Company: BXSL
Filing Date: 2025-04-24
Form Type: 40-APP/A
Source: 0001193125-25-093651
Chunk: 15

Company: Blackstone Secured Lending Fund
Filing Date: 2025-04-24
Form: 40-APP/A
Chunk 15
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 the Regulated Fund and the unaffiliated joint venture 
 partner (with approval from a representative of each required). “BDC Downstream Fund” means an entity (a) directly or indirectly controlled by a Regulated Fund that is BDC, (b) that is not controlled by any person                                    
 other than the Regulated Fund (except a person that indirectly controls the entity solely because it controls the Regulated Fund), (c) that would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act, (d) whose                 
 investment adviser is an Adviser and (e) that is not a Wholly-Owned Investment Sub.                                                                                                                                                                      |

| In the case of a Wholly-Owned Investment Sub that does not have a chief compliance officer or a Board, the                                                                                                                                              
 chief compliance officer and Board of the Regulated Fund that controls the Wholly-Owned Investment Sub will be deemed to serve those roles for the Wholly-Owned Investment Sub. In the case of a Joint Venture or a BDC Downstream Fund (as applicable) 
 that does not have a chief compliance officer or a Board, the chief compliance officer of the Regulated Fund will be deemed to be the Joint Venture’s or BDC Downstream Fund’s chief compliance officer, and the Joint Venture’s or BDC                 
 Downstream Fund’s investment committee will be deemed to be the Joint Venture’s or BDC Downstream Fund’s Board.                                                                                                                                         |

| 8 | “Co-Investment Transaction” means the                                                                                                                  
 acquisition or Disposition (defined below) of securities of an issuer in a transaction effected in reliance on the Order or previously granted relief. |

| 9 | The term “Adviser” means the Existing Advisers and any other investment adviser                                                                          
 controlling, controlled by, or under common control with the Existing Advisers. The term “Advisers” also includes any internally-managed Regulated Fund. |

2

| II. | GENERAL DESCRIPTION OF THE APPLICANTS |

| A. | BCRED |

BCRED is a Delaware statutory trust formed on February 11, 2020 and is structured as an externally managed, non-diversified, closed-endmanagement investment company that has elected to be regulated as a BDC. BCRED has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (“ RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “ Code”). BC