Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 7

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 7
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537 250,028 Total net assets6,076,521 4,952,041 Total liabilities and net assets$13,472,224 $10,134,618 NET ASSET VALUE PER SHARE$27.39 $26.66 

The accompanying notes are an integral part of these consolidated financial statements.

134

Table of ContentsBlackstone Secured Lending FundConsolidated Statements of Operations(in thousands, except share and per share amounts)

For the Year Ended December 31,202420232022Investment income: From non-controlled/non-affiliated investments: Interest income$1,239,915 $1,089,044 $796,499 Payment-in-kind interest income81,388 47,076 40,324 Dividend income243 387 9,307 Fee income3,663 7,010 4,162 From non-controlled/affiliated investments:Interest income428 — — Payment-in-kind interest income1,264 — — Total investment income1,326,901 1,143,517 850,292 Expenses:Interest expense326,133 266,420 203,579 Management fees (Note 3)116,616 98,122 101,707 Income based incentive fees (Note 3)150,096 134,230 97,154 Capital gains based incentive fees (Note 3)— (5,506)(11,883)Professional fees4,654 6,077 4,011 Board of Trustees’ fees1,086 907 853 Administrative service expenses (Note 3)2,643 2,250 2,672 Other general and administrative3,554 6,115 6,343 Total expenses before tax expense604,782 508,615 404,436 Management fees waived (Note 3)— (20,194)(25,427)Incentive fees waived (Note 3)— (15,604)(13,879)Net expenses before tax expense604,782 472,817 365,130 Net investment income before tax expense722,119 670,700 485,162 Excise and other tax expense14,524 16,795 1,386 Net investment income after tax expense707,595 653,905 483,776 Realized and unrealized gain (loss):Net