Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 246

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 246
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%, compared to 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 June 30, 2025, and the decrease in the pre-incentive fee net investment income. Pre-incentive fee net investment income decreased to $210.6 million for the three months ended June 30, 2025 from $213.6 million for the same period in the prior year. 

Income based incentive fees decreased to $69.0 million for the six months ended June 30, 2025, a decrease of $4.2 million, or 6%, compared to 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 six months ended June 30, 2025. Pre-incentive fee net investment income increased to $433.7 million for the six months ended June 30, 2025 from $418.4 million for the same period in the prior year.

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 and six months ended June 30, 2025. We accrued capital gains based incentive fees of $3.1 million and $6.3 million for the three and six months ended June 30, 2024, respectively, which was primarily due to a net change in unrealized gains for the three and six months ended June 30, 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 reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

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Other Expenses

Total other expenses increased to $3.5 million for the three months ended June 30, 2025 from $3.1 million for the same period in the prior year primarily due to an increase in Other general and administrative expenses and Professional fees.

Total other expenses increased to $6.7 million for the six months ended June 30, 2025 from $6.1 million for the same period in the