What does capital gains based incentive fees (note 3) mean?

Reflects the portion of incentive fees earned by the investment adviser based on realized capital gains, net of all realized and unrealized capital losses. This metric tracks the manager's success in achieving capital appreciation on the fund's investments.

Blackstone Secured Lending Fund BXSL Capital gains based incentive fees (Note 3)

Capital gains based incentive fees (Note 3) at other companies

Blue Owl Technology Finance Corp.OTF

$9.38M+784%

Blue Owl CapitalOBDC

-$6.49M-494%

Blue Owl Technology Finance Corp.OTF

-$39.97M-9,484%

Ares CapitalARCC

-$61M-144%

Ares CapitalARCC

-$62M-148%

Ares CapitalARCC

$20M—

Other financials

Income statement

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Net income$25.2M-83.1%

EPS (diluted)$0.11-83.3%

Balance sheet

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Cash & equivalents$351.3M-63.6%

Total debt$8.0B+8.8%

Total equity$6.1B-2.3%

Total assets$14.4B+3.3%

Cash flow

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Operating cash flow$249.3M-41.3%

Valuation

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Market cap$5.49B-25.4%

Returns & leverage

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Return on equity7.1%-4.5pp

Debt / equity1.3×+0.1×

Where this comes from

Reported directly by Blackstone Secured Lending Fund in its filing.

Tagged under the XBRL concept us-gaap:IncentiveFeeExpenseCapitalGainBased.

The official record: Blackstone Secured Lending Fund’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Blackstone Secured Lending Fund's capital gains based incentive fees (note 3)?: Blackstone Secured Lending Fund (BXSL) reported capital gains based incentive fees (note 3) of $0 in Q1 2026.
What does capital gains based incentive fees (note 3) mean?: Reflects the portion of incentive fees earned by the investment adviser based on realized capital gains, net of all realized and unrealized capital losses. This metric tracks the manager's success in achieving capital appreciation on the fund's investments.