BXSL 10-Q Quarterly Report March 31, 2025

BLACKSTONE SECURED LENDING FUND

10-Ks and 10-Qs

10-Q	Quarter ended Sept. 30, 2025
10-Q	Quarter ended June 30, 2025
10-Q	Quarter ended March 31, 2025
10-K	Fiscal year ended Dec. 31, 2024
10-Q	Quarter ended Sept. 30, 2024
10-Q	Quarter ended June 30, 2024
10-Q	Quarter ended March 31, 2024
10-K	Fiscal year ended Dec. 31, 2023
10-Q	Quarter ended Sept. 30, 2023
10-Q	Quarter ended June 30, 2023
10-Q	Quarter ended March 31, 2023
10-K	Fiscal year ended Dec. 31, 2022
10-Q	Quarter ended Sept. 30, 2022
10-Q	Quarter ended June 30, 2022
10-Q	Quarter ended March 31, 2022
10-K	Fiscal year ended Dec. 31, 2021
10-Q	Quarter ended Sept. 30, 2021
10-Q	Quarter ended June 30, 2021
10-Q	Quarter ended March 31, 2021
10-K	Fiscal year ended Dec. 31, 2020
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10-Q	Quarter ended June 30, 2020
10-Q	Quarter ended March 31, 2020
10-K	Fiscal year ended Dec. 31, 2019
10-Q	Quarter ended Sept. 30, 2019
10-Q	Quarter ended June 30, 2019
10-Q	Quarter ended March 31, 2019
10-K	Fiscal year ended Dec. 31, 2018

PROXIES

DEF 14A	Filed on Sept. 25, 2025
DEF 14A	Filed on July 2, 2025
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DEF 14A	Filed on July 11, 2024
DEF 14A	Filed on Sept. 15, 2023
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DEF 14A	Filed on Sept. 16, 2022
DEF 14A	Filed on July 28, 2022

bxsl-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 814-01299

_______________________________________________________________________

Blackstone Secured Lending Fund

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________


Delaware						82-7020632
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

345 Park Avenue , 31st Floor New York , New York						10154
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: ( 212 ) 503-2100

N/A

(Former name, former address and former fiscal year, if changed since last report)

_______________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Common Shares of Beneficial Interest, $0.001 par value per share

BXSL

New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of May 5, 2025, the Registrant had 228,009,989 common shares of beneficial interest (“Common Shares”), $0.001 par value per share, outstanding.

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		Page

PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Schedules of Investments as of March 31, 2025 and December 31, 2024 (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	81
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	120
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	131
Item 4.	Controls and Procedures	131

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	133
Item 1A.	Risk Factors	133
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	133
Item 3.	Defaults Upon Senior Securities	133
Item 4.	Mine Safety Disclosures	133
Item 5.	Other Information	133
Item 6.	Exhibits	134
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company , ” “we,” “us” or “our” ), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

• our future operating results;

• our business prospects and the prospects of the companies in which we may invest;

• the impact of the investments that we expect to make;

• our ability to raise sufficient capital and buy back shares to execute our investment strategy;

• general economic, logistical and political trends and other external factors, including inflation, trade policies, and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

• the ability of our portfolio companies to achieve their objectives;

• our current and expected financing arrangements and investments;

• changes in the general interest rate environment;

• the adequacy of our cash resources, financing sources and working capital;

• the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

• our contractual arrangements and relationships with third parties;

• actual and potential conflicts of interest with Blackstone Private Credit Strategies LLC (the “Adviser” ), Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and together with the Adviser, the “Advisers” ) or any of their affiliates;

• the dependence of our future success on the general economy and its effect on the industries in which we may invest;

• our use of financial leverage including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

• our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

• the ability of the Advisers to source suitable investments for us and to monitor and administer our investments;

• the impact of future acquisitions and divestitures;

• the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

• general price and volume fluctuations in the stock market;

• our ability to maintain our qualification as a regulated investment company ( “RIC” ) and as a business development company ( “BDC” );

• the impact on our business of U.S. and international financial reform legislation, rules and regulations;

• the effect of changes to tax legislation and our tax position; and

• the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 202 4 as updated by the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC” ). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act” ).

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WEBSITE DISCLOSURE

We use our website (www.bxsl.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and public conference calls, and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Contact Us” section of our website at http://ir.bxsl.com. The contents of our website and any alerts are not, however, a part of this report.

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Secured Lending Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $ 12,924,777 and $ 13,166,677 , respectively)	$	12,804,785	$	13,063,171
Non-controlled/affiliated investments (cost of $ 27,258 and $ 26,542 , respectively)	29,421		29,347

Total investments at fair value (cost of $ 12,952,035 and $ 13,193,219 , respectively)	12,834,206		13,092,518
Cash and cash equivalents (restricted cash of $ 67,699 and $ 2,499 , respectively)	965,005		229,606
Interest receivable from non-controlled/non-affiliated investments	106,719		112,046
Interest receivable from non-controlled/affiliated investments	544		6
Receivable from broker	9,570		4,807
Deferred financing costs	20,507		21,865
Receivable for investments	8,423		2,976
Receivable for shares sold	—		4,405
Derivative assets at fair value (Note 6)	23,827		3,995

Total assets	$	13,968,801	$	13,472,224
LIABILITIES
Debt (net of unamortized debt issuance costs of $ 42,721 and $ 34,877 , respectively)	$	7,383,118	$	7,056,091
Payable for investments	27,548		19,277
Due to affiliates	7,023		7,112
Management fees payable (Note 3)	34,301		32,305
Income based incentive fees payable (Note 3)	34,301		38,708
Capital gains based incentive fees payable (Note 3)	—		—
Interest payable	57,911		53,958

Distribution payable (Note 9)	175,421		170,751
Board of Trustees’ fees payable	306		289
Accrued expenses and other liabilities	8,003		17,212
Total liabilities	7,727,932		7,395,703
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $ 0.001 par value (unlimited shares authorized; 227,818,928 and 221,892,184 shares issued and outstanding, respectively)	228		222
Additional paid in capital	5,939,716		5,749,762
Distributable earnings (loss)	300,925		326,537
Total net assets	6,240,869		6,076,521
Total liabilities and net assets	$	13,968,801	$	13,472,224
NET ASSET VALUE PER SHARE	$	27.39	$	27.39

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	335,647	$	283,264
Payment-in-kind interest income	20,818		20,462

Fee income	725		233
From non-controlled/affiliated investments:
Interest income	39		—
Payment-in-kind interest income	535		—
Total investment income	357,764		303,959
Expenses:
Interest expense	92,976		66,720
Management fees (Note 3)	34,301		26,040
Income based incentive fees (Note 3)	34,301		35,845
Capital gains based incentive fees (Note 3)	—		3,134
Professional fees	886		951
Board of Trustees’ fees	306		222
Administrative service expenses (Note 3)	966		677
Other general and administrative	1,063		1,174
Total expenses before tax expense	164,799		134,763



Net investment income before tax expense	192,965		169,196
Excise and other tax expense	4,169		3,350
Net investment income after tax expense	188,796		165,846
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	( 40,105 )		11,475
Non-controlled/affiliated investments	( 649 )		312

Derivative instruments (Note 6)	( 1,921 )		—
Translation of assets and liabilities in foreign currencies	282		( 21 )
Income tax (provision) benefit	( 1,481 )		—
Net change in unrealized appreciation (depreciation)	( 43,874 )		11,766
Net realized gain (loss):
Non-controlled/non-affiliated investments	8,525		428


Derivative instruments (Note 6)	( 2,055 )		—
Foreign currency transactions	( 987 )		5,715
Current tax expense on realized gains	( 596 )		—
Net realized gain (loss)	4,887		6,143
Net realized and change in unrealized gain (loss)	( 38,987 )		17,909
Net increase (decrease) in net assets resulting from operations	$	149,809	$	183,755
Net investment income per share (basic and diluted)	$	0.83	$	0.87
Earnings (loss) per share (basic and diluted)	$	0.66	$	0.96
Weighted average shares outstanding (basic and diluted)	226,577,167		190,599,849

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, December 31, 2024	$	222	$	5,749,762	$	326,537	$	6,076,521
Issuance of common shares, net of offering and underwriting costs	6		184,824		—		184,830

Reinvestment of dividends (1)	—		5,130		—		5,130
Net investment income	—		—		188,796		188,796
Net realized gain (loss)	—		—		4,887		4,887
Net change in unrealized appreciation (depreciation)	—		—		( 43,874 )		( 43,874 )
Dividends declared and payable from net investment income	—		—		( 175,421 )		( 175,421 )

Balance, March 31, 2025	$	228	$	5,939,716	$	300,925	$	6,240,869


	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, December 31, 2023	$	186	$	4,701,827	$	250,028	$	4,952,041
Issuance of common shares, net of offering and underwriting costs	6		161,992		—		161,998

Reinvestment of dividends (1)	—		5,614		—		5,614
Net investment income	—		—		165,846		165,846
Net realized gain (loss)	—		—		6,143		6,143
Net change in unrealized appreciation (depreciation)	—		—		11,766		11,766
Dividends declared and payable from net investment income	—		—		( 147,743 )		( 147,743 )

Balance, March 31, 2024	$	192	$	4,869,433	$	286,040	$	5,155,665

(1) The par amount of the shares is less than 1,000 and rounds to zero.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Changes in Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	149,809	$	183,755
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	40,754		( 11,787 )
Net change in unrealized (appreciation) depreciation on derivative instruments	1,921		—
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	( 282 )		21
Net realized (gain) loss on investments	( 8,525 )		( 428 )
Net change due to hedging activity	( 1,124 )		—

Net accretion of discount and amortization of premium	( 16,419 )		( 9,706 )
Payment-in-kind interest capitalized	( 22,613 )		( 19,977 )
Amortization of deferred financing costs	1,409		1,698
Amortization of original issue discount and debt issuance costs	3,350		2,041






Purchases of investments	( 689,214 )		( 719,149 )
Proceeds from sale of investments and principal repayments	977,955		186,666
Changes in operating assets and liabilities:
Interest receivable	4,789		( 9,883 )

Receivable for investments	( 5,447 )		1,281

Derivative instruments, net	( 7,468 )		—
Receivable from broker	( 4,763 )		—
Payable for investments	8,271		10,756
Due to affiliates	( 89 )		( 169 )
Management fees payable	1,996		3,006
Income based incentive fees payable	( 4,407 )		1,472
Capital gains based incentive fees payable	—		3,134
Interest payable	3,953		( 9,776 )
Accrued expenses and other liabilities	( 9,192 )		( 8,485 )
Net cash provided by (used in) operating activities	424,664		( 395,530 )
Cash flows from financing activities:
Borrowings on debt	846,940		363,790
Repayments on debt	( 559,606 )		—

Debt issuance costs paid	( 827 )		—

Dividends paid in cash	( 165,622 )		( 137,439 )
Proceeds from issuance of Common Shares, net of offering and underwriting costs	189,235		161,998

Net cash provided by (used in) financing activities	310,120		388,349
Net increase (decrease) in cash and cash equivalents	734,784		( 7,181 )
Effect of foreign exchange rate changes on cash and cash equivalents	615		( 20 )
Cash and cash equivalents, beginning of period	229,606		154,857
Cash and cash equivalents, end of period	$	965,005	$	147,656
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Changes in Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	96,301	$	72,624

Distribution payable	175,421		147,743
Reinvestment of distributions during the period	5,130		5,614

Accrued but unpaid debt issuance costs	1,866		—

Excise taxes paid	15,066		11,430
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Aevex Holdings, LLC	(4)(11)	SOFR +	6.00 %	10.42 %	4/30/2024	3/18/2026	$	47,204	$	46,962	$	46,967	0.75	%
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25 %	9.67 %	2/5/2020	12/27/2027	263,362		261,749		263,362		4.22
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25 %	9.67 %	1/10/2025	12/27/2027	1,576		1,561		1,576		0.03
Fastener Distribution Holdings LLC	(4)(7)(10)	SOFR +	4.75 %	9.07 %	10/31/2024	11/4/2031	30,938		30,591		30,725		0.49
Frontgrade Technologies Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.32 %	1/9/2023	1/9/2030	2,341		2,287		2,341		0.04
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00 %	9.30 %	3/18/2025	1/9/2030	355		351		355		0.01
Horizon CTS Buyer, LLC	(4)(7)(10)	SOFR +	4.50 %	8.83 %	3/28/2025	3/28/2032	1,080		1,066		1,066		0.02
MAG DS Corp.	(11)	SOFR +	5.50 %	9.90 %	4/1/2020	4/1/2027	79,342		77,025		74,260		1.19
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00 %	10.30 % (incl. 2.57 % PIK)	12/5/2023	12/5/2030	33,583		32,740		32,719		0.52
Maverick Acquisition, Inc.	(4)(11)(17)	SOFR +	6.25 %	10.55 %	6/1/2021	6/1/2027	18,456		18,305		10,151		0.16
Maverick Acquisition, Inc.	(4)(7)(11)	SOFR +	6.25 %	10.69 %	3/4/2025	6/1/2027	276		276		276		0.00
TCFI AEVEX, LLC	(4)(11)	SOFR +	6.00 %	10.42 %	3/17/2020	3/18/2026	108,803		108,442		108,259		1.73
									581,355		572,057		9.16
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75 %	9.20 %	6/11/2021	6/11/2027	94,196		93,477		94,196		1.51
AGI-CFI Holdings, Inc.	(4)(5)(10)	SOFR +	4.75 %	9.17 %	3/19/2025	6/11/2027	6,133		6,103		6,133		0.10
ENV Bidco AB	(4)(5)(6)(10)	SOFR +	5.25 %	9.55 %	12/12/2024	7/19/2029	1,115		1,100		1,115		0.02
ENV Bidco AB	(4)(5)(6)(7)(8)	E +	5.25 %	7.61 %	12/12/2024	7/19/2029	EUR	1,337	1,350		1,442		0.02
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25 %	10.71 %	12/9/2019	12/9/2026	139,345		138,672		135,164		2.17
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25 %	10.71 %	2/4/2022	2/5/2029	3,978		3,934		3,858		0.06
R1 Holdings LLC	(4)(5)(7)(11)	SOFR +	6.25 %	10.49 %	12/30/2022	12/30/2028	1,182		1,157		1,148		0.02
RWL Holdings, LLC	(4)(10)	SOFR +	5.75 %	10.20 %	12/13/2021	12/31/2028	29,939		29,620		26,646		0.43
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00 %	12.79 %	7/1/2024	12/30/2026	139		139		139		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00 %	12.67 %	10/15/2024	12/30/2026	78		77		78		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	5.00 %	9.32 %	11/27/2024	5/27/2030	1,953		1,952		1,953		0.03
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00 %	12.32 %	11/27/2024	11/27/2029	412		404		412		0.01
									277,985		272,284		4.37

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Auto Components
Dellner Couplers Group AB	(5)(6)(8)	E +	5.50 %	7.78 %	6/20/2024	6/18/2029	EUR	1,000	$	1,062	$	1,085	0.02	%
Building Products
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00 %	10.42 %	2/26/2021	2/26/2027	$	52,876	52,606		50,893		0.82
Jacuzzi Brands, LLC	(4)(5)(10)	SOFR +	6.00 %	10.31 %	2/25/2019	2/25/2027	11,318		11,263		10,469		0.17
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00 %	10.31 %	2/25/2019	2/25/2027	77,867		77,546		72,027		1.15
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25 %	10.58 %	9/1/2021	9/1/2027	15,054		14,908		14,903		0.24
Lindstrom, LLC	(4)(11)	SOFR +	6.25 %	10.67 %	4/5/2019	5/1/2027	119,891		119,884		118,692		1.90
Windows Acquisition Holdings, Inc.	(4)(5)(11)	SOFR +	6.50 %	10.98 % (incl. 8.58 % PIK)	12/29/2020	12/29/2026	53,169		52,880		42,137		0.68
									329,087		309,121		4.96
Chemicals
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	4.50 %	8.80 %	6/13/2024	6/13/2031	35,505		35,112		35,150		0.56
Formulations Parent Corp.	(4)(7)(10)	SOFR +	5.75 %	10.07 %	11/15/2023	11/15/2030	8,486		8,327		8,387		0.13
									43,439		43,537		0.69
Commercial Services & Supplies
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.75 %	8.75 %	5/7/2021	5/7/2029	238,337		238,337		238,337		3.82
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00 %	9.32 %	12/20/2024	10/2/2030	129,330		127,007		129,330		2.07
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50 %	8.80 %	3/13/2025	3/13/2032	27,452		27,180		27,178		0.44
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50 %	8.80 %	3/13/2025	3/13/2032	360		244		243		0.00
FusionSite Midco, LLC	(4)(11)	SOFR +	5.75 %	10.31 %	11/17/2023	11/17/2029	25,656		25,211		25,656		0.41
FusionSite Midco, LLC	(4)(11)	SOFR +	5.50 %	10.06 %	11/17/2023	11/17/2029	11,096		10,907		11,096		0.18
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.75 %	10.31 %	9/25/2024	11/17/2029	21,219		21,003		21,125		0.34
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00 %	9.31 %	8/27/2024	8/28/2030	44,336		43,737		44,004		0.71
Gatekeeper Systems, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.29 %	8/27/2024	8/28/2030	4,953		4,770		4,832		0.08
Gorilla Investor LLC	(4)(10)	SOFR +	5.00 %	9.30 %	9/26/2024	9/30/2031	24,805		24,345		24,557		0.39
Ground Penetrating Radar Systems, LLC	(4)(5)(10)	SOFR +	4.50 %	8.80 %	1/2/2025	1/2/2032	2,958		2,930		2,929		0.05
Ground Penetrating Radar Systems, LLC	(4)(7)(10)	SOFR +	4.50 %	8.80 %	1/2/2025	1/2/2032	38		32		32		0.00
Iris Buyer, LLC	(4)(11)	SOFR +	5.25 %	9.54 %	10/2/2023	10/2/2030	25,392		24,844		25,392		0.41
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25 %	9.55 %	10/2/2023	10/2/2030	2,394		2,351		2,394		0.04
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25 %	9.55 %	10/2/2023	10/2/2029	1,102		1,026		1,102		0.02
Iris Buyer, LLC	(4)(7)(11)	SOFR +	5.25 %	9.55 %	2/4/2025	10/2/2030	268		221		236		0.00
Java Buyer, Inc.	(4)(10)	SOFR +	5.00 %	9.30 %	12/15/2021	12/15/2027	4,171		4,135		4,171		0.07
Java Buyer, Inc.	(4)(10)	SOFR +	5.00 %	9.30 %	12/15/2021	12/15/2027	2,895		2,874		2,895		0.05
Java Buyer, Inc.	(4)(10)	SOFR +	5.00 %	9.30 %	11/9/2023	12/15/2027	1,628		1,600		1,628		0.03
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	6/28/2024	12/15/2027	1,978		1,955		1,968		0.03

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25 %	9.55 % (incl. 3.00 % PIK)	12/17/2020	11/8/2031	$	284,023	$	281,631	$	284,023	4.55	%
JSS Holdings, Inc.	(4)(5)(10)	SOFR +	5.25 %	9.55 % (incl. 3.00 % PIK)	12/29/2021	11/8/2031	4,905		4,866		4,905		0.08
JSS Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.25 %	9.55 % (incl. 3.00 % PIK)	11/8/2024	11/8/2031	31,237		30,910		31,200		0.50
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.42 %	12/10/2021	12/10/2027	8,080		7,904		7,866		0.13
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50 %	9.89 %	10/19/2021	10/19/2028	19,957		19,755		17,163		0.28
KPSKY Acquisition, Inc.	(4)(5)(10)(18)	SOFR +	5.50 %	9.89 %	10/19/2021	10/19/2028	2,298		2,276		1,976		0.03
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27 %	9.60 %	12/1/2021	12/1/2027	10,804		10,707		10,804		0.17
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75 %	9.08 %	12/1/2021	12/1/2027	14,724		14,534		14,724		0.24
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50 %	8.80 %	5/24/2024	5/24/2031	4,461		4,461		4,461		0.07
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50 %	8.83 %	5/24/2024	5/24/2031	13,816		13,756		13,747		0.22
TEI Intermediate LLC	(4)(10)	SOFR +	4.75 %	9.05 %	12/13/2024	12/15/2031	25,799		25,552		25,670		0.41
TEI Intermediate LLC	(4)(5)(7)(10)	P +	3.75 %	11.25 %	12/13/2024	12/15/2031	495		422		437		0.01
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00 %	9.30 %	6/20/2024	6/20/2030	8,193		8,122		8,131		0.13
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	6/20/2024	6/20/2030	569		544		545		0.01
Veregy Consolidated, Inc.	(11)	SOFR +	6.00 %	10.55 %	11/3/2020	11/2/2027	20,406		20,199		20,457		0.33
Water Holdings Acquisition LLC	(4)(7)(10)	SOFR +	5.50 %	9.79 % (incl. 3.00 % PIK)	7/31/2024	7/31/2031	31,674		31,374		31,488		0.50
									1,041,722		1,046,702		16.80
Construction & Engineering
Consor Intermediate II, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.80 %	5/10/2024	5/10/2031	5,176		5,111		5,160		0.08
Gannett Fleming Inc	(4)(7)(10)	SOFR +	4.75 %	9.04 %	8/5/2024	8/5/2030	64,938		63,997		64,357		1.03
Home Service TopCo IV Inc	(4)(7)(11)	SOFR +	4.50 %	8.91 %	6/9/2023	12/31/2027	37,319		36,595		37,267		0.60
									105,703		106,784		1.71
Containers & Packaging
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.75 %	10.05 %	9/30/2021	9/30/2028	20,407		20,162		20,407		0.33
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.75 %	10.05 %	3/20/2025	9/30/2028	1,611		1,595		1,611		0.03
									21,757		22,018		0.36

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50 %	10.06 %	12/10/2021	12/11/2028	$	7,566	$	7,490	$	6,431	0.10	%
Bradyplus Holdings LLC	(4)(11)	SOFR +	5.00 %	9.29 %	10/11/2024	10/31/2029	97,595		96,120		97,595		1.56
Bradyplus Holdings LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.29 %	10/11/2024	10/31/2029	618		574		595		0.01
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75 %	10.17 %	11/1/2021	11/2/2026	166,071		165,110		156,107		2.50
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00 %	11.46 % (incl. 3.25 % PIK)	12/31/2021	6/23/2028	4,903		4,855		4,388		0.07
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.25 %	11.71 % (incl. 3.25 % PIK)	11/1/2022	6/23/2028	1,554		1,528		1,399		0.02
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00 %	11.41 % (incl. 3.25 % PIK)	12/31/2021	6/23/2028	1,566		1,557		1,402		0.02
NDC Acquisition Corp.	(4)(7)(11)	SOFR +	5.00 %	9.32 %	3/9/2021	3/9/2028	13,250		13,102		13,250		0.21
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	5.00 %	9.30 % (incl. 1.75 % PIK)	4/9/2024	4/9/2030	61,686		61,554		61,681		0.99
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50 %	10.89 %	11/20/2018	5/13/2026	47,452		47,311		46,265		0.74
									399,201		389,113		6.22
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00 %	9.40 %	7/19/2024	7/24/2030	4,614		4,532		4,614		0.07
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00 %	9.40 %	7/19/2024	7/24/2030	1,374		1,349		1,374		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.40 %	7/19/2024	7/24/2030	524		500		524		0.01
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00 %	9.40 %	7/19/2024	7/24/2030	3,559		3,496		3,559		0.06
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.41 %	2/19/2025	7/24/2030	198		157		158		0.00
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00 %	9.30 %	12/20/2024	4/30/2030	61,387		60,783		61,387		0.98
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00 %	9.30 %	12/20/2024	4/30/2030	19,479		19,386		19,479		0.31
BPPH2 Limited	(4)(5)(6)(8)	S +	6.75 %	11.32 %	3/16/2021	3/16/2028	GBP	26,300	35,976		33,973		0.54
BPPH2 Limited	(4)(5)(6)(8)	S +	6.00 %	10.46 %	6/17/2024	3/16/2028	GBP	5,343	6,710		7,075		0.11
BPPH2 Limited	(4)(5)(6)(10)	CA +	6.00 %	8.99 %	6/17/2024	3/16/2028	CAD	3,289	2,364		2,343		0.04
BPPH2 Limited	(4)(5)(6)(10)	SOFR +	6.00 %	10.31 %	6/17/2024	3/16/2028	1,709		1,675		1,752		0.03
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50 %	9.89 %	7/20/2021	7/20/2028	285,446		284,100		285,446		4.57
Charger Debt Merger Sub, LLC	(4)(5)(10)	SOFR +	4.75 %	9.08 %	5/31/2024	5/31/2031	11,897		11,792		11,897		0.19
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	5/31/2024	5/31/2031	3,401		3,345		3,369		0.05

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services (continued)
DTA Intermediate II Ltd.	(4)(11)	SOFR +	5.25 %	9.55 %	3/27/2024	3/27/2030	$	42,646	$	41,937	$	42,006	0.67	%
DTA Intermediate II Ltd.	(4)(7)(11)	SOFR +	5.25 %	9.54 %	3/27/2024	3/27/2030	5,355		4,970		4,941		0.08
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25 %	10.54 %	7/18/2023	7/18/2029	21,902		21,510		20,588		0.33
Endeavor Schools Holdings, LLC	(4)(5)(11)	SOFR +	6.25 %	10.57 %	7/18/2023	7/18/2029	4,020		3,959		3,778		0.06
Essential Services Holding Corp	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	6/17/2024	6/17/2031	11,946		11,820		11,935		0.19
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75 %	10.17 %	10/12/2021	12/31/2026	22,217		22,051		21,661		0.35
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75 %	9.05 %	12/18/2024	12/19/2031	42,225		41,780		41,929		0.67
									584,192		583,788		9.33
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)	SOFR +	5.50 %	9.79 %	10/1/2021	10/1/2028	124,139		122,609		122,898		1.97
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00 %	9.31 %	3/26/2021	3/26/2027	32,703		32,443		32,703		0.52
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00 %	9.31 %	7/27/2023	3/26/2027	35,387		34,902		35,387		0.57
Qualus Power Services Corp.	(4)(7)(11)	SOFR +	5.00 %	9.30 %	5/9/2024	3/26/2027	70,925		69,468		70,636		1.13
									136,813		138,726		2.22
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75 %	9.04 %	8/17/2021	8/17/2030	45,941		45,458		45,795		0.73
IEM New Sub 2, LLC	(4)(7)(10)	SOFR +	4.75 %	9.27 %	8/8/2024	8/8/2030	58,361		57,492		57,825		0.93
									102,950		103,620		1.66
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00 %	10.30 %	12/23/2020	12/23/2026	77,139		76,695		74,439		1.19
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00 %	10.39 %	12/23/2020	12/23/2026	23,153		23,048		22,343		0.36
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00 %	10.40 %	12/23/2020	12/23/2026	6,246		6,225		6,028		0.10
Duro Dyne National Corp	(4)(7)(10)	SOFR +	5.00 %	9.30 %	11/15/2024	11/15/2031	33,548		33,150		33,290		0.53
Dwyer Instruments LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	11/15/2024	7/30/2029	8,265		8,172		8,165		0.13
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75 %	9.04 %	11/20/2023	11/20/2030	25,688		25,441		25,688		0.41
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	5.00 %	9.31 %	7/1/2024	7/1/2031	62,153		61,022		61,466		0.98
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00 %	7.68 %	7/1/2024	7/1/2031	EUR	15,064	15,961		16,167		0.26
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00 %	7.68 %	7/1/2024	7/1/2030	EUR	1,170	1,256		1,256		0.02
									250,970		248,842		3.98

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.75 %	9.13 %	8/20/2024	8/20/2031	$	977	$	959	$	977	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.13 %	8/20/2024	8/20/2030	64		61		63		0.00
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00 %	10.42 %	3/15/2024	3/15/2031	26,661		25,983		26,661		0.43
									27,003		27,701		0.45
Financial Services
Carr Riggs & Ingram Capital LLC	(4)(5)(9)	SOFR +	4.75 %	9.07 %	11/18/2024	11/18/2031	7,444		7,373		7,407		0.12
Carr Riggs & Ingram Capital LLC	(4)(5)(7)(9)	SOFR +	4.75 %	9.07 %	11/18/2024	11/18/2031	1,046		1,012		1,019		0.02
DM Intermediate Parent LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.28 %	9/30/2024	9/30/2030	18,176		17,811		17,948		0.29
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.50 %	9.96 %	3/27/2025	3/27/2032	GBP	14,508	18,412		18,366		0.29
More Cowbell II, LLC	(4)(10)	SOFR +	5.00 %	8.89 %	9/1/2023	9/1/2030	7,897		7,744		7,897		0.13
More Cowbell II, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.20 %	9/1/2023	9/1/2029	209		180		198		0.00
PKF O'Connor Davies Advisory, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.79 %	11/15/2024	11/18/2031	1,048		1,035		1,040		0.02
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.75 %	9.05 %	4/4/2024	4/4/2031	9,873		9,782		9,864		0.16
									63,349		63,739		1.03
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.04 %	5/15/2024	5/15/2031	19,703		19,479		19,693		0.32
Health Care Equipment & Supplies
Bamboo US BidCo, LLC	(4)(5)(7)(11)	SOFR +	5.25 %	9.54 %	9/29/2023	9/30/2030	695		675		694		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	E +	5.25 %	7.86 %	9/29/2023	9/30/2030	EUR	354	365		382		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.25 %	9.54 %	11/20/2024	9/30/2030	106		103		106		0.00
CPI Buyer, LLC	(4)(10)	SOFR +	5.50 %	10.07 %	11/1/2021	11/1/2028	27,707		27,423		27,707		0.44
CPI Buyer, LLC	(4)(10)	SOFR +	5.50 %	10.07 %	11/1/2021	11/1/2028	2,963		2,943		2,963		0.05
CPI Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.50 %	10.07 %	5/23/2024	11/1/2028	2,276		2,240		2,210		0.04
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50 %	9.90 %	9/13/2021	9/13/2027	21,230		21,057		20,699		0.33
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50 %	9.92 %	9/13/2021	9/13/2027	5,376		5,338		5,242		0.08
Zeus, LLC	(4)(7)(10)	SOFR +	5.50 %	9.80 %	2/28/2024	2/28/2031	25,965		25,575		25,926		0.42
									85,719		85,929		1.38

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00 %	7.72 %	8/10/2022	8/10/2029	CAD	2,187	$	1,680	$	1,520	0.02	%
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	5.00 %	7.72 %	8/9/2024	8/10/2029	CAD	127	61		87		0.00
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00 %	10.42 % (incl. 3.25 % PIK)	7/7/2023	8/2/2028	$	129,891	128,507		124,695		2.00
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50 %	9.92 %	7/7/2023	8/2/2027	1,388		1,298		925		0.01
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25 %	10.78 %	5/7/2021	5/7/2027	6,761		6,714		6,761		0.11
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25 %	10.57 %	5/7/2021	5/7/2027	1,620		1,611		1,620		0.03
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25 %	10.63 %	5/7/2021	5/7/2026	297		292		297		0.00
Amerivet Partners Management, Inc.	(4)(7)(11)	SOFR +	5.25 %	9.72 %	2/25/2022	2/25/2028	5,529		5,465		5,529		0.09
Canadian Hospital Specialties Ltd.	(4)(5)(6)(11)	CA +	4.50 %	7.57 %	4/15/2021	4/14/2028	CAD	29,242	23,216		20,015		0.32
Canadian Hospital Specialties Ltd.	(4)(5)(6)(7)(10)	CA +	4.50 %	7.57 %	4/15/2021	4/15/2027	CAD	2,220	1,661		1,505		0.02
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50 %	10.90 % (incl. 4.00 % PIK)	12/21/2021	12/21/2028	12,087		11,975		10,365		0.17
Compsych Investments Corp	(4)(5)(7)(10)	SOFR +	4.75 %	9.04 %	7/22/2024	7/22/2031	12,094		12,032		12,085		0.19
DCA Investment Holdings, LLC	(4)(10)	SOFR +	6.41 %	10.70 %	3/12/2021	4/3/2028	32,420		32,251		30,799		0.49
DCA Investment Holdings, LLC	(4)(5)(10)	SOFR +	6.50 %	10.80 %	12/28/2022	4/3/2028	983		974		933		0.01
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00 %	10.53 %	11/20/2018	10/4/2026	23,801		23,739		23,801		0.38
Imagine 360 LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	9/18/2024	9/30/2028	17,112		16,940		16,999		0.27
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50 %	9.79 %	4/29/2024	4/29/2030	46,321		46,280		45,534		0.73
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00 %	9.40 %	10/15/2020	10/15/2026	126,345		125,581		120,343		1.93
Kwol Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	12/8/2023	12/6/2029	6,537		6,392		6,537		0.10
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50 %	9.82 %	2/13/2024	2/13/2031	23,104		22,908		23,104		0.37
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50 %	9.83 %	2/13/2024	2/13/2031	2,671		2,634		2,655		0.04
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50 %	9.82 %	2/13/2024	2/13/2031	3,417		3,393		3,417		0.05
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50 %	9.92 % (incl. 4.00 % PIK)	7/16/2021	7/16/2030	259,276		258,228		229,343		3.67

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
PPV Intermediate Holdings, LLC	(4)(5)(10)	SOFR +	5.75 %	10.06 %	8/31/2022	8/31/2029	$	1,972	$	1,954	$	1,972	0.03	%
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	6.00 %	10.31 %	9/6/2023	8/31/2029	199		196		199		0.00
Smile Doctors, LLC	(4)(10)	SOFR +	5.90 %	10.32 %	6/9/2023	12/23/2028	10,720		10,588		10,452		0.17
Smile Doctors, LLC	(4)(5)(7)(10)	SOFR +	5.90 %	10.32 %	6/9/2023	12/23/2028	1,856		1,802		1,771		0.03
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.00 %	10.58 %	6/1/2021	6/1/2028	344,997		341,952		328,610		5.27
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75 %	10.32 %	6/18/2021	6/18/2028	11,828		11,665		11,591		0.19
SpecialtyCare, Inc.	(4)(5)(7)(8)	SOFR +	4.00 %	8.44 %	6/18/2021	6/18/2026	440		432		431		0.01
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75 %	10.31 %	6/18/2021	6/18/2028	102		102		100		0.00
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	5.00 %	9.30 %	12/30/2021	1/2/2029	2,692		2,665		2,692		0.04
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	4/25/2024	1/2/2029	204		196		200		0.00
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75 %	10.19 %	3/16/2022	3/16/2028	5,145		5,097		4,836		0.08
The Fertility Partners, Inc.	(4)(5)(6)(10)	CA +	5.75 %	8.78 %	3/16/2022	3/16/2028	CAD	4,875	3,786		3,184		0.05
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)	CA +	5.75 %	8.78 %	3/16/2022	9/16/2027	CAD	104	59		58		0.00
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75 %	10.05 %	7/15/2022	7/15/2028	1,081		1,070		1,073		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75 %	10.04 %	7/15/2022	7/15/2028	1,484		1,469		1,473		0.02
Unified Women's Healthcare LP	(4)(5)(9)	SOFR +	5.25 %	9.55 %	6/16/2022	6/18/2029	2,076		2,076		2,076		0.03
Unified Women's Healthcare LP	(4)(5)(7)(9)	SOFR +	5.25 %	9.57 %	3/22/2024	6/18/2029	39,503		39,149		39,398		0.63
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25 %	9.68 %	11/18/2021	11/20/2028	37,021		36,694		37,021		0.59
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25 %	9.66 %	11/18/2021	11/20/2028	15,616		15,525		15,616		0.25
US Oral Surgery Management Holdco, LLC	(4)(7)(10)	SOFR +	6.00 %	10.52 %	8/16/2023	11/20/2028	30,530		30,067		30,197		0.48
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25 %	9.65 %	12/5/2022	11/20/2028	83		83		83		0.00
WHCG Purchaser III Inc	(4)(5)(7)(10)	SOFR +	6.50 %	10.83 % (incl. 5.40 % PIK)	8/2/2024	6/30/2029	20,191		20,191		20,191		0.32
WHCG Purchaser III Inc	(4)(5)(10)(17)		10.00 %	10.00 % PIK	8/2/2024	6/30/2030	16,144		6,354		6,458		0.10
									1,267,004		1,208,551		19.31

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	4.50 %	8.82 %	3/11/2025	3/11/2032	$	1,500	$	1,478	$	1,482	0.02	%
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00 %	9.30 %	5/25/2022	5/25/2029	11,257		11,124		11,257		0.18
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00 %	9.30 %	10/28/2022	5/25/2029	2,170		2,143		2,170		0.03
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00 %	9.46 %	10/28/2022	5/25/2029	318		314		318		0.01
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00 %	9.30 %	3/27/2024	5/25/2029	49,650		49,650		49,650		0.80
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.33 %	5/25/2022	5/25/2029	32		16		32		0.00
Color Intermediate, LLC	(4)(10)	SOFR +	4.75 %	9.15 %	7/2/2024	10/1/2029	19,908		19,585		19,908		0.32
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50 %	8.82 %	4/2/2024	4/2/2031	25,654		25,285		25,603		0.41
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.32 %	8/30/2024	8/30/2031	28,208		27,927		28,184		0.45
eResearchTechnology, Inc.	(4)(10)	SOFR +	4.75 %	9.07 %	1/15/2025	1/19/2032	154,814		153,311		153,266		2.46
eResearchTechnology, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.07 %	1/15/2025	1/19/2032	1,461		1,045		1,033		0.02
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	5.75 %	10.17 %	10/29/2021	10/29/2028	16,259		16,096		16,259		0.26
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	6.25 %	10.55 % (incl. 3.00 % PIK)	11/8/2023	11/8/2029	101,371		100,614		101,371		1.62
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.79 %	7/23/2024	7/23/2031	61		57		59		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50 %	8.79 %	7/23/2024	7/23/2031	1,042		1,033		1,037		0.02
Magic Bidco Inc	(4)(10)	SOFR +	5.75 %	10.05 %	7/1/2024	7/1/2030	20,059		19,620		19,859		0.32
Magic Bidco Inc	(4)(5)(7)(10)	SOFR +	5.75 %	10.05 %	7/1/2024	7/1/2030	2,812		2,731		2,775		0.04
Magic Bidco Inc	(4)(5)(7)(10)	SOFR +	5.75 %	10.05 %	7/1/2024	7/1/2030	820		751		723		0.01
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50 %	8.80 %	12/12/2024	8/31/2030	6,913		6,762		6,889		0.11
Netsmart Technologies Inc	(4)(7)(10)	SOFR +	4.95 %	9.27 % (incl. 2.45 % PIK)	8/23/2024	8/23/2031	33,034		32,677		33,012		0.53
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09 %	10.55 %	3/1/2021	3/1/2028	71,173		70,284		71,173		1.14
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09 %	10.56 %	3/1/2021	3/1/2028	14,758		14,652		14,758		0.24
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00 %	7.44 %	11/20/2024	3/10/2028	8,289		8,290		8,274		0.13
Rocky MRA Acquisition Corp	(4)(9)	SOFR +	5.75 %	10.15 %	4/1/2022	4/1/2028	9,253		9,170		9,253		0.15
									574,615		578,345		9.27

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25 %	9.57 %	9/30/2021	10/2/2028	$	3,619	$	3,601	$	3,619	0.06	%
Alera Group, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.07 %	11/17/2023	10/2/2028	1,283		1,279		1,283		0.02
Amerilife Holdings, LLC	(4)(7)(10)	SOFR +	5.00 %	9.26 %	6/17/2024	8/31/2029	97,112		96,538		97,033		1.55
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.26 %	6/17/2024	8/31/2029	320		238		318		0.01
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		0.00 %	0.00 %	9/11/2023	9/13/2038	9,566		1,397		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		10.00 %	10.00 % PIK	9/11/2023	9/12/2033	6,246		5,559		1,453		0.02
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.00 %	9.30 %	10/29/2021	10/29/2030	14,398		14,296		14,398		0.23
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.00 %	9.30 %	10/29/2021	10/29/2030	4,772		4,728		4,772		0.08
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.00 %	9.30 %	11/17/2023	10/29/2030	6,874		6,764		6,874		0.11
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	5/21/2024	10/29/2030	3,591		3,503		3,504		0.06
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50 %	8.80 %	9/30/2021	9/29/2028	14,746		14,663		14,746		0.24
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.80 %	9/30/2021	9/29/2028	3,049		2,975		3,049		0.05
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.80 %	2/7/2024	9/29/2028	3,002		2,802		2,736		0.04
Gimlet Bidco GmbH	(4)(6)(8)	E +	5.75 %	8.36 %	4/15/2024	4/23/2031	EUR	30,620	31,912		32,779		0.53
Gimlet Bidco GmbH	(4)(6)(7)(8)	E +	5.75 %	8.36 %	4/15/2024	4/23/2031	EUR	5,655	5,843		5,980		0.10
Higginbotham Insurance Agency, Inc.	(4)(5)(6)(11)	SOFR +	4.50 %	8.83 %	7/3/2024	11/25/2028	4,963		4,958		4,963		0.08
High Street Buyer, Inc.	(4)(10)	SOFR +	5.25 %	9.55 %	4/16/2021	4/14/2028	10,306		10,217		10,306		0.17
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	5.25 %	9.55 %	4/16/2021	4/14/2028	70,983		70,353		70,938		1.14
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	5.25 %	9.57 %	1/2/2025	4/14/2028	3,772		3,588		3,600		0.06
Integrity Marketing Acquisition LLC	(4)(7)(10)	SOFR +	5.00 %	9.31 %	8/27/2024	8/25/2028	152,193		151,308		152,150		2.44
Paisley Bidco Ltd	(4)(5)(6)(8)	S +	4.75 %	9.21 %	4/17/2024	4/18/2031	GBP	6,450	7,989		8,248		0.13
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75 %	7.36 %	4/17/2024	4/18/2031	EUR	3,420	3,633		3,661		0.06
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75 %	7.50 %	4/17/2024	4/18/2031	EUR	3,016	3,109		3,229		0.05
Patriot Growth Insurance Services, LLC.	(4)(5)(10)	SOFR +	5.00 %	9.45 %	10/14/2021	10/16/2028	4,532		4,500		4,532		0.07
Patriot Growth Insurance Services, LLC.	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	11/17/2023	10/16/2028	3,023		2,992		2,974		0.05
Patriot Growth Insurance Services, LLC.	(4)(5)(7)(10)	SOFR +	5.00 %	9.42 %	10/14/2021	10/16/2028	235		229		225		0.00
SelectQuote Inc.	(4)(5)(6)(20)	SOFR +	9.50 %	13.92 % (incl. 3.00 % PIK)	10/15/2024	9/30/2027	34,201		34,162		32,833		0.53

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75 %	9.06 %	4/3/2024	4/3/2030	$	130,811	$	129,764	$	130,811	2.10	%
Shelf Bidco Ltd	(4)(6)(10)(18)	SOFR +	5.18 %	9.48 %	10/17/2024	10/17/2031	149,506		148,805		149,506		2.40
Simplicity Financial Marketing Group Holdings Inc	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.28 %	12/31/2024	12/31/2031	8,411		8,312		8,309		0.13
Sparta UK Bidco Ltd	(4)(5)(6)(7)(8)	S +	6.00 %	10.46 %	9/25/2024	9/25/2031	GBP	17,263	22,729		22,300		0.36
SQ ABS Issuer LLC	(4)(5)(6)(8)		7.80 %	7.80 %	10/11/2024	10/20/2039	5,717		5,673		5,689		0.09
Tennessee Bidco Limited	(4)(6)(8)	SOFR +	5.25 %	9.51 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	90,453		88,674		90,453		1.45
Tennessee Bidco Limited	(4)(5)(6)(8)	SOFR +	5.25 %	9.51 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	5,690		5,663		5,690		0.09
Tennessee Bidco Limited	(4)(5)(6)(8)	S +	5.25 %	9.95 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	GBP	45,374	61,218		58,612		0.94
Tennessee Bidco Limited	(4)(5)(6)(7)(8)	S +	5.25 %	9.70 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	GBP	2,608	3,392		3,250		0.05
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25 %	7.81 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	EUR	1,897	1,983		2,051		0.03
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25 %	7.81 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	EUR	1,674	1,753		1,810		0.03
THG Acquisition LLC	(4)(5)(10)	SOFR +	4.75 %	9.07 %	10/31/2024	10/31/2031	11,653		11,543		11,653		0.19
THG Acquisition LLC	(4)(7)(10)	SOFR +	4.75 %	9.07 %	10/31/2024	10/31/2031	105		81		92		0.00
World Insurance Associates, LLC	(4)(11)	SOFR +	5.00 %	9.30 %	10/20/2023	4/3/2030	34,650		34,182		34,650		0.56
World Insurance Associates, LLC	(4)(5)(11)	SOFR +	5.00 %	9.30 %	10/20/2023	4/3/2030	33,283		32,896		33,283		0.53
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00 %	9.30 %	10/20/2023	4/3/2030	3,830		3,514		3,564		0.06
									1,053,318		1,051,926		16.89

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Interactive Media & Services
North Haven Ushc Acquisition Inc	(4)(7)(11)	SOFR +	5.00 %	9.40 %	8/28/2024	10/30/2027	$	1,849	$	1,813	$	1,827	0.03	%
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.40 %	8/28/2024	10/30/2027	2,199		2,172		2,182		0.03
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.40 %	8/28/2024	10/30/2027	1,287		1,272		1,278		0.02
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.39 %	8/28/2024	10/30/2027	548		541		544		0.01
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00 %	9.40 %	8/28/2024	10/30/2027	791		754		751		0.01
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.40 %	8/28/2024	10/30/2027	637		629		632		0.01
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.40 %	8/28/2024	10/30/2027	3,922		3,874		3,893		0.06
Speedster Bidco GmbH	(6)(7)(8)	E +	2.50 %	5.66 %	10/17/2024	12/10/2031	EUR	11,009	11,655		11,926		0.19
Speedster Bidco GmbH	(6)(9)	SOFR +	3.25 %	7.55 %	10/17/2024	12/10/2031	2,830		2,769		2,830		0.05
									25,479		25,863		0.41
IT Services
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75 %	9.75 % PIK	12/13/2021	12/21/2029	1,063		1,051		1,056		0.02
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75 %	9.03 %	5/21/2024	12/21/2028	7,531		7,458		7,531		0.12
Allium Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.29 %	5/2/2023	5/2/2030	1,572		1,533		1,565		0.03
Cassipoée SASU	(4)(5)(6)(8)	E +	4.50 %	6.98 %	2/26/2025	2/26/2032	EUR	160	164		170		0.00
Fern Bidco Ltd	(4)(5)(6)(8)	S +	5.25 %	9.71 %	7/1/2024	7/3/2031	GBP	20,317	25,225		25,786		0.41
Fern Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.25 %	9.71 %	7/1/2024	7/3/2031	GBP	2,222	2,670		2,641		0.04
Infostretch Corporation	(4)(5)(10)	SOFR +	5.75 %	10.20 %	4/1/2022	4/1/2028	4,863		4,814		4,522		0.07
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75 %	10.31 %	11/24/2021	11/24/2028	112,568		111,220		112,568		1.80
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75 %	10.31 %	11/24/2021	11/24/2028	8,180		8,073		8,180		0.13
KEN Bidco Ltd	(4)(5)(6)(10)	S +	6.00 %	10.57 % (incl. 2.50 % PIK)	5/3/2024	8/3/2028	GBP	9,417	11,548		11,799		0.19
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	ST +	6.00 %	8.35 %	9/28/2022	9/28/2029	SEK	2,090	185		208		0.00
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	E +	6.00 %	8.36 %	9/28/2022	9/28/2029	EUR	952	914		1,030		0.02
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	CI +	6.00 %	8.31 %	9/28/2022	9/28/2029	DKK	4,819	623		698		0.01
Monterey Financing, S.à r.l.	(4)(5)(6)(9)	N +	6.00 %	10.56 %	9/28/2022	9/28/2029	NOK	5,149	465		489		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Nephele III BV	(4)(5)(6)(7)(8)	E +	5.25 %	7.61 %	3/31/2025	1/14/2032	EUR	293	$	312	$	312	0.00	%
Park Place Technologies, LLC	(4)(10)	SOFR +	5.25 %	9.54 %	3/25/2024	3/25/2031	$	112,970	112,105		112,970		1.81
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25 %	9.57 %	3/25/2024	3/25/2030	3,109		2,999		3,109		0.05
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25 %	9.57 %	3/25/2024	3/25/2031	9,127		9,012		9,084		0.15
Razor Holdco, LLC	(4)(10)	SOFR +	5.75 %	10.16 %	10/25/2021	10/25/2027	18,885		18,724		18,885		0.30
Red River Technology, LLC	(4)(11)	SOFR +	6.00 %	10.44 %	5/26/2021	5/26/2027	78,973		78,478		70,483		1.13
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25 %	9.55 %	1/3/2025	6/15/2029	76,961		76,211		76,961		1.23
Redwood Services Group, LLC	(4)(7)(10)	SOFR +	5.25 %	9.55 %	2/5/2024	6/15/2029	74,682		72,923		74,520		1.19
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00 %	10.39 % (incl. 2.50 % PIK)	10/14/2021	9/28/2028	8,942		8,745		8,674		0.14
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00 %	10.40 % (incl. 2.50 % PIK)	10/14/2021	10/16/2028	4,473		4,411		4,339		0.07
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00 %	9.06 % (incl. 2.50 % PIK)	10/14/2021	9/28/2028	EUR	11,445	13,014		12,004		0.19
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00 %	8.36 % (incl. 2.50 % PIK)	10/14/2021	8/3/2028	EUR	4,404	4,977		4,620		0.07
Turing Holdco, Inc.	(4)(6)(7)(10)	SOFR +	6.00 %	10.42 % (incl. 2.50 % PIK)	5/3/2024	8/3/2028	20,998		20,507		20,368		0.33
Turing Holdco, Inc.	(4)(5)(6)(7)(10)	S +	6.00 %	10.57 % (incl. 2.50 % PIK)	5/3/2024	8/3/2028	GBP	15,797	22,718		19,794		0.32
									621,079		614,366		9.83
Life Sciences Tools & Services
Cambrex Corp.	(4)(5)(7)(10)	SOFR +	4.75 %	9.07 %	3/5/2025	3/5/2032	22,262		21,997		21,994		0.35
Creek Parent Inc.	(4)(7)(10)	SOFR +	5.25 %	9.57 %	12/17/2024	12/18/2031	68,799		67,477		67,421		1.08
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	11/6/2024	11/6/2031	18,967		18,750		18,784		0.30
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	3/5/2025	11/6/2031	3,165		3,123		3,125		0.05
									111,347		111,324		1.78

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Bidco 76 S.p.A.	(4)(6)(7)(8)	E +	5.00 %	7.66 %	12/11/2024	12/10/2031	EUR	18,340	$	18,894	$	19,449	0.31	%
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.00 %	10.44 %	7/21/2021	7/21/2027	$	1,970	1,953		1,959		0.03
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25 %	10.69 %	8/30/2022	7/21/2027	76		75		76		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50 %	10.97 %	12/20/2022	7/21/2027	76		76		76		0.00
									20,998		21,560		0.34
Marine
Armada Parent, Inc.	(4)(7)(10)	SOFR +	5.75 %	10.16 %	10/29/2021	10/29/2027	25,663		25,422		25,663		0.41
Kattegat Project Bidco AB	(4)(5)(6)(8)	SOFR +	5.50 %	9.80 %	3/20/2024	4/7/2031	2,605		2,549		2,605		0.04
Kattegat Project Bidco AB	(4)(5)(6)(7)(8)	E +	5.50 %	7.86 %	3/20/2024	4/7/2031	EUR	29,819	31,573		32,155		0.52
									59,544		60,423		0.97
Media
Bimini Group Purchaser Inc	(4)(10)	SOFR +	5.25 %	9.56 %	4/26/2024	4/26/2031	50,784		50,344		50,784		0.81
Bimini Group Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.25 %	9.55 %	4/26/2024	4/26/2031	2,103		1,978		2,008		0.03
									52,322		52,792		0.84

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance Inc	(4)(6)(10)	SOFR +	5.25 %	9.57 %	8/30/2024	8/15/2028	$	49,396	$	48,979	$	49,396	0.79	%
KKR Alberta Midstream Finance Inc.	(4)(6)(10)	SOFR +	5.25 %	9.57 %	8/30/2024	8/15/2028	26,870		26,627		26,870		0.43
									75,606		76,266		1.22
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75 %	10.29 %	11/12/2021	11/12/2027	7,199		7,148		7,073		0.11
Profile Products, LLC	(4)(5)(7)(10)	P+	4.75 %	12.25 %	11/12/2021	11/12/2027	434		429		424		0.01
Profile Products, LLC	(4)(5)(7)(10)	P+	4.75 %	12.25 %	11/12/2021	11/12/2027	49		49		42		0.00
									7,626		7,539		0.12
Pharmaceuticals
Dolcetto Holdco S.p.A.	(4)(5)(6)(8)	E +	5.50 %	8.96 %	10/11/2022	10/27/2028	EUR	1,758	1,714		1,901		0.03
Dolcetto Holdco S.p.A.	(4)(5)(6)(8)	E +	5.50 %	7.87 %	1/29/2025	10/27/2028	EUR	1,754	1,812		1,897		0.03
Eden Acquisitionco Ltd	(4)(6)(7)(10)	SOFR +	6.25 %	10.53 %	11/2/2023	11/18/2030	34,485		38,053		34,041		0.55
Elanco Animal Health, Inc.	(5)(6)(8)	SOFR +	1.75 %	6.17 %	1/30/2025	8/1/2027	996		997		995		0.02
Gusto Sing Bidco Pte Ltd	(4)(5)(6)(7)(10)	BB +	4.75 %	9.46 %	11/15/2024	11/15/2031	AUD	1,000	637		618		0.01
									43,213		39,452		0.64
Professional Services
ALKU, LLC	(4)(5)(10)	SOFR +	6.25 %	10.47 %	5/23/2023	5/23/2029	788		774		788		0.01
ALKU, LLC	(4)(10)	SOFR +	5.50 %	9.72 %	2/21/2024	5/23/2029	26,395		25,979		26,000		0.42
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25 %	9.56 %	8/28/2024	1/31/2028	10,924		10,785		10,842		0.17
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25 %	9.54 %	1/31/2023	1/31/2028	1,970		1,942		1,955		0.03
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.25 %	9.56 %	8/28/2024	1/31/2028	2,786		2,727		2,724		0.04
Artisan Acquisitionco, Ltd.	(4)(6)(7)(8)	SOFR +	5.00 %	9.30 %	9/27/2024	9/30/2031	57,154		56,019		56,075		0.90
Baker Tilly Advisory Group LP	(4)(7)(10)	SOFR +	4.75 %	9.07 %	6/3/2024	6/3/2031	46,494		45,705		46,442		0.74
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50 %	8.82 %	11/2/2021	11/2/2027	6,867		6,799		6,846		0.11
Chartwell Cumming Holding, Corp.	(4)(7)(11)	SOFR +	4.75 %	9.07 %	5/26/2021	11/16/2029	87,023		86,401		86,942		1.39
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)	SOFR +	4.75 %	9.07 %	11/18/2022	11/16/2029	10,487		10,200		10,475		0.17
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75 %	9.07 %	2/14/2025	11/16/2029	14,038		13,899		14,038		0.22
Cisive Holdings Corp	(4)(7)(11)	SOFR +	5.75 %	10.15 %	12/8/2021	12/8/2028	8,379		8,280		8,231		0.13
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	5.35 %	9.65 %	8/26/2021	8/26/2027	7,252		7,188		7,252		0.12
CRCI Longhorn Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.32 %	8/27/2024	8/27/2031	11,441		11,323		11,426		0.18
CRCI Longhorn Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.31 %	8/27/2024	8/27/2031	994		977		994		0.02
East River Bidco Gmbh	(4)(6)(7)(8)	E +	5.25 %	7.62 %	3/26/2025	3/26/2032	EUR	90	95		96		0.00

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
G&A Partners Holding Company II, LLC	(4)(9)	SOFR +	5.50 %	9.81 %	3/1/2024	3/1/2031	$	30,020	$	29,512	$	30,020	0.48	%
G&A Partners Holding Company II, LLC	(4)(5)(7)(9)	SOFR +	5.50 %	9.81 %	3/1/2024	3/1/2031	3,673		3,477		3,542		0.06
Guidehouse, Inc.	(4)(10)	SOFR +	5.00 %	9.32 % (incl. 2.00 % PIK)	10/15/2021	12/16/2030	311,831		309,945		311,831		5.00
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00 %	9.29 %	11/1/2024	9/22/2028	46,231		45,730		46,231		0.74
Legacy Intermediate, LLC	(4)(5)(10)	SOFR +	5.75 %	10.21 %	2/25/2022	2/25/2028	6,684		6,621		6,684		0.11
Legacy Intermediate, LLC	(4)(5)(10)	SOFR +	5.75 %	10.20 %	12/22/2023	2/25/2028	1,290		1,272		1,290		0.02
Mercury Bidco Globe Limited	(4)(5)(6)(7)(8)	S +	5.75 %	10.21 %	1/18/2024	1/31/2031	GBP	47,583	59,381		61,292		0.98
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00 %	9.30 %	1/8/2024	1/8/2030	10,845		10,672		10,845		0.17
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.30 %	1/8/2024	1/8/2030	2,662		2,577		2,639		0.04
Oxford Global Resources Inc	(4)(11)	SOFR +	6.00 %	10.42 %	8/17/2021	8/17/2027	18,725		18,577		18,725		0.30
Oxford Global Resources Inc	(4)(7)(11)	SOFR +	6.00 %	10.42 %	8/17/2021	8/17/2027	2,907		2,866		2,907		0.05
Oxford Global Resources Inc	(4)(9)	SOFR +	6.00 %	10.41 %	6/6/2024	8/17/2027	2,211		2,173		2,211		0.04
Pavion Corp.	(4)(6)(10)	SOFR +	6.00 %	10.29 % (incl. 2.25 % PIK)	10/30/2023	10/30/2030	73,714		72,539		72,977		1.17
Pavion Corp.	(4)(6)(7)(10)	SOFR +	6.00 %	10.29 % (incl. 2.25 % PIK)	10/30/2023	10/30/2030	15,588		15,357		15,406		0.25
Petrus Buyer, Inc.	(4)(5)(10)	SOFR +	4.75 %	9.07 %	10/17/2022	10/17/2029	1,867		1,830		1,867		0.03
Petrus Buyer, Inc.	(4)(7)(10)	SOFR +	4.75 %	9.07 %	10/17/2022	10/17/2029	334		320		330		0.01
Petrus Buyer, Inc.	(4)(5)(10)	SOFR +	4.75 %	9.07 %	2/26/2025	10/17/2029	645		642		645		0.01
STV Group, Inc.	(4)(10)	SOFR +	5.00 %	9.32 %	3/20/2024	3/20/2031	24,173		23,761		24,173		0.39
STV Group, Inc.	(4)(5)(7)(10)	P +	4.00 %	11.50 %	3/20/2024	3/20/2030	1,046		906		977		0.02
The North Highland Co LLC	(4)(5)(10)	SOFR +	4.75 %	9.07 %	12/20/2024	12/20/2031	15,982		15,830		15,823		0.25
The North Highland Co LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.07 %	12/20/2024	12/20/2030	2,024		1,956		1,952		0.03
Thevelia US, LLC	(5)(6)(9)	SOFR +	3.00 %	7.30 %	7/29/2024	6/18/2029	1,282		1,280		1,279		0.02
Titan Investment Company, Inc.	(4)(8)	SOFR +	5.75 %	10.28 %	3/20/2020	3/20/2027	41,055		40,425		38,387		0.62
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25 %	9.76 %	6/29/2021	6/29/2028	59,901		59,320		59,901		0.96
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	5.25 %	9.67 %	6/29/2021	6/29/2028	34,698		34,398		34,684		0.56
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	6.24 %	10.66 %	12/21/2021	12/21/2028	4,689		4,639		4,689		0.08

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
West Monroe Partners, LLC	(4)(7)(10)	SOFR +	4.75 %	9.07 %	11/9/2021	11/8/2028	$	14,558	$	14,414	$	14,413	0.23	%
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.07 %	12/18/2024	11/8/2028	498		493		493		0.01
YA Intermediate Holdings II, LLC	(4)(5)(10)	SOFR +	5.00 %	9.31 %	10/1/2024	10/1/2031	7,868		7,805		7,829		0.13
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.32 %	10/1/2024	10/1/2031	427		397		403		0.01
									1,078,208		1,085,571		17.42
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50 %	9.80 %	11/3/2023	11/3/2029	24,150		23,840		24,150		0.39
Community Management Holdings Midco 2 LLC	(4)(5)(10)	SOFR +	5.00 %	9.29 %	11/1/2024	11/1/2031	9,650		9,512		9,577		0.15
Community Management Holdings Midco 2 LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.29 %	11/1/2024	11/1/2031	379		328		337		0.01
Neptune BidCo SAS	(4)(5)(6)(7)(8)	E +	5.25 %	7.86 %	4/1/2024	4/1/2031	EUR	6,495	6,886		6,937		0.11
Odevo AB	(4)(5)(6)(8)	E +	5.50 %	8.05 %	10/31/2024	12/31/2030	EUR	251	261		270		0.00
Odevo AB	(4)(5)(6)(8)	S +	5.50 %	9.96 %	10/31/2024	12/31/2030	GBP	2,215	2,793		2,847		0.05
Odevo AB	(4)(5)(6)(8)	ST +	5.50 %	7.84 %	10/31/2024	12/31/2030	SEK	90,957	8,212		9,004		0.14
Odevo AB	(4)(5)(6)(7)(8)	SOFR +	5.50 %	9.80 %	10/31/2024	12/31/2030	28,239		27,282		28,014		0.45
Progress Residential PM Holdings, LLC	(4)(10)	SOFR +	5.50 %	9.92 %	2/16/2021	8/8/2030	67,900		67,138		67,900		1.09
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50 %	9.92 %	7/26/2022	8/8/2030	833		819		833		0.01
									147,071		149,869		2.40
Software
Abacus Holdco 2 Oy	(4)(5)(6)(7)(8)	E +	4.75 %	7.54 %	10/11/2024	10/10/2031	EUR	838	909		900		0.01
AI Titan Parent Inc	(4)(5)(7)(10)	SOFR +	4.75 %	9.07 %	8/29/2024	8/29/2031	4,352		4,304		4,332		0.07
Anaplan, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	6/21/2022	6/21/2029	1,799		1,776		1,799		0.03
Anaplan, Inc.	(4)(10)	SOFR +	5.00 %	9.30 %	4/25/2024	6/21/2029	19,179		19,020		19,179		0.31
Arnhem BidCo GmbH	(4)(6)(7)(8)	E +	4.75 %	7.11 %	9/18/2024	10/1/2031	EUR	48,873	53,493		52,258		0.84
AuditBoard Inc	(4)(7)(10)	SOFR +	4.75 %	9.05 %	7/12/2024	7/12/2031	9,270		9,151		9,220		0.15
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.50 %	10.82 %	3/19/2024	3/19/2031	36,936		36,411		36,936		0.59
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.25 %	9.57 %	1/2/2025	1/2/2031	9,391		9,301		9,297		0.15
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25 %	9.57 %	1/2/2025	1/2/2031	1,955		1,912		1,910		0.03

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Bayshore Intermediate #2 LP	(4)(5)(7)(10)	SOFR +	6.25 %	10.56 % (incl. 3.38 % PIK)	11/8/2024	10/1/2028	$	94,958	$	94,812	$	94,916	1.52	%
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.25 %	9.54 %	2/19/2025	3/7/2031	14,338		14,089		14,408		0.23
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.30 % (incl. 1.00 % PIK)	8/8/2022	8/8/2028	1,959		1,938		1,950		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.30 % (incl. 1.00 % PIK)	8/8/2022	8/8/2028	346		342		344		0.01
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.30 % (incl. 1.00 % PIK)	8/8/2022	8/8/2028	238		236		237		0.00
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.30 % (incl. 1.00 % PIK)	10/25/2024	8/8/2028	1,591		1,570		1,583		0.03
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	6.25 %	10.80 %	9/12/2023	9/12/2029	27,291		26,764		27,217		0.44
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.32 %	11/28/2023	11/28/2030	67,617		67,006		67,595		1.08
Caribou Bidco Ltd	(4)(6)(8)	S +	5.00 %	9.70 %	7/2/2024	2/1/2029	GBP	39,280	49,897		50,740		0.81
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75 %	10.06 %	2/23/2022	2/23/2029	15,868		15,606		12,813		0.21
Confine Visual Bidco	(4)(5)(6)(8)	SOFR +	5.75 %	10.06 %	3/11/2022	2/23/2029	379		379		306		0.00
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00 %	9.29 %	2/14/2025	7/30/2028	2,215		2,149		2,171		0.03
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50 %	10.05 %	7/14/2021	7/14/2027	21,307		21,145		20,988		0.34
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50 %	10.07 %	7/14/2021	7/14/2027	1,086		1,045		1,005		0.02
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50 %	10.05 %	10/9/2024	7/14/2027	1,308		1,257		1,275		0.02
Coupa Software Inc.	(4)(5)(6)(7)(10)	SOFR +	5.25 %	9.54 %	2/27/2023	2/27/2030	1,822		1,787		1,820		0.03
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75 %	11.07 %	11/8/2023	11/8/2030	61,956		60,585		61,615		0.99
Denali Bidco Ltd	(4)(5)(6)(7)(10)	S +	5.00 %	9.46 %	8/29/2023	8/29/2030	GBP	4,022	4,951		5,193		0.08
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.00 %	7.68 %	8/29/2023	8/29/2030	EUR	1,166	1,231		1,260		0.02
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.00 %	7.68 %	2/28/2024	8/29/2030	EUR	263	276		285		0.00
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.00 %	7.68 %	2/28/2024	8/29/2030	EUR	1,632	1,747		1,765		0.03
Diligent Corp	(4)(10)	SOFR +	5.00 %	9.31 %	4/30/2024	8/2/2030	49,683		49,513		49,683		0.80
Diligent Corp	(4)(10)	SOFR +	5.00 %	9.31 %	4/30/2024	8/2/2030	8,517		8,488		8,517		0.14

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Discovery Education, Inc.	(4)(10)	SOFR +	6.75 %	11.14 % (incl. 6.07 % PIK)	4/7/2022	4/9/2029	$	33,211	$	32,914	$	27,980	0.45	%
Discovery Education, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.15 %	4/7/2022	4/9/2029	2,960		2,926		2,494		0.04
Discovery Education, Inc.	(4)(5)(11)	SOFR +	6.75 %	11.04 % (incl. 6.02 % PIK)	10/3/2023	4/9/2029	3,738		3,705		3,149		0.05
Doit International Ltd	(4)(5)(7)(11)	SOFR +	4.50 %	8.82 %	11/25/2024	11/26/2029	17,409		17,089		17,060		0.27
Dropbox, Inc.	(4)(5)(6)(7)(10)(18)	SOFR +	6.38 %	10.70 %	12/10/2024	12/11/2029	35,206		34,381		34,413		0.55
Edison Bidco AS	(4)(5)(6)(7)(8)	E +	5.25 %	7.91 %	12/18/2024	12/18/2031	EUR	345	307		315		0.01
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75 %	9.07 %	4/30/2024	4/29/2031	5,046		5,027		5,008		0.08
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.25 %	9.70 % (incl. 2.25 % PIK)	3/27/2024	4/29/2031	GBP	19,513	24,181		25,016		0.40
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75 %	9.29 % (incl. 1.97 % PIK)	3/27/2024	4/29/2031	6,101		6,039		6,055		0.10
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.25 %	9.83 % (incl. 2.25 % PIK)	3/27/2024	4/29/2031	GBP	8,747	10,839		11,214		0.18
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.25 %	9.70 % (incl. 2.25 % PIK)	11/29/2024	4/29/2031	GBP	3,597	4,455		4,611		0.07
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00 %	9.31 %	7/2/2024	7/2/2031	22,167		22,068		22,111		0.35
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.31 %	7/2/2024	7/2/2031	2,167		2,140		2,147		0.03
Experity, Inc.	(4)(10)	SOFR +	6.00 %	10.30 % (incl. 3.25 % PIK)	7/22/2021	2/24/2028	11,957		11,855		11,957		0.19
Experity, Inc.	(4)(5)(7)(10)	SOFR +	6.00 %	10.30 % (incl. 3.25 % PIK)	2/24/2022	2/24/2028	3,848		3,781		3,825		0.06
Gigamon Inc.	(4)(10)	SOFR +	5.75 %	10.20 %	3/11/2022	3/9/2029	7,232		7,150		6,780		0.11
Gigamon Inc.	(4)(5)(7)(10)	SOFR +	5.75 %	10.19 %	3/11/2022	3/9/2029	131		129		104		0.00
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.30 %	7/15/2024	12/2/2028	8,444		8,406		8,425		0.13
Granicus Inc.	(4)(10)	SOFR +	5.75 %	10.04 % (incl. 2.25 % PIK)	1/17/2024	1/17/2031	17,565		17,424		17,565		0.28
Granicus Inc.	(4)(7)(10)	SOFR +	5.25 %	9.54 % (incl. 2.25 % PIK)	1/17/2024	1/17/2031	4,726		4,681		4,722		0.08

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Graphpad Software, LLC	(4)(10)	SOFR +	4.75 %	9.05 %	6/28/2024	6/28/2031	$	24,024	$	23,864	$	24,024	0.38	%
Graphpad Software, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	6/28/2024	6/28/2031	601		545		562		0.01
GS Acquisitionco Inc	(4)(5)(7)(10)	SOFR +	5.25 %	9.55 %	3/26/2024	5/25/2028	584		568		566		0.01
GS Acquisitionco Inc	(4)(5)(11)	SOFR +	5.25 %	9.55 %	3/26/2024	5/25/2028	5,317		5,301		5,291		0.08
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55 %	9.87 % (incl. 2.93 % PIK)	6/14/2024	6/14/2031	14,828		14,698		14,753		0.24
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55 %	9.87 % (incl. 2.93 % PIK)	9/26/2024	6/14/2031	6,756		6,694		6,722		0.11
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55 %	9.87 % (incl. 2.93 % PIK)	6/14/2024	6/14/2031	5,507		5,459		5,480		0.09
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	6.50 %	10.79 %	1/26/2024	1/25/2030	32,592		32,018		32,592		0.52
IQN Holding Corp	(4)(10)	SOFR +	5.25 %	9.56 %	5/2/2022	5/2/2029	4,879		4,852		4,879		0.08
IQN Holding Corp	(4)(5)(7)(10)	SOFR +	5.25 %	9.57 %	5/2/2022	5/2/2028	335		332		335		0.01
IRI Group Holdings Inc	(4)(10)	SOFR +	5.00 %	9.31 %	4/1/2024	12/1/2028	197,025		194,773		197,025		3.16
IRI Group Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.32 %	4/1/2024	12/1/2027	1,546		1,393		1,546		0.02
JS Parent Inc	(4)(7)(10)	SOFR +	5.00 %	9.59 %	4/24/2024	4/24/2031	35,488		35,319		35,471		0.57
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50 %	11.90 %	2/8/2021	8/9/2027	84,068		83,779		83,437		1.34
LogicMonitor Inc	(4)(5)(7)(10)	SOFR +	5.50 %	9.79 %	11/15/2024	11/15/2031	15,936		15,724		15,712		0.25
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	5.25 %	9.57 %	5/19/2022	5/18/2029	5,614		5,539		5,614		0.09
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	5.25 %	9.57 %	3/21/2024	5/18/2029	140		138		140		0.00
Magnesium BorrowerCo, Inc.	(4)(5)(10)	S +	5.25 %	9.71 %	5/19/2022	5/18/2029	GBP	3,357	4,130		4,336		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	3.75 %	8.20 %	7/30/2021	7/31/2028	8,417		8,357		7,323		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(9)	SOFR +	6.25 %	10.70 %	6/9/2023	7/31/2028	6,878		6,721		6,382		0.10
Medallia, Inc.	(4)(10)	SOFR +	6.50 %	10.82 % (incl. 4.00 % PIK)	10/28/2021	10/29/2028	383,023		379,710		341,848		5.48
Medallia, Inc.	(4)(5)(10)	SOFR +	6.50 %	10.82 % (incl. 4.00 % PIK)	8/16/2022	10/29/2028	2,247		2,224		2,006		0.03

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50 %	9.90 %	12/1/2021	12/1/2027	$	4,743	$	4,692	$	4,743	0.08	%
Monk Holding Co.	(4)(5)(7)(10)	SOFR +	5.50 %	9.90 %	12/1/2021	12/1/2027	287		280		275		0.00
MRI Software, LLC	(11)	SOFR +	4.75 %	9.05 %	9/22/2020	2/10/2027	6,707		6,715		6,656		0.11
MRI Software, LLC	(11)	SOFR +	4.75 %	9.05 %	2/10/2020	2/10/2027	90,441		90,126		89,761		1.44
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75 %	9.05 %	2/10/2020	2/10/2027	409		379		188		0.00
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.50 %	9.82 %	11/9/2023	11/9/2030	60,690		59,640		60,690		0.97
Nintex Topco Limited	(4)(6)(8)	SOFR +	6.00 %	10.45 % (incl. 1.50 % PIK)	11/12/2021	11/13/2028	34,067		33,722		31,342		0.50
Noble Midco 3 Ltd	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.30 %	6/10/2024	6/24/2031	16,985		16,800		16,966		0.27
Optimizely North America Inc	(4)(5)(10)	S +	5.50 %	9.96 %	10/30/2024	10/30/2031	GBP	865	1,111		1,106		0.02
Optimizely North America Inc	(4)(5)(10)	E +	5.25 %	7.61 %	10/30/2024	10/30/2031	EUR	2,882	3,100		3,085		0.05
Optimizely North America Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.32 %	10/30/2024	10/30/2031	8,214		8,126		8,120		0.13
Oranje Holdco, Inc.	(4)(5)(7)(11)	SOFR +	7.75 %	12.04 %	2/1/2023	2/1/2029	2,000		1,964		2,000		0.03
Oranje Holdco, Inc.	(4)(11)	SOFR +	7.25 %	11.82 %	4/19/2024	2/1/2029	33,969		33,402		33,969		0.54
PDI TA Holdings, Inc.	(4)(10)	SOFR +	5.50 %	9.79 %	2/1/2024	2/3/2031	43,815		43,326		43,815		0.70
PDI TA Holdings, Inc.	(4)(7)(10)	SOFR +	5.50 %	9.79 %	2/1/2024	2/3/2031	4,342		4,263		4,342		0.07
Ping Identity Holding Corp	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	10/21/2024	10/17/2029	6,674		6,674		6,674		0.11
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.05 %	11/7/2024	11/7/2031	9,319		9,270		9,291		0.15
QBS Parent, Inc.	(4)(10)	SOFR +	4.75 %	9.05 %	2/28/2025	11/7/2031	904		899		902		0.01
Rally Buyer, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.05 %	7/19/2022	7/19/2028	886		877		818		0.01
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75 %	10.05 %	7/19/2022	7/19/2028	71		70		63		0.00
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50 %	8.82 %	5/12/2021	5/12/2029	19,337		19,153		19,204		0.31
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75 %	8.11 %	4/3/2024	4/30/2031	EUR	22,826	24,697		24,634		0.39
Spaceship Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	10/17/2024	10/17/2031	91,506		90,487		90,874		1.46
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50 %	9.92 %	3/9/2021	3/11/2027	56,702		56,428		56,702		0.91
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50 %	9.92 %	11/19/2021	3/11/2027	20,930		20,776		20,930		0.34
Spitfire Parent, Inc.	(4)(5)(11)	E +	5.50 %	7.86 %	3/8/2021	3/11/2027	EUR	10,080	12,090		10,900		0.17
Stamps.com, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.14 %	12/14/2021	10/5/2028	3,273		3,239		3,216		0.05
Stamps.com, Inc.	(4)(10)	SOFR +	5.75 %	10.14 %	10/5/2021	10/5/2028	278,297		275,504		273,427		4.38
Tango Bidco SAS	(4)(5)(6)(8)	E +	5.00 %	7.79 %	10/17/2024	10/17/2031	EUR	11,872	12,685		12,656		0.20
Tango Bidco SAS	(4)(5)(6)(7)(8)	E +	5.00 %	7.79 %	10/17/2024	10/17/2031	EUR	3,252	3,466		3,435		0.06
Tricentis Operations Holdings, Inc.	(4)(7)(11)	SOFR +	6.25 %	10.55 % (incl. 4.87 % PIK)	2/11/2025	2/11/2032	22,975		22,699		22,694		0.36

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Triple Lift, Inc.	(4)(10)	SOFR +	5.75 %	10.20 %	3/18/2022	5/5/2028	$	13,738	$	13,599	$	13,188	0.21	%
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75 %	10.20 %	5/6/2021	5/5/2028	47,209		46,723		45,012		0.72
Varicent Parent Holdings Corp	(4)(5)(7)(10)	SOFR +	6.00 %	10.33 % (incl. 3.25 % PIK)	8/23/2024	8/23/2031	12,450		12,252		12,314		0.20
WPEngine, Inc.	(4)(7)(10)	SOFR +	6.50 %	10.82 %	8/14/2023	8/14/2029	66,667		65,065		66,467		1.07
Zendesk Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.30 %	7/23/2024	11/22/2028	1,615		1,592		1,610		0.03
Zorro Bidco Ltd	(4)(5)(6)(7)(8)	S +	4.90 %	9.36 %	8/13/2024	8/13/2031	GBP	28,479	35,554		36,373		0.58
Zorro Bidco Ltd	(4)(5)(6)(8)	S +	4.90 %	9.36 %	1/30/2025	8/13/2031	GBP	3,165	3,898		4,047		0.06
Zorro Bidco Ltd	(4)(5)(6)(8)	ST +	4.90 %	7.21 %	2/6/2025	8/13/2031	SEK	43,390	3,946		4,273		0.07
									2,664,014		2,621,274		41.99
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98 %	10.38 %	5/3/2019	5/3/2026	163,594		163,118		163,594		2.62
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00 %	9.42 %	6/13/2024	2/28/2028	84,454		83,955		84,454		1.35
Trading Companies & Distributors
Paramount Global Surfaces Inc	(4)(11)	SOFR +	6.00 %	10.43 %	4/30/2021	4/1/2027	53,904		53,359		47,436		0.76
Red Fox CD Acquisition Corp	(4)(11)	SOFR +	6.00 %	10.30 %	3/4/2024	3/4/2030	73,827		72,420		73,827		1.18
									125,779		121,263		1.94
Transportation Infrastructure
Capstone Acquisition Holdings Inc	(4)(11)	SOFR +	4.50 %	8.92 %	8/29/2024	11/13/2029	5,446		5,428		5,446		0.09
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75 %	9.07 % (incl. 2.00 % PIK)	3/4/2025	3/4/2032	15,013		14,864		14,862		0.24
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75 %	9.07 % (incl. 2.00 % PIK)	3/4/2025	3/4/2032	80		33		32		0.00
Helix TS, LLC	(4)(7)(10)	SOFR +	6.25 %	10.55 %	8/4/2021	8/4/2027	21,029		20,724		20,577		0.33
Helix TS, LLC	(4)(10)	SOFR +	6.25 %	10.54 %	8/4/2021	8/4/2027	20,861		20,698		20,548		0.33
Helix TS, LLC	(4)(5)(10)	SOFR +	6.25 %	10.55 %	12/22/2023	8/4/2027	3,766		3,717		3,709		0.06
Helix TS, LLC	(4)(5)(10)	SOFR +	6.25 %	10.55 %	12/14/2022	8/4/2027	980		971		965		0.02
Italian Motorway Holdings S.à r.l	(4)(5)(6)(8)	E +	5.25 %	8.14 %	4/28/2022	4/28/2029	EUR	78,810	81,692		85,217		1.37
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75 %	10.27 %	4/19/2021	10/19/2027	32,998		32,712		31,513		0.50
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75 %	10.14 %	4/19/2021	10/19/2027	20,375		20,221		19,459		0.31
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75 %	10.14 %	1/31/2022	10/19/2027	4,154		4,116		3,967		0.06
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75 %	12.25 %	9/11/2024	10/19/2027	1,235		1,215		1,179		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure (continued)
Safety Borrower Holdings LP	(4)(11)	SOFR +	5.25 %	9.69 %	9/1/2021	9/1/2027	$	5,243	$	5,225	$	5,243	0.08	%
Safety Borrower Holdings LP	(4)(5)(7)(11)	P +	4.25 %	11.75 %	9/1/2021	9/1/2027	93		92		89		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	9.91 %	9/24/2021	9/24/2027	36,717		36,416		36,717		0.59
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	9.79 %	9/19/2023	9/24/2027	15,760		15,565		15,760		0.25
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	9.79 %	9/24/2021	9/24/2027	11,374		11,374		11,374		0.18
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	9.90 %	9/19/2023	9/24/2027	9,945		9,822		9,945		0.16
Sam Holding Co, Inc.	(4)(5)(7)(11)	P +	4.50 %	12.00 %	9/24/2021	3/24/2027	1,600		1,557		1,600		0.03
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50 %	9.89 %	9/5/2024	9/24/2027	8,185		8,101		8,084		0.13
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50 %	9.94 %	7/9/2021	7/9/2027	38,388		38,098		38,388		0.62
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50 %	9.97 %	12/2/2024	7/9/2027	13,189		13,028		13,135		0.21
									345,669		347,809		5.58
Total First Lien Debt - non-controlled/non-affiliated									12,714,360		12,579,878		201.55
First Lien Debt - non-controlled/affiliated
Professional Services
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00 %	10.43 % (incl. 9.90 % PIK)	6/14/2024	8/19/2027	22,123		21,966		22,082		0.35
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00 %	10.43 % PIK	6/14/2024	8/19/2027	5,336		5,291		943		0.02
									27,257		23,025		0.37
Total First Lien Debt - non-controlled/affiliated									27,257		23,025		0.37
Total First Lien Debt									12,741,617		12,602,903		201.92

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(5)(6)(8)		8.75 %	8.75 %	4/15/2021	4/15/2029	CAD	10,533	$	8,320	$	6,715	0.11	%
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75 %	13.14 %	5/26/2021	10/15/2027	$	5,183	5,142		4,795		0.08
									13,462		11,510		0.19
Health Care Technology
Project Ruby Ultimate Parent Corp	(4)(5)(10)	SOFR +	5.25 %	9.69 %	10/15/2024	3/10/2029	1,000		996		998		0.02
Insurance
SQ ABS Issuer LLC	(4)(5)(6)(8)		9.65 %	9.65 %	10/11/2024	10/20/2039	3,812		3,759		3,783		0.06
Interactive Media & Services
Speedster Bidco GmbH	(4)(6)(8)	CA +	5.50 %	8.16 %	12/10/2024	2/13/2032	CAD	50,654	35,488		34,584		0.55
IT Services
Inovalon Holdings, Inc.	(4)(10)	SOFR +	10.50 %	15.05 % PIK	11/24/2021	11/24/2033	14,613		14,414		14,613		0.23
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00 %	11.44 %	11/19/2021	11/19/2029	9,619		9,562		9,186		0.15
Professional Services
Thevelia US, LLC	(4)(5)(6)(9)	SOFR +	6.00 %	10.30 %	6/17/2022	6/17/2032	4,920		4,824		4,920		0.08
Software
CB Nike Holdco LLC	(4)(5)(11)	SOFR +	7.35 %	11.67 % PIK	11/25/2024	11/26/2029	36,675		35,995		35,941		0.58
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.50 %	10.97 % (incl. 6.50 % PIK)	7/30/2021	7/30/2029	3,550		3,523		2,947		0.05
									39,518		38,888		0.63
Total Second Lien Debt - non-controlled/non-affiliated									122,023		118,482		1.91
Total Second Lien Debt									122,023		118,482		1.91
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75 %	13.75 % PIK	11/8/2023	11/8/2031	11,985		11,731		11,835		0.19
IT Services
PPT Holdings III, LLC	(4)(5)(8)		12.75 %	12.75 % PIK	3/25/2024	3/27/2034	1,832		1,796		1,823		0.03
Total Unsecured Debt - non-controlled/non-affiliated									13,527		13,658		0.22
Total Unsecured Debt									13,527		13,658		0.22

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		4,767	$	4,767	$	6,542	0.10	%
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			6/11/2021		902	902		1,239		0.02
Mode Holdings, L.P. - Class A-2 Common Units	(4)			12/9/2019		5,486,923	5,487		5,432		0.09
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		935	3,968		2,931		0.05
							10,357		9,602		0.16
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		218	343		336		0.01
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		57	81		79		0.00
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		8,738	9		9		0.00
GTCR Investors LP - Class A-1 Common Units	(4)			9/29/2023		417,006	417		465		0.01
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		41	58		57		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		6,291	6		7		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		1	0		0		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		278	218		215		0.00
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		278,074	221		220		0.00
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		161,291	161		161		0.00
							1,514		1,549		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			12/10/2021		1	$	702	$	0	0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	83		0		0.00
EIS Acquisition Holdings, LP - Class A Common Units	(4)			11/1/2021		6,761	3,350		7,434		0.12
							4,135		7,434		0.12
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50 %	8/3/2021		12,511,857	12,315		18,441		0.30
DTA LP - Class A Common Units	(4)			3/25/2024		2,171,032	2,171		1,845		0.03
							14,486		20,286		0.33
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		6,930	5,877		5,906		0.09
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		369,255	1,053		631		0.01
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		1,489	1,263		1,269		0.02
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		79,358	226		136		0.00
							8,419		7,942		0.12
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		578,564	579		579		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		5,286,915	5,287		5,287		0.08
							5,866		5,866		0.09
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		248,786	249		346		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		539	$	539	$	270	0.00	%
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)		11.50 %	2/25/2022		625,944	607		695		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		2,201	392		34		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		1,185	211		18		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		4,755,436	0		0		0.00
							1,210		747		0.01
Health Care Technology
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		11,710	12		1		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		58,458	58		54		0.00
Healthcomp Holding Company, LLC - Preferred Interest	(4)		6.00 %	11/8/2023		9,850	985		916		0.01
							1,055		971		0.01
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)			9/28/2023		14,907,400	0		0		0.00
SelectQuote Inc. - Warrants	(4)(6)			10/11/2024		601,075	0		439		0.01
Shelf Holdco Ltd - Common Equity	(4)(6)			12/30/2022		50,000	50		190		0.00
							50		629		0.01
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	(4)			11/12/2021		2,854,133	2,854		3,197		0.05
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		772,599	773		773		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Professional Services
OHCP V TC COI, LP. - LP Interest	(4)				6/29/2021		3,500,000	$	3,500	$	8,260	0.13	%
Tricor Horizon - LP Interest	(4)(6)				6/13/2022		399,027	397		421		0.01
Trinity Air Consultants Holdings Corp - Common Units	(4)				6/12/2024		2,583	3		6		0.00
								3,900		8,687		0.14
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)			8.00 %	11/1/2024		310,331	310		301		0.00
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		44	44		45		0.00
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		42,045	462		209		0.00
Descartes Holdings, Inc - Class A Common Stock	(4)				10/9/2023		49,139	213		2		0.00
Expedition Holdco, LLC - Class A Common Units	(4)				2/24/2022		90	57		48		0.00
Expedition Holdco, LLC - Class B Common Units	(4)				2/24/2022		90,000	33		14		0.00
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50 %	11/30/2021		1,545	1,506		2,062		0.03
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50 %	7/30/2021		3,550,000	3,444		3,712		0.06
Mimecast Limited - LP Interest	(4)				5/3/2022		667,850	668		721		0.01
TPG IX Newark CI, L.P. - LP Interest	(4)				10/26/2023		1,965,727	1,966		1,966		0.03
Zoro - Common Equity	(4)				11/22/2022		2,073	21		22		0.00
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50 %	13.80 %	11/22/2022		373	362		509		0.01
								8,776		9,310		0.14
Specialty Retail
CustomInk, LLC - Series A Preferred Units	(4)				5/3/2019		384,520	5,200		7,844		0.13

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Ncp Helix Holdings, LLC - Preferred Shares	(4)		8.00 %	8/3/2021		407,274	$	407	$	471	0.01	%
Total Equity - non-controlled/non-affiliated							74,867		92,767		1.46
Equity - non-controlled/affiliated
Insurance
Blackstone Donegal Holdings LP - LP Interest (Westland Insurance Group LTD)	(4)(6)(16)			1/5/2021			1		6,396		0.10
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		5,898	0		0		0.00
Total Equity - non-controlled/affiliated							1		6,396		0.10
Total Equity							74,868		99,163		1.56
Total Investments - non-controlled/non-affiliated							12,924,777		12,804,785		205.14
Total Investments - non-controlled/affiliated							27,258		29,421		0.47
Total Investment Portfolio							12,952,035		12,834,206		205.61
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.21 %				330,674		330,674		5.30
BlackRock ICS US Treasury Fund			4.18 %				283		283		0.00
Other Cash and Cash Equivalents							634,048		634,048		10.16
Total Portfolio Investments, Cash and Cash Equivalents							$	13,917,040	$	13,799,211	221.07	%

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of March 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. Variable rate loans typically include an interest reference rate floor feature. As of March 31, 2025, 89.5 % of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (see Note 2), pursuant to the Company’s valuation policy.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

(5) These investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company.

(6) The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70 % of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 13.9 % of total assets as calculated in accordance with regulatory requirements.

(7) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

8/10/2026

154

—

Abacus Holdco 2 Oy

Delayed Draw Term Loan

5/7/2026

177

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

10,179

—

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

1,003

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

12/21/2028

500

—

AI Titan Parent Inc

Delayed Draw Term Loan

9/30/2026

870

( 4 )

AI Titan Parent Inc

Revolver

8/29/2031

544

( 5 )

Allium Buyer, LLC

Revolver

5/2/2029

249

( 7 )

American Restoration Holdings, LLC

Revolver

7/19/2030

785

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

8,088

—

Amerilife Holdings, LLC

Revolver

8/31/2028

16,020

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

340

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

31,555

( 79 )

Amerivet Partners Management, Inc.

Revolver

2/25/2028

589

—

Anaplan, Inc.

Revolver

6/21/2028

161

—

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

5,507

—

Armada Parent, Inc.

Revolver

10/29/2027

2,750

—

Arnhem BidCo GmbH

Delayed Draw Term Loan

10/1/2027

12,332

( 60 )

Artisan Acquisitionco, Ltd.

Delayed Draw Term Loan

9/30/2027

7,938

( 79 )

Ascend Buyer, LLC

Revolver

9/30/2028

2,991

—

AuditBoard Inc

Delayed Draw Term Loan

7/12/2026

4,414

( 22 )

AuditBoard Inc

Revolver

7/12/2031

1,766

( 4 )

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

4,104

—

Baker Tilly Advisory Group LP

Revolver

6/3/2030

9,856

—

Baker Tilly Advisory Group LP

Delayed Draw Term Loan

6/3/2026

7,034

( 53 )

Bamboo US BidCo, LLC

Revolver

9/29/2029

142

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

146

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

146

( 1 )

Banyan Software Holdings, LLC

Revolver

1/2/2031

1,006

( 10 )

Banyan Software Holdings, LLC

Delayed Draw Term Loan

12/20/2026

3,076

—

Bayshore Intermediate #2 LP

Revolver

10/1/2027

4,217

( 42 )

Bayshore Intermediate #2 LP

Revolver

10/1/2027

5,006

—

Bazaarvoice, Inc.

Revolver

5/7/2028

37,992

—

Bidco 76 S.p.A.

Delayed Draw Term Loan

12/10/2027

3,849

—

Bimini Group Purchaser Inc

Delayed Draw Term Loan

4/26/2026

18,925

( 95 )

Bimini Group Purchaser Inc

Revolver

4/26/2031

2,804

—

Bluefin Holding, LLC

Revolver

9/12/2029

2,244

( 6 )

Bradyplus Holdings LLC

Delayed Draw Term Loan

10/31/2025

2,260

—

Brave Parent Holdings, Inc.

Delayed Draw Term Loan

5/28/2025

3,058

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Brave Parent Holdings, Inc.

Revolver

11/28/2030

3,641

—

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

2,400

( 6 )

Brilliance Technologies, Inc.

Revolver

3/11/2032

900

( 5 )

Caerus US 1, Inc.

Revolver

5/25/2029

1,255

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

43,592

—

Cambrex Corp.

Revolver

3/5/2032

2,907

( 29 )

Cambrex Corp.

Delayed Draw Term Loan

3/5/2027

3,323

—

Canadian Hospital Specialties Ltd.

Revolver

4/15/2027

1,198

—

Carr Riggs & Ingram Capital LLC

Revolver

11/18/2031

1,295

—

Carr Riggs & Ingram Capital LLC

Delayed Draw Term Loan

11/18/2026

3,161

—

Castle Management Borrower, LLC

Revolver

11/3/2029

1,808

—

CFGI Holdings, LLC

Revolver

11/2/2027

1,050

( 21 )

CFS Brands, LLC

Revolver

10/2/2029

18,177

—

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

4/28/2025

1,980

( 10 )

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

11/15/2025

—

Channelside AcquisitionCo, Inc.

Revolver

5/15/2029

3,178

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

1,522

( 15 )

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

3,107

—

Chartwell Cumming Holding, Corp.

Delayed Draw Term Loan

2/14/2027

16,136

( 81 )

Chartwell Cumming Holding, Corp.

Revolver

11/16/2027

18,271

—

Chartwell Cumming Holding, Corp.

Delayed Draw Term Loan

5/21/2025

1,629

—

Cisive Holdings Corp

Revolver

12/8/2027

1,111

( 22 )

Clearview Buyer, Inc.

Revolver

2/26/2027

898

—

Community Management Holdings Midco 2 LLC

Revolver

11/1/2031

1,229

—

Community Management Holdings Midco 2 LLC

Delayed Draw Term Loan

11/1/2026

4,096

( 31 )

Compsych Investments Corp

Delayed Draw Term Loan

7/22/2027

3,471

( 9 )

Connatix Buyer, Inc.

Revolver

7/14/2027

4,345

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

848

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

3,218

( 16 )

Consor Intermediate II, LLC

Revolver

5/10/2031

1,067

—

Continental Buyer, Inc.

Revolver

4/2/2031

2,715

—

Continental Buyer, Inc.

Delayed Draw Term Loan

8/14/2027

11,599

( 29 )

Continental Buyer, Inc.

Revolver

4/2/2031

4,350

( 22 )

Coupa Software Inc.

Delayed Draw Term Loan

8/27/2025

164

( 2 )

Coupa Software Inc.

Revolver

2/27/2029

126

—

CPI Buyer, LLC

Delayed Draw Term Loan

11/23/2025

311

—

CPI Buyer, LLC

Revolver

11/1/2026

3,214

( 64 )

CRCI Longhorn Holdings Inc

Revolver

8/27/2031

918

—

CRCI Longhorn Holdings Inc

Delayed Draw Term Loan

8/27/2026

2,867

( 14 )

Creek Parent Inc.

Revolver

12/18/2031

9,893

( 173 )

Crewline Buyer, Inc.

Revolver

11/8/2030

6,438

( 31 )

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

973

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

2,433

( 24 )

DCG Acquisition Corp.

Revolver

6/13/2031

5,937

( 59 )

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

5,937

( 30 )

Denali Bidco Ltd

Delayed Draw Term Loan

4/17/2026

300

( 3 )

DM Intermediate Parent LLC

Revolver

9/30/2030

5,206

( 78 )

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

DM Intermediate Parent LLC

Delayed Draw Term Loan

9/30/2026

7,809

( 59 )

Doit International Ltd

Delayed Draw Term Loan

11/25/2027

11,606

( 87 )

Dropbox, Inc.

Delayed Draw Term Loan

12/10/2026

88,235

( 441 )

DTA Intermediate II Ltd.

Delayed Draw Term Loan

3/27/2026

14,000

—

DTA Intermediate II Ltd.

Revolver

3/27/2030

10,769

( 162 )

Duro Dyne National Corp

Delayed Draw Term Loan

11/15/2026

6,002

( 30 )

Duro Dyne National Corp

Revolver

11/15/2031

6,002

( 60 )

Dwyer Instruments LLC

Revolver

7/20/2029

1,209

—

Dwyer Instruments LLC

Delayed Draw Term Loan

11/20/2026

1,069

( 5 )

East River Bidco Gmbh

Delayed Draw Term Loan

3/26/2028

—

Eden Acquisitionco Ltd

Delayed Draw Term Loan

11/17/2025

29,680

( 444 )

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

687

—

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

3,161

—

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

16,111

—

EMB Purchaser, Inc.

Revolver

3/13/2032

3,294

( 33 )

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2025

14,586

( 146 )

ENV Bidco AB

Delayed Draw Term Loan

12/13/2027

302

( 4 )

eResearchTechnology, Inc.

Delayed Draw Term Loan

1/17/2027

27,750

—

eResearchTechnology, Inc.

Revolver

10/17/2031

14,605

( 146 )

eResearchTechnology, Inc.

Delayed Draw Term Loan

3/31/2026

25,705

—

Essential Services Holding Corp

Delayed Draw Term Loan

6/17/2026

2,297

( 11 )

Essential Services Holding Corp

Revolver

6/17/2030

1,206

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

3,378

—

Everbridge Holdings, LLC

Revolver

7/2/2031

2,222

( 6 )

Experity, Inc.

Revolver

2/24/2028

1,495

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

4,457

( 22 )

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

11/6/2026

2,239

—

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

2,669

( 40 )

Fastener Distribution Holdings LLC

Delayed Draw Term Loan

10/31/2026

11,594

( 58 )

Fern Bidco Ltd

Delayed Draw Term Loan

7/3/2027

10,035

—

Formulations Parent Corp.

Revolver

11/15/2029

1,429

( 14 )

Foundation Risk Partners Corp.

Revolver

10/29/2029

4,101

( 62 )

Foundation Risk Partners Corp.

Delayed Draw Term Loan

5/21/2026

985

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

7,140

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

516

—

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

4,329

—

Frontline Road Safety, LLC

Revolver

3/4/2032

2,565

( 26 )

FusionSite Midco, LLC

Revolver

11/17/2029

4,209

( 95 )

G&A Partners Holding Company II, LLC

Delayed Draw Term Loan

3/1/2026

9,468

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

3,288

—

Galway Borrower, LLC

Revolver

9/29/2028

6,126

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

50,131

—

Gannett Fleming Inc

Revolver

8/5/2030

6,237

( 94 )

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

7,218

—

Gatekeeper Systems, Inc.

Revolver

8/28/2030

1,588

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

1,200

—

Gigamon Inc.

Revolver

3/10/2028

306

—

Gimlet Bidco GmbH

Delayed Draw Term Loan

4/23/2027

7,299

—

GovernmentJobs.com, Inc.

Delayed Draw Term Loan

12/2/2025

2,086

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

GovernmentJobs.com, Inc.

Revolver

12/2/2027

1,153

( 18 )

Granicus Inc.

Revolver

1/17/2031

2,448

—

Granicus Inc.

Delayed Draw Term Loan

8/2/2026

817

( 4 )

Graphpad Software, LLC

Revolver

6/28/2031

2,264

( 11 )

Graphpad Software, LLC

Delayed Draw Term Loan

6/28/2026

5,433

—

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

569

( 3 )

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

265

—

GS Acquisitionco Inc

Delayed Draw Term Loan

3/26/2026

2,053

—

GS Acquisitionco Inc

Revolver

5/25/2028

2,000

( 10 )

Gusto Sing Bidco Pte Ltd

Delayed Draw Term Loan

11/15/2027

101

—

Helix TS, LLC

Delayed Draw Term Loan

12/20/2026

13,623

—

High Street Buyer, Inc.

Revolver

4/16/2027

2,254

( 45 )

High Street Buyer, Inc.

Delayed Draw Term Loan

3/1/2026

17,181

—

Home Service TopCo IV Inc

Delayed Draw Term Loan

2/28/2027

2,910

—

Home Service TopCo IV Inc

Revolver

12/30/2027

3,509

( 38 )

Horizon CTS Buyer, LLC

Delayed Draw Term Loan

3/28/2027

200

—

Horizon CTS Buyer, LLC

Revolver

3/28/2032

230

—

Icefall Parent, Inc.

Revolver

1/17/2030

3,104

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

8/8/2026

13,164

( 99 )

IG Investments Holdings, LLC

Revolver

9/22/2028

4,416

—

Imagine 360 LLC

Delayed Draw Term Loan

9/18/2026

2,413

( 12 )

Imagine 360 LLC

Revolver

9/30/2028

1,514

( 15 )

Inception Fertility Ventures, LLC

Revolver

4/29/2030

273

—

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

10,488

—

Integrity Marketing Acquisition LLC

Delayed Draw Term Loan

8/23/2026

20,378

( 43 )

Integrity Marketing Acquisition LLC

Revolver

8/25/2028

2,767

—

IQN Holding Corp

Revolver

5/2/2028

256

—

IRI Group Holdings Inc

Revolver

12/1/2027

12,255

—

Iris Buyer, LLC

Revolver

10/2/2029

2,748

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

5,055

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

151

—

Java Buyer, Inc.

Delayed Draw Term Loan

6/28/2026

465

—

Java Buyer, Inc.

Revolver

12/15/2027

367

—

Java Buyer, Inc.

Revolver

12/15/2027

735

—

JS Parent Inc

Revolver

4/24/2031

3,452

( 17 )

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

7,492

( 37 )

Kattegat Project Bidco AB

Delayed Draw Term Loan

10/5/2026

7,030

( 88 )

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

454

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

12/8/2025

906

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2025

246

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

307

( 2 )

Kona Buyer, LLC

Revolver

7/23/2031

123

( 1 )

Kwol Acquisition, Inc.

Revolver

12/6/2029

897

—

LogicMonitor Inc

Revolver

11/15/2031

1,992

( 25 )

LPW Group Holdings, Inc.

Revolver

3/15/2030

5,373

—

Lsf12 Crown US Commercial Bidco LLC

Revolver

12/2/2029

4,345

( 205 )

Magic Bidco Inc

Delayed Draw Term Loan

7/1/2026

7,098

—

Magic Bidco Inc

Revolver

7/1/2030

902

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Magneto Components BuyCo, LLC

Revolver

12/5/2029

5,508

( 110 )

Magneto Components BuyCo, LLC

Delayed Draw Term Loan

6/5/2025

6,610

( 83 )

Mandolin Technology Intermediate Holdings, Inc.

Revolver

7/30/2026

1,200

( 48 )

Material Holdings, LLC

Revolver

8/19/2027

353

—

Maverick Acquisition, Inc.

Delayed Draw Term Loan

4/15/2025

—

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

5,579

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,382

—

Mercury Bidco Globe Limited

Delayed Draw Term Loan

1/31/2026

14,933

( 173 )

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

161

—

Monk Holding Co.

Delayed Draw Term Loan

6/1/2025

917

—

More Cowbell II, LLC

Delayed Draw Term Loan

9/1/2025

871

( 11 )

More Cowbell II, LLC

Revolver

9/1/2029

968

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

1,339

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

3,087

( 23 )

MRI Software, LLC

Revolver

2/10/2027

6,953

—

NAVEX TopCo, Inc.

Revolver

11/9/2028

5,394

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

NDC Acquisition Corp.

Revolver

3/9/2027

3,425

—

Nephele III BV

Delayed Draw Term Loan

3/31/2028

—

Neptune BidCo SAS

Delayed Draw Term Loan

4/1/2031

2,051

—

Neptune Holdings, Inc.

Revolver

8/31/2029

933

( 23 )

Netsmart Technologies Inc

Delayed Draw Term Loan

8/23/2026

4,345

( 22 )

Netsmart Technologies Inc

Revolver

8/23/2031

4,432

—

Noble Midco 3 Ltd

Delayed Draw Term Loan

6/10/2027

3,875

( 19 )

Noble Midco 3 Ltd

Revolver

6/10/2030

2,390

—

North Haven Stallone Buyer, LLC

Delayed Draw Term Loan

10/1/2026

511

( 1 )

North Haven Stallone Buyer, LLC

Revolver

5/24/2027

913

( 2 )

North Haven Ushc Acquisition Inc

Revolver

10/30/2027

1,161

—

North Haven Ushc Acquisition Inc

Delayed Draw Term Loan

8/28/2026

4,544

—

Odevo AB

Delayed Draw Term Loan

12/12/2027

32,980

( 83 )

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

3/19/2026

4,472

—

Optimizely North America Inc

Revolver

10/30/2031

1,218

( 12 )

Oranje Holdco, Inc.

Revolver

2/1/2029

250

—

Oxford Global Resources Inc

Revolver

8/17/2027

3,085

—

Park Place Technologies, LLC

Delayed Draw Term Loan

9/1/2025

8,617

—

Park Place Technologies, LLC

Revolver

3/25/2030

10,216

—

Patriot Growth Insurance Services, LLC.

Delayed Draw Term Loan

11/17/2025

1,275

—

Patriot Growth Insurance Services, LLC.

Revolver

10/16/2028

235

—

Pavion Corp.

Delayed Draw Term Loan

10/30/2025

2,559

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

3,293

—

Petrus Buyer, Inc.

Delayed Draw Term Loan

10/17/2025

260

—

Petrus Buyer, Inc.

Revolver

10/17/2029

272

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

5,009

—

Ping Identity Holding Corp

Revolver

10/17/2028

671

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/15/2026

504

( 3 )

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

141

( 1 )

Point Broadband Acquisition, LLC

Delayed Draw Term Loan

5/29/2026

36,397

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

159

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

187

—

Profile Products, LLC

Revolver

11/12/2027

324

—

Profile Products, LLC

Revolver

11/12/2027

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

16,623

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

333

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

4,338

( 5 )

QBS Parent, Inc.

Revolver

11/7/2031

984

( 5 )

Qualus Power Services Corp.

Delayed Draw Term Loan

5/9/2026

12,093

—

Qualus Power Services Corp.

Delayed Draw Term Loan

10/25/2026

33,748

( 169 )

Rally Buyer, Inc.

Revolver

7/19/2028

—

Redwood Services Group, LLC

Delayed Draw Term Loan

8/15/2025

3,929

—

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

25,154

( 126 )

Relativity ODA, LLC

Revolver

5/12/2029

2,966

( 74 )

RFS Opco, LLC

Delayed Draw Term Loan

12/3/2025

1,984

—

R1 Holdings LLC

Revolver

12/29/2028

177

—

Safety Borrower Holdings LP

Revolver

9/1/2027

280

—

Sam Holding Co, Inc.

Revolver

3/24/2027

4,400

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

9/5/2025

3,800

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

4,386

( 48 )

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

10,322

—

Seahawk Bidco, LLC

Revolver

12/19/2030

3,753

( 34 )

SG Acquisition, Inc.

Revolver

4/3/2030

8,301

—

Simplicity Financial Marketing Group Holdings Inc

Delayed Draw Term Loan

12/31/2026

1,807

—

Simplicity Financial Marketing Group Holdings Inc

Revolver

12/31/2031

1,076

( 11 )

Skopima Consilio Parent LLC

Revolver

5/12/2028

4,200

( 59 )

Smile Doctors, LLC

Delayed Draw Term Loan

6/9/2025

738

—

Smile Doctors, LLC

Revolver

12/23/2027

1,233

( 37 )

Spaceship Purchaser Inc

Revolver

10/17/2031

10,894

( 109 )

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2026

5,447

—

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2027

13,072

( 65 )

Sparta UK Bidco Ltd

Delayed Draw Term Loan

9/25/2028

1,237

—

SpecialtyCare, Inc.

Revolver

6/18/2026

607

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

16,126

( 121 )

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

13,310

—

Speedster Bidco GmbH

Revolver

5/13/2031

1,801

( 10 )

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

371

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

4/24/2026

540

—

STV Group, Inc.

Delayed Draw Term Loan

3/20/2026

6,976

( 70 )

STV Group, Inc.

Revolver

3/20/2030

3,837

—

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

962

( 6 )

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

1,580

—

TEI Intermediate LLC

Revolver

12/13/2031

3,013

—

TEI Intermediate LLC

Delayed Draw Term Loan

12/13/2026

8,256

( 41 )

Tennessee Bidco Limited

Delayed Draw Term Loan

7/1/2026

22,998

—

The Fertility Partners, Inc.

Revolver

9/16/2027

211

—

The Hiller Companies, LLC

Delayed Draw Term Loan

6/20/2026

1,696

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
The Hiller Companies, LLC	Revolver	6/20/2030	$	1,432	$	( 11 )
The North Highland Co LLC	Revolver	12/20/2030	2,193		—
The North Highland Co LLC	Delayed Draw Term Loan	12/20/2026	5,903		( 30 )
THG Acquisition LLC	Revolver	10/31/2031	1,239		—
THG Acquisition LLC	Delayed Draw Term Loan	10/31/2026	2,552		—
Tricentis Operations Holdings, Inc.	Revolver	12/31/2031	2,872		( 29 )
Tricentis Operations Holdings, Inc.	Delayed Draw Term Loan	2/11/2027	4,595		( 23 )
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan	4/24/2025	956		—
Trinity Air Consultants Holdings Corp.	Revolver	6/29/2028	7,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan	6/20/2025	1,433		( 14 )
Triple Lift, Inc.	Revolver	5/5/2028	7,697		( 308 )
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	12/2/2026	10,766		( 54 )
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	28,117		—
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	20,901		—
Unified Women's Healthcare LP	Revolver	6/18/2029	241		—
Unified Women's Healthcare LP	Delayed Draw Term Loan	10/25/2026	27,807		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	12/13/2026	38,655		—
US Oral Surgery Management Holdco, LLC	Revolver	11/20/2028	3,735		—
Varicent Parent Holdings Corp	Delayed Draw Term Loan	8/23/2026	2,576		( 19 )
Varicent Parent Holdings Corp	Revolver	8/23/2031	1,557		( 23 )
Water Holdings Acquisition LLC	Delayed Draw Term Loan	7/31/2026	5,554		—
West Monroe Partners, LLC	Revolver	11/9/2027	1,443		—
West Monroe Partners, LLC	Delayed Draw Term Loan	12/18/2026	2,500		—
WHCG Purchaser III Inc	Delayed Draw Term Loan	8/2/2027	7,044		—
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026	40,362		( 199 )
World Insurance Associates, LLC	Revolver	4/3/2030	4,473		( 66 )
WPEngine, Inc.	Revolver	8/14/2029	6,667		( 200 )
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	2,937		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	1,499		—
Zendesk Inc	Delayed Draw Term Loan	11/22/2025	361		( 5 )
Zendesk Inc	Revolver	11/22/2028	169		—
Zeus, LLC	Revolver	2/8/2030	3,426		( 17 )
Zeus, LLC	Delayed Draw Term Loan	2/27/2026	2,969		—
Zorro Bidco Ltd	Delayed Draw Term Loan	8/13/2027	4,772		—
Total Investments			$	1,779,617	$	( 6,561 )

(8) There are no interest rate floors on these investments.

(9) The interest rate floor on these investments as of March 31, 2025 was 0.50 %.

(10) The interest rate floor on these investments as of March 31, 2025 was 0.75 %.

(11) The interest rate floor on these investments as of March 31, 2025 was 1.00 %.

(12) The interest rate floor on these investments as of March 31, 2025 was 1.25 %.

(13) The interest rate floor on these investments as of March 31, 2025 was 1.50 %.

(14) The interest rate floor on these investments as of March 31, 2025 was 2.00 %.

(15) For unsettled positions the interest rate does not include the base rate.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

(16) Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company’s non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2024		Gross Additions		Gross Reductions		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of March 31, 2025		Dividend and Interest Income
Non-controlled/Affiliated Investments
Blackstone Donegal Holdings LP	$	6,403	$	—	$	—	$	( 7 )	$	—	$	6,396	$	—
Material Holdings, LLC	21,547		551		—		( 16 )		—		22,082		574
Material Holdings, LLC	1,397		172		—		( 626 )		—		943		—
Material+ Holding Company, LLC	—		—		—		—		—		—		—
Total	$	29,347	$	723	$	—	$	( 649 )	$	—	$	29,421	$	574

(17) Loan was on non-accrual status as of March 31, 2025.

(18) These loans are “last-out” portions of loans. The “last-out” portion of the Company’s loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $ 12,834.2 million or 205.61 % of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20) The interest rate floor on these investments as of March 31, 2025 was 3.00 %.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized Appreciation (Depreciation)

Wells Fargo Bank, N.A.

USD

55,804

CAD

80,000

6/18/2025

( 47 )

Wells Fargo Bank, N.A.

USD

71,312

EUR

65,250

6/18/2025

571

Wells Fargo Bank, N.A.

USD

38,090

GBP

29,500

6/18/2025

Wells Fargo Bank, N.A.

USD

13,277

SEK

133,956

6/18/2025

( 106 )

Total Foreign Currency Forward Contracts

481


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
SMBC Capital Markets, Inc.	November 2027 Notes	5.88 %	SOFR +	1.38 %	11/15/2027	$	400,000	$	13,832	$	—	$	9,838
Wells Fargo Bank, N.A.	April 2028 Notes	5.35 %	SOFR +	1.65 %	4/13/2028	400,000		4,395		—		10,251
Wells Fargo Bank, N.A.	April 2028 Notes	5.35 %	SOFR +	1.39 %	4/13/2028	300,000		1,895		—		3,204
Wells Fargo Bank, N.A.	June 2030 Notes	5.30 %	SOFR +	1.46 %	6/30/2030	500,000		3,224		—		3,224
Total Interest Rate Swaps								$	23,346	$	—	$	26,517

(1) For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Aevex Holdings, LLC	(4)(5)(11)	SOFR +	6.00 %	10.46 %	4/30/2024	3/18/2026	$	47,309	$	47,005	$	47,309	0.78	%
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25 %	10.61 %	2/5/2020	12/31/2027	264,053		262,240		264,053		4.35
Fastener Distribution Holdings LLC	(4)(7)(10)	SOFR +	4.75 %	9.31 %	10/31/2024	11/4/2031	31,015		30,655		30,647		0.50
Frontgrade Technologies Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.49 %	1/9/2023	1/9/2030	2,347		2,290		2,347		0.04
MAG DS Corp.	(11)	SOFR +	5.50 %	9.93 %	4/1/2020	4/1/2027	79,562		76,951		74,788		1.23
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00 %	10.33 % (incl. 2.71 % PIK)	12/5/2023	12/5/2030	33,494		32,611		32,631		0.54
Maverick Acquisition, Inc.	(4)(11)(17)	SOFR +	6.25 %	10.58 %	6/1/2021	6/1/2027	18,456		18,305		12,273		0.20
TCFI AEVEX, LLC	(4)(11)	SOFR +	6.00 %	10.46 %	3/17/2020	3/18/2026	109,088		108,634		109,088		1.80
									578,691		573,136		9.44
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	5.75 %	10.23 %	6/11/2021	6/11/2027	94,440		93,639		94,440		1.55
ENV Bidco AB	(4)(5)(6)(10)	SOFR +	5.25 %	9.59 %	12/12/2024	7/19/2029	1,115		1,099		1,115		0.02
ENV Bidco AB	(4)(5)(6)(7)(8)	E +	5.25 %	7.97 %	12/12/2024	7/19/2029	EUR	1,337	1,349		1,381		0.02
Livingston International, Inc.	(4)(6)(10)	SOFR +	5.50 %	9.96 %	8/13/2021	4/30/2027	124,122		123,036		122,571		2.02
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25 %	10.92 %	12/9/2019	12/9/2026	139,345		138,574		135,164		2.22
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25 %	10.92 %	2/4/2022	2/5/2029	3,978		3,931		3,858		0.06
RoadOne Inc	(4)(5)(7)(11)	SOFR +	6.25 %	10.84 %	12/30/2022	12/30/2028	1,136		1,110		1,109		0.02
RWL Holdings, LLC	(4)(10)	SOFR +	5.75 %	10.23 %	12/13/2021	12/31/2028	30,016		29,675		26,714		0.44
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)	P +	7.00 %	15.50 %	7/1/2024	12/30/2026	124		124		124		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00 %	12.67 %	10/15/2024	12/30/2026	78		77		78		0.00
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	5.00 %	9.50 % (incl. 5.00 % PIK)	11/27/2024	5/27/2030	1,958		1,957		1,958		0.03
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	8.00 %	12.52 %	11/27/2024	11/27/2029	413		405		413		0.01
									394,976		388,925		6.39
Auto Components
Dellner Couplers Group AB	(5)(6)(8)	E +	5.50 %	8.22 %	6/20/2024	6/18/2029	EUR	1,000	1,061		1,026		0.02

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Building Products
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00 %	10.46 %	2/26/2021	2/26/2027	$	53,013	$	52,721	$	51,688	0.85	%
Jacuzzi Brands, LLC	(4)(5)(10)	SOFR +	6.00 %	10.33 %	2/25/2019	2/25/2027	11,318		11,256		10,469		0.17
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00 %	10.33 %	2/25/2019	2/25/2027	77,867		77,505		72,027		1.19
L&S Mechanical Acquisition, LLC	(4)(5)(10)	SOFR +	6.25 %	10.60 %	9/1/2021	9/1/2027	13,864		13,725		13,864		0.23
L&S Mechanical Acquisition, LLC	(4)(5)(10)	SOFR +	6.25 %	10.59 %	8/19/2024	9/1/2027	1,226		1,205		1,226		0.02
Lindstrom, LLC	(4)(11)	SOFR +	6.25 %	10.90 %	4/5/2019	5/1/2027	120,144		120,043		118,943		1.96
Windows Acquisition Holdings, Inc.	(4)(5)(11)	SOFR +	6.50 %	10.98 % (incl. 8.94 % PIK)	12/29/2020	12/29/2026	52,190		51,860		42,274		0.70
									328,315		310,491		5.12
Chemicals
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	4.50 %	8.86 %	6/13/2024	6/13/2031	35,505		35,096		35,327		0.58
Formulations Parent Corp.	(4)(7)(10)	SOFR +	5.75 %	10.27 %	11/15/2023	11/15/2030	8,507		8,341		8,408		0.14
									43,437		43,735		0.72
Commercial Services & Supplies
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	5.25 %	9.25 %	5/7/2021	5/7/2028	247,360		247,360		247,360		4.07
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00 %	9.36 %	12/20/2024	10/2/2030	123,467		121,089		123,041		2.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.75 %	10.34 %	11/17/2023	11/17/2029	25,721		25,251		25,721		0.42
FusionSite Midco, LLC	(4)(11)	SOFR +	5.50 %	10.29 %	11/17/2023	11/17/2029	11,124		10,924		11,124		0.18
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.75 %	10.48 %	9/25/2024	11/17/2029	19,993		19,627		19,889		0.33
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00 %	9.51 %	8/27/2024	8/28/2030	44,448		43,819		44,114		0.73
Gatekeeper Systems, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.52 %	8/27/2024	8/28/2030	1,588		1,428		1,458		0.02
Gorilla Investor LLC	(4)(10)	SOFR +	5.00 %	9.32 %	9/26/2024	9/30/2031	24,945		24,464		24,695		0.41
Iris Buyer, LLC	(4)(11)	SOFR +	6.25 %	10.68 %	10/2/2023	10/2/2030	25,453		24,878		25,453		0.42
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	6.25 %	10.58 %	10/2/2023	10/2/2030	2,400		2,251		2,282		0.04
Java Buyer, Inc.	(4)(10)	SOFR +	5.75 %	10.20 %	12/15/2021	12/15/2027	4,171		4,132		4,171		0.07
Java Buyer, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.44 %	12/15/2021	12/15/2027	2,896		2,873		2,896		0.05
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75 %	10.35 %	11/9/2023	12/15/2027	2,731		2,679		2,731		0.04
JSS Holdings, Inc.	(4)(10)	SOFR +	5.25 %	10.00 % (incl. 3.00 % PIK)	12/17/2020	11/8/2031	281,886		279,390		281,886		4.64
JSS Holdings, Inc.	(4)(5)(10)	SOFR +	5.25 %	10.10 % (incl. 3.00 % PIK)	12/29/2021	11/8/2031	4,868		4,827		4,868		0.08
JSS Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.25 %	9.77 % (incl. 3.00 % PIK)	11/8/2024	11/8/2031	31,004		30,666		30,967		0.51

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.46 %	12/10/2021	12/10/2027	$	7,603	$	7,414	$	7,559	0.12	%
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50 %	10.19 %	10/19/2021	10/19/2028	20,009		19,792		17,408		0.29
KPSKY Acquisition, Inc.	(4)(5)(10)(18)	SOFR +	5.50 %	10.28 %	10/19/2021	10/19/2028	2,304		2,280		2,005		0.03
Onex Baltimore Buyer, Inc.	(4)(11)(18)	SOFR +	5.27 %	9.63 %	12/1/2021	12/1/2027	10,804		10,698		10,804		0.18
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75 %	9.11 %	12/1/2021	12/1/2027	14,746		14,539		14,746		0.24
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50 %	8.83 %	5/24/2024	5/24/2031	4,461		4,461		4,461		0.07
Pye-Barker Fire & Safety, LLC	(4)(5)(10)	SOFR +	4.50 %	8.83 %	5/24/2024	5/24/2031	13,816		13,753		13,747		0.23
TEI Intermediate LLC	(4)(10)	SOFR +	4.75 %	9.15 %	12/13/2024	12/15/2031	25,799		25,543		25,541		0.42
TEI Intermediate LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.15 %	12/13/2024	12/15/2031	413		337		336		0.01
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00 %	9.36 %	6/20/2024	6/20/2030	8,213		8,139		8,152		0.13
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.58 %	6/20/2024	6/20/2030	570		544		542		0.01
Veregy Consolidated, Inc.	(11)	SOFR +	6.00 %	10.85 %	11/3/2020	11/2/2027	20,453		20,223		20,479		0.34
Water Holdings Acquisition LLC	(4)(7)(10)	SOFR +	5.00 %	9.36 % (incl. 3.00 % PIK)	7/31/2024	7/31/2031	31,242		30,929		31,057		0.51
									1,004,310		1,009,493		16.61
Construction & Engineering
Consor Intermediate II, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.83 %	5/10/2024	5/10/2031	4,391		4,324		4,371		0.07
COP Home Services TopCo IV, Inc.	(4)(7)(11)	SOFR +	6.00 %	10.43 %	6/9/2023	12/31/2027	37,330		36,556		37,292		0.61
Gannett Fleming Inc	(4)(7)(10)	SOFR +	4.75 %	9.23 %	8/5/2024	8/5/2030	62,215		61,258		61,655		1.01
									102,138		103,318		1.69
Containers & Packaging
Ascend Buyer, LLC	(4)(10)	SOFR +	5.75 %	10.23 %	9/30/2021	9/30/2028	20,460		20,225		20,460		0.34
Ascend Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.75 %	10.23 %	9/30/2021	9/30/2027	647		629		647		0.01
									20,854		21,107		0.35

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50 %	10.16 % PIK	12/10/2021	12/10/2028	$	7,203	$	7,122	$	6,338	0.10	%
Bradyplus Holdings LLC	(4)(11)	SOFR +	5.00 %	9.52 %	10/11/2024	10/31/2029	97,868		96,310		97,868		1.61
Bradyplus Holdings LLC	(4)(7)(11)	SOFR +	5.00 %	9.40 %	10/11/2024	10/31/2029	619		573		619		0.01
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75 %	10.21 %	11/1/2021	11/2/2026	166,501		165,385		158,176		2.60
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	6.25 %	10.99 % (incl. 3.25 % PIK)	12/31/2021	6/23/2028	4,863		4,810		4,352		0.07
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	6.50 %	11.24 % (incl. 3.25 % PIK)	11/1/2022	6/23/2028	1,554		1,526		1,399		0.02
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	6.25 %	10.99 % (incl. 3.25 % PIK)	12/31/2021	6/23/2028	1,566		1,555		1,401		0.02
NDC Acquisition Corp.	(4)(7)(8)	SOFR +	5.50 %	10.19 %	3/9/2021	3/9/2027	13,285		13,118		13,285		0.22
PT Intermediate Holdings III, LLC	(4)(7)(9)	SOFR +	5.00 %	9.33 % (incl. 1.75 % PIK)	4/9/2024	4/9/2030	61,442		61,306		61,437		1.01
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50 %	11.19 %	11/20/2018	5/13/2026	47,554		47,382		46,602		0.77
									399,087		391,477		6.43
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00 %	9.73 %	7/19/2024	7/24/2030	4,625		4,539		4,625		0.08
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.50 %	7/19/2024	7/24/2030	1,377		1,352		1,377		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.73 %	7/19/2024	7/24/2030	286		261		286		0.00
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.50 %	7/19/2024	7/24/2030	2,462		2,406		2,451		0.04
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00 %	9.35 %	12/20/2024	4/30/2030	61,557		60,922		61,249		1.01
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00 %	9.35 %	12/20/2024	4/30/2030	19,479		19,382		19,381		0.32
BPPH2 Limited	(4)(5)(6)(8)	S +	6.75 %	11.57 %	3/16/2021	3/16/2028	GBP	26,300	35,939		32,925		0.54
BPPH2 Limited	(4)(5)(6)(8)	S +	6.25 %	10.95 %	6/17/2024	3/16/2028	GBP	5,343	6,699		6,689		0.11
BPPH2 Limited	(4)(5)(6)(10)	CA +	6.25 %	10.03 %	6/17/2024	3/16/2028	CAD	3,289	2,360		2,288		0.04
BPPH2 Limited	(4)(5)(6)(10)	SOFR +	6.25 %	10.76 %	6/17/2024	3/16/2028	1,709		1,672		1,709		0.03
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50 %	10.23 %	7/20/2021	7/20/2028	286,185		284,735		286,185		4.71
Charger Debt Merger Sub, LLC	(4)(5)(10)	SOFR +	4.75 %	9.08 %	5/31/2024	5/31/2031	11,927		11,818		11,927		0.20
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.07 %	5/31/2024	5/31/2031	2,544		2,489		2,528		0.04

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services (continued)
DTA Intermediate II Ltd.	(4)(12)	SOFR +	5.25 %	9.58 %	3/27/2024	3/27/2030	$	42,754	$	42,008	$	42,754	0.70	%
DTA Intermediate II Ltd.	(4)(7)(11)	SOFR +	5.25 %	9.83 %	3/27/2024	3/27/2030	5,368		4,965		5,196		0.09
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25 %	10.88 %	7/18/2023	7/18/2029	21,906		21,491		21,413		0.35
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25 %	10.88 %	7/18/2023	7/18/2029	4,032		3,901		3,885		0.06
Essential Services Holding Corp	(4)(5)(7)(10)	SOFR +	5.00 %	9.65 %	6/17/2024	6/17/2031	11,717		11,582		11,687		0.19
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75 %	10.21 %	10/12/2021	12/31/2026	22,274		22,084		21,717		0.36
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75 %	9.10 %	12/18/2024	12/19/2031	40,036		39,581		39,844		0.66
									580,186		580,116		9.55
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	(4)(7)(11)	SOFR +	5.50 %	10.09 %	10/1/2021	10/1/2028	124,139		122,477		123,684		2.04
Electric Utilities
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00 %	9.51 %	3/26/2021	3/26/2027	32,778		32,484		32,778		0.54
Qualus Power Services Corp.	(4)(11)	SOFR +	5.00 %	9.51 %	7/27/2023	3/26/2027	35,439		34,893		35,439		0.58
Qualus Power Services Corp.	(4)(7)(11)	SOFR +	5.00 %	9.50 %	5/9/2024	3/26/2027	71,103		69,567		70,813		1.17
									136,944		139,030		2.29
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75 %	9.34 %	8/17/2021	8/17/2030	45,954		45,437		45,809		0.75
IEM New Sub 2, LLC	(4)(7)(10)	SOFR +	4.75 %	9.27 %	8/8/2024	8/8/2030	58,361		57,452		57,825		0.95
									102,889		103,634		1.70
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00 %	10.43 %	12/23/2020	12/23/2026	77,340		76,831		73,860		1.22
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00 %	10.68 %	12/23/2020	12/23/2026	23,214		23,094		22,169		0.36
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00 %	10.73 %	12/23/2020	12/23/2026	6,262		6,238		5,981		0.10
Duro Dyne National Corp	(4)(7)(10)	SOFR +	5.00 %	9.52 %	11/15/2024	11/15/2031	33,611		33,194		33,185		0.55
Dwyer Instruments LLC	(4)(5)(10)	SOFR +	4.75 %	9.27 %	11/15/2024	7/30/2029	8,232		8,152		8,150		0.13
Dwyer Instruments LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.27 %	11/15/2024	7/30/2029	185		167		167		0.00
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	5.50 %	9.87 %	11/20/2023	11/20/2030	25,753		25,494		25,753		0.42
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	5.00 %	9.59 %	7/1/2024	7/1/2031	60,742		59,562		60,058		0.99
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00 %	8.33 %	7/1/2024	7/1/2031	EUR	15,064	15,952		15,487		0.25
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	5.00 %	8.33 %	7/1/2024	7/1/2030	EUR	1,707	1,834		1,755		0.03
									250,518		246,565		4.05

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	(4)(5)(10)	SOFR +	4.75 %	9.13 %	8/20/2024	8/20/2031	$	979	$	961	$	979	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	P +	3.75 %	11.75 %	8/20/2024	8/20/2030	35		32		34		0.00
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00 %	10.59 %	3/15/2024	3/15/2031	26,728		26,020		26,728		0.44
									27,013		27,741		0.46
Financial Services
Carr Riggs & Ingram Capital LLC	(4)(5)(9)	SOFR +	4.75 %	9.24 %	11/18/2024	11/18/2031	7,444		7,371		7,369		0.12
Carr Riggs & Ingram Capital LLC	(4)(5)(7)(9)	SOFR +	4.75 %	9.24 %	11/18/2024	11/18/2031	216		180		180		0.00
DM Intermediate Parent LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.60 %	9/30/2024	9/30/2030	18,221		17,834		17,811		0.29
More Cowbell II, LLC	(4)(10)	SOFR +	5.00 %	8.89 %	9/1/2023	9/1/2030	7,917		7,756		7,917		0.13
More Cowbell II, LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.28 %	9/1/2023	9/1/2029	453		422		442		0.01
PKF O'Connor Davies Advisory, LLC	(4)(5)(7)(10)	P +	3.50 %	11.00 %	11/15/2024	11/18/2031	1,048		1,034		1,034		0.02
RFS Opco, LLC	(4)(7)(9)	SOFR +	4.75 %	9.08 %	4/4/2024	4/4/2031	9,500		9,406		9,491		0.16
									44,003		44,244		0.73
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.34 %	5/15/2024	5/15/2031	19,703		19,467		19,694		0.32
Health Care Equipment & Supplies
Bamboo US BidCo, LLC	(4)(5)(7)(11)	SOFR +	5.25 %	9.77 %	9/29/2023	9/30/2030	759		737		759		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	E +	5.25 %	8.25 %	9/29/2023	9/30/2030	EUR	354	366		367		0.01
CPI Buyer, LLC	(4)(10)	SOFR +	5.50 %	10.28 %	11/1/2021	11/1/2028	27,778		27,474		27,292		0.45
CPI Buyer, LLC	(4)(5)(10)	SOFR +	5.50 %	10.28 %	11/1/2021	11/1/2028	2,965		2,944		2,913		0.05
CPI Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.50 %	10.28 %	5/23/2024	11/1/2028	1,602		1,563		1,505		0.02
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50 %	9.96 %	9/13/2021	9/13/2027	21,285		21,094		20,966		0.35
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50 %	10.05 %	9/13/2021	9/13/2027	5,390		5,348		5,309		0.09
Zeus, LLC	(4)(7)(10)	SOFR +	5.50 %	9.83 %	2/28/2024	2/28/2031	26,027		25,619		26,009		0.43
									85,145		85,120		1.41

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	5.00 %	8.30 %	8/10/2022	8/10/2029	CAD	2,267	$	1,708	$	1,577	0.03	%
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00 %	10.46 % (incl. 3.25 % PIK)	7/7/2023	8/2/2028	$	128,794	127,308		123,643		2.03
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50 %	9.96 %	8/2/2021	8/2/2027	1,157		1,057		694		0.01
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25 %	10.78 %	5/7/2021	5/7/2027	6,779		6,726		6,779		0.11
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25 %	10.60 %	5/7/2021	5/7/2027	1,625		1,614		1,625		0.03
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25 %	10.68 %	5/7/2021	5/7/2026	111		104		111		0.00
Amerivet Partners Management, Inc.	(4)(5)(7)(11)	SOFR +	5.25 %	9.75 %	2/25/2022	2/25/2028	5,543		5,474		5,543		0.09
Canadian Hospital Specialties Ltd.	(4)(5)(6)(11)	CA +	4.50 %	7.82 %	4/15/2021	4/14/2028	CAD	29,333	23,278		20,100		0.33
Canadian Hospital Specialties Ltd.	(4)(5)(6)(7)(10)	CA +	4.50 %	7.82 %	4/15/2021	4/15/2027	CAD	2,220	1,659		1,507		0.02
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50 %	10.93 % PIK	12/21/2021	12/21/2028	11,967		11,848		10,382		0.17
Compsych Investments Corp	(4)(5)(7)(10)	SOFR +	4.75 %	9.38 %	7/22/2024	7/22/2031	12,124		12,060		12,086		0.20
DCA Investment Holdings, LLC	(4)(7)(10)	SOFR +	6.41 %	10.73 %	3/12/2021	4/3/2028	32,482		32,298		31,506		0.52
DCA Investment Holdings, LLC	(4)(5)(10)	SOFR +	6.50 %	10.83 %	12/28/2022	4/3/2028	985		976		955		0.02
Epoch Acquisition, Inc.	(4)(11)	SOFR +	6.00 %	10.53 %	11/20/2018	10/4/2026	23,807		23,735		23,807		0.39
Imagine 360 LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.35 %	9/18/2024	9/30/2028	17,155		16,970		16,957		0.28
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50 %	10.09 %	4/29/2024	4/29/2030	45,859		45,816		45,315		0.75
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.00 %	9.43 %	10/15/2020	10/15/2026	126,408		125,522		120,404		1.98
Kwol Acquisition, Inc.	(4)(5)(7)(10)	SOFR +	4.75 %	9.08 %	12/8/2023	12/6/2029	6,554		6,400		6,535		0.11
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50 %	9.86 %	2/13/2024	2/13/2031	23,162		22,958		23,162		0.38
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50 %	9.86 %	2/13/2024	2/13/2031	1,684		1,648		1,667		0.03
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50 %	10.02 %	2/13/2024	2/13/2031	3,417		3,392		3,381		0.06
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50 %	9.96 %	7/16/2021	7/16/2027	249,504		248,505		214,831		3.54
PPV Intermediate Holdings, LLC	(4)(5)(10)	SOFR +	5.75 %	10.26 %	8/31/2022	8/31/2029	1,977		1,957		1,977		0.03
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	6.00 %	10.52 %	9/6/2023	8/31/2029	78		74		76		0.00

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Smile Doctors, LLC	(4)(10)	SOFR +	5.90 %	10.81 %	6/9/2023	12/23/2028	$	10,748	$	10,606	$	10,533	0.17	%
Smile Doctors, LLC	(4)(5)(7)(10)	SOFR +	5.90 %	10.81 %	6/9/2023	12/23/2028	1,562		1,507		1,484		0.02
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.00 %	10.73 %	6/1/2021	6/1/2028	344,997		341,716		332,060		5.46
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75 %	10.60 %	6/18/2021	6/18/2028	11,858		11,682		11,621		0.19
SpecialtyCare, Inc.	(4)(5)(7)(8)	SOFR +	4.00 %	8.64 %	6/18/2021	6/18/2026	643		634		643		0.01
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.75 %	10.66 %	6/18/2021	6/18/2028	103		102		101		0.00
Stepping Stones Healthcare Services, LLC	(4)(10)	SOFR +	4.75 %	9.08 %	12/30/2021	1/2/2029	2,699		2,670		2,699		0.04
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.08 %	4/25/2024	1/2/2029	74		66		74		0.00
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75 %	10.22 %	3/16/2022	3/16/2028	5,146		5,094		4,837		0.08
The Fertility Partners, Inc.	(4)(5)(6)(10)	CA +	5.75 %	9.34 %	3/16/2022	3/16/2028	CAD	4,875	3,784		3,188		0.05
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)	CA +	5.75 %	9.05 %	3/16/2022	9/16/2027	CAD	104	59		58		0.00
The GI Alliance Management, LLC	(4)(5)(11)	SOFR +	5.50 %	10.18 %	9/15/2022	9/15/2028	4,025		3,950		4,065		0.07
The GI Alliance Management, LLC	(4)(5)(11)	SOFR +	5.50 %	10.16 %	1/22/2024	9/15/2028	446		443		451		0.01
The GI Alliance Management, LLC	(4)(5)(11)	SOFR +	5.50 %	10.16 %	9/15/2022	9/15/2028	867		851		876		0.01
The GI Alliance Management, LLC	(4)(5)(7)(11)	SOFR +	5.50 %	10.21 %	3/7/2024	9/15/2028	10,452		9,989		10,913		0.18
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75 %	10.40 %	7/15/2022	7/15/2028	1,084		1,071		1,079		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75 %	10.33 %	7/15/2022	7/15/2028	1,487		1,472		1,480		0.02
Unified Women's Healthcare LP	(4)(5)(9)	SOFR +	5.25 %	9.58 %	6/16/2022	6/18/2029	2,081		2,081		2,081		0.03
Unified Women's Healthcare LP	(4)(5)(7)(9)	SOFR +	5.25 %	9.58 %	3/22/2024	6/18/2029	19,672		19,373		19,419		0.32
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25 %	9.86 %	11/18/2021	11/20/2028	37,021		36,669		37,021		0.61
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25 %	9.96 %	11/18/2021	11/20/2028	15,616		15,518		15,616		0.26
US Oral Surgery Management Holdco, LLC	(4)(7)(10)	SOFR +	6.00 %	10.80 %	8/16/2023	11/20/2028	27,633		27,152		27,426		0.45
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	6.50 %	11.19 %	12/5/2022	11/20/2028	83		83		83		0.00
WHCG Purchaser III Inc	(4)(5)(7)(10)	SOFR +	6.50 %	10.83 % (incl. 5.41 % PIK)	8/2/2024	6/30/2029	19,921		19,921		19,921		0.33
WHCG Purchaser III Inc	(4)(5)(10)(17)		10.00 %	10.00 % PIK	8/2/2024	6/30/2030	16,144		6,354		6,167		0.10
									1,245,934		1,188,516		19.54

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00 %	9.33 %	5/25/2022	5/25/2029	$	11,284	$	11,142	$	11,284	0.19	%
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00 %	9.33 %	10/28/2022	5/25/2029	2,176		2,147		2,176		0.04
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00 %	9.46 %	10/28/2022	5/25/2029	318		314		318		0.01
Caerus US 1, Inc.	(4)(6)(8)	SOFR +	5.00 %	9.33 %	3/27/2024	5/25/2029	49,714		49,714		49,714		0.82
Caerus US 1, Inc.	(4)(5)(6)(7)(12)	SOFR +	5.00 %	9.34 %	5/25/2022	5/25/2029	97		80		97		0.00
Color Intermediate, LLC	(4)(10)	SOFR +	4.75 %	9.18 %	7/2/2024	10/1/2029	19,958		19,617		19,958		0.33
Continental Buyer Inc	(4)(5)(7)(10)	SOFR +	5.25 %	9.50 %	4/2/2024	4/2/2031	18,414		18,083		18,360		0.30
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.57 %	8/30/2024	8/30/2031	28,346		28,053		28,322		0.47
Edifecs, Inc.	(4)(10)	SOFR +	5.00 %	9.33 %	9/10/2021	11/20/2028	13,572		13,476		13,572		0.22
Edifecs, Inc.	(4)(11)	SOFR +	5.00 %	9.33 %	9/21/2020	11/20/2028	218,935		217,346		218,935		3.60
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00 %	10.48 %	10/29/2021	10/29/2027	140		129		134		0.00
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00 %	10.48 %	10/29/2021	10/29/2028	16,301		16,137		16,220		0.27
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	6.25 %	10.77 % (incl. 3.00 % PIK)	11/8/2023	11/8/2029	100,797		100,007		100,797		1.66
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	9.13 %	7/23/2024	7/23/2031	61		58		58		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50 %	9.13 %	7/23/2024	7/23/2031	1,045		1,035		1,039		0.02
Magic Bidco Inc	(4)(10)	SOFR +	5.75 %	10.08 %	7/1/2024	7/1/2030	20,110		19,649		19,808		0.33
Magic Bidco Inc	(4)(5)(7)(10)	SOFR +	5.75 %	10.08 %	7/1/2024	7/1/2030	2,626		2,541		2,570		0.04
Magic Bidco Inc	(4)(5)(7)(10)	SOFR +	5.75 %	10.08 %	7/1/2024	7/1/2030	840		757		740		0.01
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.75 %	9.08 %	8/31/2023	8/31/2030	6,947		6,789		6,924		0.11
Netsmart Technologies Inc	(4)(7)(10)	SOFR +	5.20 %	9.56 % (incl. 2.70 % PIK)	8/23/2024	8/23/2031	32,819		32,448		32,611		0.54
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09 %	10.85 %	3/1/2021	3/1/2028	71,173		70,209		71,173		1.17
NMC Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09 %	10.75 %	3/1/2021	3/1/2028	14,758		14,643		14,758		0.24
Project Ruby Ultimate Parent Corp	(8)	SOFR +	3.00 %	7.47 %	11/20/2024	3/10/2028	8,310		8,310		8,360		0.14
Rocky MRA Acquisition Corp	(4)(5)(9)	SOFR +	5.75 %	10.37 %	4/1/2022	4/1/2028	9,253		9,163		9,253		0.15
									641,847		647,181		10.66
Insurance
Alera Group, Inc.	(4)(10)	SOFR +	5.25 %	9.61 %	9/30/2021	10/2/2028	3,628		3,609		3,628		0.06
Alera Group, Inc.	(4)(5)(7)(11)	SOFR +	5.75 %	10.09 %	11/17/2023	10/2/2028	1,218		1,212		1,218		0.02
Amerilife Holdings, LLC	(4)(5)(10)	SOFR +	5.00 %	9.58 %	6/17/2024	8/31/2029	2,654		2,618		2,654		0.04
Amerilife Holdings, LLC	(4)(5)(7)(13)	SOFR +	5.00 %	9.70 %	6/17/2024	8/31/2029	359		353		357		0.01
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		0.00 %	0.00 %	9/11/2023	9/13/2038	9,566		1,397		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		10.00 %	10.00 % PIK	9/11/2023	9/12/2033	5,936		5,559		1,381		0.02

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25 %	9.58 %	10/29/2021	10/29/2030	$	14,433	$	14,326	$	14,433	0.24	%
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25 %	9.58 %	10/29/2021	10/29/2030	4,785		4,738		4,785		0.08
Foundation Risk Partners Corp.	(4)(10)	SOFR +	5.25 %	9.58 %	11/17/2023	10/29/2030	6,892		6,777		6,892		0.11
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	5.25 %	9.58 %	5/21/2024	10/29/2030	2,337		2,269		2,275		0.04
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50 %	8.83 %	9/30/2021	9/29/2028	14,788		14,698		14,788		0.24
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.82 %	9/30/2021	9/29/2028	834		755		834		0.01
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50 %	8.82 %	2/7/2024	9/29/2028	956		742		691		0.01
Gimlet Bidco GmbH	(4)(6)(8)	E +	5.75 %	8.80 %	4/15/2024	4/23/2031	EUR	30,620	31,883		31,242		0.51
Gimlet Bidco GmbH	(4)(6)(7)(8)	E +	5.75 %	8.72 %	4/15/2024	4/23/2031	EUR	4,962	5,114		4,946		0.08
Higginbotham Insurance Agency, Inc.	(4)(5)(6)(11)	SOFR +	4.50 %	8.86 %	7/3/2024	11/25/2028	4,975		4,971		4,975		0.08
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	5.25 %	9.58 %	4/16/2021	4/14/2028	80,277		79,335		80,232		1.32
Integrity Marketing Acquisition LLC	(4)(7)(10)	SOFR +	5.00 %	9.51 %	8/27/2024	8/25/2028	152,575		151,623		152,532		2.51
Paisley Bidco Ltd	(4)(5)(6)(7)(8)	S +	4.75 %	9.52 %	4/17/2024	4/18/2031	GBP	5,204	6,432		6,438		0.11
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75 %	7.81 %	4/17/2024	4/18/2031	EUR	3,420	3,631		3,507		0.06
Paisley Bidco Ltd	(4)(5)(6)(8)	E +	4.75 %	7.97 %	4/17/2024	4/18/2031	EUR	3,016	3,107		3,093		0.05
Patriot Growth Insurance Services, LLC.	(4)(5)(10)	SOFR +	5.00 %	9.48 %	10/14/2021	10/16/2028	4,544		4,509		4,544		0.07
Patriot Growth Insurance Services, LLC.	(4)(5)(7)(10)	SOFR +	5.00 %	9.33 %	11/17/2023	10/16/2028	3,028		2,995		2,979		0.05
Patriot Growth Insurance Services, LLC.	(5)(7)(10)	SOFR +	5.00 %	9.49 %	10/14/2021	10/16/2028	235		229		225		0.00
SelectQuote Inc.	(4)(5)(6)(20)	SOFR +	9.50 %	13.96 % (incl. 3.00 % PIK)	10/15/2024	9/30/2027	62,027		61,948		54,837		0.90
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75 %	9.36 %	4/3/2024	4/3/2030	132,471		131,358		132,471		2.18
Shelf Bidco Ltd	(4)(6)(10)(18)	SOFR +	5.18 %	9.83 %	10/17/2024	10/17/2031	149,881		149,153		149,131		2.45
Simplicity Financial Marketing Group Holdings Inc	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.28 %	12/31/2024	12/31/2031	8,067		7,965		7,965		0.13
Sparta UK Bidco Ltd	(4)(5)(6)(7)(8)	S +	6.00 %	10.70 %	9/25/2024	9/25/2031	GBP	14,385	18,926		18,008		0.30
SQ ABS Issuer LLC	(4)(5)(6)(8)		7.80 %	7.80 %	10/11/2024	10/20/2039	6,070		6,023		6,031		0.10

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Tennessee Bidco Limited	(4)(6)(8)	SOFR +	5.25 %	10.51 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	$	89,532	$	87,684	$	88,637	1.46	%
Tennessee Bidco Limited	(4)(5)(6)(8)	SOFR +	5.25 %	10.51 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	5,690		5,662		5,633		0.09
Tennessee Bidco Limited	(4)(5)(6)(8)	S +	5.25 %	10.06 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	GBP	44,918	60,599		55,671		0.92
Tennessee Bidco Limited	(4)(5)(6)(7)(8)	S +	5.25 %	10.06 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	GBP	2,582	3,354		2,971		0.05
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25 %	8.93 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	EUR	1,878	1,960		1,926		0.03
Tennessee Bidco Limited	(4)(5)(6)(8)	E +	5.25 %	8.93 % (incl. 2.00 % PIK)	7/1/2024	7/1/2031	EUR	1,674	1,753		1,717		0.03
THG Acquisition LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.11 %	10/31/2024	10/31/2031	11,749		11,610		11,606		0.19
World Insurance Associates, LLC	(4)(11)	SOFR +	6.00 %	10.33 %	10/20/2023	4/3/2028	37,826		37,273		37,826		0.62
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.75 %	10.08 %	10/20/2023	4/3/2028	32,343		31,722		32,343		0.53
									969,872		955,422		15.70
Interactive Media & Services
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00 %	9.72 %	8/28/2024	10/30/2027	1,462		1,422		1,432		0.02
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.43 %	8/28/2024	10/30/2027	2,205		2,175		2,183		0.04
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.63 %	8/28/2024	10/30/2027	1,291		1,273		1,278		0.02
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.78 %	8/28/2024	10/30/2027	549		542		544		0.01
North Haven Ushc Acquisition Inc	(4)(5)(7)(11)	SOFR +	5.00 %	9.61 %	8/28/2024	10/30/2027	793		752		751		0.01
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.43 %	8/28/2024	10/30/2027	639		630		632		0.01
North Haven Ushc Acquisition Inc	(4)(5)(11)	SOFR +	5.00 %	9.63 %	8/28/2024	10/30/2027	3,932		3,880		3,893		0.06
Speedster Bidco GmbH	(4)(6)(7)(8)	E +	2.50 %	5.66 %	10/17/2024	12/10/2031	EUR	11,009	11,860		11,464		0.19
Speedster Bidco GmbH	(6)(9)	SOFR +	3.50 %	8.15 %	10/17/2024	12/10/2031	2,830		2,823		2,841		0.05
									25,357		25,018		0.41
Internet & Direct Marketing Retail
Identity Digital, Inc.	(4)(11)	SOFR +	5.25 %	9.74 %	12/29/2020	12/29/2027	315,889		313,189		315,889		5.20

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75 %	9.75 % PIK	12/13/2021	12/21/2029	$	1,063	$	1,050	$	1,058	0.02	%
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75 %	9.03 %	5/21/2024	12/21/2028	7,531		7,453		7,531		0.12
Allium Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.59 %	5/2/2023	5/2/2030	1,580		1,539		1,573		0.03
Fern Bidco Ltd	(4)(5)(6)(8)	S +	5.25 %	9.96 %	7/1/2024	7/3/2031	GBP	20,317	25,207		25,117		0.41
Fern Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.25 %	9.96 %	7/1/2024	7/3/2031	GBP	2,222	2,665		2,623		0.04
Infostretch Corporation	(4)(5)(10)	SOFR +	5.75 %	10.23 %	4/1/2022	4/1/2028	4,875		4,822		4,534		0.07
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75 %	10.63 %	11/24/2021	11/24/2028	112,337		110,897		112,337		1.85
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.75 %	10.67 %	11/24/2021	11/24/2028	8,155		8,041		8,155		0.13
KEN Bidco Ltd	(4)(5)(6)(10)	S +	6.00 %	10.82 % (incl. 2.50 % PIK)	5/3/2024	8/3/2028	GBP	9,339	11,428		11,546		0.19
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	ST +	6.00 %	8.55 %	9/28/2022	9/28/2029	SEK	2,090	185		189		0.00
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	E +	6.00 %	8.72 %	9/28/2022	9/28/2029	EUR	952	913		987		0.02
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	CI +	6.00 %	8.70 %	9/28/2022	9/28/2029	DKK	4,819	623		669		0.01
Monterey Financing, S.à r.l.	(4)(5)(6)(9)	N +	6.00 %	10.70 %	9/28/2022	9/28/2029	NOK	5,149	465		452		0.01
Park Place Technologies, LLC	(4)(10)	SOFR +	5.25 %	9.61 %	3/25/2024	3/25/2031	113,219		112,316		112,936		1.86
Park Place Technologies, LLC	(4)(5)(7)(10)	SOFR +	5.25 %	9.59 %	3/25/2024	3/25/2030	3,820		3,625		3,698		0.06
Razor Holdco, LLC	(4)(10)	SOFR +	5.75 %	10.44 %	10/25/2021	10/25/2027	36,593		36,250		36,593		0.60
Red River Technology, LLC	(4)(11)	SOFR +	6.00 %	10.74 %	5/26/2021	5/26/2027	79,149		78,596		75,588		1.24
Redwood Services Group, LLC	(4)(5)(10)	SOFR +	6.25 %	10.68 %	6/15/2022	6/15/2029	4,641		4,566		4,641		0.08
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	5.75 %	10.18 %	2/5/2024	6/15/2029	74,645		73,466		73,918		1.22
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00 %	10.75 % (incl. 2.50 % PIK)	10/14/2021	9/28/2028	8,877		8,666		8,766		0.14
Turing Holdco, Inc.	(4)(5)(6)(7)(8)	SOFR +	6.00 %	10.93 % (incl. 2.50 % PIK)	10/14/2021	10/16/2028	4,418		4,352		4,363		0.07
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00 %	9.72 % (incl. 2.50 % PIK)	10/14/2021	9/28/2028	EUR	11,445	13,002		11,707		0.19
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00 %	9.33 % (incl. 2.50 % PIK)	10/14/2021	8/3/2028	EUR	4,381	4,945		4,482		0.07
Turing Holdco, Inc.	(4)(6)(10)	SOFR +	6.00 %	10.61 % (incl. 2.50 % PIK)	5/3/2024	8/3/2028	20,891		20,364		20,630		0.34
Turing Holdco, Inc.	(4)(5)(6)(7)(10)	S +	6.00 %	10.82 % (incl. 2.50 % PIK)	5/3/2024	8/3/2028	GBP	15,699	22,561		19,408		0.32
									557,997		553,501		9.09

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Life Sciences Tools & Services
Creek Parent Inc.	(4)(7)(10)	SOFR +	5.25 %	9.63 %	12/17/2024	12/18/2031	$	68,799	$	67,429	$	67,421	1.11	%
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00 %	9.53 %	11/6/2024	11/6/2031	14,543		14,350		14,252		0.23
									81,779		81,673		1.34
Machinery
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.00 %	10.74 %	7/21/2021	7/21/2027	1,918		1,900		1,908		0.03
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25 %	10.99 %	8/30/2022	7/21/2027	76		75		76		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50 %	11.17 %	12/20/2022	7/21/2027	76		75		76		0.00
									2,050		2,060		0.03
Marine
Armada Parent, Inc.	(4)(7)(10)	SOFR +	5.75 %	10.36 %	10/29/2021	10/29/2027	25,479		25,214		25,479		0.42
Kattegat Project Bidco AB	(4)(5)(6)(8)	SOFR +	6.00 %	10.33 %	3/20/2024	4/7/2031	2,605		2,546		2,605		0.04
Kattegat Project Bidco AB	(4)(5)(6)(7)(8)	E +	6.00 %	8.72 %	3/20/2024	4/7/2031	EUR	29,819	31,537		30,803		0.51
									59,297		58,887		0.97
Media
Bimini Group Purchaser Inc	(4)(10)	SOFR +	5.25 %	9.76 %	4/26/2024	4/26/2031	50,912		50,453		50,912		0.84
Bimini Group Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.25 %	9.81 %	4/26/2024	4/26/2031	2,103		1,973		2,008		0.03
									52,426		52,920		0.87

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance Inc	(4)(6)(10)	SOFR +	5.25 %	9.77 %	8/30/2024	8/15/2028	$	49,396	$	48,949	$	49,396	0.81	%
KKR Alberta Midstream Finance Inc.	(4)(6)(10)	SOFR +	5.25 %	9.77 %	8/30/2024	8/15/2028	26,870		26,618		26,870		0.44
									75,567		76,266		1.25
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.75 %	10.29 %	11/12/2021	11/12/2027	7,217		7,161		7,001		0.12
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50 %	12.50 %	11/12/2021	11/12/2027	104		99		88		0.00
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50 %	12.00 %	11/12/2021	11/12/2027	20		20		9		0.00
									7,280		7,098		0.12
Pharmaceuticals
Dechra Pharmaceuticals Holdings Ltd	(4)(5)(6)(7)(8)	E +	6.25 %	9.89 %	1/23/2024	1/24/2031	EUR	1,028	1,127		1,062		0.02
Dechra Pharmaceuticals Holdings Ltd	(4)(5)(6)(7)(10)	SOFR +	6.25 %	11.39 %	1/23/2024	1/24/2031	1,035		1,010		1,032		0.02
Doc Generici (Diocle S.p.A.)	(4)(5)(6)(7)(8)	E +	5.50 %	9.36 %	10/11/2022	10/27/2028	EUR	1,758	1,020		1,808		0.03
Eden Acquisitionco Ltd	(4)(6)(7)(10)	SOFR +	6.25 %	10.53 %	11/2/2023	11/18/2030	20,388		23,751		19,787		0.33
Gusto Sing Bidco Pte Ltd	(4)(5)(6)(7)(10)	BB +	4.75 %	9.46 %	11/15/2024	11/15/2031	AUD	1,000	636		612		0.01
									27,544		24,301		0.41
Professional Services
ALKU, LLC	(4)(5)(10)	SOFR +	6.25 %	10.50 %	5/23/2023	5/23/2029	790		776		790		0.01
ALKU, LLC	(4)(10)	SOFR +	5.50 %	9.75 %	2/21/2024	5/23/2029	26,462		26,020		26,330		0.43
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25 %	9.76 %	8/28/2024	1/31/2028	10,951		10,800		10,869		0.18
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.25 %	9.84 %	1/31/2023	1/31/2028	1,971		1,941		1,957		0.03
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.25 %	9.76 %	8/28/2024	1/31/2028	2,793		2,724		2,731		0.04
Artisan Acquisitionco, Ltd.	(4)(6)(7)(8)	SOFR +	5.00 %	9.33 %	9/27/2024	9/30/2031	57,154		56,053		56,154		0.92
Baker Tilly Advisory Group LP	(4)(7)(10)	SOFR +	4.75 %	9.11 %	6/3/2024	6/3/2031	46,611		45,788		46,559		0.77
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50 %	8.86 %	11/2/2021	11/2/2027	6,887		6,812		6,866		0.11
Cisive Holdings Corp	(4)(7)(11)	SOFR +	5.75 %	10.18 %	12/8/2021	12/8/2028	8,400		8,295		8,252		0.14
Clearview Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.35 %	9.68 %	8/26/2021	8/26/2027	7,276		7,204		7,276		0.12
CRCI Longhorn Holdings Inc	(4)(5)(10)	SOFR +	5.00 %	9.36 %	8/27/2024	8/27/2031	11,469		11,360		11,412		0.19
CRCI Longhorn Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.36 %	8/27/2024	8/27/2031	860		828		836		0.01
Cumming Group, Inc.	(4)(11)	SOFR +	5.25 %	9.50 %	5/26/2021	11/16/2027	87,227		86,631		87,227		1.44
Cumming Group, Inc.	(4)(5)(7)(11)	SOFR +	5.25 %	9.50 %	11/18/2022	11/16/2027	9,511		9,293		9,487		0.16

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
G&A Partners Holding Company II, LLC	(4)(9)	SOFR +	5.50 %	10.01 %	3/1/2024	3/1/2031	$	30,095	$	29,565	$	30,095	0.50	%
G&A Partners Holding Company II, LLC	(4)(5)(7)(9)	SOFR +	5.50 %	10.01 %	3/1/2024	3/1/2030	1,178		995		1,058		0.02
Guidehouse, Inc.	(4)(10)	SOFR +	5.75 %	10.11 % (incl. 2.00 % PIK)	10/15/2021	12/16/2030	311,085		309,112		311,085		5.12
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00 %	9.57 %	11/1/2024	9/22/2028	46,347		45,809		46,347		0.76
Legacy Intermediate, LLC	(4)(5)(10)	SOFR +	5.75 %	10.41 %	2/25/2022	2/25/2028	6,697		6,628		6,697		0.11
Legacy Intermediate, LLC	(4)(5)(9)	SOFR +	5.75 %	10.43 %	12/22/2023	2/25/2028	1,290		1,270		1,290		0.02
Mercury Bidco Globe Limited	(4)(5)(6)(7)(8)	S +	6.00 %	10.70 %	1/18/2024	1/31/2031	GBP	47,583	59,312		59,401		0.98
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00 %	9.33 %	1/8/2024	1/8/2030	10,872		10,690		10,872		0.18
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00 %	9.51 %	1/8/2024	1/8/2030	2,669		2,580		2,646		0.04
Oxford Global Resources Inc	(4)(7)(11)	SOFR +	6.00 %	10.28 %	8/17/2021	8/17/2027	18,774		18,583		18,774		0.31
Oxford Global Resources Inc	(4)(11)	SOFR +	6.00 %	10.48 %	8/17/2021	8/17/2027	2,909		2,890		2,909		0.05
Oxford Global Resources Inc	(4)(9)	SOFR +	6.00 %	10.63 %	6/6/2024	8/17/2027	2,217		2,177		2,217		0.04
Pavion Corp.	(4)(6)(10)	SOFR +	5.75 %	10.34 %	10/30/2023	10/30/2030	76,793		75,515		76,409		1.26
Pavion Corp.	(4)(6)(7)(10)	SOFR +	5.75 %	10.38 %	10/30/2023	10/30/2030	15,588		15,347		15,497		0.26
Petrus Buyer Inc	(4)(5)(10)	SOFR +	5.25 %	9.90 %	10/17/2022	10/17/2029	1,871		1,833		1,871		0.03
Petrus Buyer Inc	(4)(5)(7)(10)	SOFR +	5.25 %	9.75 %	10/17/2022	10/17/2029	335		320		335		0.01
STV Group, Inc.	(4)(10)	SOFR +	5.00 %	9.36 %	3/20/2024	3/20/2031	24,234		23,804		24,234		0.40
STV Group, Inc.	(4)(5)(7)(10)	P +	4.00 %	12.50 %	3/20/2024	3/20/2030	698		551		628		0.01
The North Highland Co LLC	(4)(5)(10)	SOFR +	4.75 %	9.12 %	12/20/2024	12/20/2031	16,022		15,863		15,862		0.26
The North Highland Co LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.10 %	12/20/2024	12/20/2030	843		772		772		0.01
Thevelia US, LLC	(5)(6)(9)	SOFR +	3.25 %	7.58 %	7/29/2024	6/18/2029	1,283		1,283		1,292		0.02
Titan Investment Company, Inc.	(4)(8)	SOFR +	5.75 %	10.28 %	3/20/2020	3/20/2027	41,163		40,453		38,488		0.63

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	5.25 %	9.76 %	6/29/2021	6/29/2028	$	59,901	$	59,276	$	59,901	0.99	%
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	5.25 %	10.04 %	6/29/2021	6/29/2028	27,747		27,467		27,747		0.46
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	6.24 %	10.70 %	12/21/2021	12/21/2028	4,701		4,640		4,687		0.08
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75 %	9.15 %	11/9/2021	11/8/2028	14,596		14,442		14,450		0.24
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.12 %	12/18/2024	11/8/2028	499		494		494		0.01
YA Intermediate Holdings II, LLC	(4)(5)(10)	SOFR +	5.00 %	9.59 %	10/1/2024	10/1/2031	7,888		7,822		7,816		0.13
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	P +	4.00 %	11.50 %	10/1/2024	10/1/2031	79		48		47		0.00
									1,054,066		1,060,667		17.48
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50 %	9.83 %	11/3/2023	11/3/2029	23,100		22,773		23,100		0.38
Community Management Holdings Midco 2 LLC	(4)(5)(10)	SOFR +	5.00 %	9.57 %	11/1/2024	11/1/2031	10,241		10,091		10,087		0.17
Community Management Holdings Midco 2 LLC	(4)(5)(7)(10)	SOFR +	5.00 %	9.57 %	11/1/2024	11/1/2031	478		423		422		0.01
Neptune BidCo SAS	(4)(5)(6)(7)(8)	E +	5.25 %	8.31 %	4/1/2024	4/1/2031	EUR	6,495	6,880		6,525		0.11
Odevo AB	(4)(5)(6)(7)(8)	E +	5.50 %	8.37 %	10/31/2024	12/31/2030	EUR	251	261		258		0.00
Odevo AB	(4)(5)(6)(8)	S +	5.50 %	10.20 %	10/31/2024	12/31/2030	GBP	2,215	2,792		2,759		0.05
Odevo AB	(4)(5)(6)(8)	ST +	5.50 %	8.06 %	10/31/2024	12/31/2030	SEK	90,957	8,210		8,180		0.13
Odevo AB	(4)(5)(6)(7)(8)	SOFR +	5.50 %	9.89 %	10/31/2024	12/31/2030	28,239		27,746		28,018		0.46
Progress Residential PM Holdings, LLC	(4)(7)(10)	SOFR +	5.50 %	9.96 %	2/16/2021	8/8/2030	67,900		67,119		67,900		1.12
Progress Residential PM Holdings, LLC	(4)(5)(10)	SOFR +	5.50 %	9.96 %	7/26/2022	8/8/2030	833		819		833		0.01
									147,114		148,082		2.44
Software
Abacus Holdco 2 Oy	(4)(5)(6)(7)(8)	E +	4.75 %	7.97 %	10/11/2024	10/10/2031	EUR	727	789		748		0.01
AI Titan Parent Inc	(4)(5)(7)(10)	SOFR +	4.75 %	9.11 %	8/29/2024	8/29/2031	4,352		4,302		4,332		0.07
Anaplan, Inc.	(4)(5)(7)(10)	SOFR +	5.25 %	9.58 %	6/21/2022	6/21/2029	1,804		1,779		1,804		0.03
Anaplan, Inc.	(4)(10)	SOFR +	5.25 %	9.58 %	4/25/2024	6/21/2029	19,227		19,059		19,227		0.32
Arnhem BidCo GmbH	(4)(6)(7)(8)	E +	4.75 %	7.91 %	9/18/2024	10/1/2031	EUR	48,873	53,509		50,061		0.82
AuditBoard Inc	(4)(7)(10)	SOFR +	4.75 %	9.08 %	7/12/2024	7/12/2031	9,270		9,147		9,138		0.15

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Azurite Intermediate Holdings Inc.	(4)(7)(10)	SOFR +	6.50 %	10.86 %	3/19/2024	3/19/2031	$	36,936	$	36,390	$	36,936	0.61	%
Bayshore Intermediate #2 LP	(4)(5)(7)(10)	SOFR +	6.25 %	10.77 % (incl. 3.38 % PIK)	11/8/2024	10/1/2028	94,157		94,000		94,115		1.55
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.39 % (incl. 1.00 % PIK)	8/8/2022	8/8/2028	1,959		1,936		1,950		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.39 % (incl. 1.00 % PIK)	8/8/2022	8/8/2028	346		342		344		0.01
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.39 % (incl. 1.00 % PIK)	8/8/2022	8/8/2028	238		236		237		0.00
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.39 % (incl. 1.00 % PIK)	10/25/2024	8/8/2028	1,591		1,569		1,583		0.03
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	6.25 %	10.64 %	9/12/2023	9/12/2029	27,291		26,734		27,217		0.45
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.36 %	11/28/2023	11/28/2030	67,788		67,148		67,765		1.12
Caribou Bidco Ltd	(4)(6)(7)(8)	S +	5.00 %	9.70 %	7/2/2024	2/1/2029	GBP	35,275	44,788		44,135		0.73
CB Nike Holdco LLC	(4)(5)(7)(11)	SOFR +	4.50 %	9.02 %	11/25/2024	11/26/2029	11,606		11,266		11,258		0.19
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75 %	10.06 %	2/23/2022	2/23/2029	15,868		15,590		12,813		0.21
Confine Visual Bidco	(4)(5)(6)(8)	SOFR +	5.75 %	10.06 %	3/11/2022	2/23/2029	379		378		306		0.01
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50 %	10.39 %	7/14/2021	7/14/2027	21,364		21,184		20,937		0.34
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50 %	10.41 %	7/14/2021	7/14/2027	1,456		1,397		1,332		0.02
Connatix Buyer, Inc.	(4)(5)(10)	SOFR +	5.50 %	10.40 %	10/9/2024	7/14/2027	1,143		1,122		1,120		0.02
Coupa Software Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50 %	10.09 %	2/27/2023	2/27/2030	1,827		1,790		1,825		0.03
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75 %	11.11 %	11/8/2023	11/8/2030	61,956		60,524		61,615		1.01
Denali Bidco Ltd	(4)(5)(6)(7)(10)	S +	5.75 %	10.45 %	8/29/2023	8/29/2030	GBP	4,022	4,947		5,033		0.08
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.75 %	8.43 %	8/29/2023	8/29/2030	EUR	1,166	1,230		1,207		0.02
Denali Bidco Ltd	(4)(5)(6)(8)	E +	5.25 %	7.93 %	2/28/2024	8/29/2030	EUR	263	276		273		0.00
Denali Bidco Ltd	(4)(5)(6)(9)	E +	5.75 %	8.43 %	2/28/2024	8/29/2030	EUR	1,632	1,738		1,691		0.03

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Diligent Corp	(4)(10)	SOFR +	5.00 %	10.09 %	4/30/2024	8/2/2030	$	49,683	$	49,505	$	49,683	0.82	%
Diligent Corp	(4)(10)	SOFR +	5.00 %	10.09 %	4/30/2024	8/2/2030	8,517		8,487		8,517		0.14
Discovery Education, Inc.	(4)(10)	SOFR +	6.75 %	11.48 % (incl. 6.24 % PIK)	4/7/2022	4/9/2029	32,754		32,438		27,596		0.45
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75 %	10.20 %	4/7/2022	4/9/2029	2,193		2,157		1,726		0.03
Discovery Education, Inc.	(4)(5)(11)	SOFR +	6.75 %	11.38 % (incl. 6.19 % PIK)	10/3/2023	4/9/2029	3,687		3,652		3,106		0.05
Dropbox Inc	(4)(5)(6)(10)	SOFR +	2.00 %	6.45 %	12/10/2024	12/11/2029	26,471		26,152		26,150		0.43
Dropbox Inc	(4)(5)(6)(7)(10)(18)	SOFR +	6.38 %	10.83 %	12/10/2024	12/11/2029	35,294		34,433		34,426		0.57
Edison Bidco AS	(4)(5)(6)(7)(8)	E +	5.25 %	7.91 %	12/18/2024	12/18/2031	EUR	345	377		342		0.01
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75 %	9.44 %	4/30/2024	4/29/2031	5,046		5,026		5,008		0.08
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.00 %	9.70 %	3/27/2024	4/29/2031	GBP	19,368	23,989		24,065		0.40
Elements Finco Ltd	(4)(5)(6)(8)	SOFR +	4.75 %	9.11 %	3/27/2024	4/29/2031	6,063		5,998		6,017		0.10
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.00 %	9.70 %	3/27/2024	4/29/2031	GBP	8,682	10,802		10,788		0.18
Elements Finco Ltd	(4)(5)(6)(8)	S +	5.00 %	9.70 %	11/29/2024	4/29/2031	GBP	3,570	4,419		4,436		0.07
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00 %	9.59 %	7/2/2024	7/2/2031	22,222		22,119		22,167		0.36
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.59 %	7/2/2024	7/2/2031	2,178		2,150		2,158		0.04
Experity, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.33 % (incl. 3.25 % PIK)	7/22/2021	2/24/2028	11,845		11,734		11,845		0.19
Experity, Inc.	(4)(5)(10)	SOFR +	6.00 %	10.33 % (incl. 3.25 % PIK)	2/24/2022	2/24/2028	3,785		3,746		3,785		0.06
Experity, Inc.	(4)(5)(7)(10)	SOFR +	5.50 %	9.86 %	2/24/2022	2/24/2028	256		224		234		0.00
Gigamon Inc.	(4)(11)	SOFR +	5.75 %	10.55 %	3/11/2022	3/9/2029	7,251		7,164		6,798		0.11
Gigamon Inc.	(4)(5)(10)	SOFR +	5.75 %	10.48 %	3/11/2022	3/9/2029	437		435		410		0.01
GovernmentJobs.com, Inc.	(4)(7)(10)	SOFR +	5.00 %	9.60 %	7/15/2024	12/2/2028	8,465		8,424		8,447		0.14
Granicus Inc.	(4)(10)	SOFR +	5.75 %	10.34 % (incl. 2.25 % PIK)	1/17/2024	1/17/2031	17,509		17,362		17,509		0.29
Granicus Inc.	(4)(7)(10)	SOFR +	5.25 %	9.84 % (incl. 2.25 % PIK)	1/17/2024	1/17/2031	4,692		4,646		4,665		0.08

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Graphpad Software, LLC	(4)(10)	SOFR +	4.75 %	9.08 %	6/28/2024	6/28/2031	$	24,085	$	23,917	$	24,085	0.40	%
Graphpad Software, LLC	(4)(5)(7)(10)	SOFR +	4.75 %	9.08 %	6/28/2024	6/28/2031	602		544		591		0.01
GS Acquisitionco Inc	(4)(5)(7)(10)	SOFR +	5.25 %	9.59 %	3/26/2024	5/25/2028	584		575		577		0.01
GS Acquisitionco Inc	(4)(5)(7)(9)	SOFR +	5.25 %	9.58 %	3/26/2024	5/25/2028	5,331		5,305		5,295		0.09
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55 %	9.93 % (incl. 2.93 % PIK)	6/14/2024	6/14/2031	14,716		14,581		14,643		0.24
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55 %	9.93 % (incl. 2.93 % PIK)	9/26/2024	6/14/2031	6,705		6,641		6,671		0.11
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55 %	9.93 % (incl. 2.93 % PIK)	6/14/2024	6/14/2031	5,466		5,416		5,439		0.09
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	6.50 %	10.86 %	1/26/2024	1/25/2030	32,592		31,989		32,592		0.54
IQN Holding Corp	(4)(10)	SOFR +	5.25 %	9.76 %	5/2/2022	5/2/2029	4,892		4,863		4,892		0.08
IQN Holding Corp	(4)(5)(7)(10)	SOFR +	5.25 %	9.77 %	5/2/2022	5/2/2028	231		228		231		0.00
IRI Group Holdings Inc	(4)(10)	SOFR +	5.00 %	9.59 %	4/1/2024	12/1/2028	197,500		195,093		197,500		3.25
IRI Group Holdings Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.36 %	4/1/2024	12/1/2027	2,760		2,593		2,760		0.05
JS Parent Inc	(4)(7)(10)	SOFR +	5.00 %	9.59 %	4/24/2024	4/24/2031	35,577		35,401		35,560		0.59
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50 %	11.93 %	2/8/2021	8/9/2027	84,303		83,931		83,671		1.38
Lightbox Intermediate, LP	(4)(5)(8)	SOFR +	5.00 %	9.59 %	6/1/2022	5/9/2026	1,950		1,933		1,867		0.03
LogicMonitor Inc	(4)(5)(7)(10)	SOFR +	5.50 %	9.99 %	11/15/2024	11/15/2031	15,936		15,716		15,712		0.26
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	5.00 %	9.36 %	5/19/2022	5/18/2029	5,628		5,549		5,628		0.09
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	5.00 %	9.36 %	3/21/2024	5/18/2029	140		139		140		0.00
Magnesium BorrowerCo, Inc.	(4)(5)(10)	S +	5.00 %	9.70 %	5/19/2022	5/18/2029	GBP	3,374	4,148		4,224		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	3.75 %	8.23 %	7/30/2021	7/31/2028	8,439		8,374		7,300		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.25 %	10.73 %	6/9/2023	6/9/2030	6,895		6,734		6,619		0.11
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(8)	SOFR +	3.75 %	8.10 %	7/30/2021	7/31/2026	1,200		1,196		1,038		0.02

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Medallia, Inc.	(4)(10)	SOFR +	6.50 %	10.85 % (incl. 4.00 % PIK)	10/28/2021	10/29/2028	$	379,194	$	375,690	$	356,442	5.87	%
Medallia, Inc.	(4)(5)(10)	SOFR +	6.50 %	10.85 % (incl. 4.00 % PIK)	8/16/2022	10/29/2028	2,225		2,200		2,092		0.03
Monk Holding Co.	(4)(10)(18)	SOFR +	5.50 %	9.93 %	12/1/2021	12/1/2027	4,755		4,699		4,755		0.08
Monk Holding Co.	(4)(5)(7)(10)	SOFR +	5.50 %	9.93 %	12/1/2021	12/1/2027	288		280		288		0.00
MRI Software, LLC	(11)	SOFR +	4.75 %	9.08 %	9/22/2020	2/10/2027	6,725		6,730		6,742		0.11
MRI Software, LLC	(4)(7)(11)	SOFR +	4.75 %	9.08 %	2/10/2020	2/10/2027	50,974		50,911		50,879		0.84
MRI Software, LLC	(4)(11)	SOFR +	4.75 %	9.08 %	12/19/2023	2/10/2027	40,120		39,811		40,020		0.66
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.50 %	9.88 %	11/9/2023	11/9/2030	60,843		59,743		60,843		1.00
Nintex Topco Limited	(4)(6)(8)	SOFR +	6.00 %	10.76 % (incl. 1.50 % PIK)	11/12/2021	11/13/2028	34,037		33,667		31,654		0.52
Noble Midco 3 Ltd	(4)(5)(6)(7)(10)	SOFR +	5.00 %	9.33 %	6/10/2024	6/24/2031	16,792		16,598		16,772		0.28
Optimizely North America Inc	(4)(5)(10)	S +	5.50 %	10.20 %	10/30/2024	10/30/2031	GBP	865	1,110		1,072		0.02
Optimizely North America Inc	(4)(5)(10)	E +	5.25 %	8.11 %	10/30/2024	10/30/2031	EUR	2,882	3,099		2,956		0.05
Optimizely North America Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.36 %	10/30/2024	10/30/2031	8,214		8,122		8,120		0.13
Oranje Holdco Inc	(4)(5)(7)(11)	SOFR +	7.50 %	12.07 %	2/1/2023	2/1/2029	2,000		1,962		2,000		0.03
Oranje Holdco Inc	(4)(11)	SOFR +	7.25 %	11.82 %	4/19/2024	2/1/2029	33,969		33,366		33,969		0.56
PDI TA Holdings, Inc.	(4)(7)(10)	SOFR +	5.50 %	10.09 %	2/1/2024	2/3/2031	42,177		41,583		41,760		0.69
Ping Identity Holding Corp	(4)(5)(7)(10)	SOFR +	4.75 %	9.08 %	10/21/2024	10/17/2029	6,691		6,691		6,691		0.11
QBS Parent Inc	(4)(5)(7)(10)	SOFR +	4.75 %	9.27 %	11/7/2024	11/7/2031	9,319		9,268		9,267		0.15
Rally Buyer, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.10 % (incl. 1.75 % PIK)	7/19/2022	7/19/2028	885		874		820		0.01
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75 %	10.18 %	7/19/2022	7/19/2028	85		83		77		0.00
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50 %	8.86 %	5/12/2021	5/12/2029	19,337		19,131		19,251		0.32
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75 %	8.43 %	4/3/2024	4/30/2031	EUR	22,826	24,678		23,362		0.38
Spaceship Purchaser Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.33 %	10/17/2024	10/17/2031	91,506		90,449		90,417		1.49
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50 %	9.96 %	3/9/2021	3/11/2027	56,832		56,522		56,832		0.94
Spitfire Parent, Inc.	(4)(9)	SOFR +	5.50 %	9.96 %	11/19/2021	3/11/2027	20,984		20,810		20,984		0.35
Spitfire Parent, Inc.	(4)(5)(11)	E +	5.50 %	8.36 %	3/8/2021	3/11/2027	EUR	10,133	12,143		10,496		0.17
Stamps.com, Inc.	(4)(5)(10)	SOFR +	5.75 %	10.94 %	12/14/2021	10/5/2028	3,282		3,245		3,224		0.05

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Stamps.com, Inc.	(4)(10)	SOFR +	5.75 %	10.94 %	10/5/2021	10/5/2028	$	279,014	$	276,018	$	274,131	4.51	%
Tango Bidco SAS	(4)(5)(6)(8)	E +	5.00 %	8.18 %	10/17/2024	10/17/2031	EUR	11,872	12,679		12,124		0.20
Tango Bidco SAS	(4)(5)(6)(7)(8)	E +	5.00 %	8.05 %	10/17/2024	10/17/2031	EUR	2,583	2,750		2,596		0.04
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75 %	10.25 %	3/18/2022	5/5/2028	13,742		13,518		12,884		0.21
Triple Lift, Inc.	(4)(10)	SOFR +	5.75 %	10.25 %	5/6/2021	5/5/2028	47,285		46,834		45,394		0.75
Varicent Parent Holdings Corp	(4)(5)(7)(10)	SOFR +	6.00 %	10.33 % (incl. 3.25 % PIK)	8/23/2024	8/23/2031	12,133		11,926		11,998		0.20
WPEngine, Inc.	(4)(7)(10)	SOFR +	6.50 %	10.90 %	8/14/2023	8/14/2029	66,667		64,975		66,467		1.09
Zendesk Inc	(4)(5)(7)(10)	SOFR +	5.00 %	9.33 %	7/23/2024	11/22/2028	1,619		1,594		1,614		0.03
Zorro Bidco Ltd	(4)(5)(6)(7)(8)	S +	5.00 %	9.70 %	8/13/2024	8/13/2031	GBP	26,283	32,671		32,502		0.53
									2,609,905		2,577,410		42.44
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98 %	10.57 %	5/3/2019	5/3/2026	163,594		163,009		163,594		2.69
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00 %	9.48 %	6/13/2024	2/28/2028	84,454		83,912		84,454		1.39
Trading Companies & Distributors
Porcelain Acquisition Corp.	(4)(11)	SOFR +	6.00 %	10.43 %	4/30/2021	4/1/2027	54,044		53,433		50,531		0.83
Red Fox CD Acquisition Corp	(4)(11)	SOFR +	6.00 %	10.33 %	3/4/2024	3/4/2030	78,073		76,526		78,073		1.28
									129,959		128,604		2.11
Transportation Infrastructure
Capstone Acquisition Holdings Inc	(4)(11)	SOFR +	4.50 %	8.96 %	8/29/2024	11/13/2029	5,459		5,441		5,459		0.09
Frontline Road Safety, LLC	(4)(10)	SOFR +	5.75 %	10.21 %	5/3/2021	5/3/2027	93,849		93,130		93,849		1.54
Frontline Road Safety, LLC	(4)(10)	SOFR +	5.75 %	10.21 %	12/15/2023	5/3/2027	10,969		10,818		10,969		0.18
Frontline Road Safety, LLC	(4)(7)(10)	SOFR +	5.75 %	10.25 %	12/15/2023	5/3/2027	10,919		10,796		10,919		0.18
Helix TS, LLC	(4)(10)	SOFR +	6.25 %	11.01 %	8/4/2021	8/4/2027	20,503		20,311		20,195		0.33
Helix TS, LLC	(4)(10)	SOFR +	6.25 %	10.99 %	8/4/2021	8/4/2027	20,867		20,687		20,554		0.34
Helix TS, LLC	(4)(5)(10)	SOFR +	6.25 %	10.73 %	12/22/2023	8/4/2027	3,775		3,721		3,719		0.06
Helix TS, LLC	(4)(5)(7)(10)	SOFR +	6.25 %	10.91 %	12/14/2022	8/4/2027	983		833		826		0.01
Italian Motorway Holdings S.à r.l	(4)(5)(6)(8)	E +	5.25 %	8.14 %	4/28/2022	4/28/2029	EUR	78,810	81,620		81,635		1.34

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure (continued)
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75 %	10.27 %	4/19/2021	10/19/2027	$	33,086	$	32,771	$	32,093	0.53	%
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75 %	11.06 %	4/19/2021	10/19/2027	20,381		20,212		19,770		0.33
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75 %	11.06 %	1/31/2022	10/19/2027	4,157		4,115		4,032		0.07
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75 %	12.25 %	9/11/2024	10/19/2027	1,235		1,210		1,198		0.02
Safety Borrower Holdings LP	(4)(5)(11)	SOFR +	5.25 %	9.72 %	9/1/2021	9/1/2027	5,256		5,237		5,256		0.09
Safety Borrower Holdings LP	(4)(5)(7)(11)	P +	4.25 %	11.75 %	9/1/2021	9/1/2027	93		92		89		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	10.01 %	9/24/2021	9/24/2027	36,765		36,434		36,764		0.61
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	10.23 %	9/19/2023	9/24/2027	15,800		15,584		15,798		0.26
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	10.28 %	9/24/2021	9/24/2027	11,406		11,406		11,406		0.19
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50 %	10.13 %	9/19/2023	9/24/2027	9,951		9,816		9,951		0.16
Sam Holding Co, Inc.	(4)(5)(7)(11)	P +	4.50 %	13.00 %	9/24/2021	3/24/2027	1,800		1,751		1,800		0.03
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50 %	10.12 %	9/5/2024	9/24/2027	6,100		6,017		5,980		0.10
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50 %	10.24 %	7/9/2021	7/9/2027	38,488		38,163		38,101		0.63
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50 %	9.99 %	12/2/2024	7/9/2027	13,189		13,011		13,003		0.21
									443,176		443,366		7.30
Total First Lien Debt - non-controlled/non-affiliated									12,932,791		12,807,445		210.76
First Lien Debt - non-controlled/affiliated
Professional Services
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00 %	10.43 % (incl. 8.22 % PIK)	6/14/2024	8/19/2027	21,589		21,419		21,547		0.35
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00 %	10.43 % PIK	6/14/2024	8/19/2027	5,163		5,122		1,397		0.02
									26,541		22,944		0.37
Total First Lien Debt - non-controlled/affiliated									26,541		22,944		0.37
Total First Lien Debt									12,959,332		12,830,389		211.13

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	(4)(5)(6)(8)		8.75 %	8.75 %	4/15/2021	4/15/2029	CAD	10,533	$	8,315	$	6,723	0.11	%
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75 %	13.44 %	5/26/2021	10/15/2027	$	5,183	5,138		4,769		0.08
									13,453		11,492		0.19
Health Care Technology
Project Ruby Ultimate Parent Corp	(4)(5)(10)	SOFR +	5.25 %	9.97 %	10/15/2024	3/10/2029	1,000		995		995		0.02
Insurance
SQ ABS Issuer LLC	(4)(5)(6)(8)		9.65 %	9.65 %	10/11/2024	10/20/2039	4,047		3,990		3,995		0.07
Interactive Media & Services
Speedster Bidco GmbH	(4)(6)(8)	CA +	5.50 %	10.47 %	12/10/2024	2/13/2032	CAD	50,654	35,464		34,534		0.57
IT Services
Inovalon Holdings, Inc.	(4)(10)	SOFR +	10.50 %	15.35 % PIK	11/24/2021	11/24/2033	14,061		13,857		14,061		0.23
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00 %	11.47 %	11/19/2021	11/19/2029	9,619		9,560		9,188		0.15
Professional Services
Thevelia US, LLC	(4)(5)(6)(9)	SOFR +	6.00 %	10.33 %	6/17/2022	6/17/2032	4,920		4,819		4,920		0.08
Software
CB Nike Holdco LLC	(4)(5)(11)	SOFR +	7.35 %	11.87 % PIK	11/25/2024	11/26/2029	37,719		36,974		36,964		0.61
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.50 %	10.98 %	7/30/2021	7/30/2029	3,550		3,522		3,035		0.05
									40,496		39,999		0.66
Total Second Lien Debt - non-controlled/non-affiliated									122,634		119,184		1.97
Total Second Lien Debt									122,634		119,184		1.97
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75 %	13.75 % PIK	11/8/2023	11/8/2031	11,573		11,311		11,429		0.19
IT Services
PPT Holdings III, LLC	(4)(5)(8)		12.75 %	12.75 % PIK	3/25/2024	3/27/2034	1,776		1,739		1,767		0.03
Machinery
Bidco 76 S.p.A.	(4)(6)(7)(8)	E +	5.00 %	7.71 %	12/11/2024	12/10/2031	EUR	20,007	20,594		20,325		0.33
Total Unsecured Debt - non-controlled/non-affiliated									33,644		33,521		0.55
Total Unsecured Debt									33,644		33,521		0.55

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		4,767	$	4,767	$	7,426	0.12	%
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	(4)			6/11/2021		902	902		1,239		0.02
Mode Holdings, L.P. - Class A-2 Common Units	(4)			12/9/2019		5,486,923	5,487		4,774		0.08
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		935	3,968		3,166		0.05
							10,357		9,179		0.15
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		218	343		336		0.01
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		57	81		79		0.00
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		8,738	9		9		0.00
GTCR Investors LP - Class A-1 Common Units	(4)			9/29/2023		417,006	417		465		0.01
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		41	58		57		0.00
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		6,291	6		6		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		1	0		0		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		278	218		208		0.00
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		278,074	221		220		0.00
							1,353		1,380		0.02

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	(4)			12/10/2021		1	$	702	$	0	0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	(4)			7/12/2023		1	83		16		0.00
EIS Acquisition Holdings, LP - Class A Common Units	(4)			11/1/2021		6,761	3,350		8,752		0.14
							4,135		8,768		0.14
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50 %	8/3/2021		12,511,857	12,315		17,874		0.29
DTA LP - Class A Common Units	(4)			3/25/2024		2,171,032	2,171		2,171		0.04
							14,486		20,045		0.33
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		6,930	5,877		6,483		0.11
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		369,255	1,053		1,130		0.02
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		1,489	1,263		1,393		0.02
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		79,358	226		243		0.00
							8,419		9,249		0.15
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		578,564	579		579		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		5,286,915	5,287		5,287		0.09
							5,866		5,866		0.10

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		248,786	$	249	$	346	0.01	%
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		539	539		291		0.00
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)		11.50 %	2/25/2022		625,944	607		679		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		2,201	392		79		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		1,185	211		23		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		4,755,436	0		0		0.00
							1,210		781		0.01
Health Care Technology
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		11,710	12		1		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		58,458	58		54		0.00
Healthcomp Holding Company, LLC - Preferred Interest	(4)		6.00 %	11/8/2023		9,850	985		906		0.01
							1,055		961		0.01
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)			9/28/2023		14,907,400	0		0		0.00
SelectQuote Inc. - Warrants	(4)(6)			10/11/2024		601,075	0		441		0.01
Shelf Holdco Ltd - Common Equity	(4)(6)			12/30/2022		50,000	50		188		0.00
							50		629		0.01

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	(4)				11/12/2021		2,854,133	$	2,854	$	3,368	0.06	%
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)				11/6/2024		772,599	773		773		0.01
Professional Services
OHCP V TC COI, LP. - LP Interest	(4)				6/29/2021		3,500,000	3,500		8,085		0.13
Tricor Horizon - LP Interest	(4)(6)				6/13/2022		392,404	392		416		0.01
Trinity Air Consultants Holdings Corp - Common Units	(4)				6/12/2024		2,583	3		6		0.00
								3,895		8,507		0.14
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)			8.00 %	11/1/2024		310,331	310		310		0.01
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		44	44		45		0.00
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		42,045	462		209		0.00
Descartes Holdings, Inc - Class A Common Stock	(4)				10/9/2023		49,139	213		3		0.00
Expedition Holdco, LLC - Class A Common Units	(4)				2/24/2022		90	57		48		0.00
Expedition Holdco, LLC - Class B Common Units	(4)				2/24/2022		90,000	33		14		0.00
Lobos Parent, Inc. - Series A Preferred Shares	(4)			10.50 %	11/30/2021		1,545	1,506		2,000		0.03
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50 %	7/30/2021		3,550,000	3,442		3,781		0.06
Mimecast Limited - LP Interest	(4)				5/3/2022		667,850	668		721		0.01
TPG IX Newark CI, L.P. - LP Interest	(4)				10/26/2023		1,965,727	1,966		1,966		0.03
Zoro - Common Equity	(4)				11/22/2022		2,073	21		22		0.00
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50 %	14.02 %	11/22/2022		373	362		492		0.01
								8,774		9,301		0.14

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Specialty Retail
CustomInk, LLC - Series A Preferred Units	(4)			5/3/2019		384,520	$	5,200	$	7,844	0.13	%
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units	(4)			4/30/2021		27,536	2,909		7,460		0.12
Ncp Helix Holdings, LLC - Preferred Shares	(4)		8.00 %	8/3/2021		407,274	407		537		0.01
							3,316		7,997		0.13
Total Equity - non-controlled/non-affiliated							77,608		103,021		1.67
Equity - non-controlled/affiliated
Insurance
Blackstone Donegal Holdings LP - LP Interest (Westland Insurance Group LTD)	(4)(6)(16)			1/5/2021			1		6,403		0.11
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		5,898	0		0		0.00
Total Equity - non-controlled/affiliated							1		6,403		0.11
Total Equity							77,609		109,424		1.78
Total Investments - non-controlled/non-affiliated							13,166,677		13,063,171		214.95
Total Investments - non-controlled/affiliated							26,542		29,347		0.48
Total Investment Portfolio							13,193,219		13,092,518		215.43
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			4.34 %				31,987		31,987		0.53
BlackRock ICS US Treasury Fund			4.33 %				260		260		0.00
Other Cash and Cash Equivalents							197,359		197,359		3.25
Total Portfolio Investments, Cash and Cash Equivalents							$	13,422,825	$	13,322,124	219.21	%

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2024, 89.4 % of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

(6) The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70 % of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 14.8 % of total assets as calculated in accordance with regulatory requirements.

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

8/9/2026

191

—

Abacus Holdco 2 Oy

Delayed Draw Term Loan

5/7/2026

298

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

10,410

—

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

1,189

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

12/21/2028

500

—

AI Titan Parent Inc

Delayed Draw Term Loan

9/30/2026

870

( 4 )

AI Titan Parent Inc

Revolver

8/29/2031

544

( 5 )

Alera Group, Inc.

Delayed Draw Term Loan

11/17/2025

—

Allium Buyer, LLC

Revolver

5/2/2029

249

( 7 )

American Restoration Holdings, LLC

Revolver

7/19/2030

1,024

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

7/19/2026

1,105

—

Amerilife Holdings, LLC

Revolver

8/31/2028

243

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

340

—

Amerivet Partners Management, Inc.

Revolver

2/25/2028

589

—

Anaplan, Inc.

Revolver

6/21/2028

161

—

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

5,507

—

Armada Parent, Inc.

Revolver

10/29/2027

3,000

—

Arnhem BidCo GmbH

Delayed Draw Term Loan

10/1/2027

12,293

( 58 )

Artisan Acquisitionco Ltd

Delayed Draw Term Loan

9/30/2027

7,938

—

Ascend Buyer, LLC

Revolver

9/30/2027

1,293

—

AuditBoard Inc

Delayed Draw Term Loan

7/12/2026

4,414

( 22 )

AuditBoard Inc

Revolver

7/12/2031

1,766

( 18 )

Azurite Intermediate Holdings Inc.

Revolver

3/19/2031

4,104

—

Baker Tilly Advisory Group LP

Revolver

6/3/2030

9,856

—

Baker Tilly Advisory Group LP

Delayed Draw Term Loan

6/3/2026

7,034

( 53 )

Bamboo US BidCo, LLC

Delayed Draw Term Loan

3/31/2025

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

142

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

146

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

146

( 1 )

Bayshore Intermediate #2 LP

Revolver

10/1/2027

4,217

( 42 )

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Bayshore Intermediate #2 LP

Revolver

10/1/2027

5,006

—

Bazaarvoice, Inc.

Revolver

5/7/2028

20,255

—

Bidco 76 S.p.A.

Delayed Draw Term Loan

12/10/2027

4,199

—

Bimini Group Purchaser Inc

Delayed Draw Term Loan

4/26/2026

18,925

( 95 )

Bimini Group Purchaser Inc

Revolver

4/26/2031

2,804

—

Bluefin Holding, LLC

Revolver

9/12/2029

2,244

( 6 )

Bradyplus Holdings LLC

Delayed Draw Term Loan

10/31/2025

2,260

—

Brave Parent Holdings, Inc.

Delayed Draw Term Loan

5/28/2025

3,058

—

Brave Parent Holdings, Inc.

Revolver

11/29/2030

3,641

—

Caerus US 1, Inc.

Revolver

5/25/2029

1,190

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

43,592

—

Canadian Hospital Specialties Ltd.

Revolver

4/15/2027

1,198

—

Caribou Bidco Ltd

Delayed Draw Term Loan

7/9/2027

5,106

( 25 )

Carr Riggs & Ingram Capital LLC

Revolver

11/18/2031

1,510

—

Carr Riggs & Ingram Capital LLC

Delayed Draw Term Loan

11/18/2026

3,776

( 19 )

Castle Management Borrower, LLC

Revolver

11/3/2029

2,917

—

CB Nike Holdco LLC

Delayed Draw Term Loan

11/25/2027

11,606

( 87 )

CB Nike Holdco LLC

Revolver

11/26/2029

5,803

( 87 )

CFGI Holdings, LLC

Revolver

11/2/2027

1,050

( 21 )

CFS Brands, LLC

Revolver

10/2/2029

18,177

( 364 )

CFS Brands, LLC

Delayed Draw Term Loan

4/2/2025

6,241

( 62 )

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

4/28/2025

1,980

( 10 )

Channelside AcquisitionCo, Inc.

Delayed Draw Term Loan

11/15/2025

—

Channelside AcquisitionCo, Inc.

Revolver

5/15/2029

3,178

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

1,522

( 15 )

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

3,972

—

Cisive Holdings Corp

Revolver

12/8/2027

1,111

( 22 )

Clearview Buyer, Inc.

Revolver

2/26/2027

898

—

Community Management Holdings Midco 2 LLC

Revolver

11/1/2031

1,229

—

Community Management Holdings Midco 2 LLC

Delayed Draw Term Loan

11/1/2026

4,096

( 31 )

Compsych Investments Corp

Delayed Draw Term Loan

7/22/2027

3,471

( 9 )

Connatix Buyer, Inc.

Revolver

7/14/2027

3,976

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

1,015

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

4,002

( 20 )

Consor Intermediate II, LLC

Revolver

5/10/2031

1,067

—

Continental Buyer Inc

Revolver

4/2/2031

2,715

—

Continental Buyer Inc

Delayed Draw Term Loan

4/2/2026

7,239

( 54 )

COP Home Services TopCo IV, Inc.

Revolver

12/31/2025

3,509

( 38 )

Corfin Holdings, Inc.

Term Loan

12/27/2027

1,636

—

Coupa Software Inc.

Delayed Draw Term Loan

8/27/2025

164

( 2 )

Coupa Software Inc.

Revolver

2/27/2029

126

—

CPI Buyer, LLC

Delayed Draw Term Loan

11/23/2025

985

—

CPI Buyer, LLC

Revolver

11/1/2026

3,214

( 64 )

CRCI Longhorn Holdings Inc

Revolver

8/27/2031

1,051

—

CRCI Longhorn Holdings Inc

Delayed Draw Term Loan

8/27/2026

2,867

( 14 )

Creek Parent Inc.

Revolver

12/18/2031

9,893

( 173 )

Crewline Buyer, Inc.

Revolver

11/8/2030

6,438

( 31 )

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

973

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

2,433

( 24 )

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Cumming Group, Inc.

Revolver

11/16/2027

9,648

—

Cumming Group, Inc.

Delayed Draw Term Loan

5/21/2025

3,161

—

DCA Investment Holdings, LLC

Delayed Draw Term Loan

4/3/2028

—

DCG Acquisition Corp.

Revolver

6/13/2031

5,937

( 59 )

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

5,937

( 30 )

Dechra Pharmaceuticals Holdings Ltd

Delayed Draw Term Loan

1/24/2026

260

( 3 )

Dechra Pharmaceuticals Holdings Ltd

Delayed Draw Term Loan

1/24/2026

218

( 3 )

Denali Bidco Ltd

Delayed Draw Term Loan

4/17/2026

300

( 3 )

Discovery Education, Inc.

Revolver

4/9/2029

767

—

DM Intermediate Parent LLC

Revolver

9/30/2030

5,206

( 78 )

DM Intermediate Parent LLC

Delayed Draw Term Loan

9/30/2026

7,809

( 59 )

Doc Generici (Diocle S.p.A.)

Delayed Draw Term Loan

10/27/2025

1,682

( 13 )

Dropbox Inc

Delayed Draw Term Loan

12/10/2026

88,235

( 441 )

DTA Intermediate II Ltd.

Delayed Draw Term Loan

3/27/2026

14,000

—

DTA Intermediate II Ltd.

Revolver

3/27/2030

10,769

—

Duro Dyne National Corp

Delayed Draw Term Loan

11/15/2026

6,002

( 30 )

Duro Dyne National Corp

Revolver

11/15/2031

6,002

( 60 )

Dwyer Instruments LLC

Delayed Draw Term Loan

11/20/2026

1,069

( 5 )

Dwyer Instruments LLC

Revolver

7/20/2029

1,098

—

Eden Acquisitionco Ltd

Delayed Draw Term Loan

11/17/2025

43,344

( 601 )

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

655

—

Edison Bidco AS

Delayed Draw Term Loan

12/18/2026

1,875

—

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2025

14,586

( 146 )

Endeavor Schools Holdings, LLC

Delayed Draw Term Loan

1/18/2025

5,776

—

ENV Bidco AB

Delayed Draw Term Loan

12/13/2027

302

—

Essential Services Holding Corp

Delayed Draw Term Loan

6/17/2026

2,297

( 11 )

Essential Services Holding Corp

Revolver

6/17/2030

1,436

( 14 )

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

3,378

—

Everbridge Holdings, LLC

Revolver

7/2/2031

2,222

( 6 )

Experity, Inc.

Revolver

2/24/2028

1,238

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

4,457

( 22 )

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

11/6/2026

4,470

( 34 )

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

2,669

( 40 )

Fastener Distribution Holdings LLC

Delayed Draw Term Loan

10/31/2026

11,594

( 58 )

Fern Bidco Ltd

Delayed Draw Term Loan

7/3/2027

10,035

—

Formulations Parent Corp.

Revolver

11/15/2029

1,429

( 14 )

Foundation Risk Partners Corp.

Revolver

10/29/2029

4,101

( 62 )

Foundation Risk Partners Corp.

Delayed Draw Term Loan

5/21/2026

2,245

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

516

—

Frontline Road Safety, LLC

Delayed Draw Term Loan

6/15/2025

—

FusionSite Midco, LLC

Revolver

11/17/2029

4,209

( 95 )

FusionSite Midco, LLC

Delayed Draw Term Loan

9/25/2025

1,276

—

G&A Partners Holding Company II, LLC

Delayed Draw Term Loan

3/1/2026

11,967

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

3,288

—

Galway Borrower, LLC

Revolver

9/29/2028

8,341

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

52,181

—

Gannett Fleming Inc

Revolver

8/5/2030

6,237

( 94 )

Gatekeeper Systems Inc

Delayed Draw Term Loan

8/27/2026

10,584

( 106 )

Gatekeeper Systems Inc

Revolver

8/28/2030

1,588

—

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

GI Ranger Intermediate, LLC

Revolver

10/29/2027

1,060

—

Gimlet Bidco GmbH

Delayed Draw Term Loan

4/23/2027

8,040

—

GovernmentJobs.com, Inc.

Delayed Draw Term Loan

12/2/2025

2,086

—

GovernmentJobs.com, Inc.

Revolver

12/2/2027

1,153

( 18 )

Granicus Inc.

Revolver

1/17/2031

2,448

—

Granicus Inc.

Delayed Draw Term Loan

8/2/2026

817

( 4 )

Graphpad Software, LLC

Revolver

6/28/2031

2,264

( 11 )

Graphpad Software, LLC

Delayed Draw Term Loan

6/28/2026

5,433

—

Ground Penetrating Radar Systems LLC

Term Loan

1/2/2032

2,929

—

Ground Penetrating Radar Systems LLC

Delayed Draw Term Loan

1/2/2032

563

—

Ground Penetrating Radar Systems LLC

Revolver

1/2/2032

300

—

GS Acquisitionco Inc

Delayed Draw Term Loan

3/26/2026

2,053

—

GS Acquisitionco Inc

Revolver

3/26/2034

2,000

( 10 )

Gusto Sing Bidco Pte Ltd

Delayed Draw Term Loan

11/15/2027

101

—

Hargreaves Lansdown

Term Loan

9/26/2031

17,799

—

Helix TS, LLC

Delayed Draw Term Loan

12/20/2026

14,165

—

High Street Buyer, Inc.

Revolver

4/16/2027

2,254

( 45 )

High Street Buyer, Inc.

Delayed Draw Term Loan

2/4/2025

1,187

—

High Street Buyer, Inc.

Delayed Draw Term Loan

3/1/2026

20,953

—

Icefall Parent, Inc.

Revolver

1/17/2030

3,104

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

8/8/2026

13,164

( 99 )

IG Investments Holdings, LLC

Revolver

9/22/2028

4,416

—

Imagine 360 LLC

Delayed Draw Term Loan

9/18/2026

2,413

( 12 )

Imagine 360 LLC

Revolver

9/30/2028

1,514

( 15 )

Inception Fertility Ventures, LLC

Revolver

4/29/2030

797

—

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

10,488

—

Integrity Marketing Acquisition LLC

Delayed Draw Term Loan

8/23/2026

20,378

( 43 )

Integrity Marketing Acquisition LLC

Revolver

8/27/2028

2,767

—

IQN Holding Corp

Revolver

5/2/2028

359

—

IRI Group Holdings Inc

Revolver

12/1/2027

11,040

—

Iris Buyer, LLC

Revolver

10/2/2029

3,673

( 101 )

Iris Buyer, LLC

Delayed Draw Term Loan

4/2/2025

1,426

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

151

—

Java Buyer, Inc.

Delayed Draw Term Loan

6/28/2026

1,347

—

Java Buyer, Inc.

Revolver

12/15/2027

367

—

Java Buyer, Inc.

Revolver

12/15/2027

735

—

JS Parent Inc

Revolver

4/24/2031

3,452

( 17 )

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

7,492

( 37 )

Kattegat Project Bidco AB

Delayed Draw Term Loan

10/5/2026

7,030

( 84 )

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

950

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

12/8/2025

906

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2025

246

—

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

307

( 2 )

Kona Buyer, LLC

Revolver

7/23/2031

123

( 1 )

Kwol Acquisition, Inc.

Revolver

12/6/2029

897

( 2 )

LogicMonitor Inc

Revolver

11/15/2031

1,992

( 25 )

LPW Group Holdings, Inc.

Revolver

3/15/2030

5,373

—

Lsf12 Crown US Commercial Bidco LLC

Revolver

12/2/2029

4,345

( 36 )

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Magic Bidco Inc

Delayed Draw Term Loan

7/1/2026

7,098

—

Magic Bidco Inc

Revolver

7/1/2030

1,088

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

5,508

( 110 )

Magneto Components BuyCo, LLC

Delayed Draw Term Loan

6/5/2025

6,610

( 83 )

Material Holdings, LLC

Revolver

8/19/2027

353

( 42 )

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

6,570

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,382

—

Mercury Bidco Globe Limited

Delayed Draw Term Loan

1/31/2026

14,933

( 168 )

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

214

—

Monk Holding Co.

Delayed Draw Term Loan

6/1/2025

917

—

More Cowbell II, LLC

Delayed Draw Term Loan

9/1/2025

916

( 11 )

More Cowbell II, LLC

Revolver

9/4/2029

679

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

1,339

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

3,087

( 23 )

MRI Software, LLC

Revolver

2/10/2027

6,953

—

NAVEX TopCo, Inc.

Revolver

11/9/2028

5,394

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

1/23/2025

8,249

—

NDC Acquisition Corp.

Revolver

3/9/2027

3,425

—

Neptune BidCo SAS

Delayed Draw Term Loan

4/2/2031

2,051

—

Neptune Holdings, Inc.

Revolver

8/31/2029

933

( 23 )

Netsmart Technologies Inc

Delayed Draw Term Loan

8/23/2026

4,345

( 22 )

Netsmart Technologies Inc

Revolver

8/23/2031

4,432

( 22 )

Noble Midco 3 Ltd

Delayed Draw Term Loan

6/10/2027

3,875

( 19 )

Noble Midco 3 Ltd

Revolver

6/10/2030

2,583

—

North Haven Stallone Buyer, LLC

Delayed Draw Term Loan

10/1/2026

511

( 1 )

North Haven Stallone Buyer, LLC

Revolver

5/24/2027

913

( 2 )

North Haven Ushc Acquisition Inc

Revolver

10/30/2027

1,548

—

North Haven Ushc Acquisition Inc

Delayed Draw Term Loan

8/28/2026

4,544

—

Odevo AB

Delayed Draw Term Loan

12/12/2027

32,508

( 80 )

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

1/21/2025

4,472

—

Optimizely North America Inc

Revolver

10/31/2031

1,218

( 12 )

Oranje Holdco Inc

Revolver

2/1/2029

250

—

Oxford Global Resources Inc

Revolver

8/17/2027

3,085

—

Paisley Bidco Ltd

Delayed Draw Term Loan

4/18/2027

1,563

( 12 )

Park Place Technologies, LLC

Delayed Draw Term Loan

9/1/2025

17,767

( 89 )

Park Place Technologies, LLC

Revolver

3/25/2030

9,505

—

Patriot Growth Insurance Services, LLC.

Delayed Draw Term Loan

10/16/2028

1,275

—

Patriot Growth Insurance Services, LLC.

Revolver

10/16/2028

235

—

Pavion Corp.

Delayed Draw Term Loan

10/30/2025

2,559

—

PDI TA Holdings, Inc.

Delayed Draw Term Loan

2/1/2026

3,835

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

3,800

( 29 )

Petrus Buyer Inc

Delayed Draw Term Loan

10/17/2025

260

—

Petrus Buyer Inc

Revolver

10/17/2029

272

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

5,009

—

Ping Identity Holding Corp

Revolver

10/17/2028

671

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/15/2026

504

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

141

( 1 )

Point Broadband Acquisition, LLC

Delayed Draw Term Loan

5/29/2026

36,397

( 455 )

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

159

—

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

309

( 2 )

Profile Products, LLC

Revolver

11/12/2027

353

—

Profile Products, LLC

Revolver

11/12/2027

417

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

16,623

—

Progress Residential PM Holdings, LLC

Delayed Draw Term Loan

5/8/2025

333

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

4,338

( 5 )

QBS Parent Inc

Revolver

11/7/2031

984

( 5 )

Qualus Power Services Corp.

Delayed Draw Term Loan

5/9/2026

12,093

—

Qualus Power Services Corp.

Delayed Draw Term Loan

10/25/2026

33,748

( 169 )

Rally Buyer, Inc.

Revolver

7/19/2028

—

Redwood Services Group, LLC

Delayed Draw Term Loan

8/15/2025

3,980

—

Relativity ODA, LLC

Revolver

5/14/2029

2,966

( 74 )

RFS Opco, LLC

Delayed Draw Term Loan

12/3/2025

2,381

—

RoadOne Inc

Revolver

12/29/2028

226

—

Safety Borrower Holdings LP

Revolver

9/1/2027

280

—

Sam Holding Co, Inc.

Revolver

3/24/2027

4,200

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

9/5/2025

5,900

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

4,386

( 46 )

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

12,511

—

Seahawk Bidco, LLC

Revolver

12/19/2030

3,753

( 34 )

SEKO Global Logistics Network, LLC

Revolver

12/30/2026

—

SG Acquisition, Inc.

Revolver

4/3/2030

8,301

—

Simplicity Financial Marketing Group Holdings Inc

Delayed Draw Term Loan

12/31/2026

2,151

( 11 )

Simplicity Financial Marketing Group Holdings Inc

Revolver

12/31/2031

1,076

( 11 )

Skopima Consilio Parent LLC

Revolver

5/14/2028

4,200

( 12 )

Smile Doctors, LLC

Delayed Draw Term Loan

6/9/2025

1,036

—

Smile Doctors, LLC

Revolver

12/23/2027

1,233

( 31 )

Spaceship Purchaser Inc

Revolver

10/17/2031

10,894

( 109 )

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2026

5,447

—

Spaceship Purchaser Inc

Delayed Draw Term Loan

10/17/2027

13,072

( 65 )

Sparta UK Bidco Ltd

Delayed Draw Term Loan

9/25/2028

5,099

—

SpecialtyCare, Inc.

Revolver

6/18/2026

404

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

16,126

( 121 )

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

14,298

( 107 )

Speedster Bidco GmbH

Revolver

5/13/2031

1,801

( 5 )

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

371

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

4/24/2026

671

—

STV Group, Inc.

Delayed Draw Term Loan

3/20/2026

6,976

( 70 )

STV Group, Inc.

Revolver

3/20/2031

4,186

—

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

962

( 6 )

Tango Bidco SAS

Delayed Draw Term Loan

10/17/2027

2,305

—

TEI Intermediate LLC

Revolver

12/13/2031

3,096

—

TEI Intermediate LLC

Delayed Draw Term Loan

12/13/2026

8,256

( 41 )

Tennessee Bidco Limited

Delayed Draw Term Loan

7/1/2026

22,998

—

The Fertility Partners, Inc.

Revolver

9/16/2027

211

—

The GI Alliance Management, LLC

Delayed Draw Term Loan

3/1/2026

35,604

—

The Hiller Companies, LLC

Delayed Draw Term Loan

6/20/2026

1,696

—

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
The Hiller Companies, LLC	Revolver	6/20/2030	$	1,432	$	( 11 )
The North Highland Co LLC	Revolver	12/20/2030	3,373		—
The North Highland Co LLC	Delayed Draw Term Loan	12/20/2026	5,903		( 30 )
THG Acquisition LLC	Revolver	10/31/2031	1,202		—
THG Acquisition LLC	Delayed Draw Term Loan	10/31/2026	2,598		( 13 )
Tricentis	Term Loan	2/11/2032	22,745		—
Tricentis	Delayed Draw Term Loan	2/11/2032	4,549		—
Tricentis	Revolver	2/11/2032	2,843		—
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan	4/24/2025	7,907		—
Trinity Air Consultants Holdings Corp.	Revolver	6/29/2028	7,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan	6/20/2025	1,433		( 14 )
Triple Lift, Inc.	Revolver	5/5/2028	7,697		( 308 )
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	12/2/2026	10,766		( 54 )
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	28,117		—
Turing Holdco, Inc.	Delayed Draw Term Loan	8/3/2028	20,901		—
Unified Women's Healthcare LP	Revolver	6/18/2029	241		—
Unified Women's Healthcare LP	Delayed Draw Term Loan	3/25/2026	2,895		—
Unified Women's Healthcare LP	Delayed Draw Term Loan	10/25/2026	44,793		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	12/13/2026	41,551		( 208 )
US Oral Surgery Management Holdco, LLC	Revolver	11/20/2028	3,735		—
Varicent Parent Holdings Corp	Delayed Draw Term Loan	8/23/2026	2,794		( 21 )
Varicent Parent Holdings Corp	Revolver	8/23/2031	1,557		( 23 )
Water Holdings Acquisition LLC	Delayed Draw Term Loan	7/31/2026	5,754		—
West Monroe Partners, LLC	Revolver	11/9/2027	1,443		—
West Monroe Partners, LLC	Delayed Draw Term Loan	12/18/2026	2,500		—
WHCG Purchaser III Inc	Delayed Draw Term Loan	8/2/2027	7,044		—
World Insurance Associates, LLC	Delayed Draw Term Loan	4/21/2025	14,682		—
World Insurance Associates, LLC	Revolver	4/3/2028	2,939		—
WPEngine, Inc.	Revolver	8/14/2029	6,667		( 200 )
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	3,286		( 16 )
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	1,499		—
Zellis TopCo Limited	Term Loan	8/13/2031	7,765		—
Zendesk Inc	Delayed Draw Term Loan	11/22/2025	361		( 5 )
Zendesk Inc	Revolver	7/23/2030	169		—
Zeus, LLC	Revolver	2/8/2030	3,426		( 17 )
Zeus, LLC	Delayed Draw Term Loan	2/27/2026	2,969		—
Zorro Bidco Ltd	Delayed Draw Term Loan	8/13/2027	7,647		( 73 )
Total Unfunded Commitments			$	1,707,094	$	( 7,253 )

(8) There are no interest rate floors on these investments.

(9) The interest rate floor on these investments as of December 31, 2024 was 0.50 %.

(10) The interest rate floor on these investments as of December 31, 2024 was 0.75 %.

(11) The interest rate floor on these investments as of December 31, 2024 was 1.00 %.

(12) The interest rate floor on these investments as of December 31, 2024 was 1.25 %.

(13) The interest rate floor on these investments as of December 31, 2024 was 1.50 %.

(14) The interest rate floor on these investments as of December 31, 2024 was 2.00 %.

(15) For unsettled positions the interest rate does not include the base rate.

Table of Content s

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(Unaudited)

(16) Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company’s non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2023		Gross Additions		Gross Reductions		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of December 31, 2024		Dividend and Interest Income
Non-controlled/Affiliated Investments
Blackstone Donegal Holdings LP	$	5,790	$	—	$	—	$	613	$	—	$	6,403	$	—
Material Holdings, LLC	—		21,384		—		163		—		21,547		1,378
Material Holdings, LLC	—		5,114		—		( 3,717 )		—		1,397		314
Material+ Holding Company, LLC	—		—		—		—		—		—		—
Total	$	5,790	$	26,498	$	—	$	( 2,941 )	$	—	$	29,347	$	1,692

(17) Loan was on non-accrual status as of December 31, 2024.

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $ 13,092.5 million or 215.43 % of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20) The interest rate floor on these investments as of December 31, 2024 was 3.00 %.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized Appreciation (Depreciation)

Wells Fargo Bank, N.A.

USD

56,412

CAD

80,000

3/18/2025

719

Wells Fargo Bank, N.A.

USD

68,801

EUR

65,250

3/18/2025

1,043

Wells Fargo Bank, N.A.

USD

37,395

GBP

29,500

3/18/2025

482

Wells Fargo Bank, N.A.

USD

8,408

SEK

91,000

3/10/2025

157

Total Foreign Currency Forward Contracts

2,401


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
SMBC Capital Markets, Inc.	November 2027 Notes	5.88 %	SOFR +	1.38 %	11/15/2027	$	400,000	$	3,995	$	—	$	3,995
Wells Fargo Bank, N.A.	April 2028 Notes	5.35 %	SOFR +	1.65 %	4/13/2028	400,000		( 5,855 )		—		( 5,855 )
Wells Fargo Bank, N.A.	April 2028 Notes	5.35 %	SOFR +	1.39 %	4/13/2028	300,000		( 1,309 )		—		( 1,309 )
Total Interest Rate Swaps								$	( 3,169 )	$	—	$	( 3,169 )

(1) For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 1. Organization

Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company” ), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (a “BDC” ) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act” ). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC” ), under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code” ).

The Company is externally managed by Blackstone Private Credit Strategies LLC (the “Adviser” ), and Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers” ). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset-based finance, and insurance asset management business unit of Blackstone Inc. ( “Blackstone” ), “Blackstone Credit & Insurance,” or “BXCI” ). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators” ), and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement” ) and a sub-administration agreement between the Administrator and the Sub-Administrator (the “Sub-Administration Agreement,” and together with the Administration Agreement, the “Administration Agreements” ), respectively. From commencement through December 31, 2024, Blackstone Credit BDC Advisors LLC served as the Company’s investment adviser (in such capacity, the “ Prior Adviser” ) and Blackstone Alternative Credit Advisors LP served as the Company’s administrator (in such capacity, the “ Prior Administrator” ).

The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company seeks to achieve its investment objectives primarily through originated loans and other securities, including syndicated loans, of private U.S. companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities.

The Company commenced its loan origination and investment activities on November 20, 2018.

On October 28, 2021, the Company priced its initial public offering ( “IPO” ), and the Company’s common shares of beneficial interest ( “Common Shares” ) began trading on the New York Stock Exchange ( “NYSE” ). See “ Note 9. Net Assets ” for further details.

Note 2. Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ( “GAAP” ) and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification ( “ASC” ) Topic 946, Financial Services – Investment Companies ( “ASC 946” ) issued by the Financial Accounting Standards Board ( “FASB” ).

In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

All intercompany balances and transactions have been eliminated.

Certain prior period information has been reclassified to conform to the current period presentation.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of the Company’s wholly-owned subsidiaries which are considered to be investment companies. As of March 31, 2025, the Company’s consolidated subsidiaries were BGSL Jackson Hole Funding LLC ( “Jackson Hole Funding” ), BGSL Breckenridge Funding LLC ( “Breckenridge Funding” ), BGSL Big Sky Funding LLC ( “Big Sky Funding” ), BXSL CLO 2024-1 LLC (the “2024-1 Issuer” ), BXSL CLO 2024-1 Depositor LLC, BXSL CLO 2025-1 LLC ( “BXSL CLO 2025-1” ), BGSL Investments LLC ( “BGSL Investments” ), BXSL Associates GP (Lux) S.à r.l, BXSL Direct Lending (Lux) SCSp, BXSL C-1 LLC, and BXSL C-2 Funding LLC.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions which, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within Net realized gain (loss) on the Condensed Consolidated Statements of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within Net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations.

Valuation of Investments

The Company is required to report its investments, including those for which current market values are not readily available, at fair value.

The Company values its investments in accordance with ASC 820, Fair Value Measurements ( “ASC 820” ), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act.

Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, fair value means the value of a portfolio investment for which market quotations are not readily available. A market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Where prices or inputs are not available or, in the judgment of the Board of Trustees (the “Board” or the “Board of Trustees” ), with assistance of the Advisers, the Audit Committee and independent valuation firm(s), determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

An enterprise value ( “EV” ) analysis is generally performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit-impaired. The Advisers will generally utilize approaches including the market approach, the income approach or both approaches, as appropriate, when calculating EV. The primary method for determining EV for non-control investments, and control investments without reliable projections, uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s earnings before interest, taxes, depreciation and amortization ( “EBITDA” ) or another key financial metric (e.g., such as revenues, cash flows or net income) ( “Performance Multiple” ). Performance Multiples are typically determined based upon a review of publicly-traded comparable companies and market comparable transactions, if any. The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates. The income approach is generally used when the Advisers have visibility into the long-term projected cash flows of a portfolio company.

If debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment’s position in the capital structure, the Advisers generally use the enterprise value “waterfall” approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value. For debt investments that are not determined to be credit-impaired, the Advisers generally use a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.

ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

• Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 may include unrestricted securities, including equities and derivatives, listed in active markets.

• Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category may include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category may include debt and equity investments in privately held entities, collateralized loan obligations ( “CLOs” ) and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Board’s assessment, with the assistance of the Advisers, the Audit Committee and independent valuation firm(s), of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly-traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “ Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates. ”

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative assets at fair value and Derivative liabilities at fair value, respectively.

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

From time to time, the Company may enter into forward currency contracts which is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign currency denominated assets and liabilities of the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying debt the Company has, but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as net change in unrealized appreciation (depreciation). The fair value of the foreign currency forwards is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Changes in the fair value of the foreign currency forwards are presented in Net change in unrealized appreciation (depreciation): Derivative instruments and Net realized gains (losses): Derivative instruments in the Condensed Consolidated Statements of Operations.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company’s fixed rate liabilities. The fair value of the interest rate swaps is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in Net realized gains (losses) and Net change in unrealized appreciation (depreciation) in the Condensed Consolidated Statements of Operations. The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The fair values of derivative instruments are presented on a net basis in the Condensed Consolidated Statements of Assets and Liabilities when they are with the same counterparty, the Company has determined it has a legal right to offset the recognized amounts, and it intends to either settle on a net basis. The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty when an enforceable master netting agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Forward Purchase Agreement

Forward purchase agreements are recognized at fair value through current period gains or losses on the date on which the contract is entered into and are subsequently re-measured at fair value. All forward purchase agreements are carried as assets when fair value is positive and as liabilities when fair value is negative. A forward purchase agreement is derecognized when the obligation specified in the contract is discharged, canceled or expired.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars ( “USD” ) on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in Translation of assets and liabilities in foreign currencies on the Condensed Consolidated Statements of Operations, if any. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2025 and 2024, the Company recorded $ 12.9 million and $ 1.9 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

PIK Income

The Company has loans in its portfolio that contain payment-in-kind ( “PIK” ) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income in the Condensed Consolidated Statements of Operations. If at any point the Company expects that PIK will not be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through Payment-in-kind interest income. To satisfy the Company’s annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees, as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

For further information regarding the non-accrual status of investments refer to “ Note 4. Investments. ”

Offering Expenses

The Company records expenses related to public equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with any renewals of a shelf registration statement will be expensed as incurred.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings and include premiums and discounts to the par value of the respective instruments. These expenses and adjustments are deferred and amortized into interest expense over the life of the related debt instrument. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Debt issuance costs, including premiums and discounts to par, related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the condensed consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through March 31, 2025. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three months ended March 31, 2025 and 2024, the Company incurred $ 4.2 million and $ 3.4 million, respectively, of U.S. federal excise tax.

Certain of the Company’s consolidated subsidiaries are subject to certain U.S. federal and state income taxes. Income tax expense, if any, is included under the income category for which it applies in the Condensed Consolidated Statements of Operations.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Segment Reporting

The Company operates as a single reportable segment and as a result, the Company’s segment accounting policies are consistent with those described herein and the Company does not have any intra-segment sales and transfers of assets. See “Note 12. Segment Reporting” for further information.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” ( “ASU 2023-09” ). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its condensed consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Advisory Agreements

On October 1, 2018, the Company entered into the original investment advisory agreement with the Prior Adviser (the “Original Investment Advisory Agreement” ), pursuant to which the Prior Adviser was responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

On October 18, 2021, the Company and the Prior Adviser entered into an amended and restated investment advisory agreement (the “Original A&R Investment Advisory Agreement” ). The Original A&R Investment Advisory Agreement was substantially the same as the Original Investment Advisory Agreement except, following the IPO, the incentive fee on income became subject to a twelve-quarter lookback quarterly hurdle rate of 1.50 % as opposed to a single quarter measurement and became subject to an Incentive Fee Cap (as defined below) based on the Company’s Cumulative Net Return (as defined below). The amendment to the Original Investment Advisory Agreement did not result in higher fees (on a cumulative basis) payable to the Prior Adviser than the fees that would have otherwise been payable to the Prior Adviser under the Original Investment Advisory Agreement.

On November 7, 2024, the Board approved the Prior Adviser’s assignment of the Original A&R Investment Advisory Agreement to the Adviser pursuant to Rule 2a-6 under the 1940 Act, effective January 1, 2025. The Board, including a majority of the trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees” ), also approved the second amended and restated investment advisory agreement (the “Investment Advisory Agreement” ) to acknowledge such assignment. Accordingly, effective January 1, 2025, the Adviser became the Company’s investment adviser pursuant to the Investment Advisory Agreement. Further, on November 7, 2024, the Board approved the sub-advisory agreement (the “Sub-Advisory Agreement,” and together with the Investment Advisory Agreement, the “Advisory Agreements” ) between the Company, the Adviser and the Sub-Adviser. Accordingly, effective January 1, 2025, the Sub-Adviser became the Company’s investment sub-adviser pursuant to the Sub-Advisory Agreement. These changes were the result of a reorganization of certain subsidiaries of Blackstone and did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide investment management services to the Company on behalf of the Advisers.

The Advisory Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 30, 2025, for a one-year period ending on May 31, 2026, and, unless terminated earlier, will renew from year to year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Advisory Agreements, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreements will automatically terminate in the event of their assignment within the meaning of the 1940 Act and related U. S. Securities and Exchange Commission ( “SEC” ) guidance and interpretations.

The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is borne by the shareholders. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by the Company.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Base Management Fees

Starting from the consummation of the IPO, the management fee pursuant to the Investment Advisory Agreement is payable quarterly in arrears at an annual rate of 1.0 % of the average value of the Company’s “gross assets” at the end of the two most recently completed calendar quarters. For purposes of the Investment Advisory Agreement, “gross assets” means the Company’s total assets determined on a consolidated basis in accordance with GAAP, excluding undrawn commitments but including assets purchased with borrowed amounts.

For the three months ended March 31, 2025 and 2024, base management fees were $ 34.3 million and $ 26.0 million, respectively.

As of March 31, 2025 and December 31, 2024, $ 34.3 million and $ 32.3 million, respectively, was payable to the Adviser and the Prior Adviser, as applicable, relating to management fees.

Incentive Fees

The incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains, each as described below:

(i) Income based incentive fees:

The first part of the incentive fee, an income based incentive fee, is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income Returns as defined in the Investment Advisory Agreement. Pre-Incentive Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The Company excludes the impact of expense support payments and recoupments from pre-incentive fee net investment income. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.5 % per quarter ( 6.0 % annualized).

Pursuant to the Investment Advisory Agreement, the Company is required to pay an income based incentive fee of 17.5 %, with a 1.5 % hurdle and 100 % catch-up.

The Company pays the Adviser an income based incentive fee based on its aggregate pre-incentive fee net investment income, as adjusted as described above, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the “Trailing Twelve Quarters” ).

The hurdle amount for the income based incentive fee is determined on a quarterly basis and is equal to 1.5 % multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for issuances by the Company of Common Shares, including issuances pursuant to its dividend reinvestment plan ( “DRIP” ) and distributions that occurred during the relevant Trailing Twelve Quarters. The income based incentive fee for any partial period will be appropriately prorated.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

For the income based incentive fee, the Company will pay the Adviser a quarterly incentive fee based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount . ”

The income based incentive fee for each quarter will be determined as follows:

• No income based incentive fee is payable to the Adviser for any calendar quarter for which there is no Excess Income Amount.

• The Adviser will be paid 100 % of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters, if any, that exceeds the hurdle amount for such Trailing Twelve Quarters, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 1.82 % ( 7.27 % annualized), multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters that is included in the calculation of the incentive fee based on income.

• The Adviser will be paid 17.5 %, of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

The amount of the income based incentive fee that will be paid to the Adviser for a particular quarter will equal the excess of (a) the income based incentive fee so calculated over (b) the aggregate income based incentive fee that was paid in respect of the first eleven calendar quarters included in the relevant Trailing Twelve Quarters subject to the Incentive Fee Cap as described below.

The income based incentive fee that will be paid to the Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap” ). The Incentive Fee Cap for any quarter is an amount equal to (a) 17.5 % of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate income based incentive fee that was paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

“Cumulative Net Return” means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income based incentive fee to the Adviser for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income based incentive fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income based incentive fee to the Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income based incentive fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income based incentive fee to the Adviser equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. As the consummation of the IPO occurred on a date other than the first day of a calendar quarter, the income based incentive fee with respect to the Company’s pre-incentive fee net investment income was calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the consummation of the IPO based on the number of days in such calendar quarter before and after the consummation of the IPO. In no event will the amendments to the income based incentive fee include the Incentive Fee Cap and allow the Adviser to receive greater cumulative income based incentive fees under the Investment Advisory Agreement than it would have under the Original Investment Advisory Agreement. Amounts waived by the Prior Adviser are not subject to recoupment by the Prior Adviser.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

(ii) Capital gains based incentive fees:

Starting from the completion of the IPO, the second part of the incentive fee, a capital gains based incentive fee, is determined and payable in arrears as of the end of each calendar year in an amount equal to 17.5 % of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains based incentive fees as calculated in accordance with GAAP.

The Company will accrue, but will not pay, a capital gains based incentive fee with respect to unrealized appreciation because a capital gains based incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. Amounts waived by the Adviser or Prior Adviser are not subject to recoupment by the Adviser or Prior Adviser, as applicable.

For the three months ended March 31, 2025 and 2024, the Company accrued income based incentive fees of $ 34.3 million and $ 35.8 million, respectively. As of March 31, 2025 and December 31, 2024, there was $ 34.3 million and $ 38.7 million, respectively, payable to the Adviser and the Prior Adviser, as applicable, for income based incentive fees.

For the three months ended March 31, 2025, the Company accrued no capital gains based incentive fees. For the three months ended March 31, 2024, the Company accrued capital gains based incentive fees of $ 3.1 million. As of March 31, 2025 and December 31, 2024, no amount was payable to the Adviser and the Prior Adviser, as applicable, for capital gains based incentive fees.

Administration Agreements

On October 1, 2018, the Company entered into the original Administration Agreement with the Prior Administrator (the “Prior Administration Agreement” ). On November 7, 2024, the Board approved the termination of the Prior Administration Agreement, effective December 31, 2024, and the entry into of the Administration Agreement between the Company and the Administrator, effective January 1, 2025. Accordingly, effective January 1, 2025, the Administrator became the Company’s administrator pursuant to the Administration Agreement. Further, on November 7, 2024, the Board approved the Sub-Administration Agreement between the Administrator, on behalf of the Company, and the Sub-Administrator. Accordingly, effective January 1, 2025, the Sub-Administrator become one of the Company’s sub-administrators pursuant to the Sub-Administration Agreement. To acknowledge the change of the administrator, the Board also approved the assignment of the State Street Sub-Administration Agreement with State Street Bank and Trust Company (each as defined in Note 3—Sub-Administration and Custody Agreement) from the Prior Administrator to the Administrator, effective January 1, 2025. These changes did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide administrative services to the Company on behalf of the Administrators.

Under the terms of the Administration Agreements, the Administrators provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. The initial term of the Prior Administration Agreement was two years from October 1, 2018. Unless earlier terminated, the Administration Agreements will renew automatically for successive annual periods, provided that such continuance is approved at least annually by (i) the vote of the Board or by a majority vote of the outstanding voting securities of the Company and (ii) the vote of a majority of the Independent Trustees. The Administration Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 30, 2025, for a one-year period ending on May 31, 2026, and, unless terminated earlier, will renew automatically from year to year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

For providing these services, the Company will reimburse the Administrator for the costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates. The Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company, and the Administrator and the Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Administrator and the Prior Administrator have waived their rights to any reimbursement for rent and other occupancy costs for prior periods, including for the three months ended March 31, 2025 and 2024. The Administrator and the Prior Administrator cannot recoup any expenses that they have previously waived. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period.

For the three months ended March 31, 2025 and 2024, the Company incurred $ 1.0 million and $ 0.7 million, respectively, in expenses under the Administration Agreement and the Prior Administration Agreement, as applicable, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of March 31, 2025 and December 31, 2024, $ 1.0 million and $ 1.5 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

Sub-Administration and Custody Agreement

On October 1, 2018, the Prior Administrator entered into a third-party sub-administration agreement (the “State Street Sub-Administration Agreement” ) with State Street Bank and Trust Company (the “State Street Sub-Administrator” ) under which the State Street Sub-Administrator provides various accounting and administrative services to the Company. The State Street Sub-Administrator also serves as the Company’s custodian. On November 7, 2024, the Board approved the assignment of the State Street Sub-Administration Agreement from the Prior Administrator to the Administrator, effective January 1, 2025. The initial term of the State Street Sub-Administration Agreement was two years from the effective date and after expiration of the initial term and the State Street Sub-Administration Agreement shall automatically renew for successive one-year periods, unless a written notice of non-renewal is delivered prior to 120 days prior to the expiration of the initial term or renewal term.

Expense Support and Conditional Reimbursement Agreement

On December 12, 2018, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement” ) with the Sub-Adviser pursuant to which the Sub-Adviser was able to elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment” ) and the Company was required to pay the Excess Operating Funds (as defined in the Expense Support Agreement), or a portion thereof (any such payments required to be made by the Company to the Sub-Adviser, a “Reimbursement Payment” ), to the Sub-Adviser until such time as all Expense Payments made by the Sub-Adviser to the Company within three years prior to the last business day of such calendar quarter were reimbursed.

The Expense Support Agreement terminated by its own terms on October 28, 2021. The Company’s obligation to make Reimbursement Payments terminated on October 28, 2024. As of March 31, 2024, there were no amounts subject to the Reimbursement Payment obligation. As of March 31, 2024, there were no unreimbursed Expense Payments remaining. For the three months ended March 31, 2024, the Sub-Adviser made no Expense Payments. For the three months ended March 31, 2024, the Company made no Reimbursement Payments related to Expense Payments by the Sub-Adviser.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	12,741,617	$	12,602,903	98.2	%	$	12,959,332	$	12,830,389	98.0	%
Second lien debt	122,023		118,482		0.9	%	122,634		119,184		0.9
Unsecured debt	13,527		13,658		0.1	%	33,644		33,521		0.3

Equity	74,868		99,163		0.8	%	77,609		109,424		0.8
Total	$	12,952,035	$	12,834,206	100.0	%	$	13,193,219	$	13,092,518	100.0	%

The industry composition of investments at fair value was as follows:


	March 31, 2025		December 31, 2024
Aerospace & Defense	4.5	%	4.4	%
Air Freight & Logistics	2.2		3.0
Auto Components (1)(2)	0.0		0.0
Building Products	2.4		2.4

Chemicals	0.3		0.3
Commercial Services & Supplies	8.2		7.7

Construction & Engineering	0.8		0.8
Containers & Packaging	0.2		0.2
Distributors	3.1		3.1
Diversified Consumer Services	4.7		4.6

Diversified Telecommunication Services	1.0		1.0
Electric Utilities	1.1		1.1
Electrical Equipment	0.8		0.8
Electronic Equipment, Instruments & Components	2.0		1.9
Energy Equipment & Services	0.2		0.2
Financial Services	0.5		0.3
Ground Transportation	0.2		0.2
Health Care Equipment & Supplies	0.7		0.7
Health Care Providers & Services	9.5		9.2
Health Care Technology	4.6		5.0


Insurance	8.3		7.4
Interactive Media & Services	0.5		0.5
Internet & Direct Marketing Retail	—		2.4
IT Services	4.9		4.4

Life Sciences Tools & Services	0.9		0.6
Machinery	0.2		0.2
Marine	0.5		0.4
Media	0.4		0.4
Oil, Gas & Consumable Fuels	0.6		0.6
Paper & Forest Products	0.1		0.1

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	March 31, 2025		December 31, 2024
Pharmaceuticals	0.3	%	0.2	%
Professional Services	8.7		8.4
Real Estate Management & Development	1.2		1.1

Software	20.8		20.1
Specialty Retail	1.3		1.3
Technology Hardware, Storage & Peripherals	0.7		0.6
Trading Companies & Distributors	0.9		1.0
Transportation Infrastructure	2.7		3.4
Total	100.0	%	100.0	%

(1) Amount rounds to less than 0.1% as of March 31, 2025.

(2) Amount rounds to less than 0.1% as of December 31, 2024.

The geographic composition of investments at cost and fair value was as follows:


	March 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	11,487,756	$	11,375,303	88.6	%	182.3	%
Europe	1,196,280		1,188,696		9.3		19.0
Bermuda/Cayman Islands	149,254		150,119		1.2		2.4
Canada	118,108		119,470		0.9		1.9
Asia	637		618		0.0		0.0
Total	$	12,952,035	$	12,834,206	100.0	%	205.6	%


	December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	11,663,322	$	11,595,231	88.6	%	190.8	%
Europe	1,138,542		1,104,837		8.4		18.2
Canada	241,124		242,103		1.8		4.0
Bermuda/Cayman Islands	149,595		149,735		1.2		2.5
Asia	636		612		0.0		0.0
Total	$	13,193,219	$	13,092,518	100.0	%	215.5	%

As of March 31, 2025 and December 31, 2024, four borrowers (across five loans) and four borrowers ( five loans) in the portfolio were on non-accrual status, respectively.

As of March 31, 2025 and December 31, 2024, on a fair value basis, 99.8 % and 99.8 %, respectively, of performing debt investments bore interest at a floating rate and 0.2 % and 0.2 %, respectively, of performing debt investments bore interest at a fixed rate.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 5. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	231,934	$	12,370,969	$	12,602,903
Second lien debt	—		—		118,482		118,482
Unsecured debt	—		—		13,658		13,658
Equity	—		—		99,163		99,163
Total	$	—	$	231,934	$	12,602,272	$	12,834,206


	December 31, 2024
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	115,753	$	12,714,636	$	12,830,389
Second lien debt	—		—		119,184		119,184
Unsecured debt	—		—		33,521		33,521
Equity	—		—		109,424		109,424
Total	$	—	$	115,753	$	12,976,765	$	13,092,518

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements.

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:


	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total Investments
Fair value, beginning of period	$	12,714,636	$	119,184	$	33,521	$	109,424	$	12,976,765
Purchases of investments	715,298		1,663		468		168		717,597
Proceeds from principal repayments and sales of investments	( 964,827 )		( 2,347 )		( 20,595 )		( 10,224 )		( 997,993 )
Accretion of discount (amortization of premium)	16,001		74		10		—		16,085
Net realized gain (loss)	1,210		( 1 )		—		7,316		8,525
Net change in unrealized appreciation (depreciation)	( 9,399 )		( 91 )		254		( 7,521 )		( 16,757 )
Transfers into Level 3 (1)	225		—		—		—		225
Transfers out of Level 3 (1)	( 102,175 )		—		—		—		( 102,175 )
Fair value, end of period	$	12,370,969	$	118,482	$	13,658	$	99,163	$	12,602,272
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	( 5,329 )	$	( 91 )	$	( 16 )	$	( 2,969 )	$	( 8,405 )

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	Three Months Ended March 31, 2024
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total Investments
Fair value, beginning of period	$	9,564,203	$	41,515	$	9,924	$	94,940	$	9,710,582
Purchases of investments	734,974		180		1,785		2,188		739,127
Proceeds from principal repayments and sales of investments	( 186,370 )		—		—		—		( 186,370 )
Accretion of discount (amortization of premium)	9,341		25		9		—		9,375
Net realized gain (loss)	428		—		—		—		428
Net change in unrealized appreciation (depreciation)	5,496		( 205 )		141		1,552		6,984
Transfers into Level 3 (1)	50,239		—		—		—		50,239
Transfers out of Level 3 (1)	—		—		—		—		—
Fair value, end of period	$	10,178,311	$	41,515	$	11,859	$	98,680	$	10,330,365
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	6,191	$	( 205 )	$	135	$	1,553	$	7,674

(1) For the three months ended March 31, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	12,289,809	Yield Analysis	Discount Rate	4.94	%	24.01	%	9.99	%
	62,682		Asset Recoverability	Market Multiple	8.00 x		10.25 x		9.03 x
	18,329		Transaction Price	N/A
	149		Market Quotations	Broker quoted price	97.00		98.00		97.54

	12,370,969
Investments in second lien debt	118,482		Yield Analysis	Discount Rate	8.43	%	16.73	%	11.24	%
Investments in unsecured debt	13,658		Yield Analysis	Discount Rate	13.05	%	13.89	%	13.78	%
Investments in equity	61,516		Market Approach	Performance Multiple	6.40 x		29.68 x		12.81 x
	21,944		Yield Analysis	Discount Rate	11.54	%	20.40	%	13.07	%
	12,772		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	39.87	%
	2,931		Asset Recoverability	Market Multiple	10.25 x		10.25 x		10.25 x

	99,163
Total	$	12,602,272

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	12,546,382	Yield Analysis	Discount Rate	7.00	%	22.67	%	10.15	%
	102,316		Market Quotations	Broker quoted price	97.00		100.57		100.08
	63,879		Asset Recoverability	Market Multiple	10.00 x		10.75 x		10.40 x
	2,059		Asset Recoverability	Discount Rate	10.33	%	10.92	%	10.36	%
	12,714,636
Investments in second lien debt	119,184		Yield Analysis	Discount Rate	8.86	%	16.73	%	11.52	%
Investments in unsecured debt	33,521		Yield Analysis	Discount Rate	7.71 %		13.94 %		10.12 %
Investments in equity	69,633		Market Approach	Performance Multiple	2.30 x		30.00 x		10.11 x
	21,697		Yield Analysis	Discount Rate	9.54	%	19.47	%	15.55	%
	14,499		Option Pricing Model	Expected Volatility	23.50	%	70.50	%	34.03	%
	3,166		Asset Recoverability	Market Multiple	10.00 x		10.75 x		10.50 x
	429		Transaction Price	N/A
	109,424
Total	$	12,976,765

(1) Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of March 31, 2025 and December 31, 2024, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table presents the fair value measurements of the Company’s Unsecured Notes and Debt Securitization Notes (as defined in Note 7) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy as of March 31, 2025 and December 31, 2024.


	March 31, 2025		December 31, 2024
	Fair Value		Fair Value
2026 Notes	$	791,760	$	788,880
New 2026 Notes	676,270		672,420
2027 Notes	615,420		608,725
2028 Notes	595,790		590,200
November 2027 Notes	406,720		406,440
April 2028 Notes	700,000		698,460
June 2030 Notes	491,400		—
2024-1 Notes	456,629		457,568
Total	$	4,733,989	$	4,222,693

Other

As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

Note 6. Derivatives

The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its foreign currency and interest rate risk exposures.

The net fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value or Derivative liabilities at fair value in the Condensed Consolidated Statements of Assets and Liabilities.

The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	634	$	—	$	634	$	109,402
Interest rate swaps	—		23,346		—		23,346		1,600,000
Total Derivative assets at fair value	$	—	$	23,980	$	—	$	23,980	$	1,709,402


Derivative Liabilities
Foreign currency forward contracts	$	—	$	( 153 )	$	—	$	( 153 )	$	69,081
Interest rate swaps	—		—		—		—		—
Total Derivative liabilities at fair value	$	—	$	( 153 )	$	—	$	( 153 )	$	69,081

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	2,401	$	—	$	2,401	$	171,016
Interest rate swaps	—		3,995		—		3,995		400,000
Total Derivative assets at fair value	$	—	$	6,396	$	—	$	6,396	$	571,016


Derivative Liabilities
Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	—
Interest rate swaps	—		( 7,164 )		—		( 7,164 )		700,000
Total Derivative liabilities at fair value	$	—	$	( 7,164 )	$	—	$	( 7,164 )	$	700,000

In the tables above:

• The notional amount represents the absolute value amount of all outstanding derivative contracts.

• All foreign currency derivatives are not designated in hedge relationships.

• All interest rate swaps are designated in fair value hedge relationships.

• The fair value has been presented prior to the application of counterparty netting or cash collateral netting.

Offsetting of Derivative Instruments

The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty. The following tables present the offsetting of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Asset		Cash Collateral Received (1)		Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.	$	13,832	$	—	$	—	$	13,832	$	—	$	—
Wells Fargo Bank, N.A.	10,148		( 153 )		—		9,995		—		—
	$	23,980	$	( 153 )	$	—	$	23,827	$	—	$	—

Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Liabilities		Cash Collateral Posted (1)		Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.	$	—	$	—	$	—	$	—	$	1,770	$	1,770
Wells Fargo Bank, N.A.	( 153 )		153		—		—		7,800		7,800
	$	( 153 )	$	153	$	—	$	—	$	9,570	$	9,570

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	As of December 31, 2024
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Asset		Cash Collateral Received (1)		Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.	$	3,995	$	—	$	—	$	3,995	$	—	$	—
Wells Fargo Bank, N.A.	2,401		( 2,401 )		—		—		—		—
	$	6,396	$	( 2,401 )	$	—	$	3,995	$	—	$	—

Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Liabilities		Cash Collateral Posted (1)		Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.	$	—	$	—	$	—	$	—	$	1,770	$	1,770
Wells Fargo Bank, N.A.	( 7,164 )		2,401		4,763		—		7,800		3,037
	$	( 7,164 )	$	2,401	$	4,763	$	—	$	9,570	$	4,807

(1) No non-cash collateral has been posted to or received from counterparties related to derivative assets or derivative liabilities.

(2) Cash collateral posted to or received from counterparties has been offset against the derivative position with those counterparties to the extent an amount is available to be offset. Cash collateral posted to or received from counterparties in excess of the net derivative positions and not offset is recorded in the Condensed Consolidated Statements of Assets and Liabilities as Receivable from Broker or Payable to Broker, respectively.

Hedging

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three month periods ended March 31, 2025 and March 31, 2024, respectively.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.


	For the Three Months Ended March 31,
	2025		2024
Interest rate swaps	$	15,409	$	—
Hedged items	$	( 14,285 )	$	—

The table below presents the carrying value of unsecured borrowings as of March 31, 2025 and December 31, 2024 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


	March 31, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	1,586,771	$	11,388	$	1,082,389	$	( 2,896 )

100

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On September 25, 2018, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 184.2 % and 185.7 %, respectively.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Jackson Hole Funding, Breckenridge Funding, Big Sky Funding, and BXSL CLO 2025-1 which are collectively referred to as the “SPVs,” and such secured financing facilities described below are collectively referred to as the “SPV Financing Facilities.”

The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the applicable SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

Jackson Hole Funding Facility

On November 16, 2018, Jackson Hole Funding, the Company’s wholly-owned subsidiary that holds primarily originated loan investments, entered into a senior secured revolving credit facility (which was subsequently amended and restated on December 16, 2021, and amended effective as of September 16, 2022, November 15, 2023, December 18, 2023, and December 19, 2024 and as further amended from time to time, the “Jackson Hole Funding Facility” ) with JPMorgan Chase Bank, National Association ( “JPM” ). JPM serves as administrative agent, Citibank, N.A., serves as collateral agent and securities intermediary, Virtus Group, LP serves as collateral administrator and the Company serves as portfolio manager under the Jackson Hole Funding Facility.

Prior to December 19, 2024, advances under the Jackson Hole Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances (which is the three-month term SOFR for dollar advances), plus the applicable margin of 2.375 % per annum for certain foreign currency advances to 2.525 % per annum for dollar advances. From and after December 19, 2024, advances under the Jackson Hole Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances (which is the three-month Term SOFR for dollar advances), plus the applicable margin of 1.95 % per annum for all advances. Jackson Hole Funding is required to utilize a minimum percentage of 75 % of the financing commitments. Unused amounts below such minimum utilization amount accrue a fee at a rate of, prior to December 19, 2024, 1.775 % per annum, and from and after December 19, 2024, 1.50 % per annum. In addition, Jackson Hole Funding pays a commitment fee of 0.48 % per annum on the average daily unused amount of the financing commitments in excess of the minimum utilization amount until November 28, 2025. Jackson Hole Funding also pays to JPM an administrative agency fee, in addition to certain other fees, each as agreed between Jackson Hole Funding and JPM.

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Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The maximum commitment amount of the Jackson Hole Funding Facility as of March 31, 2025 was $ 500.0 million. The Jackson Hole Funding Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Jackson Hole Funding Facility to up to $ 900.0 million. Proceeds from borrowings under the Jackson Hole Funding Facility may be used to fund portfolio investments by Jackson Hole Funding and to make advances under delayed draw term loans where Jackson Hole Funding is a lender. The period during which Jackson Hole Funding may make borrowings under the Jackson Hole Funding Facility expires on November 28, 2025 and the Jackson Hole Funding Facility is scheduled to mature on May 17, 2027.

Breckenridge Funding Facility

On December 21, 2018, Breckenridge Funding, the Company’s wholly-owned subsidiary that holds primarily syndicated loan investments, entered into a senior secured revolving credit facility (which was subsequently amended on June 11, 2019, August 2, 2019, September 27, 2019, April 13, 2020, October 5, 2021, February 28, 2022, May 19, 2022, November 1, 2023, January 17, 2024, and December 18, 2024, and as further amended from time to time, the “Breckenridge Funding Facility” ) with BNP Paribas ( “BNP” ). BNP serves as administrative agent, Wells Fargo Bank, National Association ( “Wells Fargo” ) serves as collateral agent and the Company serves as servicer under the Breckenridge Funding Facility.

Prior to December 18, 2024, advances under the Breckenridge Funding Facility bore interest at a per annum rate equal to the three-month Term SOFR (or other base rate) in effect, plus an applicable margin of 1.70 %, 2.05 % or 2.30 % per annum, as applicable, depending on the nature of the advances being requested under the facility. Effective December 18, 2024, advances under the Breckenridge Funding Facility bear interest at a per annum rate equal to the three-month Term SOFR (or other base rate) in effect, plus an applicable margin of 1.90 % per annum for all advances. From and after June 17, 2027, the applicable margin for advances under the Breckenridge Funding Facility will increase to 2.40 % per annum. Breckenridge Funding pays a commitment fee of 0.70 % per annum if the unused facility amount is greater than 50 % or 0.35 % per annum if the unused facility amount is less than or equal to 50 % and greater than 25 %, based on the average daily unused amount of the financing commitments until June 18, 2027, in addition to certain other fees as agreed between Breckenridge Funding and BNP.

Proceeds from borrowings under the Breckenridge Funding Facility may be used to fund portfolio investments by Breckenridge Funding and to make advances under delayed draw and revolving loans where Breckenridge Funding is a lender. The period during which Breckenridge Funding may make borrowings under the Breckenridge Funding Facility expires on June 18, 2027 and the Breckenridge Funding Facility is scheduled to mature on June 18, 2029.

Big Sky Funding Facility

On December 10, 2019, Big Sky Funding, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility (which was subsequently amended on December 30, 2020, September 30, 2021, amended and restated on June 29, 2022, amended on March 30, 2023, amended on June 25, 2024, amended on September 25, 2024, amended on November 20, 2024, and as further amended from time to time, the “Big Sky Funding Facility” ) with Bank of America, N.A. ( “Bank of America” ). Bank of America serves as administrative agent, Wells Fargo serves as collateral administrator and the Company serves as manager under the Big Sky Funding Facility.

Advances under the Big Sky Funding Facility bear interest at a per annum rate equal to the one-month Term SOFR in effect, plus the applicable margin of (a) until September 25, 2024, 1.80 % per annum, (b) from September 25, 2024 to November 19, 2024, a range between 1.50 % and 1.95 % per annum depending on the nature of the collateral securing the advances, subject to a floor of 1.80 % per annum, and (c) from and after November 20, 2024, 1.85 % per annum. Big Sky Funding is required to utilize a minimum percentage of 80 % of the financing commitments. Unused amounts below such minimum utilization amount accrue a fee at a rate of 1.60 % per annum. In addition, Big Sky Funding pays an unused fee of 0.45 % per annum on the daily unused amount of the financing commitments in excess of the minimum utilization amount, commencing three months after the closing date of the Big Sky Funding Facility, in addition to certain other fees as agreed between Big Sky Funding and Bank of America.

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Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The maximum commitment amount of the Big Sky Funding Facility as of March 31, 2025 was $ 650.0 million. The Big Sky Funding Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Big Sky Funding Facility to up to $ 800.0 million. Proceeds from borrowings under the Big Sky Funding Facility may be used to fund portfolio investments by Big Sky Funding and to make advances under revolving loans or delayed draw term loans where Big Sky Funding is a lender. The period during which Big Sky Funding may make borrowings under the Big Sky Funding Facility expires on March 30, 2027 and the Big Sky Funding Facility is scheduled to mature on September 30, 2027.

BXSL 2025-1 Facility

On December 27, 2024, BXSL CLO 2025-1, the Company’s wholly-owned subsidiary created to hold primarily private credit loan investments, entered into a senior secured credit facility (as amended from time to time, the “BXSL 2025-1 Facility” ) with BNP. BNP serves as administrative agent, Wilmington Trust, National Association ( “Wilmington Trust” ) serves as collateral custodian and the Company serves as collateral manager under the BXSL 2025-1 Facility.

Advances under the BXSL 2025-1 Facility bear interest at a per annum rate equal to the three-month Term SOFR (or other base rate) in effect, plus an applicable margin of 1.65 % per annum for all advances. From and after December 27, 2026, the applicable margin for advances under the BXSL 2025-1 Facility will increase to 2.15 % per annum.

Proceeds from borrowings under the BXSL 2025-1 Facility may be used to fund portfolio investments by BXSL 2025-1 Facility and to make advances under corporate loans where BXSL CLO 2025-1 is a lender. The period during which BXSL 2025-1 Facility may make borrowings under the BXSL 2025-1 Facility expires on December 27, 2026, and the BXSL 2025-1 Facility is scheduled to mature on December 27, 2028.

Revolving Credit Facility

On June 15, 2020, the Company entered into a senior secured revolving credit facility (which was most recently amended on August 6, 2024, and as further amended from time to time, the “Revolving Credit Facility” ) with Citibank, N.A. ( “Citi” ) serving as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in USD and certain agreed-upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of March 31, 2025, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $ 413.5 million and (B) revolving commitments in the aggregate principal amount of $ 1.8 billion and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $ 175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. Availability of the revolver under the Revolving Credit Facility will terminate on August 12, 2028 (other than with respect to the foreign currency commitments of certain lenders in the amount of $ 200.0 million, which expire on June 28, 2026) and all amounts outstanding under the Revolving Credit Facility must be repaid by August 12, 2029 (other than with respect to the foreign currency commitments of certain lenders in the amount of $ 200.0 million which mature on June 28, 2027) pursuant to an amortization schedule.

Loans under the Revolving Credit Facility with respect to foreign currency commitments of certain lenders in the amount of $ 200.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5 % and (c) one month adjusted Term SOFR plus 1 % per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75 %, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875 %, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75 %, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875 %. All other loans under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5 % and (c) one month adjusted Term SOFR plus 1 % per annum) plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 0.525 %, (B) if the gross borrowing base is less than 2.0 times

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

and is equal to or greater than 1.6 times the combined revolving debt amount, 0.650 %, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.775 %, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 1.525 %, (B) if the gross borrowing base less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 1.650 %, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.775 %. The Company will pay an unused fee of 0.325 % per annum on the daily unused amount of the revolver commitments (other than with respect to the foreign currency commitments of certain lenders in the amount of $ 200.0 million, for which the Company pays an unused fee of 0.375 %). The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

The Company’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s assets.

In connection with the Revolving Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter-end; and (b) the Company must maintain at all times a 150 % asset coverage ratio.

The Revolving Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Citi may terminate the commitments and declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

Unsecured Notes

The Company issued unsecured notes, as further described below: 2026 Notes, New 2026 Notes, 2027 Notes, 2028 Notes, November 2027 Notes, April 2028 Notes and June 2030 Notes (each as defined below) which are collectively referred to herein as the “Unsecured Notes . ”

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Unsecured Notes and U.S. Bank Trust Company, National Association (the “Trustee” ) if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the Unsecured Notes (the “Unsecured Notes Indentures” ).

In addition, on the occurrence of a “change of control repurchase event,” as defined in each respective Unsecured Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding Unsecured Notes at a price equal to 100 % of the principal amount of such Unsecured Notes plus accrued and unpaid interest to the repurchase date.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

2026 Notes

On October 23, 2020 and December 1, 2020, the Company issued $ 500.0 million aggregate principal amount and $ 300.0 million aggregate principal amount, respectively, of 3.625 % notes due 2026 (the “2026 Notes” ) pursuant to a supplemental indenture, dated as of October 23, 2020 (and together with the indenture, dated as of July 15, 2020 (the “Base Indenture” ), the “2026 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

The 2026 Notes will mature on January 15, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2026 Notes Indenture. The 2026 Notes bear interest at a rate of 3.625 % per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2021. The 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

New 2026 Notes

On March 16, 2021 and April 27, 2021, the Company issued $ 400.0 million aggregate principal amount and $ 300.0 million aggregate principal amount, respectively, of 2.750 % notes due 2026 (the “New 2026 Notes” ) pursuant to a supplemental indenture, dated as of March 16, 2021 (and together with the Base Indenture, the “New 2026 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

The New 2026 Notes will mature on September 16, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the New 2026 Notes Indenture. The New 2026 Notes bear interest at a rate of 2.750 % per year payable semi-annually on March 16 and September 16 of each year, commencing on September 16, 2021. The New 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the New 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

2027 Notes

On July 23, 2021, the Company issued $ 650.0 million aggregate principal amount of 2.125 % notes due 2027 (the “2027 Notes” ) pursuant to a supplemental indenture, dated as of July 23, 2021 (and together with the Base Indenture, the “2027 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

The 2027 Notes will mature on February 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2027 Notes Indenture. The 2027 Notes bear interest at a rate of 2.125 % per year payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

2028 Notes

On September 30, 2021, the Company issued $ 650.0 million in aggregate principal amount of its 2.850 % notes due 2028 (the “2028 Notes” ) pursuant to a supplemental indenture, dated as of September 30, 2021 (and together with the Base Indenture, the “2028 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

105

Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The 2028 Notes will mature on September 30, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2028 Notes Indenture. The 2028 Notes bear interest at a rate of 2.850 % per year payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2022. The 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

November 2027 Notes

On May 20, 2024, the Company issued $ 400.0 million in aggregate principal amount of its 5.875 % notes due 2027 (the “November 2027 Notes” ) pursuant to a supplemental indenture, dated as of May 20, 2024 (and together with the Base Indenture, the “November 2027 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

The November 2027 Notes will mature on November 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2027 Notes Indenture. The November 2027 Notes bear interest at a rate of 5.875 % per year payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2024. The November 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the November 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2027 Notes in a qualifying hedge accounting relationship.

April 2028 Notes

On October 15, 2024 and December 16, 2024, the Company issued $ 400.0 million aggregate principal amount and $ 300.0 million aggregate principal amount, respectively, of 5.350 % notes due 2028 (the “April 2028 Notes” ) pursuant to a supplemental indenture, dated as of October 15, 2024 (and together with the Base Indenture, the “April 2028 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

The April 2028 Notes will mature on April 13, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the April 2028 Notes Indenture. The April 2028 Notes bear interest at a rate of 5.350 % per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2025. The April 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the April 2028 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the April 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps and the April 2028 Notes in a qualifying hedge accounting relationship.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

June 2030 Notes

On March 4, 2025, the Company issued $ 500.0 million in aggregate principal amount of its 5.300 % notes due 2030 (the “June 2030 Notes” ) pursuant to a supplemental indenture, dated as of March 4, 2025 (and together with the Base Indenture, the “June 2030 Notes Indenture” ), to the Base Indenture between the Company and the Trustee.

The June 2030 Notes will mature on June 30, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2030 Notes Indenture. The June 2030 Notes bear interest at a rate of 5.300 % per year payable semi-annually on June 30 and December 30 of each year, commencing on June 30, 2025. The June 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the June 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the June 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating-rate loans. The Company designated this interest rate swap and the June 2030 Notes in a qualifying hedge accounting relationship.

Debt Securitizations

The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

2024-1 CLO Debt Securitization

On 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.

The following table presents information on the secured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:

March 31, 2025

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes (2)

Senior Secured Floating Rate

—

SOFR + 1.51 %

Aaa

Class A-L Loans (2)

Senior Secured Floating Rate

412,500

SOFR + 1.51 %

Aaa

Class B Notes

Senior Secured Floating Rate

45,000

SOFR + 1.78 %

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

52,500

SOFR + 2.00 %

Total Secured Notes

510,000

Subordinated Notes (1)

Subordinated

236,770

None

Not Rated

Total 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company (through its wholly-owned and consolidated subsidiary, BXSL CLO 2024-1 Depositor LLC) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2024-1 Issuer of the initial closing date portfolio. The 2024-1 Notes are scheduled to mature on October 20, 2036; however, the 2024-1 Notes may be redeemed by the 2024-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through BXSL CLO 2024-1 Depositor LLC), on any business day after October 20, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. The Class A Notes, Class A-L Loans, Class B Notes and Class C Notes are secured obligations of the 2024-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-1 Issuer, and the indenture governing the 2024-1 Notes includes customary covenants and events of default.

The 2024-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

The following presents the assets and liabilities of the 2024-1 Issuer, after giving effect to the elimination of intercompany balances. The assets of the 2024-1 Issuer are restricted to be used to settle the obligations of 2024-1 Issuer. The liabilities of the 2024-1 Issuer are only the obligations of the 2024-1 Issuer and the creditors (or beneficial interest holders) do not have recourse to the Company.


	March 31, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	732,581	$	736,551
Total investments at fair value	732,581		736,551
Cash and cash equivalents (restricted cash of $ 67,699 and $ 2,499 , respectively)	67,699		2,499
Interest receivable from non-controlled/non-affiliated investments	14,534		8,268
Total assets	$	814,814	$	747,318
LIABILITIES
Debt (net of unamortized debt issuance costs of $ 2,366 and $ 2,417 , respectively)	$	455,134	$	455,083
Interest payable	9,984		3,125
Total liabilities	$	465,118	$	458,208

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Table of Cont ents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company’s outstanding debt obligations were as follows:


	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility (3)	$	500,000	$	399,874	$	399,874	$	—	$	100,126	$	100,126
Breckenridge Funding Facility	1,175,000		600,350		600,350		—		574,650		574,650
Big Sky Funding Facility	650,000		439,650		439,650		—		210,350		210,350
BXSL 2025-1 Facility	400,000		—		—		—		400,000		400,000
Revolving Credit Facility (4)	2,225,000		1,117,076		1,117,076		—		1,107,924		1,107,924
2026 Notes	800,000		800,000		798,582		1,418		—		—
New 2026 Notes	700,000		700,000		697,416		2,584		—		—
2027 Notes	650,000		650,000		644,844		5,156		—		—
2028 Notes	650,000		650,000		643,421		6,579		—		—
November 2027 Notes (5)	400,000		400,000		401,761		5,318		—		—
April 2028 Notes (5)	700,000		700,000		693,237		8,220		—		—
June 2030 Notes (5)	500,000		500,000		491,773		11,080		—		—
2024-1 Notes	457,500		457,500		455,134		2,366		—		—
Total	$	9,807,500	$	7,414,450	$	7,383,118	$	42,721	$	2,393,050	$	2,393,050

(1) The unused portion is the amount upon which commitment fees, if any, are based.

(2) The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3) Under the Jackson Hole Funding Facility, the Company may borrow in USD or certain other permitted currencies. As of March 31, 2025, the Company had no borrowings denominated in currencies other than USD.

(4) Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

• CAD 38.2 million

• EUR 279.7 million

• GBP 289.5 million

• AUD 1.0 million

(5) Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility (3)	$	500,000	$	399,874	$	399,874	$	—	$	100,126	$	100,126
Breckenridge Funding Facility	1,175,000		649,350		649,350		—		525,650		525,650
Big Sky Funding Facility	650,000		400,000		400,000		—		250,000		227,766
BXSL 2025-1 Facility	400,000		—		—		—		400,000		400,000
Revolving Credit Facility (4)	2,225,000		1,287,140		1,287,140		—		937,860		937,860
2026 Notes	800,000		800,000		798,145		1,855		—		—
New 2026 Notes	700,000		700,000		696,980		3,020		—		—
2027 Notes	650,000		650,000		644,167		5,833		—		—
2028 Notes	650,000		650,000		642,963		7,037		—		—
November 2027 Notes (5)	400,000		400,000		397,898		5,818		—		—
April 2028 Notes (5)	700,000		700,000		684,491		8,897		—		—
2024-1 Notes	457,500		457,500		455,083		2,417		—		—
Total	$	9,307,500	$	7,093,864	$	7,056,091	$	34,877	$	2,213,636	$	2,191,402

(1) The unused portion is the amount upon which commitment fees, if any, are based.

(2) The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3) Under the Jackson Hole Funding Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2024, the Company had no borrowings denominated in currencies other than USD.

(4) Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:

• CAD 38.2 million

• EUR 277.7 million

• GBP 266.3 million

• AUD 1.0 million

(5) Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

As of March 31, 2025 and December 31, 2024, $ 56.5 million and $ 53.4 million, respectively, of interest expense and $ 1.4 million and $ 0.6 million, respectively, of unused commitment fees were included in interest payable.

For the three months ended March 31, 2025 and 2024, the weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt and the impact of the application of hedge accounting) on all borrowings outstanding was 5.01 % and 5.10 %, respectively.

For the three months ended March 31, 2025 and 2024, the weighted average all-in cost of debt (including unused fees, accretion of net discounts on unsecured debt, amortization of deferred financing costs, and the impact of the application of hedge accounting) was 5.09 % and 5.23 %, respectively.

For the three months ended March 31, 2025 and 2024, the average principal debt outstanding was $ 7,313.5 million and $ 5,046.2 million, respectively.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The components of interest expense were as follows:


	Three Months Ended March 31,
	2025		2024
Borrowing interest expense	$	87,640	$	61,165
Facility unused fees	1,701		1,816
Amortization of deferred financing costs	1,409		1,698
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	3,350		2,041
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	( 15,409 )		—
Hedged items	14,285		—
Total Interest Expense	$	92,976	$	66,720
Cash paid for interest expense	$	96,301	$	72,624

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $ 1.8 billion and $ 1.7 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2025 and December 31, 2024, the Company estimates that $ 59.0 million and $ 162.3 million, respectively, of investments were committed but not yet funded.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

Note 9. Net Assets

Shares Issued

The Company has the authority to issue an unlimited number of Common Shares at $ 0.001 per share par value.

On October 28, 2021, the Company priced its IPO, and the Common Shares began trading on the NYSE under the symbol “BXSL.”

As of March 31, 2025, the Company is party to eight separate equity distribution agreements with sales agents ( “Equity Distribution Agreements” ), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $ 600.0 million of its Common Shares. Sales of Common Shares made pursuant to the Equity Distribution Agreements may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of the Common Shares, the Company’s capital needs, and the Company’s determination of the appropriate sources of funding to meet such needs. As of March 31, 2025, Common Shares with an aggregate sales price of $ 503.7 million remained available for issuance under the Equity Distribution Agreements.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following table summarizes the total Common Shares issued and proceeds received, for the three months ended March 31, 2025, through the “at-the-market” offering program:


Issuances of Common Shares	Number of Common Shares Issued	Gross Proceeds		Placement Fees/Offering Expenses		Net Proceeds		Average Share Price (1)
“At-the-market” Offering	5,761,648	$	186,697	$	1,867	$	184,830	$	32.08

(1) Represents the net offering price per share after deducting placement fees and commissions and offering expenses.

The following table summarizes the total Common Shares issued and proceeds received, for the three months ended March 31, 2024, through the “at-the-market” offering program:


Issuances of Common Shares	Number of Common Shares Issued	Gross Proceeds		Placement Fees/Offering Expenses		Net Proceeds		Average Share Price (1)
“At-the-market” Offering	5,885,546	$	162,726	$	704	$	162,022	$	27.53

(1) Represents the net offering price per share after deducting placement fees and commissions and offering expenses.

Distributions

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 (dollars in thousands except per share amounts):


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 26, 2025	March 31, 2025	April 25, 2025	$	0.7700	$	175,421


Total distributions			$	0.7700	$	175,421

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2024 (dollars in thousands except per share amounts):


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 28, 2024	March 31, 2024	April 26, 2024	$	0.7700	$	147,743


Total distributions			$	0.7700	$	147,743

Dividend Reinvestment

The Company has adopted the DRIP, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board and the Company declares a cash dividend or other distribution, then the Company’s shareholders who have not opted out of the DRIP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Starting from the consummation of the IPO, the number of shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per common share at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95 % of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed NAV per share). For example, if the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $24.00 per share, the Company will issue shares at $24.00 per share. If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $27.00 per share, the Company will issue shares at $25.65 per share (95% of the current market price). If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $26.00 per share, the Company will issue shares at $25.00 per share.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan.

Pursuant to the DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the three months ended March 31, 2025 (dollars in thousands except share amounts):


Payment Date	DRIP Shares Value		DRIP Shares Issued
January 24, 2025	$	5,130	165,096


Total distributions	$	5,130	165,096

The following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the three months ended March 31, 2024 (dollars in thousands except share amounts):


Payment Date	DRIP Shares Value		DRIP Shares Issued
January 26, 2024	$	5,614	206,465


Total distributions	$	5,614	206,465

Share Repurchase Plan

In February 2023, the Board approved a share repurchase plan, under which the Company was authorized to repurchase up to $ 250 million in the aggregate of its outstanding Common Shares in the open market at prices below the Company’s NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “10b-18 Plan” ). The 10b-18 Plan was not renewed and terminated by its terms on February 22, 2024. For the three months ended March 31, 2024, the Company did no t repurchase any of its shares under the 10b-18 Plan.

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
	2025		2024
Net increase (decrease) in net assets resulting from operations	$	149,809	$	183,755
Weighted average shares outstanding (basic and diluted)	226,577,167		190,599,849
Earnings (loss) per common share (basic and diluted)	$	0.66	$	0.96

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 11. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025			2024
Per Share Data (1) :
Net asset value, beginning of period	$	27.39		$	26.66
Net investment income	0.83			0.87
Net change in unrealized and realized gain (loss)	( 0.17 )			0.09
Net increase (decrease) in net assets resulting from operations	0.66			0.96
Distributions from net investment income (2)	( 0.77 )			( 0.77 )
Net increase (decrease) in net assets from capital share transactions	0.11			0.02
Total increase (decrease) in net assets	0.00			0.21
Net asset value, end of period	$	27.39		$	26.87
Market value, end of period	$	32.36		$	31.15
Shares outstanding, end of period	227,818,928			191,874,419
Total return based on NAV (3)	2.8		%	3.4		%
Total return based on market value (4)	2.6		%	15.9		%
Ratios:
Ratio of net expenses to average net assets (5)	10.5		%	10.7		%
Ratio of net investment income to average net assets (5)	12.2		%	12.8		%
Portfolio turnover rate	5.3		%	1.8		%
Supplemental Data:
Net assets, end of period	$	6,240,869		$	5,155,665
Asset coverage ratio	184.2		%	197.3		%

(1) The per share data was derived by using the weighted average shares outstanding during the period.

(2) The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the DRIP) divided by the beginning NAV per share. Total return does not include sales load.

(4) Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the DRIP.

(5) Amounts are annualized except for amounts relating to excise tax expense. For the three months ended March 31, 2025 and 2024, the ratio of total operating expenses to average net assets was 10.5 % and 10.7 %.

The following is information about the Company’s senior securities as of the dates indicated in the table below:


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Subscription Facility
March 31, 2025	$	—	$	—	—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	119,752		2,151		—	N/A
December 31, 2018	—		—		—	N/A

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Jackson Hole Funding Facility
March 31, 2025	$	399,874	$	1,842	—	N/A
December 31, 2024	399,874		1,857		—	N/A
December 31, 2023	233,019		2,003		—	N/A
December 31, 2022	360,019		1,748		—	N/A
December 31, 2021	361,007		1,802		—	N/A
December 31, 2020	362,316		2,300		—	N/A
December 31, 2019	514,151		2,151		—	N/A
December 31, 2018	120,000		2,278		—	N/A
Breckenridge Funding Facility
March 31, 2025	600,350		1,842		—	N/A
December 31, 2024	649,350		1,857		—	N/A
December 31, 2023	741,700		2,003		—	N/A
December 31, 2022	825,000		1,748		—	N/A
December 31, 2021	568,680		1,802		—	N/A
December 31, 2020	569,000		2,300		—	N/A
December 31, 2019	820,311		2,151		—	N/A
December 31, 2018	65,000		2,278		—	N/A
Big Sky Funding Facility
March 31, 2025	439,650		1,842		—	N/A
December 31, 2024	400,000		1,857		—	N/A
December 31, 2023	480,906		2,003		—	N/A
December 31, 2022	499,606		1,748		—	N/A
December 31, 2021	499,606		1,802		—	N/A
December 31, 2020	200,346		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
BXSL 2025-1 Facility
March 31, 2025	—		1,842		—	N/A
December 31, 2024	—		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Revolving Credit Facility
March 31, 2025	$	1,117,076	$	1,842	—	N/A
December 31, 2024	1,287,140		1,857		—	N/A
December 31, 2023	682,258		2,003		—	N/A
December 31, 2022	678,378		1,748		—	N/A
December 31, 2021	915,035		1,802		—	N/A
December 31, 2020	182,901		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2023 Notes
March 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	400,000		1,748		—	N/A
December 31, 2021	400,000		1,802		—	N/A
December 31, 2020	400,000		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2026 Notes
March 31, 2025	800,000		1,842		—	N/A
December 31, 2024	800,000		1,857		—	N/A
December 31, 2023	800,000		2,003		—	N/A
December 31, 2022	800,000		1,748		—	N/A
December 31, 2021	800,000		1,802		—	N/A
December 31, 2020	800,000		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
New 2026 Notes
March 31, 2025	700,000		1,842		—	N/A
December 31, 2024	700,000		1,857		—	N/A
December 31, 2023	700,000		2,003		—	N/A
December 31, 2022	700,000		1,748		—	N/A
December 31, 2021	700,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2027 Notes
March 31, 2025	$	650,000	$	1,842	—	N/A
December 31, 2024	650,000		1,857		—	N/A
December 31, 2023	650,000		2,003		—	N/A
December 31, 2022	650,000		1,748		—	N/A
December 31, 2021	650,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2028 Notes
March 31, 2025	650,000		1,842		—	N/A
December 31, 2024	650,000		1,857		—	N/A
December 31, 2023	650,000		2,003		—	N/A
December 31, 2022	650,000		1,748		—	N/A
December 31, 2021	650,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
November 2027 Notes
March 31, 2025	400,000		1,842		—	N/A
December 31, 2024	400,000		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
April 2028 Notes
March 31, 2025	700,000		1,842		—	N/A
December 31, 2024	700,000		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
June 2030 Notes
March 31, 2025	$	500,000	$	1,842	—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2024-1 Notes
March 31, 2025	457,500		1,842		—	N/A
December 31, 2024	457,500		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

Note 12. Segment Reporting

The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.

The chief operating decision maker ( “CODM” ) is comprised of the Company’s co-chief executive officers and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is Net increase (decrease) in net assets resulting from operations which is reported on the Condensed Consolidated Statement of Operations.

Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount of dividends to be distributed to the Company’s shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Condensed Consolidated Statements of Assets and Liabilities as Total net assets and the significant segment expenses are listed on the Condensed Consolidated Statement of Operations.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of March 31, 2025, except as discussed below.

On May 7, 2025, the Board declared a distribution of $ 0.77 per share to shareholders of record as of June 30, 2025, which is payable on or about July 25, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8— Consolidated Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 202 4 , as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 202 4 , as updated from time to time by the Company’s periodic filings with the SEC.

Overview and Investment Framework

We are a Delaware statutory trust structured as a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we elected to be treated as a RIC under the Code. We are managed by our Advisers. The Administrators will provide the administrative services necessary for us to operate.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances, we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing.

Key Components of Our Results of Operations

Investments

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies, which includes larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns.

Our level of investment activity (both the number of investments and the size of each investment) varies substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

Revenues

We generate revenues in the form of interest income from the debt securities we hold and dividends. Our debt investments typically have a term of five to eight years and bear interest at floating rates on the basis of a benchmark such as SOFR, SONIA, etc. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments may provide for deferred interest payments or PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

In addition, we generate revenue from various fees in the ordinary course of business such as in the form of commitment, loan origination, structuring, consent, waiver, amendment, syndication and other miscellaneous fees, as well as fees for providing managerial assistance to our portfolio companies.

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Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone Inc. ( “Blackstone” ) or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof; the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof; and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed. Pursuant to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and the Administrator and Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Administrator and the Prior Administrator have waived their rights to any reimbursement for rent and other occupancy costs for the three months ended March 31, 2025 and 2024, respectively. The Administrator and the Prior Administrator cannot recoup any expenses that they have previously waived. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Costs and expenses of the Administrators and the Advisers that are eligible for reimbursement by us will be reasonably allocated on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator in accordance with policies adopted by the Board.

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Portfolio and Investment Activity

For the three months ended March 31, 2025, we made $755.9 million aggregate principal amount of new investment commitments (including $289.5 million of which remained unfunded as of March 31, 2025), $755.7 million of which was first lien debt and $0.2 million of which was equity.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):


	As of and for the three months ended March 31,
	2025			2024
Investments:
Total investments, beginning of period	$	13,193,219		$	9,934,159
New investments purchased	689,214			719,149
Payment-in-kind interest capitalized	22,613			19,977
Net accretion of discount on investments	16,419			9,706
Net realized gain (loss) on investments	8,525			428
Investments sold or repaid	(977,955)			(186,666)
Total investments, end of period	$	12,952,035		$	10,496,753
Amount of investments funded at principal:
First lien debt	$	700,877		$	722,403

Unsecured debt	—			1,610
Equity	168			2,188
Total	$	701,045		$	726,201
Proceeds from investments sold or repaid:
First lien debt	$	(965,383)		$	(186,666)
Second lien debt	(2,348)			—


Equity	(10,224)			—
Total	$	(977,955)		$	(186,666)
Number of new investments in new portfolio companies	14			18
Average new investment commitment amount	$	28,042		$	34,581
Weighted average yield of new investments	9.5		%	11.4		%
Weighted average yield on investments fully sold or paid down	10.3		%	11.9		%


	March 31, 2025			December 31, 2024
Number of portfolio companies	284			276
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	10.1		%	10.3		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	10.2		%	10.4		%
Average loan-to-value (LTV) (3)	47.4		%	46.0		%
Percentage of performing debt investments bearing a floating rate (4)	99.8		%	99.8		%
Percentage of performing debt investments bearing a fixed rate (4)	0.2		%	0.2		%
Percentage of assets on non-accrual, at amortized cost (5)	0.3		%	0.3		%

(1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2) As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 10.1% and 10.2%, respectively. As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 10.2% and 10.3%, respectively.

(3) Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

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(4) As a percentage of total fair value of performing debt investments. As of March 31, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 98.8% and 98.8%, respectively, of total investments at fair value.

(5) As a percentage of total amortized cost of investments. Assets on non-accrual represented 0.1% and 0.2% of total investments at fair value as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and March 31, 2024, our portfolio companies had a weighted average annual revenue of $818 million and $768 million, respectively, and weighted average annual EBITDA of $210 million and $193 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments. ”

Results of Operations

The following table represents the operating results (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Total investment income	$	357,764	$	303,959
Total expenses before tax expense	164,799		134,763
Net investment income before tax expense	192,965		169,196
Excise and other tax expense	4,169		3,350
Net investment income after tax expense	188,796		165,846
Net change in unrealized appreciation (depreciation)	(43,874)		11,766
Net realized gain (loss)	4,887		6,143
Net increase (decrease) in net assets resulting from operations	$	149,809	$	183,755

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Interest income	$	335,686	$	283,264
Payment-in-kind interest income	21,353		20,462

Fee income	725		233
Total investment income	$	357,764	$	303,959

Total investment income increased to $357.8 million for the three months ended March 31, 2025, an increase of $53.8 million, or 18%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments. Average investments at fair value increased by 28% to $12,963.4 million for the three months ended March 31, 2025 compared to $10,153.8 million for the three months ended March 31, 2024.

Additionally, for the three months ended March 31, 2025, we recorded $12.9 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1.9 million for the same period in the prior year, primarily as a result of increased prepayments.

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For the three months ended March 31, 2025 and 2024, PIK interest income represented 6.0% and 6.7% of total investment income, respectively, and represented 11.3% and 12.3% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

While elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2025, the Federal Reserve reduced interest rates in the latter part of 2024 and indicated in early 2025 an expectation of slower rate decreases moving forward. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Interest expense	$	92,976	$	66,720
Management fees	34,301		26,040
Income based incentive fees	34,301		35,845
Capital gains based incentive fees	—		3,134
Professional fees	886		951
Board of Trustees’ fees	306		222
Administrative service expenses	966		677
Other general and administrative	1,063		1,174
Total expenses before tax expense	164,799		134,763



Net investment income before tax expense	192,965		169,196
Excise and other tax expense	4,169		3,350
Net investment income after tax expense	$	188,796	$	165,846

Interest Expense

Total interest expense was $93.0 million for the three months ended March 31, 2025, an increase of $26.3 million, or 39%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $7,313.5 million for the three months ended March 31, 2025 from $5,046.2 million for the same period in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 5.01% for the three months ended March 31, 2025 from 5.10% for the same period in the prior year.

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Management Fees

Management fees increased to $34.3 million for the three months ended March 31, 2025, an increase of $8.3 million, or 32%, compared to the same period in the prior year, due to an increase in average quarter-end gross assets. For the three months ended March 31, 2025, our average quarter end gross assets increased to $13,720.5 million, from $10,419.8 million for the three months ended March 31, 2024.

Income Based Incentive Fees

Pre-incentive fee net investment income increased to $223.1 million for the three months ended March 31, 2025 from $204.8 million for the same period in the prior year.

Income based incentive fees decreased to $34.3 million for the three months ended March 31, 2025 compared to $35.8 million for the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended March 31, 2025.

See “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 3. Agreements and Related Party Transactions ” for further information on the Advisory Agreements.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three months ended March 31, 2025. We accrued capital gains based incentive fees of $3.1 million for the three months ended March 31, 2024, which was primarily due to a net change in unrealized gains for the three months ended March 31, 2024.

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of us. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrators in performing their obligations under the Administration Agreements, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, expenses payable to the State Street Sub-Administrator, subscriptions and other costs.

Total other expenses increased to $3.2 million for the three months ended March 31, 2025 from $3.0 million for the same period in the prior year primarily due to an increase in Administrative service expenses.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2025 and 2024, we accrued $4.2 million and $3.4 million, respectively, of U.S. federal excise tax.

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BGSL Investments LLC ( “BGSL Investments”) , a wholly-owned and consolidated subsidiary that was formed in 2019, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $1.5 million and $0.0 million, respectively. As of March 31, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.7 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2025 and 2024, BGSL Investments recorded a current tax expense of $0.6 million and $0.0 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest.

Net Unrealized Gain (Loss)

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Net change in unrealized gain (loss) on investments	$	(40,754)	$	11,787
Net change in unrealized gain (loss) on derivative instruments	(1,921)		—
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies	282		(21)
Income tax (provision) benefit	(1,481)		—
Net change in unrealized gain (loss)	$	(43,874)	$	11,766

For the three months ended March 31, 2025, the net change in unrealized losses of $43.9 million was primarily driven by the decrease in the fair value of certain investments. The fair value of these investments decreased due to changes in portfolio company fundamentals and the economic outlook.

Net Realized Gain (Loss)

The realized gains and losses on fully exited and partially exited investments consisted of the following (dollar amounts in thousands):


	Three Months Ended March 31,
	2025		2024
Net realized gain (loss) on investments	$	8,525	$	428
Net realized gain (loss) on derivative instruments	(2,055)		—
Net realized gain (loss) on foreign currency transactions	(987)		5,715
Current tax expense on realized gains	(596)		—
Net realized gain (loss)	$	4,887	$	6,143

For the three months ended March 31, 2025, we recognized realized gains on investments of $8.7 million primarily from the sale of an equity investment partially offset by realized losses on investments of $0.2 million primarily from full or partial sales of investments.

For the three months ended March 31, 2025, we generated realized losses of $2.1 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions.

The net realized gains for the three months ended March 31, 2025, were partially offset by net realized losses of $1.0 million on foreign currency transactions, primarily as a result of fluctuations in the SEK, CAD and GBP exchange rates vs. USD.

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Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public or private issuances of debt or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares.

To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2022 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2022 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

As of March 31, 2025 and December 31, 2024, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2025 and December 31, 2024, we had an aggregate amount of $7.4 billion and $7.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 184.2% and 185.7%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Cash and cash equivalents as of March 31, 2025, taken together with our $2.4 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.4 billion is available to borrow), is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $231.9 million of Level 2 investments as of March 31, 2025, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2025, we had $965.0 million in cash and cash equivalents. During the three months ended March 31, 2025, cash provided by operating activities was $424.7 million, primarily due to principal repayments and sales of investments of $978.0 million partially offset by purchases of investments of $689.2 million. Cash provided by financing activities was $310.1 million during the period, which was primarily as a result of net borrowings on debt of $287.3 million and $189.2 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $165.6 million.

Equity

We also access liquidity through our “at-the-market” offering program (the “ATM Program” ), pursuant to which we may sell, from time to time, additional Common Shares. During the three months ended March 31, 2025, we sold Common Shares for net proceeds of $184.8 million through our ATM Program. As of March 31, 2025, $503.7 million of Common Shares were available for issuance under the ATM Program.

For additional information on our ATM Program, see “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets. ”

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Distributions

The following table summarizes our distributions declared and payable for the three months ended March 31, 2025 (dollar amounts in thousands, except per share amounts):


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 26, 2025	March 31, 2025	April 25, 2025	$	0.7700	$	175,421


Total distributions			$	0.7700	$	175,421

With respect to distributions, we have adopted an “opt out” dividend reinvestment plan (the “DRIP” ) for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and DRIP, see “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets. ”

Share Repurchase Plan

In February 2023, our Board approved a share repurchase plan, under which we were authorized to repurchase up to $250 million in the aggregate of our outstanding Common Shares in the open market at prices below our NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “10b-18 Plan” ). The 10b-18 Plan was not renewed and terminated by its terms on February 22, 2024. For the three months ended March 31, 2024, we did not repurchase any of our shares under the 10b-18 Plan.

For additional information on our share repurchase plan, see “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets. ”

Borrowings

As of March 31, 2025 and December 31, 2024, we had an aggregate principal amount of $7.4 billion and $7.1 billion, respectively, of debt outstanding.

For additional information on our debt obligations, see “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 7. Borrowings. ”

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments ” and “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives ” for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.8 billion and $1.7 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2025 and December 31, 2024, we estimate that $59.0 million and $162.3 million, respectively, of investments were committed but not yet funded.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2025, management is not aware of any material pending legal proceedings.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

• the Investment Advisory Agreement;

• the Sub-Advisory Agreement; and

• the Administration Agreement.

In addition to the aforementioned agreements, we, our Advisers and certain of our Advisers’ affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

See “ Item 1. Financial Statements —Notes to Condensed Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions. ”

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Recent Developments

Macroeconomic Environment

The three months ended March 31, 2025 have been characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including potential shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

Although inflation generally decelerated throughout 2024 and during the first quarter of 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of 2024, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Further contributing to economic uncertainty, the current U.S. presidential administration has signaled its intention to implement or has implemented significant changes to U.S. trade policy, the size of the federal government and the enforcement of various regulations. These policy shifts could introduce additional market instability and reduce investor confidence. For example, changes in trade policy and the imposition of new tariffs could disrupt supply chains and potentially reverse the recent downward trend in inflation. The uncertainty as to how or what tariffs will be imposed or what retaliatory measures other countries may take in response to tariffs proposed or imposed by the U.S. could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose business rely on imported goods. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company, its portfolio companies or their respective financial performance.

Critical Accounting Estimates

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2024 , filed with the SEC on February 26, 2025, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 .

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2025, 99.8 % of our debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering interest rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):


	Interest Income		Interest Expense		Net Income (1)
Up 300 basis points	$	387,858	$	(88,662)	$	299,196
Up 200 basis points	258,572		(59,108)		199,464
Up 100 basis points	129,286		(29,554)		99,732
Down 100 basis points	(129,283)		29,554		(99,729)
Down 200 basis points	(258,114)		59,108		(199,006)
Down 300 basis points	(383,995)		88,662		(295,333)

(1) Excludes the impact of incentive fees. See “ Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions ” for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

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Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that the design and operation of our disclosure controls and procedures are (a) effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors.

There have been no material changes to the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 202 4 .

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.


Exhibit Number						Description of Exhibits

3.1						Fourth Amended and Restated Declaration of Trust, dated as of October 18, 2021 (incorporated by reference to Exhibit (a)(1) to the Company ’ s Registration Statement on Form N-2 filed on October 18, 2021).

3.2						Amended and Restated Bylaws, dated as of October 18, 2021 (incorporated by reference to Exhibit (b) to the Company’s Registration Statement on Form N-2 filed on October 18, 2021).

4.1						Eighth Supplemental Indenture, dated as of March 4, 2025, relating to the 5.300% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 4, 2025).

4.2						Form of 5.300% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on March 4, 2025) .

10.1						Form of Equity Distribution Agreement, dated as of January 17, 2025, by and among the Company , Blackstone Private Credit Strategies LLC and the sales agent party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 21, 2025) .

31.1						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.3						Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.2						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.3						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

_________________________

* Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		Blackstone Secured Lending Fund


Date:	May 7, 2025	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	May 7, 2025	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Principal Executive Officer)

Date:	May 7, 2025	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

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Exhibits

3.1 Fourth Amended and Restated Declaration of Trust, dated as of October 18, 2021 (incorporated by reference to Exhibit (a)(1) to the Companys Registration Statement on Form N-2 filed on October 18, 2021). 3.2 Amended and Restated Bylaws, dated as of October 18, 2021 (incorporated by reference to Exhibit (b) to the Companys Registration Statement on Form N-2 filed on October 18, 2021). 4.1 Eighth Supplemental Indenture, dated as of March 4, 2025, relating to the 5.300% Notes due 2030, by and between theCompanyand U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Companys Current Report on Form 8-K filed on March 4, 2025). 4.2 Form of 5.300% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Companys Current Report on Form 8-K, filed on March 4, 2025). 10.1 Form of Equity Distribution Agreement, dated as of January 17, 2025, by and amongthe Company, Blackstone Private Credit Strategies LLC and the sales agent party thereto (incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on January 21, 2025). 31.1 Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* 31.2 Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* 31.3 Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* 32.1 Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith) 32.2 Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith) 32.3 Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

BXSL 10-Q Quarter ended March 31, 2025

Exhibits