Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 322

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 322
---
 notice. The Advisory Agreements will automatically terminate in the event of their assignment within the meaning of the 1940 Act and related U. S. Securities and Exchange Commission (“SEC”) guidance and interpretations. 

96

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

The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is borne by the shareholders. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by the Company. Base Management FeesStarting from the consummation of the IPO, the management fee pursuant to the Investment Advisory Agreement is payable quarterly in arrears at an annual rate of 1.0% of the average value of the Company’s “gross assets” at the end of the two most recently completed calendar quarters. For purposes of the Investment Advisory Agreement, “gross assets” means the Company’s total assets determined on a consolidated basis in accordance with GAAP, excluding undrawn commitments but including assets purchased with borrowed amounts.For the three and nine months ended September 30, 2025, base management fees were $35.0 million and $103.9 million, respectively. For the three and nine months ended September 30, 2024, base management fees were $30.2 million and $84.3 million, respectively.As of September 30, 2025 and December 31, 2024, $35.0 million and $32.3 million, respectively, was payable to the Adviser and the Prior Adviser, as applicable, relating to management fees.Incentive FeesThe incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains, each as described below:(i) Income based incentive fees: The first part of the incentive fee, an income based incentive fee, is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income Returns as defined in the Investment Advisory Agreement. Pre-Incentive Fee Net Investment Income Returns means, as