Blackstone Secured Lending Fund

For the period ended Jun 30, 2025. Filed Aug 6, 2025.

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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.

Jun 30, 2025 · Filed Aug 6, 2025

BXSL$24.17+1.0%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows for the (Unaudited)

Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
	2025	2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$304,851	$379,941
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	49,073	(32,747)
Net change in unrealized (appreciation) depreciation on derivative instruments	5,047	—
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(1,304)	(103)
Net realized (gain) loss on investments	(7,295)	(623)
Net change due to hedging activity	(1,120)	—
Net accretion of discount and amortization of premium	(27,554)	(20,333)
Payment-in-kind interest capitalized	(42,963)	(42,693)
Amortization of deferred financing costs	2,850	3,403
Amortization of original issue discount and debt issuance costs	7,085	4,321
Purchases of investments	(1,219,695)	(1,609,750)
Proceeds from sale of investments and principal repayments	1,163,365	276,090
Changes in operating assets and liabilities:
Interest receivable	7,344	(20,305)
Receivable for investments	(20,438)	(51,397)
Derivative instruments, net	4,380	—
Receivable from broker	(6,263)	(1,770)
Payable for investments	(16,937)	(2,193)
Due to affiliates	(1,466)	(447)
Management fees payable	2,295	5,060
Income based incentive fees payable	(3,990)	3,007
Capital gains based incentive fees payable	—	6,256
Interest payable	11,216	4,457
Accrued expenses and other liabilities	(4,877)	(4,884)
Net cash provided by (used in) operating activities	203,604	(1,104,710)
Cash flows from financing activities:
Borrowings on debt	1,062,898	1,665,849
Repayments on debt	(1,134,031)	(494,000)
Deferred financing costs paid	(430)	—
Debt issuance costs paid	(2,372)	(1,070)
Dividends paid in cash	(335,662)	(279,888)
Proceeds from issuance of Common Shares, net of offering and underwriting costs	247,854	350,237
Net cash provided by (used in) financing activities	(161,743)	1,241,128
Net increase (decrease) in cash and cash equivalents	41,861	136,418
Effect of foreign exchange rate changes on cash and cash equivalents	2,211	17
Cash and cash equivalents, beginning of period	229,606	154,857
Cash and cash equivalents, end of period	$273,678	$291,292
The accompanying notes are an integral part of these condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
	2025	2024
Supplemental information and non-cash activities:
Interest paid during the period	$165,186	$133,658
Distribution payable	177,007	152,706
Reinvestment of distributions during the period	10,510	10,907
Accrued but unpaid debt issuance costs	250	500
Receivable for shares sold	5,393	1,896
Excise taxes paid	15,066	11,430
The accompanying notes are an integral part of these condensed consolidated financial statements.

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