Blackstone Secured Lending Fund
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
BXSL$24.17+1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations for the
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Investment income: | ||||
| From non-controlled/non-affiliated investments: | ||||
| Interest income | $327,649 | $321,401 | $984,097 | $907,356 |
| Payment-in-kind interest income | 28,934 | 20,530 | 71,630 | 63,868 |
| Dividend income | 801 | 11 | 850 | 200 |
| Fee income | 285 | 510 | 2,509 | 1,915 |
| From non-controlled/affiliated investments: | ||||
| Interest income | 303 | 89 | 624 | 226 |
| Payment-in-kind interest income | 585 | 677 | 1,415 | 677 |
| Total investment income | 358,557 | 343,218 | 1,061,125 | 974,242 |
| Expenses: | ||||
| Interest expense | 94,691 | 88,191 | 279,954 | 233,752 |
| Management fees (Note 3) | 34,959 | 30,177 | 103,860 | 84,312 |
| Income based incentive fees (Note 3) | 31,254 | 38,163 | 100,273 | 111,388 |
| Capital gains based incentive fees (Note 3) | — | (5,992) | — | 264 |
| Professional fees | 1,402 | 1,297 | 3,530 | 3,317 |
| Board of Trustees’ fees | 282 | 286 | 881 | 797 |
| Administrative service expenses (Note 3) | 766 | 525 | 2,476 | 1,966 |
| Other general and administrative | 1,497 | 740 | 3,780 | 2,899 |
| Total expenses before tax expense | 164,851 | 153,387 | 494,754 | 438,695 |
| Net investment income before tax expense | 193,706 | 189,831 | 566,371 | 535,547 |
| Excise and other tax expense | 4,232 | 3,928 | 12,199 | 10,698 |
| Net investment income after tax expense | 189,474 | 185,903 | 554,172 | 524,849 |
| Realized and unrealized gain (loss): | ||||
| Net change in unrealized appreciation (depreciation): | ||||
| Non-controlled/non-affiliated investments | (39,814) | (16,794) | (88,037) | 16,746 |
| Non-controlled/affiliated investments | (319) | (81) | (1,169) | (874) |
| Derivative instruments (Note 6) | 3,506 | — | (1,541) | — |
| Translation of assets and liabilities in foreign currencies | 405 | (2,255) | 1,125 | (2,152) |
| Income tax (provision) benefit | (101) | — | (1,875) | — |
| Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | (36,323) | (19,130) | (91,497) | 13,720 |
| Net realized gain (loss): | ||||
| Non-controlled/non-affiliated investments | (9,270) | (17,273) | (1,977) | (16,650) |
| Derivative instruments (Note 6) | (53) | — | (9,780) | — |
| Foreign currency transactions | (11,558) | 2,164 | (13,085) | 9,686 |
| Current tax expense on realized gains | 167 | — | (545) | — |
| Net realized gain (loss), net of tax expense | (20,714) | (15,109) | (25,387) | (6,964) |
| Net realized and change in unrealized gain (loss) | (57,037) | (34,239) | (116,884) | 6,756 |
| Net increase (decrease) in net assets resulting from operations | $132,437 | $151,664 | $437,288 | $531,605 |
| Net investment income per share (basic and diluted) | $0.82 | $0.91 | $2.43 | $2.68 |
| Earnings (loss) per share (basic and diluted) | $0.57 | $0.75 | $1.91 | $2.71 |
| Weighted average shares outstanding (basic and diluted) | 230,462,792 | 203,419,337 | 228,424,998 | 196,003,012 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | ||||
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