Two Classes Of Mortgage REITs

Agency mortgage REITs duel to the dividend cut. There are 7 facing off. The top 3 are much better than the other 4. Valuations are important and awful. Deal with it.

Seeking Alpha • Dec 11, 2025

Blackstone Secured Lending: Dividend Cut Unlikely In 2026

BXSL continues to cover its dividend with NII above 100%, supported by a strong $1.89/share spillover income buffer (61% of annual dividends). 97.5% first-lien loans and just 0.1% non-accruals make BXSL one of the safest BDCs despite falling interest-rate pressures. Trading around book value (~1.0x BV), BXSL is considered a long-term buy, with stronger buy territory below 0.9x BV.

Seeking Alpha • Dec 5, 2025

Blackstone Secured Lending: Buy This 11% Yield For Recurring Income

Blackstone Secured Lending Fund remains a high-yield, value 'Buy' with an 11% dividend yield and a disciplined, conservative portfolio. BXSL's portfolio is 97.5% first-lien, senior-secured loans, with a 0.1% non-accrual rate and a 50% equity buffer, supporting income stability. Q3 results showed NII per share of $0.82, covering the $0.77 dividend at a 106% ratio, while portfolio companies posted 10% revenue and 14% EBITDA growth.

Seeking Alpha • Dec 4, 2025

Blackstone Secured Lending's NAV, Valuation, And Dividend Versus 11 BDC Peers - Part 1 (Includes Recommendations As Of 11/28/2025)

Blackstone Secured Lending (BXSL) is rated a STRONG BUY, trading notably below its estimated NAV with a price target of $33.20 per share. BXSL outperforms most BDC peers on adjusted NII, low non-accruals, attractive cumulative realized gains, and minimal oil and gas exposure. BXSL's portfolio is 99% senior secured loans, with below-average credit risk and the lowest management fees among externally-managed BDC peers.

Seeking Alpha • Dec 3, 2025

Blackstone Secured Lending: Coverage Of Fat 11.3% Dividend Yield Expands

Blackstone Secured Lending saw net investment income per share beat consensus by 4 cents to provide 106% coverage for the quarterly base dividend. The BDC reported NAV per share that took a hit from net realized and unrealized losses to come in at $27.15 per share. BXSL's dividend yield is elevated versus its historical trendline, with the Fed set to be more hawkish on rate cuts beyond the pending December cut.

Seeking Alpha • Nov 27, 2025

Blackstone Secured Lending: Underpriced 11% BDC Yield

Blackstone Secured Lending is my top BDC pick for 2026, as the BDC out-performs Ares Capital in LTM portfolio growth, balance sheet quality, and dividend coverage. BXSL boasts the lowest non-accrual percentage in the BDC sector and has a portfolio heavily weighted towards high-quality first lien loans, supporting dividend stability. Blackstone Secured Lending benefited from a rebound in the dividend coverage ratio in Q3'25 amid strong portfolio growth and new originations in the third-quarter.

Seeking Alpha • Nov 26, 2025

A Rare Buying Opportunity: Blue-Chip 11-12% Yields Too Cheap To Ignore

There is a major market disconnect in which there are blue-chip dividend payers offering 11%+ yields right now, despite posting strong fundamentals. I discuss why the market is bearish on these stocks and why I think the fears are overblown. I also share two high-yield stocks that I think are attractive buys at current pricing.

Seeking Alpha • Nov 24, 2025

Blackstone Secured Lending Vs. Morgan Stanley Direct Lending: Which 11%+ Yield Is The Better Buy?

Blackstone Secured Lending and Morgan Stanley Direct Lending offer 11%+ yields and robust first lien loan portfolios for income investors. Both BXSL and MSDL maintain high dividend safety, strong portfolio diversification, and stable net investment income supporting reliable payouts. MSDL trades at a significant 20% discount to book value versus BXSL's 2.5%, making MSDL more attractive for value and yield.

Seeking Alpha • Nov 23, 2025

12% Yields: Why Blackstone Secured Lending Beats Oaktree Specialty Lending

Blackstone Secured Lending and Oaktree Specialty Lending have pulled back sharply. I compare them side by side. I share why I prefer BXSL over OCSL, and what it would take for me to buy them.

Seeking Alpha • Nov 22, 2025

Blackstone Secured Lending: Strong Quarter, But Don't Get Too Excited Yet

Blackstone Secured Lending Fund reported a strong Q3 with increased investment activity and solid fundamentals, trading at a slight discount to NAV. BXSL's portfolio remains defensively positioned with 97.5% first-lien loans and low non-accruals, but net asset value declined slightly due to unrealized losses. Despite robust credit quality, macro uncertainty and potential rate cuts could pressure BXSL's dividend coverage and share price in the coming months.

Seeking Alpha • Nov 19, 2025