Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 276

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 276
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 issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 5.00% for the nine months ended September 30, 2025 from 5.26% 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 5.08% for the nine months ended September 30, 2025 from 5.37% for the same period in the prior year.

Management Fees

Management fees increased to $35.0 million for the three months ended September 30, 2025, an increase of $4.8 million, or 16%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the three months ended September 30, 2025, our average quarter-end gross assets increased to $13,983.6 million, from $12,071.0 million for the three months ended September 30, 2024.

Management fees increased to $103.9 million for the nine months ended September 30, 2025, an increase of $19.5 million, or 23%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the nine months ended September 30, 2025, our average quarter-end gross assets increased to $13,852.1 million from $11,245.4 million for the nine months ended September 30, 2024.

Income Based Incentive Fees

Income based incentive fees decreased to $31.3 million for the three months ended September 30, 2025, a decrease of $6.9 million, or 18%, compared to the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended September 30, 2025. Pre-incentive fee net investment income increased to $220.7 million for the three months ended September 30, 2025 from $218.1 million for the same period in the prior year. 

Income based incentive fees decreased to $100.3 million for the nine months ended September 30, 202