Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 277

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 277
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5, a decrease of $11.1 million, or 10%, compared to the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the nine months ended September 30, 2025. Pre-incentive fee net investment income increased to $654.4 million for the nine months ended September 30, 2025 from $636.5 million for the same period in the prior year.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 3. Agreements and Related Party Transactions” for further information on the Advisory Agreements.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three and nine months ended September 30, 2025. 

136

We reversed previously accrued capital gains based incentive fees of $6.0 million for the three months ended September 30, 2024, primarily due to a net change in unrealized losses for the period. We accrued capital gains based incentive fees of $0.3 million for the nine months ended September 30, 2024, which was primarily due to a net change in unrealized gains for the period.

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Total other expenses increased to $3.9 million for the three months ended September 30, 2025, an increase of $1.1 million or 39% compared to the same period in the prior year. This was primarily due to an increase in Other general and administrative expenses and Administrative service expenses.

Total other expenses increased to $10.7 million for the nine months ended September 30, 2025, an increase of $1.7 million or 19% as compared to the same period in the prior year. This was primarily due to an increase in Other general and administrative expenses, Administrative service expenses and Professional fees.

Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of us. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrators in performing their obligations under