Blackstone Secured Lending Fund (NYSE: BXSL) is a business development company (BDC) that originates and holds primarily senior secured loans to U.S. middle-market and private companies. It generates income through interest on floating-rate debt investments, with additional fees from loan origination, and pays an annual management fee of 1.0% of average gross assets plus an income-based incentive fee to its external advisers, Blackstone Private Credit Strategies LLC and Blackstone Credit BDC Advisors LLC, both affiliates of Blackstone Inc. At least 70% of BXSL's assets must be qualifying assets under the Investment Company Act of 1940, generally privately-offered securities issued by U.S. private or thinly-traded companies. The fund IPO'd on the New York Stock Exchange on October 28, 2021. It operates as a regulated investment company (RIC) and distributes substantially all available earnings quarterly. Leverage is used to enhance returns, subject to a statutory 2:1 debt-to-equity limit. Investment sourcing relies on relationships with private equity sponsors, investment banks, and commercial banks cultivated through the broader Blackstone Credit & Insurance platform.

Revenue model

Interest income on floating-rate senior secured loans, primarily priced over SOFR with reference rate floors. Supplemented by origination and other loan fees. The external advisers receive a 1.0% annual management fee on average gross assets and an income-based incentive fee calculated on aggregate pre-incentive fee net investment income over a rolling twelve-quarter period.

Products and services

Senior secured floating-rate loans to U.S. private and middle-market companies. Up to 30% of the portfolio may be invested opportunistically in non-qualifying assets, including non-U.S. company investments.

Customers and end markets

Borrowers are primarily U.S. private or thinly-traded companies, often backed by private equity sponsors. Deal sourcing is tied to leveraged buyout activity; as of December 31, 2025, private credit markets financed 214 LBOs (84% of total U.S. LBOs in 2025).

Value-chain role

Direct lender and loan originator sitting at the senior secured, first-lien level of borrowers' capital structures. Externally managed; investment decisions made by the Advisers' Investment Committee within the Blackstone Credit & Insurance platform.

Geographic exposure

Primarily U.S. private and thinly-traded companies. Up to 30% of portfolio may be invested in non-U.S. companies under BDC rules.

Source: SEC 10-K, filed 2026-02-25

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