Company: BXSL
Filing Date: 2025-10-08
Form Type: 424B2
Source: 0001213900-25-097397
Chunk: 99

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-08
Form: 424B2
Chunk 99
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 (9) Average net assets employed as the denominator for expense ratio computation is $6,299.5 million.

21

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.

|                                                                                                                                                |     | 1 year |     | 3 years |     | 5 years |     | 10 years |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income(1)      |     |    $84 |     |    $243 |     |    $391 |     |     $718 |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains(2) |     |   $107 |     |    $302 |     |    $474 |     |     $822 |

__________________________________ (1) The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example. (2) Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. There is no incentive compensation either on income or on capital gains under our Investment Advisory Agreement assuming a 5% annual return and therefore it is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our shareholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of common shares, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per common share at the close of trading on the valuation date for the dividend. See “ Dividend Reinvestment Plan” in this prospectus for additional information regarding our dividend reinvestment plan. Except where the context suggests otherwise, whenever this prospect