Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 733

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 733
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 amortized cost of investments. Assets on non-accrual represented 0.2%, less than 0.1% and 0.0% of total fair value of investments as of December 31, 2024, 2023 and 2022, respectively. 

(6)As a percentage of total fair value of debt investments. As of December 31, 2024, 2023 and 2022, performing debt investments bearing a floating rate represented 98.8%, 98.9% and 98.3%, respectively, of total investment at fair value.

As of December 31, 2024 and 2023, our portfolio companies had a weighted average annual revenue of $786 million and $774 million, respectively, and weighted average annual EBITDA of $198 million and $192 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been 

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independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 4. Investments.”

Results of Operations

The following table represents the operating results (dollar amounts in thousands):For the Year Ended December 31, 202420232022Total investment income$1,326,901 $1,143,517 $850,292 Net expenses before tax expense604,782 472,817 365,130 Net investment income before tax expense722,119 670,700 485,162 Excise and other tax expense14,524 16,795 1,386 Net investment income after tax expense707,595 653,905 483,776 Net change in unrealized appreciation (depreciation)(13,485)(54,573)(122,149)Net realized gain (loss)(13)12,619 42,929 Net increase (decrease) in net assets resulting from operations$694,097 $611,951 $404,556 

Net increase (decrease) in net assets resulting from operations can vary from