Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 252

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 252
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84,312 Income based incentive fees31,254 38,163 100,273 111,388 Capital gains based incentive fees— (5,992)— 264 Professional fees1,402 1,297 3,530 3,317 Board of Trustees’ fees282 286 881 797 Administrative service expenses766 525 2,476 1,966 Other general and administrative1,497 740 3,780 2,899 Total expenses before tax expense164,851 153,387 494,754 438,695 Net investment income before tax expense193,706 189,831 566,371 535,547 Excise and other tax expense4,232 3,928 12,199 10,698 Net investment income after tax expense$189,474 $185,903 $554,172 $524,849 

135

Interest Expense

Total interest expense increased to $94.7 million for the three months ended September 30, 2025, an increase of $6.5 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $7,345.8 million for the three months ended September 30, 2025 from $6,299.6 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 4.97% for the three months ended September 30, 2025 from 5.45% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to  5.04% for the three months ended September 30, 2025 from 5.54% for the same period in the prior year.

Total interest expense increased to $280.0 million for the nine months ended September 30, 2025, an increase of $