For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of BXSL's website at https://ic.bssl.com. Investors Stacy Wang, Head of Stakeholder Relations Blackstoneshareholderrelations@blackstone.com +1888-756-8443 MAY 8, 2024 This presentation should be read in conjunction with BXSL's latest quarterly report filed on Form 10-Q for the period ended March 31, 2024. Numbers are approximate and may not add up due to rounding. 98.5% of investments are first lien, ...

Financial Performance - For the three months ended March 31, 2024, the Company recorded $1.9 million in non-recurring interest income, compared to $0.4 million for the same period in 2023, representing a 375% increase [249]. - The Company accrued income-based incentive fees of $35.8 million for the three months ended March 31, 2024, compared to $30.4 million for the same period in 2023, reflecting a 17.8% increase [266]. - For the three months ended March 31, 2024, the Company incurred $3.4 million in U.S. federal excise tax, compared to $2.6 million for the same period in 2023 [281]. - Base management fees for the three months ended March 31, 2024, were $26.0 million, an increase from $24.7 million in the same period of 2023, with $0.0 million and $6.2 million waived respectively [289]. - The Company accrued capital gains incentive fees of $3.1 million for the three months ended March 31, 2024, while reversing previously accrued fees of $(1.6) million for the same period in 2023 [295]. - For the three months ended March 31, 2024, the net increase in net assets resulting from operations was $183.8 million, compared to $138.8 million for the same period in 2023, representing a 32.4% increase [360]. - Earnings per common share (basic and diluted) rose to $0.96 for the three months ended March 31, 2024, up from $0.86 in the same period of 2023, reflecting a 11.6% increase [360]. - Net investment income after excise tax for the three months ended March 31, 2024, was $165.85 million, compared to $149.18 million for the same period in 2023, an increase of approximately 11.2% [410]. - Total investment income for the three months ended March 31, 2024, was $303.96 million, up from $264.94 million in the same period of 2023, reflecting a growth of about 14.7% [407]. Investment and Asset Management - The Company has commitments and risks from investment transactions, including those involving derivative instruments, which are subject to various market and credit risks [269]. - The fair value of the Company's investments may fluctuate significantly due to market conditions, with potential material differences from recorded values [245]. - The Company recognizes dividend income on preferred equity securities on an accrual basis, contingent on expected collectability [273]. - The Company has loans with payment-in-kind (PIK) provisions, which are recorded as interest income but may be placed on non-accrual status if not expected to be realized [272]. - The total cost of investments as of March 31, 2024, is $10,496,753, reflecting a total fair value of $10,439,173 [329]. - The total investments as of March 31, 2024, include $10,287,119 in first lien debt, $41,515 in second lien debt, and $11,859 in unsecured debt [329]. - The fair value of total investments as of December 31, 2023, was $9,710,582, with first lien debt at $9,533,700 and second lien debt at $41,515 [337]. - The fair value of equity investments increased from $94,940 to $98,680 during the same period [306]. - The weighted average yield on new investments was 11.4% for the three months ended March 31, 2024, down from 12.6% in the same period of 2023 [402]. - The number of portfolio companies increased to 210 as of March 31, 2024, compared to 196 at the end of December 31, 2023 [402]. Tax and Regulatory Compliance - The Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless specific distribution requirements are met [253]. - The Company must distribute at least 90% of its investment company taxable income to maintain its RIC status, which affects its tax obligations [279]. - The Company evaluates tax positions to determine if they are "more-likely-than-not" to be sustained, impacting financial statements and tax expenses [252]. - The adoption of ASU 2022-03 did not have a material impact on the Company's condensed consolidated financial statements [283]. Debt and Financing - The Jackson Hole Funding Facility has a maximum commitment amount of $500 million, potentially expandable to $900 million, with a maturity date of May 17, 2027 [355]. - The Revolving Credit Facility includes funded term loans totaling $385 million and allows for letters of credit up to $175 million, with availability terminating on June 28, 2027 [356]. - The total amount outstanding for the Jackson Hole Funding Facility was $387.9 million as of March 31, 2024, compared to $233.0 million as of December 31, 2023, marking a 66.6% increase [385]. - The Breckenridge Funding Facility had an outstanding amount of $824.4 million as of March 31, 2024, up from $741.7 million as of December 31, 2023, which is an increase of 11.1% [385]. - The Big Sky Funding Facility's outstanding amount was $500.0 million as of March 31, 2024, compared to $480.9 million as of December 31, 2023, representing a 4.6% increase [385]. - The Revolving Credit Facility's outstanding amount increased to $785.7 million as of March 31, 2024, from $682.3 million as of December 31, 2023, indicating a 15.1% increase [385]. - The company's asset coverage ratio was 197.3% as of March 31, 2024, compared to 200.3% as of December 31, 2023 [340]. - The fair value of the company's SPV Financing Facilities approximates their carrying value as of March 31, 2024, due to variable interest rates based on selected short-term rates [366]. Shareholder Information - The company declared a distribution of $0.77 per share, payable on or about July 26, 2024 [419]. - The company did not repurchase any shares under the 10b-18 Plan during the three months ended March 31, 2024 [384]. - The share repurchase plan authorized up to $250 million in buybacks, which was not renewed and terminated on February 22, 2024 [490]. - The company's net assets at the end of the preceding quarter are compared to a hurdle rate of return of 1.5% per quarter [316]. - The ratio of net expenses to average net assets improved to 10.7%, down from 11.7% in the previous year [416]. - The company had 191,874,419 shares outstanding at the end of the period, an increase from 160,571,371 shares in the previous year [416]. - Net asset value increased to $26.87 per share, up from $26.10 in the previous year, representing a growth of 2.95% [416]. - The portfolio turnover rate increased to 1.8%, compared to 1.1% in the previous year [416]. - The company experienced a net change in unrealized appreciation of $6,984 for the period ended March 31, 2024 [353].

sshepard Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company ("BDC") sector from both the bottom-up - highlighting individual news and events - as well as the top-down - providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. This update covers the period through the last week of February. ...

Blackstone Secured Lending Fund Reports Blackstone Secured Lending Fund issued a full detailed presentation of its fourth quarter and full year 2023 results, which can be viewed at www.bxsl.com. Blackstone Secured Lending Fund 345 Park Avenue New York, NY 10154 T 212 583 5000 Forward-Looking Statements and Other Matters Certain information contained in this communication constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Ac ...

SECURITIES AND EXCHANGE COMMISSION Blackstone Secured Lending Fund PART I Item 1. Business 4 Item 1A. Risk Factors 27 Item 1B. Unresolved Staff Comments 112 Item 1C. Cybersecurity 113 Item 2. Properties 114 Item 3. Legal Proceedings 114 Item 4. Mine Safety Disclosures 114 PART IV Item 15. Exhibits, Financial Statement Schedules 226 Item 16. Form 10-K Summary 231 Table of Contents 1 The following is only a summary of the principal risks that may materially adversely af ect our business, financial condition, ...

mphillips007 Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company ("BDC") sector from both the bottom-up - highlighting individual news and events - as well as the top-down - providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. This update covers the period through the first week of Febru ...

NEW YORK--(BUSINESS WIRE)--Blackstone Secured Lending Fund (NYSE:BXSL) (the “Company”) announced today that it will host its fourth quarter and full year 2023 investor conference call via public webcast on February 28, 2024 at 9:30 a.m. ET. The Company will report its fourth quarter results prior to the call the morning of February 28, 2024. To register for the investor call, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1654639&tp_key=d2cf505449 For those unable to listen to ...

NEW YORK — November 8, 2023 — Blackstone Secured Lending Fund (NYSE: BXSL, or the "Company") today reported its third quarter 2023 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fund, said, "BXSL reported another quarter of strong results, including solid credit performance, growth in net asset value and attractive investment income, which benefitted from sustained higher rates on a 98.8% floating rate investment portfolio. BXSL's fundamentals are support ...

Financial Data and Key Metrics Changes - The company reported a net investment income of $161 million or $0.95 per share, representing a 25% year-over-year increase in total investment income driven by higher interest rates [38][46] - GAAP net income for the quarter was $171 million or $1.01 per share, up from $0.58 per share a year ago, aided by $21 million of net unrealized appreciation [38][46] - The net asset value (NAV) per share increased to $26.54 from $26.30 in the previous quarter, indicating portfolio stability [47][62] Business Line Data and Key Metrics Changes - The company ended the quarter with $656 million in new investment commitments and $390 million in investment funding, compared to $144 million and $117 million in the previous quarter [24] - Over 98% of the portfolio is invested in first lien senior secured loans, with an average loan-to-value of 46.9% [16][47] - The weighted average yield on debt investments at fair value increased to 11.9% from 11.8% in the previous quarter, primarily due to higher base rates [27][62] Market Data and Key Metrics Changes - The investment pipeline doubled since the first quarter, with a resurgence in transactions valued over $1 billion [13] - The company noted a minimal non-accrual rate below 0.1% at both amortized cost and fair market value, with approximately 1% of debt investments marked below 90% of fair value [47] - The average EBITDA of portfolio companies increased to $185 million from $162 million year-over-year, reflecting a focus on larger, more resilient businesses [50] Company Strategy and Development Direction - The company is optimistic about new investment opportunities driven by a more active M&A environment and the integration of corporate credit, asset-based finance, and insurance groups into a single unit [25] - The focus remains on building a healthy and defensive portfolio, emphasizing investments in historically lower default rate sectors [28] - The integration of the Blackstone credit and insurance platform is expected to enhance capabilities and create a more seamless experience for clients and borrowers [25][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the ability to maintain earnings in excess of dividends despite macroeconomic headwinds [64] - The company anticipates that higher interest rates will remain for an extended period, which may lead to a more favorable environment for returns [75] - There is an expectation of increased dispersion in the market, with potential default rates rising in certain sectors such as healthcare and industrial manufacturing [94] Other Important Information - The company distributed an increased dividend of $0.70 per share, representing an 11.6% annualized distribution, covered by earnings at a ratio of 123% [23][56] - The company maintained its investment-grade corporate credit ratings and ended the quarter with approximately $1.5 billion in liquidity [39][62] Q&A Session All Questions and Answers Question: Did the fee waiver lapse pursuant to the 2-year anniversary last week? - Yes, the fee waiver ended on October 28, 2023 [5] Question: Do you expect to see some structural changes in the deals getting done with rates being elevated? - Yes, companies are being set up with less leverage to service their debt appropriately, leading to lower loan-to-value ratios [84] Question: How do you think about potential changes in the portfolio mix or originations over time based on the integration? - The integration provides a larger team with more exposure to sponsors and corporates, enhancing the relevance of the company in the market [71] Question: What are your thoughts on the evolution of AI and its impact on the software sector? - The company has been integrating AI into its investment process and does not foresee significant issues for its selected portfolio in this space [104]

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including statements of assets, operations, net assets, cash flows, and investment schedules with notes [Condensed Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets were $9.80 billion, liabilities decreased to $5.20 billion, and net assets increased to $4.60 billion, with NAV per share rising to $26.54 Condensed Consolidated Statements of Assets and Liabilities (in thousands) | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Investments at Fair Value** | $9,500,000 | $9,617,248 | | **Total Assets** | $9,802,235 | $9,908,995 | | **Total Liabilities** | $5,199,640 | $5,750,029 | | **Total Net Assets** | $4,602,595 | $4,158,966 | | **NAV Per Share** | $26.54 | $25.93 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total investment income increased by 40% to $839.3 million, resulting in a net increase in net assets from operations of $454.6 million, or $2.77 per share Key Operational Data (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Total Investment Income** | $839,263 | $599,379 | | **Net Investment Income** | $481,454 | $340,113 | | **Net Increase in Net Assets** | $454,643 | $282,777 | | **Earnings Per Share (basic and diluted)** | $2.77 | $1.68 | [Condensed Consolidated Statements of Changes in Net Assets](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased from $4.16 billion to $4.60 billion, driven by operations and share issuances, partially offset by dividends declared Changes in Net Assets for the Nine Months Ended September 30, 2023 (in thousands) | Description | Amount | | :--- | :--- | | **Balance, December 31, 2022** | $4,158,966 | | Net increase from operations | $454,643 | | Issuance of common shares, net | $335,515 | | Reinvestment of dividends | $15,206 | | Dividends declared | ($361,735) | | **Balance, September 30, 2023** | $4,602,595 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $586.8 million, while financing activities used $584.4 million, resulting in cash and cash equivalents of $145.8 million Cash Flow Summary for the Nine Months Ended (in thousands) | Activity | September 30, 2023 | September 30, 2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $586,760 | $505,132 | | **Net Cash from Financing Activities** | ($584,383) | ($476,827) | | Net Increase in Cash | $2,377 | $28,306 | | **Cash and Cash Equivalents, End of Period** | $145,784 | $131,185 | [Condensed Consolidated Schedules of Investments](index=11&type=section&id=Condensed%20Consolidated%20Schedules%20of%20Investments) The total investment portfolio at fair value was $9.50 billion, primarily concentrated in first lien debt (98.4%), diversified across various industries Investment Portfolio Composition by Type (Fair Value, in thousands) | Investment Type | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | First lien debt | $9,347,664 | $9,419,963 | | Second lien debt | $40,715 | $46,336 | | Equity investments | $111,621 | $150,949 | | **Total** | **$9,500,000** | **$9,617,248** | - As of September 30, 2023, the company had total unfunded commitments of **$760.6 million**, primarily consisting of delayed draw term loans and revolvers[53](index=53&type=chunk)[353](index=353&type=chunk) - The investment portfolio is geographically concentrated in the United States, representing **94.75%** of the total portfolio at fair value as of September 30, 2023[192](index=192&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=46&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies, financial results, organization as a BDC and RIC, investment portfolio, fair value measurements, and subsequent events [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=76&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, focusing on investment framework, income growth from rising interest rates, liquidity, and macroeconomic factors - The company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation, primarily through originated and syndicated loans to private U.S. companies[132](index=132&type=chunk)[374](index=374&type=chunk) - For the nine months ended September 30, 2023, total investment income increased by **40%** year-over-year to **$839.3 million**, primarily driven by higher reference interest rates on the floating-rate loan portfolio[434](index=434&type=chunk) - As of September 30, 2023, the company had **$145.8 million** in cash and **$1.31 billion** of undrawn capacity under its credit facilities, deemed sufficient for near-term investing activities and operations[478](index=478&type=chunk) - Management notes that continued inflation has prompted monetary policy tightening, which could adversely affect borrowers' credit quality despite favorably impacting the company's income, also acknowledging risks from recent bank closures and potential financial market instability[504](index=504&type=chunk)[463](index=463&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=87&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's exposure to market risks, including valuation, interest rate, and inflation risk, remains materially unchanged from prior disclosures - The company's exposure to market risk has not materially changed from what was previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022[508](index=508&type=chunk) [Controls and Procedures](index=87&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation, the Co-Chief Executive Officers and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period[509](index=509&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[510](index=510&type=chunk) [PART II - OTHER INFORMATION](index=88&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, defaults, mine safety, other information, and exhibits [Legal Proceedings](index=88&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings and does not anticipate future proceedings to materially affect its financial condition - As of the reporting date, the company is not a party to any material legal proceedings[332](index=332&type=chunk)[511](index=511&type=chunk) [Risk Factors](index=88&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes have been made to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2022[512](index=512&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=88&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company authorized a new $250 million share repurchase plan in February 2023, but no shares were repurchased during the nine months ended September 30, 2023 - In February 2023, the Board authorized a new share repurchase plan for up to **$250 million** of outstanding common shares at prices below NAV per share[513](index=513&type=chunk) - The company did not repurchase any of its shares under its repurchase plans during the nine months ended September 30, 2023[495](index=495&type=chunk) [Defaults Upon Senior Securities](index=88&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults on its senior securities during the reporting period - None[496](index=496&type=chunk) [Mine Safety Disclosures](index=88&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[497](index=497&type=chunk) [Other Information](index=88&type=section&id=Item%205.%20Other%20Information) This section includes a disclosure pursuant to Section 13(r) of the Exchange Act, provided as an exhibit to the report - The report incorporates by reference Exhibit 99.1, which includes disclosures required under Section 13(r) of the Exchange Act regarding activities at Mundys S.p.A., a potential affiliate[498](index=498&type=chunk) [Exhibits](index=89&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including certifications and XBRL data files - Exhibits filed with the report include officer certifications (31.1, 31.2, 31.3, 32.1, 32.2, 32.3), a Section 13(r) Disclosure (99.1), and various Inline XBRL documents[517](index=517&type=chunk)