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Options/BXSL
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BXSLBlackstone Secured Lending Fund

Options Analysis Report
Market Cap $5.8B|NYSE
● 2026-08-31$24.75
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -16.4%YTD -6.9%7D -1.0%
286
30D
±4.3%
6%

BXSL Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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BXSL Gamma Walls

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Value

Is IV priced right?

8.0
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 21.4% — cheap vs history

<1.05x

IV/HV 0.91x — IV ≤ HV

Sector Relative≤50%

Sector percentile 37% — below sector median

<1.1x

Front/Back 0.76x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 19.8% — normal range

<80%

Effective IV 74.6% (ATM 19.8% + spread 27.4% + bias) — fair

<3.0%

Total drag 34.47% (spread 27.38% + slippage 7.09%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 27.38%) — spread drag

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -4%, Raw: -2%)
|net sentiment| ≥25%

Conviction-weighted: -4% (neutral) — Raw: -2%

≥15%

|OI skew| 8.6% — balanced

Same sign, |vol skew| ≥10%

Vol skew +46.2%, OI skew -8.6% — divergent (opposite)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -20%, ATM: -17%, OTM: +28% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 16% — very bullish vs sector

Activity

Unusual activity?

2.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 0.8% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +8.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 27% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 16% — patient

≥30

Conviction -4 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.9
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed
≤5.0%

Spread 27.4% — wide

≥10,000

OI 34,861 — adequate

≥500

Volume 286/day — thin

≤$0.50

$1.37 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 52% — neutral vs sector

≥100 contracts

Depth 344.1 contracts (bid:217.0 ask:127.1) — adequate

<1.0%

Avg slippage 7.09% — poor

Timing

Is now a good time?

5.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -24.4% — contango

<30 or >70

IV percentile 21% — buyer opportunity

≥10pts kink

IV kink -4.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -4% @ 52% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.0
bullishIV cheap, mixed flow
Long Puts5.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.0
bullishIV too cheap, mixed flow
Covered Call3.7
bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on BXSL

BXSL gamma wallsBXSL max painBXSL IV rankBXSL options flow