Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 389

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 389
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 months ended September 30, 2025 on foreign currency transactions, primarily as a result of fluctuations in the GBP and EUR exchange rates vs. USD.

 For the nine months ended September 30, 2025, we recognized net realized losses on investments of $2.0 million primarily driven by the full or partial sales and repayments of investments and the restructuring of certain debt investments. We incurred additional losses of $13.1 million and $9.8 million on foreign currency transactions and derivative instruments, respectively. These losses were mainly driven by fluctuations in the GBP and SEK exchange rates vs. USD and the settlement of our foreign currency derivative transactions, primarily USD vs. GBP and EUR forwards, respectively.

Financial Condition, Liquidity and Capital ResourcesOur liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public or private issuances of debt or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares.To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expired in July 2025. In July 2025, we filed a new shelf registration statement with the SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2025 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2025 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of