Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 253

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 253
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 treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $1.5 million and $0.0 million, respectively. As of March 31, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.7 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2025 and 2024, BGSL Investments recorded a current tax expense of $0.6 million and $0.0 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest.

Net Unrealized Gain (Loss) 

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

Three Months Ended March 31,20252024Net change in unrealized gain (loss) on investments$(40,754)$11,787 Net change in unrealized gain (loss) on derivative instruments(1,921)— Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies282 (21)Income tax (provision) benefit(1,481)— Net change in unrealized gain (loss)$(43,874)$11,766 

For the three months ended March 31, 2025, the net change in unrealized losses of $43.9 million was primarily driven by the decrease in the fair value of certain investments. The fair value of these investments decreased due to changes in portfolio company fundamentals and the economic outlook. 

Net Realized Gain (Loss) 

The realized gains and losses on fully exited and partially exited investments consisted of the following (dollar amounts in thousands):

Three Months Ended March 31,20252024Net realized gain (loss) on investments$8,525 $428 Net realized gain (loss) on derivative instruments(2,055)— Net realized gain (loss) on foreign currency transactions(987)5,715 Current tax expense on realized gains(596)— Net realized gain (loss)$4,887 $6,143 

For the three months ended March 31, 2025