Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 239

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 239
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 to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and the Administrator and Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Administrator and the Prior Administrator, as applicable, have waived their rights to any reimbursement for rent and other occupancy costs for the three and six months ended June 30, 2025 and 2024. The Administrator and the Prior Administrator cannot recoup any expenses that they have previously waived. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Costs and expenses of the Administrators and the Advisers that are eligible for reimbursement by us will be reasonably allocated on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator in accordance with policies adopted by the Board.

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Portfolio and Investment Activity

For the three months ended June 30, 2025, we made $631.2 million aggregate principal amount of new investment commitments (including $249.5 million of which remained unfunded as of June 30, 2025), $626.0 million of which was first lien debt, $3.7 million of which was second lien debt, and $1.5 million of which was equity.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):As of and for the three months ended June 30,20252024Investments:Total investments, beginning of period$12,952,035$10,496,753New investments purchased530,481890,601Payment-in-kind interest capitalized20,35022,717Net accretion of discount on investments11,1359,627Net realized gain (loss) on investments(1,232)195Investments sold or repaid(185,410)(89,424)Total investments, end of period $13,327,359$11,330,469Amount of investments funded at principal:First lien debt$538,575$902,786