Company: BXSL
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054849
Chunk: 7

Company: Blackstone Secured Lending Fund
Filing Date: 2025-03-14
Form: 40-APP
Chunk 7
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-7 thereunder and whose investment adviser is an Adviser.                                                                                                                        |

To the extent that an entity described in clause (b) is not advised by an Adviser, such entity shall be deemed to be an Adviser for purposes of the conditions.

| 7 | In the future, an Affiliated Entity may become a Regulated Fund and, if so, will be considered a Regulated Fund 
 for purposes of this Application.                                                                               |

2

The Regulated Funds 8, the Advisers 9, the Wholly-Owned Investment Subs, the Joint Ventures, the BDC Downstream Funds and the Affiliated Entities may be referred to herein as the “ Applicants.” 10 The relief requested in this application for the Order (the “ Application”) would allow a Regulated Fund and one or more Affiliated Entities to engage in Co-InvestmentTransactions 11subject to the terms and conditions described herein. The Regulated Funds and Affiliated Entities that participate in a Co-InvestmentTransaction are collectively referred to herein as “ Participants.” The Applicants do not seek relief for transactions effected consistent with Commission staff no-actionpositions. 12

| 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-endinvestment management 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”). BCRED’s principal place of business is 345 Park Avenue, New York, New York 10154.

| 8 | “Regulated Fund” means the Existing Regulated Funds and any Future Regulated Funds.                                                                                                                                                                  
 “Future Regulated Fund” means an entity (a) that is an open-end or closed-end management investment company registered under the 1940 Act, or a closed-end management investment company that has elected to be regulated as a                       
 business development company under the 1940 Act, (b) whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined below) and (c) that intends to engage in Co-Investment Transactions. If an Adviser serves as sub-adviser to a 
 Regulated Fund whose primary adviser is not also an Adviser,