Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 4

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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407)1,472 Capital gains based incentive fees payable— 3,134 Interest payable3,953 (9,776)Accrued expenses and other liabilities(9,192)(8,485)Net cash provided by (used in) operating activities424,664 (395,530)Cash flows from financing activities:Borrowings on debt846,940 363,790 Repayments on debt(559,606)— Debt issuance costs paid(827)— Dividends paid in cash(165,622)(137,439)Proceeds from issuance of Common Shares, net of offering and underwriting costs189,235 161,998 Net cash provided by (used in) financing activities310,120 388,349 Net increase (decrease) in cash and cash equivalents734,784 (7,181)Effect of foreign exchange rate changes on cash and cash equivalents615 (20)Cash and cash equivalents, beginning of period229,606 154,857 Cash and cash equivalents, end of period$965,005 $147,656 The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Table of ContentsBlackstone Secured Lending FundCondensed Consolidated Statements of Changes in Cash Flows(in thousands)(Unaudited)

Three Months Ended March 31,20252024Supplemental information and non-cash activities:Interest paid during the period$96,301 $72,624 Distribution payable175,421 147,743 Reinvestment of distributions during the period5,130 5,614 Accrued but unpaid debt issuance costs1,866 — Excise taxes paid15,066 11,430 The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of ContentsBlackstone Secured Lending FundCondensed Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands)(Unaudited)

Investments (1)(19)FootnotesReference Rate and Spread (2)Interest Rate (2)(15)Acquisition DateMaturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net AssetsFirst LienFirst Lien Debt - non-controlled/non-affiliatedAerospace & DefenseAevex Holdings, LLC(4)(11)SOFR +6.00%10.42%4/30/20243/18/2026$47,204 $46,962 $