Fundamental analysis: Blackstone Secured Lending Fund (BXSL)

Awarener score: 6.5

Conclusion

The higher the Awarener score, the more bang you get for the buck. It measures how much genuine funds the company generates for the stock price paid (Lacking), the business stability (unknown) and growth (Excellent), and the company's inclination to return cash to the stockholders (Excellent).

Note: All scores range from 1 (worst) to 10 (best). Conclusions are updated daily with closing stock prices and new reported quarterly financial statements.

Revenue score: 9.0

Business has been growing at an excellent pace. It's been more than average in relation to peer companies.
Blackstone Secured Lending Fund business stability could not be estimated, due to insufficient input data. It looks we cannot compare it to rivals.

Margins score: 10.0

BXSL profit margins -on goods and services sold- are usually huge. They stand better than most rival companies.
Business profit on sales tends to be huge. It's top tier when measured against competitors.
Profits on sales made -available to repay debt and purchase properties- are usually huge. They remain in good shape compared to peers.
Earnings -before income taxes and interests on loans taken- tend to be huge in relation to total revenues. They're still well ranked against similar companies.
Profits -before income taxes- are usually huge considering total sales, and remain more than average in relation to rivals.
Total net profit tends to be huge when confronted to sales. Company stands similar to comparable firms.

Growth score: 7.0

Blackstone Secured Lending Fund profit -on goods and services sold- has been growing at an excellent pace. It's been in good shape compared to competitors.
In recent years, earnings -on operations- have been growing at an excellent step, which has been somewhat better than comparable firms.
Profits -available to repay debt and purchase properties- have been growing at an extremely fast pace, which compares great when measured against peer enterprises.
Earnings -before income taxes and interests on loans taken- have been growing at an extremely fast tempo. It turns to be excellent in relation to similar stocks.
In past years, profits -before income taxes- grew at an excellent speed. It was well ranked against rivals.
In the previous years, the firm had at least a total net loss, and last-in-rank when measured against peer companies.
The company lost money at least once in the past years. It's been a disappointment compared to industry peers.

Miscellaneous score: 2.0

BXSL had to pay too much income taxes in relation to profits made in the past years. It's been worse than most peers.
The company does not report R&D expenses. It's meaningless to measure in relation to competitors.
We have insufficient data to estimate how effective is research and development effort. It stands unknown against rival companies.

Profitability score: 6.5

Blackstone Secured Lending Fund usually gets good returns on the resources it controls. It proves below average when measured against peer firms.
The company normally gets sufficient proceeds -on the resources directly invested in the business-. They remain in a weak position compared to similar companies.
There's usually some profitability -in relation to owned resources-. It ranks weak when measured against competitors.
In the past, got good returns -on the tangible resources it controls-. This metric is usually related to the industry in which operates and combines profitability versus reinvestment needs. It's below average when measured against comparable enterprises.

Usage of Funds score: 4.4

BXSL on average doesn't generate genuine funds, so to buy or replace property, plants and equipment must either burn existing cash or increase debt. It stands below average when measured against rival firms.
The company is usually not replacing property, plant, and equipment that gets old, instead using funds in something else. It can't keep forever, which is last-in-rank when measured against industry peers.
In the past twelve months it paid outstanding dividends, considering the current stock price. It came well ranked against competitors.
Has greatly increased dividend payments in the past years. Business prospects are most likely good. The company has behaved excellent in relation to similar firms.
The company generates very few genuine funds. Dividend payments are usually on borrowed money, which isn't sustainable in the long run. Unless business prospects improve greatly, future payments could be at risk. Sustainability looks bottom tier against comparable companies.
The company usually neither enlarges nor reduces the pool of investors, resulting in approximately the same mouths feeding on the pie of profits. It remains a slight improvement compared to peer enterprises.
Repurchase effectiveness metric is very complex. Run again in analytical mode if you're interested in a technical explanation. It stands lacking compared to rivals.
The company generates very few genuine funds. Investor rewards must be paid burning existing cash or by borrowing money, which isn't sustainable in the long run. Unless business prospects improve greatly, stockholder compensation could be at risk. It still looks last-in-rank when measured against competitors.

Balance Sheet score: 4.9

Blackstone Secured Lending Fund has no intangible assets (like brands and goodwill) according to accounting books, which is safest. It happens to be top tier when measured against peer companies.
The company has more short-term resources than short-term obligations. Liquidity concerns shouldn't be an issue. It turns to be lacking compared to similar firms.
A substantial part of resources controlled were provided for with financial debt. Creditors have as many claims on the company as shareholders. The situation is somewhat risky. It remains worse than most rival firms.
Controlled resources take time to be turned into cash and equivalents, which is somewhat risky. It looks almost average when measured against rivals.
For every dollar of short-term obligations, the company has more than enough dollars in cash and short-term receivables. It's lacking compared to peer firms.
For every dollar of short-term obligations, the company has roughly another of cash and equivalents, which is somewhat worse than similar enterprises.
Usually, sales are on somewhat more than three months credit. It still ranks substantially worse when measured against peers.
Days of inventory outstanding are not known. It comes up as a big question mark against competitors.
We could not gauge the normal operating cycle of the company. It happens to be a mystery against peers.
Unfortunately, we had not enough data to estimate the days of payables outstanding. It ranks unknown against industry peers.
Cash conversion cycle remains unknown, due to not having enough inputs. It's incomparable against similar companies.
Company earns net interest income on its investments and therefore is in a quite comfortable financial position. It stands top-notch against rival firms.
Business earnings have usually been extremely low when measured against loans taken. Even severely cutting back reinvesting in the business, it could take more than twenty years to repay the obligations. Additional stockholders' funding may be a quicker way, but at the cost of increasing the mouths to feed on the eventual pie of profits. It ranks substantially worse when measured against comparable enterprises.
Fixed assets turnover remains undisclosed. It looks we cannot relate it to similar firms.
Resources exploitation is virtually zero, as the firm hardly reports any sales. It's still mediocre against peer companies.

Valuation score: 4.9

Blackstone Secured Lending Fund reported losses, so valuating it in relation to earnings is meaningless. It happens to be last-in-rank when measured against competitors.
Price-to-Tangible-Book-Value is a fairly complex metric. Run again in analytical mode if you're interested in a technical explanation. It remains close to average when compared to peers.
In the past twelve months, the company generated some good free funds in relation to the stock price, which stands slightly better than similar companies.
The company usually consumes more funds than can genuinely generate. Business needs are meet by borrowing money or consuming preexistent cash, which can only keep up until a certain limit. Unless the company is driving business growth, genuine profitability may be brought into question. It's still substantially worse when measured against industry firms.
In the past twelve months, the company has rewarded investors, considering both dividends and share on the pie of earnings. It came up in good shape compared to peer ventures.
The company is largely indebted. It should focus on loan repayment before rewarding stockholders. It looks worse than most similar enterprises.
Considering the past twelve months, traditional Price-to-Earnings relation has been negative, as the company lost money. It ranks last-in-rank when measured against peer companies.
Comparing the current stock price with the past twelve-months revenues gives a very large relationship. The stock price might rely more on expectations and resources controlled than on anything else. It looks in a weak position compared to rival firms.
The relation between the stock price and accounting book value might be more than reasonable. It's important both to check this metric through time and to compare it with rival companies. The company remains slightly better than peer firms.
In the past twelve months, the operating business earned little money when compared to the current stock price and financial position. It happens to be weak when measured against industry peers.
In an alternate metric of bang for the buck, the company has usually shown a modest earnings power ability when measured against the current stock price and financial position. It's still in a weak position compared to peer companies.

Total score: 6.1

Company at a glance: Blackstone Secured Lending Fund (BXSL)

Sector, industry: Financial Services, Asset Management

Market Cap: 4.12 billions

Revenues TTM: 0.39 billions

Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act). In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company (RIC), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). The fund also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC. The fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective primarily through originated loans, equity and other securities, including syndicated loans, of private U.S. companies, specifically small and middle market companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities.