Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 241

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 241
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 net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

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(4)As a percentage of total fair value of performing debt investments. As of June 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 98.9% and 98.8%, respectively, of total investments at fair value.

(5)As a percentage of total amortized cost of investments. Assets on non-accrual represented 0.1% and 0.2% of total investments at fair value as of June 30, 2025 and December 31, 2024, respectively. 

As of June 30, 2025 and June 30, 2024, our portfolio companies had a weighted average annual revenue of $848 million and $773 million, respectively, and weighted average annual EBITDA of $219 million and $206 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial 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