Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 194

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 194
---
4 and 2023, were as follows:For the Year Ended December 31, 202420232022Short-term$— $— $— Long-term$10,674 $— $— The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, at December 31, 2024, December 31, 2023 and December 31, 2022 were as follows:For the Year Ended December 31, 202420232022Gross unrealized appreciation$111,961 $86,757 $88,353 Gross unrealized depreciation(210,627)(146,095)(129,296)Net change in unrealized appreciation (depreciation)$(98,666)$(59,338)$(40,943)Tax cost of investments$13,191,184 $9,927,777 $9,658,192 During the year ended December 31, 2024, $607.8 million and $24.3 million of the dividends declared were derived from ordinary income and capital gains, respectively, as determined on a tax basis.During the year ended December 31, 2023, $456.8 million and $47.9 million of the dividends declared were derived from ordinary income and capital gains, respectively, as determined on a tax basis.During the year ended December 31, 2022 , $470.0 million and $12.4 million of the dividends declared were derived from ordinary income and capital gains, respectively, as determined on a tax basis.BGSL Investments, a wholly-owned subsidiary that was formed in 2019, is a Delaware LLC which has elected to be 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 years ended December 31, 2024, 2023, and 2022, BGSL Investments LLC recorded an income tax provision of $1.7 million, $0.0 million and $0.0 million, respectively. For the years ended December 31, 2024 and 2023, BGSL Investments LLC recorded a net deferred tax liability of $1.7 million and $0.0 million, respectively, which is significantly related to GAAP to tax outside basis difference in investment in certain partnership interests and included within Accrued expenses and other liabilities in the