Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 330

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 330
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769 $(259)$130 $486 $29,126 

(1)For the three and six months ended June 30, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. June 30, 2025RangeFair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Investments in first lien debt$12,651,785 Yield AnalysisDiscount Rate4.95 %17.04 %9.79 %148,457 Asset RecoverabilityMarket Multiple8.12x11.50x8.71x115 Market QuotationsBroker Quoted Price97.2597.2597.2512,800,357 Investments in second lien debt122,942 Yield AnalysisDiscount Rate8.51 %16.62 %11.04 %Investments in unsecured debt13,721 Yield AnalysisDiscount Rate13.06 %14.51 %14.31 %Investments in equity59,947 Market ApproachPerformance Multiple6.40x28.50x12.70x22,592 Yield AnalysisDiscount Rate11.42 %20.96 %13.05 %14,123 Option Pricing Model Expected Volatility32.00 %70.50 %37.53 %2,844 Asset RecoverabilityMarket Multiple11.50x11.50x11.50x99,506 Total$13,036,526 

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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)

December 31, 2024RangeFair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Investments in first lien debt$12,546,382 Yield AnalysisDiscount Rate7.00 %22.67 %10.15 %102,316 Market QuotationsBroker Quoted Price97.00100.57100.0863,879 Asset RecoverabilityMarket Multiple10.00x10.75x