Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 375

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 375
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 fair value increased by 20% to $13,043.5 million for the three months ended June 30, 2025 compared to $10,866.5 million for the three months ended June 30, 2024.

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Total investment income increased to $702.6 million for the six months ended June 30, 2025, an increase of $71.5 million, or 11%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments partially offset by lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 24% to $13,059.8 million for the six months ended June 30, 2025 compared to $10,533.8 million for the six months ended June 30, 2024.

Additionally, for the three months ended June 30, 2025, we recorded $1.7 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $0.4 million for the same period in the prior year, primarily as a result of increased prepayments. For the six months ended June 30, 2025, we recorded $14.6 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $2.3 million for the same period in the prior year, primarily as a result of increased prepayments.

 For the three months ended June 30, 2025 and 2024, PIK interest income represented 6.4% and 7.0% of total investment income, respectively, and represented 12.6% and 13.2% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers. For the six months ended June 30, 2025 and 2024, PIK interest income represented 6.2% and 6.9% of total investment income, respectively and represented 11.9% and 12.8% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

 We expect that investment income will vary based on a variety