Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 280

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 280
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 vs. USD. 

For the nine months ended September 30, 2025, the net change in unrealized losses on investments of $89.2 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.5% during the nine months ended September 30, 2025, driven primarily by changes in portfolio company fundamentals and the economic outlook. Additional losses of $1.5 million were recognized on derivative instruments and were primarily as a result of fluctuations in the EUR and CAD exchange rates vs. USD. 

Partially offsetting these losses for the nine months ended September 30, 2025 were gains of $1.1 million on translation of assets and liabilities in foreign currencies, which were primarily 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 consisted of the following (dollar amounts in thousands):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net realized gain (loss) on investments$(9,270)$(17,273)$(1,977)$(16,650)Net realized gain (loss) on derivative instruments(53)— (9,780)— Net realized gain (loss) on foreign currency transactions(11,558)2,164 (13,085)9,686 Current tax expense on realized gains167 — (545)— Net realized gain (loss), net of tax expense$(20,714)$(15,109)$(25,387)$(6,964)

138

For the three months ended September 30, 2025, we recognized net realized losses on investments of $9.3 million, primarily driven by the full or partial sales and repayments of investments and the restructuring of certain debt investments. We incurred additional losses of $11.6 million for the three months ended September 30, 2025 on foreign currency transactions, primarily as a result of fluctuations in the GBP and EUR exchange rates vs. USD.

 For the nine months ended September 30, 2025, we recognized net realized losses on investments of $2.0 million primarily driven by the full or partial sales and repayments of investments and the restructuring of certain debt investments. We incurred additional losses of $13.1 million and $9.8 million on foreign currency transactions and