10-Q 1 bxsl-20220331x10q.htm 10-Q Document
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, 2022
OR
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
_______________________________________________________________________

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, smaller reporting company, or an emerging growth company. See the definition 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 Act).   YES  ☐   NO  ☒
The number of shares of Registrant’s Common Stock, $0.001 par value per share, outstanding as of May 11, 2022 was 169,479,679.



Table of Contents
  Page
PART IFINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i

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 to execute our investment strategy;
general economic, logistical and political trends and other external factors, including the current novel coronavirus ("COVID-19") pandemic, related COVID-19 variants, inflation and recent supply chain disruptions;
turmoil in Ukraine and Russia and the potential for volatility in energy prices and its impact 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 Credit BDC Advisors LLC (the “Adviser”) or any of its 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;
our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;
the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
our ability to qualify for and maintain our qualification as a regulated investment company 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, 2021 and Part II, Item 1A of this Form 10-Q. 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, except as required by applicable law. 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 “1934 Act”).
1

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Secured Lending Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
 March 31, 2022December 31, 2021
ASSETS
Investments at fair value 
Non-controlled/non-affiliated investments (cost of $9,883,310 and $9,712,367 at March 31, 2022 and December 31, 2021, respectively)
$9,988,563 $9,819,696 
Non-controlled/affiliated investments (cost of $33,069 and $32,759 at March 31, 2022 and December 31, 2021, respectively)
35,919 35,683 
Total investments at fair value (cost of $9,916,379 and $9,745,126 at March 31, 2022 and December 31, 2021, respectively)
10,024,482 9,855,379 
Cash and cash equivalents140,929 102,879 
Interest receivable from non-controlled/non-affiliated investments77,436 62,659 
Deferred financing costs13,113 13,552 
Receivable for investments sold74,978 142,878 
Other assets33 194 
Total assets$10,330,971 $10,177,541 
LIABILITIES
Debt (net of unamortized debt issuance costs of $43,111 and $45,695 at March 31, 2022 and December 31, 2021, respectively)
$5,637,422 $5,498,633 
Payable for investments purchased50,171 36,217 
Due to affiliates6,830 8,248 
Management fees payable19,227 17,812 
Income based incentive fee payable18,244 19,809 
Capital gains incentive fee payable18,069 17,389 
Interest payable14,419 39,144 
Distribution payable (Note 8)132,318 89,715 
Accrued expenses and other liabilities401 3,095 
Total liabilities5,897,101 5,730,062 
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, $0.001 par value (unlimited shares authorized; 169,691,412 and 169,274,033 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively)
170 169 
Additional paid in capital4,256,593 4,245,125 
Distributable earnings (loss)177,107 202,185 
Total net assets4,433,870 4,447,479 
Total liabilities and net assets$10,330,971 $10,177,541 
NET ASSET VALUE PER SHARE$26.13 $26.27 
The accompanying notes are an integral part of these consolidated financial statements.
2


Blackstone Secured Lending Fund
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended March 31,
20222021
Investment income:
From non-controlled/non-affiliated investments:
Interest income$170,989 $127,950 
Payment-in-kind interest income8,686 1,917 
Dividend income5,908 — 
Fee income14 843 
Total investment income185,597 130,710 
Expenses:
Interest expense40,301 21,146 
Management fees25,636 11,677 
Income based incentive fee 21,284 14,347 
Capital gains incentive fee 681 5,377 
Professional fees707 586 
Board of Trustees' fees181 131 
Administrative service expenses (Note 3)840 492 
Other general and administrative1,327 1,317 
Total expenses90,957 55,073 
Management fees waived (Note 3)(6,409)— 
Incentive fees waived (Note 3)(3,040)— 
Net expenses81,508 55,073 
Net investment income before excise tax104,089 75,637 
Excise tax expense1,386 (282)
Net investment income after excise tax102,703 75,919 
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(2,073)34,112 
Non-controlled/affiliated investments(74)(1,346)
Translation of assets and liabilities in foreign currencies735 (714)
Net unrealized appreciation (depreciation)(1,412)32,052 
Realized gain (loss):
Non-controlled/non-affiliated investments5,382 4,634 
Foreign currency transactions567 (838)
Net realized gain (loss)5,949 3,796 
Net realized and unrealized gain (loss)4,537 35,848 
Net increase (decrease) in net assets resulting from operations$107,240 $111,767 
Net investment income per share (basic and diluted)$0.61 $0.58 
Earnings per share (basic and diluted)$0.63 $0.86 
Weighted average shares outstanding (basic and diluted)169,556,923 129,967,204 
Distributions declared per share$0.78 $0.50 
The accompanying notes are an integral part of these consolidated financial statements.
3

Blackstone Secured Lending Fund
Consolidated Statements of Changes in Net Assets
(in thousands)
(Unaudited)
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2021$169 $4,245,125 $202,185 $4,447,479 
Issuance of common shares— — — — 
Reinvestment of dividends11,468 — 11,469 
Net investment income — — 102,703 102,703 
Net realized gain (loss) on investments— — 5,949 5,949 
Net change in unrealized appreciation (depreciation) on investments— — (1,412)(1,412)
Dividends declared from net investment income— — (132,318)(132,318)
Balance, March 31, 2022$170 $4,256,593 $177,107 $4,433,870 
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2020$130 $3,232,562 $35,117 $3,267,809 
Issuance of common shares— — — — 
Reinvestment of dividends— 11,179 — 11,179 
Net investment income — — 75,919 75,919 
Net realized gain (loss) on investments— — 3,796 3,796 
Net change in unrealized appreciation (depreciation) on investments— — 32,052 32,052 
Dividends declared from net investment income— — (65,052)(65,052)
Balance, March 31, 2021$130 $3,243,741 $81,832 $3,325,703 

The accompanying notes are an integral part of these consolidated financial statements.
4

Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended March 31,
 20222021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$107,240 $111,767 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments2,147 (32,766)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(735)714 
Net realized (gain) loss on investments(5,382)(4,634)
Payment-in-kind interest capitalized(10,690)(1,883)
Net accretion of discount and amortization of premium(10,590)(21,143)
Amortization of deferred financing costs839 514 
Amortization of debt issuance costs2,582 1,053 
Purchases of investments(277,733)(1,097,111)
Proceeds from sale of investments and principal repayments133,142 637,037 
Changes in operating assets and liabilities:
Interest receivable(14,777)(2,471)
Receivable for investments sold67,900 38,075 
Other assets163 213 
Payable for investments purchased13,954 63,652 
Due to affiliates(342)(1,960)
Management fee payable1,419 1,400 
Income based incentive fee payable(1,566)(916)
Capital gains incentive fee payable681 5,377 
Interest payable(24,725)4,179 
Accrued expenses and other liabilities(2,698)(415)
Net cash provided by (used in) operating activities(19,171)(299,318)
Cash flows from financing activities:
Borrowings on debt136,892 1,013,526 
Repayments on debt(69)(567,590)
Deferred financing costs paid(400)(169)
Debt issuance costs paid— (409)
Deferred offering costs paid on issuance of common shares(956)— 
Dividends paid in cash(78,246)(75,458)
Proceeds from issuance of common shares— 3,403 
Net cash provided by (used in) financing activities57,221 373,303 
Net increase (decrease) in cash and cash equivalents38,050 73,985 
Effect of foreign exchange rate changes on cash and cash equivalents— (254)
Cash and cash equivalents, beginning of period102,879 217,993 
Cash and cash equivalents, end of period$140,929 $291,724 
5

Three Months Ended March 31,
 20222021
Supplemental information and non-cash activities:
Interest paid during the period$61,442 $15,190 
Subscription receivable$— $24 
Distribution payable $132,318 $65,052 
Reinvestment of distributions during the period$11,468 $11,179 
Non-cash deferred financing costs activity$— $(64)
Accrued but unpaid debt issuance costs$— $192 
Accrued but unpaid offering costs$618 $— 
Excise taxes paid$4,106 $131 
The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Corfin Holdings, Inc. (4)(11)L + 5.75%6.75%12/27/2027$270,687 $266,965 $270,010 6.09 %
Linquest Corp. (4)(5)(7)(10)L + 5.75%6.50%7/28/202817,413 17,053 17,015 0.38 
MAG DS Corp. (11)L + 5.50%6.51%4/1/202781,977 75,987 74,599 1.68 
Maverick Acquisition, Inc. (4)(7)(11)L + 6.00%7.01%6/1/202718,931 18,519 18,679 0.42 
TCFI AEVEX, LLC (4)(7)(11)L + 6.00%7.00%3/18/2026112,229 110,443 99,579 2.25 
488,967 479,882 10.82 
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.25%6/11/2027117,087 114,972 115,917 2.61 
Livingston International, Inc. (4)(6)(10)L + 5.50%6.51%4/30/2027129,833 126,875 128,535 2.90 
Mode Purchaser, Inc. (4)(11)L + 6.25%7.25%12/9/2026179,746 177,307 179,746 4.05 
R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202660,399 59,845 60,399 1.36 
RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%6.50%12/31/202824,315 23,788 23,764 0.54 
SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/20261,863 2,129 2,073 0.05 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%6.00%12/30/20265,339 5,263 5,328 0.12 
510,179 515,762 11.63 
Building Products
Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%7.00%2/26/202752,584 51,926 52,321 1.18 
Jacuzzi Brands, LLC (4)(11)L + 6.50%7.50%2/25/202594,817 93,941 94,817 2.14 
L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L + 5.75%6.50%9/1/202712,723 12,493 12,214 0.28 
Lindstrom, LLC (4)(11)L + 6.25%7.25%4/7/2025121,974 120,806 121,974 2.75 
Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%7.50%12/29/202655,278 54,402 55,278 1.25 
333,568 336,604 7.60 
Chemicals
Polymer Additives, Inc. (8)L + 6.00%6.30%7/31/202524,115 23,446 23,190 0.52 
VDM Buyer, Inc. (4)(11)E + 6.75%7.75%4/22/202523,718 26,428 25,863 0.58 
VDM Buyer, Inc. (4)(11)L + 6.75%7.75%4/22/202562,289 61,654 61,043 1.38 
111,528 110,096 2.48 
7

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies
Bazaarvoice, Inc. (4)(7)(8)L + 5.75%5.87%5/7/2028230,306 230,306 230,306 5.19 
Java Buyer, Inc. (4)(7)(10)L + 5.75%6.63%12/15/20274,227 4,121 4,116 0.09 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/20284,975 4,903 4,938 0.11 
JSS Holdings, Inc. (4)(11)L + 6.25%7.25%12/17/2028288,089 284,582 285,929 6.45 
Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/10/20275,372 5,237 5,230 0.12 
KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.25%10/19/202821,762 21,343 21,327 0.48 
The Action Environmental Group, Inc. (4)(7)(11)L + 6.25%7.25%1/16/2026105,486 103,453 102,793 2.32 
The Action Environmental Group, Inc. (4)(5)(12)L + 6.00%7.25%1/16/202611,247 11,199 11,022 0.25 
Veregy Consolidated, Inc. (4)(11)L + 6.00%7.00%11/2/202721,046 20,578 20,625 0.47 
685,722 686,286 15.48 
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%6.00%12/31/202722,331 21,773 22,093 0.50 
Containers & Packaging
Ascend Buyer, LLC (4)(7)(10)L + 5.75%6.76%9/30/202819,353 18,964 19,038 0.43 
Distributors
BP Purchaser, LLC (4)(10)L + 5.50%6.25%12/10/20287,388 7,246 7,240 0.16 
Bution Holdco 2, Inc. (4)(11)L + 6.25%7.25%10/17/202573,746 72,875 73,193 1.65 
Dana Kepner Company, LLC (4)(11)L + 6.25%7.25%12/29/202663,783 62,774 64,261 1.45 
Genuine Cable Group, LLC (4)(7)(10)L + 5.75%6.50%11/2/2026166,358 163,169 164,553 3.71 
Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10)L + 5.50%6.25%12/23/20285,252 5,140 5,148 0.12 
NDC Acquisition Corp. (4)(7)(11)L + 5.75%6.76%3/9/202713,664 13,277 13,493 0.30 
Tailwind Colony Holding Corporation (4)(7)(11)SOFR + 6.25%7.25%11/13/202439,314 38,968 38,724 0.87 
Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75%6/30/202595,136 93,785 93,709 2.11 
457,234 460,321 10.37 
Diversified Consumer Services
Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.25%7/20/2028314,370 311,419 314,370 7.09 
Dreambox Learning Holding LLC (4)(5)(10)L + 6.25%7.00%12/1/20277,087 6,952 6,945 0.16 
Go Car Wash Management Corp. (4)(7)(11)L + 5.75%6.75%12/31/202615,734 15,329 15,454 0.35 
333,700 336,769 7.60 
Diversified Financial Services
Barbri Holdings, Inc. (4)(10)L + 5.75%6.50%4/30/202865,059 63,896 64,408 1.45 
SelectQuote, Inc. (4)(7)(10)L + 5.00%5.75%11/5/202475,591 74,255 70,437 1.59 
138,151 134,845 3.04 
Diversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/202887,013 84,536 84,346 1.90 
8

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.50%3/26/202732,050 31,317 31,645 0.71 
Electrical Equipment
Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%6.50%8/17/202864,838 63,485 63,354 1.43 
Radwell International, LLC (4)(6)(7)(10)L + 5.25%6.00%7/13/2027109,850 109,488 109,850 2.48 
Shoals Holdings, LLC (4)(11)L + 3.25%4.25%11/25/202684,145 82,408 84,490 1.91 
255,381 257,694 5.82 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%7.00%12/23/2026109,875 107,954 105,691 2.38 
Energy Equipment & Services
Abaco Energy Technologies, LLC (4)(13)L + 7.00% (incl. 1.00% PIK)8.50%10/4/202448,367 47,645 48,367 1.09 
Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.25%9/10/202517,790 17,721 17,790 0.40 
65,366 66,157 1.49 
Health Care Equipment & Supplies
CPI Buyer, LLC (4)(7)(10)L + 5.50%6.25%11/1/202829,497 28,802 28,765 0.65 
GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%6.30%9/13/202721,890 21,417 21,377 0.48 
50,219 50,142 1.13 
Health Care Providers & Services
ACI Group Holdings, Inc. (4)(5)(7)(10)L + 5.50%6.51%8/2/2028109,016 106,475 108,012 2.44 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%7.25%5/7/20278,588 8,419 8,471 0.19 
Amerivet Partners Management, Inc. (4)(5)(7)(10)SOFR + 5.50%6.25%2/25/20285,000 4,856 4,853 0.11 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)C + 4.50%5.68%4/14/2028C$27,629 21,331 21,280 0.48 
CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.00%12/21/20289,758 9,553 9,544 0.22 
Cross Country Healthcare, Inc. (4)(10)L + 5.75%6.50%6/8/202729,545 29,035 29,545 0.67 
DCA Investment Holdings, LLC (4)(7)(10)L + 6.25%7.00%3/12/202730,246 29,868 29,922 0.67 
Epoch Acquisition, Inc. (4)(11)L + 6.00%7.00%10/4/202424,497 24,355 24,497 0.55 
Healthcomp Holding Company, LLC (4)(5)(7)(11)L + 5.75%6.75%10/27/2026104,813 102,600 104,813 2.36 
Jayhawk Buyer, LLC (4)(11)L + 5.00%6.01%10/15/2026153,836 151,078 152,297 3.43 
Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.25%7/16/2027203,032 201,256 203,032 4.58 
Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202518,672 18,482 18,486 0.42 
Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/1/202728,977 28,393 28,405 0.64 
Smile Doctors, LLC (4)(7)(10)L + 5.75%6.50%12/1/202810,301 10,072 10,073 0.23 
9

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%6.75%6/1/2028264,000 255,589 261,390 5.90 
SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%6.75%6/18/202812,195 11,831 11,917 0.27 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.50%1/2/20292,277 2,220 2,218 0.05 
The Fertility Partners, Inc. (4)(5)(6)(7)(10)C + 5.75%6.50%3/16/2029C$5,000 3,816 3,951 0.09 
The Fertility Partners, Inc. (4)(5)(6)(10)L + 5.75%6.50%3/16/20285,000 4,901 4,900 0.11 
The GI Alliance Management, LLC (4)(11)L + 6.25%7.25%11/4/2024271,566 266,979 271,566 6.12 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.25%11/18/202732,982 32,187 32,322 0.73 
WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%6.50%6/22/202856,401 55,191 55,665 1.26 
1,378,487 1,397,159 31.52 
Health Care Technology
Edifecs, Inc. (4)(11)L + 7.00%8.00%9/21/2026220,838 216,720 227,463 5.13 
Edifecs, Inc. (4)(10)L + 5.50%6.25%9/21/202613,703 13,451 13,497 0.30 
GI Ranger Intermediate, LLC (4)(7)(10)L + 6.00%6.75%10/29/202815,162 14,799 14,960 0.34 
NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.75%3/1/202871,173 68,971 69,991 1.58 
Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.00%3/3/20288,525 8,489 8,453 0.19 
322,430 334,364 7.54 
Insurance
Alera Group, Inc. (4)(7)(10)L + 5.50%6.25%9/30/20283,703 3,669 3,666 0.08 
Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%6.75%8/12/202710,474 10,260 10,077 0.23 
Foundation Risk Partners Corp. (4)(7)(10)L + 5.75%6.50%10/29/202825,509 25,110 25,084 0.57 
Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%6.26%9/24/202826,522 25,835 25,934 0.58 
High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%4/14/202854,650 53,458 53,997 1.22 
Integrity Marketing Acquisition, LLC (4)(5)(7)(10)L + 5.50%6.27%8/27/2025113,438 111,981 112,657 2.54 
Integrity Marketing Acquisition, LLC (4)(5)(11)L + 5.75%6.75%8/27/202519,829 19,607 19,734 0.45 
Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(10)C + 4.25%5.00%3/28/2028C$68,068 53,274 52,450 1.18 
PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%6.25%10/14/20283,491 3,407 3,406 0.08 
SG Acquisition, Inc. (4)(9)L + 5.00%6.01%1/27/2027110,586 109,221 110,586 2.49 
Tennessee Bidco Limited (4)(5)(6)(8)L + 7.00%7.53%8/3/202864,234 62,625 62,789 1.42 
Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.28%7.97%8/3/2028£28,977 38,025 37,044 0.84 
Westland Insurance Group LTD (4)(5)(6)(11)L + 7.00%8.00%1/5/202742,483 39,416 41,527 0.94 
Westland Insurance Group LTD (4)(5)(6)(7)(11)C + 7.00%8.00%1/5/2027C$102,556 75,133 82,526 1.86 
631,021 641,477 14.48 
Interactive Media & Services
Bungie, Inc. (4)(11)L + 6.25%7.25%8/28/202447,200 46,859 47,672 1.08 
10

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)SOFR + 6.00%7.00%12/29/2026324,937 319,795 324,937 7.33 
IT Services
AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%6.25%12/13/20285,423 5,306 5,302 0.12 
AI Altius Bidco, Inc. (4)(5)(7)(8)9.75% PIK9.75%12/21/2029815 792 790 0.02 
Inovalon Holdings, Inc. (4)(7)(10)L + 6.25%7.00%11/24/2028104,260 101,666 101,515 2.29 
Razor Holdco, LLC (4)(10)L + 5.75%6.50%10/25/202747,681 46,796 46,727 1.05 
Red River Technology, LLC (4)(7)(11)L + 6.00%7.00%5/26/202781,399 80,135 76,922 1.73 
Turing Holdco, Inc. (4)(5)(6)(7)(8)E + 6.00%6.24%8/3/202813,039 14,511 14,211 0.32 
Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%6.24%8/3/20288,437 8,201 8,310 0.19 
257,407 253,777 5.72 
Machinery
MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%7.04%7/21/20273,306 3,242 3,236 0.07 
Marine
Armada Parent, Inc. (4)(7)(10)L + 5.75%6.50%10/29/202725,125 24,584 24,543 0.55 
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.75%11/26/2024150,862 149,661 150,862 3.40 
Paper & Forest Products
Profile Products, LLC (4)(7)(10)L + 5.50%6.25%11/12/20276,138 5,995 5,985 0.13 
Professional Services
ALKU, LLC (4)(10)L + 5.25%6.00%3/1/2028117,849 116,735 117,554 2.65 
ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%7.00%5/3/202713,870 13,610 13,593 0.31 
BPPH2 Limited (4)(5)(6)(8)L + 6.75%7.31%3/2/2028£26,300 35,527 34,974 0.79 
CFGI Holdings, LLC (4)(7)(10)L + 5.25%6.00%11/1/20277,656 7,482 7,527 0.17 
Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%6.26%8/26/202716,848 16,494 16,456 0.37 
Guidehouse, Inc. (4)(5)(10)L + 5.50%6.25%10/16/2028345,288 342,062 341,836 7.71 
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)L + 6.00%7.10%8/17/202734,183 33,543 34,121 0.77 
IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%7.01%9/22/202847,805 46,880 47,552 1.07 
Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.50%6.25%12/14/202819,500 19,079 19,060 0.43 
Legacy Intermediate, LLC (4)(5)(6)(7)(10)SOFR + 5.75%6.50%2/25/20285,200 5,069 5,066 0.11 
Material Holdings, LLC (4)(5)(7)(10)L + 5.75%6.76%8/19/202727,630 27,113 27,054 0.61 
Sherlock Buyer Corp. (4)(7)(10)L + 5.75%6.50%12/8/20288,638 8,425 8,415 0.19 
Thevelia US, LLC (5)(6)(9)L + 4.00%4.50%2/9/20291,316 1,303 1,302 0.03 
Titan Investment Company, Inc. (4)(5)(8)L + 5.75%6.69%3/20/202742,352 40,764 42,352 0.96 
Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%6.00%6/29/202772,377 70,882 70,481 1.59 
Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%6.50%12/21/20284,658 4,555 4,551 0.10 
West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.25%11/8/202815,297 15,014 14,997 0.34 
804,537 806,891 18.20 
11

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L + 5.75%6.76%5/26/202755,727 54,290 55,475 1.25 
Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.00%2/16/202870,324 68,819 69,445 1.57 
123,109 124,920 2.82 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.25%7/1/202827,472 26,804 27,065 0.61 
Software
AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.01%12/3/202742,438 41,602 41,466 0.94 
Community Brands ParentCo, LLC (4)(5)(7)(10)SOFR + 5.75%6.50%2/24/20285,000 4,902 4,887 0.11 
Confine Visual Bidco (4)(6)(7)(10)SOFR + 5.75%6.50%2/23/202915,550 15,035 15,032 0.34 
Connatix Buyer, Inc. (4)(5)(7)(10)L + 5.50%6.25%7/14/202737,623 36,769 37,407 0.84 
Diligent Corporation (4)(11)L + 5.75%6.76%8/4/202559,400 58,760 58,955 1.33 
Episerver, Inc. (4)(5)(7)(11)L + 5.50%6.51%4/9/20269,717 9,572 9,570 0.22 
Experity, Inc. (4)(5)(7)(10)L + 5.75%6.50%7/22/202715,120 14,817 14,788 0.33 
Gigamon Inc. (4)(7)(10)SOFR + 5.75%6.78%3/11/20297,692 7,535 7,530 0.17 
GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%6.25%12/1/20285,000 4,871 4,865 0.11 
GraphPAD Software, LLC (4)(7)(11)L + 5.50%6.50%4/27/202726,815 26,434 26,451 0.60 
LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%7.51%2/8/202693,164 91,727 93,164 2.10 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L + 3.75%4.25%7/6/20288,678 8,560 8,548 0.19 
Medallia, Inc. (4)(7)(10)L + 6.75% PIK7.50%10/29/2028330,061 323,912 323,362 7.29 
Monk Holding Co. (4)(7)(10)L + 5.75%6.50%12/1/20274,889 4,749 4,744 0.11 
MRI Software, LLC (5)(7)(11)L + 5.50%6.51%2/10/202628,045 27,907 27,947 0.63 
Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/202834,475 33,823 33,786 0.76 
Relativity ODA, LLC (4)(7)(11)L + 6.50% PIK7.50%5/12/202719,616 19,157 19,273 0.43 
Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%6.75%8/30/202849,875 48,898 49,180 1.11 
Spitfire Parent, Inc. (4)(5)(11)E + 5.50%6.50%3/11/202710,421 12,385 11,479 0.26 
Spitfire Parent, Inc. (4)(7)(11)L + 5.50%6.60%3/11/202761,096 59,986 60,393 1.36 
Spitfire Parent, Inc. (4)(13)L + 5.50%7.00%3/11/20279,633 9,453 9,537 0.22 
Stamps.com, Inc. (4)(10)L + 5.75%6.50%10/5/2028290,278 284,875 287,376 6.48 
The NPD Group L.P. (4)(7)(10)L + 6.00%6.75%11/9/2028122,600 119,777 119,963 2.71 
Triple Lift, Inc. (4)(7)(10)L + 5.75%6.50%5/6/202862,764 61,501 61,982 1.40 
1,327,007 1,331,685 30.04 
Specialty Retail
CustomInk, LLC (4)(11)L + 6.21%7.21%5/3/2026163,594 161,795 161,549 3.64 
12

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)L + 6.75%7.75%2/28/202685,103 84,198 84,252 1.90 
Trading Companies & Distributors
Porcelain Acquisition Corp. (4)(7)(11)L + 5.75%6.75%4/30/202755,702 53,961 54,918 1.24 
The Cook & Boardman Group, LLC (11)L + 5.75%6.75%10/17/202549,510 49,239 48,334 1.09 
103,200 103,252 2.33 
Transportation Infrastructure
Capstone Logistics, LLC (7)(11)L + 4.75%5.75%11/12/20275,600 5,563 5,610 0.13 
Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.67%5/3/202790,841 89,301 87,435 1.97 
Helix TS, LLC (4)(7)(10)L + 5.75%6.76%8/4/202739,777 39,060 39,055 0.88 
Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%6.75%10/19/202750,932 50,059 50,380 1.14 
Safety Borrower Holdings LP (4)(5)(7)(11)L + 5.75%6.75%9/1/20274,278 4,232 4,227 0.10 
Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.50%9/24/202738,229 37,338 37,272 0.84 
TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%6.51%7/9/202739,585 38,827 38,722 0.87 
264,380 262,701 5.93 
Total First Lien Debt$9,729,069 $9,783,698 220.67 %
Second Lien Debt
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)L + 8.75%9.76%12/31/2028$7,517 $7,375 $7,517 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.50%8.50%4/15/2029C$10,533 8,286 8,412 0.19 
Jayhawk Buyer, LLC (4)(11)L + 8.75%9.75%10/15/20275,183 5,093 5,144 0.12 
13,379 13,556 0.31 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%7.50%11/1/20299,619 9,525 9,523 0.21 
Insurance
Jones Deslauriers Insurance Management, Inc. (5)(6)(9)C + 7.50%8.38%3/26/2029C$28,470 22,232 22,394 0.51 
IT Services
Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK11.25%11/24/20339,446 9,179 9,163 0.21 
Software
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L + 6.50%7.00%7/6/20293,550 3,494 3,485 0.08 
Total Second Lien Debt$65,184 $65,638 1.49 %
Warrants
Software
Mermaid EquityCo L.P. - Class B Units (4)4,551 $865 $8,965 0.20 %
Total Warrants$865 $8,965 0.20 %
13

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Equity
Aerospace & Defense
Micross Topco, Inc. (4)2,137,866 $4,767 $4,767 0.11 %
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)902 902 971 0.02 
Mode Holdings, L.P. - Class A-2 Common Units (4)5,486,923 5,487 9,876 0.22 
6,389 10,847 0.24 
Distributors
Box Co-Invest Blocker, LLC (4)702,305 702 720 0.02 
EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,358 7,776 0.18 
4,060 8,496 0.20 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 15,100 0.34 
Deneb Ultimate Topco, LLC - Class A Units (4)213 213 219 0.00 
12,528 15,319 0.34 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)8,419 7,140 7,140 0.16 
Point Broadband Holdings, LLC - Class B Units (4)448,614 1,279 1,279 0.03 
8,419 8,419 0.19 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 461 0.01 
Health Care Providers & Services
AVE Holdings I Corp. (4)625,944 607 607 0.01 
Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 627 0.01 
Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 338 0.01 
1,210 1,572 0.03 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.06 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 16,058 0.36 
OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 3,500 0.08 
18,633 19,558 0.44 
14

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread
Interest Rate 
(2)(14)
Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Equity (continued)
Software
Connatix Parent, LLC - Class L Common Units (4)42,045 462 590 0.01 
Expedition Holdco, LLC (4)90,090 90 90 0.00 
Lobos Parent, Inc. - Series A Preferred Shares (4)1,545 1,506 1,560 0.04 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4)3,550,000 3,444 3,692 0.08 
Mermaid Equity Co. L.P. - Class A-2 Common Units (4)14,849,355 14,849 42,765 0.96 
20,351 48,697 1.09 
Specialty Retail
CustomInk, LLC - Series A Preferred Units (4)384,520 5,200 6,272 0.14 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)27,536 2,909 2,628 0.06 
Ncp Helix Holdings, LLC. - Preferred Shares (4)369 372 372 0.01 
3,281 3,000 0.07 
Total Equity Investments$88,192 $130,262 2.92 %
Total Investments - non-controlled/non-affiliated$9,883,310 $9,988,563 225.28 %
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(15)$33,069 $35,919 0.81 %
Total Equity$33,069 $35,919 0.81 %
Total Investments - non-controlled/affiliated$33,069 $35,919 0.81 %
Total Investment Portfolio$9,916,379 $10,024,482 226.09 %
Cash and Cash Equivalents
Other Cash and Cash Equivalents$140,929 $140,929 3.18 %
Total Portfolio Investments, Cash and Cash Equivalents$10,057,308 $10,165,411 229.27 %

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. 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 is presented for debt investments, while the number of shares or units 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 LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR"), 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, 2022. Variable rate loans typically include an interest reference rate floor feature. As of March 31, 2022, 95.3% of the portfolio at fair value had a base rate floor above zero. For each such loan, the Company has provided the interest rate in effect on the date presented.
(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 ("U.S. 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 (the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
15

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
(5)These debt 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.
(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, 2022, non-qualifying assets represented 10.3% of total assets as calculated in accordance with regulatory requirements.
(7)Position or portion thereof is an unfunded loan 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 loan 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—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
First Lien Debt
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/2023$39,937 $— 
ACI Group Holdings, Inc.Revolver8/2/202711,567 (116)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023522 — 
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20271,301 (26)
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/20231,302 (13)
Albireo Energy, LLCDelayed Draw Term Loan6/23/202233,799 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/202828 — 
Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/20243,503 (35)
Amerivet Partners Management, Inc.Revolver2/25/2028589 (12)
Armada Parent, Inc.Delayed Draw Term Loan10/29/20232,500 (25)
Armada Parent, Inc.Revolver10/29/20272,750 — 
Ascend Buyer, LLCRevolver9/30/20271,617 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949 (59)
AxiomSL Group, Inc.Revolver12/3/20253,221 (64)
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202235,614 — 
Bazaarvoice, Inc.Revolver5/7/202628,662 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20232,985 (30)
Cambium Learning Group, Inc. Revolver7/20/202843,592 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20235,354 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20273,159 — 
Capstone Logistics, LLCDelayed Draw Term Loan11/12/2027338 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20231,920 (19)
CFGI Holdings, LLCDelayed Draw Term Loan11/2/20271,200 (12)
CFGI Holdings, LLCRevolver11/2/20271,050 (21)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/20243,668 — 
Clearview Buyer, Inc.Revolver2/26/2027898 — 
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/2024588 (6)
Community Brands ParentCo, LLCRevolver2/24/2028345 (7)
Confine Visual Bidco Delayed Draw Term Loan3/11/20243,418 (51)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202310,900 (109)
Connatix Buyer, Inc.Revolver7/14/20275,431 — 
COP Home Services TopCo IV, Inc. Revolver12/31/20251,331 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/20238,747 — 
CPI Buyer, LLCRevolver11/1/20263,214 (64)
Cumming Group, Inc.Delayed Draw Term Loan5/26/202727,409 — 
Cumming Group, Inc.Revolver5/26/202710,805 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20233,221 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700 — 
Episerver, Inc.Revolver4/9/20262,064 (26)
Experity, Inc.Revolver2/24/20281,495 (30)
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/2023884 — 
16

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
First Lien Debt (continued)
Foundation Risk Partners Corp.Revolver10/29/20272,382 (36)
Frontline Road Safety, LLC - ADelayed Draw Term Loan5/3/20273,419 — 
Frontline Road Safety, LLC - BDelayed Draw Term Loan5/3/202226,351 — 
Galway Borrower, LLCDelayed Draw Term Loan9/30/20233,600 — 
Galway Borrower, LLCRevolver9/30/20272,113 (42)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 — 
Genuine Cable Group, LLCDelayed Draw Term Loan4/1/202314,206 — 
GI Consilio Parent, LLC Revolver5/14/20264,200 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/29/20234,000 — 
GI Ranger Intermediate, LLCRevolver10/29/20271,080 — 
Gigamon Inc.Revolver3/11/2028437 (9)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/20238,028 — 
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 — 
GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
GraphPAD Software, LLCRevolver4/27/20272,124 — 
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20232,310 — 
Gruden Acquisition, Inc.Revolver7/1/20262,775 — 
Healthcomp Holding Company, LLCDelayed Draw Term Loan12/29/202328,515 — 
Helix TS, LLCDelayed Draw Term Loan8/3/202312,736 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)
HIG Orca Acquisition Holdings, Inc.Revolver8/17/2027740 — 
High Street Buyer, Inc.Delayed Draw Term Loan4/16/202819,469 — 
High Street Buyer, Inc.Revolver4/16/20272,254 (45)
IG Investments Holdings, LLCRevolver9/22/20272,866 — 
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202512,762 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/20232,731 — 
Jones Deslauriers Insurance Management, Inc.Delayed Draw Term Loan3/27/202815,248 — 
Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/2023661 — 
Knowledge Pro Buyer, Inc.Revolver12/10/20272,121 (21)
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/20231,188 — 
L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/20224,088 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
Legacy Intermediate, LLCDelayed Draw Term Loan2/25/20232,000 (20)
Legacy Intermediate, LLCRevolver2/25/2028958 (10)
Linquest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Mandolin Technology Intermediate Holdings, Inc.Delayed Draw Term Loan11/2/20271,200 (12)
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/20281,336 — 
Material Holdings, LLC Delayed Draw Term Loan8/19/20233,533 — 
Material Holdings, LLCRevolver8/17/20271,201 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20236,243 — 
Medallia, Inc.Delayed Draw Term Loan10/29/20234,878 — 
MHE Intermediate Holdings, LLCDelayed Draw Term Loan7/21/2023170 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027257 — 
Monk Holding Co.Delayed Draw Term Loan8/12/20232,230 — 
17

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
First Lien Debt (continued)
MRI Software, LLCRevolver2/10/20261,516 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202365,988 — 
NDC Acquisition Corp.Revolver3/9/20273,425 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20233,388 — 
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/20281,179 — 
PGIS Intermediate Holdings, LLCRevolver10/16/2028330 (3)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202339,309 (491)
Porcelain Acquisition Corp.Delayed Draw Term Loan4/30/202214,481 — 
Profile Products, LLCDelayed Draw Term Loan11/12/20271,340 — 
Profile Products, LLCRevolver11/12/2027830 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20235,917 — 
R1 Holdings, LLCDelayed Draw Term Loan4/19/20228,886 — 
Radwell International, LLCDelayed Draw Term Loan7/13/20239,740 — 
Radwell International, LLCRevolver7/13/202711,458 — 
Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — 
Relativity ODA, LLCRevolver5/12/20273,292 (49)
Relay Purchaser, LLCRevolver8/30/20267,143 (71)
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/20234,240 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)
Safety Borrower Holdings LPDelayed Draw Term Loan9/1/2022932 — 
Safety Borrower Holdings LPRevolver9/1/2027280 — 
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202333,600 — 
Sam Holding Co, Inc.Revolver3/24/20276,000 (120)
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2022718 — 
SEKO Global Logistics Network, LLCRevolver12/30/2026396 — 
SelectQuote, Inc. Delayed Draw Term Loan11/3/202216,067 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)
Sherlock Buyer Corp.Revolver12/8/20271,111 (22)
Smile Doctors, LLCDelayed Draw Term Loan12/21/2023806 — 
Smile Doctors, LLCRevolver12/21/20271,139 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202386,000 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,260 — 
SpecialtyCare, Inc.Revolver6/18/20261,047 — 
Spitfire Parent, Inc.Delayed Draw Term Loan9/4/20229,222 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023748 (7)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026282 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/20223,752 — 
TCFI AEVEX, LLCDelayed Draw Term Loan11/7/202230,445 (304)
Tennessee Bidco Limited - GBPDelayed Draw Term Loan8/3/202829,534 — 
The Action Environmental Group, Inc.Delayed Draw Term Loan1/16/202629,158 — 
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/2024694 (6)
The Fertility Partners, Inc.Revolver9/16/2027278 (5)
The NPD Group L.P. Revolver12/1/20279,260 (63)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202315,514 — 
Trinity Air Consultants Holdings Corp.Revolver6/29/20276,881 — 
18

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
First Lien Debt (continued)
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)
Triple Lift, Inc.Revolver5/6/20287,698 (154)
TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20286,886 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/202312,338 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (48)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCRevolver11/9/20271,155 — 
Westland Insurance Group LTDDelayed Draw Term Loan7/5/202248,146 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202310,490 — 
WHCG Purchaser III, Inc.Revolver6/22/20266,723 (67)
Total Unfunded Commitments  $1,258,359 $(3,357)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of March 31, 2022 was 0.50%.
(10)The interest rate floor on these investments as of March 31, 2022 was 0.75%.
(11)The interest rate floor on these investments as of March 31, 2022 was 1.00%.
(12)The interest rate floor on these investments as of March 31, 2022 was 1.25%.
(13)The interest rate floor on these investments as of March 31, 2022 was 1.50%.
(14)For unsettled positions the interest rate does not include the base rate.
(15)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. As of March 31, 2022, the Company does not “control” any of these portfolio companies. 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, 2022, the Company’s non-controlled/affiliated investments were as follows:

Fair value
as of December 31, 2021
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)
Fair value
as of March 31, 2022
Dividend and Interest Income
Non-controlled/Affiliated Investments
Blackstone Donegal Holdings LP$35,683 $310 $— $(74)$35,919 $— 
Total$35,683 $310 $ $(74)$35,919 $ 


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

19

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Corfin Holdings, Inc. (4)(11)L + 6.00%7.00%12/27/2027$271,375 $267,405 $270,697 6.09 %
Linquest Corp. (4)(5)(7)(10)L + 5.75%6.50%7/28/202817,456 17,082 17,057 0.38 
MAG DS Corp. (11)L + 5.50%6.50%4/1/202783,707 77,289 77,011 1.73 
Maverick Acquisition, Inc. (4)(7)(11)L + 6.00%7.00%6/1/202718,969 18,524 18,717 0.42 
TCFI AEVEX, LLC (4)(7)(11)L + 6.00%7.00%3/18/2026112,572 110,659 101,424 2.28 
490,960 484,905 10.90 
Air Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.25%6/11/2027117,382 115,160 116,208 2.61 
Livingston International, Inc. (4)(6)(10)L + 5.50%6.25%4/30/2027130,160 127,052 128,858 2.90 
Mode Purchaser, Inc. (4)(11)L + 6.25%7.25%12/9/2026175,204 172,734 175,204 3.94 
R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202660,540 59,948 60,540 1.36 
RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%6.50%12/31/202824,315 23,768 23,764 0.53 
SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/20261,863 2,128 2,118 0.05 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%6.00%12/30/20265,064 4,985 5,052 0.11 
505,775 511,746 11.50 
Building Products
Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%7.00%2/26/202752,717 52,010 52,453 1.18 
Jacuzzi Brands, LLC (4)(11)L + 6.50%7.50%2/25/202594,817 93,867 94,817 2.13 
L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L + 5.75%6.50%9/1/202712,755 12,514 12,500 0.28 
Latham Pool Products, Inc. (8)L + 6.00%6.10%6/18/202562,223 61,448 62,560 1.41 
Lindstrom, LLC (4)(11)L + 6.25%7.25%4/7/2025122,220 120,954 122,220 2.75 
Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%7.50%12/29/202655,418 54,488 55,418 1.25 
395,281 399,969 9.00 
Chemicals
Polymer Additives, Inc. (8)L + 6.00%6.13%7/31/202524,177 23,457 23,585 0.53 
VDM Buyer, Inc. (4)(8)L + 6.75%6.89%4/22/202523,779 26,474 26,231 0.59 
VDM Buyer, Inc. (4)(8)L + 6.75%6.88%4/22/202562,449 61,761 60,575 1.36 
111,692 110,391 2.48 
20

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies
Bazaarvoice, Inc. (4)(7)(8)L + 5.75%5.85%5/7/2028208,736 208,736 208,736 4.69 
Java Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/15/20274,019 3,891 3,891 0.09 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/20285,000 4,925 4,963 0.11 
JSS Holdings, Inc. (4)(11)L + 6.25%7.25%12/17/2028288,815 285,148 286,649 6.45 
Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/10/20275,248 5,107 5,106 0.11 
KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.25%10/19/202821,914 21,477 21,476 0.48 
The Action Environmental Group, Inc. (4)(7)(12)L + 6.00%7.25%1/16/2026117,131 114,946 113,473 2.55 
Veregy Consolidated, Inc. (11)L + 6.00%7.00%11/2/202721,099 20,610 21,152 0.48 
664,839 665,444 14.96 
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%6.00%12/31/202722,386 21,802 22,147 0.50 
Containers & Packaging
Ascend Buyer, LLC (4)(7)(10)L + 5.75%6.50%9/30/202819,400 18,995 18,980 0.43 
Distributors
BP Purchaser, LLC (4)(10)L + 5.50%6.25%12/10/20287,388 7,241 7,240 0.16 
Bution Holdco 2, Inc. (4)(11)L + 6.25%7.25%10/17/202574,059 73,123 73,503 1.65 
Dana Kepner Company, LLC (4)(11)L + 6.25%7.25%12/29/202663,945 62,880 64,104 1.44 
Genuine Cable Group, LLC (4)(7)(10)L + 5.75%6.50%11/2/2026143,539 140,399 140,654 3.16 
Marcone Yellowstone Buyer, Inc. (7)(10)L + 5.50%6.25%12/23/20285,000 4,884 4,884 0.11 
NDC Acquisition Corp. (4)(7)(11)L + 5.75%6.75%3/9/202713,699 13,373 13,562 0.30 
NDC Acquisition Corp. (4)(5)(7)(11) - Revolving Term LoanL + 5.75%6.75%3/9/2027214 133 180 0.00 
Tailwind Colony Holding Corporation (4)(7)(11)L + 7.50%8.50%11/13/202439,408 39,028 38,619 0.87 
Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75%6/30/202595,336 93,908 94,860 2.13 
434,969 437,605 9.82 
Diversified Consumer Services
Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.25%7/20/2028315,160 312,049 315,160 7.09 
Dreambox Learning Holding, LLC (4)(10)L + 6.25%7.00%12/1/20277,087 6,937 6,945 0.16 
Go Car Wash Management Corp. (4)(7)(11)L + 5.75%6.75%12/31/202611,073 10,697 10,686 0.24 
329,683 332,791 7.49 
Diversified Financial Services
Barbri Holdings, Inc. (4)(10)L + 5.75%6.50%4/30/202860,563 59,349 59,957 1.35 
SelectQuote, Inc. (4)(7)(10)L + 5.00%5.75%11/5/202475,780 74,223 75,539 1.70 
133,572 135,496 3.05 
Diversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/202887,231 84,655 84,559 1.90 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.50%3/26/202732,126 31,352 31,745 0.71 
21

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Electrical Equipment
Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%6.50%8/17/202865,000 63,593 63,513 1.43 
Radwell International, LLC (4)(6)(7)(10)L + 5.50%6.25%7/13/2027116,011 115,547 115,620 2.60 
Shoals Holdings, LLC (4)(11)L + 3.25%4.25%11/25/202684,359 82,607 84,781 1.91 
261,747 263,914 5.94 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%7.00%12/23/2026110,153 108,127 108,195 2.43 
Energy Equipment & Services
Abaco Energy Technologies, LLC (4)(11)L + 7.50% (incl. 1.00% PIK)8.50%10/4/202448,391 47,597 47,544 1.07 
Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.25%9/10/202517,790 17,716 17,790 0.40 
65,314 65,333 1.47 
Health Care Equipment & Supplies
CPI Buyer, LLC (4)(7)(10)L + 5.50%6.25%11/1/202829,500 28,777 28,767 0.65 
GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%6.25%9/13/202721,945 21,453 21,431 0.48 
50,230 50,198 1.13 
Health Care Providers & Services
ACI Group Holdings, Inc. (4)(5)(7)(10)L + 5.50%6.25%8/2/2028109,290 106,643 107,682 2.42 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%7.25%5/7/20278,247 8,069 8,129 0.18 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)L + 4.50%5.50%4/14/2028C$27,052 21,291 21,430 0.48 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11) - Revolving Term LoanC + 5.25%6.25%4/14/2028C$547 399 388 0.01 
CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.00%12/21/20289,728 9,515 9,514 0.21 
Cross Country Healthcare, Inc. (4)(10)L + 5.75%6.50%6/8/202729,545 29,010 29,250 0.66 
DCA Investment Holdings, LLC (4)(7)(10)L + 6.25%7.00%3/12/202724,471 24,128 24,203 0.54 
Epoch Acquisition, Inc. (4)(11)L + 6.75%7.75%10/4/202424,560 24,404 24,560 0.55 
Healthcomp Holding Company, LLC (4)(5)(7)(11)L + 5.75%6.75%10/27/2026105,078 102,655 105,078 2.36 
Jayhawk Buyer, LLC (4)(11)L + 5.00%6.00%10/15/2026154,227 151,312 152,685 3.43 
Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.25%7/16/2027201,924 200,061 200,915 4.52 
Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202520,489 20,274 20,489 0.46 
Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/1/202728,977 28,368 28,364 0.64 
Smile Doctors, LLC (4)(7)(10)L + 5.75%6.50%12/1/20289,449 9,221 9,233 0.21 
Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%6.75%6/1/2028264,000 255,148 258,750 5.82 
SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%6.75%6/18/202812,225 11,844 11,975 0.27 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.50%1/2/20292,188 2,129 2,129 0.05 
The GI Alliance Management, LLC (4)(11)L + 6.25%7.25%11/4/2024272,257 267,352 270,216 6.08 
US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.25%11/18/202732,982 32,152 32,238 0.72 
22

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%6.50%6/22/202846,608 45,438 45,352 1.02 
1,349,412 1,362,579 30.63 
Health Care Technology
Edifecs, Inc. (4)(11)L + 7.00%8.00%9/21/2026221,397 217,041 228,039 5.13 
Edifecs, Inc. (4)(10)L + 5.50%6.25%9/21/202613,703 13,437 13,428 0.30 
GI Ranger Intermediate, LLC (4)(7)(10)L + 6.00%6.75%10/29/202813,080 12,782 12,774 0.29 
NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.75%3/1/202871,173 68,879 69,279 1.56 
Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.00%3/3/20288,547 8,509 8,549 0.19 
320,649 332,069 7.47 
Insurance
Alera Group, Inc. (4)(7)(10)L + 5.50%6.25%9/30/20283,713 3,678 3,676 0.08 
Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%6.75%8/12/202710,500 10,276 10,260 0.23 
Foundation Risk Partners Corp. (4)(7)(10)L + 5.75%6.50%10/29/202824,286 23,881 23,891 0.54 
Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%6.00%9/24/202824,059 22,882 22,993 0.52 
High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%4/14/202849,854 48,869 48,741 1.10 
Integrity Marketing Acquisition, LLC (4)(5)(7)(10)L + 5.50%6.25%8/27/2025113,724 112,245 113,109 2.54 
Integrity Marketing Acquisition, LLC (4)(5)(11)L + 5.75%6.75%8/27/202519,879 19,640 19,829 0.45 
Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(10)C + 4.25%5.00%3/28/2028C$68,239 53,248 53,799 1.21 
PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%6.25%10/14/20283,373 3,288 3,290 0.07 
SG Acquisition, Inc. (4)(9)L + 5.00%5.50%1/27/2027110,586 109,152 110,309 2.48 
Tennessee Bidco Limited (4)(5)(6)(8)L + 7.00%7.15%8/3/202863,529 61,854 61,623 1.39 
Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.00%7.05%8/3/2028£25,848 33,898 33,663 0.76 
Westland Insurance Group LTD (4)(5)(6)(11)L + 7.00%8.00%1/5/202742,483 39,257 41,315 0.93 
Westland Insurance Group LTD (4)(5)(6)(7)(11)C + 7.00%8.00%1/5/2027C$96,704 68,874 74,348 1.67 
611,042 620,848 13.97 
Interactive Media & Services
Bungie, Inc. (4)(11)L + 6.25%7.25%8/28/202447,200 46,824 47,200 1.06 
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)L + 6.00%7.00%12/29/2026325,760 320,336 324,131 7.29 
IT Services
AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%6.25%12/13/20286,218 6,074 6,060 0.14 
Inovalon Holdings, Inc. (4)(7)(10)L + 5.75%6.50%11/24/2028103,533 100,841 100,806 2.27 
Razor Holdco, LLC (4)(10)L + 5.75%6.50%10/25/202747,800 46,874 46,844 1.05 
Red River Technology, LLC (4)(7)(11)L + 6.00%7.00%5/26/202781,604 80,264 78,951 1.78 
Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%6.13%8/3/20288,437 8,192 8,184 0.18 
Turing Holdco, Inc. (4)(5)(6)(7)(8)L + 6.00%6.00%8/3/202810,880 12,062 11,860 0.27 
254,306 252,705 5.69 
23

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Machinery
MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%6.75%7/21/20273,304 3,236 3,233 0.07 
Marine
Armada Parent, Inc. (4)(7)(10)L + 5.75%6.50%10/29/202725,250 24,682 24,665 0.55 
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.75%11/26/2024150,862 149,549 150,862 3.39 
Paper & Forest Products
Profile Products, LLC (4)(7)(10)L + 5.50%6.25%11/12/20276,075 5,925 5,922 0.13 
Professional Services
ALKU, LLC (4)(10)L + 5.25%6.00%3/1/202879,643 78,914 79,245 1.78 
ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%7.00%5/3/202713,905 13,625 13,766 0.31 
BPPH2 Limited (4)(5)(6)(8)L + 6.75%6.92%3/2/2028£26,300 35,487 35,978 0.81 
CFGI Holdings, LLC (4)(7)(10)L + 5.25%6.00%11/1/20277,675 7,494 7,489 0.17 
Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%6.00%8/26/202717,339 16,969 16,947 0.38 
Guidehouse, Inc. (4)(5)(7)(10)L + 5.50%6.25%10/16/2028346,154 342,793 342,692 7.71 
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)L + 6.00%7.00%8/17/202733,523 32,833 32,761 0.74 
IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%6.75%9/22/202847,676 46,726 47,375 1.07 
Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.50%6.25%12/14/202819,500 19,063 19,060 0.43 
Material Holdings, LLC (4)(5)(7)(10)L + 5.75%6.50%8/19/202727,416 26,873 26,838 0.60 
Sherlock Buyer Corp. (4)(7)(8)L + 5.75%5.75%12/8/20288,638 8,417 8,415 0.19 
Titan Investment Company, Inc. (4)(5)(8)L + 5.75%5.96%3/20/202742,460 40,729 42,672 0.96 
Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%6.00%6/29/202769,311 67,797 67,656 1.52 
Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%6.50%12/21/20284,658 4,551 4,551 0.10 
West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.25%11/8/202815,009 14,715 14,709 0.33 
756,987 760,154 17.10 
Real Estate Management & Development
Cumming Group, Inc. (4)(7)(11)L + 6.00%7.00%5/26/202755,072 53,548 54,820 1.23 
Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.00%2/16/202870,324 68,756 71,027 1.60 
122,304 125,846 2.83 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.25%7/1/202826,198 25,482 25,429 0.57 
24

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Software
AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.00%12/3/202742,545 41,669 41,571 0.93 
Connatix Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%7/14/202737,718 36,822 36,746 0.83 
Diligent Corporation (4)(11)L + 5.75%6.75%8/4/202559,550 58,861 59,103 1.33 
Episerver, Inc. (4)(5)(7)(11)L + 5.50%6.50%4/9/20269,742 9,587 9,565 0.22 
Experity, Inc. (4)(5)(7)(10)L + 5.50%6.25%7/22/20278,527 8,352 8,338 0.19 
GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%6.25%12/1/20285,000 4,866 4,865 0.11 
GraphPAD Software, LLC (4)(7)(11)L + 5.50%6.50%4/27/202726,853 26,453 26,488 0.60 
LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%7.50%2/8/202693,400 91,866 92,466 2.08 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L + 3.75%4.25%7/6/20288,700 8,566 8,558 0.19 
Medallia, Inc. (4)(10)L + 6.75% PIK7.50%10/29/2028296,542 290,819 290,611 6.53 
Monk Holding Co. (4)(7)(10)L + 5.75%6.50%12/1/20274,889 4,743 4,744 0.11 
MRI Software, LLC (5)(7)(11)L + 5.50%6.50%2/10/202628,117 27,946 28,094 0.63 
Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/202834,475 33,799 33,786 0.76 
Relativity ODA, LLC (4)(7)(11)L + 7.50% PIK8.50%5/12/202719,323 18,842 18,984 0.43 
Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%6.75%8/30/202850,000 48,982 49,304 1.11 
Spitfire Parent, Inc. (4)(5)(11)L + 5.50%6.50%3/11/202710,448 12,406 11,762 0.26 
Spitfire Parent, Inc. (4)(7)(11)L + 5.50%6.50%3/11/202770,933 69,574 70,131 1.58 
Stamps.com, Inc. (4)(10)L + 5.75%6.50%10/5/2028290,278 284,671 284,473 6.40 
The NPD Group L.P. (4)(7)(10)L + 6.00%6.75%11/9/2028122,600 119,670 119,633 2.69 
Triple Lift, Inc. (4)(7)(10)L + 5.75%6.50%5/6/202848,755 47,732 48,114 1.08 
1,246,226 1,247,334 28.06 
Specialty Retail
CustomInk, LLC (4)(11)L + 6.21%7.21%5/3/2026163,594 161,686 161,549 3.63 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)L + 6.75%7.75%2/28/202685,320 84,355 84,893 1.91 
Trading Companies & Distributors
Porcelain Acquisition Corp. (4)(7)(11)L + 6.00%7.00%4/30/202747,556 45,729 45,822 1.03 
The Cook & Boardman Group, LLC (11)L + 5.75%6.75%10/17/202549,712 49,421 48,494 1.09 
95,150 94,316 2.12 
25

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)
Transportation Infrastructure
Capstone Logistics, LLC (7)(11)L + 4.75%5.75%11/12/20275,615 5,575 5,628 0.13 
Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.50%5/3/202791,070 89,451 87,970 1.98 
Helix TS, LLC (4)(7)(10)L + 5.75%6.50%8/4/202736,193 35,514 35,469 0.80 
Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%6.75%10/19/202743,200 42,356 42,697 0.96 
Safety Borrower Holdings LP (4)(5)(7)(11)L + 5.75%6.75%9/1/20274,195 4,147 4,145 0.09 
Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.50%9/24/202738,305 37,372 37,323 0.84 
Spireon, Inc. (4)(11)L + 6.50%7.50%10/4/202422,733 22,601 22,733 0.51 
TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%6.50%7/9/202739,684 38,889 38,820 0.87 
275,905 274,783 6.18 
Total First Lien Debt$9,563,051 $9,621,939 216.36 %
Second Lien Debt
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)L + 8.75%9.75%12/31/2028$7,517 $7,369 $7,517 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.75%8.75%4/15/2029C$10,533 8,274 8,318 0.19 
Jayhawk Buyer, LLC (4)(11)L + 8.75%9.75%10/15/20275,183 5,089 5,118 0.12 
13,363 13,437 0.31 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%7.50%11/19/20289,619 9,523 9,523 0.21 
Insurance
Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(9)C + 7.50%8.00%3/26/2029C$25,495 19,778 20,295 0.46 
IT Services
Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK11.25%11/24/20339,182 8,909 8,907 0.20 
Software
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L + 6.50%7.00%7/6/20293,550 3,503 3,497 0.08 
Total Second Lien Debt$62,445 $63,175 1.43 %
Warrants
Software
Mermaid EquityCo L.P. - Class B Units (4)$4,551 $865 $7,645 0.17 %
Total Warrants$865 $7,645 0.17 %
Equity
Aerospace & Defense
Corfin Holdco, Inc. - Common Stock (4)2,137,866 $4,767 $9,535 0.21 %
26

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Equity (continued)
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)902 902 971 0.02 
Mode Holdings, L.P. - Class A-2 Common Units (4)5,486,923 5,487 9,876 0.22 
6,389 10,847 0.24 
Distributors
Box Co-Invest Blocker, LLC (4)702,305 702 702 0.02 
EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,358 6,764 0.15 
4,061 7,466 0.17 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 14,480 0.33 
Deneb Ultimate Topco, LLC - Class A Units (4)213 213 213 0.00 
12,528 14,693 0.33 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)6,930 5,877 5,877 0.13 
Point Broadband Holdings, LLC - Class B Units (4)369,255 1,053 1,052 0.02 
6,930 6,930 0.15 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 500 0.01 
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 579 0.01 
Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 312 0.01 
603 890 0.02 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.06 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 15,789 0.36 
OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 3,500 0.08 
18,633 19,289 0.44 
Software
Connatix Parent, LLC - Class L Common Units (4)42,045 462 462 0.01 
Lobos Parent, Inc. - Series A Preferred Shares (4)1,545 1,506 1,518 0.03 
Mandolin Technology Holdings, Inc.- Series A Preferred Shares (4)3,550 3,444 3,602 0.08 
Mermaid Equity Co. L.P. - Class A-2 Common Units (4)14,849,355 14,849 39,054 0.88 
20,261 44,637 1.00 
27

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Equity (continued)
Specialty Retail
CustomInk, LLC - Series A Preferred Units (4)384,520 5,200 6,272 0.14 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)27,536 2,909 2,628 0.06 
Ncp Helix Holdings, LLC. - Preferred Shares (4)369 372 397 0.01 
3,281 3,025 0.07 
Total Equity Investments$86,006 $126,937 2.84 %
Total Investments - non-controlled/non-affiliated$9,712,367 $9,819,696 220.80 %
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(14)$32,759 $35,683 0.80 %
Total Equity$32,759 $35,683 0.80 %
Total Investments - non-controlled/affiliated$32,759 $35,683 0.80 %
Total Investment Portfolio$9,745,126 $9,855,379 221.59 %
Cash and Cash Equivalents
Other Cash and Cash Equivalents$102,879 $102,879 2.31 %
Total Portfolio Investments, Cash and Cash Equivalents$9,848,004 $9,958,258 223.90 %
(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. 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 is presented for debt investments, while the number of shares or units 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 L, CDOR or C, SONIA or S, Euribor or E, SOFR, or an alternate base rate (commonly based on the F or the 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, 2021. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2021, 93.9% of the debt portfolio at fair value had an interest rate floor above zero.
(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 U.S. 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 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt 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 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, 2021, non-qualifying assets represented 10.5% of total assets as calculated in accordance with regulatory requirements.









28

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(7)Position or portion thereof is an unfunded loan 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 loan 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—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/2023$39,937 $— 
ACI Group Holdings, Inc.Revolver8/2/202711,567 (116)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023881 — 
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20271,301 (26)
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/20231,302 (26)
Albireo Energy, LLCDelayed Draw Term Loan6/23/202233,799 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/202828 — 
Armada Parent, Inc.Delayed Draw Term Loan10/29/20232,500 (25)
Armada Parent, Inc.Revolver10/29/20272,750 — 
Ascend Buyer, LLCRevolver9/30/20271,617 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949 (59)
AxiomSL Group, Inc.Revolver12/3/20253,221 (64)
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202232,212 — 
Bazaarvoice, Inc.Revolver5/7/202628,662 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20232,985 (30)
Monk Holding Co.Delayed Draw Term Loan8/12/20232,230 — 
Cambium Learning Group, Inc. Revolver7/20/202843,592 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20235,754 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20272,440 — 
Capstone Logistics, LLCDelayed Draw Term Loan11/12/2027338 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20231,920 — 
CFGI Holdings, LLCDelayed Draw Term Loan11/2/20271,200 (12)
CFGI Holdings, LLCRevolver11/2/20271,050 (21)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/20243,668 — 
Clearview Buyer, Inc.Revolver2/26/2027449 — 
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202310,900 (109)
Connatix Buyer, Inc.Revolver7/14/20275,431 — 
COP Home Services TopCo IV, Inc. Revolver12/31/20251,331 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/20238,747 — 
CPI Buyer, LLCRevolver11/1/20263,214 (64)
Cumming Group, Inc.Delayed Draw Term Loan5/26/202727,409 — 
Cumming Group, Inc.Revolver5/26/202711,576 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20233,900 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700 — 
Episerver, Inc.Revolver4/9/20262,064 (31)
Experity, Inc.Revolver7/22/2027948 (19)
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/20232,108 — 
Foundation Risk Partners Corp.Revolver10/29/20272,382 (36)
Frontline Road Safety, LLC - ADelayed Draw Term Loan5/3/20273,419 — 
29

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)
Frontline Road Safety, LLC - BDelayed Draw Term Loan5/3/202226,351 — 
Galway Borrower, LLCDelayed Draw Term Loan9/30/202335,620 — 
Galway Borrower, LLCRevolver9/30/202719,017 (380)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 — 
Genuine Cable Group, LLCDelayed Draw Term Loan4/1/202337,385 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/29/20232,000 (20)
GI Ranger Intermediate, LLCRevolver10/29/20271,200 (24)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/202312,715 — 
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 — 
GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)
GI Consilio Parent, LLC Revolver5/14/20264,200 — 
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
GraphPAD Software, LLCRevolver4/27/20272,124 — 
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20233,428 — 
Gruden Acquisition, Inc.Revolver7/1/20263,000 (75)
Guidehouse, Inc.Revolver10/15/202727,395 — 
Healthcomp Holding Company, LLCDelayed Draw Term Loan4/27/202228,515 — 
Helix TS, LLCDelayed Draw Term Loan8/3/202316,420 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,481 — 
High Street Buyer, Inc. - BDelayed Draw Term Loan4/16/20283,573 — 
High Street Buyer, Inc.Revolver4/16/20272,254 (45)
IG Investments Holdings, LLCRevolver9/22/20271,791 — 
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202512,762 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/20232,950 — 
Java Buyer, Inc.Revolver12/15/2027820 (16)
Jones Deslauriers Insurance Management, Inc.Delayed Draw Term Loan3/28/202215,248 — 
Jones Deslauriers Insurance Management, Inc. (2nd Lien)Delayed Draw Term Loan3/28/20222,441 — 
Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20232,121 — 
Knowledge Pro Buyer, Inc.Revolver12/10/2027784 — 
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/20231,188 — 
L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/20224,088 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
Linquest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20261,200 — 
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/20281,600 — 
Material Holdings, LLC Delayed Draw Term Loan8/19/20233,533 — 
Material Holdings, LLCRevolver8/17/20271,484 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20236,243 — 
30

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)
MHE Intermediate Holdings, LLCDelayed Draw Term Loan7/21/2023170 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027268 (5)
MRI Software, LLCRevolver2/10/20261,516 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202365,988 — 
NDC Acquisition Corp.Revolver3/9/20273,211 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Porcelain Acquisition Corp.Delayed Draw Term Loan4/30/202222,627 (665)
Progress Residential PM Holdings, LLCDelayed Draw Term Loan2/16/202216,623 — 
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20233,388 — 
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/20281,297 (13)
PGIS Intermediate Holdings, LLCRevolver10/16/2028330 (2)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202339,309 (491)
Profile Products, LLCDelayed Draw Term Loan11/12/20271,340 — 
Profile Products, LLCRevolver11/12/2027893 (18)
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20235,917 — 
R1 Holdings, LLCDelayed Draw Term Loan4/19/20228,886 — 
Radwell International, LLCDelayed Draw Term Loan7/13/20239,740 — 
Radwell International, LLCRevolver7/13/202711,458 — 
Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — 
Relativity ODA, LLCRevolver5/12/20273,292 (49)
Relay Purchaser, LLCRevolver8/30/20267,143 (71)
Roadsafe Holdings, Inc.Delayed Draw Term Loan10/19/20227,100 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)
Safety Borrower Holdings LPDelayed Draw Term Loan9/1/2022932 — 
Safety Borrower Holdings LPRevolver9/1/2027373 (4)
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202333,600 — 
Sam Holding Co, Inc.Revolver3/24/20276,000 (120)
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2022800 (12)
SEKO Global Logistics Network, LLCRevolver12/30/2026600 — 
SelectQuote, Inc. Delayed Draw Term Loan11/3/202216,067 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)
Sherlock Buyer Corp.Revolver12/8/20271,111 (22)
Smile Doctors, LLCDelayed Draw Term Loan12/21/20231,623 — 
Smile Doctors, LLCRevolver12/21/20271,174 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202386,000 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,260 — 
SpecialtyCare, Inc.Revolver6/18/20261,047 — 
Spitfire Parent, Inc.Delayed Draw Term Loan9/4/20229,222 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023748 (7)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026371 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan2/10/20223,752 — 
31

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)
TCFI AEVEX, LLCDelayed Draw Term Loan3/18/20221,579 — 
TCFI AEVEX, LLCDelayed Draw Term Loan3/18/202230,445 (304)
Tennessee Bidco Limited - GBPDelayed Draw Term Loan8/3/202834,405 — 
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202324,085 (241)
Trinity Air Consultants Holdings Corp.Revolver6/29/20271,376 — 
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)
Triple Lift, Inc.Revolver5/6/20287,698 (154)
TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)
The Action Environmental Group, Inc.Delayed Draw Term Loan1/16/202629,158 — 
The NPD Group L.P. Revolver12/1/20279,260 (86)
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20289,318 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan1/7/202212,338 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (65)
Westland Insurance Group LTDDelayed Draw Term Loan7/5/202286,743 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCRevolver11/9/20271,443 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202320,425 — 
WHCG Purchaser III, Inc.Revolver6/22/20266,723 (134)
Total First Lien Debt Unfunded Commitments$1,407,311 $(4,688)
(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of December 31, 2021 was 0.50%.
(10)The interest rate floor on these investments as of December 31, 2021 was 0.75%.
(11)The interest rate floor on these investments as of December 31, 2021 was 1.00%.
(12)The interest rate floor on these investments as of December 31, 2021 was 1.25%..
(13)The interest rate floor on these investments as of December 31, 2021 was 1.50%.
(14)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. As of December 31, 2021, the Company does not “control” any of these portfolio companies. 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, 2021, the Company’s non-controlled/affiliated investments were as follows:

Fair value
as of December 31, 2020
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value
as of December 31, 2021
Dividend and Interest Income
Non-controlled/Affiliated Investments
Blackstone Donegal Holdings LP (Westland Insurance Group, LTD)$— $32,760 $— $2,923 $35,683 $— 
Total$— $32,760 $— $2,923 $35,683 $— 
The accompanying notes are an integral part of these consolidated financial statements.
32

Blackstone Secured Lending Fund
Notes to Consolidated Financial Statements
(Unaudited)
(in thousands, unless otherwise indicated, except 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 investment company.  On October 26, 2018, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).  In addition, the Company elected to be treated for U.S. federal income tax purposes, as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC.  
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 is externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”). Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. ("Blackstone"), “Blackstone Credit,” which, for the avoidance of doubt, excludes Harvest Fund Advisors LLC and Blackstone Insurance Solutions) provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement (the “Administration Agreement”).  Blackstone Credit is part of the credit-focused platform of Blackstone and is the primary part of its credit reporting segment. 
The Company previously conducted a private offering (the “Private Offering”) of its common shares of beneficial interest (i) to accredited investors, as defined in Regulation D under the Securities Act of 1933, as amended (the “1933 Act”), and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons,” as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor made a capital commitment (“Capital Commitment”) to purchase shares of the beneficial interest of the Company pursuant to a subscription agreement entered into with the Company. Investors were required to fund drawdowns to purchase the Company’s shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivered a notice to investors.

On October 31, 2018, the Company began its initial period of closing on capital commitments ("Initial Closing Period") which ended on October 31, 2020. The Company commenced its loan origination and investment activities on November 20, 2018, the date of receipt of the initial drawdown from investors in the Private Offering (the "Initial Drawdown Date"). On September 8, 2021, the Company closed on its final outstanding Capital Commitments.
Effective on December 10, 2020, the Company changed its name from “Blackstone / GSO Secured Lending Fund" to “Blackstone Secured Lending Fund”.
On October 28, 2021, the Company closed its initial public offering (“IPO”), issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
Note 2. Significant Accounting Policies
Basis of Presentation
The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP.  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”). U.S. GAAP for an investment company requires investments to be recorded at fair value.
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The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted.  In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of the 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, 2022. All intercompany balances and transactions have been eliminated.
Certain prior period information has been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. 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 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 consolidated financial statements.
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. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries.

As of March 31, 2022, 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") and BGSL Investments LLC ("BGSL Investments").
Cash and Cash Equivalents
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 and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.
Investments
Investment transactions are recorded on the trade date. 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. 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.
The Company is required to report its investments 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. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs.  Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See “– Note 5. Fair Value Measurements.”
Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. These market quotations are obtained from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers.  To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.  Examples of events that
34

would cause market quotations to not reflect fair value could include cases when a security trades infrequently or not at all, causing a quoted purchase or sale price to become stale, or in the event of a “fire sale” by a distressed seller.  All price overrides require approval from the Board.
Where prices or inputs are not available or, in the judgment of the Board, not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized.  Securities that are not publicly traded or for which market prices are not readily available are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, the Audit Committee of the Board (the “Audit Committee”) and independent valuation firms engaged on the recommendation of the Adviser and at the direction of the Board.  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.
The Company’s Board undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company’s investments for which reliable market quotations are not readily available, or are available but deemed not reflective of the fair value of an investment, which includes, among other procedures, the following:
The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in conjunction with the Adviser’s investment professionals responsible for each portfolio investment;
In addition, independent valuation firms engaged by the Board prepare quarter-end valuations of such investments except de minimis investments, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Board and the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;
The Adviser’s Valuation Committee reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;
The Adviser’s Valuation Committee makes valuation recommendations to the Audit Committee;
The Audit Committee reviews the valuation recommendations made by the Adviser's Valuation Committee, including the independent valuation firms' quarterly valuations, and once approved, recommends them for approval by the Board; and
The Board reviews the valuation recommendations of the Audit Committee and determines the fair value of each investment in the portfolio in good faith based on the input of the Audit Committee, the Adviser's Valuation Committee and, where applicable, the independent valuation firms and other external service providers.

Valuation of each of the Company's investments will generally be made as described above as of the end of each fiscal quarter. In cases where the Company determines its net asset value ("NAV") at times other than a quarter end, the Company updates the value of securities with market quotations to the most recent market quotation. For securities without market quotations, non-quarterly valuations will generally be the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company's valuation policy, pursuant to authority delegated by the Board.
As part of the valuation process, the Board takes into account relevant factors in determining the fair value of the Company's investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, (v) a comparison of the portfolio company’s securities to any similar publicly traded securities, and (vi) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation. See “—Note 5. Fair Value Measurements.”
The Board has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are
35

readily available but deemed not reflective of the fair value of the investment each quarter, and the Board may reasonably rely on that assistance. However, the Board is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy and a consistently applied valuation process.
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. As of March 31, 2022 and December 31, 2021, the Company had $75.0 million and $142.9 million, respectively, of receivables for investments sold. As of March 31, 2022 and December 31, 2021, the Company had $50.2 million and $36.2 million, respectively, of payables for investments purchased.
Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value through current period gains or losses.
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.
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 on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars 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 U.S. dollars 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 Consolidated Statements of Operations, if any. Foreign security and currency translations 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, 2022 and 2021, the Company recorded $1.0 million and
36

$18.4 million, respectively, in non-recurring income (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).
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 Consolidated Statements of Operations.  If at any point the Company believes PIK is not expected to 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 interest income.  To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three months ended March 31, 2022 and 2021, the Company recorded PIK income of $8.7 million and $1.9 million, respectively.
Dividend Income
Dividend income on preferred equity securities is recorded on the 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. For the three months ended March 31, 2022 and 2021, the Company recorded dividend income of $5.9 million and $0.0 million, respectively.
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. For the three months ended March 31, 2022 and 2021, the Company recorded fee income of $0.0 million and $0.8 million, respectively.
Non-Accrual Income
Loans are generally placed on non-accrual status when there is reasonable doubt that 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.
Organization Expenses and 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. The Company incurred $1.6 million of offering costs relating to its IPO which were charged as a reduction of paid-in-capital.
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.  These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Statements of Assets and Liabilities.  Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.
37

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 consolidated financial statements of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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.
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 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 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, 2022 and 2021, the Company incurred $1.4 million and $(0.3) million, respectively, of U.S. federal excise tax.
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.
Recent Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.
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Note 3. Agreements and Related Party Transactions
Investment Advisory Agreement
On October 1, 2018, the Company entered into the original investment advisory agreement with the Adviser. The Adviser is 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 entered into an amended and restated investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. The Investment Advisory Agreement is substantially the same as the prior 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 Net Cumulative Return (as defined below). The amendment to the Investment Advisory Agreement does not result in higher fees (on a cumulative basis) payable to the Adviser than the fees that would have otherwise been payable to the Adviser under the original investment advisory agreement.
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 initial term of the Investment Advisory Agreement was two years from October 1, 2018, and on May 6, 2020 and May 6, 2021, it was renewed and approved by the Board, including a majority of trustees who are not parties to the Investment Advisory Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”), for a one-year period. On October 18, 2021, the Board approved the amended and restated Investment Advisory Agreement for an initial term ending May 31, 2022. Unless earlier terminated, the Investment Advisory Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the vote of the Board and by the vote of a majority of the Independent Trustees.
The Adviser has implemented a waiver effective from the consummation of the IPO to extend the Company’s pre-IPO fee structure for a period of two years. With the waiver in place, instead of having the base management fee and each incentive fee increase to 1.00% and 17.5%, respectively, following the IPO, each such fee will remain at 0.75% and 15.0% for a period of two years following the IPO (the “Waiver Period”). As a result of the fee waiver, the pre-listing management fee and incentive fee rates paid by the Company to the Adviser will not increase during the Waiver Period. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
Base Management Fee
Since the completion of the IPO, the management fee pursuant to the Investment Advisory Agreement has been 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 U.S. GAAP, excluding undrawn commitments but including assets purchased with borrowed amounts. The management fee was calculated for the quarter ended December 31, 2021 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 the calendar quarter before and after the consummation of the IPO.
Prior to the consummation of the IPO, the management fee was 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters. In order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the completion of the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters during the Waiver Period. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
For the three months ended March 31, 2022 and 2021, base management fees were $25.6 million and $11.7 million, respectively, of which $6.4 million and $0.0 million, respectively, were waived. As of March 31, 2022 and December 31, 2021, $19.2 million and $17.8 million, respectively, was payable to the Adviser relating to management fees.
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Incentive Fees
The incentive fee consists 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 fee:
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 as defined in the Investment Advisory Agreement.  Pre-incentive fee net investment income 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 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.
Pursuant to the Investment Advisory Agreement, the Company is required to pay an income based incentive fee of 15% prior to the consummation of the IPO and 17.5% following the consummation of the IPO, with a 1.5% hurdle and 100% catch-up. However, the Adviser has implemented a voluntary waiver with respect to the income based incentive fee. The Adviser has voluntarily waived its right to receive an income based incentive fee above 15% during the Waiver Period and amounts waived by the Adviser are not subject to recoupment by the Adviser.

Since the IPO, the Company has paid 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 (including the quarter in which the IPO is consummated) and the eleven preceding calendar quarters (including the quarters prior to the consummation of the IPO) (such period, the “Trailing Twelve Quarters”).

The hurdle amount for the income based incentive fee will be 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 and distributions that occurred during the relevant Trailing Twelve Quarters. The income based incentive fee for any partial period will be appropriately prorated.

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 1.76% (7.06% annualized) prior to the end of the Waiver Period, or 1.82% (7.27% annualized) following the Waiver Period, 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 15% prior to the end of the Waiver Period, or 17.5% following the Waiver Period, of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.
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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) 15% prior to the end of the Waiver Period, or 17.5% following the Waiver Period, 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 prior investment advisory agreement. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
(ii) Capital gains based incentive fee:
Since the completion of the IPO, the second part of the incentive fee, a capital gains incentive fee, has been 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 gain incentive fees as calculated in accordance with U.S. GAAP.
Prior to the IPO, the second part of the incentive fee, a capital gains incentive fee, was determined and payable in arrears as of the end of each calendar year in an amount equal to 15.0% 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 gain incentive fees as calculated in accordance with U.S. GAAP. However, similar to the voluntary waivers referenced above, the Adviser voluntarily waived its right to receive a capital gains based incentive fee above 15% from the date of consummation of the IPO through the Waiver Period. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains 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 are not subject to recoupment by the Adviser.
For the three months ended March 31, 2022 and 2021, the Company accrued income based incentive fees of $21.3 million and $14.3 million, respectively, of which $3.0 million and $0.0 million, respectively, were waived. As of March 31, 2022 and December 31, 2021, $18.2 million and $19.8 million, respectively, was payable to the Adviser for income based incentive fees.
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For the three months ended March 31, 2022 and 2021, the Company accrued capital gains incentive fees of $0.7 million and $5.4 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had accrued capital gains incentive fees of $18.1 million and $17.4 million, respectively, none of which was payable on such date under the Investment Advisory Agreement.
Administration Agreement
On October 1, 2018, the Company entered into an Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees 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 United States Securities and Exchange Commission (“SEC”), preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses 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 agreement was two years from October 1, 2018, and on May 6, 2020 and May 6, 2021 it was renewed and approved by the Board and a majority of the Independent Trustees for one-year periods. Unless earlier terminated, the Administration Agreement 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.
For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates. The Administrator has elected to forgo any reimbursement for rent and other occupancy costs for the three months ended March 31, 2022 and 2021.
For the three months ended March 31, 2022 and 2021, the Company incurred $0.8 million and $0.5 million, respectively, in expenses under the Administration Agreement, which were recorded in administrative service expenses in the Company’s Consolidated Statements of Operations. As of March 31, 2022 and December 31, 2021, $0.7 million and $1.1 million, respectively, was unpaid and included in "due to affiliates" in the Consolidated Statements of Assets and Liabilities.  
Sub-Administration and Custody Agreement
On October 1, 2018, the Administrator entered into a sub-administration agreement (the “Sub-Administration Agreement”) with State Street Bank and Trust Company (the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and administrative services to the Company.  The Sub-Administrator also serves as the Company’s custodian (the “Custodian”).  The initial term of the Sub-Administration Agreement is two years from the effective date and after expiration of the initial term and the 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 Adviser. The Adviser may elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.
Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” Available
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Operating Funds means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).
No Reimbursement Payment for any calendar quarter shall be made if the annualized rate of regular cash distributions declared by the Company on record dates in the applicable calendar quarter of such Reimbursement Payment is less than the annualized rate of regular cash distributions declared by the Company on record dates in the calendar quarter in which the Expense Payment was committed to which such Reimbursement Payment relates. The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter.
The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's commencement of operations:
For the Quarters EndedExpense Payments by AdviserReimbursement Payments to AdviserUnreimbursed Expense Payments
December 31, 2018$1,696 $(1,696)$— 
March 31, 2019570 (570)— 
Total$2,266 $(2,266)$— 
As of March 31, 2022 and 2021, there were no unreimbursed Expense Payments remaining.
Note 4. Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
March 31, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
First lien debt$9,729,069 $9,783,698 97.60 %$9,563,051 $9,621,939 97.63 %
Second lien debt65,184 65,638 0.65 62,445 63,175 0.64 
Equity investments 122,126 175,146 1.75 119,630 170,265 1.73 
Total$9,916,379 $10,024,482 100.00 %$9,745,126 $9,855,379 100.00 %












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

March 31, 2022December 31, 2021
Aerospace & Defense4.84 %5.02 %
Air Freight & Logistics5.25 5.30 
Building Products3.36 4.06 
Chemicals1.10 1.12 
Commercial Services & Supplies6.85 6.75 
Construction & Engineering0.30 0.30 
Containers & Packaging0.19 0.19 
Distributors4.68 4.52 
Diversified Consumer Services3.51 3.53 
Diversified Financial Services1.35 1.37 
Diversified Telecommunication Services0.93 0.93 
Electrical Equipment2.57 2.68 
Electronic Equipment, Instruments & Components1.05 1.10 
Electric Utilities0.32 0.32 
Energy Equipment & Services0.66 0.66 
Health Care Equipment & Supplies0.50 0.51 
Health Care Providers & Services14.09 13.97 
Health Care Technology3.34 3.37 
Industrial Conglomerates0.09 0.10 
Insurance6.98 6.87 
Interactive Media & Services0.48 0.48 
Internet & Direct Marketing Retail3.24 3.29 
IT Services2.65 2.68 
Machinery0.03 0.03 
Marine0.24 0.25 
Oil, Gas & Consumable Fuels1.50 1.53 
Paper & Forest Products0.06 0.06 
Professional Services8.24 7.91 
Real Estate Management & Development1.25 1.28 
Road & Rail0.27 0.26 
Software13.89 13.22 
Specialty Retail1.67 1.70 
Technology Hardware, Storage & Peripherals0.84 0.86 
Trading Companies & Distributors1.03 0.96 
Transportation Infrastructure2.65 2.82 
Total100.00 %100.00 %



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The geographic composition of investments at cost and fair value was as follows:
March 31, 2022
CostFair Value% of Total
Investments at
Fair Value
Fair Value
as % of Net
Assets
United States$9,370,535 $9,466,895 94.44 %213.51 %
Canada493,676 506,329 5.05 11.42 
Europe52,168 51,258 0.51 1.16 
Total$9,916,379 $10,024,482 100.00 %226.09 %

December 31, 2021
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$9,214,101 $9,311,386 94.48 %209.36 %
Canada481,348 494,037 5.01 11.11 
Germany49,677 49,956 0.51 1.12 
Total$9,745,126 $9,855,379 100.00 %221.59 %

As of March 31, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.

As of March 31, 2022 and December 31, 2021, on a fair value basis, approximately 99.9% and 99.9%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.1% and 0.1%, respectively, of our performing debt investments bore interest at a fixed rate.
Note 5. Fair Value Measurements
The fair value of a financial instrument is 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.  
The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. 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 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 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 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.
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 Adviser’s assessment 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.
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In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820.  Consistent with the valuation policy, 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.
In the absence of independent, reliable market quotes, an enterprise value analysis is typically 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.  Enterprise value (“EV”) means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time.  When an investment is valued using an EV analysis, the EV of a portfolio company is first determined and allocated over the portfolio company’s securities in order of their preference relative to one another (i.e. “waterfall” allocation).  
If debt investments are credit-impaired, which occurs when there is insufficient coverage under the EV analysis through the respective investment’s position in the capital structure, the Adviser uses 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 Adviser uses a market interest rate yield analysis (discussed below) to determine fair value.
The Adviser 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 Adviser has visibility into the long term projected cash flows of a portfolio company, which is more common with control investments.  
Subsequently, for non-control debt investments that are not credit-impaired, and where there is an absence of available market quotations, fair value is determined using a yield analysis. 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.
The following table presents the fair value hierarchy of financial instruments:
March 31, 2022
Level 1Level 2Level 3Total
First lien debt$— $241,885 $9,541,813 $9,783,698 
Second lien debt— 22,395 43,243 65,638 
Equity investments — — 175,146 175,146 
Total $— $264,280 $9,760,202 $10,024,482 
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December 31, 2021
Level 1Level 2Level 3Total
First lien debt$— $333,755 $9,288,184 $9,621,939 
Second lien debt— 20,295 42,880 63,175 
Equity investments— — 170,265 170,265 
Total$— $354,050 $9,501,329 $9,855,379 
The following table presents 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, 2022
First Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal Investments
Fair value, beginning of period$9,288,184 $42,880 $170,265 $9,501,329 
Purchases of investments253,310 265 7,264 260,839 
Proceeds from principal repayments and sales of investments(35,031)— (10,687)(45,718)
Accretion of discount/amortization of premium9,212 19 — 9,231 
Net realized gain (loss)(62)— 5,920 5,858 
Net change in unrealized appreciation (depreciation)428 79 2,384 2,891 
Transfers into Level 3 (1)
25,772 — — 25,772 
Transfers out of Level 3 (1)
— — — — 
Fair value, end of period$9,541,813 $43,243 $175,146 $9,760,202 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations
$18 $81 $7,152 $7,251 
Three Months Ended March 31, 2021
First Lien 
Debt
Second Lien DebtEquity InvestmentsTotal Investments
Fair value, beginning of period$4,728,478 $24,003 $32,844 $4,785,325 
Purchases of investments925,693 19,859 25,644 971,196 
Proceeds from principal repayments and sales of investments(379,750)(17,900)— (397,650)
Accretion of discount/amortization of premium14,916 363 — 15,279 
Net realized gain (loss)623 — — 623 
Net change in unrealized appreciation (depreciation)22,999 263 1,404 24,666 
Transfers into Level 3 (1)
123,759 — — 123,759 
Transfers out of Level 3 (1)
(102,011)— — (102,011)
Fair value, end of period$5,334,707 $26,588 $59,892 $5,421,187 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2021 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations
$29,466 $800 $1,403 $31,669 
(1)For the three months ended March 31, 2022 and 2021, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
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The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
March 31, 2022
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$9,188,923 Yield analysisDiscount rate5.30 %11.67 %8.37 %
352,890 Market quotationsBroker quoted price98.00101.0099.84
9,541,813 
Investments in second lien debt43,243 Yield analysisDiscount rate8.87 %12.91 %10.50 %
Investments in warrant8,965 Option pricing modelExpected volatility25.00 %25.00 %25.00 %
Investments in equity129,163 Market approachPerformance multiple7.50x31.28x13.03x
4,597 Option pricing modelExpected volatility49.00 %49.00 %49.00 %
32,421 Yield analysisDiscount rate10.86 %12.37 %11.83 %
166,181 
Total$9,760,202 
December 31, 2021
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$9,112,573 Yield analysisDiscount rate4.68 %9.99 %7.52 %
175,611 Market quotationsBroker quoted price99.75100.5099.93
9,288,184 
Investments in second lien debt42,880 Yield analysisDiscount rate8.15 %13.04 %10.02 %
Investments in warrant7,645 Option pricing modelExpected volatility25.00 %25.00 %25.00 %
Investments in equity120,301 Market approachPerformance multiple7.25x31.28x12.67x
11,152 Option pricing modelExpected volatility30.00 %49.00 %37.19 %
31,167 Yield analysisDiscount rate10.89 %12.19 %11.81 %
162,620 
Total$9,501,329 

(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. 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. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in quoted prices or performance multiples would result in a significantly lower fair value measurement.
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. 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
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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.
Financial Instruments Not Carried at Fair Value
Debt

The fair value of the Company’s credit facilities, which would be categorized as Level 3 within the fair value hierarchy, as of March 31, 2022 and December 31, 2021, approximates their carrying value as the credit facilities have variable interest based on selected short term rates.

The fair value of the Company’s 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes (as defined in Note 6), which would be categorized as Level 2 within the fair value hierarchy, as of March 31, 2022 was $402.4 million, $785.1 million, $651.0 million, $577.6 million and $564.7 million, respectively, based on vendor pricing received by the Company. As of December 31, 2021, the fair value of the Company’s 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes was $412.5 million, $835.4 million, $700.6 million, $633.1 million and $634.2 million, respectively.

Other

The carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.
Note 6. 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. As of March 31, 2022 and December 31, 2021, the Company’s asset coverage was 178.1% and 180.2%, respectively.
The following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Jackson Hole Funding, Breckenridge Funding and Big Sky Funding 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 (as described above) 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, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements 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 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
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agent and securities intermediary, Virtus Group, LP serves as collateral administrator and the Company serves as portfolio manager under the Jackson Hole Funding Facility.
Advances under the Jackson Hole Funding Facility bear interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.375% per annum. Effective January 16, 2019, Jackson Hole Funding pays a commitment fee of 0.60% per annum (or 0.375% per annum until March 20, 2020) on the average daily unused amount of the financing commitments until the third anniversary of the Jackson Hole Funding Facility.  
The initial maximum commitment amount of the Jackson Hole Funding Facility was $300 million. Effective September 20, 2019, the maximum commitment amount of the Jackson Hole Funding Facility was increased to $600 million and effective July 28, 2020, the maximum commitment amount of the Jackson Hole Funding Facility was reduced to $400 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 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 16, 2023 and the Jackson Hole Funding Facility is scheduled to mature on May 16, 2025.
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 and February 28, 2022, 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 serves as collateral agent and the Company serves as servicer under the Breckenridge Funding Facility.
Advances under the Breckenridge Funding Facility bear interest at a per annum rate equal to the three-month LIBOR (or other Base Rate) in effect, plus an applicable margin of 1.55%, 1.90% or 2.15% per annum, as applicable, depending on the nature of the advances being requested under the facility. Breckenridge Funding will pay 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 December 21, 2022, in addition to certain other fees as agreed between Breckenridge Funding and BNP.

The initial maximum commitment amount of the Breckenridge Funding Facility was $400 million. Effective June 11, 2019, the maximum commitment amount of the Breckenridge Funding Facility was increased to $575 million; effective September 27, 2019, the maximum commitment amount of the Breckenridge Funding Facility was increased to $875 million and on April 13, 2020, the maximum commitment amount of the Breckenridge Funding Facility was increased to $1,125 through April 13, 2021 and $825 million thereafter. 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 for the remaining commitment amounts expires on December 21, 2024 (or such later date as may be agreed by Breckenridge Funding, BNP, as administrative agent, and the lenders under the Breckenridge Funding Facility), except for $300 million of outstanding principal which expired on September 27, 2020. The Breckenridge Funding Facility is scheduled to mature on December 21, 2026.
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 and September 30, 2021, 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 Bank, N.A. 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 or three-month London Interbank Offered Rate in effect, plus, before September 30, 2021 the applicable margin of 1.60% per annum, and after September 30, 2021, the applicable margin of 1.70% per annum. Big Sky Funding is required to utilize a minimum percentage of the financing commitments (the “Minimum Utilization Amount”), which amount increases in three-month intervals from 20% six months after the closing date of the Big Sky Funding Facility to 80% 15 months after the closing date of the Revolving Credit Facility and thereafter. Unused amounts below the Minimum Utilization Amount accrue a fee at a rate of 1.60% per
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annum. In addition, Big Sky Funding will pay 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.
The initial maximum commitment amount of the Big Sky Funding Facility is $400 million. Effective May 14, 2020, Big Sky Funding exercised its accordion feature under the Big Sky Funding Facility, which increased the maximum commitment amount to $500 million. Effective December 30, 2020, the maximum commitment amount of the Big Sky Funding Facility was reduced to $400 million. Effective September 30, 2021, the maximum commitment amount of the Big Sky Funding Facility was increased to $500 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. All amounts outstanding under the Big Sky Funding Facility must be repaid by September 30, 2024.
Revolving Credit Facility
On June 15, 2020, the Company entered into a senior secured revolving credit facility (which was subsequently amended and restated on June 30, 2021 and as further amended from time to time, the “Revolving Credit Facility”) with Citibank, N.A. (“Citi”). Citi serves as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $550 million. Effective June 29, 2020, the maximum commitment amount of the Revolving Credit Facility increased to $650 million. Effective November 3, 2020, the maximum commitment amount of the Revolving Credit Facility increased to $745 million. Effective June 30, 2021, the maximum commitment amount of the Revolving Credit Facility increased to $1,275 million. Effective August 4, 2021, the maximum commitment amount of the Revolving Credit Facility increased to $1,325 million. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. 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 $100 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 June 15, 2024 and all amounts outstanding under the Revolving Credit Facility must be repaid by June 15, 2025 pursuant to an amortization schedule.

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 LIBOR 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 loans for which the Company elects the Eurocurrency option, the applicable LIBOR 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%. The Company will pay an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company will pay 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, 2022, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.
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Unsecured Notes
The Company issued unsecured notes, as further described below: 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes which are collectively referred to 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 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, 2022, the Company was in compliance with all covenants and other requirements of the Unsecured Notes.

2023 Notes

On July 15, 2020, the Company issued $400 million aggregate principal amount of 3.650% notes due 2023 (the “2023 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of July 15, 2020 (and together with the Base Indenture, the “2023 Notes Indenture”), between the Company and U.S. Bank National Association (the “Trustee”).

The 2023 Notes will mature on July 14, 2023 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 2023 Notes Indenture. The 2023 Notes bear interest at a rate of 3.650% per year payable semi-annually on January 14 and July 14 of each year, commencing on January 14, 2021. The 2023 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 2023 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.
2026 Notes
On October 23, 2020 and December 1, 2020, the Company issued $500 million aggregate principal amount and $300 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 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 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 million aggregate principal amount and $300 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.

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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 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 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 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 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.
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.
The Company’s outstanding debt obligations were as follows:
March 31, 2022
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $360,367 $360,367 $39,633 $39,633 
Breckenridge Funding Facility825,000 590,780 590,780 234,220 234,220 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,325,000 1,029,780 1,029,780 295,220 295,220 
2023 Notes(5)
400,000 400,000 397,233 — — 
2026 Notes(5)
800,000 800,000 793,203 — — 
New 2026 Notes(5)
700,000 700,000 692,105 — — 
2027 Notes(5)
650,000 650,000 636,561 — — 
2028 Notes(5)
650,000 650,000 637,787 — — 
Total$6,250,000 $5,680,533 $5,637,422 $569,467 $569,467 
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December 31, 2021
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $361,007 $361,007 $38,993 $38,993 
Breckenridge Funding Facility825,000 568,680 568,680 256,320 256,320 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,325,000 915,035 915,035 409,965 271,585 
2023 Notes(5)
400,000 400,000 396,702 — — 
2026 Notes(5)
800,000 800,000 792,757 — — 
New 2026 Notes(5)
700,000 700,000 691,662 — — 
2027 Notes(5)
650,000 650,000 635,860 — — 
2028 Notes(5)
650,000 650,000 637,324 — — 
Total$6,250,000 $5,544,328 $5,498,633 $705,672 $567,292 
(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 U.S. dollars or certain other permitted currencies. As of March 31, 2022, the Company had borrowings denominated in Euros (EUR) of 23.2 million. As of December 31, 2021, the Company had borrowings denominated in Euros (EUR) of 23.3 million.
(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 270.0 million, 19.6 million and 51.8 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 256.3 million, 18.6 million and 49.8 million, respectively.
(5)The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $2.8 million, $6.8 million, $7.9 million, $13.4 million and $12.2 million, respectively, as of March 31, 2022. The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $3.3 million, $7.2 million, $8.3 million, $14.1 million and $12.7 million, respectively, as of December 31, 2021.
As of March 31, 2022 and December 31, 2021, $14.1 million and $38.6 million, respectively, of interest expense and $0.3 million and $0.5 million, respectively, of unused commitment fees were included in interest payable. For the three months ended March 31, 2022 and 2021, the weighted average interest rate on all borrowings outstanding was 2.79% and 3.05% (including unused fees and accretion of net discounts on unsecured debt), respectively, and the average principal debt outstanding was $5,622.0 million and $2,680.7 million, respectively.
The components of interest expense were as follows:
Three Months Ended March 31,
20222021
Borrowing interest expense$36,496 $18,763 
Facility unused fees384 811 
Amortization of financing costs and debt issuance costs1,139 677 
Accretion of original issue discount2,282 895 
Total Interest Expense$40,301 $21,146 
Cash paid for interest expense$61,442 $15,190 

Note 7. Commitments and Contingencies
Portfolio Company Commitments
The Company’s investment portfolio may 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, 2022 and December 31, 2021, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $1,258.4 million and $1,407.3 million, respectively.
Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment
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and each respective investment vehicle's allocation may change prior to the date of funding. In this regard, as of March 31, 2022 and December 31, 2021, the Company estimates that $429.9 million and $290.5 million, respectively, of investments that 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. At March 31, 2022 and December 31, 2021, management is not aware of any pending or threatened material litigation.
Note 8. Net Assets
Subscriptions and Drawdowns
The Company has the authority to issue an unlimited number of shares at $0.001 per share par value.  
On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
In connection with the listing of the Company’s common shares on the NYSE, the Board decided to eliminate any outstanding fractional common shares (the “Fractional Shares”), as permitted by Delaware law by rounding down the number of Fractional Shares held by each of our shareholders to the nearest whole share and paying each shareholder cash for such Fractional Shares.
Prior to September 8, 2021, the Company entered into additional subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of the Company’s shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. As of September 8, 2021, all Capital Commitments in the amount of $3,926.3 million ($80.0 million from affiliates of the Adviser) had been drawn.
Distributions
The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2022 (dollars in thousands except per share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
Total distributions$0.7800 $132,318 
(1)Represents a special distribution.

On October 18, 2021, the Board also declared the following special distributions:
Record DatePayment DatePer Share Amount
May 16, 2022August 12, 2022$0.20 
July 18, 2022November 14, 20220.20 
Total distributions$0.40 
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The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2021 (dollars in thousands except per share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 
Total distributions$0.5000 $65,052 
Dividend Reinvestment
The Company has adopted a dividend reinvestment plan (“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 its dividend reinvestment plan 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 net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value 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 net asset value per share). For example, if the most recently computed net asset value 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 net asset value 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 net asset value 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.
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.
The following table summarizes the amounts received and shares issued to shareholders who have not opted out of the Company's DRIP during the three months ended March 31, 2022 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 30, 2022$11,469 417,379 
Total distributions$11,469 417,379 
The following table summarizes the amounts received and shares issued to shareholders who have not opted out of the Company's DRIP during the three months ended March 31, 2021 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 29, 2021$11,179 443,639 
Total distributions$11,179 443,639 

Share Repurchase Plan

On October 18, 2021, the Board approved a share repurchase plan (the “Company 10b5-1 Plan”) to acquire up to approximately $262 million (representing the net proceeds from the IPO) in the aggregate of the Company’s common shares at prices below net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company put the 10b5-1 Plan in place because it believes that, in the current market conditions, if its common shares are trading below its then-current net asset value per share, it is in the best interest of the Company’s shareholders for the Company to reinvest in its portfolio.

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The Company 10b5-1 Plan is intended to allow the Company to repurchase its common shares at times when it otherwise might be prevented from doing so under insider trading laws. The Company 10b5-1 Plan requires Morgan Stanley & Co. LLC, as the Company’s agent, to repurchase common shares on the Company’s behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share). The most recently reported net asset value per share will also be adjusted on the record date of any special distributions declared. Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of our common shares declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of our common shares and trading volumes, and no assurance can be given that any particular amount of common shares will be repurchased.

The purchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances.

The Company 10b5-1 Plan commenced on November 26, 2021 and will terminate upon the earliest to occur of (i) 12-months from its commencement (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals approximately $262 million (representing the net proceeds from the IPO) and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. For the three months ended March 31, 2022, the Company did not repurchase any of its shares under the Share Repurchase Plan.

Shareholder Transfer Restrictions

For shareholders who held common shares prior to the IPO, following, without the consent of the Adviser:

prior to January 3, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber any common share held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares);

prior to March 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 90% of the common shares held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares);

prior to May 1, 2022, a shareholder is not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 75% of the common shares held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares); and

prior to July 1, 2022, a shareholder is not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 50% of the common shares held by such shareholder prior to the date of the IPO (and any DRIP shares received with respect to such common shares).

This means that, as a result of these transfer restrictions, without the consent of the Adviser, a shareholder who owned 100 common shares on the date of the IPO could not sell any of such shares until January 3, 2022; prior to March 1, 2022, such shareholder could only sell up to 10 of such shares; prior to May 1, 2022, such shareholder could only sell up to 25 of such shares; prior to July 1, 2022, such shareholder could only sell up to 50 of such shares; and after July 1, 2022, such shareholder could sell all of such shares. Consent by the Adviser to waive any of the foregoing transfer restrictions is subject to the consent of the representatives on behalf of the underwriters in the IPO. In addition, the Company’s trustees have agreed for a period of 180 days after the date of the IPO and the Company’s executive officers who are not trustees have agreed for a period of 180 days after the date of the IPO, not to transfer (whether by sale, gift, merger, by operation of law or otherwise) their common shares without the prior written consent of the representatives on behalf of the underwriters in the IPO, subject to certain exceptions.



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Note 9. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended March 31,
20222021
Net increase (decrease) in net assets resulting from operations$107,240 $111,767 
Weighted average shares outstanding (basic and diluted)169,556,923 129,967,204 
Earnings (loss) per common share (basic and diluted)$0.63 $0.86 

Note 10. Financial Highlights
The following are the financial highlights for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
 20222021
Per Share Data: 
Net asset value, beginning of period$26.27 $25.20 
Net investment income (1)
0.61 0.58 
Net unrealized and realized gain (loss) (2)
0.03 0.28 
Net increase (decrease) in net assets resulting from operations0.64 0.86 
Distributions declared (3)
(0.78)(0.50)
Total increase (decrease) in net assets(0.14)0.36 
Net asset value, end of period$26.13 $25.56 
Shares outstanding, end of period169,691,412 130,105,225 
Total return based on NAV (4)
2.44 %3.41 %
Total return based on market value (5)
(15.67)%N/A
Ratios:
Ratio of net expenses to average net assets (6)
7.39 %6.58 %
Ratio of net investment income to average net assets (6)
9.15 %9.12 %
Portfolio turnover rate1.34 %10.90 %
Supplemental Data:
Net assets, end of period$4,433,870$3,325,703
Asset coverage ratio178.1 %212.0 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)For the three months ended March 31, 2022 and 2021, the amount shown does not correspond with the aggregate amount for the period as it includes a $(0.01) and $0.00 impact, respectively, from the effect of the timing of capital transactions.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8).
(4)Total return (not annualized) 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 Company's dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load.
(5)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 Company’s dividend reinvestment plan.
(6)Amounts are annualized except for expense support amounts relating to organizational costs. For the three months ended March 31, 2022 and 2021 the ratio of total operating expenses to average net assets was 8.23% and 6.58%, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented (0.84)% and 0.00%, respectively, of average net assets.
Note 11. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the 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 consolidated financial statements as of March 31, 2022, except as discussed below.

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On May 2, 2022, the Board declared a distribution of $0.53 per share, which is payable on August 12, 2022 to shareholders of record as of June 30, 2022.

Effective May 2, 2022, the Board appointed Michelle Greene to the Board and as a member of the Board’s Audit Committee, Nominating and Governance Committee, and Compensation Committee. Ms. Greene’s appointment brings the total number of trustees on the Board to seven, five of whom are not “interested persons” of the Company as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.

Effective May 3, 2022, in light of new responsibilities and time commitments within Blackstone Credit, Daniel H. Smith, Jr. resigned from his position as a trustee of the Company. Mr. Smith’s resignation was not a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
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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.”  This discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, 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, 2021 and Part II, Item 1A of and elsewhere in this Form 10-Q.
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 Adviser. The Administrator 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. We do not currently focus on investments in issuers that are distressed or in need of rescue financing.
We commenced our loan origination and investment activities contemporaneously with the Initial Drawdown on November 20, 2018.  The proceeds from the Initial Drawdown and availability under our credit facilities provided us with the necessary seed capital to commence operations.  See “—Financial Condition, Liquidity and Capital Resources—Borrowings.”
On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
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 small 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) can and will vary 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 LIBOR. 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 structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by us.
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Expenses
Except as specifically provided below, all investment professionals and staff of the Adviser, 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 Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (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 Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.
From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. In this regard, the Administrator has waived the right to be reimbursed for rent and related occupancy costs. However, the Administrator may seek reimbursement for such costs in future periods. All of the foregoing expenses will ultimately be borne by our shareholders.
Costs and expenses of the Administrator and the Adviser 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.
On December 12, 2018, we entered into an Expense Support Agreement with the Adviser. The Expense Support Agreement provides that, at such times as the Adviser determines, the Adviser may pay certain Expense Payments on behalf of us, provided that no portion of the payment will be used to pay any of our interest expense. Such Expense Payment must be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from the Adviser to pay such expense, and/or by an offset against amounts due from us to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined in the Expense Support Agreement) exceed Excess Operating Funds, we shall pay Reimbursement Payments to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter have been reimbursed. The amount of the Reimbursement Payment for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to the Adviser. The Expense Support Agreement provides additional restrictions on the amount of each Reimbursement Payment for any calendar quarter. The Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, so that such Reimbursement Payment may be reimbursable in a future calendar quarter. As of March 31, 2022 there were no unreimbursed Expense Payments remaining.
Portfolio and Investment Activity
For the three months ended March 31, 2022, we acquired $334.2 million aggregate principal amount of investments (including $52.8 million of unfunded commitments), $310.0 million of which was first lien debt, $14.0 million of which was unsecured debt, $7.3 million of which was equity and $3.0 million of which was second lien debt.
For the three months ended March 31, 2021, we acquired $1,220.4 million aggregate principal amount of investments (including $231.2 million of unfunded commitments), $1,136.3 million of which was first lien debt, $20.9 million of which was unsecured debt, $31.9 million of which was equity and $31.3 million of which was second lien debt.
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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,
 20222021
Investments: 
Total investments, beginning of period$9,745,126 $5,575,482 
New investments purchased277,733 1,097,111 
Payment-in-kind interest capitalized10,690 1,883 
Net accretion of discount on investments10,590 21,143 
Net realized gain (loss) on investments5,382 4,634 
Investments sold or repaid(133,142)(637,037)
Total investments, end of period$9,916,379 $6,063,216 
Amount of investments funded at principal:
First lien debt investments$257,183 $1,070,714 
Second lien debt investments2,976 28,995 
Unsecured debt14,023 20,942 
Equity investments 7,264 31,870 
Total$281,446 $1,152,521 
Proceeds from investments sold or repaid:
First lien debt investments$(108,920)$(590,883)
Second lien debt investments— (32,998)
Unsecured debt (13,535)(13,156)
Equity investments(10,687)— 
Total$(133,142)$(637,037)
Number of portfolio companies152 89 
Weighted average yield of new investment commitments7.00 %7.28 %
Weighted average yield on investments fully sold or paid down6.77 %7.41 %
Weighted average yield on debt and income producing investments, at cost(1)
7.26 %7.65 %
Weighted average yield on debt and income producing investments, at fair value(1)
7.22 %7.60 %
Average loan to value (LTV)(3)
44.3 %44.2 %
Percentage of debt investments bearing a floating rate99.9 %99.9 %
Percentage of debt investments bearing a fixed rate0.1 %0.1 %
(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, 2022 and 2021, the weighted average total portfolio yield at cost was 7.17% and 7.57%, respectively. The weighted average total portfolio yield at fair value was 7.09% and 7.52%, 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.
As of March 31, 2022, our portfolio companies had a weighted average annual revenue of $472 million and weighted average annual EBITDA of $128 million. 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 fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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Our investments consisted of the following (dollar amounts in thousands):
March 31, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
First lien debt$9,729,069 $9,783,698 97.60 %$9,563,051 $9,621,939 97.63 %
Second lien debt65,184 65,638 0.65 62,445 63,175 0.64 
Equity investments 122,126 175,146 1.75 119,630 170,265 1.73 
Total$9,916,379 $10,024,482 100.00 %$9,745,126 $9,855,379 100.00 %


As of March 31, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.

As of March 31, 2022 and December 31, 2021, on a fair value basis, approximately 99.9% and 99.9%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.1% and 0.1%, respectively, of our performing debt investments bore interest at a fixed rate.
Results of Operations
The following table represents the operating results (dollar amounts in thousands):
Three Months Ended March 31,
 20222021
Total investment income$185,597 $130,710 
Net expenses81,508 55,073 
Net investment income before excise tax104,089 75,637 
Excise tax expense1,386 (282)
Net investment income after excise tax102,703 75,919 
Net unrealized appreciation (depreciation)(1,412)32,052 
Net realized gain (loss)5,949 3,796 
Net increase (decrease) in net assets resulting from operations$107,240 $111,767 
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,
 20222021
Interest income$170,989 $127,950 
Payment-in-kind interest income8,686 1,917 
Dividend income5,908 — 
Fee income14 843 
Total investment income$185,597 $130,710 
Total investment income increased to $185.6 million for the three months ended March 31, 2022 from $130.7 million for the same period in the prior year primarily driven by our deployment of capital and the increased balance of our investments partially offset by lower weighted average yield on our investments and lower prepayment related income. The size of our investment portfolio at fair value increased to $10,024.5 million at March 31, 2022 from $6,105.4 million at March 31, 2021. Additionally, for the three months ended March 31, 2022, we accrued $1.0 million of non-recurring income (e.g. prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts) as compared to $18.4 million
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for the same period in the prior year. For the three months ended March 31, 2022 and 2021, payment-in-kind income represented 4.7% and 1.5% of investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
As the impact of COVID-19 persists, it could cause operational and/or liquidity issues at our portfolio companies which could restrict their ability to make cash interest payments. Additionally, we may experience full or partial losses on our investments which may ultimately reduce our investment income in future periods.
Expenses
Expenses were as follows (dollar amounts in thousands):
 Three Months Ended March 31,
20222021
Interest expense$40,301 $21,146 
Management fees25,636 11,677 
Income based incentive fee 21,284 14,347 
Capital gains incentive fee 681 5,377 
Professional fees707 586 
Board of Trustees' fees181 131 
Administrative service expenses840 492 
Other general and administrative1,327 1,317 
Excise tax expense1,386 (282)
Total expenses (including excise tax expense)92,343 54,791 
Management fees waived(6,409)— 
Incentive fees waived(3,040)— 
Net expenses (including excise tax expense)$82,894 $54,791 
Interest Expense
Total interest expense (including unused fees and other debt financing expenses), increased to $40.3 million for the three months ended March 31, 2022 from $21.1 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities and our unsecured bond issuances. The average principal debt outstanding increased to $5,622.0 million for the three months ended March 31, 2022 from $2,680.7 million for the same period in the prior year, partially offset by a decrease in our weighted average interest rate to 2.79% for the three months ended March 31, 2022 from 3.05% for the same period in the prior year.
Management Fees
Management fees increased to $25.6 million for the three months ended March 31, 2022 from $11.7 million for the same period in the prior year primarily due to an increase in gross assets. The Adviser voluntarily waived management fees following the IPO such that the management fee will remain at 0.75% for a period of two years following the IPO (versus the contractual rate of 1.00%), which resulted in waivers of $6.4 million and $0.0 million for the three months ended March 31, 2022 and 2021, respectively. Our total gross assets increased to $10,331.0 million at March 31, 2022 from $6,504.4 million at March 31, 2021.
Income Based Incentive Fees
Income based incentive fees increased to $21.3 million for the three months ended March 31, 2022 from $14.3 million for the same period in the prior year primarily due to our deployment of capital. The Adviser voluntarily waived incentive fees following the IPO such that the fee will remain at 15.0% for a period of two years following the IPO (versus the contractual rate of 17.5%), which resulted in waivers of $3.0 million and $0.0 million for the three months ended March 31, 2022 and 2021, respectively. Pre-incentive fee net investment income increased to $121.6 million for the three months ended March 31, 2022 from $95.6 million for the same period in the prior year.
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Capital Gains Based Incentive Fees
We accrued capital gains incentive fees of $0.7 million for the three months ended March 31, 2022 compared to $5.4 million for the same period in the prior year, primarily due to lower net realized and unrealized gains for the three months ended March 31, 2022 than for the same period in the prior year. The accrual for any capital gains incentive fee under U.S. 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 Administrator in performing its obligations under the administration agreement, 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. Prior to the IPO, offering costs included costs associated with our private offering. Other general and administrative expenses include insurance, filing, research, our sub-administrator, subscriptions and other costs.
Total other expenses increased to $3.1 million for the three months ended March 31, 2022 from $2.5 million for the same period in the prior year primarily driven by an increase in our administrative service expenses which was attributable to servicing a growing investment portfolio.
The Adviser may elect to make Expense Payments on our behalf, subject to future Reimbursement Payments pursuant to the Expense Support Agreement described above in “—Key Components of Our Results of Operations—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 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. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.
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, 2022 and 2021, we incurred $1.4 million and $(0.3) million, respectively, of U.S. federal excise tax.
Net Unrealized Gain (Loss)
Net unrealized gain (loss) was comprised of the following (dollar amounts in thousands):
Three Months Ended March 31,
20222021
Net unrealized gain (loss) on investments$(2,147)$32,766 
Net unrealized gain (loss) on translation of assets and liabilities in foreign currencies735 (714)
Net unrealized gain (loss)$(1,412)$32,052 

For the three months ended March 31, 2022, the net unrealized loss was primarily driven by an decrease in the fair value of our debt investments during the period. The fair value of our debt investments as a percentage of principal decreased by 0.1% as compared to a 0.3% increase in fair value of our debt investments for the same period in prior year. The unrealized gains during the three months ended March 31, 2021 were partially driven by a continued recovery from the COVID-19
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pandemic as credit spreads tightened and the private and syndicated leverage loan markets have significantly rebounded from the March 2020 lows.

Net Realized Gain (Loss)
The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):
Three Months Ended March 31,
20222021
Net realized gain (loss) on investments$5,382 $4,634 
Net realized gain (loss) on translation of assets and liabilities in foreign currencies567 (838)
Net realized gain (loss)$5,949 $3,796 
For the three months ended March 31, 2022 and 2021, we generated realized gains of $6.2 million and $5.0 million, respectively, partially offset by realized losses of $0.8 million and $0.4 million respectively, primarily from full or partial sales of our debt investments.
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 and/or private issuances of debt and/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.
As of both March 31, 2022 and December 31, 2021, we had four revolving credit facilities outstanding and we had five issuances of unsecured bonds outstanding. We may 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, 2022 and December 31, 2021, we had an aggregate amount of $5,680.5 million and $5,544.3 million of senior securities outstanding and our asset coverage ratio was 178.1% and 180.2%, 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.

Cash and cash equivalents as of March 31, 2022, taken together with our $569.5 million of available capacity under our credit facilities (subject to borrowing base availability) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $264.3 million of Level 2 debt investments as of March 31, 2022, which could provide additional liquidity if necessary. A continued disruption in the financial markets caused by the COVID-19 outbreak or any other negative economic development 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 recently obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.
As of March 31, 2022, we had $140.9 million in cash and cash equivalents. During the three months ended March 31, 2022, cash used in operating activities was $19.2 million, primarily as a result of funding portfolio investments of $277.7 million; partially offset by proceeds from sale of investments of $133.1 million. Cash provided by financing activities was $57.2 million during the period, which was primarily as a result of net borrowings on our credit facilities and our unsecured debt issuances of $136.9 million; partially offset by dividends paid in cash of $78.2 million.
As of March 31, 2021, we had $291.7 million in cash and cash equivalents. During the three months ended March 31, 2021, cash used in operating activities was $299.3 million, primarily as a result of funding portfolio investments of $1,097.1 million; partially offset by proceeds from sale of investments of $637.0 million and an increase in payables for investments
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purchased of $63.7 million. Cash provided by financing activities was $373.3 million during the period, which was primarily as a result of net borrowings on our credit facilities and our unsecured debt issuances of $445.9 million; partially offset by dividends paid in cash of $75.5 million.
Equity
On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
In connection with the listing of the Company’s common shares on the NYSE, the Board decided to eliminate any outstanding fractional common shares (the “Fractional Shares”), as permitted by Delaware law by rounding down the number of Fractional Shares held by each of our shareholders to the nearest whole share and paying each shareholder cash for such Fractional Shares.
Distributions and Dividend Reinvestment

The following table summarizes our distributions declared and payable for the three months ended March 31, 2022 (dollar amounts in thousands, except share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
Total distributions$0.7800 $132,318 
(1)Represents a special distribution.
On October 18, 2021, the Board also declared the following special distributions:
Record DatePayment DatePer Share Amount
May 16, 2022August 12, 2022$0.20 
July 18, 2022November 14, 20220.20 
Total distributions$0.40 
The following table summarizes our distributions declared and payable for the three months ended March 31, 2021 (dollar amounts in thousands, except share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 
Total distributions$0.5000 $65,052 
With respect to distributions, we have adopted an “opt out” dividend reinvestment plan 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 dividend reinvestment plan 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. Refer to Note 8 to the consolidated financial statements for more information on our dividend reinvestment program.
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The following table summarizes the amounts received and shares issued to shareholders who have not opted out of our dividend reinvestment plan during the three months ended March 31, 2022 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 30, 2022$11,469 417,379 
Total distributions$11,469 417,379 

The following table summarizes the amounts received and shares issued to shareholders who have not opted out of our dividend reinvestment plan during the three months ended March 31, 2021 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 29, 2021$11,179 443,639 
Total distributions$11,179 443,639 
Share Repurchase Plan
On October 18, 2021, the Board approved a share repurchase plan (the “Company 10b5-1 Plan”) to acquire up to approximately $262 million (representing the net proceeds from the IPO) in the aggregate of the Company’s common shares at prices below net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company put the 10b5-1 Plan in place because it believes that, in the current market conditions, if its common shares are trading below its then-current net asset value per share, it is in the best interest of the Company’s shareholders for the Company to reinvest in its portfolio. For the three months ended March 31, 2022, the Company did not repurchase any of its shares under the Share Repurchase Plan.

Borrowings
Our outstanding debt obligations were as follows (dollar amounts in thousands):
March 31, 2022
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $360,367 $360,367 $39,633 $39,633 
Breckenridge Funding Facility825,000 590,780 590,780 234,220 234,220 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,325,000 1,029,780 1,029,780 295,220 295,220 
2023 Notes(5)
400,000 400,000 397,233 — — 
2026 Notes(5)
800,000 800,000 793,203 — — 
New 2026 Notes(5)
700,000 700,000 692,105 — — 
2027 Notes(5)
650,000 650,000 636,561 — — 
2028 Notes(5)
650,000 650,000 637,787 — — 
Total$6,250,000 $5,680,533 $5,637,422 $569,467 $569,467 
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December 31, 2021
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $361,007 $361,007 $38,993 $38,993 
Breckenridge Funding Facility825,000 568,680 568,680 256,320 256,320 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,325,000 915,035 915,035 409,965 271,585 
2023 Notes(5)
400,000 400,000 396,702 — — 
2026 Notes(5)
800,000 800,000 792,757 — — 
New 2026 Notes(5)
700,000 700,000 691,662 — — 
2027 Notes(5)
650,000 650,000 635,860 — — 
2028 Notes(5)
650,000 650,000 637,324 — — 
Total$6,250,000 $5,544,328 $5,498,633 $705,672 $567,292 

(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 U.S. dollars or certain other permitted currencies. As of March 31, 2022, the Company had borrowings denominated in Euros (EUR) of 23.2 million. As of December 31, 2021, the Company had borrowings denominated in Euros (EUR) of 23.3 million.
(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 270.0 million, 19.6 million and 51.8 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 256.3 million, 18.6 million and 49.8 million, respectively.
(5)The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $2.8 million, $6.8 million, $7.9 million, $13.4 million and $12.2 million, respectively, as of March 31, 2022. The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $3.3 million, $7.2 million, $8.3 million, $14.1 million and $12.7 million, respectively, as of December 31, 2021.
For additional information on our debt obligations see “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 6. Borrowings."
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, 2022 and December 31, 2021, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $1,258.4 million and $1,407.3 million, respectively.
Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2022, management is not aware of any pending or threatened litigation.

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 Administration Agreement; and
Expense Support and Conditional Reimbursement Agreement.
In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and
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other pertinent factors. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions.
COVID-19 Update
The impact of the COVID-19 pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy continued reopening in early 2022 and robust economic activity has supported a continued recovery, certain geographies, most notably China, have experienced setbacks.
The uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 that have emerged and other factors have and may continue to contribute to significant volatility in the global markets. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.
Critical Accounting Estimates
The preparation of the 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 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, 2021, filed with the SEC on February 28, 2022, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Uncertainty with respect to the economic effects of the COVID-19 outbreak has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to financial market risks, including valuation risk and interest rate risk.
Valuation Risk
We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
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 March 2022, the Federal Reserve raised interest rates by 0.25%, the first increase since December 2018, and most recently, in May 2022, raised interest rates by 0.50% and indicated that it would raise rates at each of the remaining meetings in 2022.
As of March 31, 2022, 99.9% of our debt investments at fair value were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2022, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming
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no changes in our investment and borrowing structure) (dollar amounts in thousands):
 Interest
Income
Interest
Expense
Net
Income(1)
Up 300 basis points$296,805 $(74,495)$222,310 
Up 200 basis points196,876 (49,663)147,213 
Up 100 basis points96,947 (24,832)72,115 
Down 100 basis points(4,511)23,877 19,366 
Down 200 basis points(4,511)23,877 19,366 
(1)Excludes the impact of income based incentive fees. See Note 3 to our consolidated financial statements for the three months ended March 31, 2022 for more information on the income based incentive fees.

Inflation and Supply Chain Risk
Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies profit margins.
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Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(b) Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. 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. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors.

For information regarding factors that could affect our results of operations, financial condition and liquidity, see 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, 2021.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Refer to "Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets" in this Form 10-Q for issuances of our shares during the quarter. Such issuances were part of our Private Offering pursuant to Section 4(a)(2) of the 1933 Act and Regulation D thereunder.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.
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_________________________
*    Filed herewith.
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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 12, 2022/s/ Brad Marshall
Brad Marshall
 Chief Executive Officer
   
Date:May 12, 2022/s/ Stephan Kuppenheimer
Stephan Kuppenheimer
 Chief Financial Officer

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