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 12, 2021

Blackstone Secured Lending Fund

(Exact name of registrant as specified in its charter)

Delaware	814 - 01299	82-7020632
(State or other jurisdiction<br><br><br>of incorporation)	(Commission<br><br><br>File Number)	(IRS Employer<br><br><br>Identification No.)
345 Park Avenue, 31st Floor<br><br><br>New York, NY		10154
(Address of principal executive offices)		(Zip Code)

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

Not Applicable

(Former name or former 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)<br>
☐	Soliciting material pursuant to Rule 14a-12 under the<br>Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br><br><br>Symbol(s)	Name of each exchange<br><br><br>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 or Rule 12b–2 of the Securities Exchange Act of 1934.

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 12, 2021, Blackstone Secured Lending Fund issued a press release announcing its financial results for the third quarter ended September 30, 2021. The press release 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<br><br><br>Number	Description
99.1	Press release dated November 12, 2021.

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 12, 2021	By:	/s/ Marisa J. Beeney
		Name: Marisa J. Beeney
		Title: Chief Compliance Officer, Chief<br> <br>Legal<br>Officer and Secretary

EX-99.1

Exhibit 99.1

Blackstone Secured Lending Reports Third Quarter 2021 Net Investment Income Per Share of $0.63 and Net Asset Value Per Share of $26.15

NEW YORK – November 12, 2021 – Blackstone Secured Lending (NYSE: BXSL; “BXSL” or the “Company”) today announced financial results for the third quarter ended September 30, 2021, with net investment income at the high end of its previously estimated range.

“We’re proud to report strong third quarter financial results including rising net investment income and net asset value. This follows BXSL’s initial public offering, which represented the largest BDC IPO in fifteen years and the largest ever upsize in a BDC offering,” said Brad Marshall, Chief Executive Officer of BXSL. “Our high-quality portfolio, concentrated in first-lien senior secured loans with no loans on non-accrual, and active deployment in the quarter underscore the benefits of our scale, expertise and market position. We are pleased to bring a low-fee, low-operating expense BDC product to the market and look forward to continuing to deliver for our investors as a public company.”

Third Quarter 2021 Highlights

For the three months ended September 30, 2021, BXSL generated net investment income of $0.63 per share, up from $0.53 per share in the prior quarter and at the high end of the Company’s previously estimated range of $0.61—$0.63. Net investment income excluding capital gains incentive fees was $0.65 for the third quarter.

Net asset value per share increased to $26.15 at quarter end, up from $25.92 as of the prior quarter end, representing an increase of 0.9%, a quarterly total return of 2.8% and an annualized total return since inception of 10.0%.

BXSL paid a regular dividend in the third quarter of 2021 of $0.50 per share which will increase to $0.53 per share, starting in the fourth quarter of 2021. The Company also intends to pay special dividends in 2022 in the total amount of $0.65 per share. All future distributions will be subject to lawfully available funds therefor, and the Company can offer no assurance that it will be able to declare such distributions in future periods.

More information including financial statements can be found in the Company’s 10-Q report, which was filed this morning.

Portfolio and Investment Activity

For the three months ended September 30, 2021, new investment commitments totaled $2.4 billion, at par, and the fair value of BXSL’s investments increased to $8.2 billion as of quarter end, up from $7.4 billion as of June 30, 2021. BXSL’s debt-to-equity ratio increased to 1.09x at quarter end, up from 1.01x as of June 30, 2021, as the portfolio became more fully deployed.

Bond Offerings

During Q3 2021, BXSL issued two unsecured bonds, a $650 million bond maturing in 2028 with an interest rate of 2.85% and a $650 million bond maturing in 2027 with an interest rate of 2.125%. As of September 30, 2021, 71% of all funded debt represents unsecured borrowings.

Non-GAAP Financial Measures

BXSL discloses net investment income excluding capital gains incentive fees herein. Net investment income excluding capital gains incentive fees is a financial measure that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Management believes that net investment income excluding capital gains incentive fees provides meaningful information to consider in addition to net income determined in accordance with GAAP. This adjusted measure helps management to evaluate performance excluding the effects of certain accruals and GAAP adjustments that the Company believes are not necessarily indicative of operations. Management believes net investment income excluding capital gains incentive fees is a useful financial metric for existing and potential future holders of the Company’s shares as the impact of the uncrystallized capital gains incentive fee is not included in taxable income. The presentation of net investment income excluding capital gains incentive fees is not intended to be a substitute for financial results prepared in accordance with GAAP, should not be considered in isolation and may not be comparable to metrics reported by other companies.

About Blackstone Secured Lending Fund

Blackstone Secured Lending Fund (BXSL) is a specialty finance company that invests primarily in the debt of private U.S. companies. As of September 30, 2021 BXSL’s fair value of investments was approximately $8.2 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. (formerly, The Blackstone Group Inc.). Blackstone Inc., together with its subsidiaries, is one of the world’s leading investment firms with approximately $731 billion of assets under management as of September 30, 2021.

Forward Looking Statements

Statements included herein may constitute “forward-looking statements,” which relate to future events or BXSL’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic and related changes in base interest rates and significant market volatility on BXSL’s business, BXSL’s portfolio companies, BXSL’s industry and the global economy. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in BXSL’s filings with the Securities and Exchange Commission. BXSL undertakes no duty to update any forward-looking statements made herein.

Contacts

Investor Contact:

Michael Needham

Blackstoneshareholderrelations@blackstone.com

+1 888-756-8443

Media Contacts:

Kate Holderness

Kate.holderness@blackstone.com

+1 917-318-6818

Mariel Seidman-Gati

Mariel.seidmangati@blackstone.com

+1 917-698-1674