As of September 30, 2024, Blackstone Secured Lending Fund reported significant growth in its financial performance compared to the previous fiscal period. Total investments at fair value reached $11,978.6 million, up from $9,868.4 million as of December 31, 2023. This increase reflects a cost of $12,006.5 million, indicating a slight decline in the fair value relative to cost. Total assets also rose to $12,371.6 million from $10,134.6 million, while total liabilities increased to $6,670.9 million from $5,182.6 million, resulting in net assets of $5,700.7 million, up from $4,952.0 million.

Investment income for the three months ended September 30, 2024, was $343.2 million, a 21% increase from $283.9 million in the same period of 2023. For the nine months, investment income totaled $974.2 million, up 16% from $839.3 million year-over-year. Net investment income before excise tax for the third quarter was $189.8 million, compared to $165.8 million in 2023, while net investment income after excise tax was $185.9 million, up from $160.8 million.

The fund's net increase in net assets resulting from operations for the third quarter was $151.7 million, down from $171.0 million in the prior year. Earnings per share for the quarter were $0.75, a decrease from $1.01 in the same period last year. The net asset value per share increased to $27.27 from $26.66.

The company’s debt as of September 30, 2024, was $6,389.1 million, up from $4,911.9 million at the end of 2023. The weighted average interest rate on borrowings increased to 5.45% from 4.94% in the same quarter of the previous year. Total expenses before excise tax for the nine months ended September 30, 2024, were $438.7 million, compared to $377.6 million in 2023.

Strategically, Blackstone Secured Lending Fund has been active in the market, making new investment commitments totaling $1,105.8 million during the third quarter, with a focus on first lien debt. The number of new investments in portfolio companies increased to 26 from 10 year-over-year. The company also issued $400 million in notes in October 2024 and declared a distribution of $0.77 per share for shareholders of record as of December 31, 2024.

The macroeconomic environment remains challenging, with inflation and elevated interest rates impacting borrowers. The company is positioned to navigate these conditions, with a significant portion of its debt investments at floating rates, which may benefit from rising interest rates.