Company: BXSL
Filing Date: 2025-07-11
Form Type: N-2ASR
Source: 0001213900-25-063269
Chunk: 21

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: N-2ASR
Chunk 21
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 experts, and benefits from Blackstone’s global platform, offering broad access and insight. When a new investment opportunity is sourced, the Blackstone Credit & Insurance team spends time with management, analyzing the company’s assets and its financial position. This initial assessment is then followed by extensive credit analysis, including asset valuation work; financial modeling and scenario analysis; cash flow and liquidity analyses; and legal, tax and accounting review. Blackstone Credit & Insurance’s diligence process will also include a detailed review of key qualitative factors, including the strength of management, quality / strategic value of the company’s assets, and potential operational risks. Further detail on this process is outlined below. Initial Review.The investment team examines information furnished by the target company and external sources, including financial sponsors, banks, advisors and rating agencies, if applicable, to determine whether the investment meets our basic investment criteria within the context of proper allocation of our portfolio among various issuers and industries, and offers an acceptable probability of attractive returns with identifiable downside risk. Blackstone Credit & Insurance conducts detailed due diligence investigations. Given its incumbent positions, for the majority of securities available on the secondary market, a comprehensive analysis is conducted and continuously maintained by a dedicated Blackstone Credit & Insurance research analyst, the results of which are available for the transaction team to review. Credit Analysis/Due Diligence.Before undertaking an investment, the investment team conducts a thorough and rigorous due diligence review of the opportunity to ensure the company fits our investment strategy for originated investments, which may include: •a full operational analysis to identify the key risks and opportunities of the target’s business, including a detailed review of historical and estimated financial results; •a detailed analysis of industry and customer dynamics, competitive position, regulatory, tax, legal, environmental, social and governance matters; •a detailed financial modeling and scenario analysis; •reference calls within the Blackstone network on the company and relevant industry outlook; •maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre -emptnegative credit events within our portfolio; and •on -sitevisits and customer and supplier reference calls, if deemed necessary; •background checks to further evaluate management and other key personnel; •a review by legal and accounting professionals, environmental or other industry consultants, if necessary; •a review of financial sponsor due diligence, including portfolio company and lender reference checks, if necessary; and •a review of management’s experience and track record. Third parties are often involved in the Advisers’ due diligence process, whether they are hired by the Advisers or by the lead sponsor