Company: BXSL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001736035-25-000013
Chunk: 188

Company: Blackstone Secured Lending Fund
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 188
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ending FundNotes to Condensed Consolidated Financial Statements(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 5. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments: March 31, 2025Level 1Level 2Level 3TotalFirst lien debt$— $231,934 $12,370,969 $12,602,903 Second lien debt— — 118,482 118,482 Unsecured debt— — 13,658 13,658 Equity— — 99,163 99,163 Total$— $231,934 $12,602,272 $12,834,206 

December 31, 2024Level 1Level 2Level 3TotalFirst lien debt$— $115,753 $12,714,636 $12,830,389 Second lien debt— — 119,184 119,184 Unsecured debt— — 33,521 33,521 Equity— — 109,424 109,424 Total$— $115,753 $12,976,765 $13,092,518 

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. 

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:Three Months Ended March 31, 2025First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal InvestmentsFair value, beginning of period$12,714,636 $119,184 $33,521 $109,424 $12,976,765 Purchases of investments715,298 1,663 468 168 717,597 Proceeds from principal repayments and sales of investments(964,827)(2,347)(20,595)(10,224)(997,993)Accretion of discount (amortization of premium)16,001 74 10 — 16,085 Net realized gain (loss)1,210 (1)— 7,316 8,525 Net change in unrealized appreciation (depreciation)(9