Company: BXSL
Filing Date: 2025-07-02
Form Type: DEF 14A
Source: 0001193125-25-154956
Chunk: 24

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-02
Form: DEF 14A
Chunk 24
---
 fees were $116.6 million. As of December 31, 2024, $32.3 million was payable to Blackstone Credit BDC Advisors LLC relating to management fees. For the year ended December 31, 2024, the Company accrued income-based incentive fees of $150.1 million. As of December 31, 2024, $38.7 million was payable to Blackstone Credit BDC Advisors LLC for income-based incentive fees. The Company accrued no capital gains-based incentive fees for the year ended December 31, 2024. As of December 31, 2024, no amount was payable to Blackstone Credit BDC Advisors LLC for capital gains-based incentive fees.

For the year ended December 31, 2024, the Company incurred $2.6 million in expenses under the prior administration agreement with Blackstone Alternative Credit Advisors LP, which was recorded in “Administrative service expenses” in the Company’s Consolidated Statements of Operations. As of December 31, 2024, $1.5 million was unpaid and included in “Due to affiliates” in the Consolidated Statements of Assets and Liabilities in the Annual Report.

Co-InvestmentRelief

The Company has in the past co-invested, and in the future will co-invest, with certain affiliates of Blackstone and the Advisers. The Company has received an exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of Blackstone and the Advisers and certain funds managed and controlled by Blackstone, the Advisers and their affiliates, subject to certain terms and conditions. Pursuant to such order, the Board has approved co-investment policies and procedures describing how the Company will comply with the co-investment exemptive relief. Further, the Advisers have adopted co-investment policies and procedures describing the allocation of co-investment opportunities in which the Company will have the opportunity to participate with one or more Blackstone and Blackstone Credit & Insurance BDCs, and other public or private Blackstone and Blackstone Credit & Insurance funds that target similar assets. If Blackstone Credit & Insurance considers an investment that is consistent with our then-current investment objectives and strategies, Blackstone Credit & Insurance must present the Company with the opportunity to participate in the investment. The Company may determine to participate or not to participate, depending on whether Blackstone or Blackstone Credit & Insurance determine that the investment is appropriate for the Company (e.g., based