Blackstone Secured Lending Fund
F:GM8
Income Statement
Earnings Waterfall
Blackstone Secured Lending Fund
Income Statement
Blackstone Secured Lending Fund
| Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||
| Revenue |
148
N/A
|
213
+44%
|
265
+24%
|
318
+20%
|
390
+23%
|
440
+13%
|
494
+12%
|
569
+15%
|
625
+10%
|
680
+9%
|
732
+8%
|
791
+8%
|
850
+7%
|
930
+9%
|
1 033
+11%
|
1 090
+6%
|
1 144
+5%
|
1 183
+3%
|
1 219
+3%
|
1 278
+5%
|
1 327
+4%
|
1 381
+4%
|
1 398
+1%
|
1 414
+1%
|
|
| Gross Profit | |||||||||||||||||||||||||
| Cost of Revenue |
(62)
|
(86)
|
(104)
|
(121)
|
(141)
|
(158)
|
(181)
|
(213)
|
(244)
|
(275)
|
(303)
|
(335)
|
(364)
|
(398)
|
(429)
|
(444)
|
(458)
|
(483)
|
(516)
|
(555)
|
(594)
|
(624)
|
(638)
|
(648)
|
|
| Gross Profit |
86
N/A
|
127
+48%
|
161
+27%
|
197
+22%
|
248
+26%
|
283
+14%
|
313
+11%
|
356
+14%
|
381
+7%
|
405
+6%
|
428
+6%
|
457
+7%
|
486
+7%
|
532
+9%
|
604
+13%
|
646
+7%
|
685
+6%
|
700
+2%
|
703
+0%
|
724
+3%
|
733
+1%
|
757
+3%
|
760
+0%
|
765
+1%
|
|
| Operating Income | |||||||||||||||||||||||||
| Operating Expenses |
(11)
|
(9)
|
(7)
|
(9)
|
(8)
|
(18)
|
(25)
|
(27)
|
(26)
|
(22)
|
(12)
|
(4)
|
(1)
|
1
|
0
|
(8)
|
(14)
|
(12)
|
(15)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
|
| Selling, General & Administrative |
(6)
|
(7)
|
(7)
|
(7)
|
(8)
|
(9)
|
(10)
|
(11)
|
(10)
|
(11)
|
(11)
|
(11)
|
(13)
|
(13)
|
(14)
|
(15)
|
(14)
|
(14)
|
(13)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
|
| Other Operating Expenses |
(6)
|
(2)
|
(1)
|
(1)
|
0
|
(9)
|
(15)
|
(17)
|
(16)
|
(12)
|
(1)
|
7
|
12
|
14
|
14
|
7
|
0
|
3
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Operating Income |
74
N/A
|
119
+59%
|
154
+30%
|
188
+22%
|
240
+28%
|
265
+10%
|
288
+9%
|
329
+14%
|
354
+8%
|
383
+8%
|
416
+9%
|
453
+9%
|
485
+7%
|
533
+10%
|
604
+13%
|
638
+6%
|
671
+5%
|
688
+3%
|
688
+0%
|
712
+3%
|
722
+1%
|
746
+3%
|
749
+0%
|
753
+1%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||
| Interest Income Expense |
32
|
(333)
|
(163)
|
(41)
|
(21)
|
373
|
238
|
133
|
109
|
77
|
6
|
(46)
|
(79)
|
(94)
|
(95)
|
(49)
|
(42)
|
(14)
|
36
|
(8)
|
(12)
|
(67)
|
(110)
|
(133)
|
|
| Pre-Tax Income |
107
N/A
|
(215)
N/A
|
(9)
+96%
|
148
N/A
|
219
+49%
|
638
+191%
|
526
-18%
|
462
-12%
|
463
+0%
|
460
-1%
|
423
-8%
|
407
-4%
|
406
0%
|
439
+8%
|
509
+16%
|
589
+16%
|
629
+7%
|
674
+7%
|
724
+7%
|
704
-3%
|
710
+1%
|
679
-4%
|
639
-6%
|
620
-3%
|
|
| Net Income | |||||||||||||||||||||||||
| Tax Provision |
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(0)
|
(0)
|
(2)
|
(2)
|
(4)
|
(4)
|
(2)
|
(1)
|
(3)
|
(8)
|
(13)
|
(17)
|
(18)
|
(16)
|
(15)
|
(16)
|
(19)
|
(20)
|
(20)
|
|
| Income from Continuing Operations |
106
|
(215)
|
(10)
|
147
|
219
|
638
|
526
|
459
|
460
|
456
|
419
|
405
|
405
|
436
|
501
|
577
|
612
|
657
|
708
|
689
|
694
|
660
|
619
|
600
|
|
| Net Income (Common) |
106
N/A
|
(215)
N/A
|
(10)
+95%
|
147
N/A
|
219
+49%
|
638
+192%
|
526
-18%
|
459
-13%
|
460
+0%
|
456
-1%
|
419
-8%
|
405
-3%
|
405
0%
|
436
+8%
|
501
+15%
|
577
+15%
|
612
+6%
|
657
+7%
|
708
+8%
|
689
-3%
|
694
+1%
|
660
-5%
|
619
-6%
|
600
-3%
|
|
| EPS (Diluted) |
0.64
N/A
|
-1.29
N/A
|
-0.05
+96%
|
0.89
N/A
|
1.32
+48%
|
3.84
+191%
|
3.16
-18%
|
2.76
-13%
|
2.77
+0%
|
2.68
-3%
|
2.49
-7%
|
2.45
-2%
|
2.44
0%
|
2.71
+11%
|
3.1
+14%
|
3.39
+9%
|
3.65
+8%
|
3.44
-6%
|
3.65
+6%
|
3.38
-7%
|
3.45
+2%
|
2.91
-16%
|
2.71
-7%
|
2.6
-4%
|
|