Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 391

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 391
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 our ability to make new investments and adversely impact our results of operations.

139

As of September 30, 2025, we had $249.9 million in cash and cash equivalents. During the nine months ended September 30, 2025, cash used in operating activities was $229.0 million, primarily due to purchases of investments of $2,227.2 million partially offset by sales of investments and principal repayments of $1,600.1 million and an increase in net assets resulting from operations of $437.3 million. Cash provided by financing activities was $260.3 million during the period, which was primarily as a result of net borrowings on debt of $499.0 million and proceeds from the issuance of our Common Shares of $274.5 million partially offset by dividends paid in cash of $507.2 million.

Equity

We also access liquidity through our “at-the-market” offering program (the “ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. During the three and nine months ended September 30, 2025, we sold Common Shares for net proceeds of $21.2 million and $270.0 million, respectively, through our ATM Program. As of September 30, 2025, $578.6 million of Common Shares were available for issuance under the ATM Program.

For additional information on our ATM Program, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

Distributions

The following table summarizes our distributions declared and payable for the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts):

Date DeclaredRecord DatePayment DatePer Share AmountTotal AmountFebruary 26, 2025March 31, 2025April 25, 2025$0.7700 $175,421 May 7, 2025June 30, 2025July 25, 20250.7700 177,007 August 6, 2025September 30, 2025October 24, 20250.7700 177,837 Total distributions$2.3100 $530,265 

With respect to distributions, we have adopted an “opt out” dividend reinvestment plan (the “DRIP”) for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that