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Here are 1-3 brief analogies for Blackstone Secured Lending Fund (BXSL):

• Like a Real Estate Investment Trust (REIT), but instead of owning buildings, it owns a portfolio of loans to private businesses and distributes the interest income to shareholders.

• Think of it as a specialized bank (similar to a focused JPMorgan Chase) that exclusively lends money to private middle-market companies and passes most of the interest earned directly to its investors.

• Similar to an income-focused fund (like one from BlackRock or Vanguard), but it invests in loans to private companies instead of public stocks or bonds, distributing most of that interest to its shareholders.

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• Senior Secured Loans: Provides debt financing that holds the highest repayment priority and is collateralized by the borrower's assets, primarily to private middle-market companies.
• Unitranche Loans: Offers a hybrid debt instrument combining senior and junior debt into a single facility, simplifying capital structures for borrowers.
• Minority Equity Co-Investments: Makes small equity investments, often alongside debt, to participate in the growth and potential upside of portfolio companies.

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Blackstone Secured Lending Fund (BXSL) operates as a Business Development Company (BDC) and primarily provides debt financing to other companies. Its "customers" are the private companies to which it lends money or makes investments.

BXSL's major customers are U.S. private middle-market companies, typically those that are established and sponsor-backed. These companies span a diverse range of industries.

As BXSL's investment strategy focuses on providing capital to private companies, it does not have publicly traded companies as direct "customers" in the traditional sense of buying goods or services. Therefore, specific public company names and their symbols cannot be provided as major customers.

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• Blackstone Inc. (BX)
• State Street Corporation (STT)
• Computershare Limited (CPU.AX)

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Brad Marshall, Chairman and Co-Chief Executive Officer

Brad Marshall is the Global Head of Private Credit Strategies and serves as Chairman and Co-Chief Executive Officer of Blackstone Secured Lending Fund. He joined Blackstone in 2005. Prior to Blackstone, Mr. Marshall held various roles at the Royal Bank of Canada (RBC), including fixed income research and business development within RBC's private equity funds. Before RBC, he was involved in developing a private equity funds business for TAL Global, a Canadian asset management division of CIBC. Additionally, he co-founded a microchip verification software company where he served as Chief Financial Officer.

Jonathan Bock, Co-Chief Executive Officer

Jonathan Bock is Co-Chief Executive Officer of Blackstone Secured Lending Fund and the Global Head of Market Research for Blackstone Credit. He joined Blackstone in 2023. Prior to joining Blackstone, Mr. Bock was the Chief Executive Officer of Barings BDC. His previous roles at Barings also included Co-Chief Executive Officer and President of Barings Private Credit Corporation, and Chief Financial Officer of Barings Capital Investment Corporation, Barings Corporate Investors, and Barings Participation Investors. Before Barings, Mr. Bock was a Managing Director and Senior Equity Analyst at Wells Fargo Securities, specializing in Business Development Companies (BDCs). He also worked at Stifel Nicolaus & Company, A.G. Edwards Inc., and was an equity portfolio manager/analyst at Busey Wealth Management.

Carlos Whitaker, President

Carlos Whitaker is the President of Blackstone Secured Lending Fund and a Senior Managing Director with Blackstone Credit. He joined Blackstone in 2021. Prior to Blackstone, Mr. Whitaker had a 21-year career at Credit Suisse, where he was a Managing Director and held senior executive roles in the Global Markets division, including Head of New York Advisory Sales and Co-Head of EMEA Advisory Sales.

Teddy Desloge, Chief Financial Officer

Teddy Desloge is the Chief Financial Officer of Blackstone Secured Lending Fund and a Managing Director with Blackstone. He joined Blackstone Credit in 2015. Since joining, Mr. Desloge has been involved with the investment management of various Direct Lending Funds, focusing on the origination, research, and execution of private and opportunistic credit investments across industries, supporting Blackstone Credit's Private Credit Strategies.

Kate Rubenstein, Chief Operating Officer

Kate Rubenstein is the Chief Operating Officer of Blackstone Secured Lending Fund and a Managing Director in Blackstone Credit. She joined Blackstone in 2015. Ms. Rubenstein created and led the GSO Advantage platform (now the Blackstone Credit Value Creation program), which leverages Blackstone's capabilities to drive operational efficiencies and growth for portfolio companies. She also created and led the Blackstone Advantage program. Before joining Blackstone, she originated senior secured loans and equipment finance opportunities at GE Capital and worked in brand management at World Kitchen.

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1. Interest Rate Fluctuations: A primary risk for BXSL is a potential decrease in net investment income due to changes in federal fund rates. As a BDC with variable rate loan payments, a decline in interest rates could lead to a reduction in net interest income, which may consequently impact dividend coverage. While BXSL's portfolio is structured to largely benefit from rising rates (with approximately 99.8% of its debt investments being floating rate), overall interest rate volatility remains a significant factor that can affect its net investment income.
2. Credit Risk and Asset Quality Deterioration: BXSL invests primarily in the debt of private U.S. companies, many of which may be highly leveraged. This exposes the fund to credit risk, including the potential for asset quality deterioration, loan markdowns, and losses if its portfolio companies experience financial distress. Examples such as the markdown of the Medallia loan and credit downgrades for companies like Peraton highlight the fragility of concentrated positions within a tightening credit environment.
3. Competition for Investment Opportunities: The private credit market and BDC sector are highly competitive and fragmented. BXSL faces increasing competition for attractive investment opportunities, which can lead to "spread compression" (a reduction in interest margins) and challenges in effectively deploying capital. This intense competition could impact the fund's ability to source new investments and maintain its desired returns.

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Blackstone Secured Lending Fund (BXSL) primarily invests in first lien senior secured debt and unitranche loans of private U.S. companies, operating within the broader private credit and direct lending markets.

Addressable Market Sizes:

• Global Private Credit Market: The global private credit market reached approximately US$3 trillion in assets under management (AUM) in 2024 and is projected to grow to about US$5 trillion by 2029.

• U.S. Private Credit Market: The U.S. private credit market was estimated to be between US$1.25 trillion and US$1.6 trillion in 2024.

• Global Direct Lending Market: The global direct lending market, a significant component of private credit, was approximately US$1.5 trillion in 2025.

• North American (primarily U.S.) Direct Lending Market: This market is estimated to be around US$1.5 trillion as of 2024, with expectations to reach nearly US$2 trillion by the end of the decade.

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Blackstone Secured Lending Fund (BXSL) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Investment Portfolio through Active Capital Deployment: BXSL has demonstrated a consistent ability to actively deploy capital, leading to an increase in its total investment portfolio. For instance, the company reported net funded investment activity of approximately $1.2 billion in Q4 2024, representing a 230% increase year-over-year. This trend continued into Q2 2025 with $0.5 billion in new investments funded. Management frequently expresses confidence in its ability to deploy capital.
2. Optimization of Interest Income from a Predominantly Floating-Rate Debt Portfolio: A significant portion of BXSL's portfolio consists of floating-rate debt, which allows the company to benefit from changes in interest rates. While the weighted average yield on performing debt investments saw a slight decrease to 10.4% in Q4 2024 from 11.2% in Q3 2024, the generation of substantial interest income remains a primary revenue driver. The ability to maintain attractive yields on new and existing debt investments will be crucial for revenue expansion.
3. Leveraging the Extensive Blackstone Platform for Deal Origination and Selection: BXSL benefits significantly from its affiliation with Blackstone, utilizing the firm's considerable scale and competitive advantages. This platform provides access to a robust pipeline of deal flow and enables disciplined, timely investment decisions. This strategic advantage helps BXSL identify and secure high-quality lending opportunities, which in turn fuels revenue growth.
4. Continued Focus on First Lien Senior Secured Loans for Stable Returns: The company primarily invests in first lien senior secured loans, characterized by low loan-to-value ratios and strong credit performance with minimal non-accruals. This disciplined investment strategy aims to protect capital and generate stable net investment income. While primarily a risk mitigation strategy, consistent strong credit performance and low loss rates ensure a stable and growing base of interest-generating assets.

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Blackstone Secured Lending Fund (BXSL) Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• In February 2023, the Board authorized a share repurchase plan, allowing for the repurchase of up to $250 million of outstanding common shares in the open market at prices below Net Asset Value (NAV) per share for a one-year term.
• No shares were repurchased under this program during the year ended December 31, 2023.

Share Issuance

• The company completed its Initial Public Offering (IPO) on October 28, 2021, pricing 9,180,000 common shares at $26.15 per share and raising approximately $240 million. The underwriters fully exercised their option for an additional 1,377,000 shares, increasing the total raised to approximately $276 million.
• BXSL priced an underwritten public offering of $400.0 million in aggregate principal amount of 5.350% unsecured notes due 2028 on October 9, 2024.
• Further unsecured notes offerings included $400.0 million in 5.875% notes due 2028 priced on May 13, 2025, and $300.0 million in 5.350% notes due 2028 priced on December 11, 2025.

Inbound Investments

• Blackstone Secured Lending Fund is externally managed by Blackstone Credit BDC Advisors LLC, an affiliate of Blackstone Inc.
• The company leverages its integration within the broader Blackstone ecosystem, which aids in sourcing proprietary investment opportunities and generating new commitments and funding.

Outbound Investments

• BXSL primarily invests in the debt of private U.S. companies, with a focus on first lien senior secured and unitranche loans.
• As of June 30, 2025, the fair value of its investments was approximately $13.3 billion, an increase from approximately $7.4 billion as of June 30, 2021, and $11.3 billion as of June 30, 2024.
• In the fourth quarter of 2024, total investments grew by 9% quarter-over-quarter, driven by $1.4 billion in new investment fundings, predominantly in First Liens.