Blackstone Secured Lending Fund (BXSL) 424B21 Dec 23Prospectus for primary offeringFinancial data

Company Profile

N-2

N-2 - USD ($)		Dec. 01, 2023	Nov. 30, 2023
Cover [Abstract]
Entity Central Index Key		0001736035
Amendment Flag		false
Document Type		424B2
Entity Registrant Name		Blackstone Secured Lending Fund
Fee Table [Abstract]
Shareholder Transaction Expenses [Table Text Block]		Shareholder transaction expenses (as a percentage of offering price): Sales load (as a percentage of offering price) 1.00% (1) Offering expenses (as a percentage of offering price) 0.18% (2) Dividend reinvestment plan expenses None (3) Total shareholder transaction expenses (as a percentage of offering price) 1.18% (1) The sales load (underwriting discount and commission) with respect to the common shares sold in this offering is the only sales load paid in connection with this offering. Represents the maximum agent commission with respect to the common shares sold by us in this offering. (2) The percentage reflects estimated offering expenses of approximately $0.7 million for the estimated duration of this offering and assumes we sell all $400.0 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus. (3) The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “ Dividend Reinvestment Plan
Sales Load [Percent]	[1]	1%
Dividend Reinvestment and Cash Purchase Fees	[2]	$ 0
Other Transaction Expenses [Abstract]
Other Transaction Expense 1 [Percent]	[3]	0.18%
Other Transaction Expense 2 [Percent]		1.18%
Annual Expenses [Table Text Block]		Annual expenses (as a percentage of net assets attributable to common shares) (9): Management Fee payable under the Investment Advisory Agreement 2.24% (4) Incentive Fee payable under the Investment Advisory Agreement 2.89% (5) Interest payments on borrowed funds 6.07% (6) Other expenses 0.75% (7)(8) Total annual expenses: 11.95% (8) (4) The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters. The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.25x our average net assets. (5) The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated by annualizing the “Income based incentive fees” expense for the nine months ended September 30, 2023, and adding the “Capital gains based incentive fees” for the nine months ended September 30, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. For a more detailed discussion of the calculation of this fee, see “ Management and Other Agreement (6) Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.80%, which was the weighted average interest rate for the nine months ended September 30, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We (7) Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “ Management and Other Agreements — Administration Agreement (8) Estimated. (9) Average net assets employed as the denominator for expense ratio computation is $4,355 million. The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.
Management Fees [Percent]	[4],[5]	2.24%
Interest Expenses on Borrowings [Percent]	[4],[6]	6.07%
Incentive Fees [Percent]	[4],[7]	2.89%
Other Annual Expenses [Abstract]
Other Annual Expenses [Percent]	[4],[8],[9]	0.75%
Net Expense over Assets [Percent]	[4],[8]	11.95%
Expense Example [Table Text Block]		1 year 3 years 5 years 10 years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income (1) $ 99 $ 264 $ 416 $ 745 You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains (2) $ 126 $ 331 $ 508 $ 854 (1) The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses. (2) Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee).
Purpose of Fee Table , Note [Text Block]		The following table is intended to assist you in understanding the fees and expenses that an investor in our common shares will bear, directly or indirectly, based on the assumptions set forth below. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement contains a reference to our fees or expenses, we will pay such fees and expenses out of our net assets and, consequently, shareholders will indirectly bear such
Basis of Transaction Fees, Note [Text Block]		as a percentage of offering price
Other Expenses, Note [Text Block]		Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “ Management and Other Agreements — Administration Agreement
Management Fee not based on Net Assets, Note [Text Block]		(4) The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters. The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.25x our average net assets.
Financial Highlights [Abstract]
Senior Securities, Note [Text Block]		SENIOR The information in “Note 10—Financial Highlights and Senior Securities” in Part I, Item 1—Financial Statements—Notes to Condensed Consolidated Financial Statements (Unaudited) of the Company’s Quarterly Report on Form 10-Q Form 10-Q
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]		Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’s investment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we will leverage the Adviser’s investment team’s and Blackstone’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objectives Investment Strategy Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: • utilizing the experience and expertise of the management team of the Adviser, along with the broader resources of Blackstone Credit, which include its access to the relationships and human capital of Blackstone Credit’s parent, Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; • employing a defensive investment approach focused on long-term credit performance and principal protection, generally lending on what the Adviser believes are (i) protective multiples of the borrower’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) to its interest coverage obligations, (ii) conservative loan-to-value • focusing primarily on loans and securities of U.S. private companies, including syndicated loans, specifically small and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; • maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt • utilizing the power and scale of Blackstone and the Blackstone Credit platform to offer operational expertise to portfolio companies through the Blackstone Value Creation Program. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Although we do not expect a significant portion of our portfolio to be composed of second lien, third lien, unsecured or subordinated loans, there is no limit on the amount of such loans in which we may invest, subject to compliance with our 80% policy. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” co-investment
Risk Factors [Table Text Block]		RISK Investing in our common shares involves a number of significant risks. Before deciding whether to invest in our common shares, you should carefully consider the risks and uncertainties described in the section titled “ Risk Factors Form 10-K Cautionary Statement Regarding Forward Looking Statements
Effects of Leverage [Text Block]		Use of Leverage The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, pursuant to the 1940 Act, our total borrowings are limited so that we cannot incur additional borrowings if immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150%. This means that generally, a BDC can borrow up to $2 for every $1 of investor equity. In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.
RISK FACTORS [Member]
General Description of Registrant [Abstract]
Risk [Text Block]		RISK Investing in our common shares involves a number of significant risks. Before deciding whether to invest in our common shares, you should carefully consider the risks and uncertainties described in the section titled “ Risk Factors Form 10-K Cautionary Statement Regarding Forward Looking Statements
Common Shares [Member]
Other Annual Expenses [Abstract]
Basis of Transaction Fees, Note [Text Block]		as a percentage of net assets attributable to common shares
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Outstanding Security, Title [Text Block]			Common shares
Outstanding Security, Held [Shares]			183,151,849
Net Realized Capital Gains [Member]
Other Annual Expenses [Abstract]
Expense Example, Year 01	[10]	$ 126
Expense Example, Years 1 to 3	[10]	331
Expense Example, Years 1 to 5	[10]	508
Expense Example, Years 1 to 10	[10]	854
Net Investment Income [Member]
Other Annual Expenses [Abstract]
Expense Example, Year 01	[10]	99
Expense Example, Years 1 to 3	[10]	264
Expense Example, Years 1 to 5	[10]	416
Expense Example, Years 1 to 10	[10]	$ 745

[1]The sales load (underwriting discount and commission) with respect to the common shares sold in this offering is the only sales load paid in connection with this offering. Represents the maximum agent commission with respect to the common shares sold by us in this offering.[2]The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “Dividend Reinvestment Plan” in the accompanying prospectus for additional information regarding our dividend reinvestment plan.[3]The percentage reflects estimated offering expenses of approximately $0.7 million for the estimated duration of this offering and assumes we sell all $400.0 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus.[4]Average net assets employed as the denominator for expense ratio computation is $4,355 million. The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.[5]The management fee is payable quarterly in arrears at an annual rate of 1.0% of the average value of our gross assets at the end of the two most recently completed calendar quarters.[6]Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.80%, which was the weighted average interest rate for the nine months ended September 30, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act.[7]The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated by annualizing the “Income based incentive fees” expense for the nine months ended September 30, 2023, and adding the “Capital gains based incentive fees” for the nine months ended September 30, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%.[8]Estimated.[9]Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “Management and Other Agreements — Administration Agreement” in the accompanying prospectus. We based these expenses on estimated amounts for the current fiscal year.[10]The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses.