Blackstone Secured Lending Fund (BXSL)

Blackstone Secured Lending Fund is a Delaware statutory trust formed in March 2018 and structured as an externally managed, non-diversified, closed-end management investment company. It elected to be regulated as a business development company under the Investment Company Act of 1940 in October 2018, and it is treated as a regulated investment company for U.S. federal income tax purposes. Its investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. It generally distributes substantially all of its available earnings through quarterly cash distributions. Its common shares have traded on the New York Stock Exchange since its October 2021 initial public offering.

The company invests at least 80% of its total assets in secured debt, and its portfolio is composed primarily of first lien senior secured and unitranche loans. These loans generally pay floating interest rates based on a base rate such as SOFR. To a lesser extent, it invests in second lien, third lien, unsecured or subordinated loans and other debt and equity securities, and in limited cases it may hold the "last out" portion of a first lien loan. It does not currently focus on distressed issuers or rescue financing. At least 70% of its assets must be qualifying assets under the 1940 Act, generally securities of U.S. private or thinly traded companies, and up to 30% may go into non-qualifying investments such as non-U.S. companies. It uses leverage up to the 2:1 debt-to-equity limit permitted by the 1940 Act.

The company lends mainly to U.S. private companies, targeting sponsor-backed transactions and focusing on sectors such as technology, healthcare and business services. It sources deals through the direct origination channels of Blackstone Credit & Insurance (BXCI), through syndicate and club deals, and through the secondary market using BXCI's liquid credit platform. BXCI is the credit, asset based finance and insurance asset management business unit of Blackstone. As of December 31, 2025, BXCI had $443 billion of assets under management, 730 employees and more than 575 sponsor and advisor relationships. Blackstone itself had about $1.3 trillion of assets under management. The company positions itself against the traditional banks and the public syndicated markets, noting that private credit financed 84% of leveraged buyouts in 2025.

The company has no employees of its own and is managed by Blackstone Private Credit Strategies LLC (the Adviser) and Blackstone Credit BDC Advisors LLC (the Sub-Adviser). They originate, diligence, structure and monitor its investments, and an investment committee approves each opportunity. Blackstone Credit BDC Advisors LLC was the sole investment adviser through December 31, 2024. The Adviser also acts as administrator, and Blackstone Alternative Credit Advisors LP acts as sub-administrator. The company reimburses them for administrative costs and allocable overhead. It pays the Adviser a management fee of 1.0% of average gross assets and an income-based incentive fee. The advisers and administrators have their principal executive offices at 345 Park Avenue, New York. The advisers' personnel also serve other Blackstone funds, which creates potential conflicts of interest in allocating time and investment opportunities.