Blackstone Secured Lending Fund (BXSL) Operating Margin (2021 - 2026)
Blackstone Secured Lending Fund's (BXSL) quarterly Operating Margin came in at 55.61% in Q2 2026, up 349.0% on a YoY basis from 12.38% in Q2 2025, and down 1.1% quarter-over-quarter from 56.23% in Q1 2026.
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Blackstone Secured Lending Fund (BXSL) Operating Margin (2021 - 2026) Analysis & Trends
Blackstone Secured Lending Fund (BXSL) has reported Operating Margin for 6 consecutive years, with 55.61% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Margin rose 349.0% year-over-year to 55.61%; the trailing twelve-month figure through Jun 2026 stood at 54.66% (up 109.0% YoY), and the FY2025 full-year result was 53.28%, down 114.0% from the prior year.
- Operating Margin eased to 55.61% in Q2 2026 per BXSL's latest filing, from 56.23% in the prior quarter.
- Across five years, Operating Margin topped out at 60.77% in Q2 2023 and bottomed at 52.12% in Q2 2025.
- Historically, Operating Margin has averaged 55.84% across 5 years, with a median of 55.87% in 2022.
- The sharpest annual moves came in 2023 and 2024: Operating Margin jumped 448 bps in 2023, then sank 680 bps in 2024.
- Over 5 years, Operating Margin stood at 57.26% in 2022, then rose by 1 bps to 58.06% in 2023, then fell by 9 bps to 52.9% in 2024, then rose by 0 bps to 53.01% in 2025, then gained by 5 bps to 55.61% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 55.61%, 56.23%, and 53.01% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.39 Bn | 14.01 Bn | - | 47.79% |
| 2 | Blackstone Secured Lending Fund | 5.76 Bn | 5.49 Bn | - | 55.61% |
| 3 | Blue Owl Capital | 5.62 Bn | 5.38 Bn | - | 44.07% |
| 4 | Main Street Capital | 5.39 Bn | 5.33 Bn | - | 62.71% |
| 5 | Blue Owl Technology Finance | 5.20 Bn | 4.99 Bn | - | 41.14% |
| 6 | Hercules Capital | 4.68 Bn | 4.64 Bn | - | 62.31% |
| 7 | FS KKR Capital | 3.48 Bn | 3.37 Bn | - | - |
| 8 | Golub Capital Bdc | 3.38 Bn | 3.34 Bn | - | 45.39% |
| 9 | PennantPark Floating Rate Capital | 2.47 Bn | -134.94 Mn | - | 8.79% |
| 10 | MidCap Financial Investment | 2.07 Bn | 2.02 Bn | - | 48.03% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 55.61% |
| Mar 31, 2026 | 56.23% |
| Dec 31, 2025 | 53.01% |
| Sep 30, 2025 | 54.02% |
| Jun 30, 2025 | 52.12% |
| Mar 31, 2025 | 53.94% |
| Dec 31, 2024 | 52.90% |
| Sep 30, 2024 | 55.31% |
| Jun 30, 2024 | 53.97% |
| Mar 31, 2024 | 55.66% |
| Dec 31, 2023 | 58.06% |
| Sep 30, 2023 | 58.38% |
| Jun 30, 2023 | 60.77% |
| Mar 31, 2023 | 57.30% |
| Dec 31, 2022 | 57.26% |
| Sep 30, 2022 | 58.27% |
| Jun 30, 2022 | 56.29% |
| Mar 31, 2022 | 56.08% |
| Dec 31, 2021 | 57.83% |
| Sep 30, 2021 | 57.54% |