Company: BXSL
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001193125-25-008530
Chunk: 65

Company: Blackstone Secured Lending Fund
Filing Date: 2025-01-21
Form: 424B2
Chunk 65
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| Incentive Fee payable under the Investment Advisory Agreement                      |     |  1.93 | %(5)    |
| Interest payments on borrowed funds                                                |     |  3.63 | %(6)    |
| Other expenses                                                                     |     |  0.40 | %(7)(8) |
| Total annual expenses                                                              |     |  8.27 | %(8)    |
| Management Fee Waiver                                                              |     | (0.58 | )%(4)   |
| Incentive Fee Waiver                                                               |     | (0.27 | )%(5)   |
| Total net annual expenses                                                          |     |  7.42 | %(8)    |

| (1) | In the event that the securities are sold to or through underwriters, a related prospectus supplement will disclose the applicable sales load (underwriting discount or commission). |

| (2) | A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the Company as a percentage of the offering price. |

| (3) | The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. For additional information, see “Dividend Reinvestment Plan” in this prospectus. |

| (4) | The Management Fee is 1.0% of our average gross assets (excluding undrawn commitments but including assets purchased with borrowed amounts); however, in order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the completion of the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters during the Waiver Period. We may from time to time decide it is appropriate to change the terms of the agreement. Under the 1940 Act, any material change to our Investment Advisory Agreement must be submitted to shareholders for approval. See “Management and Other Agreements” in this prospectus. |

The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average gross assets are 2.33x our average net assets.

| (5) | The Incentive Fee will consist of two