Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 1

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 authorized; 230,957,158 and 221,892,184 shares issued and outstanding, respectively)231 222 Additional paid in capital6,035,785 5,749,762 Distributable earnings (loss)233,560 326,537 Total net assets6,269,576 6,076,521 Total liabilities and net assets$14,256,287 $13,472,224 NET ASSET VALUE PER SHARE$27.15 $27.39  

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

3

Table of ContentsBlackstone Secured Lending FundCondensed Consolidated Statements of Operations(in thousands, except share and per share amounts)(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Investment income:From non-controlled/non-affiliated investments:Interest income$327,649 $321,401 $984,097 $907,356 Payment-in-kind interest income28,934 20,530 71,630 63,868 Dividend income801 11 850 200 Fee income285 510 2,509 1,915 From non-controlled/affiliated investments:Interest income303 89 624 226 Payment-in-kind interest income585 677 1,415 677 Total investment income358,557 343,218 1,061,125 974,242 Expenses:Interest expense94,691 88,191 279,954 233,752 Management fees (Note 3)34,959 30,177 103,860 84,312 Income based incentive fees (Note 3)31,254 38,163 100,273 111,388 Capital gains based incentive fees (Note 3)— (5,992)— 264 Professional fees1,402 1,297 3,530 3,317 Board of Trustees’ fees282 286 881 797 Administrative service expenses (Note 3)766 525 2,476 1,966 Other general and administrative1,497 740 3,780 2,899 Total expenses before tax expense 164,851 153,387 494,754 438,695 Net investment income before tax expense193,706 189,831 566,371 535,547 Exc