Company: BXSL
Filing Date: 2025-07-11
Form Type: N-2ASR
Source: 0001213900-25-063269
Chunk: 38

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: N-2ASR
Chunk 38
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 a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate -levelU.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more -likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more -likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on -goinganalyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through December 31, 2024. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source -of-incomeand asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short -termcapital gains over its realized net long -termcapital losses, and (ii) its net tax -exemptincome. In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of •98% of its ordinary income for the calendar year; •98.2% of its capital gain net income (both long -termand short -