Blackstone Secured Lending Fund

For the period ended Jun 30, 2026. Filed Aug 6, 2026.

About 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.

Jun 30, 2026 · Filed Aug 6, 2026

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,
	2026	2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$34,732	$304,851
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	290,994	49,073
Net change in unrealized (appreciation) depreciation on derivative instruments	(1,166)	5,047
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	883	(1,304)
Net realized (gain) loss on investments	40,286	(7,295)
Net change due to hedging activity	541	(1,120)
Net realized (gain) loss on foreign currency transactions	(8,466)	—
Net accretion of discount and amortization of premium	(24,585)	(27,554)
Payment-in-kind interest capitalized	(42,658)	(42,963)
Amortization of deferred financing costs	3,408	2,850
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	8,450	7,085
Purchases of investments	(636,615)	(1,219,695)
Proceeds from sale of investments and principal repayments	1,204,877	1,163,365
Changes in operating assets and liabilities:
Interest receivable	(2,260)	7,344
Receivable for investments	(21,993)	(20,438)
Derivative instruments, net	(21,838)	4,380
Receivable from broker	9,449	(6,263)
Payable for investments	7,470	(16,937)
Due to affiliates	546	(1,466)
Management fees payable	(859)	2,295
Income based incentive fees payable	(24,710)	(3,990)
Capital gains based incentive fees payable	—	—
Interest payable	820	11,216
Accrued expenses and other liabilities	(7,086)	(4,877)
Net cash provided by (used in) operating activities	810,220	203,604
Cash flows from financing activities:
Borrowings on debt	2,337,299	1,062,898
Repayments on debt	(2,819,129)	(1,134,031)
Deferred financing costs paid	(3,430)	(430)
Debt issuance costs paid	(2,165)	(2,372)
Dividends paid in cash	(340,649)	(335,662)
Proceeds from issuance of Common Shares, net of offering and underwriting costs	—	247,854
Net cash provided by (used in) financing activities	(828,074)	(161,743)
Net increase (decrease) in cash and cash equivalents	(17,854)	41,861
Effect of foreign exchange rate changes on cash and cash equivalents	(4,596)	2,211
Cash and cash equivalents (including restricted cash), beginning of period	289,605	229,606
Cash and cash equivalents (including restricted cash), end of period	$267,155	$273,678
The accompanying notes are an integral part of these condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
	2026	2025
Supplemental information and non-cash activities:
Interest paid during the period	$188,307	$165,186
Distribution payable	179,142	177,007
Reinvestment of distributions during the period	16,823	10,510
Accrued but unpaid debt issuance costs	3,400	250
Receivable for shares sold	—	5,393
Excise and other taxes paid	16,022	15,066
The accompanying notes are an integral part of these condensed consolidated financial statements.

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