Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 244

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 244
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 rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands):

 Three Months Ended June 30,Six Months Ended June 30,2025202420252024Interest expense$92,285 $78,841 $185,263 $145,560 Management fees34,600 28,094 68,901 54,134 Income based incentive fees34,718 37,380 69,019 73,225 Capital gains based incentive fees— 3,122 — 6,256 Professional fees1,243 1,069 2,129 2,020 Board of Trustees’ fees293 289 599 511 Administrative service expenses744 765 1,710 1,442 Other general and administrative1,220 985 2,283 2,159 Total expenses before tax expense165,103 150,545 329,904 285,307 Net investment income before tax expense179,700 176,519 372,663 345,717 Excise and other tax expense3,798 3,421 7,966 6,771 Net investment income after tax expense$175,902 $173,098 $364,697 $338,946 

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Interest Expense

Total interest expense was $92.3 million for the three months ended June 30, 2025, an increase of $13.4 million, or 17%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $7,155.4 million for the three months ended June 30, 2025 from $5,798.8 million for the same period in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding