Blackstone Secured Lending Fund
bxsl.comWhat Do They Do?
Invests in secured loans to private U.S. companies, along with other debt and equity securities.
10-K for FY2025, filed Feb 25, 2026
How Do They Make Money?
Earns interest on debt investments, dividends from portfolio companies, and loan-related fees. Principal and any accrued unpaid interest generally come due at maturity, though some loans repay on a schedule or early.
10-K for FY2025, filed Feb 25, 2026We generate revenues in the form of interest income from the debt securities we hold and dividends. Our debt investments typically have a…View ↗
In addition, we generate revenue from various fees in the ordinary course of business such as in the form of commitment, loan origination…View ↗
Dividend IncomeView ↗
$756M
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10-K for FY2025, filed Feb 25, 2026
$756M ↗
Who Are Their Customers?
Its borrowers are private U.S. companies, including larger and middle-market businesses. The fund sources loans directly and through syndicate or club deals, and may also buy securities in the secondary market.
10-K for FY2025, filed Feb 25, 2026
Do Revenues Turn Into Profits?
Yes. It kept 75 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 25, 2026
$563.5MView ↗
How Are They Changing?
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Jul 24, 2026
Co-chief executive Jonathan Bock resigned
The filing said his departure was not tied to disagreement over the fund’s operations, policies or practices.
Sources
8-K, filed Jul 24, 2026
On July 20, 2026, Jonathan Bock resigned from his role as Blackstone Secured Lending Fund’s (the “Fund”) Co-Chief Executive Officer.View ↗
Growing. Revenue grew 2.1x in 4 years, from $354.1M in FY2021 to $756M in FY2025, about 21% a year.
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