Company: BXSL
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001213900-25-096307
Chunk: 19

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-06
Form: 424B2
Chunk 19
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ings, 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)                       |     |        | 13,252,800 |
| Cash and cash equivalents (restricted cash of $87,065)                      |     |        |    273,678 |
| Interest receivable from non-controlled/non-affiliated investments          |     |        |    104,702 |
| Interest receivable from non-controlled/affiliated investments              |     |        |          6 |
| Receivable from broker                                                      |     |        |     11,070 |
| Deferred financing costs                                                    |     |        |     19,547 |
| Receivable for investments                                                  |     |        |     23,414 |
| Receivable for shares sold                                                  |     |