Company: BXSL
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001736035-25-000021
Chunk: 225

Company: Blackstone Secured Lending Fund
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 225
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ization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

2024-1 CLO Debt SecuritizationOn November 21, 2024, the Company completed a $746.8 million term debt securitization (the “2024-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-1 Debt Securitization (collectively, the “2024-1 Notes”) were issued by the 2024-1 Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

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Table of ContentsBlackstone Secured Lending FundNotes to Condensed Consolidated Financial Statements(Unaudited)(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents information on the secured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:September 30, 2025DescriptionTypePrincipal OutstandingInterest RateCredit RatingClass A Notes (2)Senior Secured Floating Rate$— SOFR + 1.51%AaaClass A-L Loans (2)Senior Secured Floating Rate412,500 SOFR + 1.51%AaaClass B NotesSenior Secured Floating Rate45,000 SOFR + 1.78%Aa2Class C Notes (1)Mezzanine Secured Deferrable Floating Rate52,500 SOFR + 2.00%A2Total Secured Notes510,000 Subordinated Notes (1)Subordinated236,770 NoneNot RatedTotal 2024-1 Notes$746,770 None(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.(2)Upon a conversion of the Class A-L Loans in accordance with the Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $412.5 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.The Company (through its wholly