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 has elected to be regulated as a business development company under the Investment Company Act of 1940 and to be treated as a regulated investment company for U.S. federal income tax purposes. Its common shares have traded on the NYSE since its October 2021 IPO.

It is managed by Blackstone Private Credit Strategies LLC and Blackstone Credit BDC Advisors LLC, affiliates of Blackstone Credit & Insurance (BXCI), the credit, asset based finance and insurance asset management unit of Blackstone. BXCI had about $443 billion of AUM as of December 31, 2025. The advisers originate, diligence, structure and monitor investments, and an investment committee approves them.

Blackstone Private Credit Strategies LLC and Blackstone Alternative Credit Advisors LP provide administrative services. The company pays a management fee of 1.0% of average gross assets plus an income-based incentive fee. Its objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

Under normal market conditions it invests at least 80% of total assets in secured debt, primarily first lien senior secured and unitranche loans to U.S. private companies. These loans generally pay floating rates, often based on SOFR. To a lesser extent it invests in second lien, third lien, unsecured or subordinated loans, other debt and equity securities, and occasionally the "last out" portion of first lien loans.

It does not currently focus on distressed or rescue-financing issuers. As a BDC, at least 70% of its assets must be qualifying assets, and up to 30% may be non-qualifying investments such as non-U.S. companies. Investments are sourced through Blackstone's direct origination channels, syndicate and club deals, and its liquid credit platform, with a focus on sponsor-backed transactions and sectors such as technology, healthcare and business services.

The company uses leverage up to the 2:1 debt-to-equity limit under the 1940 Act and generally intends to distribute substantially all available earnings through quarterly cash distributions.