Blackstone Secured Lending Fund 2025年度报告

(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF1934 For the fiscal year ended December31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF1934 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 if the Registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☒No☐Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section 15(d) of the Act.Yes☐No☒ 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 company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act: 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correctionof an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Act).YES☐NO☒ As of June 30, 2025, the aggregate market value of the common shares of beneficial interest, par value $0.001 per share (“Common Shares”) held by non-affiliates of the Registrantwas $6,968 million.The number of Common Shares outstanding as of February18, 2026 was 232,279,811. Table of Contents PART I Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures PARTII Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities127Item6.(Reserved)129Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations130Item7A.Quantitative and Qualitative Disclosures About Market Risk142Item8.Financial Statements and Supplementary Data144Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure275Item9A.Controls and Procedures275Item9B.Other Information276Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.276 PARTIII Item10.Directors, Executive Officers and Corporate Governance277Item11.Executive Compensation284Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters286Item13.Certain Relationships and Related Transactions, and Director Independence287Item14.Principal Accountant Fees and Services289 PARTIV Item15.Exhibits and Financial Statement Schedules291Item16.Form 10-K Summary295 SIGNATURES296 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown 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,” “proj