Sign in

You're signed outSign in or to get full access.

Aaren Cyganovich

Managing Director and Senior Equity Research Analyst at Truist Securities

Arren Cyganovich is a Managing Director and Senior Equity Research Analyst at Truist Securities, specializing in the financial sector with a focus on BDCs and specialty finance. He covers companies in these areas, achieving a 67% success rate on recommendations, an average return of 19.3% per rating, and a top 1.5% ranking among analysts. Cyganovich began his career with financials roles at Citi, Evercore, and other firms before joining Truist Securities, where he previously served as Vice President covering BDCs and specialty finance. His professional credentials include relevant FINRA registrations as a senior equity analyst in the industry.

Aaren Cyganovich's questions to Blackstone Secured Lending Fund (BXSL) leadership

Question · Q4 2025

Aaren Cyganovich asked about recent sponsor conversations given public market volatility and expectations for a strong capital markets year, and also sought BXSL's view on asset sales by other BDCs, considering the fund is trading below book value.

Answer

Brad Marshall, Global Head of Private Credit Strategies, Chairman, and Co-CEO, likened the current situation to previous periods of volatility, noting sponsors are observing the markets before bringing assets to market. He still expects an active year due to economic growth and lower capital costs. On asset sales, he emphasized BXSL's long-term holder philosophy, significant liquidity, and natural liquidity generation from repayments, stating that all options (buybacks, new loans, delever) are on the table for capital deployment.

Ask follow-up questions

Fintool

Fintool can predict Blackstone Secured Lending Fund logo BXSL's earnings beat/miss a week before the call

Question · Q4 2025

Aaren Cyganovich followed up on recent BDC asset sales, asking if there's a benefit to BXSL selling assets at fair value and reinvesting in its stock, given it's trading below book value.

Answer

Brad Marshall, Global Head of Private Credit Strategies, Chairman, and Co-CEO, stated that BXSL is a long-term holder of assets and possesses $2.5 billion in liquidity, with $550 million in near-term repayments. He reiterated that proceeds would be evaluated for buybacks, new loans, or delevering, emphasizing the positive impact of repayments on underperforming assets and liquidity generation.

Ask follow-up questions

Fintool

Fintool can write a report on Blackstone Secured Lending Fund logo BXSL's next earnings in your company's style and formatting