Blackstone Secured Lending Fund美股招股说明书(2025-10-08版)

We are offering $500,000,000 in aggregate principal amount of 5.125% notes due 2031, which we refer to as the Notes. TheNotes will mature on January 31, 2031. We will pay interest on the Notes on January 31 and July 31 of each year, beginning onJanuary 31, 2026. We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussedunder the caption “Description of Notes—Optional Redemption” in this prospectus supplement. In addition, holders of theNotes can require us to repurchase some or all of the Notes at 100% of their principal amount upon the occurrence of a Change ofControl Repurchase Event (as defined herein). The Notes will be issued in minimum denominations of $2,000 and integral multiplesof $1,000 in excess thereof. The Notes will be our direct, general unsecured obligations and rankpari passu, or equal, with all existing and futureunsecured unsubordinated indebtedness issued by us, but will rank senior to our future indebtedness that is expressly subordinatedin right of payment to the Notes. We are a specialty finance company that has elected to be regulated as a business developmentcompany (“BDC”) under the Investment Company Actof 1940, as amended (the “1940 Act”). We seek to generate current incomeprimarily through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecuredloans and investments in corporate bonds and equity securities. Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDCAdvisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone AlternativeCredit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance andinsurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit& Insurance” or “BXCI”),which provides certain administrative and other services necessary for us to operate pursuant to a sub-administration agreementbetween Blackstone Private Credit Strategies LLC, in its capacity as our administrator (in such capacity, the “Administrator”and together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator. We have elected to be treated forfederal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the InternalRevenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). We will seek to meet our investment objectives by utilizing the experience and expertise of the management team of theAdvisers, along with the broader resources of Blackstone Credit& Insurance and Blackstone, in sourcing, evaluating andstructuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest;employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing inloans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, andalso seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenanceand incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additionaldebt and/or making dividend payments); focusing primarily on loans and securities of private U.S.companies including syndicatedloans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunityfor superior 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).__________________________ Investing in the Notes involves risks, including the risk of leverage, that are described in the“Risk Factors”section beginning on page S-10 of this prospectus supplement and page 25 of the accompanying prospectus and the mattersdiscussed in the documents incorporated or deemed to be incorporated by reference in this prospectus supplement and theaccompanying prospectus. This prospectus supplement and the accompanying prospectus contain important information you should know before investingin the Notes. You should carefully read this prospectus supplement, the accompanying prospectus, and any information incorporatedby reference into each, before investing in the Notes and keep them for future reference. We file annual, quarterly and currentreports, proxy statements and other information about us with the Securities and Exchange Commission (the “SEC”). You may obtainthis information by written or oral request and