Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 638

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 638
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. For the years ended December 31, 2024, 2023 and 2022, the Adviser made no Expense Payments. For the years ended December 31, 2024, 2023 and 2022, the Company made no Reimbursement Payments related to Expense Payments by the Adviser. 

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

Other Related Party TransactionsIn the ordinary course of the Company’s business, the Company and its subsidiaries may buy loans from, and sell loans, to other investors, including QIA FIG Glass Holding Limited or its subsidiaries (“QIA”), on an arm’s-length basis. As a result of its ownership of more than 5% of the Company’s Common Shares, QIA is considered to be a “related person.” For the year ended December 31, 2024, the Company purchased a loan from QIA with a par value of $3.4 million for a total cash purchase price based on then-current fair value (at the time of purchase) of $3.4 million.

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:December 31, 2024December 31, 2023CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair ValueFirst lien debt$12,959,332 $12,830,389 98.0 %$9,817,402 $9,722,061 98.5 %Second lien debt122,634 119,184 0.9 43,347 41,515 0.4 Unsecured debt33,644 33,521 0.3 9,930 9,924 0.1 Equity77,609 109,424 0.8 63,480 94,940 1.0 Total$13,193,219 $13,092,518 100.0 %$9,934,159 $9,868,440 100.0 %

The industry composition of investments at fair value was as follows:December 31, 2024December 31, 2023Aerospace & Defense4.4 %5.2 %Air Freight & Logistics3.0 4.2