Company: BXSL
Filing Date: 2025-04-24
Form Type: 40-APP/A
Source: 0001193125-25-093651
Chunk: 25

Company: Blackstone Secured Lending Fund
Filing Date: 2025-04-24
Form: 40-APP/A
Chunk 25
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 transaction, the fee will be deposited into an account maintained by the Adviser at a bank or banks having the qualifications prescribed in section 26(a)(1) of the 1940 Act, and the account will earn a competitive rate of interest that will also be divided pro rata among the Participants based on the amount they invest in such Co-InvestmentTransaction. No Affiliated Entity, Regulated Fund, or any of their affiliated persons will accept any compensation, remuneration or financial benefit in connection with a Regulated Fund’s participation in a Co-InvestmentTransaction, except: (i) to the extent permitted by Section 17(e) or 57(k) of the 1940 Act; (ii) as a result of either being a Participant in the Co-InvestmentTransaction or holding an interest in the securities issued by one of the Participants; or (iii) in the case of an Adviser, investment advisory compensation paid in accordance with investment advisory agreement(s) with the Regulated Fund(s) or Affiliated Entity(ies). 5. Co-InvestmentPolicies. Each Adviser (and each Affiliated Entity that is not advised by an Adviser) will adopt and implement policies and procedures reasonably designed to ensure that: (i) opportunities to participate in Co-InvestmentTransactions are allocated in a manner that is fair and equitable to every Regulated Fund; and (ii) the Adviser negotiating the Co-InvestmentTransaction considers the interest in the Transaction of any participating Regulated Fund (the “ Co-InvestmentPolicies”). Each Adviser (and each Affiliated Entity that is not advised by an Adviser) will provide its Co-InvestmentPolicies to the Regulated Funds and will notify the Regulated Funds of any material changes thereto. 18

| 13 | Such a Board can also, consistent with applicable fund documents, facilitate this opportunity by delegating the 
 authority to veto the selection of such person to a committee of the Board.                                     |

| 14 | Section 57(o) defines the term “required majority,” in relevant part, with respect to the                                                                                                                                                         
 approval of a proposed transaction, as both a majority of a BDC’s directors who have no financial interest in the transaction and a majority of such directors who 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