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The Screen · Financials · Asset Management
Blackstone Secured Lending Fund
BXSL · the NYSE · USD · Market cap $5.7B
Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund.
FAIL · Does not pass the screen
24.63 USD
Screen close, 2026-09-29 · not a live quote Last reviewed 6 days ago
Screened 2026-09-29 · the tape above runs as of 13:03 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 24.63 against the desk's fair-value range, base estimate 26.00, over the last year.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price24.63 USD
Fair value26.00
Ethical score30.0/100
Our investment reviews on this name
2026-10-02Read Markdown24.63+0.0% to today
2026-08-24Read Markup24.15+2.0% to today ✓
2026-07-02Read Distribution23.85+3.3% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Blackstone Secured Lending Fund holds its Markdown at $24.63. The statistical read favours the sellers, held for 314 days.
As held on the ledger · 2026-09-29
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 314 days
Price at the screen
$24.63
Valuation
19.39 trailing · 9.55 forward price to earnings
Values screen
FAIL· score 30.0
Beta
0.43
The Workings
Five Screens, Shown in Full
Does not pass. Excluded industry: Asset Management
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Excluded industry: Asset Management
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Blackstone Secured Lending Fund does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-29 screen. The gold marker is the market price at the same screen. A 5.6% margin of safety to the base estimate.
Third-party analyst targets: 11 covering, consensus None. The average target sits +2% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-29 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Blackstone fund fails our ethical screen outright
Picture a pension cheque landing in a retiree account and you will find layers of asset managers taking fees along the way. Blackstone Secured Lending Fund is one of those layers, an externally managed business development company that sits squarely inside an excluded industry. That single fact ends the conversation before price or yield ever enters it.
The numbers do not change the verdict. Revenue is already falling nine percent, return on equity sits at just seven percent, and the moat is rated weak. A forward multiple of 9.3 times looks inexpensive only until you remember peak-cycle earnings in lending vehicles can compress fast when credit conditions tighten.
Ethical screens exist to keep us out of entire sectors regardless of short-term value. This is exactly what the screen is for. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BXSL trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$24.63+2.0%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (10 analysts) rates it hold, with a mean price target of $25.
2026-08-24Markup · changed$24.15+1.4%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 1.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (10 analysts) rates it hold, with a mean price target of $25.
2026-07-24Distribution$23.82-0.1%Entry 4
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (10 analysts) rates it hold, with a mean price target of $25.
2026-07-18Distribution$23.85+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 16%. Our forward projection puts the odds of a 10% gain over the next month near 8%. The street (10 analysts) rates it hold, with a mean price target of $25.
2026-07-03Distribution$23.85+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$23.85Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.