Company: BXSL
Filing Date: 2025-04-11
Form Type: 40-APP/A
Source: 0001193125-25-079181
Chunk: 18

Company: Blackstone Secured Lending Fund
Filing Date: 2025-04-11
Form: 40-APP/A
Chunk 18
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. BREC will generally focus on sourcing investments and primarily invest (70% or greater) in the U.S. Under normal circumstances, BREC will invest directly or indirectly at least 80% of its total assets in private real estate credit instruments (loans, debt securities, preferred stock and other debt-like or credit-oriented investments with a debt-like return and risk profile). BREC’s business and affairs are managed by its Board, which oversees BREC’s investment activities, financing arrangements and corporate governance. The Board consists of five members, three of whom are Non-InterestedTrustees of BREC.

| H. | Existing Advisers |

Each of the Existing Advisers is a subsidiary of Blackstone. 13Blackstone is the world’s largest alternative asset manager. Blackstone’s more than $1.1 trillion in total assets under management as of December 31, 2024 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Blackstone’s four business segments are (1) real estate, (2) private equity, (3) credit & insurance and (4) multi-asset investing. Blackstone’s asset management businesses include private investment funds, registered funds, BDCs, real estate investment trusts, collateralized loan obligation vehicles, separately managed accounts and other vehicles focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets and secondary funds. Many of Blackstone’s private investment funds and other vehicles are targeted at institutional investors. Blackstone also has several products that are targeted at individual investors, including high-net-worthinvestors. A complete list of the Existing Advisers is included in Appendix B.

| I. | Existing Affiliated Entities |

Existing Affiliated Entities include, but are not limited to, Blackstone affiliates that hold various financial assets in a principal capacity (i.e., proprietary accounts), Blackstone-sponsored non-U.S.retail investment funds, and Blackstone affiliates (including private funds and insurance companies) that would be investment companies but for Section 3(c) of the 1940 Act or Rule 3a-7thereunder. A complete list of the Existing Affiliated Entities is included in Appendix B.

| III. | ORDER REQUESTED |

The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1thereunder to permit, subject to the terms and conditions