Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 265

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 265
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 investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

Elevated interest rates continued to favorably impact our investment income for the three and six months ended June 30, 2025. While the Federal Reserve reduced interest rates multiple times in the latter part of 2024, the Federal Reserve has held the interest rates steady for five consecutive meetings, most recently in July 2025, citing elevated uncertainty on the economic outlook. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands):

 Three Months Ended June 30,Six Months Ended June 30,2025202420252024Interest expense$92,285 $78,841 $185,263 $145,560 Management fees34,600 28,094 68,901 54,134 Income based incentive fees34,718 37,380 69,019 73,225 Capital gains based incentive fees— 3,122 — 6,256 Professional fees1,243 1,069 2,129 2,020 Board of Trustees’ fees293 289 599 511 Administrative service expenses744 765 1,710 1,442 Other general and administrative1,220 985 2,283 2,159 Total expenses before tax expense165,103 150,545 329,904 285,307 Net investment income before tax expense179,700 176,519 372,663 345,717 Excise and other tax expense3,798 3,421 7,966 6,771 Net investment income after tax expense$175,902 $173,098 $364,697 $338,946 

130

Interest Expense

Total interest