Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 243

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 243
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 June 30, 2025 compared to $10,533.8 million for the six months ended June 30, 2024.

Additionally, for the three months ended June 30, 2025, we recorded $1.7 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $0.4 million for the same period in the prior year, primarily as a result of increased prepayments. For the six months ended June 30, 2025, we recorded $14.6 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $2.3 million for the same period in the prior year, primarily as a result of increased prepayments.

 For the three months ended June 30, 2025 and 2024, PIK interest income represented 6.4% and 7.0% of total investment income, respectively, and represented 12.6% and 13.2% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers. For the six months ended June 30, 2025 and 2024, PIK interest income represented 6.2% and 6.9% of total investment income, respectively and represented 11.9% and 12.8% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

 We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

Elevated interest rates continued to favorably impact our investment income for the three and six months ended June 30, 2025. While the Federal Reserve reduced interest rates multiple times in the latter part of 2024, the Federal Reserve has held the interest rates steady for five consecutive meetings, most recently in July 2025, citing elevated uncertainty on the economic outlook. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest