Blackstone Secured Lending Fund (BXSL) 424B225 Sep 24Prospectus for primary offeringFinancial data

Company Profile

N-2

N-2 - USD ($)		Sep. 26, 2024	Sep. 16, 2024
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) 0.14 % (2) Dividend reinvestment plan expenses None (3) Total shareholder transaction expenses (as a percentage of offering price) 1.14 % (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 $500.0 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus. (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]	0.14%
Other Transaction Expense 2 [Percent]		1.14%
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 2.06 % (4) Incentive Fee payable under the Investment Advisory Agreement 2.91 % (5) Interest payments on borrowed funds 5.55 % (6) Other expenses 0.49 % (7)(8) Total annual expenses: 11.01 % (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 2.07x 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 based on annualizing the “Income based incentive fees” expense for the six months ended June 30, 2024, and adding the “Capital gains based incentive fees” for the six months ended June 30, 2024 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) We borrow funds to make investments. The costs associated with such borrowing will be indirectly borne by shareholders. The interest payment on borrowed funds referenced in the table above is estimated based on annualizing the actual amounts of the interest payment on borrowed funds incurred during the six months ended June 30, 2024, divided by our weighted average net assets. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act. (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
Management Fees [Percent]	[4],[5]	2.06%
Interest Expenses on Borrowings [Percent]	[4],[6]	5.55%
Incentive Fees [Percent]	[4],[7]	2.91%
Other Annual Expenses [Abstract]
Other Annual Expenses [Percent]	[4],[8],[9]	0.49%
Net Expense over Assets [Percent]	[4],[8]	11.01%
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) $90 $241 $382 $698 You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains (2) $117 $309 $480 $823
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 fees or expenses as investors in us.
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 2.07x our average net assets.
Financial Highlights [Abstract]
Senior Securities, Note [Text Block]		SENIOR SECURITIES The information in “Note 11—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 inv estmen 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 & Insurance, which include its access to the relationships and human capital of Blackstone Credit & Insurance’s parent, Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; • 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 private U.S. companies, including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; • maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt • utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Blackstone Credit & Insurance Value Creation Program. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Subject to the limitations of the 1940 Act, we may invest in loans or other securities the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. 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 FACTORS 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” in our most recent annual report on Form 10-K
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 FACTORS 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” in our most recent annual report on Form 10-K
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]			206,414,070
Net Investment Income [Member]
Other Annual Expenses [Abstract]
Expense Example, Year 01	[10]	$ 90
Expense Example, Years 1 to 3	[10]	241
Expense Example, Years 1 to 5	[10]	382
Expense Example, Years 1 to 10	[10]	698
Net Realized Capital Gains [Member]
Other Annual Expenses [Abstract]
Expense Example, Year 01	[11]	117
Expense Example, Years 1 to 3	[11]	309
Expense Example, Years 1 to 5	[11]	480
Expense Example, Years 1 to 10	[11]	$ 823

[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 $500.0 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus.[4]Average net assets employed as the denominator for expense ratio computation is $5,246 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. 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 2.07x our average net assets.[6]We borrow funds to make investments. The costs associated with such borrowing will be indirectly borne by shareholders. The interest payment on borrowed funds referenced in the table above is estimated based on annualizing the actual amounts of the interest payment on borrowed funds incurred during the six months ended June 30, 2024, divided by our weighted average net assets. 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 based on annualizing the “Income based incentive fees” expense for the six months ended June 30, 2024, and adding the “Capital gains based incentive fees” for the six months ended June 30, 2024 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. For a more detailed discussion of the calculation of this fee, see “Management and Other Agreement” in the accompanying prospectus.[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.[11]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).

Submission

Submission	Sep. 26, 2024
Submission [Line Items]
Central Index Key	0001736035
Registrant Name	Blackstone Secured Lending Fund
Registration File Number	333-266323
Form Type	N-2
Submission Type	424B2
Fee Exhibit Type	EX-FILING FEES

Offerings

Offerings	Sep. 26, 2024 USD ($)
Offering: 1
Offering:
Fee Previously Paid	false
Rule 457(o)	true
Security Type	Equity
Security Class Title	Common Shares of beneficial interest, par value $0.001 per share
Maximum Aggregate Offering Price	$ 496,967,020
Fee Rate	0.01476%
Amount of Registration Fee	$ 73,352.33
Offering Note	(1) Calculated in accordance with Rule 457(o), based on the proposed maximum aggregate offering price, and Rule 457(r) under the Securities Act of 1933, as amended (the “Securities Act”). (2) Certain of the securities being offered under this prospectus supplement represent unsold securities previously registered on the prospectus supplement filed pursuant to Rule 424(b)(2) on March 28, 2024 (the “Prior Prospectus Supplement”), and the accompanying prospectus dated July 25, 2022, pursuant to a Registration Statement on Form N-2ASR No. 333-266323)
Offering: 2
Offering:
Rule 415(a)(6)	true
Security Type	Equity
Security Class Title	Common Shares of beneficial interest, par value $0.001 per share
Maximum Aggregate Offering Price	$ 3,032,980
Carry Forward Form Type	N-2
Carry Forward File Number	333-266323
Carry Forward Initial Effective Date	Jul. 26, 2022
Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward	$ 447.67
Offering Note	(1) Calculated in accordance with Rule 457(o), based on the proposed maximum aggregate offering price, and Rule 457(r) under the Securities Act of 1933, as amended (the “Securities Act”). (2) Certain of the securities being offered under this prospectus supplement represent unsold securities previously registered on the prospectus supplement filed pursuant to Rule 424(b)(2) on March 28, 2024 (the “Prior Prospectus Supplement”), and the accompanying prospectus dated July 25, 2022, pursuant to a Registration Statement on Form N-2ASR No. 333-266323)

Fees Summary

Fees Summary	Sep. 26, 2024 USD ($)
Fees Summary [Line Items]
Total Offering	$ 500,000,000
Previously Paid Amount	0
Total Fee Amount	73,800
Total Offset Amount	447.67
Net Fee	$ 73,352.33