Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 223

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 223
---
.31%, respectively.For the three and six months ended June 30, 2025, the average principal debt outstanding was $7,155.4 million and $7,234.0 million, respectively. For the three and six months ended June 30, 2024, the average principal debt outstanding was $5,798.8 million and $5,422.5 million, respectively.

115

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 components of interest expense were as follows:Three Months Ended June 30,Six Months Ended June 30,2025202420252024Borrowing interest expense$84,569 $74,511 $172,209 $135,676 Facility unused fees2,538 927 4,239 2,743 Amortization of deferred financing costs1,440 1,705 2,850 3,403 Amortization of original issue discount and debt issuance costs (including premiums and discounts)3,734 2,281 7,085 4,321 Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:Interest rate swaps(10,369)(2,015)(25,778)(2,015)Hedged items10,373 1,432 24,658 1,432 Total Interest Expense$92,285 $78,841 $185,263 $145,560 Cash paid for interest expense$68,885 $61,034 $165,186 $133,658 

Note 8. Commitments and Contingencies

Portfolio Company CommitmentsThe Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $1.9 billion and $1.7 billion, respectively.Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of