Blackstone Secured Lending's NAV and Dividend Analysis Versus 11 BDC Peers

Blackstone Secured Lending's (BXSL) recent results are analyzed and compared to 11 business development company (BDC) peers. Table 1 compares BXSL's NAV economic return (loss), adjusted net investment income, stock price to annualized NII ratio, and percentage of total investment income attributable to capitalized PIK/deferred interest income to the 11 BDC peers. Table 2 compares BXSL's investment portfolio to the 11 BDC peers. BXSL's investment portfolio and operating performance are examined to determine if the company is overvalued or undervalued. The analysis is a starting point for further discussion on BXSL and its BDC peers.