Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 330

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 330
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 no amounts subject to the Reimbursement Payment obligation. As of September 30, 2024, there were no unreimbursed Expense Payments remaining. For the three and nine months ended September 30, 2024, the Sub-Adviser made no Expense Payments and the Company made no Reimbursement Payments related to Expense Payments by the Sub-Adviser.

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:September 30, 2025December 31, 2024CostFair Value% of TotalInvestments atFair ValueCostFair Value% of TotalInvestments atFair ValueFirst lien debt$13,614,961 $13,469,751 97.5 %$12,959,332 $12,830,389 98.0 %Second lien debt227,625 226,249 1.7 122,634 119,184 0.9 Unsecured debt14,507 13,991 0.1 33,644 33,521 0.3 Equity75,604 99,645 0.7 77,609 109,424 0.8 Total$13,932,697 $13,809,636 100.0 %$13,193,219 $13,092,518 100.0 %

The industry composition of investments at fair value was as follows:September 30, 2025December 31, 2024Aerospace & Defense4.3 %4.4 %Air Freight & Logistics2.0 3.0 Auto Components (1)(2)0.0 0.0 Biotechnology0.2 — Building Products2.2 2.4 Chemicals0.3 0.3 Commercial Services & Supplies8.0 7.7 Construction & Engineering0.9 0.8 Consumer Staples Distribution & Retail (1)0.0 — Containers & Packaging0.1 0.2 Distributors2.9 3.1 Diversified Consumer Services4.6 4.6 Diversified Telecommunication Services0.1 1.0 Electric Utilities1.3 1.1 Electrical Equipment1.0 0.8 Electronic Equipment, Instruments & Components2.2 1.9