Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 214

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 214
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.6 million, respectively, of unused commitment fees were included in interest payable.For the three months ended March 31, 2025 and 2024, the weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt and the impact of the application of hedge accounting) on all borrowings outstanding was 5.01% and 5.10%, respectively.For the three months ended March 31, 2025 and 2024, the weighted average all-in cost of debt (including unused fees, accretion of net discounts on unsecured debt, amortization of deferred financing costs, and the impact of the application of hedge accounting) was 5.09% and 5.23%, respectively.For the three months ended March 31, 2025 and 2024, the average principal debt outstanding was $7,313.5 million and $5,046.2 million, respectively.

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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)

The components of interest expense were as follows:Three Months Ended March 31,20252024Borrowing interest expense$87,640 $61,165 Facility unused fees1,701 1,816 Amortization of deferred financing costs1,409 1,698 Amortization of original issue discount and debt issuance costs (including premiums and discounts)3,350 2,041 Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:Interest rate swaps(15,409)— Hedged items14,285 — Total Interest Expense$92,976 $66,720 Cash paid for interest expense$96,301 $72,624 

Note 8. Commitments and Contingencies

Portfolio Company CommitmentsThe Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $1.8 billion and $1.7 billion, respectively.Additionally, from time to time, the Advisers and their affiliates may commit to