Company: BXSL
Filing Date: 2025-07-11
Form Type: 424B2
Source: 0001213900-25-063323
Chunk: 6

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: 424B2
Chunk 6
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 “Adviser”), and our sub -adviser, Blackstone Credit BDC Advisors LLC (the “Sub -Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub -Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone, “Blackstone Credit & Insurance”), which provides certain administrative and other services necessary for the Company to operate pursuant to a sub -administrationagreement between Blackstone Private Credit Strategies LLC in its capacity as the administrator to the Company (in such capacity, the “Administrator” and together with the Sub -Administrator, the “Administrators”), on behalf of the Company, and the Sub -Administrator. Our investment objectives are to generate current income and, to a lesser extent, long -termcapital appreciation. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, as described herein, which are generally privately -offeredsecurities issued by U.S. private or thinly -tradedcompanies. We may also invest up to 30% of our portfolio opportunistically in “non -