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

Company: Blackstone Secured Lending Fund
Filing Date: 2025-03-14
Form: 40-APP
Chunk 14
---
 purpose of limiting or preventing participation by such [fund] on a basis different from or less advantageous than that of such other participant.” Rule 17d-1prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or effecting any transaction in connection with, any “joint enterprise or other joint arrangement or profit-sharing plan” 14in which the fund is a participant without first obtaining an order from the SEC. Section 57(a)(4), in relevant part, prohibits any person related to a BDC in the manner described in Section 57(b), acting as principal, from knowingly effecting any transaction in which the BDC is a joint or a joint and several participant with such persons in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the BDC on a basis less advantageous than that of such person. Section 57(i) provides that, until the SEC prescribes rules under Section 57(a), the SEC’s rules under Section 17(d) applicable to registered closed-endinvestment companies will be deemed to apply to persons subject to the prohibitions of Section 57(a). Because the SEC has not adopted any rules under Section 57(a), Rule 17d-1applies to persons subject to the prohibitions of Section 57(a).

| 14 | Rule 17d-1(c) defines a “[j]oint enterprise or other joint                                                                                                                                                                                          
 arrangement or profit-sharing plan” to include, in relevant part, “any written or oral plan, contract, authorization or arrangement or any practice or understanding concerning an enterprise or undertaking whereby a registered investment        
 company … and any affiliated person of or principal underwriter for such registered company, or any affiliated person of such a person or principal underwriter, have a joint or a joint and several participation, or share in the profits of such 
 enterprise or undertaking ….”                                                                                                                                                                                                                       |

Rule 17d-1(b)provides, in relevant part, that in passing upon applications under the rule, the Commission will consider whether the participation of a registered investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous than that of other participants.

| B. | Need for Relief |

Each Regulated Fund may be deemed to be an affiliated person