Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 320

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 320
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(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

(ii) Capital gains based incentive fees:Starting from the completion of the IPO, the second part of the incentive fee, a capital gains based incentive fee, is determined and payable in arrears as of the end of each calendar year in an amount equal to 17.5% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains based incentive fees as calculated in accordance with GAAP. The Company will accrue, but will not pay, a capital gains based incentive fee with respect to unrealized appreciation because a capital gains based incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. Amounts waived by the Adviser or Prior Adviser are not subject to recoupment by the Adviser or Prior Adviser, as applicable.For the three and six months ended June 30, 2025, the Company accrued income based incentive fees of $34.7 million and $69.0 million, respectively. For the three and six months ended June 30, 2024, the Company accrued income based incentive fees of $37.4 million and $73.2 million, respectively.As of June 30, 2025 and December 31, 2024, there was $34.7 million and $38.7 million, respectively, payable to the Adviser and the Prior Adviser, as applicable, for income based incentive fees. For the three and six months ended June 30, 2025, the Company accrued no capital gains based incentive fees. For the three and six months ended June 30, 2024, the Company accrued capital gains based incentive fees of $3.1 million and $6.3 million, respectively. As of June 30, 2025 and December 31, 2024, no amount was payable to the Adviser and the Prior Adviser, as applicable, for capital gains based incentive fees.Administration AgreementsOn October 1, 2018, the Company entered into the original Administration Agreement with the Prior Administrator (the “Prior Administration Agreement”). On November 7, 2024, the Board approved the termination of the Prior Administration Agreement, effective December 31, 2024, and