Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 467

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 467
---
$326,133 $266,420 $203,579 Management fees116,616 98,122 101,707 Income based incentive fees 150,096 134,230 97,154 Capital gains based incentive fees— (5,506)(11,883)Professional fees4,654 6,077 4,011 Board of Trustees’ fees1,086 907 853 Administrative service expenses2,643 2,250 2,672 Other general and administrative3,554 6,115 6,343 Total expenses before tax expense604,782 508,615 404,436 Management fees waived— (20,194)(25,427)Incentive fees waived — (15,604)(13,879)Net expenses before tax expense604,782 472,817 365,130 Net investment income before tax expense722,119 670,700 485,162 Excise and other tax expense14,524 16,795 1,386 Net investment income after tax expense$707,595 $653,905 $483,776 

Interest Expense

Total interest expense was $326.1 million for the year ended December 31, 2024, an increase of $59.7 million or 22%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding and an increase in our weighted average interest rate on our borrowings relative to the prior year. The average principal of debt outstanding increased to $6,014.3 million for the year ended December 31, 2024, from $5,275.4 million 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 amortization of deferred financing costs) increased to 5.32% for the year ended December 31, 2024, from 4.93% in the prior year.

Management Fees

Management fees increased to $116.6 million for the year ended December 31, 2024, an increase of $18.5 million, or 19%, compared to the year ended December 31, 2023, due to an increase in average quarter-end gross assets. For the year ended December 31, 2024, our average quarter-end gross assets increased to