Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 1

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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limited shares authorized; 230,055,444 and 221,892,184 shares issued and outstanding, respectively)230 222 Additional paid in capital6,009,106 5,749,762 Distributable earnings (loss)278,960 326,537 Total net assets6,288,296 6,076,521 Total liabilities and net assets$13,710,955 $13,472,224 NET ASSET VALUE PER SHARE$27.33 $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 June 30,Six Months Ended June 30,2025202420252024Investment income:From non-controlled/non-affiliated investments:Interest income$320,800 $302,691 $656,448 $585,955 Payment-in-kind interest income21,878 22,876 42,696 43,338 Dividend income49 189 49 189 Fee income1,498 1,171 2,223 1,405 From non-controlled/affiliated investments:Interest income283 137 321 137 Payment-in-kind interest income295 — 830 — Total investment income344,803 327,064 702,567 631,024 Expenses:Interest expense92,285 78,841 185,263 145,560 Management fees (Note 3)34,600 28,094 68,901 54,134 Income based incentive fees (Note 3)34,718 37,380 69,019 73,225 Capital gains based incentive fees (Note 3)— 3,122 — 6,256 Professional fees1,243 1,069 2,129 2,020 Board of Trustees’ fees293 289 599 511 Administrative service expenses (Note 3)744 765 1,710 1,442 Other general and administrative1,220 985 2,283 2,159 Total expenses before tax expense 165,103 150,545 329,904 285,307 Net investment income before tax expense179,700 176,519 372,663 345