Company: BXSL
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001213900-25-096307
Chunk: 94

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-06
Form: 424B2
Chunk 94
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 private equity sponsors, investment banks and commercial banks. •Our Board may change our operating policies and strategies or amend our Fourth Amended and Restated Declaration of Trust (the “Declaration of Trust ”) without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition. •We may face increasing competition for investment opportunities, have difficulty sourcing investment opportunities and experience fluctuations in our quarterly results. •As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments. •There is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time. •Changes in laws or regulations governing our operations and the possibility of increased regulatory focus on areas related to our business could result in additional burdens on our business. •General economic conditions could adversely affect the performance of our investments and our market price, including recessionary fears, geopolitical events and inflation. •We and our portfolio companies and service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations. Risks Related to Our Investments •We generally will not control our portfolio companies and our investments in prospective portfolio companies may be risky. •Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results. •Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and breach covenants or defaults on such debt. •We are exposed to risks associated with changes in interest rates. •Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. •Our portfolio may be concentrated in a limited number of industries, which may subject us to specific risks. 15 Risks Related to the Advisers and Their Affiliates •The Advisers and their affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders. •We may be obligated to pay the Adviser, and the Adviser may be obligated to pay the Sub -Adviser, incentive compensation even if we incur a net loss due to a decline in the value of our portfolio; •The Advisers rely