Company: BXSL
Filing Date: 2025-07-11
Form Type: N-2ASR
Source: 0001213900-25-063269
Chunk: 28

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: N-2ASR
Chunk 28
---
 our operating results. •Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and breach covenants or defaults on such debt. •We are exposed to risks associated with changes in interest rates. •Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. •Our portfolio may be concentrated in a limited number of industries, which may subject us to specific risks. 15 Risks Related to the Advisers and Their Affiliates •The Advisers and their affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders. •We may be obligated to pay the Adviser, and the Adviser may be obligated to pay the Sub -Adviser, incentive compensation even if we incur a net loss due to a decline in the value of our portfolio; •The Advisers rely on key personnel, the loss of any of whom could impair its ability to successfully manage us. Risks Related to Business Development Companies •The requirement that we invest a sufficient portion of our assets in assets of the type listed in Section 55(a) of the 1940 Act (“Qualifying Assets”) could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC. •Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes. Risks Related to Debt Financing •We borrow money, which magnifies the potential for loss on amounts invested in us and may increase the risk of investing in us. •Provisions in a credit facility may limit our investment discretion. •We are subject to risks associated with the unsecured notes and debt securitizations that we have issued and our credit facilities. Federal Income Tax Risks •We will be subject to corporate -levelincome tax if we are unable to maintain RIC tax treatment under Subchapter M of the Code or satisfy RIC distribution requirements. •Our portfolio investments may present special tax issues. •Legislative or regulatory tax changes could adversely affect investors. Risks Related to an Investment in the Common Shares •Shares of closed -endmanagement investment companies,