Company: BXSL
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001193125-25-008530
Chunk: 12

Company: Blackstone Secured Lending Fund
Filing Date: 2025-01-21
Form: 424B2
Chunk 12
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vestment plan. |

| (4) | The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters. |

The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.09x our average net assets.

| (5) | The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated based on annualizing the “Income based incentive fees” expense for the nine months ended September 30, 2024, and adding the “Capital gains based incentive fees” for the nine months ended September 30, 2024 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. |

For a more detailed discussion of the calculation of this fee, see “ Management and Other Agreement ” in the accompanying prospectus.

| (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 nine months ended September 30, 2024, 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. |

S-10

| (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. |

| (9) | Average net assets employed as the denominator for expense ratio computation is $5,371.4 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