Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 238

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 238
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 the period, which was primarily as a result of net borrowings on debt of $287.3 million and $189.2 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $165.6 million.

Equity

We also access liquidity through our “at-the-market” offering program (the “ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. During the three months ended March 31, 2025, we sold Common Shares for net proceeds of $184.8 million through our ATM Program. As of March 31, 2025, $503.7 million of Common Shares were available for issuance under the ATM Program.

For additional information on our ATM Program, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

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Distributions

The following table summarizes our distributions declared and payable for the three months ended March 31, 2025 (dollar amounts in thousands, except per share amounts):

Date DeclaredRecord DatePayment DatePer Share AmountTotal AmountFebruary 26, 2025March 31, 2025April 25, 2025$0.7700 $175,421 Total distributions$0.7700 $175,421 

With respect to distributions, we have adopted an “opt out” dividend reinvestment plan (the “DRIP”) for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and DRIP, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

Share Repurchase Plan

In February 2023, our Board approved a share repurchase plan, under which we were authorized to repurchase up to $250 million in the aggregate of our outstanding Common Shares in the open market at prices below our NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “10b-18 Plan”). The 10b-18 Plan was not