Blackstone Secured Lending Fund美股招股说明书(2025-01-21版)

BLACKSTONE SECURED LENDING FUNDCommon Shares We have entered into separate equity distribution agreements (the “equity distribution agreements”) with Truist Securities, Inc., RBC CapitalMarkets, LLC, BTIG, LLC, Compass Point Research & Trading, LLC, Raymond James & Associates, Inc., Regions Securities LLC, DrexelHamilton, LLC and SMBC Nikko Securities America, Inc. (each, a “sales agent”) relating to the offer and sale of our common shares ofbeneficial interest, par value $0.001 per share (the “common shares”), pursuant to this prospectus supplement and the accompanying prospectus.In accordance with the terms of the equity distribution agreements, we may from time to time offer and sell our common shares having anaggregate offering price of up to $600.0 million through the sales agents. Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company”), is a Delaware statutory trust formed onMarch 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company haselected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with therules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income taxpurposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). We are externally managed by Blackstone Private Credit Strategies LLC (the “Adviser”) and Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of BlackstoneInc. (“Blackstone”), “Blackstone Credit & Insurance” or “BXCI”). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as theadministrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and theSub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administrationagreement between the Administrator and the Company (the “Administration Agreement”) and a sub-administration agreement between theAdministrator and the Sub-Administrator (the Sub-Administration Agreement, and together with the Administration Agreement, the“Administration Agreements”), respectively. Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’sinvestment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we willleverage the Advisers’ investment teams’ 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. All of the common shares offered by this prospectus supplement are being sold by us. Our common shares are traded on the New York StockExchange (the “NYSE”) under the symbol “BXSL.” On January 16, 2025, the last reported closing price of our common shares on the NYSE was$32.66 per share. The net asset value (“NAV”) per share of our common shares at September 30, 2024 (the last date prior to the date of thisprospectus supplement on which we determined NAV) was $27.27. The offering price per share of our common shares sold in this offering lessthe sales agent commissions or discounts payable by us will not be less than the NAV per share of our common shares at the time we sellcommon shares pursuant to this offering. Sales of our common shares, if any, under this prospectus supplement and the accompanying prospectus may be made in transactions that aredeemed to be an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”),including without limitation sales made directly on or through the NYSE, sales made to or through market makers and sales made through anyother existing trading market or electronic communications network, and by any other method permitted by law, including but not limited toprivately negotiated transactions, which may include block trades, as we and the sales agents may agree. None of the sales agents are required tosell any specific number or dollar amount of our common shares but, if and when instructed by us, will make all sales using commerciallyreasonable efforts consistent with their normal trading and sales practices on mutually agreed terms between the sales agents and us. Each of the sales agents will be entitle