Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 307

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 307
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,859 $98,680 $10,330,365 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations$6,191 $(205)$135 $1,553 $7,674 

(1)For the three months ended March 31, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. March 31, 2025RangeFair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Investments in first lien debt$12,289,809 Yield AnalysisDiscount Rate4.94 %24.01 %9.99 %62,682 Asset RecoverabilityMarket Multiple8.00x10.25x9.03x18,329 Transaction PriceN/A149 Market QuotationsBroker quoted price97.0098.0097.5412,370,969 Investments in second lien debt118,482 Yield AnalysisDiscount Rate8.43 %16.73 %11.24 %Investments in unsecured debt13,658 Yield AnalysisDiscount Rate13.05 %13.89 %13.78 %Investments in equity61,516 Market ApproachPerformance Multiple6.40x29.68x12.81x21,944 Yield AnalysisDiscount Rate11.54 %20.40 %13.07 %12,772 Option Pricing Model Expected Volatility32.00 %70.50 %39.87 %2,931 Asset RecoverabilityMarket Multiple10.25x10.25x10.25x99,163 Total$12,602,272 

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

December 31, 2024RangeFair ValueValuation TechniqueUnobservable InputLowHighWeight