Company: BXSL
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054849
Chunk: 18

Company: Blackstone Secured Lending Fund
Filing Date: 2025-03-14
Form: 40-APP
Chunk 18
---
 negotiating the Co-InvestmentTransaction considers the interest in the Transaction of any participating Regulated Fund (the “ Co-InvestmentPolicies”). Each Adviser (and each Affiliated Entity that is not advised by an Adviser) will provide its Co-InvestmentPolicies to the Regulated Funds and will notify the Regulated Funds of any material changes thereto. 20 6. Dispositions:

| (a) | Prior to any Disposition21 by an Affiliated Entity of a                                                                                                                           
 security acquired in a Co-Investment Transaction, the Adviser to each Regulated Fund that participated in the Co-Investment Transaction will be notified and each such            
 Regulated Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating in such Disposition. |

| (b) | Prior to any Disposition by a Regulated Fund of a security acquired in a                                                                                                                     
 Co-Investment Transaction, the Required Majority will take the steps set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity holding the security participates in the 
 Disposition in approximate proportion to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable Security.22                                               |

| 18 | Expenses of an individual Participant that are incurred solely by the Participant due to its unique 
 circumstances (such as legal and compliance expenses) will be borne by such Participant.            |

| 19 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received in 
 connection with any Co-Investment Transaction.                                                                |

| 20 | The Affiliated Entities may adopt shared Co-Investment Allocation 
 Policies.                                                         |

| 21 | “Disposition” means the sale, exchange, transfer or other disposition of an interest in 
 a security of an issuer.                                                                |

| 22 | “Tradable Security” means a security which trades: (i) on a national securities                                                                                                                                                                      
 exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers 
 to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.                                                    |

10

7. Board Oversight

|