Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 377

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 377
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 for the three months ended June 30, 2025, an increase of $13.4 million, or 17%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $7,155.4 million for the three months ended June 30, 2025 from $5,798.8 million for the same period 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) decreased to 5.03% for the three months ended June 30, 2025 from 5.26% for the same period in the prior year. 

Total interest expense was $185.3 million for the six months ended June 30, 2025, an increase of $39.7 million, or 27%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $7,234.0 million for the six months ended June 30, 2025 from $5,422.5 million for the same period 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) decreased to 5.02% for the six months ended June 30, 2025 from 5.18% for the same period in the prior year. 

Management Fees

Management fees increased to $34.6 million for the three months ended June 30, 2025, an increase of $6.5 million, or 23%, compared to the same period in the prior year, due to an increase in average quarter-end gross assets. For the three months ended June 30, 2025, our average quarter-end gross assets increased to $13,839.9 million, from $11,237.7 million for the three months ended June 30, 202