Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 231

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 231
---
 other tax expense4,169 3,350 Net investment income after tax expense188,796 165,846 Net change in unrealized appreciation (depreciation)(43,874)11,766 Net realized gain (loss)4,887 6,143 Net increase (decrease) in net assets resulting from operations$149,809 $183,755 

Net increase (decrease) in net assets resulting from operations can vary from 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):

Three Months Ended March 31, 20252024Interest income$335,686 $283,264 Payment-in-kind interest income21,353 20,462 Fee income725 233 Total investment income$357,764 $303,959 

Total investment income increased to $357.8 million for the three months ended March 31, 2025, an increase of $53.8 million, or 18%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments. Average investments at fair value increased by 28% to $12,963.4 million for the three months ended March 31, 2025 compared to $10,153.8 million for the three months ended March 31, 2024.

Additionally, for the three months ended March 31, 2025, we recorded $12.9 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1.9 million for the same period in the prior year, primarily as a result of increased prepayments.

123

 For the three months ended March 31, 2025 and 2024, PIK interest income represented 6.0% and 6.7% of total investment income, respectively, and represented 11.3% and 12.3% of net investment income, respectively. We expect that PIK 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 origin