Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 249

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 249
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% of total investments at fair value as of September 30, 2025 and December 31, 2024, respectively. 

As of September 30, 2025 and September 30, 2024, our portfolio companies had a weighted average annual revenue of $853 million and $773 million, respectively, and weighted average annual EBITDA of $221 million and $194 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 September 30,Nine Months Ended September 30, 2025202420252024Total investment income$358,557 $343,218 $1,061,125 $974,242 Total expenses before tax expense164,851 153,387 494,754 438,695 Net investment income before tax expense193,706 189,831 566,371 535,547 Excise and other tax expense4,232 3,928 12,199 10,698 Net investment income after tax expense189,474 185,903 554,172 524,849 Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit(36,323)(19,130)(91,497)13,720 Net realized gain (loss), net of tax expense(20,714)(15,109)(25,387)(6,964)Net increase (decrease) in net assets resulting from operations$132,437 $151,664 $437,288 $531,605 

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