Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 634

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 634
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 of ContentsBlackstone Secured Lending FundNotes to Consolidated Financial Statements(in thousands, except share amounts, per share data, percentages and as otherwise noted)

calculated in accordance with GAAP. However, similar to the voluntary waivers referenced above, the Adviser voluntarily waived its right to receive a capital gains based incentive fee above 15% from the date of consummation of the IPO through the Waiver Period. 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 are not subject to recoupment by the Adviser.For the year ended December 31, 2024, the Company accrued income based incentive fees of $150.1 million. For the years ended December 31, 2023 and 2022, the Company accrued income based incentive fees of $134.2 million and $97.2 million, respectively, of which $15.6 million and $13.9 million, respectively, were waived. The Waiver Period ended on October 28, 2023.As of December 31, 2024 and December 31, 2023, $38.7 million and $34.4 million, respectively, was payable to the Adviser for income based incentive fees.The Company accrued no capital gains based incentive fees for the year ended December 31, 2024. For the years ended December 31, 2023 and 2022, the Company reversed previously accrued capital gains based incentive fees of $(5.5) million and $(11.9) million, respectively. As of December 31, 2024 and December 31, 2023, no amount was payable to the Adviser for capital gains based incentive fees.Administration AgreementOn October 1, 2018, the Company entered into an Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the United States Securities and Exchange Commission (“SEC”), preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by