Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 247

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 247
---
 case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Costs and expenses of the Administrators and the Advisers that are eligible for reimbursement by us will be reasonably allocated on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator in accordance with policies adopted by the Board.

132

Portfolio and Investment Activity

For the three months ended September 30, 2025, we made $1,289.4 million aggregate principal amount of new investment commitments (including $411.0 million of which remained unfunded as of September 30, 2025), $1,188.4 million of which was first lien debt, $100.0 million of which was second lien debt, and $1.0 million of which was equity.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):As of and for the three months ended September 30,20252024Investments:Total investments, beginning of period$13,327,359$11,330,469New investments purchased1,007,471956,160Payment-in-kind interest capitalized30,42325,548Net accretion of discount on investments13,4509,695Net realized gain (loss) on investments(9,270)(17,273)Investments sold or repaid(436,736)(298,077)Total investments, end of period $13,932,697$12,006,522Amount of investments funded at principal:First lien debt$903,250$985,005Second lien debt103,226—Equity9955,334Total$1,007,471$990,339Proceeds from investments sold or repaid:First lien debt$(435,034)$(298,077)Second lien debt(196)— Equity(1,506)— Total$(436,736)$(298,077)Number of new investments in new portfolio companies22 26 Average new investment commitment amount$32,499 $31,946 Weighted average yield of new investments 9.3 %10.5 %Weighted average yield on investments fully sold or paid down9.9 %11.0 %September 30, 2025December 31, 2024Number of portfolio companies311 276