Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 256

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 256
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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 September 30, 2025 and 2024, BGSL Investments recorded an income tax provision of $0.1 million and $0.0 million, respectively. For the nine months ended September 30, 2025 and 2024, BGSL Investments recorded an income tax provision of $1.9 million and $0.0 million, respectively. 

As of September 30, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.5 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

137

For the three months ended September 30, 2025, BGSL Investments recorded a current tax benefit of $0.1 million. For the nine months ended September 30, 2025, BGSL Investments recorded a current tax expense of $0.6 million, which was substantially related to realized gains associated with the sale of an investment in a partnership interest. For the three and nine months ended September 30, 2024, BGSL Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

Net Unrealized Gain (Loss) 

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

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net change in unrealized gain (loss) on investments$(40,133)$(16,875)$(89,206)$15,872 Net change in unrealized gain (loss) on derivative instruments3,506 — (1,541)— Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies405 (2,255)1,125 (2,152)Income tax (provision) benefit(101)— (1,875)— Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit$(36,323)$(19,130)$(91,497)$13,720 

For the three months ended September 30, 2025, the net