Company: BXSL
Filing Date: 2025-07-11
Form Type: 424B2
Source: 0001213900-25-063323
Chunk: 36

Company: Blackstone Secured Lending Fund
Filing Date: 2025-07-11
Form: 424B2
Chunk 36
---
. Figures are presented for illustrative purposes and include underlying information provided by third parties. They do not reflect actual cost savings or realized proceeds to BXCI, a fund, or to the equity sponsor or the company, and there can be no assurance that cost savings or realized proceeds received by Blackstone or any investor in a Blackstone fund will be increased as a result. Figures presented are based on data reported by portfolio companies and assets and not from financial statements of portfolio companies. While the data reported by portfolio companies and assets is believed to be reliable for purposes used herein, it is subject to change, and Blackstone has not fully verified, and does not assume responsibility for, the accuracy or completeness of this information. Represents the sum of (a) estimated identified total cost reduction opportunities at the time cost is benchmarked with portfolio companies multiplied by the average enterprise value multiple across the portfolio, by finding the mean of the enterprise value multiples at time of BXCI’s initial investments, and (b) total revenue from introductions across Blackstone portfolio companies multiplied by earnings before interest, taxes, depreciation, and amortization ( “EBITDA ”) margin and multiple at investment of the portfolio company, with the exception of significantly longer term projects (projects that are greater than or equal to 10 years in project duration) in which total revenue is multiplied by EBITDA margin. Estimates assume revenue enhancements and costs savings directly improve enterprise value or EBITDA margins and that such revenue gains or cost savings will endure for the period of time implied by multiples. 6 Disciplined Investment Process and Income -Oriented Investment Philosophy.Blackstone Credit & Insurance employs a rigorous investment process and defensive investment approach to evaluate all potential opportunities with a focus on long -termcredit performance and principal protection. We believe Blackstone Credit & Insurance has generated attractive risk -adjustedreturns in its investing activities throughout many economic and credit cycles by (i) maintaining its investment discipline; (ii) performing intensive credit work; (iii) carefully structuring transactions; and (iv) actively managing its portfolios. Blackstone Credit & Insurance’s investment approach involves a multi -stageselection process for each investment opportunity, as well as ongoing monitoring of each investment made, with particular emphasis on early detection of deteriorating credit conditions at portfolio companies, which would result in adverse portfolio developments. This strategy is designed to maximize current income and minimize the risk of capital loss while maintaining the potential for long -termcapital appreciation. Additionally, Blackstone Credit & Insurance’s senior investment professionals have dedicated their careers to the