Blackstone Secured Lending

BXSL

Market cap $6.38B

Blackstone Secured Lending saw net investment income per share beat consensus by 4 cents to provide 106% coverage for the quarterly base dividend. The BDC reported NAV per share that took a hit from net realized and unrealized losses to come in at $27.15 per share. BXSL's dividend yield is elevated versus its historical trendline, with the Fed set to be more hawkish on rate cuts beyond the pending December cut.

Blackstone Secured Lending is my top BDC pick for 2026, as the BDC out-performs Ares Capital in LTM portfolio growth, balance sheet quality, and dividend coverage. BXSL boasts the lowest non-accrual percentage in the BDC sector and has a portfolio heavily weighted towards high-quality first lien loans, supporting dividend stability. Blackstone Secured Lending benefited from a rebound in the dividend coverage ratio in Q3'25 amid strong portfolio growth and new originations in the third-quarter.

There is a major market disconnect in which there are blue-chip dividend payers offering 11%+ yields right now, despite posting strong fundamentals. I discuss why the market is bearish on these stocks and why I think the fears are overblown. I also share two high-yield stocks that I think are attractive buys at current pricing.

Blackstone Secured Lending and Morgan Stanley Direct Lending offer 11%+ yields and robust first lien loan portfolios for income investors. Both BXSL and MSDL maintain high dividend safety, strong portfolio diversification, and stable net investment income supporting reliable payouts. MSDL trades at a significant 20% discount to book value versus BXSL's 2.5%, making MSDL more attractive for value and yield.

Blackstone Secured Lending and Oaktree Specialty Lending have pulled back sharply. I compare them side by side. I share why I prefer BXSL over OCSL, and what it would take for me to buy them.

Blackstone Secured Lending Fund reported a strong Q3 with increased investment activity and solid fundamentals, trading at a slight discount to NAV. BXSL's portfolio remains defensively positioned with 97.5% first-lien loans and low non-accruals, but net asset value declined slightly due to unrealized losses. Despite robust credit quality, macro uncertainty and potential rate cuts could pressure BXSL's dividend coverage and share price in the coming months.

3 dividend stocks with attractive dividend yields, high-quality business models and management teams, and very strong growth potential have pulled back lately. I look at the risks that have prompted the market to beat them down aggressively. I also detail why I think the risks are overblown, and these stocks are compelling buys on the dip.

The Fed's dovishness has been the key driver for the BDC sell-off. The idea is that lower interest rates should lead to lower dividends (i.e., BDCs cutting their dividend across the board). While it is a process that takes time, the current data show that many BDCs are well-positioned to safeguard their existing dividends.

Of 35 November Dividend Power Dogs, 12 are recommended for "safer" dividends, with free-cash-flow-yields exceeding dividend-yields, and returns from $1,000 invested equaling-or-exceeding share-price, making them ideal buys. Analyst forecasts project average net gains of 36.78% for the top ten DiviPower stocks by November 2026, with strong upside potential in select financials. Caution is advised for stocks with negative free cash flow margins, as 18 of 35 are considered cash-poor and riskier for dividend sustainability.

Blackstone Secured Lending is upgraded to a 'buy' due to its attractive valuation and defensive first-lien debt portfolio. BXSL's net investment income and yield are under pressure from falling interest rates, but even in light of a slight dividend cut, the yield would still be attractive. BXSL boasts industry-leading non-accrual ratios and improved portfolio company fundamentals, supporting its resilience despite a challenging credit environment.