Company: BXSL
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001213900-25-096307
Chunk: 106

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-06
Form: 424B2
Chunk 106
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| Third Quarter                        |     | $      | 26.54 |           | $ | 28.77 |             | $ | 26.67 |     | 8.4%  |     | 0.5%         |     | $            | 0.77 |              |
| Fourth Quarter                       |     | $      | 26.66 |           | $ | 28.63 |             | $ | 26.06 |     | 7.4%  |     | (2.3)%       |     | $            | 0.77 |              |

__________________________________ (1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices. (2) Calculated as the respective high or low closing sales price less NAV, divided by NAV (in each case, as of the applicable quarter). (3) Represents the dividend or distribution declared and payable in the relevant quarter. *NAV has not yet been calculated for this period. NAV for the second quarter of 2025 will be available with the filing of the Company’s Quarterly Report on Form 10 -Q for such quarter.

30 DISTRIBUTIONS The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as 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