Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 336

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 336
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 $42,415 $12,724 $104,024 $11,871,994 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations$19,118 $(387)$134 $1,561 $20,426 

(1)For the three and nine months ended September 30, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. September 30, 2025RangeFair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Investments in first lien debt$13,102,781 Yield AnalysisDiscount Rate6.74 %17.54 %9.56 %145,758 Asset RecoverabilityMarket Multiple7.25x12.00x8.40x8,793 Market QuotationsBroker Quoted Price97.25100.1799.9913,257,332 Investments in second lien debt226,249 Yield AnalysisDiscount Rate8.26 %16.06 %10.01 %Investments in unsecured debt13,991 Yield AnalysisDiscount Rate12.66 %14.87 %14.56 %Investments in equity61,055 Market ApproachPerformance Multiple6.40x33.63x13.18x20,792 Yield AnalysisDiscount Rate11.99 %23.72 %13.76 %12,872 Option Pricing Model Expected Volatility32.00 %70.50 %36.00 %3,263 Asset RecoverabilityMarket Multiple8.50x12.00x10.65x97,982 Total$13,595,554 

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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)

December 31, 2024RangeFair ValueValuation TechniqueUn