Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 674

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 674
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, respectively, as determined on a tax basis.During the year ended December 31, 2022 , $470.0 million and $12.4 million of the dividends declared were derived from ordinary income and capital gains, respectively, as determined on a tax basis.BGSL Investments, a wholly-owned subsidiary that was formed in 2019, is a Delaware LLC which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. Federal, state and local taxes. For the years ended December 31, 2024, 2023, and 2022, BGSL Investments LLC recorded an income tax provision of $1.7 million, $0.0 million and $0.0 million, respectively. For the years ended December 31, 2024 and 2023, BGSL Investments LLC recorded a net deferred tax liability of $1.7 million and $0.0 million, respectively, which is significantly related to GAAP to tax outside basis difference in investment in certain partnership interests and included within Accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.

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Table of ContentsBlackstone Secured Lending FundNotes to Consolidated Financial Statements(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 12. Financial Highlights and Senior Securities

The following are the financial highlights for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and for the period ended December 31, 2018: For the Year Ended December 31,2024202320222021Per Share Data (1):Net asset value, beginning of period$26.66 $25.93 $26.27 $25.20 Net investment income3.51 3.90 2.91 2.43 Net change in unrealized and realized gain (loss)(0.06)(0.24)(0.47)0.76 Net increase (decrease) in net assets resulting from operations3.45 3.66 2.44 3.19 Distributions declared (2)(3.08)(2.94)(2.91)(2.03)Net increase (decrease) in net assets from capital share transactions0.36 0.01 0.13 (0.09)Total