Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 337

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 337
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observable InputLowHighWeighted Average (1)Investments in first lien debt$12,546,382 Yield AnalysisDiscount Rate7.00 %22.67 %10.15 %102,316 Market QuotationsBroker Quoted Price97.00100.57100.0863,879 Asset RecoverabilityMarket Multiple10.00x10.75x10.40x2,059 Asset RecoverabilityDiscount Rate10.33 %10.92 %10.36 %12,714,636 Investments in second lien debt119,184 Yield AnalysisDiscount Rate8.86 %16.73 %11.52 %Investments in unsecured debt33,521 Yield AnalysisDiscount Rate7.71%13.94%10.12%Investments in equity69,633 Market ApproachPerformance Multiple2.30x30.00x10.11x21,697 Yield AnalysisDiscount Rate9.54 %19.47 %15.55 %14,499 Option Pricing ModelExpected Volatility23.50 %70.50 %34.03 %3,166 Asset RecoverabilityMarket Multiple10.00x10.75x10.50x429 Transaction PriceN/A109,424 Total$12,976,765 (1)Weighted averages are calculated based on fair value of investments.The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.

Financial Instruments Not Carried at Fair ValueDebtThe fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of September 30, 2025 and December 31, 2024, approximates their carrying value as