Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 470

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 470
---
.0 million, and $0.0 million, respectively. For the years ended December 31, 2024 and 2023, BGSL Investment LLC recorded a deferred tax liability of $1.7 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.

Net Unrealized Gain (Loss)

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):For the Year Ended December 31,202420232022Net change in unrealized gain (loss) on investments$(14,182)$(50,841)$(126,493)Net change in unrealized gain (loss) on derivative instruments2,401 — — Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies(48)(3,732)4,344 Income tax (provision) benefit(1,656)— — Net change in unrealized gain (loss)$(13,485)$(54,573)$(122,149)

For the year ended December 31, 2024, the net change in unrealized losses of $13.5 million was primarily driven by the 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.

The net unrealized losses for the year ended December 31, 2024, were partially offset by the net change in unrealized gains on foreign currency derivative instruments of $2.4 million. These were primarily as a result of fluctuations in the EUR and CAD exchange rates vs. USD.

Net Realized Gain (Loss) 

The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands): 

For the Year Ended December 31,202420232022Net realized gain (loss) on investments$(18,976)$(6,205)$37,402 Net realized gain (loss) on derivative instruments8,784 — — Net realized gain (loss) on foreign currency transactions10,179 18,824 5,527 Net realized gain (loss) $(13)$12,619 $42,929 

For the year ended December 31, 2024, we recognized realized losses on investments of $21.1 million partially offset by realized gains on investments of $2.1 million primarily from losses