Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 279

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 279
---
0.0 million, respectively. 

As of September 30, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.5 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

137

For the three months ended September 30, 2025, BGSL Investments recorded a current tax benefit of $0.1 million. For the nine months ended September 30, 2025, BGSL Investments recorded a current tax expense of $0.6 million, which was substantially related to realized gains associated with the sale of an investment in a partnership interest. For the three and nine months ended September 30, 2024, BGSL Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

Net Unrealized Gain (Loss) 

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands): 

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net change in unrealized gain (loss) on investments$(40,133)$(16,875)$(89,206)$15,872 Net change in unrealized gain (loss) on derivative instruments3,506 — (1,541)— Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies405 (2,255)1,125 (2,152)Income tax (provision) benefit(101)— (1,875)— Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit$(36,323)$(19,130)$(91,497)$13,720 

For the three months ended September 30, 2025, the net change in unrealized losses on investments of $40.1 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.2% during the three months ended September 30, 2025, driven primarily by changes in portfolio company fundamentals and the economic outlook. 

Partially offsetting these losses for the three months ended September 30, 2025 were gains of $3.5 million on derivative instruments, which were primarily a result of fluctuations in the CAD and GBP exchange rates