Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 435

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 13
Chunk 435
---
Table of Contents

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Transactions with Related Persons

Investment Advisory Agreement; Administration Agreement

We have entered into the Investment Advisory Agreement with the Adviser pursuant to which we pay the Adviser a management fee at an annual rate of (i) prior to an exchange listing, 0.75%, and (ii) following an exchange listing, 1.0%, in each case of the average value of our gross assets at the end of the two most recently completed calendar quarters, and a two-part incentive fee based on (i) the amount by which our pre-incentive fee net investment income returns exceed a certain “hurdle rate” and (ii) our capital gains. In addition, pursuant to the Investment Advisory Agreement and the Administration Agreement, we will reimburse the Adviser and Administrator for certain expenses as they occur. See “Item 1. Business—Investment Advisory Agreement” and “Item 1. Business—Administration Agreement.” Each of the Investment Advisory Agreement and the Administration Agreement has been approved by the Board. Unless earlier terminated, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board, including a majority of independent trustees, or by the holders of a majority of our outstanding voting securities.

 For the year ended December 31, 2024, base management fees were $116.6 million. For the years ended December 31, 2023 and 2022, base management fees were $98.1 million and $101.7 million, respectively, of which $20.2 million and $25.4 million, respectively, were waived. The Waiver Period ended on October 28, 2023.

As of December 31, 2024 and December 31, 2023, $32.3 million and $23.0 million, respectively, was payable to the Adviser relating to management fees. 

For the year ended December 31, 2024, the Company accrued income based incentive fees of $150.1 million. For the years ended December 31, 2023 and 2022, the Company accrued income based incentive fees of $134.2 million and $97.2 million, respectively, of which $15.6 million and $13.9 million, respectively, were waived.