Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 191

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 191
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Administration Agreement was two years from the effective date and after expiration of the initial term and the State Street Sub-Administration Agreement shall automatically renew for successive one-year periods, unless a written notice of non-renewal is delivered prior to 120 days prior to the expiration of the initial term or renewal term.Expense Support and Conditional Reimbursement AgreementOn December 12, 2018, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Sub-Adviser pursuant to which the Sub-Adviser was able to elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”) and the Company was required to pay the Excess Operating Funds (as defined in the Expense Support Agreement), or a portion thereof (any such payments required to be made by the Company to the Sub-Adviser, a “Reimbursement Payment”), to the Sub-Adviser until such time as all Expense Payments made by the Sub-Adviser to the Company within three years prior to the last business day of such calendar quarter were reimbursed. The Expense Support Agreement terminated by its own terms on October 28, 2021. The Company’s obligation to make Reimbursement Payments terminated on October 28, 2024. As of June 30, 2024, there were no amounts subject to the Reimbursement Payment obligation. As of June 30, 2024, there were no unreimbursed Expense Payments remaining. For the three and six months ended June 30, 2024, the Sub-Adviser made no Expense Payments. For the three and six months ended June 30, 2024, the Company made no Reimbursement Payments related to Expense Payments by the Sub-Adviser.

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Table of ContentsBlackstone Secured Lending FundNotes to Condensed Consolidated Financial Statements(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:June 30, 2025December 31, 2024CostFair Value% of TotalInvestments atFair ValueCostFair Value% of TotalInvestments atFair ValueFirst lien debt$13,113,676 $13,015,201 98.2 %$12,959,332 $12,830,389 98.0