Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 324

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 324
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imbursement 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 %Second lien debt123,559 122,942 0.9 122,634 119,184 0.9 Unsecured debt14,009 13,721 0.1 33,644 33,521 0.3 Equity76,115 100,936 0.8 77,609 109,424 0.8 Total$13,327,359 $13,252,800 100.0 %$13,193,219 $13,092,518 100.0 %

The industry composition of investments at fair value was as follows:June 30, 2025December 31, 2024Aerospace & Defense4.4 %4.4 %Air Freight & Logistics2.1 3.0 Auto Components (1)(2)0.0 0.0 Biotechnology0.1 — Building Products2.3 2.4 Chemicals0.3 0.3 Commercial Services & Supplies8.2 7.7 Construction & Engineering0.8 0.8 Consumer Staples Distribution & Retail (1)0.0 — Containers & Packaging0.2 0.2 Distributors3.0 3.1 Diversified Consumer Services4.3 4.6 Diversified Telecommunication Services1.0 1.0 Electric Utilities1.0 1.1 Electrical Equipment0.8 0.8 Electronic Equipment, Instruments & Components2.0 1.9 Energy Equipment & Services0.2 0.2 Financial Services0.5 0.