Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 384

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 384
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 if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.As of June 30, 2025, we had $273.7 million in cash and cash equivalents. During the six months ended June 30, 2025, cash provided by operating activities was $203.6 million, primarily due to an increase in net assets from operations of $304.9 million and principal repayments and sales of investments of $1,163.4 million partially offset by purchases of investments of $1,219.7 million. Cash used in financing activities was $161.7 million during the period, which was primarily as a result of net repayments on debt of $71.1 million and dividends paid in cash of $335.7 million partially offset by $247.9 million of proceeds from the issuance of our Common Shares.

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Equity

We also access liquidity through our “at-the-market” offering program (the “ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. During the three and six months ended June 30, 2025, we sold Common Shares for net proceeds of $64.0 million and $248.8 million through our ATM Program. As of June 30, 2025, $439.5 million of Common Shares were available for issuance under the ATM Program.

For additional information on our ATM Program, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

Distributions

The following table summarizes our distributions declared and payable for the six months ended June 30, 2025 (dollar amounts in thousands, except per share amounts):

Date DeclaredRecord DatePayment DatePer Share AmountTotal AmountFebruary 26, 2025March 31, 2025April 25, 2025$0.7700 $175,421 May 7, 2025June 30, 2025July 25, 20250.7700 177,007 Total distributions$1.5400 $352,428 

With respect to distributions, we have adopted an “opt out” dividend reinvestment plan (the “DRIP”) for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out