Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 613

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 613
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2023, the Company’s non-controlled/affiliated investments were as follows:

Fair Value as of December 31, 2022Gross AdditionsGross ReductionsNet Change in Unrealized Gains (Losses)Net Realized Gain (Loss)Fair Value as of December 31, 2023Dividend and Interest IncomeNon-controlled/Affiliated InvestmentsBlackstone Donegal Holdings LP$56,584 $— $(44,921)$(14,156)$8,283 $5,790 $— Total$56,584 $— $(44,921)$(14,156)$8,283 $5,790 $— 

(17)Loan was on non-accrual status as of December 31, 2023.

(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

The accompanying notes are an integral part of these consolidated financial statements.

194

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

Note 1. Organization

 Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company”), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The Company is externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”) an affiliate of Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its