Blackstone Secured Lending Fund
For the period ended Sep 30, 2025. Filed Nov 10, 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.
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.
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Condensed Consolidated Statements of Cash Flows for the (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net increase (decrease) in net assets resulting from operations | $437,288 | $531,605 |
| 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 | 89,206 | (15,872) |
| Net change in unrealized (appreciation) depreciation on derivative instruments | 1,541 | — |
| Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (1,125) | 2,152 |
| Net realized (gain) loss on investments | 1,977 | 16,650 |
| Net change due to hedging activity | (814) | — |
| Net realized (gain) loss on foreign currency transactions | 13,085 | — |
| Net accretion of discount and amortization of premium | (41,004) | (29,029) |
| Payment-in-kind interest capitalized | (73,386) | (68,241) |
| Amortization of deferred financing costs | 4,204 | 4,815 |
| Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 11,029 | 6,908 |
| Purchases of investments | (2,227,166) | (2,565,910) |
| Proceeds from sale of investments and principal repayments | 1,600,101 | 574,167 |
| Changes in operating assets and liabilities: | ||
| Interest receivable | 6,846 | (17,909) |
| Receivable for investments | (14,271) | (53,289) |
| Derivative instruments, net | (13,193) | — |
| Receivable from broker | (6,368) | (1,770) |
| Payable for investments | (13,614) | (3,537) |
| Due to affiliates | (2,353) | 2,489 |
| Management fees payable | 2,654 | 7,143 |
| Income based incentive fees payable | (7,454) | 3,790 |
| Capital gains based incentive fees payable | — | 264 |
| Interest payable | 4,409 | (16,009) |
| Accrued expenses and other liabilities | (585) | (842) |
| Net cash provided by (used in) operating activities | (228,993) | (1,622,425) |
| Cash flows from financing activities: | ||
| Borrowings on debt | 1,727,066 | 2,025,738 |
| Repayments on debt | (1,228,031) | (588,500) |
| Deferred financing costs paid | (3,558) | (4,352) |
| Debt issuance costs paid | (2,402) | (1,070) |
| Dividends paid in cash | (507,195) | (427,520) |
| Proceeds from issuance of Common Shares, net of offering and underwriting costs | 274,453 | 660,729 |
| Net cash provided by (used in) financing activities | 260,333 | 1,665,025 |
| Net increase (decrease) in cash and cash equivalents | 31,340 | 42,600 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (11,055) | (3,280) |
| Cash and cash equivalents, beginning of period | 229,606 | 154,857 |
| Cash and cash equivalents, end of period | $249,891 | $194,177 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | ||
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Supplemental information and non-cash activities: | ||
| Interest paid during the period | $278,653 | $237,732 |
| Distribution payable | 177,837 | 160,912 |
| Reinvestment of distributions during the period | 15,984 | 15,981 |
| Accrued but unpaid deferred financing costs | — | 105 |
| Accrued but unpaid debt issuance costs | 250 | 500 |
| Receivable for shares sold | — | 1,672 |
| Excise and other taxes paid | 15,076 | 11,430 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.