Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 735

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 735
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 may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands): For the Year Ended December 31, 202420232022Interest expense$326,133 $266,420 $203,579 Management fees116,616 98,122 101,707 Income based incentive fees 150,096 134,230 97,154 Capital gains based incentive fees— (5,506)(11,883)Professional fees4,654 6,077 4,011 Board of Trustees’ fees1,086 907 853 Administrative service expenses2,643 2,250 2,672 Other general and administrative3,554 6,115 6,343 Total expenses before tax expense604,782 508,615 404,436 Management fees waived— (20,194)(25,427)Incentive fees waived — (15,604)(13,879)Net expenses before tax expense604,782 472,817 365,130 Net investment income before tax expense722,119 670,700 485,162 Excise and other tax expense14,524 16,795 1,386 Net investment income after tax expense$707,595 $653,905 $483,776 

Interest Expense

Total interest expense was $326.1 million for the year ended December 31, 2024, an increase of $59.7 million or 22%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding and an increase in our weighted average interest rate on our borrowings relative to the prior year. The average principal of debt outstanding increased to $6,014.3 million for the year ended December 31, 2024, from $5,275