Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 378

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 378
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4.

Management fees increased to $68.9 million for the six months ended June 30, 2025, an increase of $14.8 million, or 27%, compared to the same period in the prior year, due to an increase in average quarter-end gross assets. For the six months ended June 30, 2025, our average quarter-end gross assets increased to $13,717.3 million from $10,870.0 million for the six months ended June 30, 2024.

Income Based Incentive Fees

Income based incentive fees decreased to $34.7 million for the three months ended June 30, 2025, a decrease of $2.7 million, or 7%, compared to the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended June 30, 2025, and the decrease in the pre-incentive fee net investment income. Pre-incentive fee net investment income decreased to $210.6 million for the three months ended June 30, 2025 from $213.6 million for the same period in the prior year. 

Income based incentive fees decreased to $69.0 million for the six months ended June 30, 2025, a decrease of $4.2 million, or 6%, compared to the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the six months ended June 30, 2025. Pre-incentive fee net investment income increased to $433.7 million for the six months ended June 30, 2025 from $418.4 million for the same period in the prior year.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 3. Agreements and Related Party Transactions” for further information on the Advisory Agreements.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three and six months ended June 30, 2025. We accrued capital gains based incentive fees of $3.1 million and $6.3 million for the three and six months ended June 30, 2024, respectively, which was primarily due to a net change in unrealized gains for the three and six months ended June 30, 2024.

The accr