Blackstone Secured Lending Fund financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Blackstone Secured Lending Fund files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Interest expense	65.9	120	204	266	326	382
Interest income	48.9	60.9	4.9	19.3	4.7	24.4
Net income	219	460	405	612	694	563
EPS, basic	2.29	3.19	2.44	3.65	3.45	2.46
EPS, diluted	2.29	3.19	2.44	3.65	3.45	2.46
Shares, basic (weighted)	95.3	145	166	168	201	229
Shares, diluted (weighted)	95.3	145	166	168	201	229
Dividend per share	2,300.00	2.03	2.91	2.94	3.08	3.08

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	218	103	131	155	230	290
Total assets		10,178	9,909	10,135	13,472	14,656
Total liabilities		5,730	5,750	5,183	7,396	8,411
Total debt		5,499	5,528	4,912	7,056	8,080
Paid-in capital		4,245	4,033	4,702	5,750	6,048
Retained earnings		200	126	250	327	197
Shareholders' equity	3,268	4,447	4,159	4,952	6,077	6,245
Total equity	3,268	4,447	4,159	4,952	6,077	6,245
Total liabilities and equity		10,178	9,909	10,135	13,472	14,656
Shares outstanding	130	169	160	186	222	232

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	219	460	405	612	694	563
Cash from operations	-2,320	-3,829	673	459	-2,526	-459
Debt issued	2,992	5,779	921	1,440	3,616	2,844
Debt repaid	-1,948	-2,780	-877	-2,091	-1,451	-1,923
Stock issued	1,583	981	0	665	1,037	295
Share buybacks	0	0	-263	0	0
Dividends paid	-145	-254	-423	-438	-583	-678
Cash from financing	2,473	3,713	-648	-432	2,602	531
Net change in cash	152	-115	24.8	26.7	75.8	72
Interest paid	51.9	94.6	182	256	297	353

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $24.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-18.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-28.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-73.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	13.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	19.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.27x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	54.7%	Total debt / total assets.
Liabilities / assets	56.9%	Total liabilities / total assets.
Net debt	$7.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$5.94B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$0.64	Cash from operations / diluted weighted shares.
Book value per share	$25.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.53	Tangible book value / shares outstanding.
Cash per share	$1.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	232.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.75B	Share price x shares outstanding.
Enterprise value	$13.01B	Market cap + total debt - cash - short-term investments.
P/E	19.6x	Market cap / net income. Only when net income is positive.
P/B	0.97x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.97x	Market cap / tangible book value, when positive.
P/OCF	38.8x	Market cap / cash from operations, when positive.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	11.9%	Dividends paid over the period / market cap.
Shareholder yield	11.9%	(Dividends paid + share buybacks) / market cap.
PEG	71.9x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was Blackstone Secured Lending Fund profitable in fiscal 2025?

Yes. Net income was $563.5M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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