Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 350

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 350
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. The average principal of debt outstanding increased to $7,313.5 million for the three months ended March 31, 2025 from $5,046.2 million for the same period in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 5.01% for the three months ended March 31, 2025 from 5.10% for the same period in the prior year. 

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Management Fees

Management fees increased to $34.3 million for the three months ended March 31, 2025, an increase of $8.3 million, or 32%, compared to the same period in the prior year, due to an increase in average quarter-end gross assets. For the three months ended March 31, 2025, our average quarter end gross assets increased to $13,720.5 million, from $10,419.8 million for the three months ended March 31, 2024.

Income Based Incentive Fees

Pre-incentive fee net investment income increased to $223.1 million for the three months ended March 31, 2025 from $204.8 million for the same period in the prior year. 

Income based incentive fees decreased to $34.3 million for the three months ended March 31, 2025 compared to $35.8 million for the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended March 31, 2025.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 3. Agreements and Related Party Transactions” for further information on the Advisory Agreements.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three months ended March 31, 2025. We accrued capital gains based incentive fees of $3.1 million for the three months ended March 31, 2024, which was primarily due to a net change in unrealized gains for the three months ended March 31, 2024.

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a