Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 270

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 270
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 assets and liabilities in foreign currencies438 124 720 103 Income tax (provision) benefit(294)— (1,774)— Net change in unrealized gain (loss)$(11,300)$21,085 $(55,174)$32,850 

For the three months ended June 30, 2025, the net change in unrealized losses of $11.3 million was primarily driven by the net change in unrealized losses on investments of $8.3 million as a result of a 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. Additional losses for the three months ended June 30, 2025 of $3.1 million on derivative instruments were primarily as a result of fluctuations in the EUR and GBP exchange rates vs. USD. 

For the six months ended June 30, 2025, the net change in unrealized losses of $55.2 million was primarily driven by the net change in unrealized losses on investments of $49.1 million as a result of a 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. Additional losses for the six months ended June 30, 2025 of $5.0 million on derivative instruments were primarily as a result of fluctuations in the EUR and GBP exchange rates vs. USD. 

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 June 30,Six Months Ended June 30,2025202420252024Net realized gain (loss) on investments$(1,230)$195 $7,295 $623 Net realized gain (loss) on derivative instruments(7,673)— (9,727)— Net realized gain (loss) on foreign currency transactions(541)1,808 (1,528)7,522 Current tax expense on realized gains(116)— (712)— Net realized gain (loss)$(9,560)$2,003 $(4,672)$8,145 

For the three months ended June 30, 2025, we recognized realized losses on investments of $1.2 million, primarily from full or partial sales and repayments of investments. For the six months ended June 30, 2025, we recognized