Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 164

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 164
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.00x10.11x21,697 Yield AnalysisDiscount Rate9.54 %19.47 %15.55 %14,499 Option Pricing Model Expected Volatility23.50 %70.50 %34.03 %3,166 Asset RecoverabilityMarket Multiple10.00x10.75x10.50x429 Transaction PriceN/A109,424 Total$12,976,765 

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

December 31, 2023RangeFair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Investments in first lien debt$9,533,700 Yield AnalysisDiscount Rate7.68 %30.89 %10.31 %30,503 Asset RecoverabilityMarket Multiple10.50x10.50x10.50x9,564,203 Investments in second lien debt41,515 Yield AnalysisDiscount Rate10.18 %14.38 %12.69 %Investments in unsecured debt9,924 Yield AnalysisDiscount Rate14.90%14.90%14.90%Investments in equity60,007 Market ApproachPerformance Multiple6.40x30.00x11.47x28,531 Option Pricing ModelExpected Volatility32.00 %55.00 %42.86 %6,402 Yield AnalysisDiscount Rate10.75 %17.92 %14.17 %94,940 Total$9,710,582 (1)Weighted averages are calculated based on fair value of investments.The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower