Keefe Bruyette Cuts PT on Blackstone Secured Lending Fund (BXSL), Maintains Outperform

Photo by Vitaly Taranov connected Unsplash

On April 16, Keefe Bruyette lowered its terms proposal connected Blackstone Secured Lending Fund (NYSE:BXSL) to $26 from $27. It reiterated an Outperform standing connected the stock.

During the Q4 2025 net call, Brad Marshall, Trustee, Chairman, and Co-CEO, said the institution delivered different coagulated quarter. He noted that nett concern income was $0.80 per share, adjacent to an 11.8% annualized instrumentality connected equity. Most of that income came from interest, with lone a tiny information from PIK oregon dividends. He besides said the institution paid a organisation of $0.77 per share. That payout was afloat covered by earnings, with sum astatine 104% of nett concern income per share. In his view, this represented an 11.4% annualized output based connected NAV.

Regarding investments, helium noted that enactment accrued during the quarter. He described Q4 arsenic the firm’s second-most-active backing play since 2021. The portfolio expanded to 316 companies, including 13 caller recognition investments. These were completed astatine an mean loan-to-value of 41% and spreads of astir 500 ground points.

He besides mentioned respective cardinal transactions, including investments successful AmTrust, Mankind, IEM, and Saber Power, on with a co-led woody involving Jefferson, a integer aviation solutions company.

Blackstone Secured Lending Fund (NYSE:BXSL) is an externally managed, non-diversified, closed-end concern company. Its main extremity is to make existent income, with immoderate absorption connected semipermanent superior appreciation. The steadfast invests astatine slightest 80% of its assets successful secured debt.

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