Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 465

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 465
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 respectively, and weighted average annual EBITDA of $198 million and $192 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been 

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independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 4. Investments.”

Results of Operations

The following table represents the operating results (dollar amounts in thousands):For the Year Ended December 31, 202420232022Total investment income$1,326,901 $1,143,517 $850,292 Net expenses before tax expense604,782 472,817 365,130 Net investment income before tax expense722,119 670,700 485,162 Excise and other tax expense14,524 16,795 1,386 Net investment income after tax expense707,595 653,905 483,776 Net change in unrealized appreciation (depreciation)(13,485)(54,573)(122,149)Net realized gain (loss)(13)12,619 42,929 Net increase (decrease) in net assets resulting from operations$694,097 $611,951 $404,556 

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows (dollar amounts in thousands): For the Year Ended December 31, 202420232022Interest income$1,240,343 $1,089,044 $796,499 Payment-in-kind interest income82,652 47,076 40,324 Dividend income243 387 9,307 Fee income3,663 7,010 4,162 Total investment income$1,326,901 $1,143,