Company: BXSL
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001213900-25-096307
Chunk: 23

Company: Blackstone Secured Lending Fund
Filing Date: 2025-10-06
Form: 424B2
Chunk 23
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 year until maturity. Interest on the Notes will accrue from, 2025. Interest on the Notes will be payable semi -annuallyin arrears on and of each year, beginning on , 2026. Interest on the Notes will be paid to the person in whose name a Note is registered at 5:00 p.m. New York City time, or the close of business, onor, as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360 -dayyear composed of twelve 30 -daymonths. If any interest payment date, redemption date, the maturity date or any earlier required repurchase date upon a Change of Control Repurchase Event (defined below) of a Note falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term “business day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which banking institutions in New York are authorized or obligated by law or executive order to close. Ranking The Notes will be our general unsecured obligations that rank: •senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes; • pari passu, or equal, in right of payment with all of our existing and future liabilities that are not so subordinated, or junior, including without limitation, our Existing Unsecured Notes; S-18 •effectively subordinated, or junior, to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and •structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities. As of June 30, 2025, our total consolidated indebtedness, at par, was approximately $7.1 billion, $2.7 billion of which was secured (of which $1.5 billion was indebtedness of our subsidiaries) and $4.4 billion of which was unsecured. See “ Capitalization.” In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full from