Company: BXSL
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054849
Chunk: 9

Company: Blackstone Secured Lending Fund
Filing Date: 2025-03-14
Form: 40-APP
Chunk 9
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 the Joint Venture’s or BDC Downstream Fund’s Board.

| 9 | The term “Adviser” means the Existing Advisers and any other investment adviser                                                                          
 controlling, controlled by, or under common control with the Existing Advisers. The term “Advisers” also includes any internally-managed Regulated Fund. |

| 10 | All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any                     
 other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the Application. |

| 11 | “Co-Investment Transaction” means the                                                                                                                  
 acquisition or Disposition (defined below) of securities of an issuer in a transaction effected in reliance on the Order or previously granted relief. |

3

BCRED’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, BCRED will invest at least 80% of its total assets in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). BCRED’s business and affairs are managed by its Board (defined below), which oversees BCRED’s investment activities, financing arrangements and corporate governance. The Board consists of seven members, five of whom are not “interested persons” of BCRED as defined in Section 2(a)(19) of the 1940 Act (“ Non-InterestedTrustees” or “ Non-InterestedDirectors,” as applicable). 13

| B. | BXSL |

BXSL is a Delaware statutory trust formed on March 26, 2018 and is structured as an externally managed, non-diversified, closed-endmanagement investment company that has elected to be regulated as a BDC. BXSL has elected to be treated for federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. BXSL’s principal place of business is 345 Park Avenue, New York, New York 10154. BXSL’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal market conditions, BXSL generally invests at least 80% of its total assets in secured debt investments, and its portfolio is composed primarily of first lien senior secured and unitranche loans. BXSL’s business and affairs are managed by its Board, which oversees BXSL’s investment activities, financing arrangements and corporate governance. The Board consists of seven members, five