Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 273

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 273
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 $343,218 $1,061,125 $974,242 

Total investment income increased to $358.6 million for the three months ended September 30, 2025, an increase of $15.3 million, or 4%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 16% to $13,531.2 million for the three months ended September 30, 2025 compared to $11,636.2 million for the three months ended September 30, 2024.

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Total investment income increased to $1,061.1 million for the nine months ended September 30, 2025, an increase of $86.9 million, or 9%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 22% to $13,247.3 million for the nine months ended September 30, 2025 compared to $10,895.0 million for the nine months ended September 30, 2024.

Additionally, for the three months ended September 30, 2025, we recorded $6.2 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1.6 million for the same period in the prior year, primarily as a result of increased prepayments. For the nine months ended September 30, 2025, we recorded $20.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $3.8 million for the same period in the prior year, primarily as a result of increased prepayments.

For the three months ended September 30, 2025 and 2024, PIK interest income represented 8.2% and 6.2% of total investment income, respectively, and represented 15.6% and 11.4% of net investment income, respectively.