Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 263

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 263
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 Statements—Note 4. Investments.”

Results of Operations

The following table represents the operating results (dollar amounts in thousands):

Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Total investment income$344,803 $327,064 $702,567 $631,024 Total expenses before tax expense165,103 150,545 329,904 285,307 Net investment income before tax expense179,700 176,519 372,663 345,717 Excise and other tax expense3,798 3,421 7,966 6,771 Net investment income after tax expense175,902 173,098 364,697 338,946 Net change in unrealized appreciation (depreciation)(11,300)21,085 (55,174)32,850 Net realized gain (loss)(9,560)2,003 (4,672)8,145 Net increase (decrease) in net assets resulting from operations$155,042 $196,186 $304,851 $379,941 

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows (dollar amounts in thousands):

Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Interest income$321,083 $302,828 $656,769 $586,092 Payment-in-kind interest income22,173 22,876 43,526 43,338 Dividend income49 189 49 189 Fee income1,498 1,171 2,223 1,405 Total investment income$344,803 $327,064 $702,567 $631,024 

Total investment income increased to $344.8 million for the three months ended June 30, 2025, an increase of $17.7 million, or 5%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments partially offset by lower weighted average yield on the portfolio compared to the same period