Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 248

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 248
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 June 30, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $0.3 million and $0.0 million, respectively. For the six months ended June 30, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $1.8 million and $0.0 million, respectively. As of June 30, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.4 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three and six months ended June 30, 2025, BGSL Investments recorded a current tax expense of $0.1 million and $0.7 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest. For the three and six months ended June 30, 2024, BGSL Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

132

Net Unrealized Gain (Loss) 

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands): 

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net change in unrealized gain (loss) on investments$(8,318)$20,961 $(49,073)$32,747 Net change in unrealized gain (loss) on derivative instruments(3,126)— (5,047)— Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies438 124 720 103 Income tax (provision) benefit(294)— (1,774)— Net change in unrealized gain (loss)$(11,300)$21,085 $(55,174)$32,850 

For the three months ended June 30, 2025, the net change in unrealized losses of $11.3 million was primarily driven by the net change in unrealized losses on investments of $8.3 million as a result of a decrease in the fair value of certain investments. The fair value of these investments decreased due to changes in portfolio company fundamentals and the economic outlook. Additional losses for the three months ended June 30, 2025 of $3.1 million on derivative instruments were primarily