Blackstone Secured Lending Fund美股招股说明书(2025-07-11版)

BLACKSTONE SECURED LENDING FUND Common Shares We have entered into separate equity distribution agreements (the “equity distribution agreements”) with TruistSecurities, Inc., RBC Capital Markets, LLC, BTIG, LLC, Compass Point Research& Trading, LLC, Raymond James& Associates, Inc.,Regions Securities LLC, Drexel Hamilton, LLC and SMBC Nikko Securities America, Inc. (each, a “sales agent”) relating to theoffer and sale of our common shares of beneficial interest, par value $0.001 per share (the “common shares”), pursuant to thisprospectus supplement and the accompanying prospectus. In accordance with the terms of the equity distribution agreements, we mayfrom time to time offer and sell our common shares having an aggregate offering price of up to $600.0million through the salesagents. Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company,” “we,” “us,” or“our”), is a non-diversified, closed-end management investment company that has elected to be regulated as a businessdevelopment company (“BDC”) under the Investment Company Actof 1940, as amended (the “1940 Act”). Our adviser, BlackstonePrivate Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and,together with the Adviser, 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 businessunit of Blackstone Inc. (“Blackstone”), “Blackstone Credit& Insurance” or “BXCI”), which provides certain administrativeand other services necessary for the Company to operate pursuant to a sub-administration agreement between Blackstone PrivateCredit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the “Administrator” and, togetherwith the Sub-Administrator, the “Administrators”), and the Sub-Administrator. We have elected to be treated for federal incometax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We willseek to meet our investment objectives by utilizing the experience and expertise of the management team of the Advisers, alongwith the broader resources of Blackstone Credit& Insurance and Blackstone, in sourcing, evaluating and structuring transactions,subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; employing a defensiveinvestment approach focused on long-term credit performance and principal protection, generally investing in loans with assetcoverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seekingfavorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrencecovenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/ormaking dividend payments); focusing primarily on loans and securities of private U.S.companies including syndicated loans,specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity forsuperior risk-adjusted returns; maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negativecredit events within our portfolio; and utilizing the power and scale of Blackstone and the Blackstone Credit& Insuranceplatform to offer operational expertise to portfolio companies through the Value Creation Program (as defined below). All of the common shares offered by this prospectus supplement are being sold by us. Our common shares are traded on theNewYork Stock Exchange (the“NYSE”) under the symbol “BXSL.” On July 10, 2025, the last reported closing price of ourcommon shares on the NYSE was $31.56 per share. The net asset value (“NAV”) per share of our common shares at March31, 2025(the last date prior to the date of this prospectus supplement on which we determined NAV) was $27.39. The offering price pershare of our common shares sold in this offering less the sales agent commissions or discounts payable by us will not be less thanthe NAV per share of our common shares at the time we sell common shares pursuant to this offering. Sales of our common shares, if any, under this prospectus supplement and the accompanying prospectus may be made intransactions that are deemed to be an “at the market” offering as defined in Rule415(a)(4)under the SecuritiesActof 1933, as amended (the “Securities Act”), including without limitation sales made directly on or through the NYSE, salesmade to or through market makers and sales made through any other existing trading market or e