Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 185

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 185
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 pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”) and the Company was required to pay the Excess Operating Funds (as defined in the Expense Support Agreement), or a portion thereof (any such payments required to be made by the Company to the Sub-Adviser, a “Reimbursement Payment”), to the Sub-Adviser until such time as all Expense Payments made by the Sub-Adviser to the Company within three years prior to the last business day of such calendar quarter were reimbursed. The Expense Support Agreement terminated by its own terms on October 28, 2021. The Company’s obligation to make Reimbursement Payments terminated on October 28, 2024. As of March 31, 2024, there were no amounts subject to the Reimbursement Payment obligation. As of March 31, 2024, there were no unreimbursed Expense Payments remaining. For the three months ended March 31, 2024, the Sub-Adviser made no Expense Payments. For the three months ended March 31, 2024, the Company made no Reimbursement Payments related to Expense Payments by the Sub-Adviser.

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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)

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:March 31, 2025December 31, 2024CostFair Value% of TotalInvestments atFair ValueCostFair Value% of TotalInvestments atFair ValueFirst lien debt$12,741,617 $12,602,903 98.2 %$12,959,332 $12,830,389 98.0 %Second lien debt122,023 118,482 0.9 %122,634 119,184 0.9 Unsecured debt13,527 13,658 0.1 %33,644 33,521 0.3 Equity74,868 99,163 0.8 %77,609 109,424 0.8 Total$12,952,035 $12,834,206 100.0 %$13,193,219 $13,092,518 100.0