Sound Income Strategies, LLC. A name that promises stability. They dropped $5.66 million on 210,918 shares of Blackstone Secured Lending Fund (BXSL). January 21st. A cold date for a cold calculation. I’ve seen warmer plays in a January blizzard. The numbers landed on the SEC filing like ash.
The Play
They increased their stake. That’s what filings are for, isn’t it? Signaling intent. A quarter-end bump of $7.26 million in value, factoring in price movement. It wasn’t a surge, but a steady hand reinforcing a position. Like adding another layer of felt to a worn poker table.
What It Means, If Anything
- BXSL now accounts for 1.98% of Sound Income’s assets. A small piece of a bigger pie, but a piece nonetheless.
- Their top holdings, as of the filing:
- Sixth Street Specialty Lending: $56 million. They like their specialty lending.
- Ares Capital Corporation: $54.69 million. Solid. Predictable.
- Hercules Capital: $51 million. A bit of muscle.
- Golub Capital BDC: $49.79 million. Keeping company with the usual suspects.
- Blue Owl Capital: $48 million. The owls are watching.
- BXSL shares were trading at $26.08 on January 20th. Down 11% year-over-year. Underperforming the S&P 500. The market doesn’t always reward caution.
The Fund Itself
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.41 billion |
| Net Income (TTM) | $599.78 million |
| Dividend Yield | 11.81% |
| Price (as of 2026-01-20) | $26.08 |
Blackstone Secured Lending Fund. They originate and invest in senior secured loans. Private U.S. small and middle market companies. The bread and butter of the American economy. They’re a Business Development Company, which means they’re in the business of lending money to businesses that can’t always get it elsewhere. It’s a lucrative niche, if you know how to play it. And Blackstone usually does.
They focus on first lien senior secured loans. The safest part of the deal. First in line when the music stops. A sensible approach, even if it doesn’t set the world on fire.
Reading the Signals
Sound Income bumped BXSL up to number nine in their portfolio. From ten. A minor shift, perhaps. But in this game, even a millimeter can make a difference. They’re betting on the stability of senior secured debt. The highest-ranking, safest form of debt. It’s like insuring a building against fire. Not glamorous, but necessary.
Blackstone claims the private credit market is booming. Grown from 8% to 27% in the last twenty years. The total addressable market has quadrupled to $4 trillion. Numbers. They always sound impressive. But numbers can lie. Especially to those who want to believe them.
BDCs are about distributions. They’re required to pay out 90% of their taxable income. A generous yield. But it comes at a price. They don’t retain much earnings. And they charge fees. BXSL charges 1% for management, 17.5% as an incentive. Standard for this game. The house always takes a cut.
This isn’t about finding a unicorn. It’s about finding a steady income stream. A reliable bet in a volatile world. And sometimes, that’s enough. Sometimes, it’s all you need.
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2026-01-29 23:04