Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 202

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 202
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,991 Equity1,663 — 97,982 99,645 Total$1,663 $212,419 $13,595,554 $13,809,636 

December 31, 2024Level 1Level 2Level 3TotalFirst lien debt$— $115,753 $12,714,636 $12,830,389 Second lien debt— — 119,184 119,184 Unsecured debt— — 33,521 33,521 Equity— — 109,424 109,424 Total$— $115,753 $12,976,765 $13,092,518 

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. 

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:Three Months Ended September 30, 2025First Lien DebtSecond  Lien DebtUnsecured DebtEquityTotalFair value, beginning of period$12,800,357 $122,942 $13,721 $99,506 $13,036,526 Purchases of investments928,219 104,168 487 996 1,033,870 Proceeds from principal repayments and sales of investments(434,248)(196)— (1,506)(435,950)Accretion of discount (amortization of premium)12,913 94 11 — 13,018 Net realized gain (loss)(9,270)— — — (9,270)Net change in unrealized appreciation (depreciation)(48,999)(759)(228)(1,014)(51,000)Transfers into Level 3 (1)8,360 — — — 8,360 Transfers out of Level 3 (1)— — — — — Fair value, end of period$13,257,332 $226,249 $13,991 $97,982 $13,595,554 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in