Stock fact sheet · data as of
Blackstone Secured Lending Fund (BXSL): fair value, margin of safety and Wheel Score
Ticker symbol BXSL · Financial Services · Asset Management · United States · Shares of beneficial interest (trust) · Fund / Note
BXSL trades as shares of beneficial interest in Blackstone Secured Lending Fund - a trust rather than a company.
Is BXSL undervalued?
BXSL has a margin of safety of 58%: the stock closed at 23.92 on 5 Nov 2026 against a GLS average fair value of 56.37. 5 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between Lynch (5.05) and DCF (230.57). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
BXSL looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for BXSL
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 230.57 | +864% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 26.80 | +12% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 20.35 | -15% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 5.05 | -79% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 6.87 | -71% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 91.91 | +284% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 66.45 | +178% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 45.32 | +89% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 14.01 | -41% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -34.41 | -244% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 25.50 | +7% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Blackstone Secured Lending Fund scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. There is no GLS Moat score for BXSL: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC 3.9%, ROE 9.0%, ROA 3.8% - with debt at 1.29 times equity and a free-cash-flow yield of 19.0%.
The dividend yield is high at 12.88% (payout ratio 233%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 5/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 3.9% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 9.0% |
| Debt / equity | 1.29 | ROA | 3.8% |
| Free-cash-flow yield | 19.0% | Payout ratio | 233% |
| Institutions | 5 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 35: Weak
With a Wheel Score of 35 Blackstone Secured Lending Fund sits in the Weak band. It fails filter 2, a real business, not a gamble - a fund or note, not a company; and filter 7, a premium worth selling - implied volatility 24% (under 25%); Moat (weak) is its weakest part.
Implied volatility on the near-the-money contracts is 24%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. Chain open interest is 30,957 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 3.6M shares a day on a market cap of $5.6B, with a beta of 0.44 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 24% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 58% below fair value | |
| Premium | Weak | implied volatility 24% | |
| Moat | Weak | no moat score | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Fair | 1,534 contracts a day, 30,957 open interest | |
| Stability | Good | beta 0.44, $5.6B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BXSL in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Blackstone Secured Lending Fund by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| MGR Affiliated Managers Group, Inc. | 18.86 | 188.27 | +90% | 36No options | $5.6B |
| CGABL The Carlyle Group Inc. 4.625% Subordinated Notes due 2061 | 15.40 | 15.02 | -3% | 14No options | $5.5B |
| EADOX Eaton Vance Emerging Markets Debt Opportunities - Class A | 8.49 | 7.36 | -15% | 10No options | $5.7B |
| VNYTX Vanguard New York Long-Term Tax-Exempt Fund Investor Shares | 10.57 | 5.96 | -77% | 12No options | $5.7B |
| MAIN Main Street Capital Corporation | 57.62 | 94.56 | +39% | 34Weak | $5.4B |
| FIVLX Fidelity International Value Fund | 15.27 | 5.61 | -172% | 12No options | $5.4B |
| TILHX Nuveen Large Cap Growth Fund I | 28.90 | 23.10 | -25% | 12No options | $5.4B |
| OBDC Blue Owl Capital Corporation | 10.76 | 34.88 | +69% | 84Good | $5.3B |
| HLNE Hamilton Lane Incorporated | 94.99 | 143.57 | +34% | 54Fair | $5.3B |
| JANIX Janus Henderson Triton Fund Class D | 28.81 | 45.34 | +36% | 30No options | $5.3B |
| HASI HA Sustainable Infrastructure Capital, Inc. | 40.38 | 27.99 | -44% | 35Weak | $5.2B |
| STEP StepStone Group Inc. | 46.40 | 22.22 | -109% | 27Weak | $6.0B |
⚖ Compare BXSL with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BXSL
Is BXSL undervalued right now?
By the GLS models, yes: at 23.92 the stock is 58% below the average fair value of 56.37 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BXSL and what does it mean?
BXSL scores 35 out of 100 (Weak) - it fails Wheel Trade Filters 2, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BXSL?
56.37 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Blackstone Secured Lending Fund report earnings next?
No upcoming earnings date is recorded for BXSL in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does BXSL have listed options, and how liquid are they?
Yes. The nightly snapshot found 98 listed contracts with 30,957 open interest across all expiries and implied volatility of 24% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.