Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 468

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 468
---
 $11,690.8 million, from $9,839.3 million for the year ended December 31, 2023.

120

In order to maintain the same management fee arrangement the Company had in place prior to the IPO for a period of time following the IPO, the Adviser voluntarily waived management fees following the IPO such that the management fee remained at 0.75% for a period of two years following the IPO (the “Waiver Period”) (versus the contractual rate of 1.00%), which resulted in a waiver of $20.2 million for the year ended December 31, 2023 . The Waiver Period ended on October 28, 2023.

Income Based Incentive Fees

Income based incentive fees increased to $150.1 million for the year ended December 31, 2024 compared to $134.2 million for the year ended December 31, 2023, primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $857.7 million for the year ended December 31, 2024, compared to $767.0 million for the year ended December 31, 2023.

The Adviser voluntarily waived incentive fees following the IPO such that the fee remained at 15.0% for a period of two years following the IPO (versus the contractual rate of 17.5%), which resulted in a waiver of $15.6 million for the year ended December 31, 2023. The Waiver Period ended on October 28, 2023.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the year ended December 31, 2024. We reversed previously accrued capital gains based incentive fees of $5.5 million for the year ended December 31, 2023, which was primarily due to a net change in unrealized losses for the year ended December 31, 2023.

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual. 

Other Expenses

Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of us. Administrative service fees