Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 734

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 734
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 period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows (dollar amounts in thousands): For the Year Ended December 31, 202420232022Interest income$1,240,343 $1,089,044 $796,499 Payment-in-kind interest income82,652 47,076 40,324 Dividend income243 387 9,307 Fee income3,663 7,010 4,162 Total investment income$1,326,901 $1,143,517 $850,292 

Total investment income increased to $1.3 billion for the year ended December 31, 2024, an increase of $183.4 million, or 16%, compared to the year ended December 31, 2023. This was primarily attributable to an increase in the average investments. Average investments at fair value increased by 18% to $11,334.5 million during the year ended December 31, 2024 compared to $9,580.1 million during the year ended December 31, 2023.

Additionally, for the year ended December 31, 2024, we recorded $4.7 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $19.3 million in the prior year, primarily as a result of decreased prepayments.

For the years ended December 31, 2024 and 2023, Payment-in-kind interest income represented 6.2% and 4.1% of total investment income, respectively, and represented 11.7% and 7.2% of net investment income, respectively. We expect that Payment-in-kind interest income will vary based on the elections of certain borrowers.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

119

While elevated interest rates continued to favorably impact our investment income during the year ended December 31, 2024, there were three Federal Reserve interest rate reductions in the latter part of 2024. Future decreases in benchmark interest rates