Company: BXSL
Filing Date: 2025-10-08
Form Type: 424B2
Source: 0001213900-25-097397
Chunk: 19

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-08
Form: 424B2
Chunk 19
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 net proceeds to repay existing borrowings outstanding. For the six months ended June 30, 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 5.02%, and the weighted average all -incost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs and the impact of the application of hedge accounting) was 5.09%. The weighted average time to maturity as of June 30, 2025 was 3.3 years. For further information about our borrowings, see Note 7 in our notes to the unaudited condensed consolidated financial statements in our Quarterly Report on Form 10 -Qfor the quarter ended June 30, 2025, which is incorporated by reference in this prospectus supplement. Affiliates of certain of the underwriters are lenders under certain of our indebtedness, including our Revolving Credit Facility and/or our secured financing facilities that our wholly -ownedsubsidiaries have entered into as of June 30, 2025 (collectively, the “SPV Financing Facilities”). Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent such proceeds are used to repay or repurchase such outstanding indebtedness. See “Underwriting” for additional information. S-15

CAPITALIZATION The following table sets forth our consolidated capitalization as of June 30, 2025. You should read this table together with “Use of Proceeds” described in this prospectus supplement and our unaudited condensed consolidated financial statements and the notes thereto included in our Quarterly Report on Form 10 -Qfor the quarter ended June 30, 2025, which is incorporated by reference in this prospectus supplement. Dollar amounts are presented in thousands, except share data.

| ASSETS                                                                      
 Investment at fair value                                                    |     | Actual |            |
|:----------------------------------------------------------------------------|:----|:-------|-----------:|
| Non-controlled/non-affiliated investments (cost of $13,299,807)             |     | $      | 13,223,290 |
| Non-controlled/affiliated investments (cost of $27,552)                     |     |        |     29,510 |
| Total investments at fair value (cost of $13,327,359)                       |