Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 736

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 736
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.4 million in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) increased to 5.32% for the year ended December 31, 2024, from 4.93% in the prior year.

Management Fees

Management fees increased to $116.6 million for the year ended December 31, 2024, an increase of $18.5 million, or 19%, compared to the year ended December 31, 2023, due to an increase in average quarter-end gross assets. For the year ended December 31, 2024, our average quarter-end gross assets increased to $11,690.8 million, from $9,839.3 million for the year ended December 31, 2023.

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In order to maintain the same management fee arrangement the Company had in place prior to the IPO for a period of time following the IPO, the Adviser voluntarily waived management fees following the IPO such that the management fee remained at 0.75% for a period of two years following the IPO (the “Waiver Period”) (versus the contractual rate of 1.00%), which resulted in a waiver of $20.2 million for the year ended December 31, 2023 . The Waiver Period ended on October 28, 2023.

Income Based Incentive Fees

Income based incentive fees increased to $150.1 million for the year ended December 31, 2024 compared to $134.2 million for the year ended December 31, 2023, primarily due to an increase in pre-incentive fee net investment income. Pre-incentive fee net investment income increased to $857.7 million for the year ended December 31, 2024, compared to $767.0 million for the year ended December 31, 2023.

The Adviser voluntarily waived incentive fees following the IPO such that the fee remained at 15.0% for a period of two years following the IPO (versus the contractual rate of 17.5%), which resulted in a waiver of $15.6 million for the year ended December 31, 2023. The Waiver Period ended on October 28, 2023.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the year ended December