Company: BXSL
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001193125-25-008530
Chunk: 79

Company: Blackstone Secured Lending Fund
Filing Date: 2025-01-21
Form: 424B2
Chunk 79
---
 policy. |

| (5) | These debt investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. |

| (6) | The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2022, non-qualifying assets represented 10.3% of total assets as calculated in accordance with regulatory requirements. |

<div align='center'>60</div>

| (7) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments: |

| Investments—non-controlled/non-affiliated |     | Commitment Type        |     | Commitment 
 Expiration 
 Date       |            |     | Unfunded   
 Commitment |        |     | Fair  
 Value |      |   |
| First and Second Lien Debt                |     |                        |     |            |            |     |            |        |     |       |      |   |
| ACI Group Holdings, Inc.                  |     | Delayed Draw Term Loan |     |            | 8/2/2023   |     |            | 39,937 |     |       |    0 |   |
| ACI Group Holdings, Inc.                  |     | Revolver               |     |            | 8/2/2027   |     |            | 11,567 |     |       | (116 | ) |
| ADCS Clinics Intermediate Holdings, LLC   |     | Delayed Draw Term Loan |     |            | 5/7/2023   |     |            |    522 |     |       |    0 |   |