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424B2
Blackstone Secured Lending Fund
Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’s investment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we will leverage the Adviser’s investment team’s and Blackstone’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objectives. <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><div style="font-weight:bold;display:inline;">Investment Strategy </div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: "Times New Roman"; font-size: 10pt; border: 0px; width: 100%; border-spacing: 0px;">
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<td style="width:3%;vertical-align:top;text-align:left;">•</td>
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<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman"; font-size: 10pt; text-align: left; line-height: normal;">utilizing the experience and expertise of the management team of the Adviser, along with the broader resources of Blackstone Credit & Insurance, which include its access to the relationships and human capital of Blackstone Credit & Insurance’s parent, Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<td style="width:3%;vertical-align:top;text-align:left;">•</td>
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<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman"; font-size: 10pt; text-align: left; line-height: normal;">employing a defensive investment approach focused on long-term credit performance and principal protection, generally lending on what the Adviser believes are (i) protective multiples of the borrower’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) to its interest coverage obligations, (ii) conservative <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">loan-to-value</div></div> ratios and (iii) favorable financial covenant protections; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<td style="width:3%;vertical-align:top;text-align:left;">•</td>
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<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman"; font-size: 10pt; text-align: left; line-height: normal;">focusing primarily on loans and securities of private U.S. companies, including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman"; font-size: 10pt; text-align: left; line-height: normal;">maintaining rigorous portfolio monitoring in an attempt to anticipate and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-empt</div> negative credit events within our portfolio; and </div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<td style="width:3%;vertical-align:top;text-align:left;">•</td>
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<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman"; font-size: 10pt; text-align: left; line-height: normal;">utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Blackstone Credit & Insurance Value Creation Program. </div> </td> </tr> </table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. Subject to the limitations of the 1940 Act, we may invest in loans or other securities the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we do not expect a significant portion of our portfolio to be composed of second lien, third lien, unsecured or subordinated loans, there is no limit on the amount of such loans in which we may invest, subject to compliance with our 80% policy. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">“over-the-counter”</div></div> market or directly from our target companies as primary market, directly originated or syndicated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We have and may continue to also purchase or otherwise acquire minority interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for our common shares or other equity or the cash value of shares or other equity, in our target companies, generally in conjunction with one of our debt investments or through a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-investment</div> with a financial sponsor, such as an institutional investor or private equity firm, or a finance company transaction (such as a joint venture). In addition, a portion of our portfolio may be composed of unsecured bonds, collateralized loan obligations, other debt securities and derivatives, including total return swaps and credit default swaps. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structure or otherwise make opportunistic investments. </div>
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><div style="font-weight:bold;display:inline;">Use of Leverage </div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, pursuant to the 1940 Act, our total borrowings are limited so that we cannot incur additional borrowings if immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150%. This means that generally, a BDC can borrow up to $2 for every $1 of investor equity. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities. </div>
Common shares
191874419
<div id="supprom802716_5" style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center;;text-indent: 0px;"><div style="font-weight:bold;display:inline;">RISK FACTORS </div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investing in our common shares involves a number of significant risks. Before deciding whether to invest in our common shares, you should carefully consider the risks and uncertainties described in the section titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors</div></div>” in our most recent annual report on <a href="http://www.sec.gov/Archives/edgar/data/1736035/000173603524000006/bxsl-20231231.htm">Form <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</span></a>, as well as in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement and the accompanying prospectus in their entirety, together with other information in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. The risks described in these documents are not the only ones we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value, the trading price of our common shares and the value of our other securities could decline, and you may lose all or part of your investment. Please also read carefully the section titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cautionary Statement Regarding Forward-Looking Statements</div></div>” in this prospectus supplement. </div>
<div id="supprom802716_5" style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center;;text-indent: 0px;"><div style="font-weight:bold;display:inline;">RISK FACTORS </div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investing in our common shares involves a number of significant risks. Before deciding whether to invest in our common shares, you should carefully consider the risks and uncertainties described in the section titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Risk Factors</div></div>” in our most recent annual report on <a href="http://www.sec.gov/Archives/edgar/data/1736035/000173603524000006/bxsl-20231231.htm">Form <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</span></a>, as well as in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement and the accompanying prospectus in their entirety, together with other information in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. The risks described in these documents are not the only ones we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value, the trading price of our common shares and the value of our other securities could decline, and you may lose all or part of your investment. Please also read carefully the section titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cautionary Statement Regarding Forward-Looking Statements</div></div>” in this prospectus supplement. </div>
The following table is intended to assist you in understanding the fees and expenses that an investor in our common shares will bear, directly or indirectly, based on the assumptions set forth below. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement contains a reference to our fees or expenses, we will pay such fees and expenses out of our net assets and, consequently, shareholders will indirectly bear such fees or expenses as investors in us.
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"><br/></div>
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<tr>
<td style="width:84%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:11%"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="font-weight:bold;display:inline;">Shareholder transaction expenses (as a percentage of offering price):</div></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td> </tr>
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<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Sales load (as a percentage of offering price)</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.00</div>% </td>
<td style="white-space:nowrap;vertical-align:bottom">(1) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Offering expenses (as a percentage of offering price)</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.14</div>% </td>
<td style="white-space:nowrap;vertical-align:bottom">(2) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Dividend reinvestment plan expenses</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">None </div></td>
<td style="white-space:nowrap;vertical-align:bottom">(3) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="font-weight:bold;display:inline;">Total shareholder transaction expenses (as a percentage of offering price)</div></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.14%</td>
<td style="white-space:nowrap;vertical-align:bottom"></td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The sales load (underwriting discount and commission) with respect to the common shares sold in this offering is the only sales load paid in connection with this offering. Represents the maximum agent commission with respect to the common shares sold by us in this offering. </div> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The percentage reflects estimated offering expenses of approximately $0.7 million for the estimated duration of this offering and assumes we sell all $500.0 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus. </div> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(3)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Dividend Reinvestment Plan</div></div>” in the accompanying prospectus for additional information regarding our dividend reinvestment plan. </div> </td> </tr> </table>
as a percentage of offering price
as a percentage of offering price
0.01
as a percentage of offering price
0.0014
0
as a percentage of offering price
0.0114
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<tr>
<td style="width:84%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:11%"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="font-weight:bold;display:inline;">Annual expenses (as a percentage of net assets attributable to common shares) (9):</div></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Management Fee payable under the Investment Advisory Agreement</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2.19% </td>
<td style="white-space:nowrap;vertical-align:bottom">(4) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Incentive Fee payable under the Investment Advisory Agreement</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2.88% </td>
<td style="white-space:nowrap;vertical-align:bottom">(5) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Interest payments on borrowed funds</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.95% </td>
<td style="white-space:nowrap;vertical-align:bottom">(6) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">Other expenses</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.72% </td>
<td style="white-space:nowrap;vertical-align:bottom">(7)(8) </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;"><div style="font-weight:bold;display:inline;">Total annual expenses:</div></div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">11.74% </td>
<td style="white-space:nowrap;vertical-align:bottom">(8) </td> </tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td>
<td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td>
<td> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;"> </td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.20x our average net assets. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;">(5)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated based on the “Income based incentive fees” expense for the year ended December 31, 2023, and adding the “Capital gains based incentive fees” for the year ended December 31, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;"> </td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">For a more detailed discussion of the calculation of this fee, see “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Management and Other Agreement</div></div>” in the accompanying prospectus. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;">(6)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.93%, which was the weighted average interest rate for the year ended December 31, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may </div> </td> </tr> </table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div>
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<td style="vertical-align:top;text-align:left;">also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act. </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;">(7)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Management and Other Agreements — Administration Agreement</div></div>” in the accompanying prospectus. We based these expenses on estimated amounts for the current fiscal year. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;">(8)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">Estimated. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;">(9)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">Average net assets employed as the denominator for expense ratio computation is $4,474 million. The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example. </div> </td> </tr> </table>
as a percentage of net assets attributable to common shares
0.0219
0.0288
0.0595
0.0072
0.1174
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<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;"> </td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.20x our average net assets. </div> </td> </tr> </table>
Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Management and Other Agreements — Administration Agreement</div></div>” in the accompanying prospectus. We based these expenses on estimated amounts for the current fiscal year.
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<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:3%"></td>
<td></td>
<td></td>
<td></td> </tr>
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<td style="vertical-align:bottom"> </td>
<td colspan="2" style="vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1 year</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td colspan="2" style="vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3 years</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td colspan="2" style="vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">5 years</div></div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td colspan="2" style="vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">10 years</div></div></td>
<td style="vertical-align:bottom"> </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income (1)</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">97</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">259</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">409</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">736</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td> </tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains (2)</div> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">124</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">326</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">501</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">847</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;;text-indent: 0px;"> </div>
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<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses. </div> </td> </tr> </table>
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<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). </div> </td> </tr> </table>
97
259
409
736
124
326
501
847
<div id="supprom802716_11" style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: center;;text-indent: 0px;"><div style="font-weight:bold;display:inline;">SENIOR SECURITIES </div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">The information in “Item 8. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 11—Financial Highlights and Senior Securities” of the Company’s Annual Report on <a href="http://www.sec.gov/Archives/edgar/data/1736035/000173603524000006/bxsl-20231231.htm#i33edc808e7824948b94b269ed713a939_7">Form <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</span></a> for the year ended December 31, 2023 is incorporated herein by reference. Such information should be read in conjunction with Part I, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on <a href="http://www.sec.gov/Archives/edgar/data/1736035/000173603524000006/bxsl-20231231.htm#i33edc808e7824948b94b269ed713a939_7"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Form 10-K</span></a> for the year ended December 31, 2023 as incorporated by reference in this prospectus supplement. </div></div></div>
Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee).
The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses.
Average net assets employed as the denominator for expense ratio computation is $4,474 million. The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.
The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters. The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.20x our average net assets.
Estimated.
Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “Management and Other Agreements — Administration Agreement” in the accompanying prospectus. We based these expenses on estimated amounts for the current fiscal year.
Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.93%, which was the weighted average interest rate for the year ended December 31, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act.
The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated based on the “Income based incentive fees” expense for the year ended December 31, 2023, and adding the “Capital gains based incentive fees” for the year ended December 31, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. For a more detailed discussion of the calculation of this fee, see “Management and Other Agreement” in the accompanying prospectus.
The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “Dividend Reinvestment Plan” in the accompanying prospectus for additional information regarding our dividend reinvestment plan.
The percentage reflects estimated offering expenses of approximately $0.7 million for the estimated duration of this offering and assumes we sell all $500.0 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus.
The sales load (underwriting discount and commission) with respect to the common shares sold in this offering is the only sales load paid in connection with this offering. Represents the maximum agent commission with respect to the common shares sold by us in this offering.