Company: BXSL
Filing Date: 2025-07-11
Form Type: 424B2
Source: 0001213900-25-063323
Chunk: 14

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: 424B2
Chunk 14
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 incentive fee calculated at a rate of 17.5%. For a more detailed discussion of the calculation of this fee, see “ Management and Other Agreements” in the accompanying prospectus and Note 3 in our notes to the unaudited condensed consolidated financial statements in our most recent Quarterly Report on Form 10 -Q. (6) We borrow funds to make investments. The costs associated with such borrowing will be indirectly borne by shareholders. The interest payment on borrowed funds referenced in the table above is estimated based on annualizing the actual amounts of the interest payment on borrowed funds incurred during the three months ended March 31, 2025, divided by our weighted average net assets. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act. (7) Includes our overhead expenses, such as payments under the Administration Agreements for certain expenses incurred by the Advisers. See “ Management and Other Agreements — Administration Agreement” in the accompanying prospectus. We based these expenses on estimated amounts for the current fiscal year. (8) Estimated.

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(9) Average net assets employed as the denominator for expense ratio computation is $6,299.5 million. 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)      |     |    $94 |     |    $252 |     |    $398 |     |     $721 |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains(2) |     |   $117 |     |    $310 |     |    $480 |     |     $824 |

______________________ (1) The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses. (2) Assumes no unrealized capital depreciation or realized capital losses and 5