Blackstone Secured Lending Fund美股招股说明书(2026-02-27版)

BLACKSTONE SECURED LENDING FUND 5.250% Notes due 2029 We are offering $400,000,000 in aggregate principal amount of 5.250% notes due 2029, which we refer to as the Notes. The Notes will mature onSeptember 4, 2029. We will pay interest on the Notes on March 4 and September 4 of each year, beginning on September 4, 2026. We may redeem the Notes inwhole or in part at any time or from time to time at the redemption price discussed under the caption “Description of Notes—Optional Redemption” in thisprospectus supplement. In addition, holders of the Notes can require us to repurchase some or all of the Notes at 100% of their principal amount upon theoccurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimum denominations of $2,000 and integral multiples of$1,000 in excess thereof. The Notes will be our direct, general unsecured obligations and rankpari passu, or equal, with all existing and future unsecured unsubordinatedindebtedness issued by us, but will rank senior to our future indebtedness that is expressly subordinated in right of payment to the Notes. We are a specialtyfinance company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Actof1940, as amended (the“1940 Act”). We seek to generate current income primarily through direct originations of senior secured loans and, to a lesser extent, originations of mezzanineand unsecured loans and investments in corporate bonds and equity securities. Our adviser, Blackstone Private 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 itsaffiliates in the credit, asset based finance and insurance 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 agreement between BlackstonePrivate 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 for federal income tax purposes, and intend to qualify annually, as a regulatedinvestment company (a “RIC”) under the Internal Revenue 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 the Advisers, along with the broaderresources of Blackstone Credit& Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and proceduresregarding the management of conflicts of interest; employing a defensive investment approach focused on long-term credit performance and principal protection,generally investing in loans with asset coverage 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 incurrence covenants (i.e., covenants thatare tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments); focusing primarily on loans and securitiesof private U.S.companies including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focusoffers an opportunity for superior risk-adjusted returns; maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negative credit eventswithin our portfolio; and utilizing the power and scale of Blackstone and the Blackstone Credit& Insurance platform to offer operational expertise to portfoliocompanies 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 thisprospectus supplement and page25 of the accompanying prospectus and the matters discussed in the documents incorporated or deemed to beincorporated by reference in this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. You shouldcarefully read this prospectus supplement, the accompanying prospectus, and any information incorporated by reference into each, before investing in the Notesand keep them for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities andExchange Commission (the “SEC”)