Company: BXSL
Filing Date: 2025-04-11
Form Type: 40-APP/A
Source: 0001193125-25-079181
Chunk: 23

Company: Blackstone Secured Lending Fund
Filing Date: 2025-04-11
Form: 40-APP/A
Chunk 23
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 are not interested persons of the BDC. In the case of a Regulated Fund that is 
 not a BDC, the Board members that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject to Section 57(o) of the 1940 Act.                                                                              |

| 17 | Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that,                                                                                                                                        
 in relevant part: (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any 
 person concerned; (ii) the proposed transaction is consistent with the interests of the BDC’s shareholders and the BDC’s policy as recited in filings made by the BDC with the Commission and the BDC’s reports to shareholders; and             
 (iii) the BDC’s directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings.           |

| 18 | Expenses of an individual Participant that are incurred solely by the Participant due to its unique 
 circumstances (such as legal and compliance expenses) will be borne by such Participant.            |

| 19 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received in 
 connection with any Co-Investment Transaction.                                                                |

| 20 | The Affiliated Entities may adopt shared Co-Investment Policies. |

7

| 6. | Dispositions: |

| (a) | Prior to any Disposition21 by an Affiliated Entity of a                                                                                                                           
 security acquired in a Co-Investment Transaction, the Adviser to each Regulated Fund that participated in the Co-Investment Transaction will be notified and each such            
 Regulated Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating in such Disposition. |

| (b) | Prior to any Disposition by a Regulated Fund of a security acquired in a                                                                                                                     
 Co-Investment Transaction, the Required Majority will take the steps set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity holding the security participates in the 
 Disposition in approximate proportion to its then-current holding of the security; or (ii) the Disposition is a