Company: BXSL
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001193125-25-008530
Chunk: 40

Company: Blackstone Secured Lending Fund
Filing Date: 2025-01-21
Form: 424B2
Chunk 40
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 traded BDCs.

Scale. Scale allows for more resources to source, diligence and monitor investments, and enables us to move up market where there is often less competition.

Investment Portfolio

As of March 31, 2022, based on fair value, our portfolio consisted of 97.60% first lien senior secured investments and unitranche loans, 0.65% second lien debt investments and 1.75% in equity instruments. 99.9% of our debt investments as of March 31, 2022 were floating rate in nature (95.3% of which had an interest rate floor above zero) and the weighted average yield on our income producing investments was 7.22% at fair value. As of March 31, 2022 we had investments in 152 portfolio companies, with an average debt investment size in each of our portfolio companies of approximately $65.2 million based on fair value.

Corporate Structure

We were formed on March 26, 2018 as a Delaware statutory trust structured as a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Our classification as a non-diversified investment company within the meaning of the 1940 Act means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. However, we are subject to the diversification requirements that apply to RICs under U.S. federal income tax rules. We intend to comply with the requirements to maintain our status as a BDC under the 1940 Act and a RIC under the Code. See “Regulation” and “Certain U.S. Federal Income Tax Considerations” in this prospectus for more information on these requirements.

We may borrow money from time to time if immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150%. This means that generally, we can borrow up to $2 for every $1 of investor equity.**

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We currently have in place a revolving credit facility (the “Revolving Credit Facility”) and three senior secured revolving credit facilities (the “Jackson Hole Funding Facility”, the “Breckenridge Funding Facility” and the “Big Sky Funding Facility”, respectively and collectively