Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 312

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 312
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 derivative positions and not offset is recorded in the Condensed Consolidated Statements of Assets and Liabilities as Receivable from Broker or Payable to Broker, respectively.HedgingThe Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three month periods ended March 31, 2025 and March 31, 2024, respectively.For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.

For the Three Months Ended March 31,20252024Interest rate swaps$15,409 $— Hedged items$(14,285)$— 

The table below presents the carrying value of unsecured borrowings as of March 31, 2025 and December 31, 2024 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:March 31, 2025December 31, 2024DescriptionCarrying ValueCumulative Hedging AdjustmentsCarrying ValueCumulative Hedging AdjustmentsUnsecured notes$1,586,771 $11,388 $1,082,389 $(2,896)

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Table of ContentsBlackstone Secured Lending FundNotes to Condensed Consolidated Financial Statements(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On September 25, 2018, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 184.2% and 185.7%, respectively.

SPV Financing FacilitiesThe following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Jackson Hole Funding, Breckenridge Funding, Big Sky