Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 197

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 197
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067)$20,059 

100

Table of ContentsBlackstone Secured Lending FundNotes to Condensed Consolidated Financial Statements(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Six Months Ended June 30, 2024First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal InvestmentsFair value, beginning of period$9,564,203 $41,515 $9,924 $94,940 $9,710,582 Purchases of investments1,639,580 681 2,198 2,190 1,644,649 Proceeds from principal repayments and sales of investments(272,398)— — — (272,398)Accretion of discount (amortization of premium)18,538 48 20 — 18,606 Net realized gain (loss)623 — — — 623 Net change in unrealized appreciation (depreciation)26,223 (259)136 486 26,586 Transfers into Level 3 (1)— — — — — Transfers out of Level 3 (1)(802)— — — (802)Fair value, end of period$10,975,967 $41,985 $12,278 $97,616 $11,127,846 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations$28,769 $(259)$130 $486 $29,126 

(1)For the three and six months ended June 30, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. June 30, 2025RangeFair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Investments in first lien debt$12,651,785 Yield AnalysisDiscount Rate4.95 %17