Company: BXSL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001736035-25-000018
Chunk: 218

Company: Blackstone Secured Lending Fund
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 218
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ending FundNotes to Condensed Consolidated Financial Statements(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents information on the secured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:June 30, 2025DescriptionTypePrincipal OutstandingInterest RateCredit RatingClass A Notes (2)Senior Secured Floating Rate$— SOFR + 1.51%AaaClass A-L Loans (2)Senior Secured Floating Rate412,500 SOFR + 1.51%AaaClass B NotesSenior Secured Floating Rate45,000 SOFR + 1.78%Aa2Class C Notes (1)Mezzanine Secured Deferrable Floating Rate52,500 SOFR + 2.00%A2Total Secured Notes510,000 Subordinated Notes (1)Subordinated236,770 NoneNot RatedTotal 2024-1 Notes$746,770 None(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.(2)Upon a conversion of the Class A-L Loans in accordance with the Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $412.5 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.The Company (through its wholly-owned and consolidated subsidiary, BXSL CLO 2024-1 Depositor LLC) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2024-1 Issuer of the initial closing date portfolio. The 2024-1 Notes are scheduled to mature on October 20, 2036; however, the 2024-1 Notes may be redeemed by the 2024-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through BXSL CLO 2024-1 Depositor LLC), on any business day after October 20, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. The Class A Notes, Class A-L Loans, Class B Notes and