Blackstone Secured Lending Fund

Listed Company

BXSLCIK 0001736035NYSELarge AcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$563.46M

Total Assets

$14.66B

Equity

$6.25B

Shares Out

232.28M

Op. Cash Flow

$-458.66M

Business

Blackstone Secured Lending Fund is an externally managed, non‑diversified, closed‑end management investment company that operates as a business development company and a regulated investment company. It originates and acquires debt and equity-related investments, with primary emphasis on secured debt such as first‑lien senior secured and unitranche loans, and to a lesser extent second/third‑lien, unsecured or subordinated loans and related securities. The Company’s operations are organized around its investment adviser, sub‑adviser and administrator relationships and leverage the Blackstone Credit & Insurance platform for sourcing, diligence, trading and asset management. It targets primarily U.S. private and middle‑market companies and sources opportunities through direct origination, syndicate/club deals and secondary market channels while raising capital and distributing earnings to shareholders.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investment income	1,419	1,327	1,144	850	625
Interest expense	382	326	266	204	120
Management fees (Note 3)	140	117	98	102	62
Income based incentive fees (Note 3)	127	150	134	—	—
Capital gains based incentive fees (Note 3)	0	0	—	—	—
Capital gains based incentive fees reversal	—	—	−6	—	—
Professional fees	5	5	6	4	3
Board of Trustees fees	1	1	907,000	853,000	571,000
Administrative service expenses (Note 3)	4	3	2	3	2
Other general and administrative expenses	5	4	6	6	5
Total expenses before tax expense	663	605	509	404	277
Management fees waived (Note 3)	0	0	−20	−25	−4
Incentive fees waived (Note 3)	0	0	−16	−14	−2
Net expenses before tax expense	663	605	473	365	271
Net investment income before tax expense	756	722	671	485	354
Excise and other tax expense	16	15	17	1	2
Net investment income after tax expense	740	708	654	484	352
Net unrealized (appreciation) depreciation on investments	−149	−14	−51	−126	105
Derivative instruments (Note 6)	−3	2	0	—	—
Translation of assets and liabilities in foreign currencies	852,000	−48,000	−4	4	−549,000
Income tax (provision) benefit	−2	−2	0	0	—
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	−154	−13	−55	−122	104
Net realized gain (loss)	10,000	−19	−6	37	8
Derivative instruments (Note 6)	−9	9	0	—	—
Foreign currency transactions	−13	10	19	6	−3
Current tax expense on realized gains	−545,000	0	0	—	—
Net realized gain (loss), net of tax expense	−23	−13,000	13	43	5
Net realized and change in unrealized gain (loss)	−176	−13	−42	−79	109
Net increase (decrease) in net assets resulting from operations	563	694	612	405	460
Net investment income (in usd per share)	3.23	3.51	3.9	2.91	2.43
Net investment income, diluted (in usd per share)	3.23	3.51	3.9	—	—
Earnings (loss), basic, per share (in usd per share)	2.46	3.45	3.65	2.44	3.19
Earnings (loss), diluted, per share (in usd per share)	2.46	3.45	3.65	2.44	3.19
Weighted average shares outstanding basic (in shares)	229	201	168	166	145
Weighted average shares outstanding diluted (in shares)	229	201	168	166	145

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investments at fair value	14,207	—	—	—	13,093
Cash and cash equivalents (restricted cash of $89,406 and $2,499, respectively)	290	—	—	—	230
Receivable from broker	11	—	—	—	5
Deferred financing costs	20	—	—	—	22
Receivable for investments	3	—	—	—	3
Receivable for shares sold	0	—	—	—	4
Derivative assets at fair value (Note 6)	20	—	—	—	4
Total assets	14,656	—	—	—	13,472
Debt (net of unamortized debt issuance costs of $39,900 and $34,877, respectively)	8,080	—	—	—	7,056
Payable for investments	2	—	—	—	19
Management fees payable (Note 3)	36	—	—	—	32
Income based incentive fees payable (Note 3)	26	—	—	—	39
Capital gains based incentive fees payable (Note 3)	0	—	—	—	0
Interest payable	62	—	—	—	54
Distribution payable (Note 9)	179	—	—	—	171
Board of Trustees fees payable	289,000	—	—	—	289,000
Accrued expenses and other liabilities	21	—	—	—	17
Total liabilities	8,411	—	—	—	7,396
Commitments and contingencies (Note 8)	—	—	—	—	—
Common Shares, $0.001 par value (unlimited shares authorized; 231,969,058 and 221,892,184 shares issued and outstanding, respectively)	232,000	—	—	—	222,000
Additional paid in capital	6,048	—	—	—	5,750
Distributable earnings (loss)	197	—	—	—	327
Total net assets	6,245	—	—	—	6,077
Total liabilities and net assets	14,656	—	—	—	13,472
NET ASSET VALUE PER SHARE (in usd per share)	26.92	27.15	27.33	27.39	27.39

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net change in unrealized (appreciation) depreciation on derivative instruments	3	−2	0	—	—
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	−852,000	−567,000	4	−4	549,000
Net change due to hedging activity	−780,000	−851,000	0	0	—
Net realized (gain) loss on foreign currency transactions	13	0	0	—	—
Net accretion of discount and amortization of premium	−53	−40	−53	−47	−63
Payment-in-kind interest capitalized	−101	−83	−52	−40	−9
Amortization of deferred financing costs	6	6	5	4	3
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	15	10	9	10	7
Purchases of investments	−3,269	−3,943	−1,483	−962	−6,824
Proceeds from sale of investments and principal repayments	2,229	788	1,305	1,174	2,734
Interest receivable	6	−18	4	−35	−41
Receivable for investments	−211,000	−2	48	94	−28
Derivative instruments, net	4	−4	0	0	—
Receivable from broker	−6	−5	0	0	—
Payable for investments	−17	11	−12	−16	−12
Due to affiliates	−2	−2	−2	4	1
Management fees payable	4	9	4	783,000	8
Income based incentive fees payable	−12	4	10	—	—
Capital gains based incentive fees payable	0	0	−6	—	—
Interest payable	8	14	−5	6	24
Accrued expenses and other liabilities	4	5	12	−2	3
Net cash provided by (used in) operating activities	−459	−2,526	459	673	−3,829
Borrowings on debt	2,844	3,616	1,440	921	5,779
Repayments on debt	−1,923	−1,451	−2,091	−877	−2,780
Deferred financing costs paid	−4	−11	−9	−4	−9
Debt issuance costs paid	−4	−5	0	0	−3
Dividends paid in cash	−678	−583	−438	−423	−254
Proceeds from issuance of Common Shares, net of offering and underwriting costs	295	1,037	665	0	981
Net cash provided by (used in) financing activities	531	2,602	−432	−648	3,713
Net increase (decrease) in cash and cash equivalents	72	76	27	25	−115
Effect of foreign exchange rate changes on cash and cash equivalents	−12	−1	−3	4	0
Interest paid during the period	353	297	256	182	95
Distribution payable	179	171	143	96	90
Reinvestment of distributions during the period	23	21	21	52	39
Accrued but unpaid debt issuance costs	525,000	1	0	0	−92,000
Receivable for shares sold	0	4	0	0	—
Excise and other taxes paid	15	11	5	4	131,000

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