Company: BXSL
Filing Date: 2025-07-11
Form Type: N-2ASR
Source: 0001213900-25-063269
Chunk: 7

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: N-2ASR
Chunk 7
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ically in “non -qualifying” portfolio investments, such as investments in non -U.S. companies. We generally intend to distribute substantially all of our available earnings annually by making quarterly cash distributions. We use leverage and intend to continue to use leverage for our investment activities. We use and intend to continue to use leverage, which is permitted up to the maximum amount allowed by the 1940 Act (currently limited to a debt -to-equityratio of 2:1), to enhance potential returns. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings” in our most recent Annual Report on Form 10 -Kand Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings” in our most recent Quarterly Report on Form 10 -Q, which are incorporated herein by reference. 2 The Advisers and the Administrators The Company’s investment activities are managed by Blackstone Private Credit Strategies LLC and Blackstone Credit BDC Advisors LLC, each an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisers are responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis, in each case with respect to the portion of the assets of the Fund allocated to such Adviser pursuant to the investment advisory agreement between the Fund and the Adviser, effective January 1, 2025 (the “Investment Advisory Agreement”), or the sub -advisoryagreement among the Fund, the Adviser and the Sub -Adviser, effective January 1, 2025 (the “Sub -AdvisoryAgreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”), as the case may be (in each case, the “Allocated Portion”). The Advisers are affiliates of Blackstone Credit & Insurance and are led by substantially the same investment personnel as Blackstone Credit & Insurance. As such, our Advisers have access to the broader resources of Blackstone Credit & Insurance and Blackstone, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest. As such, the term “Blackstone Credit & Insurance” may be used when describing advisory services and resources. Blackstone Private Credit Strategies LLC, as our Administrator and Blackstone Alternative