Company: BXSL
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001213900-25-096307
Chunk: 21

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-06
Form: 424B2
Chunk 21
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 and references to “subsidiaries” refer to our consolidated subsidiaries and exclude any investments held by Blackstone Secured Lending Fund in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of Blackstone Secured Lending Fund and its subsidiaries. Such references also include entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. The Company complies with the provisions of the 1940 Act governing investment policies, capital structure, and leverage on an aggregate basis with its subsidiaries, and it treats subsidiary debt as its own. The principal investment strategies of the subsidiaries are substantially similar to those of the Company. The Company and its subsidiaries comply with provisions of the 1940 Act relating to affiliated transactions and custody. General The Notes: •will be our general unsecured, senior obligations; •will initially be issued in an aggregate principal amount of $ ; •will mature on , , unless earlier redeemed or repurchased, as discussed below; •will bear cash interest from , 2025, at an annual rate of % payable semiannually in arrears on and of each year, beginning on , 2026; •will be subject to redemption at our option as described in this prospectus supplement under the caption “— Optional Redemption;” •will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined in this prospectus supplement under the caption “ — Offer to Repurchase Upon a Change of Control Repurchase Event”), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase; •will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof; and •will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See “— Book -Entry , Settlement and Clearance” in this prospectus supplement. The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture does not contain any financial covenants and does not restrict us from paying dividends or distributions or issuing or repurchasing our other securities. Other than restrictions described under S-17 “ — Offer to Repurchase Upon a Change of Control Repurchase Event” and “ — Covenants — Merger, Consolid