Blackstone Secured Lending Fund 2025年季度报告

Blackstone Secured Lending Fund (Exact name of Registrant as specified in its Charter)_______________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the Registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the Registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronicallyevery Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405of this chapter) during the preceding 12months (or for such shorter period that the Registrant was required to submitsuch files).Yes☒No☐Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).YES☐NO☒ As of May5, 2025, the Registrant had228,009,989common shares of beneficial interest (“Common Shares”), $0.001 par value per share, outstanding. PART IFINANCIAL INFORMATIONItem1.Financial StatementsCondensed Consolidated Statements of Assets and Liabilities as ofMarch31, 2025andDecember31, 2024(Unaudited)3Condensed Consolidated Statements of Operations for thethreemonths endedMarch31, 2025and2024(Unaudited)4Condensed Consolidated Statements of Changes in Net Assets for thethreemonths endedMarch31, 2025and2024(Unaudited)5Condensed Consolidated Statements of Cash Flows for thethree months ended March31, 2025 and 2024(Unaudited)6Condensed Consolidated Schedules of Investments as ofMarch31, 2025andDecember31, 2024(Unaudited)8Notes to Condensed Consolidated Financial Statements (Unaudited)81Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations120Item 3.Quantitative and Qualitative Disclosures About Market Risk131Item 4.Controls and Procedures131 PART IIOTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 133133133133133133134 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known andunknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are nothistorical facts, but rather are based on current expectations, estimates and projections about Blackstone Secured Lending Fund (together, withits consolidated subsidiaries, the“Company,” “we,” “us”or“our”), our current and prospective portfolio investments, our industry, ourbeliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,”“seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words andsimilar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and aresubject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results todiffer materially from those expressed or forecasted in the forward-looking statements, including without limitation:•our future operating results; •our business prospects and the prospects of the companies in which we may invest;•the impact of the investments that we expect to make;•our ability to raise sufficient capital and buy back shares to execute our investment strategy;•general economic, logistical and political trends and other external factors, including inflation, trade policies, and recent supply chaindisruptions and their impacts on our portfolio companies and on the industries in which we invest;•the ability of our portfolio companies to achieve their objectives;•our current and expected financing arrangements and investments;•changes in the general interest rate environment;•the adequacy of our cash resources, financing sources and working capital;•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;•our contractual arrangements and relationships with third parties;•actual and potential conflicts of interes