Overview
- TickerBXSL on NYSE2
- HeadquartersNew York, United States2
- Incorporated inDE3
- Business address345 Park Avenue, 31St Floor, New York, Ny 101543
- Filer categoryLarge accelerated filer3
- Legal formStatutory Trust2
- Kind of organizationTrust2
- LEI549300KM7KWQHVBNH9622
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O WILMINGTON TRUST, NATIONAL ASSOCIATION, 19890 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 68155982
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Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company,” “we,” “us,” or “our” ), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management 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 (together with the rules and regulations promulgated thereunder, the “1940 Act” ). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC” ) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code” ).4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 5 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Total investment income | $1.4B | $1.3B | $1.1B | ||
| Interest expense | $381.6M | $326.1M | $266.4M | ||
| Management fees (Note 3) | $140.0M | $116.6M | $98.1M | ||
| Income based incentive fees (Note 3) | $126.7M | $150.1M | $134.2M | ||
| Capital gains based incentive fees (Note 3) | $0 | $0 | |||
| Capital gains based incentive fees reversal | -$5.5M | ||||
| Professional fees | $4.9M | $4.7M | $6.1M | ||
| Board of Trustees fees | $1.2M | $1.1M | $907.0K | ||
| Administrative service expenses (Note 3) | $3.5M | $2.6M | $2.2M | ||
| Other general and administrative expenses | $5.0M | $3.6M | $6.1M | ||
| Total expenses before tax expense | $662.9M | $604.8M | $508.6M | ||
| Management fees waived (Note 3) | $0 | $0 | -$20.2M | ||
| Incentive fees waived (Note 3) | $0 | $0 | -$15.6M | ||
| Net expenses before tax expense | $662.9M | $604.8M | $472.8M | ||
| Net investment income before tax expense | $756.0M | $722.1M | $670.7M | ||
| Excise and other tax expense | $16.1M | $14.5M | $16.8M | ||
| Net investment income after tax expense | $739.9M | $707.6M | $653.9M | ||
| Net unrealized (appreciation) depreciation on investments | -$149.1M | -$14.2M | -$50.8M | ||
| Derivative instruments (Note 6) | -$3.1M | $2.4M | $0 | ||
| Translation of assets and liabilities in foreign currencies | $852.0K | -$48.0K | -$3.7M | ||
| Income tax (provision) benefit | -$2.3M | -$1.7M | $0 | ||
| Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit | -$153.7M | -$13.5M | -$54.6M | ||
| Net realized gain (loss) | $10.0K | -$19.0M | -$6.2M | ||
| Derivative instruments (Note 6) | -$8.8M | $8.8M | $0 | ||
| Foreign currency transactions | -$13.4M | $10.2M | $18.8M | ||
| Current tax expense on realized gains | -$545.0K | $0 | $0 | ||
| Net realized gain (loss), net of tax expense | -$22.8M | -$13.0K | $12.6M | ||
| Net realized and change in unrealized gain (loss) | -$176.5M | -$13.5M | -$42.0M | ||
| Net increase (decrease) in net assets resulting from operations | $563.5M | $694.1M | $612.0M | ||
| Net investment income (in usd per share) | $3.23 | $3.51 | $3.90 | $2.91 | $2.43 |
| Net investment income, diluted (in usd per share) | $3.23 | $3.51 | $3.90 | ||
| Earnings (loss), basic, per share (in usd per share) | $2.46 | $3.45 | $3.65 | ||
| Earnings (loss), diluted, per share (in usd per share) | $2.46 | $3.45 | $3.65 | ||
| Weighted average shares outstanding basic (in shares) | 229.2M shares | 201.4M shares | 167.6M shares | ||
| Weighted average shares outstanding diluted (in shares) | 229.2M shares | 201.4M shares | 167.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 20 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 |
|---|---|---|---|---|---|
| Investments at fair value | $14.2B | $13.1B | |||
| Cash and cash equivalents (restricted cash of $89,406 and $2,499, respectively) | $289.6M | $229.6M | |||
| Receivable from broker | $11.3M | $4.8M | |||
| Deferred financing costs | $19.8M | $21.9M | |||
| Receivable for investments | $3.2M | $3.0M | |||
| Receivable for shares sold | $0 | $4.4M | |||
| Derivative assets at fair value (Note 6) | $19.6M | $4.0M | |||
| Total assets | $14.7B | $13.5B | |||
| Debt (net of unamortized debt issuance costs of $39,900 and $34,877, respectively) | $8.1B | $7.1B | |||
| Payable for investments | $2.2M | $19.3M | |||
| Management fees payable (Note 3) | $36.1M | $32.3M | |||
| Income based incentive fees payable (Note 3) | $26.4M | $38.7M | |||
| Capital gains based incentive fees payable (Note 3) | $0 | $0 | |||
| Interest payable | $62.0M | $54.0M | |||
| Distribution payable (Note 9) | $178.6M | $170.8M | |||
| Board of Trustees fees payable | $289.0K | $289.0K | |||
| Accrued expenses and other liabilities | $20.8M | $17.2M | |||
| Total liabilities | $8.4B | $7.4B | |||
| Common Shares, $0.001 par value (unlimited shares authorized; 231,969,058 and 221,892,184 shares issued and outstanding, respectively) | $232.0K | $222.0K | |||
| Additional paid in capital | $6.0B | $5.7B | |||
| Distributable earnings (loss) | $197.2M | $326.5M | |||
| Total net assets | $6.2B | $6.1B | |||
| Total liabilities and net assets | $14.7B | $13.5B | |||
| NET ASSET VALUE PER SHARE (in usd per share) | $26.92 | $27.15 | $27.33 | $27.39 | $27.39 |
| Cost | $14.4B | $13.2B | |||
| Restricted cash | $89.4M | $2.5M | |||
| Net of unamortized debt issuance costs | $39.9M | $34.9M | |||
| Common stock, par value (in usd per share) | $0.00 | $0.00 | |||
| Common stock, shares issued (in shares) | 232.0M shares | 221.9M shares | |||
| Common stock, shares outstanding (in shares) | 232.0M shares | 221.9M shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at fair value | $14.2B | $13.1B | ||||||||||||||||||
| Cash and cash equivalents (restricted cash of $89,406 and $2,499, respectively) | $289.6M | $229.6M | ||||||||||||||||||
| Receivable from broker | $11.3M | $4.8M | ||||||||||||||||||
| Deferred financing costs | $19.8M | $21.9M | ||||||||||||||||||
| Receivable for investments | $3.2M | $3.0M | ||||||||||||||||||
| Receivable for shares sold | $0 | $4.4M | ||||||||||||||||||
| Derivative assets at fair value (Note 6) | $19.6M | $4.0M | ||||||||||||||||||
| Total assets | $14.7B | $13.5B | ||||||||||||||||||
| Debt (net of unamortized debt issuance costs of $39,900 and $34,877, respectively) | $8.1B | $7.1B | ||||||||||||||||||
| Payable for investments | $2.2M | $19.3M | ||||||||||||||||||
| Management fees payable (Note 3) | $36.1M | $32.3M | ||||||||||||||||||
| Income based incentive fees payable (Note 3) | $26.4M | $38.7M | ||||||||||||||||||
| Capital gains based incentive fees payable (Note 3) | $0 | $0 | ||||||||||||||||||
| Interest payable | $62.0M | $54.0M | ||||||||||||||||||
| Distribution payable (Note 9) | $178.6M | $170.8M | ||||||||||||||||||
| Board of Trustees fees payable | $289.0K | $289.0K | ||||||||||||||||||
| Accrued expenses and other liabilities | $20.8M | $17.2M | ||||||||||||||||||
| Total liabilities | $8.4B | $7.4B | ||||||||||||||||||
| Common Shares, $0.001 par value (unlimited shares authorized; 231,969,058 and 221,892,184 shares issued and outstanding, respectively) | $232.0K | $222.0K | ||||||||||||||||||
| Additional paid in capital | $6.0B | $5.7B | ||||||||||||||||||
| Distributable earnings (loss) | $197.2M | $326.5M | ||||||||||||||||||
| Total net assets | $6.2B | $6.1B | $5.0B | $4.2B | $4.4B | $3.3B | $1.7B | $236.4M | ||||||||||||
| Total liabilities and net assets | $14.7B | $13.5B | ||||||||||||||||||
| NET ASSET VALUE PER SHARE (in usd per share) | $26.92 | $27.15 | $27.33 | $27.39 | $27.39 | $27.27 | $27.19 | $26.87 | $26.66 | $26.54 | $26.30 | $26.10 | $25.93 | $25.76 | $25.89 | $26.13 | $26.27 | $25.20 | $26.02 | $24.57 |
| Cost | $14.4B | $13.2B | ||||||||||||||||||
| Restricted cash | $89.4M | $2.5M | ||||||||||||||||||
| Net of unamortized debt issuance costs | $39.9M | $34.9M | ||||||||||||||||||
| Common stock, par value (in usd per share) | $0.00 | $0.00 | ||||||||||||||||||
| Common stock, shares issued (in shares) | 232.0M shares | 221.9M shares | ||||||||||||||||||
| Common stock, shares outstanding (in shares) | 232.0M shares | 221.9M shares | 185.8M shares | 160.4M shares | 169.3M shares | 129.7M shares | 64.3M shares | 9.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $563.5M | $694.1M | $612.0M |
| Net change in unrealized (appreciation) depreciation on investments | $149.1M | $14.2M | $50.8M |
| Net change in unrealized (appreciation) depreciation on derivative instruments | $3.1M | -$2.4M | $0 |
| Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | -$852.0K | -$567.0K | $3.7M |
| Net realized (gain) loss on investments | -$10.0K | $19.0M | $6.2M |
| Net change due to hedging activity | -$780.0K | -$851.0K | $0 |
| Net realized (gain) loss on foreign currency transactions | $13.4M | $0 | $0 |
| Net accretion of discount and amortization of premium | -$53.4M | -$39.9M | -$52.9M |
| Payment-in-kind interest capitalized | -$101.1M | -$83.0M | -$51.6M |
| Amortization of deferred financing costs | $5.7M | $6.1M | $5.5M |
| Amortization of original issue discount and debt issuance costs (including premiums and discounts) | $15.2M | $9.9M | $9.3M |
| Purchases of investments | -$3.3B | -$3.9B | -$1.5B |
| Proceeds from sale of investments and principal repayments | $2.2B | $787.5M | $1.3B |
| Interest receivable | $6.3M | -$18.5M | $4.3M |
| Receivable for investments | -$211.0K | -$1.7M | $48.0M |
| Derivative instruments, net | $4.4M | -$4.0M | $0 |
| Receivable from broker | -$6.5M | -$4.8M | $0 |
| Payable for investments | -$17.1M | $10.7M | -$11.7M |
| Due to affiliates | -$2.3M | -$1.8M | -$1.9M |
| Management fees payable | $3.8M | $9.3M | $4.4M |
| Income based incentive fees payable | -$12.3M | $4.3M | $9.6M |
| Capital gains based incentive fees payable | $0 | $0 | -$5.5M |
| Interest payable | $8.0M | $14.1M | -$5.4M |
| Accrued expenses and other liabilities | $3.6M | $4.7M | $12.0M |
| Net cash provided by (used in) operating activities | -$458.7M | -$2.5B | $458.8M |
| Borrowings on debt | $2.8B | $3.6B | $1.4B |
| Repayments on debt | -$1.9B | -$1.5B | -$2.1B |
| Deferred financing costs paid | -$3.6M | -$11.5M | -$8.6M |
| Debt issuance costs paid | -$3.8M | -$5.2M | $0 |
| Dividends paid in cash | -$678.0M | -$583.4M | -$438.0M |
| Proceeds from issuance of Common Shares, net of offering and underwriting costs | $295.4M | $1.0B | $665.3M |
| Net cash provided by (used in) financing activities | $530.6M | $2.6B | -$432.2M |
| Net increase (decrease) in cash and cash equivalents | $72.0M | $75.8M | $26.7M |
| Effect of foreign exchange rate changes on cash and cash equivalents | -$12.0M | -$1.1M | -$3.1M |
| Interest paid during the period | $353.5M | $297.5M | $256.5M |
| Distribution payable | $178.6M | $170.8M | $143.1M |
| Reinvestment of distributions during the period | $23.0M | $21.1M | $20.7M |
| Accrued but unpaid debt issuance costs | $525.0K | $1.1M | $0 |
| Receivable for shares sold | $0 | $4.4M | $0 |
| Excise and other taxes paid | $15.1M | $11.4M | $5.2M |
No quarter-by-quarter statement was filed.
Compare Blackstone Secured Lending Fund with another company
Corporate structure
Blackstone Secured Lending Fund sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Blackstone Secured Lending Fund
- Greenwich Venture Capital LLC Filed SCHEDULE 13G/A on Blackstone Secured Lending Fund, latest Feb 14, 2025 (3 filings since Jul 3, 2023)
- Universities Superannuation Scheme Ltd as sole corporate trustee for Universities Superannuation Scheme Filed SC 13G/A on Blackstone Secured Lending Fund, latest Feb 13, 2023 (2 filings since Feb 22, 2022)
- Qatar Investment Authority Filed SC 13G on Blackstone Secured Lending Fund, latest Feb 3, 2022
- Blackstone Secured Lending Fund New York, New York, United States
- BGSL BRECKENRIDGE FUNDING LLC Subsidiary · New York, New York, United States
- BXSL CLO 2025-1 LLC Subsidiary · New York, New York, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Blackstone Secured Lending Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $289.6M8 Dec 31, 2025 | $229.6M8 Dec 31, 2024 | +26.1% |
Properties, in its own words
We do not own any real estate or other physical properties materially important to our operation. Our corporate headquarters are located at 345 Park Avenue, New York, New York 10154 and are provided by the Administrators in accordance with the terms of the Administration Agreements. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.
Item 2 of the 10-K filed Feb 25, 2026.4
Leadership
Who has led Blackstone Secured Lending Fund, and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
- PresidentCarlos Whitaker Sep 9, 2021 to May 30, 202311
- Chief financial officerDohyun (doris) Lee-Silvestri Oct 1, 2018 to Oct 1, 201812
- Chief financial officerStephan Kuppenheimer Dec 14, 2018 to Dec 16, 202013
- Chief operating officerKatherine Rubenstein Aug 5, 2021 to now14
Board members and other officers (13)
- OfficerLucie Enns May 2, 2024 to now15
- OfficerJonathan Bock Jan 18, 2023 to Jan 18, 202316
- OfficerEdward Desloge May 18, 2023 to May 18, 202317
- OfficerKris Corbett May 18, 2023 to May 18, 202318
- OfficerMatthew Alcide May 18, 2023 to May 18, 202319
- OfficerStacy Wang May 18, 2023 to May 18, 202320
- OfficerOran Ebel Aug 3, 2023 to Aug 3, 202321
- OfficerAbby Miller May 26, 2022 to May 26, 202222
- OfficerWilliam J. Renahan Aug 3, 2022 to Aug 3, 202223
- OfficerKevin Kresge Jr. Sep 16, 2022 to Sep 16, 202224
- Public Relations OfficerBeth Chartoff Oct 1, 2018 to Dec 16, 202025
- CAO and TreasurerRobert W. Busch Dec 14, 2018 to Dec 14, 201826
- General counselMarisa Janel Beeney Oct 1, 2018 to Oct 1, 201827
Former names
- Blackstone / GSO Secured Lending FundJun 25, 2018 to Dec 3, 20203
Timeline
- Sep 30, 20268-K Shareholder vote28
- Aug 12, 20268-K Entered a material agreement; New debt or obligation29
- Aug 6, 20268-K Results of operations30
- Jul 24, 20268-K Executive or director change31
- Jun 18, 20268-K Executive or director change32
- May 21, 20268-K Other events33
- May 7, 20268-K Results of operations34
- Mar 3, 20268-K Other events35
- Feb 25, 20268-K Results of operations36
- Nov 10, 20258-K Results of operations37
- Oct 14, 20258-K Other events38
- Sep 26, 20258-K Shareholder vote39
- Mar 26, 2018Founded Blackstone Secured Lending Fund is founded2
Calendar
Coming up
- Nov 4, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.82 a share, on Nov 10, 2025.40
When it reported results
- Aug 6, 2026Reported quarterly or annual results30
- May 7, 2026Reported quarterly or annual results34
- Feb 25, 2026Reported quarterly or annual results36
- Nov 10, 2025Reported quarterly or annual results37
- Aug 6, 2025Reported quarterly or annual results41
- May 7, 2025Reported quarterly or annual results42
- Feb 26, 2025Reported quarterly or annual results43
- Nov 12, 2024Reported quarterly or annual results44
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
203 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 32 insider forms, 6 large holders, 79 other. The latest 20:
- Sep 30, 20268-K EDGAR
- Aug 12, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 24, 20268-K EDGAR
- Jun 29, 2026ARS EDGAR
- Jun 29, 2026DEFA14A EDGAR
- Jun 29, 2026DEF 14A EDGAR
- Jun 18, 20268-K EDGAR
- May 21, 20268-K EDGAR
- May 18, 2026424B2 EDGAR
- May 14, 2026FWP EDGAR
- May 14, 2026424B2 EDGAR
- May 13, 20264 EDGAR
- May 7, 202610-Q EDGAR
- May 7, 20268-K EDGAR
- Mar 16, 20264 EDGAR
- Mar 12, 20264 EDGAR
- Mar 11, 20264 EDGAR
- Mar 3, 20268-K EDGAR
The 203 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
20 open-market trades by officers, directors and large owners since October 2021: 20 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 12, 2026 | Bass Robert J | Buy | 2,095 | $23.80 | $49.9K | Form 4 |
| Mar 13, 2026 | ENNS LUCIESee Remarks | Buy | 1,045 | $23.48 | $24.5K | Form 4 |
| Mar 11, 2026 | Clark James Frederic | Buy | 750 | $23.78 | $17.8K | Form 4 |
| Mar 10, 2026 | Rubenstein KatherineChief Operating Officer | Buy | 1,035 | $24.08 | $24.9K | Form 4 |
| Nov 11, 2025 | Clark James Frederic | Buy | 2,000 | $26.68 | $53.4K | Form 4 |
| Oct 6, 2025 | Bass Robert J | Buy | 3,760 | $26.63 | $100.1K | Form 4 |
| May 13, 2025 | Bass Robert J | Buy | 1,626 | $30.78 | $50.0K | Form 4 |
| May 26, 2023 | Whitaker CarlosPresident | Buy | 3,895 | $25.68 | $100.0K | Form 4 |
| Nov 21, 2022 | Rubenstein KatherineChief Operating Officer | Buy | 3,359 | $23.83 | $80.0K | Form 4 |
| Nov 21, 2022 | Marshall BradCEO | Buy | 100 | $23.89 | $2.4K | Form 4 |
| Nov 21, 2022 | Marshall BradCEO | Buy | 7,900 | $23.88 | $188.6K | Form 4 |
| Nov 18, 2022 | Marshall BradCEO | Buy | 1,754 | $24.14 | $42.3K | Form 4 |
| Nov 18, 2022 | Marshall BradCEO | Buy | 4,035 | $24.11 | $97.3K | Form 4 |
| Nov 18, 2022 | Marshall BradCEO | Buy | 3,481 | $24.08 | $83.8K | Form 4 |
| Nov 18, 2022 | Marshall BradCEO | Buy | 5,549 | $24.06 | $133.5K | Form 4 |
| Nov 18, 2022 | Marshall BradCEO | Buy | 19,181 | $24.03 | $461.0K | Form 4 |
| Sep 15, 2022 | Marshall BradCEO | Buy | 40,000 | $24.98 | $999.1K | Form 4 |
| Mar 8, 2022 | Bass Robert J | Buy | 2,485 | $28.77 | $71.5K | Form 4 |
| Nov 17, 2021 | Bass Robert J | Buy | 3,660 | $31.64 | $115.8K | Form 4 |
| Oct 27, 2021 | Marshall BradCEO | Buy | 38,240 | $26.15 | $1.0M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Greenwich Venture Capital LLCSCHEDULE 13G/A, 3 filings Jul 3, 2023 to Feb 14, 202545
- Universities Superannuation Scheme Ltd as sole corporate trustee for Universities Superannuation SchemeSC 13G/A, 2 filings Feb 22, 2022 to Feb 13, 202346
- Qatar Investment AuthoritySC 13G, 1 filing Feb 3, 202247
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Morgan Stanley | 6,358,639 | $150.8M | 0.0% | +360,669 |
| Bank Of America Corp /de/ | 5,633,953 | $133.6M | 0.0% | −124,457 |
| UBS Group AG | 5,126,083 | $121.5M | 0.0% | +397,788 |
| Van Eck Associates Corp | 4,161,539 | $98.7M | 0.1% | +2,041,061 |
| Strs Ohio | 4,000,000 | $94.8M | 0.4% | No change |
| Ensign Peak Advisors, Inc | 3,295,115 | $78.1M | 0.1% | +693,000 |
| Blackstone Inc. | 3,206,530 | $76.0M | 0.2% | No change |
| Nomura Asset Management Co Ltd | 3,154,452 | $74.8M | 0.2% | −407,457 |
| Generali Asset Management SPA SGR | 2,602,594 | $61.7M | 1.1% | +83,114 |
| Corient Private Wealth LP | 2,276,137 | $54.0M | 0.1% | −249,563 |
| OMERS ADMINISTRATION Corp | 2,216,715 | $52.6M | 0.3% | No change |
| Wells Fargo & Company/mn | 1,993,884 | $47.3M | 0.0% | −42,990 |
| Sound Income Strategies, LLC | 1,820,327 | $43.2M | 1.9% | +99,908 |
| Jpmorgan Chase & Co | 1,501,005 | $37.0M | 0.0% | +82,388 |
| Royal Bank Of Canada | 1,501,081 | $35.6M | 0.0% | +79,549 |
| Creative Planning | 1,288,752 | $30.6M | 0.0% | −71,965 |
| Cresset Asset Management, LLC | 1,172,912 | $28.7M | 0.1% | +221,639 |
| Muzinich & Co., Inc. | 1,197,277 | $28.4M | 9.7% | +8,863 |
| HighTower Advisors, LLC | 1,113,228 | $26.4M | 0.0% | +156,106 |
| Goldman Sachs Group Inc | 1,068,949 | $25.3M | 0.0% | +921,220 |
| Lunate Capital Ltd | 1,000,818 | $23.7M | 12.1% | New |
| Russell Investments Group, Ltd. | 998,706 | $23.7M | 0.0% | +271,609 |
| Sumitomo Mitsui Trust Group, Inc. | 901,348 | $21.4M | 0.0% | +4,800 |
| Ares Management LLC | 895,687 | $21.2M | 1.0% | +90,000 |
| Progeny 3, Inc. | 772,156 | $18.3M | 0.9% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Blackstone Secured Lending Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBlackstone Secured Lending Fund1
- CIK0001736035
- Employer ID (EIN)82-70206324
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Business address345 Park Avenue, 31St Floor, New York, NY 101541
- Phone212-503-21001
- Shares outstanding232,970,063 as of Aug 3, 202610
- Public float$7.0B as of Jun 30, 20254
- AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceJun 25, 20181
- Filings329 in all: 8-K (108), 4 (46), 3 (32), 10-Q (23), 424B2 (23), IRANNOTICE (9), 10-K (8), 40-17G (8)1
All 37 form types
40-APP/A (8), FWP (7), SC 13G/A (7), DEF 14A (5), ARS (4), N-14 8C/A (4), 40-APP (3), 497AD (3), DEFA14A (3), EFFECT (3), SC 13G (3), 424B3 (2), CORRESP (2), N-14 8C (2), N-2ASR (2), 10-12G (1), 10-12G/A (1), 424B1 (1), 8-A12B (1), CERT (1), D (1), D/A (1), DRS (1), N-2 (1), N-2/A (1), N-2MEF (1), N-54A (1), SCHEDULE 13G/A (1), UPLOAD (1)
- Latest filingsAnnual report (10-K) Feb 25, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Jun 29, 2026
Latest 8-K (8-K) Sep 30, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares of Beneficial Interest, $0.001 par value per share | BXSL | New York Stock Exchange |
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Blackstone Secured Lending Fund names in Item 1A of its 10-K filed Feb 25, 2026: 78 risks under these headings, as written.4
- A.Risks Related to Our Business and Structure
- Price declines in the medium and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
- Our ability to achieve our investment objectives depends on the ability of the Advisers to manage and support our investment process. If the Advisers or Blackstone Credit & Insurance were to lose any members of their respective senior management teams, our ability to achieve our investment objectives could be significantly harmed.
- Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Advisers to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
- We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
- We may have difficulty sourcing investment opportunities.
- We face risks associated with the deployment of our capital.
- As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
- There is a risk that investors in our Common Shares may not receive distributions or that our distributions may decrease over time.
- The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from any securities offering. Therefore, portions of the distributions that we make may represent a return of capital to a shareholder that will lower such shareholder’s tax basis in its shares and reduce the amount of funds we have for investment in targeted assets.
- We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from securities offerings, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
- As a public reporting company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.
The other 67 risks
- Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
- Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.
- Financial regulatory changes in the United States could adversely affect our business.
- We, the Advisers and their affiliates are subject to regulatory oversight, which could negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business.
- The impact of financial reform legislation on us is uncertain.
- We may experience fluctuations in our quarterly results.
- Transactions denominated in foreign currencies subject us to foreign currency risks.
- General economic conditions could adversely affect the performance of our investments and operations.
- Inflation and supply chain risks have had and may continue to have an adverse impact on our financial condition and results of operations.
- We may be impacted by general global economic and market conditions.
- Economic and trade sanctions laws in the United States and other jurisdictions may prohibit the Company and the Company’s professionals from transacting with or in certain countries and with certain individuals and companies.
- It may be difficult to bring suit or foreclosure in non-U.S. countries.
- MiFID II obligations could have an adverse effect on the ability of Blackstone Credit & Insurance and its MiFID-authorized EEA affiliates to obtain and research in connection with the provision of an investment service.
- Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
- Terrorist attacks, acts of war or natural disasters may adversely affect our operations.
- Force majeure events may adversely affect our operations.
- Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.
- We may not be able to obtain and maintain all required state licenses.
- Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in a public offering, which could harm our ability to achieve our investment objectives.
- As a Delaware statutory trust, we are subject to the control share acquisition statute contained in the Delaware Statutory Trust Act.
- Our Declaration of Trust includes exclusive forum and jury trial waiver provisions that could limit a shareholder’s ability to bring a claim or, if such provisions are deemed inapplicable or unenforceable by a court, may cause the Company to incur additional costs associated with such action.
- Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
- Our Board may amend our Declaration of Trust without prior shareholder approval.
- Certain provisions of our Declaration of Trust could deter takeover attempts and have an adverse impact on the value of our Common Shares.
- B.Risks Related to Our Investments
- Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
- Senior Secured Loans and Senior Secured Bonds.
- We may be exposed to risks associated with investments in underlying investment companies or BDCs.
- The Company’s investment strategy with respect to certain investments may be based upon the premise that loans, debt instruments or participation interests related thereto that are otherwise performing may from time to time be available for purchase by the Company at “discounted” rates or at “undervalued” prices.
- Companies in certain markets are not generally subject to uniform accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to U.S. companies.
- We are exposed to risks associated with changes in interest rates.
- Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
- There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
- We generally do not control our portfolio companies.
- We are subject to risks related to sustainability matters.
- We and our investment adviser could be the target of litigation or regulatory investigations.
- Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
- Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results.
- Our investments in CLOs may be riskier than a direct investment in the debt or other securities of the underlying companies.
- A covenant breach or other default by our portfolio companies may adversely affect our operating results.
- Our portfolio companies may be highly leveraged.
- Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.
- We may be subject to risks associated with our investments in the software industry.
- We may be subject to risks associated with our investments in the professional services industry.
- Our investments in the healthcare providers and services industry face considerable uncertainties.
- Investing in large private U.S. borrowers may limit the Company’s ability to achieve high growth rates during times of economic expansion.
- We are subject to risks associated with investing in portfolio companies that derive a significant portion of their revenue from government contracts.
- Investing in private companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
- We may not realize gains from our equity investments.
- An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
- Our investments in securities or assets of publicly-traded companies are subject to the risks inherent in investing in public securities.
- A lack of liquidity in certain of our investments may adversely affect our business.
- We may not have the funds or ability to make additional investments in our portfolio companies or to fund our unfunded debt commitments.
- Our investments may include original issue discount and payment-in-kind instruments.
- We may enter into a TRS agreement that exposes us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
- We may enter into repurchase agreements or reverse repurchase agreements.
- We may enter into securities lending agreements.
- We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
- We may acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
- Price movements of forwards, futures, derivative contracts and other financial instruments in which the Company’s assets may be invested can be highly volatile.
- Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
- Technological or other innovations and industry disruptions may negatively impact us and our portfolio companies.
- We and our portfolio companies may experience risk related to the use of artificial intelligence.
- We may make investments related to data centers, which exposes us to related risks.
- We may invest through various joint ventures.
- We are subject to risks associated with investing alongside other third parties.
- We may syndicate co-investment opportunities, which may be costly.
- We may use a wide range of investment techniques that could expose us to a diverse range of risks.
Legal proceedings
We are not currently subject to any material legal proceedings. 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.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGARCarlos Whitaker, President
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- 15SEC EDGARLucie Enns, Officer
- 16SEC EDGARJonathan Bock, Officer
- 17SEC EDGAREdward Desloge, Officer
- 18SEC EDGARKris Corbett, Officer
- 19SEC EDGARMatthew Alcide, Officer
- 20SEC EDGARStacy Wang, Officer
- 21SEC EDGAROran Ebel, Officer
- 22SEC EDGARAbby Miller, Officer
- 23SEC EDGARWilliam J. Renahan, Officer
- 24SEC EDGARKevin Kresge Jr., Officer
- 25
- 26SEC EDGARRobert W. Busch, CAO and Treasurer
- 27SEC EDGARMarisa Janel Beeney, General counsel
- 28SEC EDGARShareholder vote
- 29
- 30SEC EDGARResults of operations
- 31SEC EDGARExecutive or director change
- 32SEC EDGARExecutive or director change
- 33SEC EDGAROther events
- 34SEC EDGARResults of operations
- 35SEC EDGAROther events
- 36SEC EDGARResults of operations
- 37SEC EDGARResults of operations
- 38SEC EDGAROther events
- 39SEC EDGARShareholder vote
- 40NasdaqNasdaq calendar
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