Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 380

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 380
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For the three months ended June 30, 2025 and 2024, we accrued $3.8 million and $3.4 million, respectively, of U.S. federal excise tax.

For the six months ended June 30, 2025 and 2024, we accrued $8.0 million and $6.8 million, respectively, of U.S. federal excise tax.

BGSL Investments LLC (“BGSL Investments”), a wholly-owned and consolidated subsidiary that was formed in 2019, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended 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