Blackstone Secured Lending Fund
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
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
Consolidated Statements of Operations for the years ended and
Consolidated Statements of Operations
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investment income: | |||
| From non-controlled/non-affiliated investments: | |||
| Interest income | $1,310,299 | $1,239,915 | $1,089,044 |
| Payment-in-kind interest income | 101,389 | 81,388 | 47,076 |
| Dividend income | 1,068 | 243 | 387 |
| Other income | 3,003 | 3,663 | 7,010 |
| From non-controlled/affiliated investments: | |||
| Interest income | 1,404 | 428 | — |
| Payment-in-kind interest income | 1,791 | 1,264 | — |
| Total investment income | 1,418,954 | 1,326,901 | 1,143,517 |
| Expenses: | |||
| Interest expense | 381,641 | 326,133 | 266,420 |
| Management fees (Note 3) | 140,001 | 116,616 | 98,122 |
| Income based incentive fees (Note 3) | 126,673 | 150,096 | 134,230 |
| Capital gains based incentive fees (Note 3) | — | — | (5,506) |
| Professional fees | 4,911 | 4,654 | 6,077 |
| Board of Trustees’ fees | 1,170 | 1,086 | 907 |
| Administrative service expenses (Note 3) | 3,494 | 2,643 | 2,250 |
| Other general and administrative expenses | 5,018 | 3,554 | 6,115 |
| Total expenses before tax expense | 662,908 | 604,782 | 508,615 |
| Management fees waived (Note 3) | — | — | (20,194) |
| Incentive fees waived (Note 3) | — | — | (15,604) |
| Net expenses before tax expense | 662,908 | 604,782 | 472,817 |
| Net investment income before tax expense | 756,046 | 722,119 | 670,700 |
| Excise and other tax expense | 16,104 | 14,524 | 16,795 |
| Net investment income after tax expense | 739,942 | 707,595 | 653,905 |
| Realized and unrealized gain (loss): | |||
| Net change in unrealized appreciation (depreciation): | |||
| Non-controlled/non-affiliated investments | (147,579) | (11,241) | (36,685) |
| Non-controlled/affiliated investments | (1,562) | (2,941) | (14,156) |
| Derivative instruments (Note 6) | (3,086) | 2,401 | — |
| Translation of assets and liabilities in foreign currencies | 852 | (48) | (3,732) |
| Income tax (provision) benefit | (2,321) | (1,656) | — |
| Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | (153,696) | (13,485) | (54,573) |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
Consolidated Statements of Operations
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net realized gain (loss): | |||
| Non-controlled/non-affiliated investments | $10 | $(18,976) | $(14,488) |
| Non-controlled/affiliated investments | — | — | 8,283 |
| Derivative instruments (Note 6) | (8,836) | 8,784 | — |
| Foreign currency transactions | (13,420) | 10,179 | 18,824 |
| Current tax expense on realized gains | (545) | — | — |
| Net realized gain (loss), net of tax expense | (22,791) | (13) | 12,619 |
| Net realized and change in unrealized gain (loss) | (176,487) | (13,498) | (41,954) |
| Net increase (decrease) in net assets resulting from operations | $563,455 | $694,097 | $611,951 |
| Net investment income per share (basic and diluted) | $3.23 | $3.51 | $3.90 |
| Earnings (loss) per share (basic and diluted) | $2.46 | $3.45 | $3.65 |
| Weighted average shares outstanding (basic and diluted) | 229,162,028 | 201,372,008 | 167,615,433 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.