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Blackstone Secured Lending Fund
BXSL is Blackstone's $10B public direct-lending BDC, run by Brad Marshall, focused on senior secured loans to US middle-market companies.
Blackstone Secured Lending Fund
The Blackstone Secured Lending Fund (NYSE: BXSL) launched in 2018 as Blackstone Credit's permanent-capital vehicle for direct lending. Brad Marshall, the Global Head of Blackstone's Private Credit Strategies, serves as CEO, with Jonathan Bock as CFO. The fund operates as an externally managed BDC that draws on Blackstone's $330 billion credit platform to originate and underwrite deals (per Blackstone Q4 2024 earnings). BXSL provides first-lien, floating-rate senior secured loans to middle-market companies, with the vast majority of borrowers backed by private equity sponsors. The portfolio spans enterprise software, healthcare, and insurance services, among other sectors. Representative investments have included loans to Cloudreach, a cloud services platform, and Reveal Data, an AI-powered e-discovery company. Geographic exposure centers on the US, with limited direct exposure to European or Asian credits. As of early 2025, BXSL's portfolio included more than 200 portfolio companies across 30 industries, with an average hold size designed to limit single-name concentration. The fund benefits from Blackstone's centralized credit origination engine, which sources deals through relationships with sponsors and intermediaries. In November 2024, BXSL increased its quarterly base dividend by 9% and declared supplemental distributions, citing robust net investment income driven by elevated base rates (per the firm, November 2024). The structural differentiator for BXSL is its position as a listed permanent-capital vehicle housed within the world's largest alternative asset manager. This architecture allows Blackstone to move beyond the limited-life fund model that dominates private credit, retaining a growing asset base that supports leverage and recurring fee income while giving retail investors access to a strategy historically reserved for institutions.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Brad Marshall
Chief Executive Officer
Jonathan Bock
Chief Financial Officer
Sector focus
Frequently asked questions
What is BXSL's relationship to Blackstone?
BXSL is an externally managed business development company (BDC) advised by Blackstone Credit's private credit strategies group. It is a separate publicly traded entity, not a subsidiary, but its investment decisions and portfolio management are executed by Blackstone investment professionals under the direction of CEO Brad Marshall. The structure gives the manager recurring fee income and gives BXSL access to Blackstone's global origination and underwriting resources.
Does BXSL compete against Blackstone's institutional private credit funds?
No. BXSL invests alongside Blackstone's institutional drawdown funds and other permanent capital vehicles, typically participating in the same originated senior secured loans on a pro-rata basis. The allocation is designed to ensure no conflict, with BXSL receiving its proportionate share of each eligible deal. This co-investment model is standard across Blackstone's credit platform.
What types of loans does BXSL hold?
The portfolio is dominated by first-lien, senior secured floating-rate loans to US middle-market companies. These are typically covenant-lite, broadly syndicated or directly originated instruments with rates tied to SOFR plus a spread. As of late 2024, more than 99% of debt investments were floating rate, a structure that has significantly boosted income during the Federal Reserve's tightening cycle.
How does BXSL manage credit risk?
BXSL relies on Blackstone's centralized underwriting, which includes rigorous due diligence, ongoing monitoring by industry-specific teams, and a portfolio diversified across more than 200 companies and 30 industries. The fund targets seniority in the capital structure, meaning its loans sit at the top of the repayment waterfall. No single investment typically exceeds 1–2% of the portfolio.
Is BXSL affected by the return of private credit CLOs or SMAs?
BXSL is part of Blackstone's broader shift into permanent capital vehicles and separately managed accounts within private credit. While it does not itself issue CLOs, the fund's assets can benefit from the same origination pipeline that fuels Blackstone's multi-billion dollar CLO platform. The BDC structure means its liabilities are mostly fixed-dividend equity and revolving credit facilities, not term securitization.
What is the dividend policy?
BXSL pays a base quarterly dividend supplemented by variable distributions tied to excess income. In November 2024, the base dividend rose to $0.77 per share annually from $0.70 previously, with additional variable supplements approved quarterly. The policy reflects BDC tax rules that require distributing at least 90% of taxable income to shareholders.
Who actually makes the investment decisions?
All investment decisions are made by Blackstone's private credit investment committee under the leadership of Brad Marshall, who serves as BXSL's CEO and as Global Head of Private Credit Strategies at Blackstone. Day-to-day portfolio management is carried out by Blackstone's sector-focused credit teams, with ultimate authority resting with the committee.
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