Zacks Investment ResearchT3·1mo ago
BXSL Blackstone Secured Lending Fund
XNYS 23.37 DelayedStock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
BXSL
$23.37
—
Key stats
$23.37
- 52-Week Range
- $22.47 – $28.59
- YTD
- -12.08%
- IV Rank (30D)
- 31.99
- Straddle Price
- $1.25
- P/C Vol Ratio
- 1.16
- Market Cap
- $5.5B
- Open
- $23.70
- Day Range
- $23.37 – $23.70
- Volume
- 1,600,850
- Prev Close
- $23.61
Fair Value
MODEL: LONG
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 5.15% |
| Beta vs SPY | 0.63 |
| Cost of Equity (CAPM) | 8.31% (VRP-adj) |
| WACC | 8.33% |
| Volatility Risk Premium | +52.0pp (IV − HV30) |
| Effective Tax Rate | 21.0% |
| Rev. Growth (YoY, DCF input) | +3.0% |
| DCF Horizon | 5 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.03 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.1B |
| Return on Equity (TTM) | 4.9% |
| Book / Price | 107.5% — banking bias active (P/B is primary) |
| Quality Score | 0/6 — cyclical/struggling (5y DCF) |
| Market-Implied Growth | +20.7% (reverse-DCF on current price) |
| SMA 50 | $24.38 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $23.91 |
| Bollinger Width / SMA20 | 27.4% (drives anchor stability) |
| Net Debt | $0.0B |
| Market Cap | $6B |
Peers used for multiples: APO, ARCC, GBDC, HTGC, MAIN, OBDC, TSLX
(filtered from 8 ETF-co-members; sector bias active)
60-Day Conviction
37%
20-Day Fair Value
≈ by Nov 20, 2026
$23.49
α +0.5%
rank 45%
conviction
35%
40-Day Fair Value
≈ by Dec 21, 2026
$23.71
α +1.5%
rank 49%
conviction
47%
60-Day Fair Value
≈ by Jan 19, 2027
$23.61
α +1.0%
rank 57%
conviction
37%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $11.30 | 0% | |
| DDM (Gordon) | $59.79 | 26% | |
| Peer P/E | $22.00 | 8% | median 16.9× · 7 peers |
| Peer EV/EBITDA | $42.52 | 10% | median 31.8× · 6 peers |
| Peer P/B | $26.13 | 13% | median 1.0× · 7 peers |
| Peer P/S | $20.86 | 13% | median 5.1× · 7 peers |
| Market Anchor (SMA50) | $24.38 | 8% | stability 13% (BB-width) |
| Options Expected (B-L 30d) | $22.82 | 23% | 14 strikes · skew -0.77 |
As of 2026-10-22 · updated
About
- Exchange
- XNYS
- Market Cap
- $5.5B
- List Date
- 2021-10-28
- CIK
- 0001736035
- Next Earnings
- 2026-11-04 (Pre-Market)
- EPS Forecast
- $0.67 (4 est.)
- Headquarters
- New York, NY
- Homepage
- https://www.bxsl.com
Blackstone Secured Lending Fund is a non-diversified, closed-end management investment company. The investment objectives of the company are to generate current income and, to a lesser extent, long-term capital appreciation. The company seeks to achieve its investment objectives by investing in originated loans and other securities, including syndicated loans of private U.S. companies, typically in the form of first lien senior secured and unitranche loans, unsecured and subordinated loans, and other securities. The company operates as a single reportable segment and derives revenues from inve…
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -- | -7.66% | 10.07% | 2.66% | 3.29% | -3.46% | 0.98% |
| Feb | -- | -3.70% | 4.52% | 4.08% | -0.03% | -4.86% | 0.00% |
| Mar | -- | -3.13% | -3.63% | 5.06% | -3.43% | -2.07% | -1.44% |
| Apr | -- | -3.84% | 4.45% | 2.92% | -10.51% | 6.30% | -0.14% |
| May | -- | -7.49% | -1.80% | -2.12% | 9.86% | -4.85% | -1.28% |
| Jun | -- | -4.72% | 6.58% | -2.79% | -2.94% | -0.79% | -0.93% |
| Jul | -- | -3.53% | 5.06% | 0.46% | 2.40% | -3.37% | 0.20% |
| Aug | -- | -0.79% | -1.70% | -0.40% | -3.91% | 6.20% | -0.12% |
| Sep | -- | -3.85% | -2.43% | -2.17% | -11.90% | -2.84% | -4.64% |
| Oct | 4.96% | -1.98% | 2.97% | 6.43% | 1.69% | -2.30%* | 1.96% |
| Nov | 8.07% | 2.48% | 2.79% | 6.51% | 4.43% | -- | 4.86% |
| Dec | 9.61% | -6.05% | -2.23% | 1.25% | -4.64% | -- | -0.41% |
| Total | 24.33% | -36.59% | 26.38% | 23.51% | -16.47% | -12.08% | 1.51% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $23.91
SMA 50: $24.38
SMA 200: $24.24
Current: $23.37
EMA 12: $23.76
EMA 26: $23.98
MACD: -0.2224 | Signal: -0.0308
BEARISH
ADX (14): 15.62
RANGE
+DI: 19.42
−DI: 23.95
Momentum Oscillators
RSI (14): 38.70
NEUTRAL
Stoch %K: 25.97
Stoch %D: 34.64
Williams %R: -83.94
Volume & Volatility
BB Upper: $24.69
BB Lower: $23.13
NEUTRAL
OBV: -115,145,540
Vol SMA 20: 1,585,153
Vol ROC: -31.70%
ATR: $0.43
True Range: $0.33
HV 20: 18.8%
HV 30: 18.1%
HV 60: 18.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
BXSL Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with 6/10 confidence level
BXSL presents a conflicted technical and sentiment picture typical of a business development company (BDC) in a sideways market environment. The stock is trading below its 20, 50, and 200-day moving averages with bearish MACD momentum, yet maintains low systematic risk (beta 0.51) and neutral oscillator readings that suggest neither imminent collapse nor breakout. The recent news headlines reflect investor interest in BDC dividend strategies but lack catalysts specific to BXSL's operational performance.
Key Drivers: Dividend yield appeal (evidenced by passive income-focused headlines), BDC sector rotation dynamics, NAV relative valuation versus peers, and upcoming earnings on 2026-11-09.
Primary Risks: Weak technical trend strength (ADX 20.91), negative MACD histogram (-0.14), elevated implied volatility premium (34.6% above realized), and conflicting put/call signals.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): BEARISH
Price at $23.86 is trading 2.1% below the SMA 20 ($24.35) and below all three major moving averages (SMA 50: $24.41, SMA 200: $24.37). The EMA 12 ($24.00) has not yet crossed below EMA 26 ($24.22), but the downtrend is consolidating. ADX at 20.91 indicates a weak trend regime, meaning the downward pressure lacks conviction.
Medium-term (1-3 months): NEUTRAL
All moving averages are tightly clustered within a $0.16 range ($24.37–$24.41), indicating consolidation rather than directional clarity. The stock has been mean-reverting within this band.
Long-term (3-12 months): NEUTRAL TO SLIGHTLY BULLISH
The stock's proximity to its 200-day SMA ($24.37) suggests it has not broken a major uptrend. However, without upside momentum, continuation above resistance is uncertain.
Support/Resistance Levels
| Level | Type | Distance | Strength | |-------|------|----------|----------| | $23.27 | Support (Lower Bollinger Band) | -2.5% | Moderate | | $23.86 | Current Price | — | — | | $24.35 | Resistance (SMA 20 / Middle BB) | +2.1% | Strong | | $24.41 | Resistance (SMA 50) | +2.3% | Strong | | $25.43 | Resistance (Upper Bollinger Band) | +6.6% | Moderate |
Critical Support Zone: $23.27–$23.50 (lower Bollinger Band + psychological support). A break below would signal acceleration of selling pressure.
Resistance Zone: $24.35–$24.41 (convergence of SMA 20 and SMA 50). A sustained break above this zone could trigger mean-reversion buying.
Momentum Signals
RSI (14): 43.56 — NEUTRAL
The RSI is comfortably in the middle of its neutral range (30–70), indicating no overbought or oversold extremes. This suggests the market has not exhausted either buyers or sellers.
MACD Signal — BEARISH
- MACD line: -0.22
- Signal line: -0.08
- Histogram: -0.14 (negative)
The MACD is trading below its signal line with a negative histogram, indicating bearish momentum. However, the values are clustered near zero, suggesting weak conviction. A crossover back above -0.08 could quickly flip this to bullish.
Stochastic Oscillator — OVERSOLD SETUP
- %K: 33.60
- %D: 20.97
The Stochastic %D at 20.97 has dipped into oversold territory (<30), while %K is already above it. This configuration typically precedes a bounce or mean reversion move within a range-bound environment. However, with weak trend strength (ADX 20.91), the bounce may be limited in scope.
Williams %R: -63.59 — NEUTRAL
Positioned between -50 and -80, this suggests the stock is trading in the lower half of its recent range but not at extreme pessimism.
Bollinger Bands — NEUTRAL SQUEEZE
- Width: 8.88% (relative to price)
- Position: Price near middle band ($24.35)
- Signal: Neutral
The Bollinger Bands are neither squeezed (suggesting low volatility compression potential) nor widely expanded (suggesting no breakout setup). The stock is coiled but not ready to spring.
Volume Analysis
Volume Rate of Change: +5.95% — Recent volume is modestly elevated versus the 20-day average (1,537,240.65), suggesting some institutional interest is emerging, though not at climactic levels.
On-Balance Volume (OBV): -104,675,080.30 — The large negative OBV reading indicates that selling volume has accumulated over the measurement period, a potential headwind for upside momentum. However, OBV is a cumulative indicator and should be evaluated in the context of recent trend direction.
Volume Interpretation:
Modest volume increase (+5.95%) paired with negative OBV suggests that while selling pressure persists, it is not overwhelming. The lack of panic volume or institutional buying surges indicates neither a capitulation bottom nor a strong accumulation phase.
News & Sentiment Analysis
Recent Headlines Summary
The 10 most recent headlines reflect the following themes:
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BDC Sector Rotation (2026-09-16 to 2024-06-18): Multiple articles focus on yield strategies, BDC peer comparison, and dividend income optimization. This suggests investor focus on BXSL's role in passive income portfolios.
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Peer Comparison Focus (2024-06-19): The Seeking Alpha article specifically compares Ares Capital's NAV and valuation against 14 BDC peers, including BXSL. This positions BXSL as a relevant peer in the institutional BDC comparison set.
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Dividend Appeal (2025-03-30, 2026-04-29, 2024-06-18): Headlines emphasize high-yield sectors and passive income generation, directly targeting the BDC dividend narrative that attracts BXSL's core investor base.
-
Sector Comparison (2024-06-23): "Very Overrated And Very Underrated High Yield Sectors" suggests ongoing debate about BDC valuations relative to alternatives.
-
Unrelated Headline (2026-09-16): The WhiteHorse (WHF) article is a false positive—not relevant to BXSL—and reflects data contamination in the news feed.
Sentiment Assessment
Aggregate Sentiment: NEUTRAL with POSITIVE undertones
- Positive Headlines: 2 (BDCs offering yield, passive income opportunities)
- Neutral Headlines: 3 (peer comparisons, sector analysis)
- Negative Headlines: 1 (unrelated WHF article, flagged as data contamination)
- Relevant to BXSL: 9 of 10 headlines
The sentiment leans modestly positive within the context of BDC dividend investing, but lacks company-specific catalysts (e.g., BXSL operational achievements, investment portfolio performance, or management commentary).
Catalyst Identification
Time-Sensitive Catalysts:
-
Earnings Release: 2026-11-09 (79 days out)
- This is the primary near-term catalyst. BDC earnings typically focus on net investment income (NII), net realized gains/losses, changes in NAV, and dividend coverage.
- Recent earnings cadence (2026-08-06, 2026-05-07, 2026-02-25) shows quarterly announcements with ~3-month intervals, consistent with BDC reporting requirements.
-
Sector Rotation in High-Yield Strategies
- Ongoing investor interest in yield-based portfolios could drive flows into or out of BXSL depending on relative valuation and NAV developments.
- No specific announcement date, but this is an ongoing medium-term driver.
-
Interest Rate Expectations
- BDCs are sensitive to changes in the discount rate used to value their portfolios and to their borrowing costs
Generated
News
All BXSL news →
Investing.comT3·5mo ago
The Motley FoolT3·19mo ago
Seeking AlphaT3·28mo ago
Seeking AlphaT3·28mo ago
Seeking AlphaT3·28mo ago
Seeking AlphaT3·29mo ago
Seeking AlphaT3·29mo ago
Seeking AlphaT3·29mo ago
Seeking AlphaT3·29mo ago
Showing 1–10 of 50
Page 1 of 5
Earnings History
15 of 15 under expected move
Avg Expected Move
5.12%
Avg Actual Move
1.50%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2023-02-27 | Pre-Market | 5.34% | 2.73% | 0.51x | Within |
| 2023-05-10 | Pre-Market | 5.05% | 0.47% | 0.09x | Within |
| 2023-08-09 | Pre-Market | 5.99% | 1.30% | 0.22x | Within |
| 2023-11-08 | Pre-Market | 7.68% | 0.86% | 0.11x | Within |
| 2024-02-28 | Pre-Market | 2.87% | 1.04% | 0.36x | Within |
| 2024-05-08 | Pre-Market | 8.92% | 1.67% | 0.19x | Within |
| 2024-08-07 | After-Close | 2.75% | 0.33% | 0.12x | Within |
| 2024-11-12 | Pre-Market | 4.41% | 0.90% | 0.20x | Within |
| 2025-02-26 | After-Close | 4.12% | 1.22% | 0.30x | Within |
| 2025-05-07 | Pre-Market | 3.90% | 0.88% | 0.23x | Within |
| 2025-08-06 | Pre-Market | 4.97% | 3.11% | 0.63x | Within |
| 2025-11-10 | Pre-Market | 5.38% | 0.42% | 0.08x | Within |
| 2026-02-25 | Pre-Market | 7.45% | 3.40% | 0.46x | Within |
| 2026-05-07 | After-Close | 3.49% | 0.74% | 0.21x | Within |
| 2026-08-06 | Pre-Market | 4.50% | 3.47% | 0.77x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
BXSL Options Activity & IV Rank
BXSL IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 20.3%
7-DTE IV: —
Expected Move: $1.25
7-DTE Move: $1.25
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 267
Put Volume: 311
P/C Volume: 1.165
NEUTRAL
Call OI: 6,618
Put OI: 11,612
P/C OI: 1.755
Total OI: 18,230
ATM Options Pricing
ATM Call: $0.35
ATM Put: $0.90
Call %: 1.5%
Put %: 3.9%
Chain Summary
Chain Volume: 2,737
Chain OI: 38,492
Last Updated: 10/21/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 28th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
28%
vs own history
GEX tilt
-0.28
OI-weighted, today
Vanna tilt
+0.80
δ-sensitivity to IV
Charm tilt
-0.80
δ-decay vs time
Vanna tilt +0.80: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.80: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 32 ATM contracts, 27k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · No data
30 DTE / 10d
77%
+12.2
pts
EXTREME
as of Oct 21 · ATM 17.7% / Wing 29.9%
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)32.0MediumOct 21
Straddle Price (30 DTE)$1.25Oct 21
Beta Analysis
Risk Metrics
Beta: 0.4856
Alpha: -17.46%
Correlation: 0.2930
R-Squared: 8.6%
Stock Volatility: 21.1%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own BXSL
2 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Rockefeller Capital Management Family office Rockefeller family | $14.8M | #586 of 4729 | +31.1% | 13F | |
| Citadel Hedge fund Ken Griffin | $2.4M | #2736 of 6285 | new | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
BXSL Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
9 filers$104.55M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $56.34M | 53.89% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $15.15M | 14.49% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $14.98M | 14.32% | 2026-06-30 |
| 4 | Jefferies Financial Group Inc. | $4.57M | 4.37% | 2026-06-30 |
| 5 | GROUP ONE TRADING LLC Custodian | $4.35M | 4.16% | 2026-06-30 |
| 6 | IMC-Chicago, LLC Custodian | $3.27M | 3.13% | 2026-06-30 |
| 7 | Simplex Trading, LLC Custodian | $2.51M | 2.40% | 2026-06-30 |
| 8 | TUDOR INVESTMENT CORP ET AL | $2.37M | 2.27% | 2026-06-30 |
| 9 | Wolverine Trading, LLC Custodian | $1.02M | 0.97% | 2025-09-30 |
11 filers$86.44M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $49.20M | 56.92% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $15.65M | 18.11% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $7.60M | 8.79% | 2026-06-30 |
| 4 | HBK INVESTMENTS L P | $4.74M | 5.49% | 2026-06-30 |
| 5 | Wolverine Trading, LLC Custodian | $3.99M | 4.61% | 2025-09-30 |
| 6 | IMC-Chicago, LLC Custodian | $1.57M | 1.82% | 2026-06-30 |
| 7 | Simplex Trading, LLC Custodian | $1.49M | 1.73% | 2026-06-30 |
| 8 | Millennium Management LLC Custodian | $1.11M | 1.29% | 2026-06-30 |
| 9 | SYMMETRY PEAK MANAGEMENT LLC | $592.75K | 0.69% | 2026-06-30 |
| 10 | GROUP ONE TRADING LLC Custodian | $277.41K | 0.32% | 2026-06-30 |
| 11 | MARINER INVESTMENT GROUP LLC | $211.25K | 0.24% | 2026-06-30 |
BXSL Insider Trading (Form 4)
Latest: 2026-05-13Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-05-13 | Robert J Bass | Buy (P) | +2,095 | $23.80 | $49.9K | EDGAR | |
| 2026-03-16 | Lucie Enns | See Remarks | Buy (P) | +1,045 | $23.48 | $24.5K | EDGAR |
| 2026-03-12 | James Frederic Clark | Buy (P) | +750 | $23.78 | $17.8K | EDGAR | |
| 2026-03-11 | Katherine Rubenstein | Chief Operating Officer | Buy (P) | +1,035 | $24.08 | $24.9K | EDGAR |
| 2025-11-13 | James Frederic Clark | Buy (P) | +2,000 | $26.68 | $53.4K | EDGAR | |
| 2025-10-07 | Robert J Bass | Buy (P) | +3,760 | $26.63 | $100.1K | EDGAR | |
| 2025-05-13 | Robert J Bass | Buy (P) | +1,626 | $30.78 | $50.0K | EDGAR | |
| 2023-05-30 | Carlos Whitaker | President | Buy (P) | +3,895 | $25.68 | $100.0K | EDGAR |
| 2022-11-22 | Brad Marshall | CEO | Buy (P) | +100 | $23.89 | $2.4K | EDGAR |
| 2022-11-22 | Katherine Rubenstein | Chief Operating Officer | Buy (P) | +3,359 | $23.83 | $80.0K | EDGAR |
| 2022-11-22 | Brad Marshall | CEO | Buy (P) | +3,481 | $24.08 | $83.8K | EDGAR |
| 2022-11-22 | Brad Marshall | CEO | Buy (P) | +19,181 | $24.03 | $461.0K | EDGAR |
| 2022-11-22 | Brad Marshall | CEO | Buy (P) | +4,035 | $24.11 | $97.3K | EDGAR |
| 2022-11-22 | Brad Marshall | CEO | Buy (P) | +5,549 | $24.06 | $133.5K | EDGAR |
| 2022-11-22 | Brad Marshall | CEO | Buy (P) | +9,654 | $23.92 | $231.0K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
BXSL Insider Holdings
4 insiders · @ $23.37
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Robert J Bass | 25,107 | $586.8K | $387.3K | 5 | 2026-05-13 | |
| 2 | Katherine Rubenstein | Chief Operating Officer | 5,770 | $134.9K | $105.0K | 2 | 2026-03-11 |
| 3 | James Frederic Clark | 2,750 | $64.3K | $71.2K | 2 | 2026-03-12 | |
| 4 | Lucie Enns | See Remarks | 1,045 | $24.4K | $24.5K | 1 | 2026-03-16 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
BXSL Board & Officers
As of SEC filings through May 13, 2026Officers 1
- Lucie Enns · since May 1, 2024
Changes in the last 10 years (38)
| Jun 15, 2026 | The company announced the departure of Katherine Rubenstein as Chief Operating Officer in an SEC filing |
| May 1, 2024 | Lucie Enns became an officer |
| Aug 2, 2023 | Oran Ebel became an officer |
| May 10, 2023 | Stacy Wang became an officer |
| May 10, 2023 | Matthew Alcide became an officer |
| May 10, 2023 | Kris Corbett became an officer |
| May 10, 2023 | Edward Desloge became an officer |
| Jan 10, 2023 | Jonathan Bock became an officer |
| Sep 9, 2022 | Kevin Kresge Jr. became an officer |
| Aug 3, 2022 | William J Renahan became an officer |
| May 23, 2022 | Abby Miller became an officer |
| Mar 11, 2022 | David Henry Goldberg became an officer |
| Sep 7, 2021 | Carlos Whitaker became President |
| Aug 4, 2021 | Katherine Rubenstein became Chief Operating Officer |
| Feb 3, 2020 | Universities Superannuation Scheme Ltd as sole corporate trustee for Universities Superannuation Scheme reported in an SEC filing no longer being a 10% owner |
| Jan 24, 2019 | Universities Superannuation Scheme Ltd as sole corporate trustee for Universities Superannuation Scheme became a 10% owner |
| Jan 24, 2019 | USS Investment Management Ltd became a 10% owner |
| Dec 12, 2018 | Stephan Kuppenheimer became Chief Financial Officer |
| Dec 12, 2018 | Robert W Busch became CAO and Treasurer |
| Nov 14, 2018 | Stephen A Schwarzman reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | Gso Capital Partners LP reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | GSO Advisor Holdings L.L.C. reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | Blackstone Holdings I/II GP Inc reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | Blackstone Holdings I L.P. reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | Blackstone Group Management L.L.C. reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | Blackstone Group L.P. reported in an SEC filing no longer being a 10% owner |
| Nov 14, 2018 | Blackstone BGSL Holdings LLC reported in an SEC filing no longer being a 10% owner |
| Oct 1, 2018 | Stephen A Schwarzman became a 10% owner |
| Oct 1, 2018 | Marisa Janel Beeney became CCO, CLO, Secretary |
| Oct 1, 2018 | Gso Capital Partners LP became a 10% owner |
| Oct 1, 2018 | GSO Advisor Holdings L.L.C. became a 10% owner |
| Oct 1, 2018 | Dohyun (Doris) Lee-Silvestri became CFO & Treasurer |
| Oct 1, 2018 | Blackstone Holdings I/II GP Inc became a 10% owner |
| Oct 1, 2018 | Blackstone Holdings I L.P. became a 10% owner |
| Oct 1, 2018 | Blackstone Group Management L.L.C. became a 10% owner |
| Oct 1, 2018 | Blackstone Group L.P. became a 10% owner |
| Oct 1, 2018 | Blackstone BGSL Holdings LLC became a 10% owner |
| Oct 1, 2018 | Beth Chartoff became Public Relations Officer |
Not reported recently (17)
- Oran Ebel · Last reported as an officer in an SEC filing dated Aug 3, 2023
- Carlos Whitaker · Last reported as President in an SEC filing dated May 30, 2023
- Stacy Wang · Last reported as an officer in an SEC filing dated May 18, 2023
- Matthew Alcide · Last reported as an officer in an SEC filing dated May 18, 2023
- Kris Corbett · Last reported as an officer in an SEC filing dated May 18, 2023
- Edward Desloge · Last reported as an officer in an SEC filing dated May 18, 2023
- Jonathan Bock · Last reported as an officer in an SEC filing dated Jan 18, 2023
- Kevin Kresge Jr. · Last reported as an officer in an SEC filing dated Sep 16, 2022
- William J Renahan · Last reported as an officer in an SEC filing dated Aug 3, 2022
- Abby Miller · Last reported as an officer in an SEC filing dated May 26, 2022
- David Henry Goldberg · Last reported as an officer in an SEC filing dated Mar 15, 2022
- Beth Chartoff · Last reported as Public Relations Officer in an SEC filing dated Dec 16, 2020
- Stephan Kuppenheimer · Last reported as Chief Financial Officer in an SEC filing dated Dec 16, 2020
- USS Investment Management Ltd · Last reported as a 10% owner in an SEC filing dated Jan 31, 2019
- Robert W Busch · Last reported as CAO and Treasurer in an SEC filing dated Dec 14, 2018
- Marisa Janel Beeney · Last reported as CCO, CLO, Secretary in an SEC filing dated Oct 1, 2018
- Dohyun (Doris) Lee-Silvestri · Last reported as CFO & Treasurer in an SEC filing dated Oct 1, 2018
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
ETF Holders
13 ETFs hold BXSL
13 shown · $111.42M total exposure · 5.20% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | BIZD VanEck BDC Income ETF | VanEck | 5.29% | $73.8M | $1.4B | 2026-10-20 |
| 2 | PBDC Putnam BDC Income ETF | Franklin | 4.49% | $11.8M | $260.8M | 2026-10-20 |
| 3 | BSCR Invesco BulletShares 2027 Corporate Bond ETF | Invesco | 0.14% | $6.4M | — | 2026-10-20 |
| 4 | BSCS Invesco BulletShares 2028 Corporate Bond ETF | Invesco | 0.16% | $5.6M | — | 2026-10-20 |
| 5 | BSCU Invesco BulletShares 2030 Corporate Bond ETF | Invesco | 0.13% | $3.6M | — | 2026-10-20 |
| 6 | BSCV Invesco BulletShares 2031 Corporate Bond ETF | Invesco | 0.16% | $2.8M | — | 2026-10-20 |
| 7 | FBDC FT Confluence BDC & Specialty Finance Income ETF | First Trust | 6.85% | $2.3M | $34.3M | 2026-10-20 |
| 8 | PSP Invesco Global Listed Private Equity ETF | Invesco | 1.08% | $2.3M | — | 2026-10-20 |
| 9 | HYIN WisdomTree Private Credit and Alternative Income Fund | Nport | 3.07% | $1.6M | — | 2026-05-31 |
| 10 | LBO WHITEWOLF Publicly Listed Private Equity ETF | Nport | 7.19% | $506,883 | — | 2026-07-31 |
| 11 | VPC Virtus Private Credit Strategy ETF | Nport | 1.36% | $413,236 | — | 2026-07-31 |
| 12 | FXED Sound Enhanced Fixed Income ETF | Nport | 0.87% | $346,458 | — | 2026-05-31 |
| 13 | GBHI Gabelli High Income ETF | Nport | 0.12% | $7,113 | — | 2026-06-30 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
—
TTM Diluted EPS
—
TTM Revenue
—
TTM Net Income
—
TTM Op. Cash Flow
—
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
18.75
P/B
0.93
P/S
5.93
EV/EBITDA
41.79
EV/Sales
13.76
ROE
4.9%
ROA
2.1%
Div Yield
12.42%
FCF Yield
2.69%
Debt/Equity
1.27
Current Ratio
—
Market Cap
$5.50B
as of 2026-10-20
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
13.95M
SI % of Float
6.87%
Days to Cover
9.44
Short Vol Ratio
54.6%
Free Float
203.17M
Float %
87.2%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-08-27