Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 1

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 authorized; 227,818,928 and 221,892,184 shares issued and outstanding, respectively)228 222 Additional paid in capital5,939,716 5,749,762 Distributable earnings (loss)300,925 326,537 Total net assets6,240,869 6,076,521 Total liabilities and net assets$13,968,801 $13,472,224 NET ASSET VALUE PER SHARE$27.39 $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 March 31,20252024Investment income:From non-controlled/non-affiliated investments:Interest income$335,647 $283,264 Payment-in-kind interest income20,818 20,462 Fee income725 233 From non-controlled/affiliated investments:Interest income39 — Payment-in-kind interest income535 — Total investment income357,764 303,959 Expenses:Interest expense92,976 66,720 Management fees (Note 3)34,301 26,040 Income based incentive fees (Note 3)34,301 35,845 Capital gains based incentive fees (Note 3)— 3,134 Professional fees886 951 Board of Trustees’ fees306 222 Administrative service expenses (Note 3)966 677 Other general and administrative1,063 1,174 Total expenses before tax expense 164,799 134,763 Net investment income before tax expense192,965 169,196 Excise and other tax expense4,169 3,350 Net investment income after tax expense188,796 165,846 Realized and unrealized gain (loss):Net change in unrealized appreciation (depreciation):Non-controlled/non-affiliated investments(40,105)11,475 Non-controlled/affiliated investments(649)312 Derivative instruments (Note 6)(1,921)— Translation of assets and liabilities in foreign currencies282 (21)Income tax (provision) benefit(1,481)— Net change in unrealized appreciation (depreciation)(43,874)11,766 Net realized gain (loss):Non-controlled/non-aff