8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 10, 2022

Blackstone Secured Lending Fund

(Exact name of registrant as specified in its charter)

Delaware	814-01299	82-7020632
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

345 Park Avenue, 31st Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 503-2100

Not Applicable

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.001 par value per share	BXSL	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On November 10, 2022, Blackstone Secured Lending Fund issued a press release and detailed presentation announcing its financial results for the third quarter ended September 30, 2022. The press release with the detailed presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number	Description
99.1	Press release dated November 10, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BLACKSTONE SECURED LENDING FUND
Date: November 10, 2022	By:	/s/ Kevin Kresge
	Name:	Kevin Kresge
	Title:	Interim Chief Financial Officer

EX-99.1

Exhibit 99.1 Blackstone Secured Lending Fund Reports Third Quarter 2022 Results NEW YORK — November 10, 2022 — Blackstone Secured Lending Fund (NYSE: BXSL, or the “Company”) today reported its third quarter 2022 results. Brad Marshall, Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported excellent third quarter results including strong growth in investment income and solid credit performance. We are experiencing a significant increase in our earnings power from higher rates, which is benefiting our portfolio yields. We raised our regular dividend by 13% in September, resulting in an 11% dividend yield over the past year, based on net asset value, from a portfolio of predominantly first lien senior secured loans. BXSL was designed to weather difficult credit environments and we feel great about the resiliency of our business.” Blackstone Secured Lending Fund issued a full detailed presentation of its third quarter 2022 results, which can be viewed at www.bxsl.com. Dividend Declaration The Company’s Board of Trustees has declared a quarterly dividend of $0.60 per share to shareholders of record as of December 31, 2022, payable on January 31, 2023. Quarterly Investor Call Details Blackstone Secured Lending Fund will host its conference call today at 9:30 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1577068&tp_key=a86549fc7d Blackstone Secured Lending Fund 345 Park Avenue New York, NY 10154 T 212 583 5000

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://ir.bxsl.com. About Blackstone Secured Lending Fund Blackstone Secured Lending Fund (NYSE:BXSL) is a specialty finance company that invests primarily in the debt of private US companies. As of September 30, 2022, BXSL’s fair value of investments was $9.7 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Credit BDC Advisors LLC, an SEC-registered investment adviser that is an affiliate of Blackstone Inc. Blackstone Inc., together with its subsidiaries, is the world’s largest alternative investment firm with $951 billion of assets under management as of September 30, 2022. 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 Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Contacts Investors Media Michael Needham Mariel Seidman-Gati Blackstoneshareholderrelations@blackstone.com Mariel.seidmangati@blackstone.com +1 888-756-8443 +1 917-698-1674 2

Blackstone Secured Lending Fund Third Quarter 2022 Results NOVEMBER 10, 2022 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended September 30, 2022. Numbers are approximate and may not add up due to rounding.

BXSL HIGHLIGHTS § Powerful earnings expansion as ~100% floating rate portfolio yields benefit from higher interest rates. Net investment income of $0.80 per share in the quarter, up 29% from the prior quarter § Portfolio is well-positioned with no loans on non-accrual and solid company fundamentals. BXSL is designed to protect capital in challenging times with a senior secured focus Earnings Momentum Dividend Growth Capital Protection Asset-liability profile positively correlated Increased dividend supported by strong Senior lending positions further insulated to rising rates earnings momentum by strong sponsor relationships +29% 11.0% 98% (2) Quarter over quarter NII per share LTM dividend yield based on NAV Senior secured 12.4% $0.60 47% (1) (4) 3Q annualized NII return Regular dividend, increased from $0.53 Loan-to-value Consistent, disciplined focus on low-leverage loans to strong sponsors 133% 0% +$0.10 (3) Dividend Coverage Non-accrual debt investments Additional NII benefit at 9/30 rates Note: The information in this deck is as of September 30, 2022, unless otherwise stated. Opinions expressed reflect the current opinions of BXSL as of the date appearing in the materials only and are based on BXSL’s opinions of the current market environment, which is subject to change. BXSL’s manager is a subsidiary of Blackstone. (1) Annualized net investment income return is calculated as the net investment income per share divided by NAV per share at the beginning of the period. (2) BXSL’s dividend yield is calculated as LTM dividends declared per share ($2.84) divided by the ending NAV per share on September 30, 2022 of $25.76. (3) Dividend coverage is calculated as net investment income per share ($0.80) divided by regular dividend per share ($0.60). 4 (4) Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information.

THIRD QUARTER RESULTS § Net investment income of $132 million, or $0.80 per share in the quarter, up 29% from $0.62 in the prior quarter § Net income of $96 million, or $0.58 per share in the quarter, up 23% from $0.47 in the prior quarter Earning Summary (1) (2) § Total dividends of $0.80 per share , resulting in a LTM dividend yield of 11.0% § Net asset value of $4.2 billion, or $25.76 per share at quarter-end (3) § Total return of 10.0% annualized inception to date and 2.6% for the quarter § Weighted average yield on debt at fair value of 9.1% at quarter-end, up from 7.8% as of prior quarter-end § Third quarter net investment income would have been approximately 13% higher, or approximately an additional $0.10 per share, if the average base rate would have been Portfolio and (4) at the September 30th level for the entire quarter Investment Activity § New investment commitments of $272 million (at par) and new investment fundings of $235 million in the quarter § Proceeds from sales and repayments of $608 million which generated net realized gains on investments of $34 million in the quarter § $1.1 billion of liquidity in cash and undrawn debt (subject to borrowing base capacity) § Repurchased $164 million of shares at an average price of $23.82 during the quarter (5) § Leverage at quarter-end of 1.33x and average leverage of 1.34x ; quarter-end leverage Liquidity Update (6) would have been 1.22x excluding the effect of the share buybacks § 58% fixed rate, unsecured debt with a weighted average interest rate of 2.97% and a total cost of debt of 3.67% at a weighted average maturity of approximately 4 years (1) Consists of a $0.60 regular dividend with a record date of September 30, 2022 and $0.20 special dividend with a record date of July 18, 2022. (2) BXSL’s dividend yield is calculated as LTM dividends declared per share ($2.84) divided by the ending NAV per share on September 30, 2022 of $25.76. (3) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share. (4) Reflects the earnings impact, net of incentive fees, of an increase in the various floating-rate indices referenced by our portfolio as of September 30, 2022, assuming no change in credit spreads, portfolio composition, or asset performance. 5 (5) Average debt to equity leverage ratio has been calculated using the average daily borrowings during the quarter divided by average net assets. (6) Estimated assuming debt was paid down instead of shares repurchased.

MATERIAL GROWTH IN NET INVESTMENT INCOME § Net investment income growth driven by higher base rates benefitting portfolio yields, averaging 9.1% in the quarter up from 7.8% in the prior quarter. 76% of debt portfolio was LIBOR based as of quarter-end § Net investment income increased to $0.80 from $0.62 in the prior quarter and would have been $0.90 if September (1) 30th base rates were in effect for the entire quarter Net Investment Income per Share 0.95 6% $0.90 0.9 5% 0.85 $0.80 (3) 4.63% 0.8 4% (2) 0.75 3.75% +29% 3% 0.7 3.00% 0.65 2% $0.62 $0.61 0.6 1.53% 1% 0.55 0.52% 0.5 0% 1Q'22 2Q'22 3Q'22 Pro forma with Current 3M LIBOR 9/30/22 rates in place Net Investment Income per Share Average 3M LIBOR (1) Reflects the earnings impact, net of incentive fees, of an increase in the various floating-rate indices referenced by our portfolio as of September 30, 2022, assuming no change in credit spreads, portfolio composition or asset performance. 3Q average based rates for 1M SOFR, ON SONIA and 3M EURIBOR were 2.45%, 3.26% and 1.17%, respectively. (2) 3M LIBOR as of September 30, 2022. 6 (3) 3M LIBOR as of November 9, 2022.

BXSL THIRD QUARTER 2022 SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 3Q'21 3Q'22 3Q'21 LTM 3Q'22 LTM Operating results $ 94 $ 132 $ 326 $ 451 Net investment income 110 96 459 405 Net income 0.63 0.80 2.34 2.69 Net investment income per share 0.74 0.58 3.40 2.41 Net income per share 0.50 0.60 2.00 2.19 Regular dividends per share — 0.20 0.30 0.65 Special dividends per share (1) 9.7% 12.4% 9.4% 10.3% Annualized net investment income return (2) 2.8% 2.6% 14.7% 9.7% Total return based on NAV Portfolio activity $ 2,440 $ 272 $ 7,993 $ 3,529 New investment commitments, at par 1,847 235 6,472 3,190 New investment fundings Investments sold and repaid (1,007) (608) (3,338) (1,746) 9/30/2021 9/30/2022 Balance sheet $ 8,223 $ 9,672 Investments at fair value (3) 4,458 5,513 Total debt outstanding 4,142 4,169 Net asset value 26.15 25.76 Net asset value per share (3) 1.09x 1.33x Ending debt-to-equity (3) 1.16x 1.34x Average debt-to-equity 98.1% 97.9% % First lien (4) 7.3% 9.1% Weighted average yield on debt and income producing investments, at fair value Number of portfolio companies 117 172 (1) Annualized net investment income return is calculated as the net investment income per share divided by NAV per share at the beginning of the period. (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan), divided by the beginning NAV per share. (3) Total debt outstanding is shown net of unamortized debt issuance costs. Average and ending leverage is calculated using principal amounts outstanding. (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt 7 included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented.

NET ASSET VALUE BRIDGE Third Quarter 2022 Net Asset Value Bridge ($ per share) $0.80 $0.09 $(0.60) $25.96 $25.89 (3) $25.76 $(0.22) $(0.20) (1) (2) (4) (2) 6/30/22 NAV Net investment Regular dividends Net realized Share repurchase 9/30/22 NAV before Special dividends 9/30/22 NAV income declared and unrealized gain accretion special dividends (loss) (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for dividends was derived by using the actual shares outstanding as of each respective record date. (3) Includes $(0.43) unrealized loss and $0.21 realized gain. (4) Represents accretion due to a repurchase of 6.9 million shares at an average price of $23.82. 8

BXSL DIVIDEND COVERAGE HISTORY § Regular dividend increased to $0.60 per share from $0.53 per share with an additional $0.20 per share special dividend payable on November 14, 2022 (1) § Regular dividend exceeded by net investment income, with a dividend coverage ratio of 133% $0.80 $0.78 Quarterly Dividends Per Share $0.67 $0.67 $0.62 $0.63 $0.61 $0.30 $0.60 $0.20 $0.58 $0.55 $0.53 $0.51 $0.25 $0.20 $0.60 $0.53 $0.53 $0.53 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 Regular Dividend Special Dividend Net Investment Income Quarterly Regular 7.7% 9.2% 8.4% 8.0% 7.9% 7.8% 7.7% 7.6% 8.1% 8.1% 8.2% 9.3% Dividend (2) Yield Quarterly Regular 120% 134% 102% 110% 156% 116% 106% 126% 126% 115% 117% 133% Dividend Coverage (1) Dividend coverage is calculated as net investment income per share ($0.80) divided by regular dividend per share ($0.60). 9 (2) Quarterly dividend yield is calculated as regular quarterly dividend (annualized) per share divided by the ending NAV per share.

BXSL INVESTMENT ACTIVITY § Portfolio fair market value increased to $9.7 billion at quarter end from $8.2 billion as of September 30, 2021 § Net funded investment activity of $(373) million in the quarter: – New investment commitments of $272 million (at par); new investment fundings of $235 million – Proceeds from sales and repayments of $608 million Originations and Fundings Investment Activity Summary ($ in millions) ($ in millions, unless otherwise noted) 3Q '22 Investment commitments, at par $ 272 $2,597 $2,440 $2,392 Investment fundings 235 Investments sold (73) $1,847 Investments repaid (535) Net funded/realized investment activity $ (373) Average new investment commitment $ 27 Number of new portfolio companies 10 $334 $326 $296 $278 $272 $235 Weighted average yield of new investment 9.3% (1) commitments Weighted average yield on investments fully sold or 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 7.8% (1) paid down Investment commitments Investment fundings (1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented. 10

BXSL PORTFOLIO CHARACTERISTICS 97.9% 99.9% $9.7B of investments in first lien, of debt investments are investments at fair value (1) (1) senior secured debt floating rate 46.7% 172 0% Average loan to value portfolio companies non-accrual debt (2)(3) (1) (LTV) investments Portfolio Predominantly Portfolio Company Weighted Average Revenue, (1) (3) First Lien Debt EBITDA and LTV(%) ($ in millions, unless otherwise noted) Equity Second Lien 1.4% Debt 0.7% 46.7% 45.2% $162 $635 $306 $77 First Lien Debt 3Q’21 3Q’22 3Q’21 3Q’22 3Q’21 3Q’22 97.9% (2) (4) Revenue Loan to Value EBITDA (1) Based on the fair market value of the portfolio. (2) Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information. (3) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount. Accordingly, BXSL makes no representation or warranty in respect of this information. Private debt investments represent approximately 94% of the total debt portfolio based on fair value. 11 (4) EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization.

BXSL PORTFOLIO CONSTRUCTION § Portfolio well-diversified across industries with no issuer accounting for more than 4% of the portfolio § Broad industry representation with largest exposures in software, health care providers & services, and professional services (1,2) (1,3) Top Ten Portfolio Companies Top Ten Industries (as of September 30, 2022) (as of September 30, 2022) Medallia, 4% Software 15% Guidehouse, 3% # Donuts, 3% Health Care Providers & Services 12% # Snoopy, 3% Professional Services 8% Cambium, 3% Insurance 8% JSS Holdings, 3% Commercial Services & Supplies 8% Stamps.com, 3% Air Freight & Logistics 5% Corfin Holdings, 3% # # # Distributors 5% Edifecs, 2% #### Bazaarvoice, 2% Aerospace & Defense 5% # Health Care Technology 4% Transportation Infrastructure 4% Remainder of Portfolio 71% # # # Amount may not sum due to rounding (1) Based on fair market value. 12 (2) 172 portfolio companies. (3) 35 individual industries.

BXSL FUNDING PROFILE § Well structured, diversified capital structure with significant available liquidity § Well positioned for current environment with 58% of liabilities unsecured, fixed rate at 2.97% and a low level of debt maturities over the next few years with only 6% of commitments maturing prior to 3Q’24 (1) § BXSL maintains its investment grade corporate credit ratings: Baa3/Stable from Moody’s, BBB-/Stable from S&P, and BBB-/Positive from Fitch Funding Profile ($ in millions) Available Cash $131 74% $999 Excess Borrowing Capacity of assets supported by unsecured debt and equity Unsecured Notes $3,200 (2.97% fixed) $1.1B of liquidity provides material Total capacity to the business Debt: $5,551 Asset Based Facilities $1,568 $6.6B (SOFR + 1.70% - 2.53%) of total committed debt Secured Revolver $783 capacity (3) (SOFR + 10bps, CSA + 1.75% - 1.88% ) 3.7% weighted average cost of Equity (2) debt $4,169 3.9 years to weighted average maturity (1) On drawn amounts. (2) Weighted average interest rate is calculated by annualizing interest expense (Includes unused fees and the accretion of original issue discount) divided by average ending outstanding debt for the 13 quarter. (3) Interest rate is SOFR + 10bps, CSA + 1.75% or CSA + 1.875% depending on borrowing base availability at the time of borrowing.

BXSL STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 9/30/21 6/30/22 9/30/22 Assets Investments at fair value $ 8,223 $ 10,085 $ 9,672 Cash and cash equivalents 260 169 131 Interest receivable 52 72 68 Deferred financing costs 9 18 14 Receivable for investments 278 40 40 Other assets 0 - - Total assets $ 8,822 $ 10,383 $ 9,926 Liabilities & net assets Debt (net of unamortized debt issuance costs) $ 4,458 $ 5,788 $ 5,513 Payable for investments purchased 75 12 19 Due to affiliates 7 11 25 Management fees payable 15 19 19 Income based incentive fee payable 17 18 22 Capital gains incentive fee payable 16 14 9 Interest payable 15 41 20 Distribution payable 74 123 130 Accrued expenses and other liabilities 3 1 1 Total liabilities $ 4,679 $ 6,028 $ 5,757 Total net assets $ 4,142 $ 4,355 $ 4,169 Total liabilities and net assets $ 8,822 $ 10,383 $ 9,926 Net asset value per share $ 26.15 $ 25.89 $ 25.76 14

BXSL SUMMARY OF OPERATING RESULTS – COMPARATIVE ($ in millions, except share and per share data) 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 Investment income Interest income $ 165 $ 186 $ 171 $ 175 $ 213 Payment-in-kind interest income 1 5 9 11 11 Dividend income — 0 6 - - Fee income 0 1 0 1 3 Total investment income $ 167 $ 192 $ 186 $ 187 $ 227 Operating expenses Interest expense $ 33 $ 39 $ 40 $ 45 $ 55 Management fees 15 22 26 26 25 Income based incentive fees 17 22 21 21 26 Capital gains incentive fees 2 2 1 (4) (5) Other operating expenses 3 2 3 3 3 Total expenses $ 71 $ 87 $ 91 $ 91 $ 105 Management fee waived — (4) (6) (6) (6) Incentive fee waived — (2) (3) (3) (4) Expense support — — — - - Recoupment of expense support — — — - - Net expenses before excise tax 71 81 82 82 95 Excise tax expense 2 1 1 - - Total expenses after excise tax 73 82 83 82 95 Net investment income $ 94 $ 111 $ 103 $ 105 $ 132 Net realized and unrealized gains (losses) Net realized gain (loss) (2) (1) 6 2 34 Net change in unrealized appreciation (depreciation) 18 12 (1) (28) (71) Net realized and unrealized gains (losses) 16 11 5 (26) (36) Net increase (decrease) in net assets resulting from $ 110 $ 122 $ 107 $ 80 $ 96 (1) Per share data Net investment income (basic and diluted) $ 0.63 $ 0.67 $ 0.61 $ 0.62 $ 0.80 Earnings (loss) per share (basic and diluted) 0.74 0.73 0.63 0.47 0.58 Dividends declared per share (regular) 0.50 0.53 0.53 0.53 0.60 Dividends declared per share (special) — — 0.25 0.20 0.20 Weighted average shares outstanding (basic and diluted) 147,932,846 165,921,691 169,556,923 169,426,422 165,031,737 (1) Per share data is calculated based on weighted average shares outstanding, unless otherwise noted. Dividends declared were derived by using the actual shares outstanding at the date of the 15 relevant transactions.

Supplemental Details

SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 Operating results Net investment income $ 94 $ 111 $ 103 $ 105 $ 132 Net income 110 122 107 80 96 Net investment income per share 0.63 0.67 0.61 0.62 0.80 Net income per share 0.74 0.73 0.63 0.47 0.58 Regular dividends per share 0.50 0.53 0.53 0.53 0.60 Special dividends per share - - 0.25 0.20 0.20 (1) 9.7% 10.2% 9.3% 9.4% 12.4% Annualized net investment income return (2) 2.8% 2.5% 2.4% 1.9% 2.6% Quarterly total return based on NAV Portfolio activity New investment commitments, at par $ 2,440 $ 2,597 $ 334 $ 326 $ 272 New investment fundings 1,847 2,392 278 296 235 Investments sold and repaid (1,007) (788) (133) (214) (608) 9/30/21 12/31/21 3/31/22 6/30/22 9/30/22 Balance sheet Investments at fair value $ 8,223 $ 9,855 $ 10,024 $ 10,085 $ 9,672 (3) 4,458 5,499 5,637 5,788 5,513 Total debt outstanding Net asset value 4,142 4,447 4,434 4,355 4,169 Net asset value per share 26.15 26.27 26.13 25.89 25.76 (3) Ending debt-to-equity 1.09x 1.25x 1.28x 1.34x 1.33x (3) 1.16x 1.22x 1.25x 1.30x 1.34x Average debt-to-equity % First lien 98.1% 97.6% 97.6% 97.6% 97.9% (4) 7.3% 7.2% 7.2% 7.8% 9.1% Weighted average yield on debt and income producing investments, at fair value 117 148 152 163 172 Number of portfolio companies (1) Annualized net investment income return is calculated as the total quarterly net investment income per share (annualized) divided by NAV per share at the beginning of the quarter. (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share. Inception-to-date return is annualized. (3) Total debt outstanding is shown net of unamortized debt issuance costs. Average and ending leverage is calculated using principal amounts outstanding. (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such 17 securities, divided by (b) total debt investments (at cost or fair value, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented.

BXSL FUNDING SOURCES SUMMARY § No debt maturities until July 2023 (1) § $1.1B of liquidity in cash and undrawn debt as of September 30, 2022 ($ in millions) Counterparty and Principal Total Outstanding Initial Date Entered Interest Rate Maturity Date Committed (Par) Jackson Hole Funding JPM – 11/16/18 SOFR + 2.525% 5/16/2025 $400 $360 Breckenridge Funding BNP – 12/21/18 SOFR + 1.70% - 12/21/2026 $825 $708 (2) 2.30% Big Sky Funding BOA – 12/10/19 SOFR + 1.80% 9/30/2024 $500 $500 Revolving Credit Facility Citi – 6/15/20 SOFR + 10bps, CSA 6/28/2027 $1,625 $783 (3) (Syndicated) + 1.75% - 1.875% 2023 Notes 7/15/20 3.65% 7/14/2023 $400 $400 2026 Notes 10/23/20 3.63% 1/15/2026 $800 $800 New 2026 Notes 3/16/21 2.75% 9/16/2026 $700 $700 2027 Notes 7/23/21 2.13% 2/15/2027 $650 $650 2028 Notes 9/30/21 2.85% 9/30/2028 $650 $650 (4) Total 3.67% $6,550 $5,551 (1) Subject to borrowing base availability. (2) Interest rate is SOFR + 1.70%, SOFR + 2.05% or SOFR + 2.30% per annum depending on the nature of the advances and underlying collateral. (3) Interest rate is SOFR + 10bps, CSA + 1.75% or CSA + 1.875% depending on borrowing base availability at the time of borrowing. 18 (4) Weighted average interest rate is calculated by annualizing interest expense (Includes unused fees and the accretion of original issue discount) divided by average ending outstanding debt for the quarter.

Important Disclosure Information

FORWARD LOOKING STATEMENTS Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward- looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXSL believes these factors includebut arenot limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. 20

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Document and Entity Information	Nov. 10, 2022
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001736035
Document Type	8-K
Document Period End Date	Nov. 10, 2022
Entity Registrant Name	Blackstone Secured Lending Fund
Entity Incorporation State Country Code	DE
Entity File Number	814-01299
Entity Tax Identification Number	82-7020632
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	(212)
Local Phone Number	503-2100
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Shares of Beneficial Interest, $0.001 par value per share
Trading Symbol	BXSL
Security Exchange Name	NYSE
Entity Emerging Growth Company	false