Company: BXSL
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001736035-25-000008
Chunk: 730

Company: Blackstone Secured Lending Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 730
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 our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrator that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed. Pursuant to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator has not historically, and does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and has not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Administrator has waived its right to any reimbursement for rent and other occupancy costs for prior periods, including the years ended December 31, 2024, 2023 and 2022. The Administrator cannot recoup any expenses that the Administrator has previously waived. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Costs and expenses of the Administrator and the Adviser that are eligible for reimbursement by us will be reasonably allocated on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator in accordance with policies adopted by the Board.

Portfolio and Investment Activity

For the year ended December 31, 2024, we made $4,806.5 million aggregate principal amount of new investment commitments (including $1,268.3 million of which remained unfunded as of December 31, 2024), $4,695.9 million of which was first lien debt, $74.0