Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 481

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 481
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394,437 $(94,753)$299,684 Up 200 basis points$262,959 $(63,169)$199,790 Up 100 basis points$131,479 $(31,584)$99,895 Down 100 basis points$(131,479)$31,584 $(99,895)Down 200 basis points$(262,496)$63,169 $(199,327)Down 300 basis points$(391,904)$94,753 $(297,151)

(1)Excludes the impact of incentive fees. See “Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions” for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

129

Item 8. Financial Statements and Supplementary Data. 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAReport of Independent Registered Public Accounting Firm (PCAOB ID No. 34)131Consolidated Statements of Assets and Liabilities as of December 31, 2024 and December 31, 2023134Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022135Consolidated Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022136Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022137Consolidated Schedules of Investments as of December 31, 2024 and December 31, 2023139Notes to Consolidated Financial Statements195

130

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trustees of Blackstone Secured Lending Fund

Opinion on the Financial Statements 

We have audited the accompanying consolidated statements of assets and liabilities of Blackstone Secured Lending Fund and subsidiaries (the “Company”), including the consolidated schedules of investments, as of December 31, 2024 and