Focus of Article: The focus of this two-part article is a very detailed analysis comparing Blackstone Secured Lending (BXSL) to some of the company’s business development company (“BDC”) peers (all sector peers I currently fully cover). I am writing this two-part article due to the continued requests that such an analysis be specifically performed on BXSL and some of the company’s BDC peers at periodic intervals. For readers who just want the summarized conclusions/results, I would suggest scrolling down to ...

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][3] - The investment group targets high-yield, dividend growth opportunities, offering portfolios with dividend yields up to 10% [3] - The current market downturn presents buying opportunities for investors who are prepared with available capital [2] Group 2 - The investment research covers various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions [3] - The service aims to help investors achieve dependable monthly income and portfolio diversification [3]

Although many BDCs already have adjusted their dividends to the downside , the current discounts we see in the sector send a clear message that there is more pain on the horizon (including dividend cuts).Roberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital markets. ...

Company Overview - Rubicon Associates is led by a Chartered Financial Analyst with over 20 years of experience in investment management, focusing on fixed income and preferred stock portfolios, as well as asset allocation and macro portfolios [1] - The principal has managed nearly seven billion dollars in credit investments and oversaw research and trading activities in the credit market [1] - The firm has also managed a short-duration fund worth $20 billion and served as Chief Strategist at a wealth management firm [1] Investment Focus - Rubicon Associates has experience analyzing and investing in both public and private companies globally [1] - The firm provides advisory services to institutional clients on fixed income strategies, manager selection, and asset allocation [1] - Rubicon Associates has contributed articles to platforms such as Seeking Alpha, Learn Bonds, and TheStreet.com, in addition to advising both institutional and private investors [1]

Core Insights - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment group emphasizes high-yield, dividend growth investment ideas, targeting dividend yields up to 10% [2] Group 1 - The service offers investment research on various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions [2] - Long-term investors are characterized by their ability to handle volatility, particularly in non-dividend stocks [2] Group 2 - The group aims to help investors achieve dependable monthly income and portfolio diversification [2] - The investment philosophy is geared towards defensive stocks with a medium- to long-term horizon [2]

Core Insights - The article focuses on analyzing Blackstone Secured Lending Fund's (BXSL) recent performance and comparing it with 11 business development company (BDC) peers, highlighting key metrics such as net asset value (NAV), economic return, and net investment income (NII) [1][2][3] Group 1: Performance Metrics - BXSL's NAV per share decreased from $27.15 at the end of Q3 2025 to $26.92 at the end of Q4 2025, reflecting a quarterly decrease of 0.85% due to net unrealized losses in portfolio companies [10] - The economic return for BXSL in Q4 2025 was $0.54 per share or 1.99%, with a trailing 24-month economic return of 24.08%, slightly above the average of its 12 BDC peers [10][11] - BXSL's adjusted NII for Q4 2025 was $0.803 per share, with a stock price to annualized NII ratio of 7.41x, which is below the peer average of 8.97x, indicating a favorable valuation [21][26] Group 2: Investment Portfolio Analysis - As of 12/31/2025, BXSL's investment portfolio consisted of 97% in senior secured first-lien loans and 2% in second-lien loans, with less than 1% in subordinated debt and equity, showing a conservative investment strategy [14][15] - BXSL's fair market value (FMV) versus cost ratio was 0.9874x, slightly below the peer average of 1.0187x, indicating a minor negative trend [16] - The non-accrual percentage for BXSL was 0.6% based on amortized cost and 0.5% based on FMV, both below the peer averages of 2.9% and 1.4%, respectively, suggesting better credit quality [17] Group 3: Market Valuation - BXSL's stock price as of 3/6/2026 was $23.82, trading at a discount of 10.62% to the estimated current NAV of $26.65, which is more attractive than the average discount of 7.42% among peers [26] - The article concludes that BXSL is undervalued based on its current stock price relative to NAV, with a price target set at approximately $32.65 per share [35][39] Group 4: Comparative Analysis - BXSL outperformed many of its BDC peers in terms of adjusted NII per share, non-accrual status, and cumulative realized gains, indicating a strong operational performance [28] - The article highlights BXSL's low management fees of 1.00% of total assets, which positively impacts shareholder returns compared to other externally-managed BDCs [28]

Core Viewpoint - Blackstone Secured Lending Fund (BXSL) is highlighted as a promising investment opportunity due to its resilient earnings and active capital deployment, with a reported net investment income of $0.80 per share for Q4 2025, reflecting an 11.8% annualized return on equity and 104% coverage for its dividend of $0.77 per share [1][6]. Financial Performance - For the full year 2025, BXSL achieved a net return of 9.6%, outperforming the leveraged loan market by 360 basis points [2]. - The fund's low-cost structure and focus on high-quality, first-lien loans have contributed to its durable performance amid market volatility [2]. - Companies in the top 90% of the portfolio experienced a 9% growth in EBITDA over the past twelve months, maintaining interest coverage above two times [2]. Portfolio and Investments - The Net Asset Value per share slightly decreased to $26.92 due to unrealized losses, while non-accruals remained low at 0.5% of fair market value [3]. - The quarter was notably active, with $1 billion in new funding across 13 new credits and 15 add-ons, focusing on sectors like life sciences and AI infrastructure, particularly in AI-protected software verticals such as ERP and data management [3]. - For 2026, BXSL maintains a positive outlook supported by a strong balance sheet and total liquidity of $2.5 billion [3]. Company Overview - Blackstone Secured Lending Fund is a business development company and a Delaware statutory trust established on March 26, 2018, structured as an externally managed, non-diversified closed-end investment fund [4].

Core Insights - Blackstone Secured Lending (BXSL) has experienced a 28% decline in stock price over the past year, resulting in a record dividend yield and a significant discount to net asset value (NAV) per share [1] Group 1: Company Performance - The stock dip of BXSL indicates challenges in the private credit sector, which may affect investor sentiment and future performance [1] Group 2: Market Context - The equity market serves as a mechanism for wealth creation or destruction, with daily price fluctuations having long-term implications [1] - Pacifica Yield is focused on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Viewpoint - Business Development Companies (BDC) are highlighted as a preferred asset class for income-focused investors, particularly for those looking to supplement retirement income through dividends [1]. Group 1 - BDCs are appealing due to their potential for high dividend yields, making them attractive for investors seeking income [1]. - The author emphasizes a long-term investment strategy, focusing on quality over quantity in dividend-paying stocks, including BDCs and REITs [2]. - The goal is to assist lower and middle-class workers in building investment portfolios that generate reliable income through dividends [2].

Core Viewpoint - B. Riley has lowered the price target for Blackstone Secured Lending Fund (BXSL) to $27 from $30 while maintaining a Buy rating on the shares, indicating a cautious outlook due to macroeconomic factors affecting the broader BDC group rather than specific weaknesses in Blackstone Secured's earnings [1] Summary by Category - **Price Target Adjustment** - The price target for BXSL has been reduced to $27 from $30 [1] - **Rating** - B. Riley continues to hold a Buy rating on BXSL shares [1] - **Reason for Adjustment** - The reduction in price target is attributed to macro moderations across the BDC group, not due to any specific earnings weakness of Blackstone Secured [1]