v3.25.2
Net Assets
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Net Assets Net Assets
Shares Issued
The Company has the authority to issue an unlimited number of Common Shares at $0.001 per share par value.
On October 28, 2021, the Company priced its IPO, and the Common Shares began trading on the NYSE under the symbol “BXSL.”
As of June 30, 2025, the Company is party to eight separate equity distribution agreements with sales agents (“Equity Distribution Agreements”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $600.0 million of its Common Shares. Sales of Common Shares made pursuant to the Equity Distribution Agreements may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of the Common Shares, the Company’s capital needs, and the Company’s determination of the appropriate sources of funding to meet such needs. As of June 30, 2025, Common Shares with an aggregate sales price of $439.5 million remained available for issuance under the Equity Distribution Agreements.
The following table summarizes the total Common Shares issued and proceeds received, for the three months ended June 30, 2025, through the “at-the-market” offering program:
Issuances of Common SharesNumber of Common Shares IssuedGross ProceedsPlacement Fees/Offering Expenses
Net Proceeds (1)
Average Share Price (2)
“At-the-market” Offering2,045,455 $64,205 $193 $64,012 $31.29 
(1)The Company received $5.4 million of proceeds subsequent to June 30, 2025 on July 1, 2025. The amount was recorded as Receivable for shares sold in the Consolidated Statement of Assets and Liabilities.
(2)Represents the net offering price per share after deducting placement fees and commissions and offering expenses.
The following table summarizes the total Common Shares issued and proceeds received, for the six months ended June 30, 2025, through the “at-the-market” offering program:
Issuances of Common SharesNumber of Common Shares IssuedGross ProceedsPlacement Fees/Offering Expenses
Net Proceeds (1)
Average Share Price (2)
“At-the-market” Offering7,807,103 $250,902 $2,060 $248,842 $31.87 
(1)The Company received $5.4 million of proceeds subsequent to June 30, 2025 on July 1, 2025. The amount was recorded as Receivable for shares sold in the Consolidated Statement of Assets and Liabilities.
(2)Represents the net offering price per share after deducting placement fees and commissions and offering expenses.
The following table summarizes the total Common Shares issued and proceeds received, for the three months ended June 30, 2024, through the “at-the-market” offering program:
Issuances of Common SharesNumber of Common Shares IssuedGross ProceedsPlacement Fees/Offering Expenses
Net Proceeds (1)
Average Share Price (2)
“At-the-market” Offering6,333,768 $190,966 $831 $190,135 $30.02 
(1)The Company received $1.9 million of proceeds subsequent to June 30, 2024 on July 1, 2024. The amount was recorded as Receivable for shares sold in the Condensed Consolidated Statement of Assets and Liabilities.
(2)Represents the net offering price per share after deducting placement fees and commissions and offering expenses.
The following table summarizes the total Common Shares issued and proceeds received, for the six months ended June 30, 2024, through the “at-the-market” offering program:
Issuances of Common SharesNumber of Common Shares IssuedGross ProceedsPlacement Fees/Offering Expenses
Net Proceeds (1)
Average Share Price (2)
“At-the-market” Offering12,219,314 $353,693 $1,535 $352,158 $28.82 
(1)The Company received $1.9 million of proceeds subsequent to June 30, 2024 on July 1, 2024. The amount was recorded as Receivable for shares sold in the Condensed Consolidated Statement of Assets and Liabilities.
(2)Represents the net offering price per share after deducting placement fees and commissions and offering expenses.
Distributions
The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2025 (dollars in thousands except per share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 26, 2025March 31, 2025April 25, 2025$0.7700 $175,421 
May 7, 2025June 30, 2025July 25, 20250.7700 177,007 
Total distributions$1.5400 $352,428 
The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2024 (dollars in thousands except per share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 28, 2024March 31, 2024April 26, 2024$0.7700 $147,743 
May 8, 2024June 30, 2024July 26, 20240.7700 152,706 
Total distributions$1.5400 $300,449 
Dividend Reinvestment
The Company has adopted the DRIP, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board and the Company declares a cash dividend or other distribution, then the Company’s shareholders who have not opted out of the DRIP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Starting from the consummation of the IPO, the number of shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per common share at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed NAV per share). For example, if the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $24.00 per share, the Company will issue shares at $24.00 per share. If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $27.00 per share, the Company will issue shares at $25.65 per share (95% of the current market price). If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $26.00 per share, the Company will issue shares at $25.00 per share.
Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan.
Pursuant to the DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the six months ended June 30, 2025 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 24, 2025$5,130 165,096 
April 25, 20255,380 191,060 
Total distributions$10,510 356,156 
The following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the six months ended June 30, 2024 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 26, 2024$5,614 206,465 
April 26, 20245,293 173,614 
Total distributions$10,907 380,079 
Share Repurchase Plan
In February 2023, the Board approved a share repurchase plan, under which the Company was authorized to repurchase up to $250.0 million in the aggregate of its outstanding Common Shares in the open market at prices below the Company’s NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “10b-18 Plan”). The 10b-18 Plan was not renewed and terminated by its terms on February 22, 2024. For the three and six months ended June 30, 2024, the Company did not repurchase any of its shares under the 10b-18 Plan.