XNYSBXSL
Market cap7.15bUSD
Dec 24, Last price
33.01USD
1D
1.60%
1Q
10.25%
IPO
13.83%
Name
Blackstone Secured Lending Fund
Chart & Performance
Profile
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. On October 26, 2018, the fund elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act). In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company (RIC), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). The fund also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC. The fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective primarily through originated loans, equity and other securities, including syndicated loans, of private U.S. companies, specifically small and middle market companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities.
Valuation
Title USD in thousands, except ratios and share amounts | FY | FY | FY | FY | FY | FY |
---|---|---|---|---|---|---|
2023‑12 | 2022‑12 | 2021‑12 | 2020‑12 | 2019‑12 | 2018‑12 | |
Income | ||||||
Revenues | 1,143,517 194.87% | 387,804 -18.07% | 473,345 21.64% | |||
Cost of revenue | 206,397 | 165,076 | 153,058 | |||
Unusual Expense (Income) | ||||||
NOPBT | 937,120 | 222,728 | 320,287 | |||
NOPBT Margin | 81.95% | 57.43% | 67.66% | |||
Operating Taxes | 16,795 | 1,386 | 2,438 | |||
Tax Rate | 1.79% | 0.62% | 0.76% | |||
NOPAT | 920,325 | 221,342 | 317,849 | |||
Net income | 611,951 51.26% | 404,556 -12.13% | 460,422 110.59% | |||
Dividends | (437,966) | (423,441) | (253,776) | |||
Dividend yield | 9.45% | 11.41% | 5.17% | |||
Proceeds from repurchase of equity | 665,260 | (264,624) | 981,102 | |||
BB yield | -14.36% | 7.13% | -19.97% | |||
Debt | ||||||
Debt current | 5,527,715 | 5,498,633 | ||||
Long-term debt | 4,911,930 | 5,527,715 | 5,498,633 | |||
Deferred revenue | 5,750,029 | 5,730,062 | ||||
Other long-term liabilities | (5,365,935) | (5,498,633) | ||||
Net debt | (5,111,367) | 1,306,910 | 1,039,008 | |||
Cash flow | ||||||
Cash from operating activities | 458,815 | 672,948 | (3,828,514) | |||
CAPEX | ||||||
Cash from investing activities | (178,069) | 212,408 | (4,089,908) | |||
Cash from financing activities | (432,161) | (648,179) | 3,713,400 | |||
FCF | 6,068,683 | 217,357 | (5,095,493) | |||
Balance | ||||||
Cash | 154,857 | 131,272 | 102,879 | |||
Long term investments | 9,868,440 | 9,617,248 | 9,855,379 | |||
Excess cash | 9,966,121 | 9,729,130 | 9,934,591 | |||
Stockholders' equity | 250,214 | 9,806,955 | 10,247,772 | |||
Invested Capital | 9,875,838 | 11,295,829 | 5,807,936 | |||
ROIC | 8.69% | 2.59% | 7.68% | |||
ROCE | 9.25% | 1.46% | 2.06% | |||
EV | ||||||
Common stock shares outstanding | 167,615 | 166,073 | 144,510 | |||
Price | 27.64 23.67% | 22.35 -34.26% | 34.00 | |||
Market cap | 4,632,891 24.82% | 3,711,730 -24.46% | 4,913,344 | |||
EV | (478,476) | 10,540,776 | 11,550,291 | |||
EBITDA | 937,120 | 301,792 | 152,761 | |||
EV/EBITDA | 34.93 | 75.61 | ||||
Interest | 246,642 | 196,290 | 114,116 | |||
Interest/NOPBT | 26.32% | 88.13% | 35.63% |