Fund (BXSL) Operating Margin (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund's Operating Margin history runs 6 years deep, the most recent figure standing at 54.97% for Q1 2026.
- Quarterly Operating Margin rose 220.0% year-over-year to 54.97% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 52.07% (down 31.0% YoY) and the FY2025 annual result came in at 52.15%, down 118.0% from the prior year.
- Operating Margin was 54.97% for Q1 2026 at Blackstone Secured Lending Fund, up from 48.51% in the prior quarter.
- Across five years, Operating Margin topped out at 62.2% in Q4 2023 and bottomed at 48.51% in Q4 2025.
- A 5-year average of 55.87% and a median of 55.66% in 2024 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2023 — Operating Margin surged 550 bps — and 2024, when it sank 1341 bps.
- Blackstone Secured Lending Fund's Operating Margin stood at 56.7% in 2022, then climbed by 10 bps to 62.2% in 2023, then decreased by 22 bps to 48.79% in 2024, then dropped by 1 bps to 48.51% in 2025, then advanced by 13 bps to 54.97% in 2026.
- Business Quant data shows BXSL's Operating Margin at 54.97% in Q1 2026, 48.51% in Q4 2025, and 54.02% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Brookfield | 1,236.60 Bn | 1,311.20 Bn | 18.56 Bn | 175.98% |
| 2 | BlackRock | 161.01 Bn | 148.08 Bn | - | 42.01% |
| 3 | Blackstone | 97.77 Bn | 96.72 Bn | - | - |
| 4 | Apollo Global Management | 70.80 Bn | 90.38 Bn | -409.00 Mn | 24.88% |
| 5 | State Street | 51.30 Bn | 51.30 Bn | - | - |
| 6 | Ameriprise Financial | 48.54 Bn | 39.27 Bn | 4.57 Bn | 18.44% |
| 7 | Northern Trust | 32.93 Bn | 32.93 Bn | - | - |
| 8 | Raymond James Financial | 32.59 Bn | 17.67 Bn | - | - |
| 9 | Price T Rowe | 24.70 Bn | 21.13 Bn | - | 36.65% |
| 10 | Blackstone Secured Lending Fund | 5.37 Bn | 5.02 Bn | - | 54.97% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 54.97% |
| Dec 31, 2025 | 48.51% |
| Sep 30, 2025 | 54.02% |
| Jun 30, 2025 | 51.02% |
| Mar 31, 2025 | 52.77% |
| Dec 31, 2024 | 48.79% |
| Sep 30, 2024 | 54.16% |
| Jun 30, 2024 | 53.97% |
| Mar 31, 2024 | 55.66% |
| Dec 31, 2023 | 62.20% |
| Sep 30, 2023 | 58.38% |
| Jun 30, 2023 | 59.06% |
| Mar 31, 2023 | 57.30% |
| Dec 31, 2022 | 56.70% |
| Sep 30, 2022 | 61.97% |
| Jun 30, 2022 | 60.20% |
| Mar 31, 2022 | 60.06% |
| Dec 31, 2021 | 56.33% |
| Sep 30, 2021 | 56.71% |