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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q4 FY232023-12-31 |
|---|---|---|---|---|---|---|---|
| Revenue | $156.17M | $171.80M | $298.23M | $323.94M | $318.78M | $332.41M | $289.11M |
| Cost of revenue | $101.07M | $100.17M | $101.69M | $92.29M | $92.98M | $92.38M | $68.29M |
| Gross profit | $55.10M | $71.63M | $196.54M | $231.66M | $225.80M | $240.02M | $220.82M |
| Gross margin | 35.3% | 41.7% | 65.9% | 71.5% | 70.8% | 72.2% | 76.4% |
| Selling, general and administrative | $2.10M | $2.63M | $2.69M | $1.99M | $2.16M | $2.30M | $2.93M |
| Operating expenses | $45.61M | $42.30M | $66.47M | $76.62M | $71.82M | $73.71M | $59.31M |
| Operating income | $9.49M | $29.34M | $130.07M | $155.04M | $153.98M | $166.32M | $161.51M |
| Operating margin | 6.1% | 17.1% | 43.6% | 47.9% | 48.3% | 50.0% | 55.9% |
| EBITDA | $9.49M | $29.34M | $130.07M | $155.04M | $153.98M | $166.32M | $161.51M |
| Income before taxes | $9.49M | $29.34M | $130.07M | $155.04M | $153.98M | $166.32M | $161.51M |
| Income taxes | $0 | $4.09M | $3.91M | $0 | $4.17M | $3.83M | $4.21M |
| Net income | $9.49M | $25.25M | $126.17M | $155.04M | $149.81M | $162.49M | $157.31M |
| Net margin | 6.1% | 14.7% | 42.3% | 47.9% | 47.0% | 48.9% | 54.4% |
| EPS, basic | $0.04 | $0.11 | $0.55 | $0.68 | $0.66 | $0.75 | $0.88 |
| EPS, diluted | $0.04 | $0.11 | $0.55 | $0.68 | $0.66 | $0.75 | $0.88 |
| Diluted shares | 232.56M | 232.20M | 231.42M | 228.19M | 226.58M | 217.56M | 179.04M |
Figures describe Blackstone Secured Lending Fund shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.