Blackstone Secured Lending Fund 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number 814-01299_______________________________________________________________________ Blackstone Secured Lending Fund (Exact name of Registrant as specified in its Charter)_______________________________________________________________________ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.Yes☒No☐Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was requiredto submit such 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 company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and Large accelerated filer☒Non-accelerated filer☐ Emerging growth company☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting 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 Rule 12b-2 of the Exchange Act).YES☐NO☒ As of May 5, 2025, the Registrant had 228,009,989 common shares of beneficial interest (“Common Shares”), $0.001 par value per share,outstanding. Table of Contents Item 1.Financial StatementsCondensed Consolidated Statements of Assets and Liabilities as of March 31, 2025 andDecember 31, 2024(Unaudited)3Condensed Consolidated Statements of Operations for the three months ended March 31,2025and 2024(Unaudited)4Condensed Consolidated Statements of Changes in Net Assets for the threemonths endedMarch 31, 2025and 2024(Unaudited)5Condensed Consolidated Statements of Cash Flows for the three months ended March 31,2025 and 2024(Unaudited)6Condensed Consolidated Schedules of Investments as of March 31, 2025 and December 31,2024(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 Proceedings133Item 1A.Risk Factors133Item 2.Unregistered Sales of Equity Securities and Use of Proceeds133Item 3.Defaults Upon Senior Securities133Item 4.Mine Safety Disclosures133Item 5.Other Information133Item 6.Exhibits134Signatures Table of ContentsCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that involve substantial risks and uncertainties. Suchstatements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on currentexpectations, estimates and projections about Blackstone Secured Lending Fund (together, with its consolidatedsubsidiaries, the“Company,” “we,” “us”or“our”), our current and prospective portfolio investments, ourindustry, our beliefs 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 and similar expressions are intended to identifyforward-looking statements. These statements are not guarantees of future performance and are subject to risks,uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actualresults to differ materially from those expressed or forecasted in the forward-looking statements, including withoutlimitation:•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 chain disruptions and their impacts on our portfolio companies and on the industries inwhich we i