UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 814-01299

_______________________________________________________________________

Blackstone Secured Lending Fund

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

Delaware	82-7020632
(State or other jurisdiction of<br>incorporation or organization)	(I.R.S. Employer<br>Identification No.)
345 Park Avenue<br><br>New York, New York	10154
(Address of principal executive offices)	(Zip Code)

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

N/A

(Former name, former address and former fiscal year, if changed since last report)

_______________________________________________________________________

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

Title of each class	Trading<br>Symbol(s)	Name of each exchange<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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such 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 Rule 12b-2 of the Exchange Act:

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of May 4, 2026, the Registrant had 232,652,003 common shares of beneficial interest (“Common Shares”), $0.001 par value per share, outstanding.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as ofMarch 31, 2026 andDecember 31, 2025(Unaudited)	3
	Condensed Consolidated Statements of Operations for thethree months endedMarch 31, 2026and2025(Unaudited)	4
	Condensed Consolidated Statements of Changes in Net Assets for thethreemonths endedMarch 31, 2026and 2025(Unaudited)	6
	Condensed Consolidated Statements of Cash Flows for thethree months ended March 31, 2026 and 2025(Unaudited)	7
	Condensed Consolidated Schedules of Investments as ofMarch 31, 2026 andDecember 31, 2025(Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	93
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	134
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	145
Item 4.	Controls and Procedures	145
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	147
Item 1A.	Risk Factors	147
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	147
Item 3.	Defaults Upon Senior Securities	147
Item 4.	Mine Safety Disclosures	147
Item 5.	Other Information	147
Item 6.	Exhibits	148
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This 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 not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of the companies in which we may invest;

•the impact of the investments that we expect to make;

•our ability to raise sufficient capital and buy back shares to execute our investment strategy;

•general economic, logistical and political trends and other external factors, including inflation, trade policies, and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with Blackstone Private Credit Strategies LLC (the “Adviser”), Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and together with the Adviser, the “Advisers”) or any of their affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•our use of financial leverage including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

•our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

•the ability of the Advisers to source suitable investments for us and to monitor and administer our investments;

•the impact of future acquisitions and divestitures;

•the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

•general price and volume fluctuations in the stock market;

•our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 as updated by the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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WEBSITE DISCLOSURE

We use our website (www.bxsl.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and public conference calls, and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Contact Us” section of our website at http://ir.bxsl.com. The contents of our website and any alerts are not, however, a part of this report.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Secured Lending Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $14,257,276 and $14,349,416, respectively)	$	13,903,727	$	14,167,499
Non-controlled/affiliated investments (cost of $39,645 and $38,551, respectively)	38,413		39,795
Total investments at fair value (cost of $14,296,921 and $14,387,967, respectively)	13,942,140		14,207,294
Cash and cash equivalents (restricted cash of $75,966 and $89,406, respectively)	351,276		289,605
Interest receivable from non-controlled/non-affiliated investments	97,807		105,695
Interest receivable from non-controlled/affiliated investments	10		10
Receivable from broker	1,821		11,286
Deferred financing costs	18,700		19,753
Receivable for investments	2,311		3,187
Derivative assets at fair value (Note 6)	22,545		19,633
Total assets	$	14,436,610	$	14,656,463
LIABILITIES
Debt (net of unamortized debt issuance costs of $41,840 and $39,900, respectively)	$	8,033,886	$	8,080,129
Payable for investments	11,326		2,172
Due to affiliates	5,437		4,817
Management fees payable (Note 3)	36,366		36,141
Income based incentive fees payable (Note 3)	2,294		26,400
Capital gains based incentive fees payable (Note 3)	—		—
Interest payable	60,581		61,952
Distribution payable (Note 9)	178,855		178,616
Board of Trustees’ fees payable	290		289
Accrued expenses and other liabilities	7,895		20,772
Total liabilities	8,336,930		8,411,288
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.001 par value (unlimited shares authorized; 232,279,811 and 231,969,058 shares issued and outstanding, respectively)	232		232
Additional paid in capital	6,055,864		6,047,750
Distributable earnings (loss)	43,584		197,193
Total net assets	6,099,680		6,245,175
Total liabilities and net assets	$	14,436,610	$	14,656,463
NET ASSET VALUE PER SHARE	$	26.26	$	26.92

	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, December 31, 2025	$	232	$	6,047,750	$	197,193	$	6,245,175
Issuance of Common Shares, net of offering and underwriting costs	—		—		—		—
Reinvestment of dividends (1)	—		8,114		—		8,114
Net investment income after tax expense	—		—		178,914		178,914
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	—		—		(154,895)		(154,895)
Net realized gain (loss), net of tax expense	—		—		1,227		1,227
Dividends declared and payable from net investment income	—		—		(178,855)		(178,855)
Balance, March 31, 2026	$	232	$	6,055,864	$	43,584	$	6,099,680
	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
---	---	---	---	---	---	---	---	---
Balance, December 31, 2024	$	222	$	5,749,762	$	326,537	$	6,076,521
Issuance of Common Shares, net of offering and underwriting costs	6		184,824		—		184,830
Reinvestment of dividends (1)	—		5,130		—		5,130
Net investment income after tax expense	—		—		188,796		188,796
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	—		—		(43,874)		(43,874)
Net realized gain (loss), net of tax expense	—		—		4,887		4,887
Dividends declared and payable from net investment income	—		—		(175,421)		(175,421)
Balance, March 31, 2025	$	228	$	5,939,716	$	300,925	$	6,240,869

(1)The par amount of the shares is less than 1,000 and rounds to zero.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	25,246	$	149,809
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	157,611		40,754
Net change in unrealized (appreciation) depreciation on derivative instruments	(2,943)		1,921
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	735		(282)
Net realized (gain) loss on investments	(1,161)		(8,525)
Net change due to hedging activity	(659)		(1,124)
Net realized (gain) loss on foreign currency transactions	1,776		—
Net accretion of discount and amortization of premium	(11,383)		(16,419)
Payment-in-kind interest capitalized	(22,537)		(22,613)
Amortization of deferred financing costs	1,450		1,409
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	3,935		3,350
Purchases of investments	(324,788)		(689,214)
Proceeds from sale of investments and principal repayments	450,915		977,955
Changes in operating assets and liabilities:
Interest receivable	7,888		4,789
Receivable for investments	876		(5,447)
Derivative instruments, net	(18,815)		(7,468)
Receivable from broker	9,465		(4,763)
Payable for investments	9,154		8,271
Due to affiliates	620		(89)
Management fees payable	225		1,996
Income based incentive fees payable	(24,106)		(4,407)
Capital gains based incentive fees payable	—		—
Interest payable	(1,371)		3,953
Accrued expenses and other liabilities	(12,876)		(9,192)
Net cash provided by (used in) operating activities	249,257		424,664
Cash flows from financing activities:
Borrowings on debt	1,367,849		846,940
Repayments on debt	(1,380,700)		(559,606)
Deferred financing costs paid	(398)		—
Debt issuance costs paid	(457)		(827)
Dividends paid in cash	(170,502)		(165,622)
Proceeds from issuance of Common Shares, net of offering and underwriting costs	—		189,235
Net cash provided by (used in) financing activities	(184,208)		310,120
Net increase (decrease) in cash and cash equivalents	65,049		734,784
Effect of foreign exchange rate changes on cash and cash equivalents	(3,378)		615
Cash and cash equivalents (including restricted cash), beginning of period	289,605		229,606
Cash and cash equivalents (including restricted cash), end of period	$	351,276	$	965,005
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2026		2025
Supplemental information and non-cash activities:
Interest paid during the period	$	115,628	$	96,301
Distribution payable	178,855		175,421
Reinvestment of distributions during the period	8,114		5,130
Accrued but unpaid debt issuance costs	1,322		1,866
Excise and other taxes paid	16,022		15,066
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Aevex Holdings, LLC	(4)(11)	SOFR +	6.00%	9.77%	4/30/2024	3/18/2028	$	46,713	$	46,713	$	46,713	0.77	%
Aevex Holdings, LLC	(4)(11)	SOFR +	6.00%	9.77%	3/17/2020	3/18/2028	107,661		107,661		107,661		1.77
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.02%	2/5/2020	12/27/2027	260,600		259,721		260,600		4.27
Corfin Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	9.02%	1/10/2025	12/27/2027	1,560		1,551		1,560		0.03
Fastener Distribution Holdings, LLC	(4)(10)	SOFR +	4.75%	8.45%	10/31/2024	11/4/2031	30,627		30,383		30,627		0.50
Fastener Distribution Holdings, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	10/31/2024	11/4/2031	4,447		4,383		4,447		0.07
Frontgrade Technologies Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.90%	1/9/2023	1/9/2030	2,386		2,345		2,336		0.04
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	8.91%	3/18/2025	1/9/2030	354		351		348		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.65%	7/7/2025	1/9/2030	92		91		90		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	3/28/2025	3/29/2032	1,295		1,282		1,288		0.02
MAG DS Corp.	(11)	SOFR +	5.50%	9.30%	4/1/2020	4/1/2027	78,464		77,318		78,342		1.28
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	9.70%	12/5/2023	12/5/2030	33,518		32,888		33,226		0.54
West Star Aviation Acquisition, LLC	(4)(5)(10)	SOFR +	4.50%	8.17%	5/20/2025	5/20/2032	2,141		2,127		2,141		0.04
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	5/20/2025	5/20/2032	375		370		375		0.01
									567,184		569,754		9.35
Air Freight & Logistics
ENV Bidco, AB	(4)(5)(6)(10)	SOFR +	5.00%	8.70%	12/12/2024	7/27/2029	1,115		1,103		1,110		0.02
ENV Bidco, AB	(4)(5)(6)(7)(8)	E +	5.00%	7.13%	12/12/2024	7/27/2029	EUR	1,337	1,347		1,533		0.03
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.04%	12/9/2019	12/9/2027	138,170		137,873		123,662		2.03
Mode Purchaser, Inc.	(4)(5)(11)	SOFR +	6.25%	10.04%	2/4/2022	12/9/2027	3,944		3,912		3,530		0.06
R1 Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.75%	10.45%	12/30/2022	12/29/2028	1,318		1,300		1,250		0.02
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.60%	12/13/2021	12/31/2028	29,631		29,400		28,150		0.46
RWL Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.56%	2/20/2026	12/31/2028	1,362		1,349		1,294		0.02
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	7.00%	10.67% PIK	11/27/2024	5/27/2030	2,154		2,154		2,154		0.04
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.00%	13.67% PIK	11/27/2024	11/27/2029	721		714		721		0.01
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)	SOFR +	10.50%	14.17% (incl. 9.50% PIK)	11/10/2025	11/27/2029	167		166		167		0.00
									179,318		163,571		2.69

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Biotechnology
Axsome Therapeutics, Inc.	(4)(5)(6)(10)	SOFR +	4.75%	8.45%	5/6/2025	5/8/2030	$	11,740	$	11,643	$	11,740	0.19	%
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.00%	7.70%	5/6/2025	5/8/2030	6,848		6,820		6,848		0.11
MannKind Corp.	(4)(6)(7)(14)	SOFR +	4.75%	8.42%	8/6/2025	8/6/2030	138,898		136,719		137,455		2.25
									155,182		156,043		2.55
Building Products
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.77%	2/26/2021	2/26/2029	54,282		54,123		52,246		0.86
Jacuzzi Brands, LLC	(4)(5)(10)	SOFR +	6.25%	9.92%	2/25/2019	5/25/2028	11,318		11,265		10,752		0.18
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.25%	9.92%	2/25/2019	5/25/2028	77,867		77,680		73,974		1.21
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	9.93%	9/1/2021	9/1/2027	14,862		14,779		14,119		0.23
Windows Acquisition Holdings, Inc.	(4)(5)(11)	SOFR +	6.50%	10.35%	12/29/2020	12/29/2026	52,750		52,627		41,145		0.67
									210,474		192,236		3.15
Chemicals
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	5.00%	8.70%	6/13/2024	6/13/2031	39,719		39,387		39,245		0.64
Commercial Services & Supplies
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.50%	8.09%	5/7/2021	5/7/2029	238,337		238,337		236,955		3.88
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00%	8.67%	12/20/2024	10/2/2030	139,291		137,423		139,291		2.28
Divisions Holding Corp.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	4/17/2025	4/17/2032	1,602		1,587		1,601		0.03
ELK Bidco, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.20%	6/13/2025	6/14/2032	17,897		17,795		17,871		0.29
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.17%	3/13/2025	3/12/2032	27,247		27,015		27,247		0.45
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	3/13/2025	3/12/2032	12,216		12,095		12,216		0.20
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	3/13/2025	3/12/2032	1,098		1,070		1,098		0.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.25%	9.21%	4/30/2025	11/17/2029	57,391		56,849		56,818		0.93
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.16%	4/30/2025	11/17/2029	18,645		18,391		18,408		0.30
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.17%	4/30/2025	11/17/2029	2,919		2,833		2,849		0.05
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/28/2030	43,891		43,407		42,355		0.69
Gatekeeper Systems, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/28/2030	3,332		3,183		2,852		0.05
Gorilla Investor, LLC	(4)(10)	SOFR +	5.00%	8.70%	9/26/2024	9/30/2031	24,373		23,990		24,129		0.40
Ground Penetrating Radar Systems, LLC	(4)(5)(10)	SOFR +	4.50%	8.20%	1/2/2025	1/2/2032	2,936		2,912		2,936		0.05
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	1/2/2025	1/2/2032	15		13		15		0.00
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	1/2/2025	1/2/2032	72		69		72		0.00
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	8.92%	10/2/2023	10/2/2030	25,131		24,687		25,131		0.41
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.95%	10/2/2023	10/2/2030	2,370		2,335		2,370		0.04
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.95%	2/4/2025	10/2/2030	3,651		3,540		3,651		0.06
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.95%	8/19/2025	10/2/2030	1,017		1,008		1,017		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.00%	7.69%	1/30/2026	8/20/2031	$	993	$	978	$	992	0.02	%
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.00%	7.69%	1/30/2026	8/20/2030	37		36		37		0.00
Java Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.45%	2/6/2026	12/15/2030	9,951		9,845		9,951		0.16
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	2/6/2026	12/15/2030	846		822		846		0.01
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	2/6/2026	12/15/2030	215		197		215		0.00
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.71% (incl. 2.75% PIK)	12/17/2020	11/8/2031	292,533		290,389		292,533		4.80
JSS Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.71% (incl. 2.75% PIK)	12/29/2021	11/8/2031	5,052		5,011		5,052		0.08
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70% (incl. 2.75% PIK)	11/8/2024	11/8/2031	32,171		31,894		32,134		0.53
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.35%	12/10/2021	12/10/2029	9,976		9,898		9,972		0.16
Knowledge Pro Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.35%	12/10/2021	12/10/2029	781		771		781		0.01
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.27%	10/19/2021	10/19/2028	19,750		19,606		17,430		0.29
KPSKY Acquisition, Inc.	(4)(5)(10)(18)	SOFR +	5.50%	9.25%	10/19/2021	10/19/2028	2,274		2,258		2,007		0.03
Minerva Bidco, Ltd.	(4)(5)(6)(8)	S +	4.25%	7.98%	7/29/2025	11/7/2030	GBP	4,812	6,364		6,322		0.10
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	8.94%	12/1/2021	12/1/2027	10,804		10,743		10,804		0.18
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	4.75%	8.42%	12/1/2021	12/1/2027	16,857		16,753		16,857		0.28
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.91%	5/22/2025	5/24/2032	400		396		400		0.01
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.91%	5/22/2025	5/24/2032	37		36		37		0.00
SIQ Holdings III Corp.	(4)(10)	SOFR +	4.75%	8.44%	12/19/2025	12/19/2032	14,963		14,819		14,813		0.24
SIQ Holdings III Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.43%	12/19/2025	12/19/2030	227		195		193		0.00
SIQ Holdings III Corp.	(4)(5)(7)(10)	P +	3.75%	10.50%	12/19/2025	12/19/2032	2,993		2,946		2,926		0.05
TEI Intermediate, LLC	(4)(10)	SOFR +	5.25%	8.85% (incl. 2.88% PIK)	12/13/2024	12/15/2031	26,166		25,956		26,166		0.43
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/13/2024	12/15/2031	970		941		970		0.02
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/13/2024	12/15/2031	5,387		5,331		5,387		0.09
Veregy Consolidated, Inc.	(4)(7)(10)	SOFR +	4.25%	7.92%	4/16/2025	4/16/2031	27,557		27,339		27,507		0.45
Water Holdings Acquisition, LLC	(4)(10)	SOFR +	5.25%	8.92%	7/31/2024	7/31/2031	32,201		31,962		32,201		0.53
Water Holdings Acquisition, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	7/31/2024	7/31/2031	3,950		3,912		3,950		0.06
									1,137,937		1,139,365		18.68

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Construction & Engineering
Consor Intermediate II, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	5/10/2024	5/10/2031	$	6,228	$	6,177	$	6,224	0.10	%
GFT Infrastructure, Inc.	(4)(10)	SOFR +	4.25%	7.90%	8/5/2024	8/5/2030	64,289		63,599		63,968		1.05
GFT Infrastructure, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	7.97%	8/5/2024	8/5/2030	2,495		2,427		2,464		0.04
Home Service TopCo IV, Inc.	(4)(7)(11)	SOFR +	4.50%	8.10%	6/9/2023	12/31/2027	36,855		36,408		36,817		0.60
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.10%	2/28/2025	12/31/2027	2,881		2,872		2,881		0.05
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.17%	2/6/2026	12/31/2027	2,617		2,611		2,617		0.04
Pave America Holding, LLC	(4)(7)(10)	SOFR +	5.25%	8.95% (incl. 2.88% PIK)	8/29/2025	8/27/2032	15,882		15,723		15,882		0.26
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	8/29/2025	8/27/2032	1,313		1,279		1,313		0.02
Saber Power Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.80%	10/21/2025	10/21/2031	46,038		45,975		46,038		0.75
SAFEbuilt, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	1/8/2026	1/8/2032	20,355		20,224		20,122		0.33
									197,295		198,326		3.24
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	4/30/2025	5/5/2032	1,489		1,475		1,473		0.02
Containers & Packaging
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.25%	8.95%	9/30/2021	9/30/2028	20,615		20,439		20,615		0.34
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.25%	8.95%	3/20/2025	9/30/2028	1,595		1,583		1,595		0.03
									22,022		22,210		0.37
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	7.50%	11.44% (incl. 1.00% PIK)	12/10/2021	12/11/2028	7,490		7,435		5,748		0.09
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.25%	9.02%	11/1/2021	5/3/2027	164,352		163,938		163,119		2.67
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00%	10.81% (incl. 3.25% PIK)	12/31/2021	6/23/2028	5,067		5,033		4,535		0.07
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.25%	11.06% (incl. 3.25% PIK)	11/1/2022	6/23/2028	1,620		1,601		1,458		0.02
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00%	10.81% (incl. 3.25% PIK)	12/31/2021	6/23/2028	1,631		1,624		1,460		0.02
NDC Acquisition Corp.	(4)(7)(11)	SOFR +	5.00%	8.67%	3/9/2021	3/9/2028	14,482		14,397		14,482		0.24
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	4/9/2024	4/9/2030	63,462		63,356		63,462		1.04
									257,384		254,264		4.15

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	8.80%	7/19/2024	7/24/2030	$	4,567	$	4,502	$	4,522	0.07	%
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.80%	7/19/2024	7/24/2030	1,360		1,340		1,346		0.02
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.81%	7/19/2024	7/24/2030	1,753		1,730		1,735		0.03
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.80%	7/19/2024	7/24/2030	3,523		3,472		3,488		0.06
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.80%	2/19/2025	7/24/2030	3,809		3,761		3,726		0.06
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.80%	10/15/2025	7/24/2030	588		583		583		0.01
Barbri Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.44%	12/20/2024	4/30/2030	80,023		79,475		79,423		1.30
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.27%	7/20/2021	7/20/2028	282,488		281,559		274,013		4.49
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	5.00%	8.70%	5/31/2024	5/31/2031	11,777		11,691		11,718		0.19
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/31/2024	5/31/2031	6,333		6,265		6,278		0.10
DTA Intermediate II, Ltd.	(4)(11)	SOFR +	5.50%	9.20%	3/27/2024	3/27/2030	42,431		41,867		42,431		0.70
DTA Intermediate II, Ltd.	(4)(7)(11)	SOFR +	5.50%	9.15%	3/27/2024	3/27/2030	10,713		10,451		10,713		0.18
DTA Intermediate II, Ltd.	(4)(5)(11)	S +	5.50%	9.23%	9/18/2025	3/27/2030	GBP	17,151	22,826		22,700		0.37
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	9.92%	7/18/2023	7/18/2029	21,629		21,332		19,898		0.33
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.92%	7/18/2023	7/18/2029	3,981		3,935		3,663		0.06
Essential Services Holding Corp.	(4)(7)(10)	SOFR +	5.50%	9.17% (incl. 2.75% PIK)	6/17/2024	6/17/2031	11,717		11,621		11,442		0.19
Essential Services Holding Corp.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	6/17/2024	6/17/2030	574		564		542		0.01
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	9.52%	10/12/2021	6/30/2028	21,988		21,909		21,438		0.35
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	91	105		104		0.00
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	37	43		43		0.00
Scientian 2 Spain, S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	107	123		122		0.00
Scientian France, SAS	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	235	271		269		0.00
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	8.44%	12/18/2024	12/19/2031	50,892		50,508		50,580		0.83
Seahawk Bidco, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.45%	12/18/2024	12/19/2030	657		630		638		0.01
									580,563		571,415		9.36

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Electric Utilities
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	7/1/2025	7/1/2032	$	19,441	$	19,265	$	19,290	0.32	%
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/1/2025	7/1/2030	238		213		216		0.00
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	7.92%	3/26/2021	3/27/2028	32,351		32,180		32,351		0.53
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	7.92%	7/27/2023	3/27/2028	34,987		34,727		34,987		0.57
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	7.92%	5/9/2024	3/27/2028	82,235		81,120		82,235		1.35
Qualus Power Services Corp.	(4)(5)(11)	SOFR +	4.25%	7.92%	5/9/2024	3/27/2028	33,634		33,439		33,634		0.55
									200,944		202,713		3.32
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	8.42%	8/17/2021	8/17/2031	60,098		59,793		60,094		0.99
Griffon Bidco, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70%	7/31/2025	7/31/2031	22,338		22,085		22,277		0.37
IEM New Sub 2, LLC	(4)(7)(9)	SOFR +	4.75%	8.37%	12/3/2025	12/3/2031	114,508		113,469		113,809		1.87
									195,347		196,180		3.23
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	76,333		76,134		76,333		1.25
Albireo Energy, LLC	(4)(5)(7)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	29,097		28,800		28,847		0.47
Duro Dyne National Corp.	(4)(7)(10)	SOFR +	4.50%	8.20%	11/15/2024	11/17/2031	28,315		28,015		28,285		0.46
Dwyer Instruments, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	11/15/2024	7/20/2029	9,761		9,687		9,761		0.16
Electro Switch Business Trust, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	9/2/2025	9/2/2032	31,423		31,167		31,065		0.51
Guardian Bidco, Inc.	(4)(5)(7)(8)	SOFR +	5.50%	9.12%	9/2/2025	8/30/2032	5,307		5,255		5,246		0.09
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	8.42%	11/20/2023	11/20/2030	25,365		25,165		25,365		0.42
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	4.50%	8.20%	7/1/2024	7/1/2031	68,884		67,947		68,884		1.13
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.63%	7/1/2024	7/1/2031	EUR	14,876	15,798		17,194		0.28
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.68%	7/1/2024	7/1/2030	EUR	1,806	2,023		2,087		0.03
									289,991		293,067		4.80
Energy Equipment & Services
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	9.77%	3/15/2024	3/15/2031	26,393		25,833		26,393		0.43

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Financial Services
Carr Riggs & Ingram Capital, LLC	(4)(5)(9)	SOFR +	4.25%	7.95%	11/18/2024	11/18/2031	$	7,369	$	7,310	$	7,369	0.12	%
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	1,222		1,205		1,222		0.02
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	1,144		1,130		1,144		0.02
DM Intermediate Parent, LLC	(4)(10)	SOFR +	4.75%	8.42%	9/30/2024	9/30/2030	17,994		17,791		17,994		0.29
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	9/30/2024	9/30/2030	7,622		7,593		7,622		0.12
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	9/30/2024	9/30/2030	416		358		416		0.01
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	12/19/2025	9/30/2030	5,421		5,333		5,421		0.09
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.00%	8.73%	3/27/2025	3/27/2032	GBP	14,508	18,467		19,203		0.31
More Cowbell II, LLC	(4)(7)(10)	SOFR +	4.50%	7.99%	9/3/2025	9/1/2030	7,857		7,734		7,846		0.13
PKF O'Connor Davies Advisory, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	11/15/2024	11/18/2031	1,172		1,160		1,172		0.02
									68,081		69,409		1.13
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	5/15/2024	6/30/2028	19,455		19,313		19,116		0.31
Health Care Equipment & Supplies
Bamboo US BidCo, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	9/29/2023	9/30/2030	979		962		969		0.02
Bamboo US BidCo, LLC	(4)(5)(11)	E +	5.00%	7.03%	9/29/2023	9/30/2030	EUR	350	363		401		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.00%	8.67%	11/20/2024	9/30/2030	105		103		104		0.00
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.35%	9/13/2021	9/13/2027	21,010		20,908		20,590		0.34
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.32%	9/13/2021	9/13/2027	5,321		5,299		5,215		0.09
Zeus, LLC	(4)(10)	SOFR +	5.50%	9.20%	2/28/2024	2/28/2031	24,495		24,241		22,964		0.38
Zeus, LLC	(4)(5)(10)	SOFR +	5.50%	9.20%	2/28/2024	2/28/2031	2,264		2,246		2,123		0.03
Zeus, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.21%	2/28/2024	2/28/2030	457		423		243		0.00
									54,545		52,609		0.87

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.28%	8/10/2022	8/10/2029	CAD	2,164	$	1,668	$	1,556	0.03	%
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.28%	8/9/2024	8/10/2029	CAD	292	214		210		0.00
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	4.75%	7.03%	9/8/2025	8/10/2029	CAD	15,020	10,717		10,510		0.17
ACI Group Holdings, Inc.	(4)(10)(17)	SOFR +	6.00%	9.80% (incl. 3.25% PIK)	7/7/2023	8/2/2028	$	134,184	132,134		93,594		1.53
ACI Group Holdings, Inc.	(4)(5)(7)(10)(17)	SOFR +	5.50%	9.21%	7/7/2023	8/2/2027	11,451		11,399		7,952		0.13
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.05%	5/7/2021	5/7/2027	6,691		6,666		6,022		0.10
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	9.95%	5/7/2021	5/7/2027	1,604		1,599		1,443		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.96%	5/7/2021	5/7/2026	520		520		390		0.01
Amerivet Partners Management, Inc.	(4)(7)(10)	SOFR +	5.50%	9.35%	2/25/2022	2/25/2028	5,472		5,431		5,103		0.08
Aryeh Bidco Investment, Ltd.	(4)(5)(6)(10)	CA +	5.00%	7.31%	1/14/2026	1/14/2033	CAD	7,811	5,571		5,559		0.09
Aryeh Bidco Investment, Ltd.	(4)(5)(6)(7)(10)	CA +	5.00%	7.27%	1/14/2026	1/14/2033	CAD	208	136		136		0.00
Biotouch Global Solutions, Inc.	(4)(7)(11)	SOFR +	5.50%	9.17%	8/27/2025	8/27/2032	23,744		23,381		23,347		0.38
Biotouch Global Solutions, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.16%	8/27/2025	8/27/2032	757		735		733		0.01
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(11)	CA +	4.50%	7.12%	4/15/2021	4/14/2028	CAD	28,947	23,024		20,808		0.34
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(7)(10)	CA +	4.50%	7.12%	4/15/2021	4/15/2027	CAD	1,800	1,257		1,294		0.02
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.30% (incl. 4.00% PIK)	12/21/2021	12/21/2028	12,591		12,509		10,324		0.17
Commander Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	6/26/2025	6/26/2032	31,634		31,237		31,533		0.52
Compsych Investments Corp.	(4)(7)(10)	SOFR +	4.75%	8.42%	7/22/2024	7/22/2031	11,973		11,921		11,816		0.19
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.10%	3/12/2021	4/3/2028	24,139		24,023		19,915		0.33
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.50%	10.17%	12/28/2022	4/3/2028	975		969		804		0.01
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.41%	12.10%	2/25/2022	4/3/2028	8,014		8,000		6,611		0.11
Imagine 360, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	9/18/2024	9/30/2028	16,940		16,818		16,913		0.28
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.17%	4/29/2024	4/29/2030	47,887		47,825		47,427		0.78

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.02%	10/15/2020	4/15/2028	$	126,345	$	125,616	$	123,186	2.02	%
Kwol Acquisition, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70%	12/8/2023	12/6/2029	10,272		10,120		10,272		0.17
Kwol Acquisition, Inc.	(4)(5)(10)	SOFR +	5.00%	8.70%	2/17/2026	12/12/2029	3,586		3,560		3,586		0.06
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	22,870		22,710		22,870		0.37
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	4,877		4,857		4,877		0.08
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.17%	2/13/2024	2/13/2031	3,383		3,363		3,383		0.06
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.27% (incl. 4.00% PIK)	7/16/2021	7/16/2030	267,457		266,841		213,181		3.49
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	9.42%	8/31/2022	8/31/2029	1,953		1,938		1,953		0.03
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	6.00%	9.67%	9/6/2023	8/31/2029	257		254		254		0.00
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	9.63%	6/9/2023	12/23/2028	10,611		10,515		10,293		0.17
Smile Doctors, LLC	(4)(5)(7)(10)	SOFR +	5.90%	9.63%	6/9/2023	12/23/2028	2,568		2,524		2,448		0.04
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.43% (incl. 5.50% PIK)	6/1/2021	6/1/2028	359,588		357,504		338,012		5.54
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.00%	8.66%	8/26/2025	12/18/2029	12,235		12,109		12,113		0.20
SpecialtyCare, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	8/26/2025	12/18/2029	111		104		96		0.00
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	4.75%	8.45%	1/5/2026	1/5/2033	3,101		3,074		3,089		0.05
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75%	9.53%	3/16/2022	3/16/2028	4,813		4,781		4,620		0.08
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)	CA +	5.75%	8.32%	3/16/2022	3/16/2028	CAD	4,813	3,719		3,311		0.05
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75%	9.53%	3/16/2022	3/16/2028	267		267		257		0.00
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.42%	7/15/2022	7/15/2028	1,070		1,062		1,038		0.02
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.42%	7/15/2022	7/15/2028	1,468		1,459		1,424		0.02
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.00%	8.70%	6/16/2022	6/18/2029	2,055		2,055		2,055		0.03
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.70%	3/22/2024	6/18/2029	22,291		22,188		22,291		0.37
Unified Women's Healthcare, LP	(4)(7)(9)	SOFR +	5.00%	8.68%	3/22/2024	6/18/2029	44,401		44,076		44,401		0.73
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.70%	9/22/2025	6/18/2029	57,663		57,359		57,663		0.95

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.02%	11/18/2021	11/20/2028	$	37,021	$	36,785	$	37,021	0.61	%
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.00%	11/18/2021	11/20/2028	15,616		15,551		15,616		0.26
US Oral Surgery Management Holdco, LLC	(4)(7)(10)	SOFR +	5.25%	9.02%	8/16/2023	11/20/2028	47,649		47,261		47,649		0.78
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.02%	12/5/2022	11/20/2028	83		83		83		0.00
WHCG Purchaser III, Inc.	(4)(5)(7)(10)	SOFR +	6.50%	10.20% (incl. 5.10% PIK)	8/2/2024	6/30/2029	21,295		21,295		21,295		0.35
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	18,259		6,354		8,399		0.14
									1,467,138		1,340,736		21.97
Health Care Technology
Accuity Delivery Systems, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.42%	5/29/2025	5/29/2031	31,805		31,624		31,699		0.52
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	3/11/2025	3/11/2032	1,507		1,495		1,494		0.02
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	3/11/2025	3/11/2032	2,411		2,400		2,399		0.04
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	5/16/2025	3/11/2032	2,140		2,130		2,129		0.03
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.70%	5/25/2022	5/25/2029	11,140		11,040		11,140		0.18
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.70%	10/28/2022	5/25/2029	2,148		2,128		2,148		0.04
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.70%	10/28/2022	5/25/2029	314		311		314		0.01
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.70%	3/27/2024	5/25/2029	49,125		49,125		49,125		0.81
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.67%	5/25/2022	5/25/2029	1,022		1,009		1,022		0.02
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	8.55%	7/2/2024	10/4/2029	19,708		19,459		19,708		0.32
Continental Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	4/2/2024	4/2/2031	36,872		36,482		36,829		0.60
Continental Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.17%	10/21/2025	4/2/2031	21,855		21,755		21,855		0.36
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.89%	3/1/2021	3/1/2028	71,173		70,589		70,462		1.16
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.87%	3/1/2021	3/1/2028	14,758		14,688		14,610		0.24
Cronos Crimson Holdings, Inc.	(4)(5)(10)	SOFR +	6.24%	10.06%	4/25/2025	3/1/2028	17,647		17,528		17,471		0.29

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology (continued)
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.67%	8/30/2024	8/30/2031	$	27,992	$	27,775	$	27,992	0.46	%
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	8/30/2024	8/30/2031	465		416		406		0.01
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	8/5/2025	8/30/2031	28,041		27,791		28,041		0.46
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.42%	7/10/2025	8/30/2031	12,086		11,979		12,086		0.20
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/10/2025	8/30/2031	5,180		5,126		5,180		0.08
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00%	9.85%	10/29/2021	10/30/2028	16,572		16,456		15,621		0.26
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	5.75%	9.42%	11/8/2023	11/8/2029	102,661		102,082		96,502		1.58
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	7/23/2024	7/23/2031	78		74		74		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.17%	7/23/2024	7/23/2031	1,032		1,024		1,026		0.02
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.16%	6/27/2025	7/23/2031	260		258		258		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.16%	6/27/2025	7/23/2031	291		290		290		0.00
Magic Bidco, Inc.	(4)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	25,614		25,214		24,077		0.39
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	3,342		3,277		3,119		0.05
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	1,271		1,256		800		0.01
MEDX AMCP Holdings, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	7/21/2025	7/21/2032	4,100		4,048		4,034		0.07
Modernizing Medicine, Inc.	(4)(7)(10)	SOFR +	4.75%	8.45% (incl. 2.25% PIK)	4/30/2025	4/30/2032	9,021		8,937		9,013		0.15
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	12/12/2024	8/31/2030	6,843		6,721		6,819		0.11
Netsmart Technologies, Inc.	(4)(7)(10)	SOFR +	5.20%	8.87% (incl. 2.70% PIK)	8/23/2024	8/23/2031	24,438		24,214		24,134		0.40
Octane Purchaser, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	5/19/2025	5/19/2032	2,332		2,319		2,318		0.04
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	2.75%	6.53%	7/18/2025	3/10/2028	8,227		8,227		8,200		0.13
Rocky MRA Acquisition Corp.	(4)(9)	SOFR +	5.00%	8.75%	4/1/2022	4/2/2029	9,355		9,299		9,355		0.15
Signant Finance One, Ltd.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	10/16/2025	10/16/2031	37,681		37,259		37,434		0.61
									605,805		599,184		9.82

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Insurance
Amerilife Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	6/17/2024	8/31/2029	$	96,757	$	96,380	$	96,273	1.58	%
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	6/17/2024	8/31/2028	2,670		2,554		2,511		0.04
Beacon Dc, Ltd.	(4)(6)(10)	SOFR +	4.75%	8.45%	12/4/2025	12/4/2032	136,195		134,249		134,152		2.20
Beacon Dc, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.45%	12/4/2025	12/4/2032	2,851		2,587		2,374		0.04
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		0.00%	0.00%	9/11/2023	9/13/2038	9,566		1,397		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		10.00%	10.00% PIK	9/11/2023	9/12/2033	6,729		5,559		921		0.02
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	10/29/2021	10/29/2030	14,247		14,165		14,247		0.23
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	10/29/2021	10/29/2030	4,723		4,687		4,723		0.08
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.45%	11/17/2023	10/29/2030	6,805		6,715		6,805		0.11
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	5/21/2024	10/29/2030	5,302		5,243		5,302		0.09
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	5/21/2024	10/29/2030	4,987		4,963		4,987		0.08
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.45%	9/24/2025	10/29/2030	2,029		2,029		2,029		0.03
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.45%	9/24/2025	10/29/2030	948		948		948		0.02
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.20%	9/30/2021	9/29/2028	14,586		14,527		14,586		0.24
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.21%	9/30/2021	9/29/2028	3,533		3,480		3,533		0.06
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.20%	2/7/2024	9/29/2028	13,250		13,211		13,250		0.22
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.78%	4/15/2024	4/23/2031	EUR	30,620	32,039		35,392		0.58
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.79%	4/15/2024	4/23/2031	EUR	12,475	13,117		14,419		0.24
Gimlet Bidco, GmbH	(4)(6)(7)(8)	E +	5.00%	7.01%	4/15/2024	4/23/2031	EUR	3,378	4,496		3,904		0.06
Higginbotham Insurance Agency, Inc.	(4)(5)(6)(11)	SOFR +	4.50%	8.17%	7/3/2024	6/11/2031	4,913		4,910		4,913		0.08
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.20%	4/16/2021	4/14/2028	10,199		10,140		10,199		0.17
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	4/16/2021	4/14/2028	77,565		77,021		77,520		1.27
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.20%	4/16/2021	4/14/2028	13,464		13,386		13,464		0.22
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	7/18/2025	4/14/2028	4,271		4,180		4,271		0.07
Integrity Marketing Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/25/2028	163,556		162,909		163,542		2.68
Koala Investment Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	7.95%	8/29/2025	8/29/2032	1,380		1,293		1,351		0.02
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)	E +	5.00%	7.16%	5/15/2025	5/17/2032	EUR	417	462		469		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Paisley Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.50%	9.25% (incl. 2.00% PIK)	4/17/2024	5/7/2031	GBP	6,482	$	8,039	$	8,040	0.13	%
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.53% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	3,437	3,662		3,725		0.06
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.53% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	3,032	3,134		3,285		0.05
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.53% (incl. 2.00% PIK)	7/31/2025	5/7/2031	EUR	2,940	3,359		3,186		0.05
Patriot Growth Insurance Services, LLC	(4)(5)(10)	SOFR +	5.00%	8.85%	10/14/2021	10/16/2028	$	4,486	4,463		4,486		0.07
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	11/17/2023	10/16/2028	4,265		4,238		4,205		0.07
Sail Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	9.22%	11/28/2025	11/28/2032	GBP	8,010	10,500		10,487		0.17
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	8.40%	4/3/2024	4/3/2030	123,617		122,827		123,617		2.03
Shelf Bidco, Ltd.	(4)(6)(10)(18)	SOFR +	5.18%	8.85%	10/17/2024	10/17/2031	148,007		147,421		148,007		2.43
Simplicity Financial Marketing Group Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.45%	12/31/2024	12/31/2031	9,788		9,703		9,777		0.16
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	S +	6.00%	9.73%	9/25/2024	9/25/2031	GBP	17,779	23,484		23,532		0.39
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	E +	5.25%	7.72%	9/25/2024	9/25/2031	EUR	470	526		543		0.01
SQ ABS Issuer, LLC	(4)(5)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	4,430		4,398		4,419		0.07
Tennessee Bidco, Limited	(4)(6)(8)	SOFR +	5.50%	8.83% (incl. 2.00% PIK)	7/1/2024	7/1/2031	85,882		84,543		85,882		1.41
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.50%	8.83% (incl. 2.00% PIK)	7/1/2024	7/1/2031	19,750		19,660		19,750		0.32
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.50%	8.97% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	46,286	62,677		61,264		1.00
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	3,478	4,378		4,603		0.08
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	7.37% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	1,936	2,047		2,238		0.04
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	7.37% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	9,407	10,812		10,874		0.18

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	8.85%	5/9/2025	7/1/2031	$	6,639	$	6,607	$	6,639	0.11	%
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)	S +	5.25%	9.47%	5/9/2025	7/1/2031	GBP	380	550		503		0.01
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.30%	5/9/2025	7/1/2031	EUR	3,563	4,173		4,118		0.07
THG Acquisition, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	10/31/2024	10/31/2031	11,536		11,444		11,536		0.19
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/31/2024	10/31/2031	1,310		1,285		1,310		0.02
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	8.70%	2/14/2025	4/3/2030	95,660		94,635		95,594		1.57
									1,285,212		1,287,705		21.13
Interactive Media & Services
Cadillac BidCo S.à r.l.	(4)(6)(8)	E +	4.75%	6.93%	2/27/2026	2/27/2033	EUR	40,003	47,035		46,007		0.75
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	2,737		2,690		2,491		0.04
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.05%	8/28/2024	10/29/2027	2,176		2,160		2,100		0.03
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.05%	8/28/2024	10/29/2027	1,274		1,265		1,229		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.00%	8/28/2024	10/29/2027	542		538		523		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	8.99%	8/28/2024	10/29/2027	1,105		1,078		919		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.05%	8/28/2024	10/29/2027	630		626		608		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	3,882		3,853		3,746		0.06
									59,245		57,623		0.94
IT Services
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75%	9.75%	12/13/2021	12/21/2029	1,172		1,160		1,172		0.02
AI Altius US Bidco, Inc.	(4)(10)	SOFR +	4.75%	8.36%	5/21/2024	12/21/2028	7,531		7,471		7,531		0.12
Allium Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	5/2/2023	5/2/2030	1,560		1,529		1,553		0.03
Cassipoee, SASU	(4)(5)(6)(8)	E +	4.50%	6.63%	2/26/2025	2/26/2032	EUR	160	165		181		0.00
Denali TopCo, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	8/26/2025	8/26/2032	16,837		16,677		16,716		0.27
Fern Bidco, Ltd.	(4)(5)(6)(8)	S +	5.25%	8.98%	7/1/2024	7/1/2031	GBP	20,317	25,303		26,556		0.44
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	8.98%	7/1/2024	7/1/2031	GBP	2,222	2,694		2,773		0.05
Infostretch Corporation	(4)(5)(10)	SOFR +	5.75%	9.60%	4/1/2022	4/1/2028	4,813		4,780		4,259		0.07
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.43% (incl. 2.75% PIK)	4/11/2025	11/24/2028	186,268		184,439		178,817		2.93
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.00% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	9,645	11,943		10,117		0.17

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	ST +	6.00%	7.96%	9/28/2022	9/28/2029	SEK	2,090	$	186	$	215	0.00	%
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	E +	6.00%	8.03%	9/28/2022	9/28/2029	EUR	952	919		1,073		0.02
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	CI +	6.00%	8.01%	9/28/2022	9/28/2029	DKK	4,819	626		727		0.01
Monterey Financing, S.à r.l.	(4)(5)(6)(9)	N +	6.00%	10.14%	9/28/2022	9/28/2029	NOK	5,149	467		518		0.01
Nephele III, BV	(4)(5)(6)(7)(8)	E +	4.35%	6.48%	3/31/2025	1/14/2032	EUR	267	285		304		0.00
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.52%	10/25/2021	10/25/2027	$	18,885	18,787		18,696		0.31
Red River Technology, LLC	(4)(11)	SOFR +	6.00%	9.82%	5/26/2021	11/26/2028	78,127		77,865		70,509		1.16
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.82%	12/1/2025	11/26/2028	8,754		8,620		7,901		0.13
Redwood Services Group, LLC	(4)(10)	SOFR +	5.00%	8.70%	1/3/2025	6/15/2029	76,223		75,650		76,223		1.25
Redwood Services Group, LLC	(4)(7)(10)	SOFR +	5.00%	8.70%	2/5/2024	6/15/2029	98,348		96,832		98,285		1.61
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00%	9.73% (incl. 2.50% PIK)	10/14/2021	10/14/2028	9,170		9,030		7,267		0.12
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00%	9.80% (incl. 2.50% PIK)	10/14/2021	10/14/2028	4,560		4,516		3,613		0.06
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00%	8.15% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	11,829	13,512		10,835		0.18
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00%	8.13% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	4,522	5,146		4,142		0.07
Turing Holdco, Inc.	(4)(6)(10)	SOFR +	6.00%	9.72% (incl. 2.50% PIK)	5/3/2024	10/14/2028	21,551		21,207		17,079		0.28
Turing Holdco, Inc.	(4)(5)(6)(10)	S +	6.00%	9.85% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	16,195	20,048		16,987		0.28
									609,857		584,049		9.59
Life Sciences Tools & Services
Cambrex Corp.	(4)(7)(10)	SOFR +	4.50%	8.17%	3/5/2025	3/5/2032	22,815		22,603		22,565		0.37
Cambrex Corp.	(4)(5)(10)	SOFR +	4.50%	8.17%	3/5/2025	3/5/2032	3,306		3,278		3,273		0.05
Creek Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	12/17/2024	12/18/2031	68,111		66,996		67,427		1.11
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.50%	9.17% (incl. 2.75% PIK)	11/6/2024	11/6/2031	28,175		27,956		27,948		0.46
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	11/6/2024	11/6/2031	634		602		614		0.01
PAS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	8/18/2025	8/18/2032	464		454		457		0.01
									121,889		122,284		2.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Bidco 76 S.p.A.	(4)(6)(8)	E +	4.75%	6.87%	12/11/2024	12/10/2031	EUR	22,008	$	22,792	$	25,438	0.42	%
Cielo Bidco, Ltd.	(4)(5)(6)(8)	S +	4.75%	8.48%	6/30/2025	3/31/2032	GBP	151	206		200		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	E +	4.75%	6.64%	6/30/2025	3/31/2032	EUR	70	82		81		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.38%	6/30/2025	3/31/2032	$	76	75		76		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.42%	6/30/2025	3/31/2032	62		61		62		0.00
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.00%	9.82%	7/21/2021	7/21/2027	1,962		1,952		1,935		0.03
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.07%	8/30/2022	7/21/2027	76		76		75		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.32%	12/20/2022	7/21/2027	76		76		75		0.00
									25,320		27,942		0.45
Marine Transportation
Armada Parent, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	10/29/2021	10/29/2030	1,244		1,223		1,244		0.02
Armada Parent, Inc.	(4)(10)	SOFR +	5.25%	8.92%	6/9/2025	10/29/2030	25,152		24,985		25,152		0.41
Kattegat Project Bidco, AB	(4)(5)(6)(8)	SOFR +	5.50%	9.20%	3/20/2024	4/7/2031	2,605		2,558		2,605		0.04
Kattegat Project Bidco, AB	(4)(5)(6)(7)(8)	E +	5.50%	7.63%	3/20/2024	4/7/2031	EUR	29,819	31,686		34,372		0.56
									60,452		63,373		1.03
Media
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	8.42%	4/26/2024	4/26/2031	69,009		68,509		69,009		1.13
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	4/26/2024	4/26/2031	12,971		12,804		12,971		0.21
									81,313		81,980		1.34

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	8.91%	8/30/2024	8/15/2028	$	43,141	$	42,885	$	43,141	0.71	%
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	8.91%	8/30/2024	8/15/2028	23,468		23,289		23,468		0.38
									66,174		66,609		1.09
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.27%	11/12/2021	11/12/2027	7,125		7,094		7,071		0.12
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	330		327		326		0.01
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	166		166		163		0.00
									7,587		7,560		0.13
Pharmaceuticals
Animal Wellness Investments S.p.A	(4)(6)(7)(8)	E +	5.25%	7.28%	1/15/2026	1/15/2033	EUR	12,918	14,676		14,609		0.24
Eden Acquisitionco, Ltd.	(4)(6)(7)(10)	SOFR +	5.00%	8.59%	11/2/2023	11/18/2030	36,081		35,551		35,901		0.59
Eden Acquisitionco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.12%	9/23/2025	11/18/2030	EUR	4,698	5,041		5,430		0.09
Galileo Pharma Bidco S.p.A	(4)(5)(6)(8)	E +	5.00%	7.03%	10/7/2025	10/7/2032	EUR	4,988	5,704		5,650		0.09
Gusto Sing Bidco Pte, Ltd.	(4)(5)(6)(7)(10)	BB +	4.75%	8.54%	11/15/2024	11/15/2031	AUD	1,000	640		687		0.01
Perseus Bidco US, Inc.	(4)(5)(6)(8)	SOFR +	5.00%	8.67%	8/13/2025	8/13/2032	10,406		10,294		10,276		0.17
Stark International Lux	(4)(5)(6)(8)	SOFR +	5.00%	8.67%	8/13/2025	8/13/2032	1,236		1,222		1,221		0.02
Stark International Lux	(4)(5)(6)(8)	E +	5.00%	7.01%	8/13/2025	8/13/2032	EUR	185	215		212		0.00
									73,343		73,986		1.21
Professional Services
Accordion Partners, LLC	(4)(10)	SOFR +	5.00%	8.68%	12/17/2025	11/15/2031	10,220		10,196		10,195		0.17
Accordion Partners, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	12/17/2025	11/15/2031	2,007		1,973		1,956		0.03
ALKU, LLC	(4)(5)(10)	SOFR +	6.25%	9.95%	5/23/2023	5/23/2029	780		770		772		0.01
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.20%	2/21/2024	5/23/2029	26,129		25,816		25,410		0.42
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.67%	8/28/2024	1/31/2030	10,813		10,695		10,813		0.18
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.00%	8.68%	1/31/2023	1/31/2030	1,954		1,928		1,954		0.03
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.00%	8.67%	8/28/2024	1/31/2030	8,254		8,166		8,254		0.14
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.67%	10/24/2025	1/31/2030	7,736		7,574		7,736		0.13
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.50%	8.20%	9/27/2024	9/30/2031	57,154		56,257		57,011		0.93
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.50%	8.20%	9/27/2024	9/30/2031	7,938		7,813		7,918		0.13
Baker Tilly Advisory Group, LP	(4)(10)	SOFR +	4.75%	8.42%	6/3/2024	6/3/2031	53,001		52,415		53,001		0.87
Baker Tilly Advisory Group, LP	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	6/2/2025	6/3/2031	4,177		4,031		4,170		0.07
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.25%	7.92%	11/2/2021	11/2/2029	5,833		5,773		5,807		0.10

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.42%	5/26/2021	11/16/2029	$	86,106	$	85,734	$	86,106	1.41	%
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)	SOFR +	4.75%	8.42%	11/18/2022	11/16/2029	1,551		1,377		1,551		0.03
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.42%	2/14/2025	11/16/2029	13,901		13,794		13,901		0.23
Chartwell Cumming Holding, Corp.	(4)(5)(11)	SOFR +	4.75%	8.42%	10/7/2025	11/16/2029	8,095		8,059		8,095		0.13
Chartwell Cumming Holding, Corp.	(4)(5)(11)	SOFR +	4.75%	8.42%	2/14/2025	11/16/2029	16,095		15,972		16,095		0.26
Chartwell Cumming Holding, Corp.	(4)(5)(11)	SOFR +	4.75%	8.42%	11/22/2023	11/16/2029	7,957		7,883		7,957		0.13
Cisive Holdings Corp.	(4)(7)(11)	SOFR +	5.75%	9.45%	12/8/2021	12/8/2030	8,292		8,198		7,897		0.13
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.27%	8/26/2021	8/31/2029	7,159		7,122		7,159		0.12
CRCI Longhorn Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	8/27/2024	8/27/2031	11,326		11,213		11,310		0.19
Denali Intermediate Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.18%	8/26/2025	8/26/2032	9,216		9,123		9,126		0.15
East River Bidco, GmbH	(4)(6)(7)(8)	E +	5.25%	7.33%	3/26/2025	3/26/2032	EUR	97	103		110		0.00
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	33,356		32,906		33,356		0.55
G&A Partners Holding Company II, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	20,509		20,423		20,509		0.34
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	4,716		4,653		4,650		0.08
Guidehouse, Inc.	(4)(10)	SOFR +	4.75%	8.42%	10/15/2021	12/16/2030	313,544		312,003		313,544		5.14
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	11/1/2024	9/22/2028	45,768		45,414		45,768		0.75
King Bidco S.P.E.C.	(4)(5)(6)(8)	E +	5.25%	7.25%	6/26/2025	6/26/2032	EUR	175	201		198		0.00
King Bidco S.P.E.C.	(4)(5)(6)(8)	E +	5.25%	7.38%	6/26/2025	6/26/2032	EUR	75	86		85		0.00
Mercury Bidco Globe, Limited	(4)(5)(6)(8)	S +	6.00%	9.73%	1/18/2024	1/31/2031	GBP	54,601	68,407		72,270		1.18
Mercury Bidco Globe, Limited	(4)(5)(6)(9)	SOFR +	6.00%	9.67%	1/30/2024	1/31/2031	4,520		4,267		4,520		0.07
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	8.66%	1/8/2024	1/8/2030	10,735		10,599		10,735		0.18
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.66%	1/8/2024	1/8/2030	3,281		3,210		3,281		0.05
NDT Global Holding, Inc.	(4)(5)(6)(7)(9)	SOFR +	4.50%	8.17%	6/3/2025	6/4/2032	937		926		937		0.02
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	9.78%	8/17/2021	8/17/2027	18,531		18,446		18,531		0.30
Oxford Global Resources, Inc.	(4)(7)(11)	SOFR +	6.00%	9.70%	8/17/2021	8/17/2027	2,872		2,848		2,872		0.05
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	10.21%	6/6/2024	8/17/2027	2,189		2,170		2,189		0.04
Pavion Corp.	(4)(10)	SOFR +	6.00%	9.67%	10/30/2023	10/30/2030	75,024		74,044		75,024		1.23
Pavion Corp.	(4)(10)	SOFR +	5.75%	9.42%	10/30/2023	10/30/2030	15,819		15,658		15,819		0.26

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.42%	10/17/2022	10/17/2029	$	2,436	$	2,399	$	2,436	0.04	%
Petrus Buyer, Inc.	(4)(5)(10)	SOFR +	4.75%	8.42%	2/26/2025	10/17/2029	640		638		640		0.01
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.40%	2/26/2025	10/17/2029	78		74		78		0.00
Red Pathway Bidco, AB	(4)(5)(6)(8)	ST +	5.00%	6.95%	10/15/2025	10/15/2032	SEK	55,110	5,753		5,734		0.09
Red Pathway Bidco, AB	(4)(5)(6)(8)	N +	5.00%	9.13%	10/30/2025	10/30/2032	NOK	27,111	2,657		2,758		0.05
Red Pathway Bidco, AB	(4)(5)(6)(8)	CI +	5.00%	7.01%	10/30/2025	10/30/2032	DKK	12,140	1,854		1,850		0.03
Red Pathway Bidco, AB	(4)(5)(6)(8)	E +	5.00%	7.02%	10/30/2025	10/30/2032	EUR	3,658	4,170		4,164		0.07
Red Pathway Bidco, AB	(4)(5)(6)(7)(8)	ST +	5.00%	6.95%	10/15/2025	10/15/2032	SEK	26,701	2,755		2,749		0.05
STV Group, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	3/20/2024	3/20/2031	23,929		23,525		23,929		0.39
Teneo Holdings, LLC	(4)(5)(9)	SOFR +	4.75%	8.42%	7/31/2025	7/31/2032	116,485		115,431		116,485		1.91
Teneo Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.43%	7/31/2025	7/31/2032	4,259		4,196		4,259		0.07
Teneo Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.42%	7/31/2025	7/31/2030	1,597		1,496		1,597		0.03
The North Highland Co, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	12/20/2024	12/20/2031	15,822		15,693		15,545		0.25
The North Highland Co, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/20/2024	12/20/2030	717		659		613		0.01
Thevelia US, LLC	(5)(6)(9)	SOFR +	3.00%	6.70%	7/29/2024	6/18/2029	1,267		1,267		1,246		0.02
Titan Investment Company, Inc.	(4)(8)(17)	SOFR +	5.75%	9.60%	3/20/2020	3/20/2027	40,731		40,345		14,052		0.23
Titan Investment Company, Inc.	(4)(5)(8)	SOFR +	6.75%	10.57% PIK	1/29/2026	4/30/2026	1,476		1,476		1,476		0.02
Titan Investment Company, Inc.	(4)(5)(7)(8)	SOFR +	6.75%	10.57% PIK	3/12/2026	4/30/2026	1,467		1,467		1,467		0.02
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.02%	6/29/2021	6/29/2029	59,452		59,053		59,452		0.97
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	4.25%	8.02%	6/29/2021	6/29/2029	34,438		34,242		34,438		0.56
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	5.24%	8.99%	12/21/2021	12/31/2030	5,140		5,098		5,140		0.08
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	8.42%	11/9/2021	11/8/2028	14,408		14,305		14,336		0.24
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/18/2024	11/8/2028	493		489		461		0.01
West Monroe Partners, LLC	(4)(5)(10)	SOFR +	4.75%	8.42%	9/15/2025	11/8/2028	25,805		25,591		25,676		0.42
YA Intermediate Holdings II, LLC	(4)(5)(10)	SOFR +	5.00%	8.85%	10/1/2024	10/1/2031	7,789		7,736		7,750		0.13
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.66%	10/1/2024	10/1/2031	1,070		1,044		1,046		0.02
									1,351,659		1,337,969		21.95

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.20%	11/3/2023	11/5/2029	$	22,808	$	22,472	$	22,667	0.37	%
Castle Management Borrower, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.14%	11/3/2023	11/5/2029	992		957		992		0.02
Community Management Holdings Midco 2, LLC	(4)(10)	SOFR +	4.75%	8.41%	11/1/2024	11/1/2031	9,553		9,439		9,553		0.16
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	11/1/2024	11/1/2031	2,656		2,591		2,656		0.04
Community Management Holdings Midco 2, LLC	(4)(5)(10)	SOFR +	5.00%	8.71%	7/8/2025	11/1/2031	5,486		5,437		5,486		0.09
Neptune BidCo, SAS	(4)(5)(6)(8)	E +	5.25%	7.28%	4/1/2024	4/1/2031	EUR	8,395	8,943		9,704		0.16
Odevo, AB	(4)(5)(6)(8)	E +	5.25%	7.36%	10/31/2024	12/31/2030	EUR	251	261		290		0.00
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	9.22%	10/31/2024	12/31/2030	GBP	2,215	2,795		2,932		0.05
Odevo, AB	(4)(5)(6)(8)	ST +	5.25%	7.21%	10/31/2024	12/31/2030	SEK	90,957	8,219		9,608		0.16
Odevo, AB	(4)(6)(8)	SOFR +	5.25%	8.96%	10/31/2024	12/31/2030	28,239		28,128		28,239		0.46
Odevo, AB	(4)(5)(6)(7)(8)	E +	5.25%	7.22%	11/28/2024	12/31/2030	EUR	17,637	18,248		20,205		0.33
Odevo, AB	(4)(5)(6)(8)	SOFR +	5.25%	8.96%	6/30/2025	12/31/2030	10,329		9,442		10,329		0.17
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	8.98%	9/12/2025	12/31/2030	GBP	3,729	4,516		4,936		0.08
Odevo, AB	(4)(5)(6)(8)	S +	4.75%	8.48%	2/18/2026	12/31/2030	GBP	3,760	5,046		4,964		0.08
									126,494		132,561		2.17
Software
Abacus Holdco 2, Oy	(4)(5)(6)(8)	E +	4.50%	6.52%	10/11/2024	10/10/2031	EUR	727	791		841		0.01
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)	E +	4.50%	6.52%	10/11/2024	10/10/2031	EUR	111	120		128		0.00
Acumatica Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.45%	7/28/2025	7/28/2032	11,613		11,490		11,477		0.19
AI Titan Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	8/29/2024	8/29/2031	4,548		4,507		4,543		0.07
Anaplan, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	5/20/2025	6/21/2029	24,184		24,047		24,181		0.40
Arnhem BidCo, GmbH	(4)(6)(7)(8)	E +	4.50%	6.63%	9/18/2024	9/30/2031	EUR	51,761	56,771		59,828		0.98
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	10/5/2021	10/5/2028	278,297		276,299		278,297		4.56
Auctane, Inc.	(4)(5)(10)	SOFR +	5.75%	9.58%	12/14/2021	10/5/2028	3,273		3,249		3,273		0.05
AuditBoard, Inc.	(4)(7)(10)	SOFR +	4.50%	8.20%	7/12/2024	7/12/2031	13,684		13,568		13,646		0.22
AuditBoard, Inc.	(4)(5)(10)	SOFR +	4.50%	8.20%	12/10/2025	7/12/2031	1,766		1,753		1,761		0.03
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.67%	3/19/2024	3/19/2031	36,936		36,499		36,919		0.61
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.50%	9.17%	1/2/2025	1/2/2031	9,297		9,224		9,274		0.15
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.50%	9.17%	1/2/2025	1/2/2031	6,748		6,694		6,731		0.11
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.92%	10/7/2025	1/2/2031	1,884		1,876		1,827		0.03
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.17%	1/2/2025	1/2/2031	134		126		132		0.00

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Bayshore Intermediate #2, LP	(4)(10)	SOFR +	5.50%	9.18% (incl. 3.00% PIK)	9/19/2025	10/2/2028	$	98,374	$	98,297	$	98,374	1.61	%
Bayshore Intermediate #2, LP	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	11/8/2024	10/1/2027	2,287		2,265		2,287		0.04
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.88%	9.54%	2/19/2025	3/7/2031	17,462		17,273		16,043		0.26
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.50%	9.17%	8/8/2022	8/8/2028	1,952		1,937		1,952		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.50%	9.17%	8/8/2022	8/8/2028	345		342		345		0.01
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.50%	9.17%	8/8/2022	8/8/2028	237		235		237		0.00
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.50%	9.17%	10/25/2024	8/8/2028	1,585		1,571		1,585		0.03
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	4.25%	7.92%	9/12/2023	9/12/2029	27,291		26,882		27,291		0.45
Bond Lux HoldCo S.à r.l.	(4)(5)(6)(8)	E +	5.00%	7.59%	9/26/2025	9/27/2032	EUR	9,838	11,357		11,201		0.18
Brave Parent Holdings, Inc.	(4)(7)(9)	SOFR +	4.25%	7.92%	10/17/2025	11/28/2030	66,935		66,447		66,935		1.10
Businessolver.com. Inc.	(4)(10)	SOFR +	4.50%	8.20%	12/3/2025	12/3/2032	5,121		5,082		5,096		0.08
Caribou Bidco, Ltd.	(4)(6)(8)	S +	5.00%	8.73%	7/2/2024	2/1/2029	GBP	39,280	50,012		51,471		0.84
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.38%	2/23/2022	2/23/2029	15,868		15,673		13,369		0.22
Confine Visual Bidco	(4)(5)(6)(8)	SOFR +	5.75%	9.38%	3/11/2022	2/23/2029	379		379		319		0.01
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.65%	2/14/2025	7/30/2028	2,215		2,169		2,166		0.04
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	9.41%	7/14/2021	7/14/2027	21,080		20,990		20,343		0.33
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.39%	7/14/2021	7/14/2027	3,042		3,018		2,851		0.05
Connatix Buyer, Inc.	(4)(5)(10)	SOFR +	5.50%	9.41%	10/9/2024	7/14/2027	1,129		1,118		1,089		0.02
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.41%	10/9/2024	7/14/2027	674		672		639		0.01
Coupa Software, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.25%	8.92%	2/27/2023	2/27/2030	1,804		1,776		1,790		0.03
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	10.42%	11/8/2023	11/8/2030	61,956		60,829		61,956		1.02
Denali Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.00%	8.73%	9/5/2025	9/5/2031	GBP	17,654	23,279		23,130		0.38
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.13%	9/5/2025	9/5/2031	EUR	32,854	38,021		37,595		0.62
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.67%	4/30/2024	8/2/2030	49,683		49,545		49,683		0.81
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.67%	4/30/2024	8/2/2030	8,517		8,493		8,517		0.14
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.52% (incl. 5.76% PIK)	4/7/2022	4/9/2029	34,936		34,715		27,774		0.46
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.52%	4/7/2022	4/9/2029	1,316		1,290		709		0.01
Discovery Education, Inc.	(4)(5)(10)	SOFR +	6.75%	10.42% (incl. 5.71% PIK)	10/3/2023	4/9/2029	3,930		3,903		3,125		0.05

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Doit International, Ltd.	(4)(5)(7)(11)	SOFR +	4.50%	8.17%	11/25/2024	11/26/2029	$	11,490	$	11,237	$	11,403	0.19	%
Dropbox, Inc.	(4)(6)(10)(18)	SOFR +	4.92%	8.59%	12/10/2024	12/11/2029	122,721		121,704		121,494		1.99
Eagan Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	9/6/2025	9/8/2032	361		359		359		0.01
Edison Bidco, AS	(4)(5)(6)(7)(8)	E +	5.25%	7.41%	12/18/2024	12/5/2031	EUR	345	345		399		0.01
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	8.67%	4/30/2024	4/29/2031	5,046		5,030		5,046		0.08
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	19,968	24,831		26,429		0.43
Elements Finco, Ltd.	(4)(6)(8)	SOFR +	5.25%	8.92% (incl. 2.25% PIK)	3/27/2024	4/29/2031	6,233		6,181		6,233		0.10
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	8,951	11,130		11,848		0.19
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.25%	8.98% (incl. 2.25% PIK)	11/29/2024	4/29/2031	GBP	3,672	4,563		4,860		0.08
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	8.66%	7/2/2024	7/2/2031	21,944		21,862		21,944		0.36
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.66%	7/2/2024	7/2/2031	2,151		2,128		2,151		0.04
Experity, Inc.	(4)(10)	SOFR +	5.00%	8.70% (incl. 2.25% PIK)	7/22/2021	2/24/2030	12,295		12,192		12,172		0.20
Experity, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.70% (incl. 2.25% PIK)	2/24/2022	2/24/2030	3,966		3,902		3,889		0.06
Flexera Software, LLC	(4)(5)(9)	E +	4.50%	6.45%	8/15/2025	8/16/2032	EUR	9,726	11,354		11,213		0.18
Flexera Software, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.15%	8/15/2025	8/16/2032	32,226		32,147		32,139		0.53
Gigamon, Inc.	(4)(7)(10)	SOFR +	5.75%	9.57%	3/11/2022	3/9/2029	7,156		7,094		6,966		0.11
Granicus, Inc.	(4)(10)	SOFR +	5.50%	9.17% (incl. 2.00% PIK)	1/17/2024	1/17/2031	17,779		17,664		17,779		0.29
Granicus, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67% (incl. 2.00% PIK)	1/17/2024	1/17/2031	5,215		5,177		5,211		0.09
GS Acquisitionco, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.95%	3/26/2024	5/25/2028	2,024		2,013		1,983		0.03
GS Acquisitionco, Inc.	(4)(5)(11)	SOFR +	5.25%	8.95%	3/26/2024	5/25/2028	5,261		5,250		5,196		0.09

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.92%	6/14/2024	6/16/2031	$	15,286	$	15,177	$	15,209	0.25	%
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.92%	9/26/2024	6/16/2031	6,965		6,913		6,930		0.11
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.92%	6/14/2024	6/16/2031	5,678		5,637		5,649		0.09
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	4.50%	8.20%	1/26/2024	1/25/2030	39,632		39,171		39,632		0.65
INK BC Bidco S.p.A.	(4)(6)(8)	E +	5.00%	7.14%	7/17/2025	7/16/2032	EUR	21,636	24,625		24,633		0.40
INK BC Bidco S.p.A.	(4)(6)(7)(8)	E +	5.00%	6.98%	7/17/2025	7/16/2032	EUR	1,451	1,638		1,615		0.03
IQN Holding Corp.	(4)(10)	SOFR +	5.75%	9.45% (incl. 3.13% PIK)	5/2/2022	5/2/2029	4,947		4,927		4,947		0.08
IQN Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	8.95%	5/2/2022	5/2/2028	345		342		345		0.01
IQN Holding Corp.	(4)(5)(10)	SOFR +	5.75%	9.45% (incl. 3.13% PIK)	5/16/2025	5/2/2029	615		615		615		0.01
IRI Group Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.95%	4/9/2025	12/1/2029	197,537		195,658		197,537		3.24
Jeppesen Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.42%	10/31/2025	11/1/2032	64,409		63,931		64,062		1.05
JS Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	4/24/2024	4/24/2031	35,131		34,992		35,114		0.58
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.90%	2/8/2021	8/9/2027	83,127		83,108		72,736		1.19
LogicMonitor, Inc.	(4)(7)(10)	SOFR +	5.50%	9.17%	11/15/2024	11/19/2031	21,381		21,120		21,125		0.35
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.17%	5/19/2022	5/18/2029	5,556		5,500		5,556		0.09
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	4.50%	8.17%	3/21/2024	5/18/2029	138		137		138		0.00
Magnesium BorrowerCo, Inc.	(4)(5)(10)	S +	4.50%	8.23%	5/19/2022	5/18/2029	GBP	3,331	4,114		4,409		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	3.75%	7.60%	7/30/2021	7/31/2028	8,330		8,288		7,268		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.25%	10.10%	6/9/2023	7/31/2028	6,808		6,715		6,331		0.10
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)	SOFR +	3.75%	7.45%	2/14/2025	4/30/2028	327		325		279		0.00
Medallia, Inc.	(4)(10)(17)	SOFR +	6.00%	9.70%	10/28/2021	10/29/2028	392,897		381,007		236,721		3.88
Medallia, Inc.	(4)(5)(10)(17)	SOFR +	6.00%	9.70%	8/16/2022	10/29/2028	2,305		2,232		1,389		0.02
ML Holdco, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.17%	10/24/2025	10/25/2032	1,153		1,147		1,150		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
MRI Software, LLC	(11)	SOFR +	4.75%	8.45%	9/22/2020	2/10/2028	$	6,637	$	6,640	$	6,612	0.11	%
MRI Software, LLC	(11)	SOFR +	4.75%	8.45%	2/10/2020	2/10/2028	89,490		89,269		89,153		1.48
MRI Software, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.45%	2/10/2020	2/10/2028	2,011		1,986		1,749		0.04
MRI Software, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.47%	10/2/2025	2/10/2028	1,976		1,962		1,938		0.03
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.00%	8.68%	10/14/2025	10/14/2032	82,597		81,459		82,445		1.37
Nintex Topco, Limited	(4)(6)(10)	SOFR +	6.00%	9.85%	11/12/2021	11/13/2028	34,116		33,869		30,022		0.49
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.45%	6/10/2024	6/24/2031	17,373		17,215		17,354		0.28
Onward Acquireco, Inc.	(4)(7)(10)	SOFR +	4.75%	8.42%	3/31/2026	4/1/2033	14,641		14,488		14,488		0.24
Optimizely North America, Inc.	(4)(5)(10)	S +	5.50%	9.23%	10/30/2024	10/30/2031	GBP	856	1,101		1,099		0.02
Optimizely North America, Inc.	(4)(5)(10)	E +	5.25%	7.16%	10/30/2024	10/30/2031	EUR	2,853	3,075		3,199		0.05
Optimizely North America, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	10/30/2024	10/30/2031	8,132		8,058		7,876		0.13
PDI TA Holdings, Inc.	(4)(10)	SOFR +	6.00%	9.70% (incl. 2.50% PIK)	2/1/2024	2/3/2031	47,181		46,737		46,591		0.76
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.17%	2/1/2024	2/3/2031	3,547		3,507		3,499		0.06
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.20%	6/3/2025	6/3/2032	13,412		13,348		13,412		0.22
Rally Buyer, Inc.	(4)(5)(10)	SOFR +	6.25%	9.92% (incl. 3.50% PIK)	7/19/2022	7/19/2029	908		900		790		0.01
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.40%	7/19/2022	7/19/2029	58		57		43		0.00
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	7.88%	4/3/2024	4/30/2031	EUR	22,826	24,348		26,332		0.43
Seven Bidco, SASU	(4)(5)(6)(7)(8)	E +	4.40%	6.41%	8/29/2025	8/27/2032	EUR	3,412	3,967		3,920		0.06
SI Swan UK Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.42%	12/16/2025	12/16/2032	47,520		47,273		47,262		0.77
Solis Midco, SAS	(4)(5)(6)(7)(8)	E +	4.75%	6.85%	10/8/2025	10/8/2032	EUR	313	357		352		0.01
Spaceship Purchaser, Inc.	(4)(7)(10)(18)	SOFR +	4.67%	8.37%	9/5/2025	10/17/2031	5,246		5,059		5,071		0.08
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.27%	3/9/2021	3/11/2027	56,097		55,966		56,097		0.92
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.27%	11/19/2021	3/11/2027	20,714		20,640		20,714		0.34
Spitfire Parent, Inc.	(4)(5)(11)	E +	5.50%	7.39%	3/8/2021	3/11/2027	EUR	10,001	12,034		11,560		0.19
Tango Bidco, SAS	(4)(5)(6)(8)	E +	5.25%	7.27%	10/17/2024	10/17/2031	EUR	11,872	12,713		13,654		0.22
Tango Bidco, SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.29%	10/17/2024	10/17/2031	EUR	3,734	3,989		4,282		0.07
Themis Solutions, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.17% (incl. 3.75% PIK)	10/29/2025	10/29/2032	24,463		24,059		24,090		0.39

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Tricentis Operations Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.64% (incl. 3.25% PIK)	2/11/2025	2/11/2032	$	24,135	$	23,899	$	23,963	0.39	%
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	9.59%	3/18/2022	5/5/2028	13,565		13,472		12,174		0.20
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.59%	5/6/2021	5/5/2028	46,672		46,347		41,100		0.67
Varicent Parent Holdings Corp.	(4)(5)(7)(10)	SOFR +	6.00%	9.70% (incl. 3.25% PIK)	8/23/2024	8/23/2031	13,316		13,142		13,102		0.21
Varicent Parent Holdings Corp.	(4)(5)(7)(10)	SOFR +	6.00%	9.70% (incl. 3.25% PIK)	10/15/2025	8/23/2031	4,894		4,848		4,828		0.08
WPEngine, Inc.	(4)(7)(10)	SOFR +	5.75%	9.44%	8/14/2023	8/14/2029	66,667		65,431		66,465		1.10
Zendesk, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.71%	7/23/2024	11/22/2028	1,831		1,813		1,831		0.03
Zendesk, Inc.	(4)(5)(10)	SOFR +	5.00%	8.69%	11/21/2025	11/22/2028	123		122		123		0.00
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.65%	8.62%	8/13/2024	8/13/2031	GBP	29,510	36,996		38,635		0.63
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.65%	8.62%	1/30/2025	8/13/2031	GBP	3,165	3,904		4,147		0.07
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.65%	6.66%	2/6/2025	8/13/2031	SEK	43,390	3,953		4,538		0.07
									2,956,069		2,797,344		45.86
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	9.65%	5/3/2019	5/3/2028	175,836		175,796		175,835		2.90
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	8.78%	6/13/2024	2/28/2028	84,454		84,126		84,454		1.38
Trading Companies & Distributors
Paramount Global Surfaces, Inc.	(4)(11)(17)	SOFR +	6.00%	9.77% (incl. 4.98% PIK)	4/30/2021	12/31/2028	55,653		55,101		36,174		0.59
Red Fox CD Acquisition Corp.	(4)(11)	SOFR +	6.00%	9.70%	3/4/2024	3/4/2030	73,081		71,982		73,081		1.20
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)	SOFR +	6.00%	9.71%	5/31/2024	3/4/2030	16,674		16,219		16,674		0.27
									143,302		125,929		2.06

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Capstone Acquisition Holdings, Inc.	(4)(11)	SOFR +	4.50%	8.27%	8/29/2024	11/13/2029	$	5,391	$	5,377	$	5,391	0.09	%
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	3/4/2025	3/4/2032	15,362		15,235		15,285		0.25
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	3/4/2025	3/4/2032	4,507		4,458		4,472		0.07
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	5/15/2025	3/4/2032	4,775		4,724		4,751		0.08
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	10/15/2025	3/4/2032	2,772		2,734		2,745		0.04
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.42% (incl. 2.00% PIK)	12/31/2025	3/4/2032	2,828		2,801		2,814		0.05
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.70%	8/4/2021	8/4/2030	34,282		33,940		33,939		0.56
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.70%	8/4/2021	8/4/2030	20,595		20,406		20,389		0.33
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.70%	12/22/2023	8/4/2030	3,728		3,679		3,691		0.06
Helix TS, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	12/14/2022	8/4/2030	970		960		960		0.02
Italian Motorway Holdings S.à r.l	(4)(5)(6)(8)	E +	5.25%	7.38%	4/28/2022	4/28/2029	EUR	78,810	82,018		91,092		1.49
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.63%	4/19/2021	10/19/2027	32,678		32,506		32,678		0.54
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	4/19/2021	10/19/2027	20,124		20,032		20,124		0.33
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.49%	1/31/2022	10/19/2027	4,113		4,090		4,113		0.07
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	11.50%	9/11/2024	10/19/2027	1,222		1,210		1,222		0.02
Safety Borrower Holdings, LP	(4)(11)	SOFR +	4.75%	8.42%	12/19/2025	12/19/2032	7,587		7,550		7,587		0.12
Safety Borrower Holdings, LP	(4)(5)(7)(11)	P +	3.75%	10.50%	9/1/2021	12/19/2032	37		31		35		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.27%	9/24/2021	9/24/2027	36,290		36,113		36,290		0.59
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.27%	9/19/2023	9/24/2027	15,600		15,485		15,600		0.26
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.25%	9/24/2021	9/24/2027	11,263		11,263		11,263		0.18
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.25%	9/19/2023	9/24/2027	9,824		9,751		9,824		0.16
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.27%	9/5/2024	9/24/2027	11,879		11,799		11,879		0.19
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.31%	11/5/2025	9/24/2027	2,195		2,139		2,195		0.04
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.32%	7/9/2021	7/9/2028	37,989		37,826		37,894		0.62
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.32%	12/2/2024	7/9/2028	44,065		43,768		43,915		0.72
									409,895		420,148		6.88
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	8.70%	5/13/2025	5/13/2032	21,969		21,766		21,846		0.36
Total First Lien Debt - non-controlled/non-affiliated									13,934,717		13,576,506		222.56

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC	(4)(11)(16)	SOFR +	6.75%	10.45% PIK	7/3/2025	7/3/2030	$	8,990	$	8,990	$	8,990	0.15	%
Align Precision Group, LLC	(4)(5)(7)(11)(16)	SOFR +	6.75%	10.45% PIK	7/3/2025	7/3/2030	1,865		1,859		1,865		0.03
									10,849		10,855		0.18
Professional Services
Material Holdings, LLC	(4)(5)(10)(16)	SOFR +	6.00%	9.80% (incl. 6.04% PIK)	6/14/2024	8/19/2027	21,972		21,886		20,433		0.33
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	9.80% PIK	6/14/2024	8/19/2027	6,061		5,263		0		0.00
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	9.80% PIK	6/25/2025	8/19/2027	1,264		1,262		1,223		0.02
									28,411		21,656		0.35
Total First Lien Debt - non-controlled/affiliated									39,260		32,511		0.53
Total First Lien Debt									13,973,977		13,609,017		223.09

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets
Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(8)		8.75%	8.75%	4/15/2021	4/15/2029	CAD	10,533	$	8,338	$	7,269	0.12	%
Jayhawk Buyer, LLC	(4)(11)	SOFR +	9.00%	12.77%	5/26/2021	7/16/2028	$	5,183	5,150		4,911		0.08
									13,488		12,180		0.20
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(5)(10)	SOFR +	5.25%	9.03%	10/15/2024	3/10/2029	1,000		997		990		0.02
Insurance
SQ ABS Issuer, LLC	(4)(5)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	2,954		2,916		2,924		0.05
Interactive Media & Services
Speedster Bidco, GmbH	(4)(6)(8)	CA +	5.50%	7.81%	12/10/2024	2/13/2032	CAD	50,654	35,577		34,775		0.57
IT Services
Inovalon Holdings, Inc.	(4)(10)	SOFR +	8.50%	12.43% PIK	4/11/2025	11/24/2033	16,685		16,510		14,850		0.24
Machinery
Victory Buyer, LLC	(4)(8)	SOFR +	6.00%	9.67%	2/13/2026	2/13/2034	8,333		8,212		8,333		0.14
Professional Services
Thevelia US, LLC	(4)(5)(6)(9)	SOFR +	5.00%	8.70%	6/17/2022	6/17/2032	4,920		4,828		4,920		0.08
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(8)	SOFR +	4.75%	8.42%	9/11/2025	9/11/2028	73,660		73,060		72,923		1.20
Software
CB Nike Holdco, LLC	(4)(11)	SOFR +	7.35%	11.02% PIK	11/25/2024	11/26/2029	41,150		40,558		40,738		0.67
Denali Holdco, Ltd.	(4)(5)(6)(8)		9.80%	9.80% PIK	9/5/2025	9/5/2032	EUR	14,255	16,554		16,229		0.27
Denali Holdco, Ltd.	(4)(5)(6)(8)		11.20%	11.20% PIK	9/5/2025	9/5/2032	GBP	8,271	11,067		10,784		0.18
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.39% PIK	7/17/2025	7/16/2033	EUR	2,956	3,369		3,366		0.06
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.37%	11/12/2025	7/17/2033	EUR	2,207	2,510		2,513		0.04
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.50%	10.30% (incl. 6.50% PIK)	7/30/2021	7/30/2029	3,792		3,771		3,185		0.05
Solis Midco, SAS	(4)(5)(6)(8)	E +	7.75%	9.85% PIK	10/8/2025	10/8/2033	EUR	104	119		117		0.00
									77,948		76,932		1.27
Total Second Lien Debt - non-controlled/non-affiliated									233,536		228,827		3.77
Total Second Lien Debt									233,536		228,827		3.77
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/7/2031	14,207		13,992		12,502		0.20
Total Unsecured Debt - non-controlled/non-affiliated									13,992		12,502		0.20
Total Unsecured Debt									13,992		12,502		0.20

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Acquisition Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. - Common Equity	(4)	3/28/2022	4,767	$	4,767	$	7,877	0.14	%
Air Freight & Logistics
Mode Holdings, LP - Class A-2 Common Units	(4)	12/9/2019	5,486,923	5,486		604		0.01
Red Griffin ParentCo, LLC - Class A Common Units	(4)	11/27/2024	935	3,968		903		0.01
				9,454		1,507		0.02
Biotechnology
Axsome Therapeutics, Inc. - Common Stock	(6)	5/6/2025	2,397	257		405		0.01
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Note	(4)	12/2/2024	8,738	9		9		0.00
Genstar Neptune Blocker, LLC - Blocker Units	(4)	12/2/2024	218	343		401		0.01
Genstar Neptune Blocker, LLC - Class Z Units	(4)	12/2/2024	57	81		96		0.00
GTCR Investors, LP - Class A-1 Common Units	(4)	9/29/2023	417,006	417		619		0.01
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)	12/2/2024	6,291	6		6		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)	12/2/2024	41	58		69		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)	11/8/2024	1	0		0		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)	11/8/2024	278	218		231		0.00
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)	11/8/2024	278,074	221		289		0.00
RC VI Buckeye Holdings, LLC - LLC Units	(4)	1/2/2025	161,291	161		187		0.00
				1,514		1,907		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Interest Rate (2)(15)	Acquisition Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity - non-controlled/non-affiliated (continued)
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)		12/10/2021	1	$	702	$	0	0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units	(4)		7/12/2023	1	83		0		0.00
EIS Acquisition Holdings, LP - Class A Common Units	(4)		11/1/2021	6,761	3,350		5,781		0.09
					4,135		5,781		0.09
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)	11.50%	8/3/2021	12,511,857	12,314		16,066		0.28
DTA, LP - Class A Common Units	(4)		3/25/2024	2,516,215	2,729		4,064		0.07
					15,043		20,130		0.35
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)		10/1/2021	6,930	5,876		7,658		0.13
Point Broadband Holdings, LLC - Class B Common Units	(4)		10/1/2021	369,255	1,053		1,082		0.02
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)		3/24/2022	1,489	1,263		1,646		0.03
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)		3/24/2022	79,358	226		233		0.00
					8,418		10,619		0.18
Electrical Equipment
Griffon Aggregator, Ltd. - LP Interest	(4)		7/31/2025	610,738	611		690		0.01
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)		12/23/2024	578,564	466		550		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)		7/1/2024	5,286,915	5,287		6,186		0.10
					5,753		6,736		0.11
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)		8/31/2023	212,137	212		379		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Interest Rate (2)(15)	Acquisition Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)		9/10/2021	539	$	539	$	202	0.00	%
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)	11.50%	2/25/2022	625,944	607		266		0.00
Jayhawk Holdings, LP - Class A-1 Common Units	(4)		5/26/2021	2,201	392		53		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)		5/26/2021	1,185	211		28		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)		8/2/2024	4,755,436	0		0		0.00
					1,210		347		0.00
Health Care Technology
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)		10/28/2022	11,710	12		1		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)		5/25/2022	58,458	58		47		0.00
Healthcomp Holding Company, LLC - Preferred Interest	(4)	6.00%	11/8/2023	9,850	985		39		0.00
					1,055		87		0.00
Insurance
Beacon HC, Ltd. - Class A Shares	(4)(6)		12/4/2025	20,429	1,290		1,290		0.02
Beacon HC, Ltd. - Class C Shares	(4)(6)		12/4/2025	1,135	72		72		0.00
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)		9/28/2023	14,907,400	0		0		0.00
SelectQuote, Inc. - Warrants	(4)(6)		10/11/2024	601,075	0		108		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)		12/30/2022	50,000	50		190		0.00
					1,412		1,660		0.02
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)		11/12/2021	2,854,133	2,854		1,399		0.02
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)		11/6/2024	772,599	773		773		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity - non-controlled/non-affiliated (continued)
Professional Services
OHCP V TC COI, LP - LP Interest	(4)				6/29/2021	3,500,000	$	3,502	$	10,570	0.17	%
Tricor Horizon - LP Interest	(4)(6)				6/13/2022	405,651	406		414		0.01
Trinity Air Consultants Holdings Corp. - Common Units	(4)				6/12/2024	2,583	3		8		0.00
							3,911		10,992		0.18
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)			8.00%	11/1/2024	310,331	310		348		0.01
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024	44	44		46		0.00
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021	42,045	462		75		0.00
Descartes Holdings, Inc. - Class A Common Stock	(4)				10/9/2023	4,913	213		0		0.00
Expedition Holdco, LLC - Class A Common Units	(4)				2/24/2022	90	57		50		0.00
Expedition Holdco, LLC - Class B Common Units	(4)				2/24/2022	90,000	33		16		0.00
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021	3,550,000	3,444		4,027		0.07
Mimecast Limited - LP Interest	(4)				5/3/2022	667,850	668		735		0.01
Noble Aggregator GP, LLC - GP Units	(4)				10/14/2025	318	0		0		0.00
Noble Aggregator, LP - Common Equity Class A Units	(4)				10/14/2025	318	318		313		0.01
TPG IX Newark CI, LP - LP Interest	(4)				10/26/2023	1,965,727	1,966		1,879		0.03
Zoro - Common Equity	(4)				11/22/2022	2,073	21		24		0.00
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.18%	11/22/2022	88	85		136		0.00
							7,311		7,301		0.12
Specialty Retail
CustomInk, LLC - Series A Preferred Units	(4)				5/3/2019	384,520	5,200		6,252		0.10
Transportation Infrastructure
Ncp Helix Holdings, LLC - Preferred Shares	(4)			8.00%	8/3/2021	376,232	292		500		0.01
Total Equity - non-controlled/non-affiliated							75,031		85,892		1.41

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)	Footnotes	Interest Rate (2)(15)	Acquisition Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets
Equity - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC - Class A-3 Units	(4)(16)		7/3/2025	4,296	$	384	$	681	0.01	%
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)	(4)(6)(16)		1/5/2021		1		5,221		0.09
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)		6/14/2024	5,898	0		0		0.00
Material+ Holding Company, LLC - Class A Units	(4)(16)		3/6/2026	22	0		0		0.00
Material+ Holding Company, LLC - Class A Preferred Units	(4)(16)		3/6/2026	5	0		0		0.00
Material+ Holding Company, LLC - Class B Preferred Units	(4)(16)		3/6/2026	3	0		0		0.00
					0		0		0.00
Total Equity - non-controlled/affiliated					385		5,902		0.10
Total Equity					75,416		91,794		1.51
Total Investments - non-controlled/non-affiliated					14,257,276		13,903,727		227.94
Total Investments - non-controlled/affiliated					39,645		38,413		0.63
Total Investment Portfolio					14,296,921		13,942,140		228.57
Cash and Cash Equivalents
BlackRock ICS US Treasury Fund		3.50%			166		166		0.00
Fidelity Investments Money Market Treasury Portfolio - Class I		3.55%			2		2		0.00
State Street Institutional U.S. Government Money Market Fund - Investor Class		3.52%			7,158		7,158		0.12
State Street Institutional U.S. Government Money Market Fund - Premier Class		3.60%			38,156		38,156		0.63
Other Cash and Cash Equivalents					305,794		305,794		5.01
Total Cash and Cash Equivalents					351,276		351,276		5.76
Total Portfolio Investments, Cash and Cash Equivalents					$	14,648,197	$	14,293,416	234.33	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of March 31, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. Variable rate loans typically include an interest reference rate floor feature. As of March 31, 2026, 90.0% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (see Note 2), pursuant to the Company’s valuation policy.

(5)These investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company.

(6)The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70% of the Company’s total assets. As of March 31, 2026, non-qualifying assets represented 18.0% of total assets as calculated in accordance with regulatory requirements.

(7)Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
123Dentist, Inc.	Delayed Draw Term Loan	9/16/2027	$	18,176	$	—
Abacus Holdco 2, Oy	Delayed Draw Term Loan	8/13/2027	177		—
Accordion Partners, LLC	Revolver	11/15/2031	1,789		(9)
Accordion Partners, LLC	Delayed Draw Term Loan	12/17/2027	6,425		—
Accuity Delivery Systems, LLC	Revolver	5/29/2031	5,327		(27)
Accuity Delivery Systems, LLC	Delayed Draw Term Loan	5/29/2026	15,982		(80)
ACI Group Holdings, Inc.	Revolver	8/2/2027	116		—
Acumatica Holdings, Inc.	Revolver	7/28/2032	1,935		(19)
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	780		—
AI Titan Parent, Inc.	Delayed Draw Term Loan	9/30/2026	675		—
AI Titan Parent, Inc.	Revolver	8/29/2031	544		(5)
Albireo Energy, LLC	Delayed Draw Term Loan	8/5/2027	25,000		—
Align Precision Group, LLC	Delayed Draw Term Loan	4/3/2030	135		—
Allium Buyer, LLC	Revolver	5/2/2029	249		(7)
American Restoration Holdings, LLC	Delayed Draw Term Loan	2/19/2027	4,447		—
Amerilife Holdings, LLC	Revolver	8/31/2028	13,350		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	6/17/2026	29		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	2/28/2027	31,555		(79)
Amerivet Partners Management, Inc.	Revolver	2/25/2028	589		—
Anaplan, Inc.	Revolver	6/21/2028	161		(3)
Animal Wellness Investments S.p.A	Delayed Draw Term Loan	1/15/2029	2,418		—
Apex Companies, LLC	Delayed Draw Term Loan	10/24/2027	20,497		—
Armada Parent, Inc.	Revolver	10/29/2030	3,000		—
Arnhem BidCo, GmbH	Delayed Draw Term Loan	10/1/2027	9,126		—
Aryeh Bidco Investment, Ltd.	Revolver	1/14/2033	748		(7)
Aryeh Bidco Investment, Ltd.	Delayed Draw Term Loan	1/14/2028	898		—
Ascend Buyer, LLC	Revolver	9/30/2028	2,572		—
AuditBoard, Inc.	Revolver	7/12/2031	1,766		(4)
Axsome Therapeutics, Inc.	Delayed Draw Term Loan	5/31/2026	8,805		—
Axsome Therapeutics, Inc.	Delayed Draw Term Loan	5/31/2027	8,805		—
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031	4,104		(17)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Baker Tilly Advisory Group, LP	Delayed Draw Term Loan	6/3/2027	$	729	$	(7)
Baker Tilly Advisory Group, LP	Revolver	6/3/2030	10,339		—
Bamboo US BidCo, LLC	Revolver	9/29/2029	142		—
Banyan Software Holdings, LLC	Revolver	1/2/2031	872		—
Banyan Software Holdings, LLC	Delayed Draw Term Loan	10/8/2027	9,646		—
Bayshore Intermediate #2, LP	Revolver	10/1/2027	6,936		—
Bazaarvoice, Inc.	Revolver	5/7/2029	37,992		(190)
Beacon Dc, Ltd.	Delayed Draw Term Loan	12/4/2027	27,239		(156)
Beacon Dc, Ltd.	Revolver	12/4/2032	18,530		—
Bimini Group Purchaser, Inc.	Revolver	4/26/2031	7,337		—
Biotouch Global Solutions, Inc.	Delayed Draw Term Loan	8/27/2027	5,409		(41)
Biotouch Global Solutions, Inc.	Revolver	8/27/2032	865		—
Bluefin Holding, LLC	Revolver	9/12/2029	2,244		—
Brave Parent Holdings, Inc.	Revolver	11/28/2030	6,409		—
Brilliance Technologies, Inc.	Revolver	3/11/2032	900		(5)
Brilliance Technologies, Inc.	Delayed Draw Term Loan	9/11/2027	1,200		(1)
Caerus US 1, Inc.	Revolver	5/25/2029	265		—
Cambium Learning Group, Inc.	Revolver	7/20/2027	43,592		—
Cambrex Corp.	Revolver	3/5/2032	2,243		—
Canadian Hospital Specialties, Ltd.	Revolver	4/15/2027	1,607		—
Carr Riggs & Ingram Capital, LLC	Revolver	11/18/2031	583		—
Carr Riggs & Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026	2,544		—
Castle Management Borrower, LLC	Revolver	11/3/2029	1,925		—
Castle Management Borrower, LLC	Delayed Draw Term Loan	12/9/2027	14,164		—
CCI Buyer, Inc.	Revolver	5/13/2032	1,289		(13)
CFGI Holdings, LLC	Revolver	11/2/2029	1,050		(26)
CFS Brands, LLC	Revolver	10/2/2029	6,907		—
Channelside AcquisitionCo, Inc.	Revolver	3/31/2028	3,178		(48)
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan	5/9/2027	6,235		(16)
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan	5/31/2026	493		—
Charger Debt Merger Sub, LLC	Revolver	5/31/2030	1,152		—
Chartwell Cumming Holding, Corp.	Revolver	11/16/2029	20,763		—
Chartwell Cumming Holding, Corp.	Delayed Draw Term Loan	2/23/2028	25,000		—
Cielo Bidco, Ltd.	Delayed Draw Term Loan	3/31/2030	17		—
Cielo Bidco, Ltd.	Delayed Draw Term Loan	3/31/2030	81		—
Cisive Holdings Corp.	Revolver	12/7/2029	1,111		(22)
Clearview Buyer, Inc.	Revolver	2/26/2029	1,142		—
Commander Buyer, Inc.	Delayed Draw Term Loan	6/26/2027	8,671		(43)
Commander Buyer, Inc.	Revolver	6/26/2032	5,781		(58)
Community Management Holdings Midco 2, LLC	Revolver	11/1/2031	868		—
Community Management Holdings Midco 2, LLC	Delayed Draw Term Loan	7/8/2027	4,531		—
Compsych Investments Corp.	Delayed Draw Term Loan	7/22/2027	3,471		(156)
Connatix Buyer, Inc.	Revolver	7/14/2027	2,390		—
Connatix Buyer, Inc.	Delayed Draw Term Loan	4/9/2026	341		—
Consor Intermediate II, LLC	Delayed Draw Term Loan	5/10/2026	2,361		(4)
Consor Intermediate II, LLC	Revolver	5/10/2031	800		—
Continental Buyer, Inc.	Revolver	4/2/2031	2,715		—
Continental Buyer, Inc.	Revolver	4/2/2031	4,350		(22)
Continental Buyer, Inc.	Revolver	4/2/2031	2,081		(10)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Continental Buyer, Inc.	Delayed Draw Term Loan	4/21/2028	$	4,163	$	(10)
Coupa Software, Inc.	Delayed Draw Term Loan	6/3/2027	164		(6)
Coupa Software, Inc.	Revolver	2/27/2029	126		(8)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031	1,912		(16)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/27/2026	2,867		—
Creek Parent, Inc.	Revolver	12/18/2031	9,893		(173)
Crewline Buyer, Inc.	Revolver	11/8/2030	6,438		—
Crumbl Enterprises, LLC	Revolver	4/30/2032	120		(1)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	8/30/2026	2,002		—
CT Technologies Intermediate Holdings, Inc.	Revolver	8/30/2031	5,904		(59)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	5/23/2027	1,735		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	8/5/2027	1,737		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	5/23/2027	1,165		—
DCG Acquisition Corp.	Delayed Draw Term Loan	6/13/2026	1,724		—
DCG Acquisition Corp.	Revolver	6/13/2031	5,937		(59)
Denali Bidco, Ltd.	Delayed Draw Term Loan	9/5/2027	300		(3)
Denali Intermediate Holdings, Inc.	Revolver	8/26/2032	924		—
Denali TopCo, LLC	Delayed Draw Term Loan	8/26/2028	4,977		(25)
Denali TopCo, LLC	Revolver	8/26/2032	2,389		(12)
Discovery Education, Inc.	Revolver	4/9/2029	1,644		—
Divisions Holding Corp.	Revolver	4/17/2032	140		(1)
DM Intermediate Parent, LLC	Revolver	9/30/2030	4,790		—
DM Intermediate Parent, LLC	Delayed Draw Term Loan	9/30/2026	187		—
DM Intermediate Parent, LLC	Delayed Draw Term Loan	12/19/2027	7,898		—
Doit International, Ltd.	Revolver	11/26/2029	5,803		—
Doit International, Ltd.	Delayed Draw Term Loan	11/25/2026	11,606		(87)
DTA Intermediate II, Ltd.	Revolver	3/27/2030	10,769		—
Duro Dyne National Corp.	Revolver	11/15/2031	6,002		—
Duro Dyne National Corp.	Delayed Draw Term Loan	11/15/2026	6,002		(30)
Dwyer Instruments, LLC	Revolver	7/20/2029	712		—
Eagan Parent, Inc.	Delayed Draw Term Loan	9/8/2027	90		—
Eagan Parent, Inc.	Revolver	9/8/2032	48		—
East River Bidco, GmbH	Delayed Draw Term Loan	3/26/2028	31		—
Eden Acquisitionco, Ltd.	Delayed Draw Term Loan	11/17/2026	13,505		(180)
Edison Bidco, AS	Delayed Draw Term Loan	12/18/2026	687		—
Electro Switch Business Trust, LLC	Revolver	9/2/2032	4,345		(43)
ELK Bidco, Inc.	Revolver	6/13/2032	3,373		(17)
ELK Bidco, Inc.	Delayed Draw Term Loan	12/13/2027	3,747		(9)
EMB Purchaser, Inc.	Revolver	3/12/2032	2,196		—
EMB Purchaser, Inc.	Delayed Draw Term Loan	3/13/2028	4,182		—
Emergency Power Holdings, LLC	Delayed Draw Term Loan	8/17/2027	2,864		(4)
Endeavor Schools Holdings, LLC	Delayed Draw Term Loan	1/3/2027	9,765		—
ENV Bidco, AB	Delayed Draw Term Loan	7/29/2026	311		(4)
Essential Services Holding Corp.	Delayed Draw Term Loan	6/17/2026	2,297		(11)
Essential Services Holding Corp.	Revolver	6/17/2030	861		—
Everbridge Holdings, LLC	Delayed Draw Term Loan	7/2/2026	3,378		—
Everbridge Holdings, LLC	Revolver	7/2/2031	2,222		—
Experity, Inc.	Delayed Draw Term Loan	9/13/2026	4,457		(22)
Experity, Inc.	Revolver	2/22/2030	1,495		(15)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Falcon Parent Holdings, Inc.	Delayed Draw Term Loan	8/15/2027	$	2,169	$	(16)
Falcon Parent Holdings, Inc.	Revolver	11/6/2031	2,035		—
Fastener Distribution Holdings, LLC	Delayed Draw Term Loan	10/31/2026	7,125		—
Fern Bidco, Ltd.	Delayed Draw Term Loan	7/3/2027	10,035		—
Firmus Supercloud Pty Ltd	Delayed Draw Term Loan	3/15/2027	77,858		—
Flexera Software, LLC	Revolver	8/15/2032	2,473		(6)
Foundation Risk Partners Corp.	Revolver	10/29/2029	3,332		—
Foundation Risk Partners Corp.	Delayed Draw Term Loan	2/26/2027	2,142		—
Frontgrade Technologies Holdings, Inc.	Revolver	1/9/2028	464		—
Frontline Road Safety, LLC	Revolver	3/4/2032	2,565		(13)
Frontline Road Safety, LLC	Delayed Draw Term Loan	3/4/2028	2,633		—
FusionSite Midco, LLC	Revolver	11/17/2029	4,087		—
FusionSite Midco, LLC	Delayed Draw Term Loan	4/30/2026	5,034		—
G&A Partners Holding Company II, LLC	Revolver	3/1/2030	3,288		(66)
Galway Borrower, LLC	Revolver	9/29/2028	5,641		—
Gatekeeper Systems, Inc.	Delayed Draw Term Loan	8/27/2026	7,218		—
Gatekeeper Systems, Inc.	Revolver	8/28/2030	3,175		(111)
GFT Infrastructure, Inc.	Revolver	8/5/2030	3,742		—
GGG Midco, LLC	Delayed Draw	4/1/2028	2,948		—
GGG Midco, LLC	Term Loan	4/1/2033	7,167		—
GGG Midco, LLC	Revolver	4/1/2033	1,445		—
GI Ranger Intermediate, LLC	Revolver	10/29/2027	720		—
Gigamon, Inc.	Revolver	3/10/2028	437		(11)
Gimlet Bidco, GmbH	Delayed Draw Term Loan	7/30/2028	32,166		—
Granicus, Inc.	Revolver	1/17/2031	2,448		—
Granicus, Inc.	Delayed Draw Term Loan	7/31/2026	388		(4)
Grid Alliance Partners, LLC	Delayed Draw Term Loan	7/1/2027	725		(5)
Grid Alliance Partners, LLC	Revolver	7/1/2030	2,740		—
Griffon Bidco, Inc.	Delayed Draw Term Loan	9/30/2027	4,072		(20)
Griffon Bidco, Inc.	Revolver	7/31/2031	4,072		(41)
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	7/2/2027	497		—
Ground Penetrating Radar Systems, LLC	Revolver	1/2/2032	288		—
GS Acquisitionco, Inc.	Revolver	5/25/2028	951		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan	5/16/2027	1,429		(4)
Guardian Bidco, Inc.	Delayed Draw Term Loan	8/14/2028	711		(7)
Gusto Sing Bidco Pte, Ltd.	Delayed Draw Term Loan	11/15/2027	101		—
High Street Buyer, Inc.	Revolver	4/16/2027	2,254		(45)
High Street Buyer, Inc.	Delayed Draw Term Loan	7/18/2027	24,141		—
Home Service TopCo IV, Inc.	Revolver	12/30/2027	3,509		(38)
Horizon CTS Buyer, LLC	Revolver	3/28/2032	206		—
Icefall Parent, Inc.	Revolver	1/25/2030	3,897		—
IEM New Sub 2, LLC	Delayed Draw Term Loan	12/3/2027	13,164		(99)
IEM New Sub 2, LLC	Delayed Draw Term Loan	12/3/2027	11,010		(28)
IG Investments Holdings, LLC	Revolver	9/22/2028	4,416		—
Imagine 360, LLC	Delayed Draw Term Loan	9/18/2026	2,413		(12)
Imagine 360, LLC	Revolver	9/30/2028	1,514		(15)
Inception Fertility Ventures, LLC	Delayed Draw Term Loan	4/29/2026	10,488		—
INK BC Bidco S.p.A.	Delayed Draw Term Loan	7/16/2028	2,483		—
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan	8/27/2026	9,278		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Integrity Marketing Acquisition, LLC	Revolver	8/25/2028	$	2,791	$	(14)
IQN Holding Corp.	Revolver	5/2/2028	246		—
IRI Group Holdings, Inc.	Revolver	12/1/2028	14,316		—
Iris Buyer, LLC	Revolver	10/2/2029	3,850		—
Iris Buyer, LLC	Delayed Draw Term Loan	8/4/2026	1,650		—
ISQ Hawkeye Holdco, Inc.	Delayed Draw Term Loan	8/20/2026	151		(1)
ISQ Hawkeye Holdco, Inc.	Revolver	8/20/2030	54		—
Java Buyer, Inc.	Revolver	12/15/2030	1,713		—
Java Buyer, Inc.	Delayed Draw Term Loan	2/6/2028	3,492		—
Java Buyer, Inc.	Delayed Draw Term Loan	2/6/2028	888		—
Jeppesen Holdings, LLC	Revolver	11/1/2032	3,340		(25)
JS Parent, Inc.	Revolver	4/24/2031	3,452		(17)
JSS Holdings, Inc.	Delayed Draw Term Loan	11/8/2026	7,492		(37)
Kattegat Project Bidco, AB	Delayed Draw Term Loan	10/5/2026	7,030		(94)
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan	6/11/2027	437		—
Knowledge Pro Buyer, Inc.	Revolver	12/10/2029	251		—
Knowledge Pro Buyer, Inc.	Revolver	12/10/2029	406		(4)
Koala Investment Holdings, Inc.	Delayed Draw Term Loan	2/29/2028	266		(1)
Koala Investment Holdings, Inc.	Revolver	8/29/2032	118		(1)
Kona Buyer, LLC	Revolver	7/23/2031	167		(1)
Kona Buyer, LLC	Delayed Draw Term Loan	6/27/2027	440		(2)
Kwol Acquisition, Inc.	Revolver	12/6/2029	1,659		—
LogicMonitor, Inc.	Revolver	11/19/2031	1,992		(25)
LogicMonitor, Inc.	Delayed Draw Term Loan	9/1/2027	2,722		(17)
LPW Group Holdings, Inc.	Revolver	3/15/2030	5,373		—
Lsf12 Crown US Commercial Bidco, LLC	Revolver	12/2/2029	4,345		(26)
Magic Bidco, Inc.	Delayed Draw Term Loan	7/1/2026	6,568		—
Magic Bidco, Inc.	Revolver	7/1/2030	371		—
Magneto Components BuyCo, LLC	Revolver	12/5/2029	5,508		(41)
Mandolin Technology Intermediate Holdings, Inc.	Revolver	4/30/2028	873		—
MannKind Corp.	Delayed Draw Term Loan	8/6/2027	5,435		—
Material Holdings, LLC	Revolver	8/19/2027	353		—
Material Holdings, LLC	Delayed Draw Term Loan	8/19/2027	1,685		—
MB2 Dental Solutions, LLC	Revolver	2/13/2031	1,327		—
MEDX AMCP Holdings, LLC	Delayed Draw Term Loan	7/21/2027	1,692		(8)
MEDX AMCP Holdings, LLC	Revolver	7/21/2032	724		(7)
MHE Intermediate Holdings, LLC	Revolver	7/21/2027	161		—
ML Holdco, LLC	Delayed Draw Term Loan	10/24/2027	300		(1)
Modernizing Medicine, Inc.	Revolver	4/30/2032	827		(8)
More Cowbell II, LLC	Revolver	9/1/2029	1,177		—
More Cowbell II, LLC	Delayed Draw Term Loan	9/3/2027	871		(11)
MPG Parent Holdings, LLC	Revolver	1/8/2030	1,339		—
MPG Parent Holdings, LLC	Delayed Draw Term Loan	1/8/2027	2,439		—
MRH Trowe Beteiligungsgesellschaft mbH	Delayed Draw Term Loan	5/15/2028	58		—
MRH Trowe Beteiligungsgesellschaft mbH	Revolver	11/15/2031	35		—
MRI Software, LLC	Revolver	2/10/2028	6,033		—
MRI Software, LLC	Delayed Draw Term Loan	10/2/2027	3,137		—
NAVEX TopCo, Inc.	Revolver	10/14/2031	5,910		(124)
NAVEX TopCo, Inc.	Delayed Draw Term Loan	10/14/2027	10,494		(26)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	$	7,762	$	—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	7,762		—
NDC Acquisition Corp.	Revolver	3/9/2028	2,055		—
NDT Global Holding, Inc.	Revolver	6/4/2032	165		—
NDT Global Holding, Inc.	Delayed Draw Term Loan	6/4/2027	194		—
Nephele III, BV	Delayed Draw Term Loan	12/17/2027	28		—
Neptune Holdings, Inc.	Revolver	8/31/2029	933		(23)
Netsmart Technologies, Inc.	Delayed Draw Term Loan	11/17/2027	3,130		(16)
Netsmart Technologies, Inc.	Revolver	8/23/2031	4,432		(44)
Noble Midco 3, Ltd.	Delayed Draw Term Loan	6/10/2027	3,875		(19)
Noble Midco 3, Ltd.	Revolver	12/10/2030	2,002		—
North Haven Ushc Acquisition, Inc.	Revolver	10/29/2027	273		—
North Haven Ushc Acquisition, Inc.	Delayed Draw Term Loan	8/28/2026	4,222		—
Octane Purchaser, Inc.	Revolver	5/19/2032	491		(2)
Octane Purchaser, Inc.	Delayed Draw Term Loan	11/19/2027	1,227		—
Odevo, AB	Delayed Draw Term Loan	12/12/2027	36,872		(181)
Onward Acquireco, Inc.	Delayed Draw Term Loan	4/1/2028	6,275		(24)
Onward Acquireco, Inc.	Revolver	4/1/2033	2,614		—
Optimizely North America, Inc.	Revolver	10/30/2031	1,218		(12)
Oxford Global Resources, Inc.	Revolver	8/17/2027	3,085		—
Paisley Bidco, Ltd.	Delayed Draw Term Loan	5/7/2027	906		(3)
PAS Parent, Inc.	Delayed Draw Term Loan	8/18/2028	705		(4)
PAS Parent, Inc.	Revolver	8/18/2031	328		(3)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028	469		(9)
Pave America Holding, LLC	Revolver	8/27/2032	2,403		—
Pave America Holding, LLC	Delayed Draw Term Loan	8/29/2027	3,493		—
PDI TA Holdings, Inc.	Revolver	2/3/2031	253		—
Petrus Buyer, Inc.	Revolver	10/17/2029	194		—
Phoenix 1 Buyer Corp.	Revolver	11/20/2029	5,009		—
PKF O'Connor Davies Advisory, LLC	Delayed Draw Term Loan	11/18/2026	369		—
PKF O'Connor Davies Advisory, LLC	Revolver	11/15/2031	141		—
PPV Intermediate Holdings, LLC	Revolver	8/31/2029	99		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/7/2026	187		—
Profile Products, LLC	Revolver	11/12/2027	207		—
Profile Products, LLC	Revolver	11/12/2027	190		—
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	4/9/2026	3,688		—
QBS Parent, Inc.	Revolver	6/3/2032	1,908		—
QBS Parent, Inc.	Delayed Draw Term Loan	6/3/2027	3,472		—
R1 Holdings, LLC	Revolver	12/29/2028	31		—
RailPros Parent, LLC	Delayed Draw Term Loan	5/24/2027	87		—
RailPros Parent, LLC	Revolver	5/24/2032	62		(1)
Rally Buyer, Inc.	Revolver	7/19/2029	52		—
Red Fox CD Acquisition Corp.	Delayed Draw Term Loan	11/21/2026	11,113		—
Red Pathway Bidco, AB	Delayed Draw Term Loan	4/15/2028	3,962		—
Redwood Services Group, LLC	Delayed Draw Term Loan	1/3/2027	4,608		—
Redwood Services Group, LLC	Delayed Draw Term Loan	2/11/2028	25,000		—
Saber Power Services, LLC	Revolver	10/21/2031	3,846		—
SAFEbuilt, LLC	Delayed Draw Term Loan	1/8/2028	3,378		(17)
SAFEbuilt, LLC	Revolver	1/8/2032	1,267		(13)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Safety Borrower Holdings, LP	Revolver	12/19/2032	$	611	$	—
Safety Borrower Holdings, LP	Delayed Draw Term Loan	12/19/2027	917		(2)
Sail Bidco, Ltd.	Delayed Draw Term Loan	5/28/2029	1,910		(10)
Sam Holding Co, Inc.	Revolver	3/24/2027	6,000		—
Sam Holding Co, Inc.	Delayed Draw Term Loan	11/5/2026	9,800		—
Scorpio BidCo SAS	Delayed Draw Term Loan	10/4/2026	4,818		(51)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/19/2026	1,169		—
Seahawk Bidco, LLC	Revolver	12/19/2030	3,097		—
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/24/2027	20,814		(52)
SEKO Global Logistics Network, LLC	Delayed Draw Term Loan	5/10/2027	91		—
Seven Bidco, SASU	Delayed Draw Term Loan	8/29/2028	689		(3)
SG Acquisition, Inc.	Revolver	4/3/2030	8,301		—
SI Swan UK Bidco, Ltd.	Delayed Draw Term Loan	6/16/2026	7,142		—
SI Swan UK Bidco, Ltd.	Delayed Draw Term Loan	12/16/2028	8,241		—
Signant Finance One, Ltd.	Revolver	10/16/2031	3,623		(15)
Signant Finance One, Ltd.	Delayed Draw Term Loan	10/16/2027	8,696		(43)
Simplicity Financial Marketing Group Holdings, Inc.	Delayed Draw Term Loan	12/31/2026	338		—
Simplicity Financial Marketing Group Holdings, Inc.	Revolver	12/31/2031	1,076		(11)
SIQ Holdings III Corp.	Delayed Draw Term Loan	12/19/2027	3,667		—
SIQ Holdings III Corp.	Revolver	12/19/2030	3,107		—
Smile Doctors, LLC	Revolver	12/23/2027	1,233		(43)
Solis Midco, SAS	Delayed Draw Term Loan	4/8/2029	145		—
Spaceship Purchaser, Inc.	Delayed Draw Term Loan	10/17/2027	13,072		(65)
Spaceship Purchaser, Inc.	Revolver	10/17/2031	10,894		(109)
SpecialtyCare, Inc.	Revolver	12/18/2029	1,047		(10)
SpecialtyCare, Inc.	Delayed Draw Term Loan	8/26/2027	317		—
Spectrum Safety Solutions Purchaser, LLC	Delayed Draw Term Loan	7/1/2026	12,901		—
Spectrum Safety Solutions Purchaser, LLC	Revolver	7/1/2030	8,432		—
Speedster Bidco, GmbH	Revolver	6/10/2031	1,801		(140)
Stepping Stones Healthcare Services, LLC	Revolver	1/5/2033	451		(10)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	1/5/2028	726		—
STV Group, Inc.	Revolver	3/20/2030	4,883		—
Tango Bidco, SAS	Delayed Draw Term Loan	7/15/2028	23,054		—
Tango Bidco, SAS	Delayed Draw Term Loan	10/17/2027	962		(7)
Tango Bidco, SAS	Delayed Draw Term Loan	10/17/2027	1,058		—
TEI Intermediate, LLC	Delayed Draw Term Loan	12/13/2026	2,869		—
TEI Intermediate, LLC	Revolver	12/13/2031	2,539		—
Teneo Holdings, LLC	Delayed Draw Term Loan	7/31/2027	5,324		—
Teneo Holdings, LLC	Revolver	7/31/2030	10,115		—
Tennessee Bidco, Limited	Delayed Draw Term Loan	7/1/2026	13,160		—
The Fertility Partners, Inc.	Revolver	9/16/2027	301		(10)
The North Highland Co, LLC	Revolver	12/20/2030	3,500		—
The North Highland Co, LLC	Delayed Draw Term Loan	12/20/2026	5,903		(30)
Themis Solutions, Inc.	Delayed Draw Term Loan	10/29/2027	10,319		(103)
Themis Solutions, Inc.	Revolver	10/29/2032	8,599		(86)
THG Acquisition, LLC	Revolver	10/31/2031	980		—
THG Acquisition, LLC	Delayed Draw Term Loan	10/31/2026	1,601		—
Titan Investment Company, Inc.	Delayed Draw Term Loan	4/29/2026	304		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Tricentis Operations Holdings, Inc.	Revolver	2/11/2032	$	2,872	$	(29)
Tricentis Operations Holdings, Inc.	Delayed Draw Term Loan	2/11/2027	4,595		(23)
Trinity Air Consultants Holdings Corp.	Revolver	6/29/2029	7,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan	6/30/2027	1,433		—
Triple Lift, Inc.	Revolver	5/5/2028	7,697		(789)
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	7/9/2027	16,298		—
Unified Women's Healthcare, LP	Revolver	6/18/2029	241		—
Unified Women's Healthcare, LP	Delayed Draw Term Loan	9/22/2027	17,083		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	12/13/2026	21,535		—
US Oral Surgery Management Holdco, LLC	Revolver	11/20/2028	3,735		—
Varicent Parent Holdings Corp.	Delayed Draw Term Loan	10/15/2027	1,543		(19)
Varicent Parent Holdings Corp.	Revolver	8/23/2031	2,050		(28)
Varicent Parent Holdings Corp.	Delayed Draw Term Loan	10/15/2027	1,045		(5)
Veregy Consolidated, Inc.	Delayed Draw Term Loan	4/16/2027	2,436		(6)
Veregy Consolidated, Inc.	Revolver	4/16/2031	5,845		(44)
Water Holdings Acquisition, LLC	Delayed Draw Term Loan	7/31/2026	2,110		—
West Monroe Partners, LLC	Revolver	11/9/2027	1,443		(29)
West Star Aviation Acquisition, LLC	Revolver	5/20/2032	271		—
West Star Aviation Acquisition, LLC	Delayed Draw Term Loan	5/20/2027	105		—
WHCG Purchaser III, Inc.	Delayed Draw Term Loan	8/2/2027	7,044		—
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026	15,725		—
World Insurance Associates, LLC	Revolver	4/3/2030	4,473		(66)
WPEngine, Inc.	Revolver	8/14/2029	6,667		(200)
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	1,110		—
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	2,679		—
Zendesk, Inc.	Revolver	11/22/2028	169		—
Zeus, LLC	Revolver	2/8/2030	2,969		—
Zorro Bidco, Ltd.	Delayed Draw Term Loan	8/13/2027	3,422		—
Total Unfunded Commitments			$	1,644,109	$	(5,311)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(11)The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(12)The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(13)The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(14)The interest rate floor on these investments as of March 31, 2026 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

(16)Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2026, the Company’s non-controlled/affiliated investments were as follows:

	Fair Value as of December 31, 2025		Gross Additions		Gross Reductions		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Dividend and Interest Income
Non-controlled/affiliated Investments
Align Precision Group, LLC	$	8,762	$	228	$	—	$	—	$	—	$	8,990	$	227
Align Precision Group, LLC	1,370		495		—		—		—		1,865		42
Align Precision Group, LLC - Class A-3 Units	1,549		—		—		(868)		—		681		—
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)	5,315		—		—		(94)		—		5,221		—
Material Holdings, LLC	22,074		350		(476)		(1,515)		—		20,433		242
Material Holdings, LLC	—		—		—		—		—		—		—
Material Holdings, LLC	725		498		—		—		—		1,223		19
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Class A Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Class A Preferred Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Class B Preferred Units	—		—		—		—		—		—		—
Total	$	39,795	$	1,571	$	(476)	$	(2,477)	$	—	$	38,413	$	530

(17)Loan was on non-accrual status as of March 31, 2026.

(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company’s loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), excluding Axsome Therapeutics, Inc. - Common Stock, and may be deemed to be “restricted securities.” As of March 31, 2026, the aggregate fair value of these securities is $13,941.7 million or 228.56% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of March 31, 2026 was 3.00%.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD	65,701	CAD	90,000	6/25/2026	$	974
Wells Fargo Bank, N.A.	USD	75,631	EUR	65,250	6/25/2026	200
Wells Fargo Bank, N.A.	USD	2,783	NOK	26,704	6/25/2026	46
Wells Fargo Bank, N.A.	USD	1,856	DKK	11,958	6/25/2026	5
Wells Fargo Bank, N.A.	USD	62,560	GBP	47,000	6/25/2026	611
Wells Fargo Bank, N.A.	USD	23,347	SEK	217,760	6/25/2026	416
Total Foreign Currency Forward Contracts						$	2,252
Interest Rate Swaps
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation)
SMBC Capital Markets, Inc.	November 2027 Notes	5.88%	SOFR +	1.38%	11/15/2027	$	400,000	$	11,205	$	—	$	2,954
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.65%	4/13/2028	400,000		5,343		—		2,855
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.39%	4/13/2028	300,000		1,834		—		(1,969)
Wells Fargo Bank, N.A.	June 2030 Notes	5.30%	SOFR +	1.46%	6/30/2030	500,000		10,635		—		2,970
Wells Fargo Bank, N.A.	January 2031 Notes	5.13%	SOFR +	1.66%	1/31/2031	500,000		(4,545)		—		(2,656)
Wells Fargo Bank, N.A.	September 2029 Notes	5.25%	SOFR +	1.93%	9/4/2029	400,000		(4,179)		—		(4,178)
Total Interest Rate Swaps								$	20,293	$	—	$	(24)

(Unaudited)

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of December 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2025, 88.1% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

(6)The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 17.2% of total assets as calculated in accordance with regulatory requirements.

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
123Dentist, Inc.	Delayed Draw Term Loan	9/16/2027	$	23,908	$	—
Abacus Holdco 2, Oy	Delayed Draw Term Loan	10/14/2027	177		—
Accordion Partners, LLC	Revolver	11/15/2031	1,789		(9)
Accordion Partners, LLC	Delayed Draw Term Loan	12/17/2027	8,432		(21)
Accuity Delivery Systems, LLC	Revolver	5/29/2031	5,327		(27)
Accuity Delivery Systems, LLC	Delayed Draw Term Loan	5/29/2026	15,982		—
ACI Group Holdings, Inc.	Revolver	8/2/2027	116		—
Acumatica Holdings, Inc.	Revolver	7/28/2032	1,935		(19)
ADCS Clinics Intermediate Holdings, LLC	Revolver	5/7/2026	1,115		—
AI Altius US Bidco, Inc.	Delayed Draw Term Loan	5/21/2026	500		—
AI Titan Parent, Inc.	Delayed Draw Term Loan	9/30/2026	675		—
AI Titan Parent, Inc.	Revolver	8/29/2031	544		(5)
Align Precision Group, LLC	Delayed Draw Term Loan	4/3/2030	560		—
Allium Buyer, LLC	Revolver	5/2/2029	249		(7)
American Restoration Holdings, LLC	Revolver	7/24/2030	601		—
American Restoration Holdings, LLC	Delayed Draw Term Loan	2/19/2027	5,210		—
Amerilife Holdings, LLC	Revolver	8/31/2028	13,350		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	6/17/2026	29		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	2/28/2027	31,555		(79)
Amerivet Partners Management, Inc.	Revolver	2/25/2028	589		—
Anaplan, Inc.	Revolver	6/21/2028	161		(3)
Animal Wellness Investments SpA	Term Loan	1/15/2033	14,878		—
Animal Wellness Investments SpA	Delayed Draw Term Loan	1/15/2029	2,400		—
Apex Companies, LLC	Delayed Draw Term Loan	8/28/2026	1,030		—
Apex Companies, LLC	Delayed Draw Term Loan	10/24/2027	28,233		(141)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Armada Parent, Inc.	Revolver	10/29/2030	$	3,000	$	—
Arnhem BidCo, GmbH	Delayed Draw Term Loan	10/1/2027	9,126		—
Aryeh Bidco Investment Ltd	Term Loan	1/14/2033	5,634		—
Aryeh Bidco Investment Ltd	Delayed Draw Term Loan	1/14/2028	1,049		—
Aryeh Bidco Investment Ltd	Revolver	1/14/2033	749		—
Ascend Buyer, LLC	Revolver	9/30/2028	2,572		—
AuditBoard, Inc.	Revolver	7/12/2031	1,766		—
Axsome Therapeutics, Inc.	Delayed Draw Term Loan	5/31/2026	8,805		—
Axsome Therapeutics, Inc.	Delayed Draw Term Loan	5/31/2027	8,805		—
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031	4,104		(17)
Baker Tilly Advisory Group, LP	Delayed Draw Term Loan	6/3/2027	1,260		(13)
Baker Tilly Advisory Group, LP	Revolver	6/3/2030	10,339		—
Bamboo US BidCo, LLC	Delayed Draw Term Loan	11/20/2026	24		—
Bamboo US BidCo, LLC	Revolver	9/29/2029	142		—
Banyan Software Holdings, LLC	Revolver	1/2/2031	1,006		(3)
Banyan Software Holdings, LLC	Delayed Draw Term Loan	10/8/2027	10,169		—
Bayshore Intermediate #2, LP	Revolver	10/1/2027	6,936		—
Bazaarvoice, Inc.	Revolver	5/7/2029	37,992		—
Beacon Dc, Ltd.	Delayed Draw Term Loan	12/4/2027	27,239		—
Beacon Dc, Ltd.	Revolver	12/4/2032	18,530		—
Bimini Group Purchaser, Inc.	Revolver	4/26/2031	7,337		—
Biotouch Global Solutions, Inc.	Delayed Draw Term Loan	8/27/2027	5,409		(41)
Biotouch Global Solutions, Inc.	Revolver	8/27/2032	1,623		(24)
Bluefin Holding, LLC	Revolver	9/12/2029	2,244		—
Brave Parent Holdings, Inc.	Revolver	11/28/2030	3,641		—
Brilliance Technologies, Inc.	Revolver	3/11/2032	900		—
Brilliance Technologies, Inc.	Delayed Draw Term Loan	9/11/2027	1,200		(1)
Caerus US 1, Inc.	Revolver	5/25/2029	273		—
Cambium Learning Group, Inc.	Revolver	7/20/2027	43,592		—
Cambrex Corp.	Revolver	3/5/2032	2,741		—
Cambrex Corp.	Delayed Draw Term Loan	3/5/2027	3,323		(17)
Cambrex Corp.	Delayed Draw Term Loan	3/24/2026	7,735		—
Canadian Hospital Specialties, Ltd.	Revolver	4/15/2027	1,500		—
Carr Riggs & Ingram Capital, LLC	Revolver	11/18/2031	1,726		(9)
Carr Riggs & Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026	2,757		—
Castle Management Borrower, LLC	Revolver	11/3/2029	2,917		—
Castle Management Borrower, LLC	Delayed Draw Term Loan	12/9/2027	14,164		—
CCI Buyer, Inc.	Revolver	5/13/2032	1,289		(13)
CFGI Holdings, LLC	Revolver	11/2/2027	1,050		(21)
CFS Brands, LLC	Revolver	10/2/2029	8,483		—
Channelside AcquisitionCo, Inc.	Revolver	3/31/2028	2,913		—
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan	5/9/2027	6,235		(16)
Charger Debt Merger Sub, LLC	Revolver	5/31/2030	1,152		—
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan	5/31/2026	1,152		—
Chartwell Cumming Holding, Corp.	Revolver	11/16/2029	20,763		—
Cielo Bidco, Ltd.	Delayed Draw Term Loan	3/31/2030	18		—
Cielo Bidco, Ltd.	Delayed Draw Term Loan	3/31/2030	100		—
Cisive Holdings Corp.	Revolver	12/7/2029	1,111		(22)
Clearview Buyer, Inc.	Revolver	2/26/2029	1,142		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Commander Buyer, Inc.	Delayed Draw Term Loan	6/26/2027	$	8,671	$	(43)
Commander Buyer, Inc.	Revolver	6/26/2032	5,781		(58)
Community Management Holdings Midco 2, LLC	Revolver	11/1/2031	965		—
Community Management Holdings Midco 2, LLC	Delayed Draw Term Loan	7/8/2027	4,531		—
Compsych Investments Corp.	Delayed Draw Term Loan	7/22/2027	3,471		(152)
Connatix Buyer, Inc.	Revolver	7/14/2027	3,042		—
Connatix Buyer, Inc.	Delayed Draw Term Loan	4/9/2026	510		—
Consor Intermediate II, LLC	Delayed Draw Term Loan	5/10/2026	2,361		—
Consor Intermediate II, LLC	Revolver	5/10/2031	854		—
Continental Buyer, Inc.	Revolver	4/2/2031	2,715		—
Continental Buyer, Inc.	Revolver	4/2/2031	4,350		(22)
Continental Buyer, Inc.	Revolver	4/2/2031	2,081		(10)
Continental Buyer, Inc.	Delayed Draw Term Loan	4/21/2028	4,163		(10)
Coupa Software, Inc.	Delayed Draw Term Loan	6/3/2027	164		—
Coupa Software, Inc.	Revolver	2/27/2029	126		(1)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031	1,912		(16)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/27/2026	2,867		—
Creek Parent, Inc.	Revolver	12/18/2031	9,893		(173)
Crewline Buyer, Inc.	Revolver	11/8/2030	6,438		—
Crumbl Enterprises, LLC	Revolver	4/30/2032	120		(1)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	8/30/2026	1,914		—
CT Technologies Intermediate Holdings, Inc.	Revolver	8/30/2031	5,904		(59)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	8/30/2026	1,735		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	7/10/2027	88		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	8/5/2027	1,737		—
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan	8/5/2027	1,165		—
DCG Acquisition Corp.	Revolver	6/13/2031	5,937		(59)
DCG Acquisition Corp.	Delayed Draw Term Loan	6/13/2026	1,724		—
Denali Bidco, Ltd.	Delayed Draw Term Loan	9/5/2027	300		(3)
Denali Intermediate Holdings, Inc.	Revolver	8/26/2032	924		(9)
Denali TopCo, LLC	Delayed Draw Term Loan	8/26/2028	4,977		(25)
Denali TopCo, LLC	Revolver	8/26/2032	2,389		(12)
Discovery Education, Inc.	Revolver	4/9/2029	987		—
Divisions Holding Corp.	Revolver	4/17/2032	140		(1)
DM Intermediate Parent, LLC	Revolver	9/30/2030	4,790		—
DM Intermediate Parent, LLC	Delayed Draw Term Loan	9/30/2026	3,082		—
DM Intermediate Parent, LLC	Delayed Draw Term Loan	12/19/2027	13,319		(67)
Doit International, Ltd.	Delayed Draw Term Loan	11/25/2026	11,606		(87)
Doit International, Ltd.	Revolver	11/26/2029	5,803		—
Dropbox, Inc.	Delayed Draw Term Loan	12/10/2026	44,118		(221)
DTA Intermediate II, Ltd.	Revolver	3/27/2030	10,769		—
Duro Dyne National Corp.	Delayed Draw Term Loan	11/15/2026	6,002		(30)
Duro Dyne National Corp.	Revolver	11/15/2031	6,002		—
Dwyer Instruments, LLC	Revolver	7/20/2029	823		—
Eagan Parent, Inc.	Delayed Draw Term Loan	9/8/2027	90		—
Eagan Parent, Inc.	Revolver	9/8/2032	48		—
East River Bidco, GmbH	Delayed Draw Term Loan	3/26/2028	31		—
Eden Acquisitionco, Ltd.	Delayed Draw Term Loan	11/17/2026	13,505		(183)
Edison Bidco, AS	Delayed Draw Term Loan	12/5/2026	687		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Electro Switch Business Trust, LLC	Revolver	9/2/2032	$	4,345	$	(43)
ELK Bidco, Inc.	Revolver	6/13/2032	3,373		(17)
ELK Bidco, Inc.	Delayed Draw Term Loan	12/13/2027	3,747		(9)
EMB Purchaser, Inc.	Delayed Draw Term Loan	3/13/2028	6,681		—
EMB Purchaser, Inc.	Revolver	3/12/2032	3,294		(33)
Emergency Power Holdings, LLC	Delayed Draw Term Loan	8/17/2027	2,864		—
Endeavor Schools Holdings, LLC	Delayed Draw Term Loan	1/3/2027	9,765		—
ENV Bidco, AB	Delayed Draw Term Loan	7/29/2026	302		(4)
eResearchTechnology, Inc.	Delayed Draw Term Loan	1/17/2027	24,793		—
eResearchTechnology, Inc.	Revolver	10/17/2031	14,414		(144)
Essential Services Holding Corp.	Delayed Draw Term Loan	6/17/2026	2,297		(11)
Essential Services Holding Corp.	Revolver	6/17/2030	861		—
Everbridge Holdings, LLC	Delayed Draw Term Loan	7/2/2026	3,378		—
Everbridge Holdings, LLC	Revolver	7/2/2031	2,222		—
Experity, Inc.	Revolver	2/22/2030	1,495		—
Experity, Inc.	Delayed Draw Term Loan	9/13/2026	4,457		(22)
Falcon Parent Holdings, Inc.	Delayed Draw Term Loan	8/15/2027	2,169		(16)
Falcon Parent Holdings, Inc.	Revolver	11/6/2031	2,502		—
Fastener Distribution Holdings, LLC	Delayed Draw Term Loan	10/31/2026	7,125		—
Fern Bidco, Ltd.	Delayed Draw Term Loan	7/3/2027	10,035		—
Flexera Software, LLC	Revolver	8/15/2032	2,473		(6)
Foundation Risk Partners Corp.	Revolver	10/29/2029	3,076		—
Foundation Risk Partners Corp.	Delayed Draw Term Loan	2/26/2027	2,975		—
Frontgrade Technologies Holdings, Inc.	Revolver	1/9/2028	439		—
Frontline Road Safety, LLC	Revolver	3/4/2032	2,565		(13)
Frontline Road Safety, LLC	Delayed Draw Term Loan	3/4/2028	3,289		—
FusionSite Midco, LLC	Revolver	11/17/2029	7,006		(158)
FusionSite Midco, LLC	Delayed Draw Term Loan	4/30/2026	5,034		—
G&A Partners Holding Company II, LLC	Revolver	3/1/2030	3,288		(66)
G&A Partners Holding Company II, LLC	Delayed Draw Term Loan	3/1/2026	4,734		—
Galileo Pharma Bidco S.p.A	Delayed Draw Term Loan	10/7/2028	1,162		—
Galway Borrower, LLC	Revolver	9/29/2028	7,510		—
Galway Borrower, LLC	Delayed Draw Term Loan	2/7/2026	42,246		—
Gannett Fleming, Inc.	Revolver	8/5/2030	6,237		(94)
Gatekeeper Systems, Inc.	Delayed Draw Term Loan	8/27/2026	7,218		—
Gatekeeper Systems, Inc.	Revolver	8/28/2030	3,069		—
GI Ranger Intermediate, LLC	Revolver	10/29/2027	1,040		—
Gigamon, Inc.	Revolver	3/10/2028	262		—
Gimlet Bidco, GmbH	Delayed Draw Term Loan	4/23/2027	564		—
Gimlet Bidco, GmbH	Delayed Draw Term Loan	7/30/2028	36,015		(186)
Granicus, Inc.	Revolver	1/17/2031	2,448		—
Granicus, Inc.	Delayed Draw Term Loan	1/17/2026	388		—
Grid Alliance Partners, LLC	Delayed Draw Term Loan	7/1/2027	4,585		(46)
Grid Alliance Partners, LLC	Revolver	7/1/2030	2,979		(30)
Griffon Bidco, Inc.	Delayed Draw Term Loan	9/30/2027	4,072		—
Griffon Bidco, Inc.	Revolver	7/31/2031	4,072		(41)
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	7/2/2027	497		—
Ground Penetrating Radar Systems, LLC	Revolver	1/2/2032	288		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan	3/26/2026	1,653		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
GS Acquisitionco, Inc.	Revolver	5/25/2028	$	1,259	$	—
GS Acquisitionco, Inc.	Delayed Draw Term Loan	5/16/2027	1,429		(4)
Guardian Bidco, Inc.	Delayed Draw Term Loan	8/14/2028	711		(7)
Gusto Sing Bidco Pte, Ltd.	Delayed Draw Term Loan	11/15/2027	101		—
High Street Buyer, Inc.	Revolver	4/16/2027	2,254		(45)
High Street Buyer, Inc.	Delayed Draw Term Loan	7/18/2027	25,572		—
Home Service TopCo IV, Inc.	Revolver	12/30/2027	3,509		(38)
Horizon CTS Buyer, LLC	Revolver	3/28/2032	206		—
Icefall Parent, Inc.	Revolver	1/17/2030	3,897		—
IEM New Sub 2, LLC	Delayed Draw Term Loan	12/3/2027	13,164		(99)
IEM New Sub 2, LLC	Delayed Draw Term Loan	12/3/2027	11,010		—
IG Investments Holdings, LLC	Revolver	9/22/2028	4,416		—
Imagine 360, LLC	Delayed Draw Term Loan	9/18/2026	2,413		(12)
Imagine 360, LLC	Revolver	9/30/2028	1,514		(15)
Inception Fertility Ventures, LLC	Revolver	4/29/2030	728		—
Inception Fertility Ventures, LLC	Delayed Draw Term Loan	4/29/2026	10,488		—
INK BC Bidco S.p.A.	Delayed Draw Term Loan	7/16/2028	4,166		(42)
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan	8/23/2026	9,278		(16)
Integrity Marketing Acquisition, LLC	Revolver	8/25/2028	2,791		(14)
IQN Holding Corp.	Revolver	5/2/2028	207		—
IRI Group Holdings, Inc.	Revolver	12/1/2028	14,316		—
Iris Buyer, LLC	Revolver	10/2/2029	3,673		—
Iris Buyer, LLC	Delayed Draw Term Loan	8/4/2026	1,827		—
ISQ Hawkeye Holdco, Inc.	Revolver	8/20/2030	54		—
ISQ Hawkeye Holdco, Inc.	Delayed Draw Term Loan	8/20/2026	151		—
Java Buyer, Inc.	Revolver	12/15/2027	367		—
Java Buyer, Inc.	Revolver	12/15/2027	735		—
Java Buyer, Inc.	Delayed Draw Term Loan	5/9/2027	2,173		—
Jeppesen Holdings, LLC	Revolver	10/31/2032	3,340		(25)
JS Parent, Inc.	Revolver	4/24/2031	3,452		(17)
JSS Holdings, Inc.	Delayed Draw Term Loan	11/8/2026	7,492		(37)
Kattegat Project Bidco, AB	Delayed Draw Term Loan	10/5/2026	7,030		(95)
King Bidco S.P.E.C.	Delayed Draw Term Loan	6/26/2028	88		—
Knowledge Pro Buyer, Inc.	Revolver	12/10/2029	1,032		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan	6/11/2027	741		—
Knowledge Pro Buyer, Inc.	Revolver	12/10/2027	406		(4)
Koala Investment Holdings, Inc.	Delayed Draw Term Loan	2/29/2028	266		(1)
Koala Investment Holdings, Inc.	Revolver	8/29/2032	118		(1)
Kona Buyer, LLC	Revolver	7/23/2031	167		(1)
Kona Buyer, LLC	Delayed Draw Term Loan	6/27/2027	440		(1)
Kona Buyer, LLC	Delayed Draw Term Loan	7/23/2026	291		(1)
Kona Buyer, LLC	Delayed Draw Term Loan	7/23/2026	260		(1)
Kwol Acquisition, Inc.	Revolver	12/6/2029	1,345		—
Kwol Acquisition, Inc.	Delayed Draw Term Loan	8/25/2027	84		—
LogicMonitor, Inc.	Revolver	11/15/2031	1,992		(25)
LogicMonitor, Inc.	Delayed Draw Term Loan	9/1/2027	2,722		(17)
LPW Group Holdings, Inc.	Revolver	3/15/2030	5,373		(54)
Lsf12 Crown US Commercial Bidco, LLC	Revolver	12/2/2029	4,345		(6)
Magic Bidco, Inc.	Delayed Draw Term Loan	7/1/2026	6,568		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Magic Bidco, Inc.	Revolver	7/1/2030	$	371	$	—
Magneto Components BuyCo, LLC	Revolver	12/5/2029	5,508		(41)
Mandolin Technology Intermediate Holdings, Inc.	Revolver	4/30/2028	807		—
MannKind Corp.	Delayed Draw Term Loan	8/6/2027	5,435		—
Material Holdings, LLC	Revolver	8/19/2027	353		—
Material Holdings, LLC	Delayed Draw Term Loan	8/19/2027	2,182		—
MB2 Dental Solutions, LLC	Delayed Draw Term Loan	2/13/2026	3,962		—
MB2 Dental Solutions, LLC	Revolver	2/13/2031	1,133		—
MEDX AMCP Holdings, LLC	Revolver	7/21/2032	724		(7)
MEDX AMCP Holdings, LLC	Delayed Draw Term Loan	7/21/2027	1,701		(9)
Mercury Bidco Globe, Limited	Delayed Draw Term Loan	1/18/2026	1,881		—
MHE Intermediate Holdings, LLC	Revolver	7/21/2027	161		—
ML Holdco, LLC	Delayed Draw Term Loan	10/24/2027	300		—
Modernizing Medicine, Inc.	Revolver	4/30/2032	827		(8)
More Cowbell II, LLC	Delayed Draw Term Loan	9/3/2027	871		(11)
More Cowbell II, LLC	Revolver	9/1/2029	1,177		—
MPG Parent Holdings, LLC	Revolver	1/8/2030	1,339		—
MPG Parent Holdings, LLC	Delayed Draw Term Loan	1/8/2027	2,439		—
MRH Trowe Beteiligungsgesellschaft mbH	Delayed Draw Term Loan	5/15/2028	70		—
MRH Trowe Beteiligungsgesellschaft mbH	Revolver	11/15/2031	35		—
MRI Software, LLC	Revolver	2/10/2028	6,435		—
MRI Software, LLC	Delayed Draw Term Loan	10/2/2027	4,501		—
NAVEX TopCo, Inc.	Revolver	10/14/2031	5,910		(184)
NAVEX TopCo, Inc.	Delayed Draw Term Loan	10/14/2027	10,494		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	7,762		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan	7/15/2030	7,762		—
NDC Acquisition Corp.	Revolver	3/9/2028	3,083		—
NDT Global Holding, Inc.	Revolver	6/4/2032	173		(2)
NDT Global Holding, Inc.	Delayed Draw Term Loan	6/4/2027	194		—
Nephele III, BV	Delayed Draw Term Loan	1/14/2028	25		—
Neptune BidCo, SAS	Delayed Draw Term Loan	3/31/2027	205		—
Neptune Holdings, Inc.	Revolver	8/31/2029	933		(23)
Netsmart Technologies, Inc.	Delayed Draw Term Loan	8/23/2026	3,130		(16)
Netsmart Technologies, Inc.	Revolver	8/23/2031	4,432		—
Noble Midco 3, Ltd.	Delayed Draw Term Loan	6/10/2027	3,875		(19)
Noble Midco 3, Ltd.	Revolver	12/10/2030	2,390		—
North Haven Ushc Acquisition, Inc.	Revolver	10/29/2027	359		—
North Haven Ushc Acquisition, Inc.	Delayed Draw Term Loan	8/28/2026	4,544		—
Octane Purchaser, Inc.	Delayed Draw Term Loan	11/19/2027	1,227		—
Octane Purchaser, Inc.	Revolver	5/19/2032	491		(2)
Odevo, AB	Delayed Draw Term Loan	12/12/2027	5,494		—
Odevo, AB	Delayed Draw Term Loan	9/17/2028	41,966		(209)
Onex Baltimore Buyer, Inc.	Delayed Draw Term Loan	3/19/2026	4,275		—
Optimizely North America, Inc.	Revolver	10/30/2031	1,218		(12)
Oxford Global Resources, Inc.	Revolver	8/17/2027	3,085		—
Paisley Bidco, Ltd.	Delayed Draw Term Loan	5/7/2027	906		(3)
PAS Parent, Inc.	Delayed Draw Term Loan	8/18/2028	705		(4)
PAS Parent, Inc.	Revolver	8/18/2031	328		(3)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028	469		(9)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Pave America Holding, LLC	Revolver	8/27/2032	$	2,601	$	—
Pave America Holding, LLC	Delayed Draw Term Loan	8/29/2027	3,493		—
PDI TA Holdings, Inc.	Revolver	2/3/2031	1,013		—
Petrus Buyer, Inc.	Revolver	10/17/2029	272		—
Phoenix 1 Buyer Corp.	Revolver	11/20/2029	5,009		—
PKF O'Connor Davies Advisory, LLC	Delayed Draw Term Loan	11/18/2026	389		—
PKF O'Connor Davies Advisory, LLC	Revolver	11/15/2031	141		—
PPV Intermediate Holdings, LLC	Revolver	8/31/2029	139		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/7/2026	187		—
Profile Products, LLC	Revolver	11/12/2027	373		(4)
Profile Products, LLC	Revolver	11/12/2027	176		—
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	4/9/2026	3,688		—
QBS Parent, Inc.	Revolver	6/3/2032	1,734		—
QBS Parent, Inc.	Delayed Draw Term Loan	6/3/2027	3,472		—
R1 Holdings, LLC	Revolver	12/29/2028	31		—
RailPros Parent, LLC	Delayed Draw Term Loan	5/24/2027	124		(1)
RailPros Parent, LLC	Revolver	5/24/2032	62		(1)
Rally Buyer, Inc.	Revolver	7/19/2029	46		—
Red Fox CD Acquisition Corp.	Delayed Draw Term Loan	11/21/2026	16,235		—
Red Pathway Bidco, AB	Delayed Draw Term Loan	4/15/2028	6,793		(52)
Redwood Services Group, LLC	Delayed Draw Term Loan	1/3/2027	4,608		—
Relativity ODA, LLC	Revolver	5/12/2029	2,966		(74)
Saber Power Services, LLC	Revolver	10/21/2031	3,077		—
Safety Borrower Holdings, LP	Revolver	12/19/2032	611		—
Safety Borrower Holdings, LP	Delayed Draw Term Loan	12/19/2027	917		—
Sail Bidco, Ltd.	Delayed Draw Term Loan	5/28/2029	1,910		—
Sam Holding Co, Inc.	Revolver	3/24/2027	6,000		—
Sam Holding Co, Inc.	Delayed Draw Term Loan	11/5/2026	9,800		—
Scorpio BidCo SAS	Delayed Draw Term Loan	3/10/2026	4,818		(52)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/19/2026	2,656		—
Seahawk Bidco, LLC	Revolver	12/19/2030	3,753		(34)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/24/2027	20,814		—
SEKO Global Logistics Network, LLC	Delayed Draw Term Loan	5/10/2027	91		—
Seven Bidco, SASU	Delayed Draw Term Loan	8/29/2028	689		(3)
SG Acquisition, Inc.	Revolver	4/3/2030	8,301		—
SI Swan UK Bidco, Ltd.	Delayed Draw Term Loan	6/16/2026	7,142		—
SI Swan UK Bidco, Ltd.	Delayed Draw Term Loan	12/16/2028	8,241		—
Signant Finance One, Ltd.	Revolver	10/16/2031	3,623		(36)
Signant Finance One, Ltd.	Delayed Draw Term Loan	10/16/2027	8,696		—
Simplicity Financial Marketing Group Holdings, Inc.	Delayed Draw Term Loan	12/31/2026	1,122		—
Simplicity Financial Marketing Group Holdings, Inc.	Revolver	12/31/2031	1,076		(11)
SIQ Holdings III Corp.	Delayed Draw Term Loan	12/19/2027	6,667		—
SIQ Holdings III Corp.	Revolver	12/19/2030	3,107		—
Smile Doctors, LLC	Revolver	12/23/2027	1,233		(43)
Solis Midco, SAS	Delayed Draw Term Loan	4/8/2029	145		—
Spaceship Purchaser, Inc.	Revolver	10/17/2031	10,894		(109)
Spaceship Purchaser, Inc.	Delayed Draw Term Loan	10/17/2027	13,072		(65)
SpecialtyCare, Inc.	Delayed Draw Term Loan	8/26/2027	317		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
SpecialtyCare, Inc.	Revolver	12/18/2029	$	1,047	$	—
Spectrum Safety Solutions Purchaser, LLC	Delayed Draw Term Loan	7/1/2026	12,901		—
Spectrum Safety Solutions Purchaser, LLC	Revolver	7/1/2030	11,228		—
Speedster Bidco, GmbH	Revolver	6/10/2031	1,693		—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	149		—
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	4/24/2026	540		—
STV Group, Inc.	Delayed Draw Term Loan	3/20/2026	6,976		(70)
STV Group, Inc.	Revolver	3/20/2030	4,883		—
Tango Bidco, SAS	Delayed Draw Term Loan	7/15/2028	23,054		—
Tango Bidco, SAS	Delayed Draw Term Loan	10/17/2027	962		(7)
Tango Bidco, SAS	Delayed Draw Term Loan	10/17/2027	1,580		—
TEI Intermediate, LLC	Revolver	12/13/2031	2,539		—
TEI Intermediate, LLC	Delayed Draw Term Loan	12/13/2026	7,203		—
Teneo Holdings, LLC	Delayed Draw Term Loan	7/31/2027	9,583		(48)
Teneo Holdings, LLC	Revolver	7/31/2030	11,712		(117)
Tennessee Bidco, Limited	Delayed Draw Term Loan	7/1/2026	13,160		—
The Fertility Partners, Inc.	Revolver	9/16/2027	301		(12)
The Hiller Companies, LLC	Delayed Draw Term Loan	6/20/2026	121		—
The Hiller Companies, LLC	Revolver	6/20/2030	1,432		—
The Hiller Companies, LLC	Delayed Draw Term Loan	7/16/2027	449		—
The North Highland Co, LLC	Revolver	12/20/2030	3,626		—
The North Highland Co, LLC	Delayed Draw Term Loan	12/20/2026	5,903		(30)
Themis Solutions, Inc.	Delayed Draw Term Loan	10/29/2027	10,319		(137)
Themis Solutions, Inc.	Revolver	10/29/2032	8,599		(120)
THG Acquisition, LLC	Revolver	10/31/2031	1,128		—
THG Acquisition, LLC	Delayed Draw Term Loan	10/31/2026	1,841		—
Tricentis Operations Holdings, Inc.	Revolver	2/11/2032	2,872		(29)
Tricentis Operations Holdings, Inc.	Delayed Draw Term Loan	2/11/2027	4,595		(23)
Trinity Air Consultants Holdings Corp.	Revolver	6/29/2029	7,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan	6/30/2027	1,433		—
Triple Lift, Inc.	Revolver	5/5/2028	7,697		(654)
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	7/9/2027	25,647		—
TRP Infrastructure Services, LLC	Delayed Draw Term Loan	12/2/2026	1,346		—
Unified Women's Healthcare, LP	Revolver	6/18/2029	241		—
Unified Women's Healthcare, LP	Delayed Draw Term Loan	9/22/2027	38,333		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan	12/13/2026	21,535		—
US Oral Surgery Management Holdco, LLC	Revolver	11/20/2028	3,735		—
Varicent Parent Holdings Corp.	Delayed Draw Term Loan	10/15/2027	1,832		(18)
Varicent Parent Holdings Corp.	Revolver	8/23/2031	1,557		(23)
Varicent Parent Holdings Corp.	Delayed Draw Term Loan	10/15/2027	1,045		—
Varicent Parent Holdings Corp.	Revolver	8/23/2031	493		(5)
Veregy Consolidated, Inc.	Delayed Draw Term Loan	4/16/2027	2,436		(6)
Veregy Consolidated, Inc.	Revolver	4/16/2031	5,845		(44)
Water Holdings Acquisition, LLC	Delayed Draw Term Loan	7/31/2026	2,110		—
West Monroe Partners, LLC	Revolver	11/9/2027	1,443		(29)
West Star Aviation Acquisition, LLC	Revolver	5/20/2032	256		—
West Star Aviation Acquisition, LLC	Delayed Draw Term Loan	5/20/2027	241		—
WHCG Purchaser III, Inc.	Delayed Draw Term Loan	8/2/2027	7,044		—
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026	17,695		—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
World Insurance Associates, LLC	Revolver	4/3/2030	$	4,473	$	(66)
WPEngine, Inc.	Revolver	8/14/2029	6,667		(200)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	2,787		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	1,170		—
Zendesk, Inc.	Revolver	11/22/2028	169		—
Zeus, LLC	Revolver	2/8/2030	3,426		(17)
Zeus, LLC	Delayed Draw Term Loan	2/27/2026	2,284		—
Zorro Bidco, Ltd.	Delayed Draw Term Loan	8/13/2027	4,201		—
Total Unfunded Commitments			$	1,788,734	$	(5,969)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of December 31, 2025 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2025 was 0.75%.

(11)The interest rate floor on these investments as of December 31, 2025 was 1.00%.

(12)The interest rate floor on these investments as of December 31, 2025 was 1.25%.

(13)The interest rate floor on these investments as of December 31, 2025 was 1.50%.

(14)The interest rate floor on these investments as of December 31, 2025 was 2.00%.

(15)For unsettled positions the interest rate does not include the base rate.

(16)Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company’s non-controlled/affiliated investments were as follows:

	Fair Value as of December 31, 2024		Gross Additions		Gross Reductions		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of December 31, 2025		Dividend and Interest Income
Non-controlled/affiliated Investments
Align Precision Group, LLC	$	—	$	8,762	$	—	$	—	$	—	$	8,762	$	465
Align Precision Group, LLC	—		1,366		(3)		7		—		1,370		106
Align Precision Group, LLC - Class A-3 Units	—		384		—		1,165		—		1,549		—
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)	6,403		—		—		(1,088)		—		5,315		—
Material Holdings, LLC	21,547		931		(297)		(107)		—		22,074		2,612
Material Holdings, LLC	1,397		141		—		(1,538)		—		—		—
Material Holdings, LLC	—		726		—		(1)		—		725		12
Material+ Holding Company, LLC - Class C Units	—		—		—		—		—		—		—
Total	$	29,347	$	12,310	$	(300)	$	(1,562)	$	—	$	39,795	$	3,195

(17)Loan was on non-accrual status as of December 31, 2025.

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), excluding Axsome Therapeutics, Inc. - Common Stock, and may be deemed to be “restricted securities.” As of December 31, 2025, the aggregate fair value of these securities is $14,206.9 million or 227.48% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of December 31, 2025 was 3.00%.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD	58,283	CAD	80,000	03/25/2026	$	(255)
Wells Fargo Bank, N.A.	USD	76,983	EUR	65,250	03/25/2026	134
Wells Fargo Bank, N.A.	USD	2,626	NOK	26,704	03/25/2026	(22)
Wells Fargo Bank, N.A.	USD	1,890	DKK	11,958	03/25/2026	3
Wells Fargo Bank, N.A.	USD	62,779	GBP	47,000	03/25/2026	(399)
Wells Fargo Bank, N.A.	USD	20,291	SEK	187,760	03/25/2026	(146)
Total Foreign Currency Forward Contracts						$	(685)
Interest Rate Swaps
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
SMBC Capital Markets, Inc.	November 2027 Notes	5.88%	SOFR +	1.38%	11/15/2027	$	400,000	$	8,251	$	—	$	4,256
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.65%	4/13/2028	400,000		2,488		—		8,343
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.39%	4/13/2028	300,000		3,803		—		5,112
Wells Fargo Bank, N.A.	June 2030 Notes	5.30%	SOFR +	1.46%	6/30/2030	500,000		7,665		—		7,665
Wells Fargo Bank, N.A.	January 2031 Notes	5.13%	SOFR +	1.66%	1/31/2031	500,000		(1,889)		—		(1,889)
Total Interest Rate Swaps								$	20,318	$	—	$	23,487

(1)For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 1. Organization

Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company”), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The Company is externally managed by Blackstone Private Credit Strategies LLC (the “Adviser”) and Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance,” or “BXCI”). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”) and a sub-administration agreement between the Administrator and the Sub-Administrator (the “Sub-Administration Agreement,” and together with the Administration Agreement, the “Administration Agreements”), respectively. From commencement through December 31, 2024, Blackstone Credit BDC Advisors LLC served as the Company’s investment adviser (in such capacity, the “Prior Adviser”) and Blackstone Alternative Credit Advisors LP served as the Company’s administrator (in such capacity, the “Prior Administrator”).

The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company seeks to achieve its investment objectives primarily through originated loans and other securities, including syndicated loans, of private U.S. companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities.

The Company commenced its loan origination and investment activities on November 20, 2018.

On October 28, 2021, the Company priced its initial public offering (“IPO”), and the Company’s common shares of beneficial interest (“Common Shares”) began trading on the New York Stock Exchange (“NYSE”). See “Note 9. Net Assets” for further details.

Note 2. Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

In the opinion of management, all adjustments considered necessary for the fair presentation of the condensed consolidated financial statements for the interim period presented have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

All intercompany balances and transactions have been eliminated.

Certain prior period information has been reclassified to conform to the current period presentation.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of the Company’s wholly-owned subsidiaries which are considered to be investment companies. As of March 31, 2026, the Company’s consolidated subsidiaries were BGSL Jackson Hole Funding LLC (“Jackson Hole Funding”), BGSL Breckenridge Funding LLC (“Breckenridge Funding”), BGSL Big Sky Funding LLC (“Big Sky Funding”), BXSL CLO 2024-1 LLC (the “2024-1 Issuer”), BXSL CLO 2024-1 Depositor LLC, BXSL CLO 2025-1 LLC (“BXSL CLO 2025-1”), BGSL Investments LLC (“BGSL Investments”), BXSL Associates GP (Lux) S.à r.l, BXSL Direct Lending (Lux) SCSp, BXSL C-1 LLC, and BXSL C-2 Funding LLC.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions which, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within Net realized gain (loss) on the Condensed Consolidated Statements of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within Net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations.

Valuation of Investments

The Company is required to report its investments, including those for which current market values are not readily available, at fair value.

The Company values its investments in accordance with ASC 820, Fair Value Measurements (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, fair value means the value of a portfolio investment for which market quotations are not readily available. A market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Board of Trustees (the “Board” or the “Board of Trustees”), with assistance of the Advisers, the Audit Committee and independent valuation firm(s), determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

An enterprise value (“EV”) analysis is generally performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit-impaired. The Advisers will generally utilize approaches including the market approach, the income approach or both approaches, as appropriate, when calculating EV. The primary method for determining EV for non-control investments, and control investments without reliable projections, uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) or another key financial metric (e.g., such as revenues, cash flows or net income) (“Performance Multiple”). Performance Multiples are typically determined based upon a review of publicly-traded comparable companies and market comparable transactions, if any. The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates. The income approach is generally used when the Advisers have visibility into the long-term projected cash flows of a portfolio company.

If debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment’s position in the capital structure, the Advisers generally use the enterprise value “waterfall” approach or a recovery method (if a liquidation or restructuring is deemed likely) to determine fair value. For debt investments that are not determined to be credit-impaired, the Advisers generally use a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.

ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 may include unrestricted securities, including equities and derivatives, listed in active markets.

•Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category may include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

•Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category may include debt and equity investments in privately held entities, collateralized loan obligations (“CLOs”) and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Board’s assessment, with the assistance of the Advisers, the Audit Committee and independent valuation firm(s), of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly-traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.”

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative assets at fair value and Derivative liabilities at fair value, respectively.

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

From time to time, the Company may enter into forward currency contracts which is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign currency denominated assets and liabilities of the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying debt the Company has, but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as net change in unrealized appreciation (depreciation). The fair value of the foreign currency forwards is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Changes in

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

the fair value of the foreign currency forwards are presented in Net change in unrealized appreciation (depreciation): Derivative instruments and Net realized gains (losses): Derivative instruments in the Condensed Consolidated Statements of Operations.

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company’s fixed rate liabilities. The fair value of the interest rate swaps is included as Derivative assets at fair value or Derivative liabilities at fair value on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in Net realized gains (losses) and Net change in unrealized appreciation (depreciation) in the Condensed Consolidated Statements of Operations. The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The fair values of derivative instruments are presented on a net basis in the Condensed Consolidated Statements of Assets and Liabilities when they are with the same counterparty, the Company has determined it has a legal right to offset the recognized amounts, and it intends to either settle on a net basis. The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty when an enforceable master netting agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Forward Purchase Agreement

Forward purchase agreements are recognized at fair value through current period gains or losses on the date on which the contract is entered into and are subsequently re-measured at fair value. All forward purchase agreements are carried as assets when fair value is positive and as liabilities when fair value is negative. A forward purchase agreement is derecognized when the obligation specified in the contract is discharged, canceled or expired.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars (“USD”) on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in Translation of assets and liabilities in foreign currencies on the Condensed Consolidated Statements of Operations, if any. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2026 and 2025, the Company recorded $2.5 million and $12.9 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

PIK Income

The Company has investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in Payment-in-kind interest income in the Condensed Consolidated Statements of Operations. If at any point the Company expects that PIK will not be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through Payment-in-kind interest income. To satisfy the Company’s annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees, as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt whether principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

For further information regarding the non-accrual status of investments, refer to “Note 4. Investments.”

Offering Expenses

The Company records expenses related to public equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with any renewals of a shelf registration statement will be expensed as incurred.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings and debt issuance costs include premiums and discounts to the par value of the respective instruments. These expenses and adjustments are deferred and amortized into interest expense over the life of the related debt instrument. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Condensed Consolidated Statements of Assets and Liabilities. Debt issuance costs, including premiums and discounts to par, related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the condensed consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through March 31, 2026. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three months ended March 31, 2026 and 2025, the Company accrued $4.1 million and $4.2 million, respectively, of U.S. federal excise tax.

Certain of the Company’s consolidated subsidiaries are subject to certain U.S. federal and state income taxes. Income tax expense, if any, is included under the income category for which it applies in the Condensed Consolidated Statements of Operations.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Segment Reporting

The Company operates as a single reportable segment and as a result, the Company’s segment accounting policies are consistent with those described herein and the Company does not have any intra-segment sales and transfers of assets. See “Note 12. Segment Reporting” for further information.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Recent Accounting Pronouncements

In December 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements,” (“ASU 2025-09”). ASU 2025-09 amends the guidance in ASU 815, Derivatives and Hedging and refines certain hedge accounting requirements, including clarifications to the designation and documentation criteria for hedge relationships, improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency into an entity's risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. The Company has not early adopted and does not expect the adoption of ASU 2025-09 to have a material impact on its condensed consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Advisory Agreements

On October 1, 2018, the Company entered into the original investment advisory agreement with the Prior Adviser (the “Original Investment Advisory Agreement”), pursuant to which the Prior Adviser was responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

On October 18, 2021, the Company and the Prior Adviser entered into an amended and restated investment advisory agreement (the “Original A&R Investment Advisory Agreement”). The Original A&R Investment Advisory Agreement was substantially the same as the Original Investment Advisory Agreement except, following the IPO, the incentive fee on income became subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and became subject to an Incentive Fee Cap (as defined below) based on the Company’s Cumulative Net Return (as defined below). The amendment to the Original Investment Advisory Agreement did not result in higher fees (on a cumulative basis) payable to the Prior Adviser than the fees that would have otherwise been payable to the Prior Adviser under the Original Investment Advisory Agreement.

On November 7, 2024, the Board approved the Prior Adviser’s assignment of the Original A&R Investment Advisory Agreement to the Adviser pursuant to Rule 2a-6 under the 1940 Act, effective January 1, 2025. The Board, including a majority of the trustees who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”), also approved the second amended and restated investment advisory agreement (the “Investment Advisory Agreement”) to acknowledge such assignment. Accordingly, effective January 1, 2025, the Adviser became the Company’s investment adviser pursuant to the Investment Advisory Agreement. Further, on November 7, 2024, the Board approved the sub-advisory agreement (the “Sub-Advisory Agreement,” and together with the Investment Advisory Agreement, the “Advisory Agreements”) between the Company, the Adviser and the Sub-Adviser. Accordingly, effective January 1, 2025, the Sub-Adviser became the Company’s investment sub-adviser pursuant to the Sub-Advisory Agreement. These changes were the result of a reorganization of certain subsidiaries of Blackstone and did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide investment management services to the Company on behalf of the Advisers.

The Advisory Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 29, 2026, for an additional annual period, and, unless terminated earlier, will renew from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Advisory Agreements, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreements will automatically terminate in the event of their assignment within the meaning of the 1940 Act and related U.S. Securities and Exchange Commission (“SEC”) guidance and interpretations.

The Company pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is borne by the shareholders. The sub-advisory fees payable to the Sub-Adviser under the Sub-Advisory Agreement will be paid by the Adviser out of its own advisory fees rather than paid separately by the Company.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Base Management Fees

Starting from the consummation of the IPO, the management fee pursuant to the Investment Advisory Agreement is payable quarterly in arrears at an annual rate of 1.0% of the average value of the Company’s “gross assets” at the end of the two most recently completed calendar quarters. For purposes of the Investment Advisory Agreement, “gross assets” means the Company’s total assets determined on a consolidated basis in accordance with GAAP, excluding undrawn commitments but including assets purchased with borrowed amounts.

For the three months ended March 31, 2026 and 2025, base management fees were $36.4 million and $34.3 million, respectively. As of March 31, 2026 and December 31, 2025, $36.4 million and $36.1 million, respectively, was payable to the Adviser relating to management fees.

Incentive Fees

The incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains, each as described below:

(i) Income Based Incentive Fee:

The first part of the incentive fee, an income based incentive fee, is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee).

Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The Company excludes the impact of expense support payments and recoupments from pre-incentive fee net investment income. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.5% per quarter (6.0% annualized).

Pursuant to the Investment Advisory Agreement, the Company is required to pay an income based incentive fee of 17.5%, with a 1.5% hurdle and 100% catch-up.

The Company pays the Adviser an income based incentive fee based on its aggregate pre-incentive fee net investment income, as adjusted as described above, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the “Trailing Twelve Quarters”).

The hurdle amount for the income based incentive fee is determined on a quarterly basis and is equal to 1.5% multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for issuances by the Company of Common Shares, including issuances pursuant to its dividend reinvestment plan (the “DRIP”) and distributions that occurred during the relevant Trailing Twelve Quarters. The income based incentive fee for any partial period will be appropriately prorated.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

For the income based incentive fee, the Company will pay the Adviser a quarterly incentive fee based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.”

The income based incentive fee for each quarter will be determined as follows:

•No income based incentive fee is payable to the Adviser for any calendar quarter for which there is no Excess Income Amount.

•The Adviser will be paid 100% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters, if any, that exceeds the hurdle amount for such Trailing Twelve Quarters, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 1.82% (7.27% annualized), multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters that is included in the calculation of the incentive fee based on income.

•The Adviser will be paid 17.5%, of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

The amount of the income based incentive fee that will be paid to the Adviser for a particular quarter will equal the excess of (a) the income based incentive fee so calculated over (b) the aggregate income based incentive fee that was paid in respect of the first eleven calendar quarters included in the relevant Trailing Twelve Quarters subject to the Incentive Fee Cap as described below.

The income based incentive fee that will be paid to the Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) 17.5% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate income based incentive fee that was paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

“Cumulative Net Return” means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income based incentive fee to the Adviser for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income based incentive fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income based incentive fee to the Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income based incentive fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income based incentive fee to the Adviser equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. As the consummation of the IPO occurred on a date other than the first day of a calendar quarter, the income based incentive fee with respect to the Company’s pre-incentive fee net investment income was calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the consummation of the IPO based on the number of days in such calendar quarter before and after the consummation of the IPO. In no event will the amendments to the income based incentive fee include the Incentive Fee Cap and allow the Adviser to receive greater cumulative income based incentive fees under the Investment Advisory Agreement than it would have under the Original Investment Advisory Agreement. Amounts waived by the Prior Adviser are not subject to recoupment by the Prior Adviser.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

For the three months ended March 31, 2026 and 2025, the Company accrued income based incentive fees of $2.3 million and $34.3 million, respectively.

As of March 31, 2026 and December 31, 2025, there was $2.3 million and $26.4 million, respectively, payable to the Adviser for income based incentive fees.

(ii) Capital Gains Based Incentive Fee:

Starting from the completion of the IPO, the second part of the incentive fee, a capital gains based incentive fee, is determined and payable in arrears as of the end of each calendar year in an amount equal to 17.5% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains based incentive fees as calculated in accordance with GAAP.

The Company will accrue, but will not pay, a capital gains based incentive fee with respect to unrealized appreciation because a capital gains based incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. Amounts waived by the Adviser or Prior Adviser are not subject to recoupment by the Adviser or Prior Adviser, as applicable.

For the three months ended March 31, 2026 and 2025, the Company accrued no capital gains based incentive fees. As of March 31, 2026 and December 31, 2025, no amount was payable to the Adviser for capital gains based incentive fees.

Administration Agreements

On October 1, 2018, the Company entered into the original Administration Agreement with the Prior Administrator (the “Prior Administration Agreement”). On November 7, 2024, the Board approved the termination of the Prior Administration Agreement, effective December 31, 2024, and the entry into the Administration Agreement between the Company and the Administrator, effective January 1, 2025. Accordingly, effective January 1, 2025, the Administrator became the Company’s administrator pursuant to the Administration Agreement. Further, on November 7, 2024, the Board approved the Sub-Administration Agreement between the Administrator, on behalf of the Company, and the Sub-Administrator. Accordingly, effective January 1, 2025, the Sub-Administrator became one of the Company’s sub-administrators pursuant to the Sub-Administration Agreement. To acknowledge the change of the administrator, the Board also approved the assignment of the third party sub-administration agreement (the “State Street Sub-Administration Agreement”) with State Street Bank and Trust Company (the “State Street Sub-Administrator”) from the Prior Administrator to the Administrator, effective January 1, 2025. These changes did not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company remain the same, as well as the personnel that provide administrative services to the Company on behalf of the Administrators.

Under the terms of the Administration Agreements, the Administrators provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. The initial term of the Prior Administration Agreement was two years from October 1, 2018. Unless earlier terminated, the Administration Agreements will renew automatically for successive annual periods, provided that such continuance is approved at least annually by (i) the vote of the Board or by a majority vote of the outstanding voting securities of the Company and (ii) the vote of a majority of the Independent Trustees. The Administration Agreements were most recently renewed and approved by the Board, including a majority of the Independent Trustees, on April 29, 2026, for an additional annual period, and, unless terminated earlier, will renew automatically from year to year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

For providing these services, the Company will reimburse the Administrator for the costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates. The Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company, and the Administrator and the Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Administrator and the Prior Administrator, as applicable, have waived their rights to any reimbursement for rent and other occupancy costs for prior periods, including for the three months ended March 31, 2026 and 2025. The Administrator and the Prior Administrator cannot recoup any expenses that they have previously waived. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period.

For the three months ended March 31, 2026 and 2025, the Company incurred $1.1 million and $1.0 million, respectively, in expenses under the Administration Agreement, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, $1.0 million and $1.6 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

Sub-Administration and Custody Agreement

On October 1, 2018, the Prior Administrator entered into the State Street Sub-Administration Agreement with the State Street Sub-Administrator under which the State Street Sub-Administrator provides various accounting and administrative services to the Company. The State Street Sub-Administrator also serves as the Company’s custodian. On November 7, 2024, the Board approved the assignment of the State Street Sub-Administration Agreement from the Prior Administrator to the Administrator, effective January 1, 2025. The initial term of the State Street Sub-Administration Agreement was two years from the effective date and after expiration of the initial term and the State Street Sub-Administration Agreement shall automatically renew for successive one-year periods, unless a written notice of non-renewal is delivered prior to 120 days prior to the expiration of the initial term or renewal term.

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	March 31, 2026						December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	13,973,977	$	13,609,017	97.6	%	$	14,066,122	$	13,866,434	97.6	%
Second lien debt	233,536		228,827		1.6		232,448		231,650		1.6
Unsecured debt	13,992		12,502		0.1		13,049		12,278		0.1
Equity	75,416		91,794		0.7		76,348		96,932		0.7
Total	$	14,296,921	$	13,942,140	100.0	%	$	14,387,967	$	14,207,294	100.0	%

The Company utilizes the Global Industry Classification Standard for categorizing the industry classification of its investments. The industry composition of investments at fair value was as follows:

	March 31, 2026		December 31, 2025
Aerospace & Defense	4.2	%	4.1	%
Air Freight & Logistics	1.2		1.9
Automobile Components (2)	—		0.0

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	March 31, 2026		December 31, 2025
Biotechnology	1.1	%	1.1	%
Building Products	1.4		1.3
Chemicals	0.3		0.3
Commercial Services & Supplies	8.2		8.0
Construction & Engineering	1.4		1.2
Consumer Staples Distribution & Retail (1)(2)	0.0		0.0
Containers & Packaging	0.2		0.2
Distributors	1.9		2.1
Diversified Consumer Services	4.2		4.2
Diversified Telecommunication Services	0.1		0.1
Electric Utilities	1.5		1.4
Electrical Equipment	1.4		1.4
Electronic Equipment, Instruments & Components	2.2		2.1
Energy Equipment & Services	0.2		0.2
Financial Services	0.5		0.4
Ground Transportation	0.1		0.1
Health Care Equipment & Supplies	0.4		0.4
Health Care Providers & Services	9.7		9.5
Health Care Technology	4.4		5.6
Insurance	9.3		9.3
Interactive Media & Services	0.7		0.3
IT Services	4.3		4.3
Life Sciences Tools & Services	0.9		0.8
Machinery	0.3		0.3
Marine Transportation	0.5		0.4
Media	0.5		0.6
Oil, Gas & Consumable Fuels	0.5		0.5
Paper & Forest Products	0.1		0.1
Pharmaceuticals	0.4		0.4
Professional Services	9.9		9.7
Real Estate Management & Development	1.5		1.4
Software	20.7		20.5
Specialty Retail	1.3		1.3
Technology Hardware, Storage & Peripherals	0.5		0.6
Trading Companies & Distributors	0.8		0.9
Transportation Infrastructure	3.0		2.9
Wireless Telecommunication Services	0.2		0.1
Total	100.0	%	100.0	%

(1)Amount rounds to less than 0.1% as of March 31, 2026.

(2)Amount rounds to less than 0.1% as of December 31, 2025.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2026
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	12,300,117	$	11,919,845	85.5	%	195.4	%
Europe	1,687,271		1,710,103		12.2		28.1
Canada	149,780		151,492		1.1		2.5
Bermuda/Cayman Islands	147,876		148,611		1.1		2.4
Asia	11,877		12,089		0.1		0.2
Total	$	14,296,921	$	13,942,140	100.0	%	228.6	%
	December 31, 2025
---	---	---	---	---	---	---	---	---
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	12,488,551	$	12,259,789	86.3	%	196.3	%
Europe	1,601,031		1,645,999		11.6		26.3
Bermuda/Cayman Islands	148,220		148,966		1.0		2.4
Canada	138,265		140,444		1.0		2.3
Asia	11,900		12,096		0.1		0.2
Total	$	14,387,967	$	14,207,294	100.0	%	227.5	%

As of March 31, 2026 and December 31, 2025, eight borrowers (across thirteen loans) and five borrowers (eight loans) in the portfolio were on non-accrual status, respectively.

As of March 31, 2026 and December 31, 2025, on a fair value basis, 99.5% and 99.6%, respectively, of performing debt investments bore interest at a floating rate and 0.5% and 0.4%, respectively, of performing debt investments bore interest at a fixed rate.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 5. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments:

	March 31, 2026
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	199,598	$	13,409,419	$	13,609,017
Second lien debt	—		—		228,827		228,827
Unsecured debt	—		—		12,502		12,502
Equity	405		—		91,389		91,794
Total	$	405	$	199,598	$	13,742,137	$	13,942,140
	December 31, 2025
---	---	---	---	---	---	---	---	---
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	106,617	$	13,759,817	$	13,866,434
Second lien debt	—		—		231,650		231,650
Unsecured debt	—		—		12,278		12,278
Equity	438		—		96,494		96,932
Total	$	438	$	106,617	$	14,100,239	$	14,207,294

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. Approximately $5.8 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 3.9 years.

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:

	Three Months Ended March 31, 2026
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	13,759,817	$	231,650	$	12,278	$	96,494	$	14,100,239
Purchases of investments	343,921		2,468		934		2		347,325
Proceeds from principal repayments and sales of investments	(445,638)		(1,500)		—		(1,857)		(448,995)
Accretion of discount (amortization of premium)	10,912		120		9		—		11,041
Net realized gain (loss)	130		—		—		924		1,054
Net change in unrealized appreciation (depreciation)	(163,340)		(3,911)		(719)		(4,174)		(172,144)
Transfers into Level 3 (1)	—		—		—		—		—
Transfers out of Level 3 (1)	(96,383)		—		—		—		(96,383)
Fair value, end of period	$	13,409,419	$	228,827	$	12,502	$	91,389	$	13,742,137
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(162,672)	$	(3,911)	$	(719)	$	(3,565)	$	(170,867)

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,714,636	$	119,184	$	33,521	$	109,424	$	12,976,765
Purchases of investments	715,298		1,663		468		168		717,597
Proceeds from principal repayments and sales of investments	(964,827)		(2,347)		(20,595)		(10,224)		(997,993)
Accretion of discount (amortization of premium)	16,001		74		10		—		16,085
Net realized gain (loss)	1,210		(1)		—		7,316		8,525
Net change in unrealized appreciation (depreciation)	(9,399)		(91)		254		(7,521)		(16,757)
Transfers into Level 3 (1)	225		—		—		—		225
Transfers out of Level 3 (1)	(102,175)		—		—		—		(102,175)
Fair value, end of period	$	12,370,969	$	118,482	$	13,658	$	99,163	$	12,602,272
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(5,329)	$	(91)	$	(16)	$	(2,969)	$	(8,405)

(1)For the three months ended March 31, 2026 and 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2026
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	13,129,390	Yield Analysis	Discount Rate	7.14	%	22.06	%	9.75	%
	272,530		Asset Recoverability	Market Multiple	5.00x		12.50x		8.80x
	7,499		Market Quotations	Broker quoted price	92.89		100.25		98.17
	13,409,419
Investments in second lien debt	228,827		Yield Analysis	Discount Rate	8.64	%	15.84	%	10.24	%
Investments in unsecured debt	12,502		Yield Analysis	Discount Rate	16.10	%	16.10	%	16.10	%
Investments in equity	58,543		Market Approach	Performance Multiple	6.00x		33.63x		11.96x
	19,562		Yield Analysis	Discount Rate	11.67	%	21.71	%	16.69	%
	11,434		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	33.51	%
	1,850		Asset Recoverability	Market Multiple	8.50x		16.00x		11.90x
	91,389
Total	$	13,742,137

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	December 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	13,198,498	Yield Analysis	Discount Rate	6.94	%	19.36	%	9.44	%
	462,825		Asset Recoverability	Market Multiple	7.25x		12.47x		11.23x
	98,494		Market Quotations	Broker quoted price	97.25		100.00		99.97
	13,759,817
Investments in second lien debt	231,650		Yield Analysis	Discount Rate	8.45	%	15.78	%	10.11	%
Investments in unsecured debt	12,278		Yield Analysis	Discount Rate	15.10	%	15.10	%	15.10	%
Investments in equity	62,579		Market Approach	Performance Multiple	6.40x		33.63x		12.28x
	19,678		Yield Analysis	Discount Rate	12.50	%	19.50	%	15.08	%
	11,235		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	33.34	%
	3,002		Asset Recoverability	Market Multiple	8.50x		16.00x		11.22x
	96,494
Total	$	14,100,239

(1)Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of March 31, 2026 and December 31, 2025, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

The following table presents the fair value measurements of the Company’s Unsecured Notes and Debt Securitization Notes (as defined in Note 7) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy as of March 31, 2026 and December 31, 2025.

	March 31, 2026		December 31, 2025
	Fair Value		Fair Value
2026 Notes	$	—	$	799,357
New 2026 Notes	690,577		691,950
2027 Notes	631,721		632,710

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	March 31, 2026		December 31, 2025
	Fair Value		Fair Value
2028 Notes	$	604,234	$	615,550
November 2027 Notes	401,157		408,680
April 2028 Notes	695,121		706,370
June 2030 Notes	484,410		497,550
January 2031 Notes	479,447		494,000
September 2029 Notes	391,905		—
2024-1 Notes	457,456		457,450
Total	$	4,836,028	$	5,303,617

Other

As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, would be categorized as Level 3 within the fair value hierarchy.

Note 6. Derivatives

The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its foreign currency and interest rate risk exposures.

The net fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value or Derivative liabilities at fair value in the Condensed Consolidated Statements of Assets and Liabilities.

The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2026 and December 31, 2025:

	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	2,252	$	—	$	2,252	$	231,878
Interest rate swaps	—		29,016		—		29,016		1,600,000
Total Derivative assets at fair value	$	—	$	31,268	$	—	$	31,268	$	1,831,878
Derivative Liabilities
Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	—
Interest rate swaps	—		(8,723)		—		(8,723)		900,000
Total Derivative liabilities at fair value	$	—	$	(8,723)	$	—	$	(8,723)	$	900,000
Cash collateral posted							$	1,821

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	137	$	—	$	137	$	78,873
Interest rate swaps	—		22,207		—		22,207		1,600,000
Total Derivative assets at fair value	$	—	$	22,344	$	—	$	22,344	$	1,678,873
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(822)	$	—	$	(822)	$	143,979
Interest rate swaps	—		(1,889)		—		(1,889)		500,000
Total Derivative liabilities at fair value	$	—	$	(2,711)	$	—	$	(2,711)	$	643,979
Cash collateral posted							$	11,286

In the tables above:

•The notional amount represents the absolute value amount of all outstanding derivative contracts.

•All foreign currency derivatives are not designated in hedge relationships.

•All interest rate swaps are designated in fair value hedge relationships.

•The fair value has been presented prior to the application of counterparty netting or cash collateral netting.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three months ended March 31, 2026 and March 31, 2025, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

	For the Three Months Ended March 31,
	2026		2025
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	2,943	$	(1,921)
Net change in unrealized appreciation (depreciation)	$	2,943	$	(1,921)
Realized gain (loss)
Foreign currency forward contracts	$	1,842	$	(2,055)
Net realized gain (loss)	$	1,842	$	(2,055)

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Offsetting of Derivative Instruments

The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty. The following tables present the offsetting of the Company’s derivative financial instruments as of March 31, 2026 and December 31, 2025:

	As of March 31, 2026
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Asset		Cash Collateral Received (1)		Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.	$	11,205	$	—	$	—	$	11,205	$	—	$	—
Wells Fargo Bank, N.A.	20,063		(8,723)		—		11,340		—		—
	$	31,268	$	(8,723)	$	—	$	22,545	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Liabilities		Cash Collateral Posted (1)		Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.	$	—	$	—	$	—	$	—	$	1,821	$	1,821
Wells Fargo Bank, N.A.	(8,723)		8,723		—		—		—		—
	$	(8,723)	$	8,723	$	—	$	—	$	1,821	$	1,821
	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Asset		Cash Collateral Received (1)		Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.	$	8,251	$	—	$	—	$	8,251	$	—	$	—
Wells Fargo Bank, N.A.	14,093		(2,711)		—		11,382		—		—
	$	22,344	$	(2,711)	$	—	$	19,633	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Liabilities		Cash Collateral Posted (1)		Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.	$	—	$	—	$	—	$	—	$	1,805	$	1,805
Wells Fargo Bank, N.A.	(2,711)		2,711		—		—		9,481		9,481
	$	(2,711)	$	2,711	$	—	$	—	$	11,286	$	11,286

(1)No non-cash collateral has been posted to or received from counterparties related to derivative assets or derivative liabilities.

(2)Cash collateral posted to or received from counterparties has been offset against the derivative position with those counterparties to the extent an amount is available to be offset. Cash collateral posted to or received from counterparties in excess of the net derivative positions and not offset is recorded in the Condensed Consolidated Statements of Assets and Liabilities as Receivable from Broker or Payable to Broker, respectively.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Hedging

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three months ended March 31, 2026 and March 31, 2025, respectively.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.

	For the Three Months Ended March 31,
	2026		2025
Interest rate swaps	$	(18,839)	$	15,409
Hedged items	$	19,498	$	(14,285)

The table below presents the carrying value of unsecured borrowings as of March 31, 2026 and December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

	March 31, 2026				December 31, 2025
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	2,468,160	$	(90)	$	2,091,290	$	19,408

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On September 25, 2018, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 175.5% and 177.1%, respectively.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Jackson Hole Funding, Breckenridge Funding, Big Sky Funding, and BXSL CLO 2025-1 (collectively the “SPVs,” and such secured financing facilities described below collectively the “SPV Financing Facilities.”).

The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the applicable SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

Jackson Hole Funding Facility

On November 16, 2018, Jackson Hole Funding, the Company’s wholly-owned subsidiary that holds primarily originated loan investments, entered into a senior secured revolving credit facility (which was subsequently amended and restated on December 16, 2021, and amended effective as of September 16, 2022, November 15, 2023, December 18, 2023, December 19, 2024, November 26, 2025 and March 3, 2026, and as further amended from time to time, the “Jackson Hole Funding Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent, Citibank, N.A., serves as collateral agent and securities intermediary, Virtus Group, LP serves as collateral administrator and the Company serves as portfolio manager under the Jackson Hole Funding Facility.

Prior to December 19, 2024, advances under the Jackson Hole Funding Facility bore interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances (which is the three-month term SOFR for dollar advances), plus the applicable margin of 2.375% per annum for certain foreign currency advances to 2.525% per annum for dollar advances. From and after December 19, 2024, advances under the Jackson Hole Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances (which is the three-month Term SOFR for dollar advances), plus the applicable margin of 1.95% per annum for all advances. Jackson Hole Funding is required to utilize a minimum percentage of 75% of the financing commitments. Unused amounts below such minimum utilization amount accrue a fee at a rate of, prior to December 19, 2024, 1.775% per annum, and from and after December 19, 2024, 1.50% per annum. In addition, Jackson Hole Funding pays a commitment fee of 0.48% per annum on the average daily unused amount of the financing commitments in excess of the minimum utilization amount until May 2, 2026. Jackson Hole Funding also pays to JPM an administrative agency fee, in addition to certain other fees, each as agreed between Jackson Hole Funding and JPM.

The maximum commitment amount of the Jackson Hole Funding Facility as of March 31, 2026 was $500.0 million. The Jackson Hole Funding Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Jackson Hole Funding Facility to up to $900.0 million. Proceeds from borrowings under the Jackson Hole Funding Facility may be used to fund portfolio investments by Jackson Hole Funding and to make advances under delayed draw term loans where Jackson Hole Funding is a lender. The period during which Jackson Hole Funding may make borrowings under the Jackson Hole Funding Facility expires on May 2, 2026 and the Jackson Hole Funding Facility is scheduled to mature on May 17, 2027.

Breckenridge Funding Facility

On December 21, 2018, Breckenridge Funding, the Company’s wholly-owned subsidiary that holds primarily syndicated loan investments, entered into a senior secured revolving credit facility (which was subsequently amended on June 11, 2019, August 2, 2019, September 27, 2019, April 13, 2020, October 5, 2021, February 28, 2022, May 19, 2022, November 1, 2023, January 17, 2024, and December 18, 2024, and as further amended from time to time, the “Breckenridge Funding Facility”) with BNP Paribas (“BNP”). BNP serves as administrative agent, Wells Fargo Bank, National Association (“Wells Fargo”) serves as collateral agent and the Company serves as servicer under the Breckenridge Funding Facility.

Prior to December 18, 2024, advances under the Breckenridge Funding Facility bore interest at a per annum rate equal to the three-month Term SOFR (or other base rate) in effect, plus an applicable margin of 1.70%, 2.05% or 2.30% per annum, as applicable, depending on the nature of the advances being requested under the facility. Effective December 18, 2024, advances under the Breckenridge Funding Facility bear interest at a per annum rate equal to the three-month Term SOFR (or other base rate) in effect, plus an applicable margin of 1.90% per annum for all advances. From and after June 17, 2027, the applicable margin for advances under the Breckenridge Funding Facility will increase to 2.40% per annum. Breckenridge Funding pays a commitment fee of 0.70% per annum if the unused facility amount is greater than 50% or 0.35% per annum if the unused facility amount is less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments until June 18, 2027, in addition to certain other fees as agreed between Breckenridge Funding and BNP.

Proceeds from borrowings under the Breckenridge Funding Facility may be used to fund portfolio investments by Breckenridge Funding and to make advances under delayed draw and revolving loans where Breckenridge Funding is a lender. The period during which Breckenridge Funding may make borrowings under the Breckenridge Funding Facility expires on June 18, 2027 and the Breckenridge Funding Facility is scheduled to mature on June 18, 2029.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Big Sky Funding Facility

On December 10, 2019, Big Sky Funding, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility (which was subsequently amended on December 30, 2020, September 30, 2021, amended and restated on June 29, 2022, amended on March 30, 2023, amended on June 25, 2024, amended on September 25, 2024, amended on November 20, 2024, and as further amended from time to time, the “Big Sky Funding Facility”) with Bank of America, N.A. (“Bank of America”). Bank of America serves as administrative agent, Wells Fargo serves as collateral administrator and the Company serves as manager under the Big Sky Funding Facility.

Advances under the Big Sky Funding Facility bear interest at a per annum rate equal to the one-month Term SOFR in effect, plus the applicable margin of (a) until September 25, 2024, 1.80% per annum, (b) from September 25, 2024 to November 19, 2024, a range between 1.50% and 1.95% per annum depending on the nature of the collateral securing the advances, subject to a floor of 1.80% per annum, and (c) from and after November 20, 2024, 1.85% per annum. Big Sky Funding is required to utilize a minimum percentage of 80% of the financing commitments. Unused amounts below such minimum utilization amount accrue a fee at a rate of 1.60% per annum. In addition, Big Sky Funding pays an unused fee of 0.45% per annum on the daily unused amount of the financing commitments in excess of the minimum utilization amount, commencing three months after the closing date of the Big Sky Funding Facility, in addition to certain other fees as agreed between Big Sky Funding and Bank of America.

The maximum commitment amount of the Big Sky Funding Facility as of March 31, 2026 was $650.0 million. The Big Sky Funding Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Big Sky Funding Facility to up to $800.0 million. Proceeds from borrowings under the Big Sky Funding Facility may be used to fund portfolio investments by Big Sky Funding and to make advances under revolving loans or delayed draw term loans where Big Sky Funding is a lender. The period during which Big Sky Funding may make borrowings under the Big Sky Funding Facility expires on March 30, 2027 and the Big Sky Funding Facility is scheduled to mature on September 30, 2027.

BXSL 2025-1 Facility

On December 27, 2024, BXSL CLO 2025-1, the Company’s wholly-owned subsidiary created to hold primarily private credit loan investments, entered into a senior secured credit facility (as amended from time to time, the “BXSL 2025-1 Facility”) with BNP. BNP serves as administrative agent, Wilmington Trust, National Association (“Wilmington Trust”) serves as collateral custodian and the Company serves as collateral manager under the BXSL 2025-1 Facility.

Advances under the BXSL 2025-1 Facility bear interest at a per annum rate equal to the three-month Term SOFR (or other base rate) in effect, plus an applicable margin of 1.65% per annum for all advances. From and after December 27, 2026, the applicable margin for advances under the BXSL 2025-1 Facility will increase to 2.15% per annum.

Proceeds from borrowings under the BXSL 2025-1 Facility may be used to fund portfolio investments by BXSL 2025-1 Facility and to make advances under corporate loans where BXSL CLO 2025-1 is a lender. The period during which BXSL 2025-1 Facility may make borrowings under the BXSL 2025-1 Facility expires on December 27, 2026, and the BXSL 2025-1 Facility is scheduled to mature on December 27, 2028.

Revolving Credit Facility

On June 15, 2020, the Company entered into a senior secured revolving credit facility (which was most recently amended on August 4, 2025, and as further amended from time to time, the “Revolving Credit Facility”) with Citibank, N.A. (“Citi”) serving as administrative agent and collateral agent.

Table of Contents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Revolving Credit Facility provides for borrowings in USD and certain agreed-upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of March 31, 2026, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $433.5 million and (B) revolving commitments in the aggregate principal amount of $2.1 billion and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. Availability of the revolver under the Revolving Credit Facility will terminate on August 4, 2029 (other than with respect to the revolving commitments of certain lenders in the amount of $200.0 million, which expire on June 28, 2026) and all amounts outstanding under the Revolving Credit Facility must be repaid by August 5, 2030 (other than with respect to the revolving commitments of certain lenders in the amount of $200.0 million which mature on June 28, 2027) pursuant to an amortization schedule.

Loans under the Revolving Credit Facility with respect to revolving commitments of certain lenders in the amount of $200.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5% and (c) one month adjusted Term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875%. All other loans under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5% and (c) one month adjusted Term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 0.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 0.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.775%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 1.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 1.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.775%. The Company will pay an unused fee of 0.325% per annum on the daily unused amount of the revolver commitments (other than with respect to the revolving commitments of certain lenders in the amount of $200.0 million, for which the Company pays an unused fee of 0.375%). The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

The Company’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s assets.

In connection with the Revolving Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter-end; and (b) the Company must maintain at all times a 150% asset coverage ratio.

The Revolving Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Citi may terminate the commitments and declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

Table of Contents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Unsecured Notes

The Company issued unsecured notes, as further described below: 2026 Notes, New 2026 Notes, 2027 Notes, 2028 Notes, November 2027 Notes, April 2028 Notes, June 2030 Notes, January 2031 Notes and September 2029 Notes (each as defined below) which are collectively referred to herein as the “Unsecured Notes.”

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Unsecured Notes and U.S. Bank Trust Company, National Association (the “Trustee”) if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the Unsecured Notes (the “Unsecured Notes Indentures”).

In addition, on the occurrence of a “change of control repurchase event,” as defined in each respective Unsecured Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding Unsecured Notes at a price equal to 100% of the principal amount of such Unsecured Notes plus accrued and unpaid interest to the repurchase date.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

2026 Notes

On October 23, 2020 and December 1, 2020, the Company issued $500.0 million aggregate principal amount and $300.0 million aggregate principal amount, respectively, of 3.625% notes due 2026 (the “2026 Notes”) pursuant to a supplemental indenture, dated as of October 23, 2020 (and together with the indenture, dated as of July 15, 2020 (the “Base Indenture”), the “2026 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The 2026 Notes matured on January 15, 2026, and were paid off consistent with the terms of the January 2026 Notes Indenture.

New 2026 Notes

On March 16, 2021 and April 27, 2021, the Company issued $400.0 million aggregate principal amount and $300.0 million aggregate principal amount, respectively, of 2.750% notes due 2026 (the “New 2026 Notes”) pursuant to a supplemental indenture, dated as of March 16, 2021 (and together with the Base Indenture, the “New 2026 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The New 2026 Notes will mature on September 16, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the New 2026 Notes Indenture. The New 2026 Notes bear interest at a rate of 2.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on September 16, 2021. The New 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the New 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

2027 Notes

On July 23, 2021, the Company issued $650.0 million aggregate principal amount of 2.125% notes due 2027 (the “2027 Notes”) pursuant to a supplemental indenture, dated as of July 23, 2021 (and together with the Base Indenture, the “2027 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The 2027 Notes will mature on February 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2027 Notes Indenture. The 2027 Notes bear interest at a rate of 2.125% per year payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

2028 Notes

On September 30, 2021, the Company issued $650.0 million in aggregate principal amount of its 2.850% notes due 2028 (the “2028 Notes”) pursuant to a supplemental indenture, dated as of September 30, 2021 (and together with the Base Indenture, the “2028 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The 2028 Notes will mature on September 30, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2028 Notes Indenture. The 2028 Notes bear interest at a rate of 2.850% per year payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2022. The 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

November 2027 Notes

On May 20, 2024, the Company issued $400.0 million in aggregate principal amount of its 5.875% notes due 2027 (the “November 2027 Notes”) pursuant to a supplemental indenture, dated as of May 20, 2024 (and together with the Base Indenture, the “November 2027 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The November 2027 Notes will mature on November 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2027 Notes Indenture. The November 2027 Notes bear interest at a rate of 5.875% per year payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2024. The November 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the November 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the November 2027 Notes in a qualifying hedge accounting relationship.

April 2028 Notes

On October 15, 2024 and December 16, 2024, the Company issued $400.0 million aggregate principal amount and $300.0 million aggregate principal amount, respectively, of 5.350% notes due 2028 (the “April 2028 Notes”) pursuant to a supplemental indenture, dated as of October 15, 2024 (and together with the Base Indenture, the “April 2028 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The April 2028 Notes will mature on April 13, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the April 2028 Notes Indenture. The April 2028 Notes bear interest at a rate of 5.350% per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2025. The April 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the April 2028 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the April 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps and the April 2028 Notes in a qualifying hedge accounting relationship.

June 2030 Notes

On March 4, 2025, the Company issued $500.0 million in aggregate principal amount of its 5.300% notes due 2030 (the “June 2030 Notes”) pursuant to a supplemental indenture, dated as of March 4, 2025 (and together with the Base Indenture, the “June 2030 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The June 2030 Notes will mature on June 30, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2030 Notes Indenture. The June 2030 Notes bear interest at a rate of 5.300% per year payable semi-annually on June 30 and December 30 of each year, commencing on June 30, 2025. The June 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the June 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the June 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating-rate loans. The Company designated this interest rate swap and the June 2030 Notes in a qualifying hedge accounting relationship.

January 2031 Notes

On October 14, 2025, the Company issued $500.0 million aggregate principal amount of 5.125% notes due 2031 (the “January 2031 Notes”) pursuant to a supplemental indenture, dated as of October 14, 2025 (and together with the Base Indenture, the “January 2031 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The January 2031 Notes will mature on January 31, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2031 Notes Indenture. The January 2031 Notes bear interest at a rate of 5.125% per year payable semi-annually on January 31 and July 31 of each year, commencing on January 31, 2026. The January 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the January 2031 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the January 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating-rate loans. The Company designated this interest rate swap and the January 2031 Notes in a qualifying hedge accounting relationship.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

September 2029 Notes

On March 3, 2026, the Company issued $400.0 million aggregate principal amount of 5.250% notes due 2029 (the “September 2029 Notes”) pursuant to a supplemental indenture, dated as of March 3, 2026 (and together with the Base Indenture, the “September 2029 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The September 2029 Notes will mature on September 4, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2029 Notes Indenture. The September 2029 Notes bear interest at a rate of 5.250% per year payable semi-annually on March 4 and September 4 of each year, commencing on September 4, 2026. The September 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2029 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the September 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating-rate loans. The Company designated this interest rate swap and the September 2029 Notes in a qualifying hedge accounting relationship.

Debt Securitizations

The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

2024-1 CLO Debt Securitization

On November 21, 2024, the Company completed a $746.8 million term debt securitization (the “2024-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024-1 Debt Securitization (collectively, the “2024-1 Notes”) were issued by the 2024-1 Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.

The following table presents information on the secured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:

		March 31, 2026
Description	Type	Principal Outstanding		Interest Rate	Credit Rating
Class A Notes (2)	Senior Secured Floating Rate	$	—	SOFR + 1.51%	Aaa
Class A-L Loans (2)	Senior Secured Floating Rate	412,500		SOFR + 1.51%	Aaa
Class B Notes	Senior Secured Floating Rate	45,000		SOFR + 1.78%	Aa2
Class C Notes (1)	Mezzanine Secured Deferrable Floating Rate	52,500		SOFR + 2.00%	A2
Total Secured Notes		510,000
Subordinated Notes (1)	Subordinated	236,770		None	Not Rated
Total 2024-1 Notes		$	746,770	None

(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.

(2)Upon a conversion of the Class A-L Loans in accordance with the Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $412.5 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company (through its wholly-owned and consolidated subsidiary, BXSL CLO 2024-1 Depositor LLC) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization in part in exchange for the Company’s sale and contribution to the 2024-1 Issuer of the initial closing date portfolio. The 2024-1 Notes are scheduled to mature on October 20, 2036; however, the 2024-1 Notes may be redeemed by the 2024-1 Issuer, at the direction of the Company through its holder of the Subordinated Notes (through BXSL CLO 2024-1 Depositor LLC), on any business day after October 20, 2026. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. The Class A Notes, Class A-L Loans, Class B Notes and Class C Notes are secured obligations of the 2024-1 Issuer, the Subordinated Notes are the unsecured obligations of the 2024-1 Issuer, and the indenture governing the 2024-1 Notes includes customary covenants and events of default.

The 2024-1 Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the 2024-1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

The following presents the assets and liabilities of the 2024-1 Issuer, after giving effect to the elimination of intercompany balances. The assets of the 2024-1 Issuer are restricted to be used to settle the obligations of 2024-1 Issuer. The liabilities of the 2024-1 Issuer are only the obligations of the 2024-1 Issuer and the creditors (or beneficial interest holders) do not have recourse to the Company.

	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	717,480	$	727,232
Total investments at fair value	717,480		727,232
Cash and cash equivalents (restricted cash of $75,966 and $89,406, respectively)	75,966		89,406
Interest receivable from non-controlled/non-affiliated investments	5,242		9,291
Total assets	$	798,688	$	825,929
LIABILITIES
Debt (net of unamortized debt issuance costs of $2,162 and $2,212, respectively)	$	455,338	$	455,288
Interest payable	4,696		5,029
Total liabilities	$	460,034	$	460,317

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The Company’s outstanding debt obligations were as follows:

	March 31, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility (3)	$	500,000	$	105,374	$	105,374	$	—	$	394,626	$	254,563
Breckenridge Funding Facility	1,175,000		771,850		771,850		—		403,150		403,150
Big Sky Funding Facility	650,000		520,400		520,400		—		129,600		129,600
BXSL 2025-1 Facility	400,000		327,700		327,700		—		72,300		72,300
Revolving Credit Facility (4)	2,525,000		1,392,991		1,392,991		—		1,132,009		1,132,009
New 2026 Notes	700,000		700,000		699,184		816		—		—
2027 Notes	650,000		650,000		647,589		2,411		—		—
2028 Notes	650,000		650,000		645,300		4,700		—		—
November 2027 Notes (5)	400,000		400,000		401,101		3,292		—		—
April 2028 Notes (5)	700,000		700,000		695,894		5,447		—		—
June 2030 Notes (5)	500,000		500,000		494,472		8,998		—		—
January 2031 Notes (5)	500,000		500,000		487,076		8,200		—		—
September 2029 Notes (5)	400,000		400,000		389,617		5,814		—		—
2024-1 Notes	457,500		457,500		455,338		2,162		—		—
Total	$	10,207,500	$	8,075,815	$	8,033,886	$	41,840	$	2,131,685	$	1,991,622

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)Under the Jackson Hole Funding Facility, the Company may borrow in USD or certain other permitted currencies. As of March 31, 2026, the Company had no borrowings denominated in currencies other than USD.

(4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of March 31, 2026, the Company had non-USD borrowings denominated in the following currencies:

•CAD 38.4 million

•EUR 469.5 million

•GBP 293.5 million

•AUD 1.0 million

(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility (3)	$	500,000	$	22,374	$	22,374	$	—	$	477,626	$	477,626
Breckenridge Funding Facility	1,175,000		652,550		652,550		—		522,450		418,348
Big Sky Funding Facility	650,000		585,900		585,900		—		64,100		64,100
BXSL 2025-1 Facility	400,000		34,800		34,800		—		365,200		351,400
Revolving Credit Facility (4)	2,425,000		1,447,497		1,447,497		—		977,503		977,503
2026 Notes	800,000		800,000		799,936		64		—		—
New 2026 Notes	700,000		700,000		698,746		1,254		—		—
2027 Notes	650,000		650,000		646,911		3,089		—		—
2028 Notes	650,000		650,000		644,837		5,163		—		—
November 2027 Notes (5)	400,000		400,000		403,760		3,803		—		—
April 2028 Notes (5)	700,000		700,000		700,057		6,107		—		—
June 2030 Notes (5)	500,000		500,000		497,626		9,520		—		—
January 2031 Notes (5)	500,000		500,000		489,847		8,688		—		—
2024-1 Notes	457,500		457,500		455,288		2,212		—		—
Total	$	10,507,500	$	8,100,621	$	8,080,129	$	39,900	$	2,406,879	$	2,288,977

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)Under the Jackson Hole Funding Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2025, the Company had no borrowings denominated in currencies other than USD.

(4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies:

•CAD 30.7 million

•EUR 417.2 million

•GBP 293.5 million

•AUD 1.0 million

(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.

The following tables summarize the contractual maturities of the Company’s outstanding principal as of March 31, 2026 and December 31, 2025:

	March 31, 2026
	Less than 1 Year		1 - 3 Years		3 - 5 Years		Greater than 5 Years		Total
SPV Financing Facilities	$	—	$	953,474	$	771,850	$	—	$	1,725,324
Revolving Credit Facility	—		—		1,392,991		—		1,392,991
Unsecured Notes	1,350,000		1,750,000		1,400,000		—		4,500,000
Debt Securitizations	—		—		—		457,500		457,500
Total outstanding principal	$	1,350,000	$	2,703,474	$	3,564,841	$	457,500	$	8,075,815

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

	December 31, 2025
	Less than 1 Year		1 - 3 Years		3 - 5 Years		Greater than 5 Years		Total
SPV Financing Facilities	$	—	$	643,074	$	652,550	$	—	$	1,295,624
Revolving Credit Facility	—		—		1,447,497		—		1,447,497
Unsecured Notes	1,500,000		2,400,000		500,000		500,000		4,900,000
Debt Securitizations	—		—		—		457,500		457,500
Total outstanding principal	$	1,500,000	$	3,043,074	$	2,600,047	$	957,500	$	8,100,621

As of March 31, 2026 and December 31, 2025, interest payable included $60.0 million and $60.8 million, respectively, of interest expense and $0.6 million and $1.2 million, respectively, of unused commitment fees.

For the three months ended March 31, 2026 and 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 4.83% and 5.01%, respectively. For the three months ended March 31, 2026 and 2025, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 4.90% and 5.09%, respectively.

For the three months ended March 31, 2026 and 2025, the average principal debt outstanding was $8,172.9 million and $7,313.5 million, respectively.

The components of interest expense were as follows:

	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	93,283	$	87,640
Facility unused fees	2,160		1,701
Amortization of deferred financing costs	1,450		1,409
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	3,935		3,350
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	18,839		(15,409)
Hedged items	(19,498)		14,285
Total interest expense	$	100,169	$	92,976
Cash paid for interest expense	$	115,628	$	96,301

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $1.6 billion and $1.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, the Company estimates that $139.7 million and $151.8 million, respectively, of investments were committed but not yet funded.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, management is not aware of any material pending legal proceedings.

Note 9. Net Assets

Shares Issued

The Company has the authority to issue an unlimited number of Common Shares at $0.001 per share par value.

On October 28, 2021, the Company priced its IPO, and the Common Shares began trading on the NYSE under the symbol “BXSL.”

As of March 31, 2026, the Company is party to eight separate equity distribution agreements with sales agents (“Equity Distribution Agreements”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $600.0 million of its Common Shares. Sales of Common Shares made pursuant to the Equity Distribution Agreements may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of the Common Shares, the Company’s capital needs, and the Company’s determination of the appropriate sources of funding to meet such needs. As of March 31, 2026, Common Shares with an aggregate sales price of $557.4 million remained available for issuance under the Equity Distribution Agreements.

No Common Shares were issued for the three months ended March 31, 2026, other than those issued through the DRIP.

The following table summarizes the total Common Shares issued and proceeds received, for the three months ended March 31, 2025, through the “at-the-market” offering program:

Issuances of Common Shares	Number of Common Shares Issued	Gross Proceeds		Placement Fees/Offering Expenses		Net Proceeds		Average Share Price (1)
“At-the-market” Offering	5,761,648	$	186,697	$	1,867	$	184,830	$	32.08

(1)Represents the net offering price per share after deducting placement fees and commissions and offering expenses.

Distributions

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2026 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 25, 2026	March 31, 2026	April 24, 2026	$	0.7700	$	178,855
Total distributions			$	0.7700	$	178,855

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 (dollars in thousands except per share amounts):

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 26, 2025	March 31, 2025	April 25, 2025	$	0.7700	$	175,421
Total distributions			$	0.7700	$	175,421

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Dividend Reinvestment

The Company has adopted the DRIP, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board declares a cash dividend or other distribution, then the Company’s shareholders who have not opted out of the DRIP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Starting from the consummation of the IPO, the number of shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per common share at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed NAV per share). For example, if the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $24.00 per share, the Company will issue shares at $24.00 per share. If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $27.00 per share, the Company will issue shares at $25.65 per share (95% of the current market price). If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $26.00 per share, the Company will issue shares at $25.00 per share.

Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan.

Pursuant to the DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the three months ended March 31, 2026 (dollars in thousands except share amounts):

Payment Date	DRIP Shares Value		DRIP Shares Issued
January 23, 2026	$	8,114	310,753
Total distributions	$	8,114	310,753

The following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the three months ended March 31, 2025 (dollars in thousands except share amounts):

Payment Date	DRIP Shares Value		DRIP Shares Issued
January 24, 2025	$	5,130	165,096
Total distributions	$	5,130	165,096

Share Repurchase Plan

In February 2026, the Board authorized a share repurchase plan, under which the Company is authorized to repurchase up to $250.0 million in the aggregate of its outstanding Common Shares in the open market at prices below the Company’s NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “10b-18 Plan”). The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.

For the three months ended March 31, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended March 31,
	2026		2025
Net increase (decrease) in net assets resulting from operations	$	25,246	$	149,809
Weighted average shares outstanding (basic and diluted)	232,203,849		226,577,167
Earnings (loss) per common share (basic and diluted)	$	0.11	$	0.66

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Note 11. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025
Per Share Data (1):
Net asset value, beginning of period	$	26.92		$	27.39
Net investment income	0.77			0.83
Net change in unrealized and realized gain (loss)	(0.66)			(0.17)
Net increase (decrease) in net assets resulting from operations	0.11			0.66
Distributions from net investment income (2)	(0.77)			(0.77)
Net increase (decrease) in net assets from capital share transactions	—			0.11
Total increase (decrease) in net assets	(0.66)			0.00
Net asset value, end of period	$	26.26		$	27.39
Market value, end of period	$	23.69		$	32.36
Shares outstanding, end of period	232,279,811			227,818,928
Total return based on NAV (3)	0.7		%	2.8		%
Total return based on market value (4)	(7.4)		%	2.6		%
Ratios:
Ratio of net expenses to average net assets (5)	9.2		%	10.5		%
Ratio of net investment income to average net assets (5)	11.6		%	12.2		%
Portfolio turnover rate	2.3		%	5.3		%
Supplemental Data:
Net assets, end of period	$	6,099,680		$	6,240,869
Asset coverage ratio	175.5		%	184.2		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the DRIP) divided by the beginning NAV per share. Total return does not include sales load.

(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the DRIP.

(5)Amounts are annualized except for amounts relating to excise and other tax expense. For the three months ended March 31, 2026 and 2025, the ratio of total operating expenses to average net assets was 9.2% and 10.5%, respectively.

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

The following is information about the Company’s senior securities as of the dates indicated in the table below:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Subscription Facility
March 31, 2026	$	—	$	—	—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	119,752		2,151		—	N/A
December 31, 2018	—		—		—	N/A
Jackson Hole Funding Facility
March 31, 2026	105,374		1,755		—	N/A
December 31, 2025	22,374		1,771		—	N/A
December 31, 2024	399,874		1,857		—	N/A
December 31, 2023	233,019		2,003		—	N/A
December 31, 2022	360,019		1,748		—	N/A
December 31, 2021	361,007		1,802		—	N/A
December 31, 2020	362,316		2,300		—	N/A
December 31, 2019	514,151		2,151		—	N/A
December 31, 2018	120,000		2,278		—	N/A
Breckenridge Funding Facility
March 31, 2026	771,850		1,755		—	N/A
December 31, 2025	652,550		1,771		—	N/A
December 31, 2024	649,350		1,857		—	N/A
December 31, 2023	741,700		2,003		—	N/A
December 31, 2022	825,000		1,748		—	N/A
December 31, 2021	568,680		1,802		—	N/A
December 31, 2020	569,000		2,300		—	N/A
December 31, 2019	820,311		2,151		—	N/A
December 31, 2018	65,000		2,278		—	N/A
Big Sky Funding Facility
March 31, 2026	520,400		1,755		—	N/A
December 31, 2025	585,900		1,771		—	N/A
December 31, 2024	400,000		1,857		—	N/A
December 31, 2023	480,906		2,003		—	N/A
December 31, 2022	499,606		1,748		—	N/A
December 31, 2021	499,606		1,802		—	N/A
December 31, 2020	200,346		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
BXSL 2025-1 Facility
March 31, 2026	$	327,700	$	1,755	—	N/A
December 31, 2025	34,800		1,771		—	N/A
December 31, 2024	—		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
Revolving Credit Facility
March 31, 2026	1,392,991		1,755		—	N/A
December 31, 2025	1,447,497		1,771		—	N/A
December 31, 2024	1,287,140		1,857		—	N/A
December 31, 2023	682,258		2,003		—	N/A
December 31, 2022	678,378		1,748		—	N/A
December 31, 2021	915,035		1,802		—	N/A
December 31, 2020	182,901		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2023 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	400,000		1,748		—	N/A
December 31, 2021	400,000		1,802		—	N/A
December 31, 2020	400,000		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2026 Notes
March 31, 2026	—		—		—	N/A
December 31, 2025	800,000		1,771		—	N/A
December 31, 2024	800,000		1,857		—	N/A
December 31, 2023	800,000		2,003		—	N/A
December 31, 2022	800,000		1,748		—	N/A
December 31, 2021	800,000		1,802		—	N/A
December 31, 2020	800,000		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
New 2026 Notes
March 31, 2026	$	700,000	$	1,755	—	N/A
December 31, 2025	700,000		1,771		—	N/A
December 31, 2024	700,000		1,857		—	N/A
December 31, 2023	700,000		2,003		—	N/A
December 31, 2022	700,000		1,748		—	N/A
December 31, 2021	700,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2027 Notes
March 31, 2026	650,000		1,755		—	N/A
December 31, 2025	650,000		1,771		—	N/A
December 31, 2024	650,000		1,857		—	N/A
December 31, 2023	650,000		2,003		—	N/A
December 31, 2022	650,000		1,748		—	N/A
December 31, 2021	650,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2028 Notes
March 31, 2026	650,000		1,755		—	N/A
December 31, 2025	650,000		1,771		—	N/A
December 31, 2024	650,000		1,857		—	N/A
December 31, 2023	650,000		2,003		—	N/A
December 31, 2022	650,000		1,748		—	N/A
December 31, 2021	650,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
November 2027 Notes
March 31, 2026	400,000		1,755		—	N/A
December 31, 2025	400,000		1,771		—	N/A
December 31, 2024	400,000		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
April 2028 Notes
March 31, 2026	$	700,000	$	1,755	—	N/A
December 31, 2025	700,000		1,771		—	N/A
December 31, 2024	700,000		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
June 2030 Notes
March 31, 2026	500,000		1,755		—	N/A
December 31, 2025	500,000		1,771		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
January 2031 Notes
March 31, 2026	500,000		1,755		—	N/A
December 31, 2025	500,000		1,771		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
September 2029 Notes
March 31, 2026	400,000		1,755		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(in thousands, except share amounts, per share data, percentages and as otherwise noted)

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2024-1 Notes
March 31, 2026	$	457,500	$	1,755	—	N/A
December 31, 2025	457,500		1,771		—	N/A
December 31, 2024	457,500		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

As of March 31, 2026 and December 31, 2025, the aggregate principal amount of indebtedness outstanding was $8.1 billion and $8.1 billion, respectively.

Note 12. Segment Reporting

The Company operates as a single reportable segment and derives revenues from investing primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and manages the business on a consolidated basis.

The chief operating decision maker (“CODM”) consists of the Company’s co-chief executive officers and chief financial officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is Net increase (decrease) in net assets resulting from operations which is reported on the Condensed Consolidated Statements of Operations.

Performance metrics are provided to the CODM on a quarterly basis and are utilized to evaluate performance generated from segment net assets. These key metrics, in addition to other factors, are utilized by the CODM to determine allocation of profits, such as for investment or the amount of dividends to be distributed to the Company’s shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Condensed Consolidated Statements of Assets and Liabilities as Total net assets and the significant segment expenses are listed on the Condensed Consolidated Statements of Operations.

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of March 31, 2026, except as discussed below.

On May 7, 2026, the Board declared a distribution of $0.77 per share to shareholders of record as of June 30, 2026, which is payable on or about July 24, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8— Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company’s periodic filings with the SEC.

Overview and Investment Framework

We are a Delaware statutory trust structured as a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we elected to be treated as a RIC under the Code. We are managed by our Advisers. The Administrators will provide the administrative services necessary for us to operate.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances, we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing.

Key Components of Our Results of Operations

Investments

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies, which includes larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns.

Our level of investment activity (both the number of investments and the size of each investment) varies substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

Revenues

We generate revenues in the form of interest income from the debt securities we hold and dividends. Our debt investments typically have a term of five to eight years and bear interest at floating rates on the basis of a benchmark such as SOFR, SONIA, etc. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

In addition, we generate revenue from various fees in the ordinary course of business such as in the form of commitment, loan origination, structuring, consent, waiver, amendment, syndication and other miscellaneous fees, as well as fees for providing managerial assistance to our portfolio companies.

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Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone Inc. (“Blackstone”) or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed. Pursuant to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and the Administrator and Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Company, the Administrator and the Prior Administrator, as applicable, treat any such rights to any reimbursement for rent and other occupancy costs for prior periods as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, including for the three months ended March 31, 2026 and 2025. Additionally, since the Company, the Administrator and the Prior Administrator treat any such right to reimbursement for rent and occupancy costs as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, the Administrator and the Prior Administrator cannot recoup any such expenses. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Costs and expenses of the Administrators and the Advisers that are eligible for reimbursement by us will be reasonably allocated on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator in accordance with policies adopted by the Board.

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Portfolio and Investment Activity

For the three months ended March 31, 2026, we made $303.2 million aggregate principal amount of new investment commitments (including $202.1 million of which remained unfunded as of March 31, 2026), $303.2 million of which was first lien debt and $0.0 million of which was equity.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated) (dollar amounts in thousands):

	As of and for the three months ended March 31,
	2026			2025
Investments:
Total investments, beginning of period	$	14,387,967		$	13,193,219
New investments purchased	324,788			689,214
Payment-in-kind interest capitalized	22,537			22,613
Net accretion of discount on investments	11,383			16,419
Net realized gain (loss) on investments	1,161			8,525
Investments sold or repaid	(450,915)			(977,955)
Total investments, end of period	$	14,296,921		$	12,952,035
Amount of investments funded at principal:
First lien debt	$	336,226		$	700,877
Second lien debt	—			—
Unsecured debt	—			—
Equity	2			168
Total	$	336,228		$	701,045
Proceeds from investments sold or repaid:
First lien debt	$	(447,556)		$	(965,383)
Second lien debt	(1,500)			(2,348)
Unsecured debt	—			—
Equity	(1,859)			(10,224)
Total	$	(450,915)		$	(977,955)
Number of new investments in new portfolio companies	6			14
Average new investment commitment amount	$	42,028		$	28,042
Weighted average yield of new investments	7.7		%	9.5		%
Weighted average yield on investments fully sold or paid down	9.1		%	10.3		%
	March 31, 2026			December 31, 2025
Number of portfolio companies	316			316
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	9.3		%	9.5		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	9.3		%	9.6		%
Average loan-to-value (LTV) (3)	51.7		%	50.5		%
Percentage of performing debt investments bearing a floating rate (4)	99.5		%	99.6		%
Percentage of performing debt investments bearing a fixed rate (4)	0.5		%	0.4		%
Percentage of assets on non-accrual, at amortized cost (5)	4.7		%	0.6		%
Percentage of assets on non-accrual, at fair value (5)	3.1		%	0.5		%

(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 or amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

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(2)As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 8.8% and 9.4%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 9.0% and 9.5%, respectively.

(3)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. 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 recent quarter-end.

(4)As a percentage of total fair value of performing debt investments. As of March 31, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 95.8% and 98.4%, respectively, of total investments at fair value.

(5)As a percentage of total amortized cost or fair value of investments.

As of March 31, 2026 and March 31, 2025, our portfolio companies had a weighted average annual revenue of $841 million and $818 million, respectively, and weighted average annual EBITDA of $224 million and $210 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted based on the 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 us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

For additional information on our investments, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 4. Investments.”

Results of Operations

The following table represents the operating results (dollar amounts in thousands):

	Three Months Ended March 31,
	2026		2025
Total investment income	$	325,471	$	357,764
Total expenses before tax expense	142,467		164,799
Net investment income before tax expense	183,004		192,965
Excise and other tax expense	4,090		4,169
Net investment income after tax expense	178,914		188,796
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	(154,895)		(43,874)
Net realized gain (loss), net of tax expense	1,227		4,887
Net increase (decrease) in net assets resulting from operations	$	25,246	$	149,809

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows (dollar amounts in thousands):

	Three Months Ended March 31,
	2026		2025
Interest income	$	302,216	$	335,686
Payment-in-kind interest income	21,536		21,353
Dividend income	20		—
Other income	1,699		725
Total investment income	$	325,471	$	357,764

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Total investment income decreased to $325.5 million for the three months ended March 31, 2026, a decrease of $32.3 million, or 9%, compared to the three months ended March 31, 2025. This was primarily attributable to a decrease in weighted average yield on the portfolio, partially offset by an increase in the average investments, compared to the three months ended March 31, 2025. Average investments at fair value increased by 9% to $14,074.7 million for the three months ended March 31, 2026 compared to $12,963.4 million for the three months ended March 31, 2025.

Additionally, for the three months ended March 31, 2026, we recorded $2.5 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $12.9 million for the same period in the prior year, primarily as a result of decreased prepayments.

For the three months ended March 31, 2026 and 2025, PIK interest income represented 6.6% and 6.0% of total investment income, respectively, and represented 12.0% and 11.3% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

Elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2026. Despite gradual decreases in interest rates during 2025, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Expenses

Expenses were as follows (dollar amounts in thousands):

	Three Months Ended March 31,
	2026		2025
Interest expense	$	100,169	$	92,976
Management fees	36,366		34,301
Income based incentive fees	2,294		34,301
Capital gains based incentive fees	—		—
Professional fees	1,217		886
Board of Trustees’ fees	290		306
Administrative service expenses	1,125		966
Other general and administrative expenses	1,006		1,063
Total expenses before tax expense	142,467		164,799
Net investment income before tax expense	183,004		192,965
Excise and other tax expense	4,090		4,169
Net investment income after tax expense	$	178,914	$	188,796

Interest Expense

Total interest expense increased to $100.2 million for the three months ended March 31, 2026, an increase of $7.2 million, or 8%, compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year.

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The average principal of debt outstanding increased to $8,172.9 million for the three months ended March 31, 2026 from $7,313.5 million for the same period in the prior year.

Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 4.83% for the three months ended March 31, 2026 from 5.01% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 4.90% for the three months ended March 31, 2026 from 5.09% for the same period in the prior year.

Management Fees

Management fees increased to $36.4 million for the three months ended March 31, 2026, an increase of $2.1 million, or 6%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the three months ended March 31, 2026, our average quarter-end gross assets increased to $14,546.5 million, from $13,720.5 million for the three months ended March 31, 2025.

Income Based Incentive Fees

Income based incentive fees decreased to $2.3 million for the three months ended March 31, 2026, a decrease of $32.0 million, or 93%, compared to the three months ended March 31, 2025, primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended March 31, 2026. Pre-incentive fee net investment income decreased to $181.2 million for the three months ended March 31, 2026 from $223.1 million for the three months ended March 31, 2025.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 3. Agreements and Related Party Transactions” for further information on the Advisory Agreements.

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three months ended March 31, 2026 and 2025.

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Total other expenses increased to $3.6 million for the three months ended March 31, 2026, an increase of $0.4 million or 13% compared to the three months ended March 31, 2025. This was primarily due to an increase in Professional fees and Administrative service expenses.

Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of us. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrators in performing their obligations under the Administration Agreements, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, expenses payable to the State Street Sub-Administrator, subscriptions and other costs.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a

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nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we accrued $4.1 million and $4.2 million, respectively, of U.S. federal excise tax.

BGSL Investments LLC (“BGSL Investments”), a wholly-owned and consolidated subsidiary that was formed in 2019, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2026 and 2025, BGSL Investments recorded an income tax provision of $0.5 million and $1.5 million, respectively.

As of March 31, 2026 and 2025, BGSL Investments recorded a deferred tax liability of $3.5 million and $3.7 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2026 and 2025, BGSL Investments recorded a current tax expense of $0.0 million and $0.6 million, respectively, which was substantially related to realized gains associated with the sale of an investment in a partnership interest.

Net Unrealized Gain (Loss)

Net change in unrealized gain (loss) was comprised of the following (dollar amounts in thousands):

	Three Months Ended March 31,
	2026		2025
Net change in unrealized gain (loss) on investments	$	(157,611)	$	(40,754)
Net change in unrealized gain (loss) on derivative instruments	2,943		(1,921)
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies	(735)		282
Income tax (provision) benefit	508		(1,481)
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	$	(154,895)	$	(43,874)

For the three months ended March 31, 2026, the net change in unrealized losses, net of income tax provision, was $154.9 million, as compared to $43.9 million for the same period in the prior year. The increase in losses was primarily driven by unrealized losses on investments of $157.6 million, which were mainly attributable to declines in the fair value of certain debt investments. The fair value of our debt investments, as a percentage of principal, decreased by 1.1% for the three months ended March 31, 2026, driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

In addition, we recognized unrealized losses of $0.7 million on translation of assets and liabilities in foreign currencies, primarily attributable to fluctuations in the EUR and GBP exchange rates vs. USD.

Partially offsetting these losses for the three months ended March 31, 2026, were unrealized gains of $2.9 million on derivative instruments, primarily resulting from fluctuations in the CAD, GBP and SEK exchange rates vs. USD.

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Net Realized Gain (Loss)

The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):

	Three Months Ended March 31,
	2026		2025
Net realized gain (loss) on investments	$	1,161	$	8,525
Net realized gain (loss) on derivative instruments	1,842		(2,055)
Net realized gain (loss) on foreign currency transactions	(1,776)		(987)
Current tax expense on realized gains	—		(596)
Net realized gain (loss), net of tax expense	$	1,227	$	4,887

For the three months ended March 31, 2026, the net realized gain, net of tax expense, was $1.2 million, as compared to $4.9 million for the same period in the prior year. The decrease was primarily driven by net realized gains on investments of $1.2 million for the three months ended March 31, 2026 as compared to $8.5 million for the same period in the prior year, mainly driven by the gain on the sale of an equity investment and the full or partial sales and repayments of investments.

We recognized additional gains of $1.8 million on derivative instruments for the three months ended March 31, 2026, resulting from the settlement of our foreign currency derivative transactions, mainly USD vs. EUR forwards.

Partially offsetting these gains were realized losses of $1.8 million on foreign currency transactions for the three months ended March 31, 2026, which were mainly attributable to fluctuations in the GBP and EUR exchange rates vs. USD.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public or private issuances of debt or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our Common Shares.

To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that was effective for a term of three years. In July 2025, we filed a new shelf registration statement with the SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2025 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2025 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

As of March 31, 2026 and December 31, 2025, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, we had an aggregate amount of $8.1 billion and $8.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 175.5% and 177.1%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we expect to be required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our

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liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Cash and cash equivalents (excluding restricted cash) as of March 31, 2026, taken together with our $2.1 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.0 billion is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $200.0 million of Level 1 and Level 2 investments as of March 31, 2026.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2026, we had $351.3 million in cash and cash equivalents (including restricted cash). During the three months ended March 31, 2026, cash provided by operating activities was $249.3 million, which reflected an increase in net assets resulting from operations of $25.2 million, adjusted for $157.6 million of net unrealized depreciation of investments. Cash provided by operating activities was further driven by proceeds from sales of investments and principal repayments of $450.9 million, partially offset by purchases of investments of $324.8 million. Cash used in financing activities was $184.2 million during the period, which was primarily as a result of dividends paid in cash of $170.5 million and net repayments on debt of $12.9 million.

Equity

We also access liquidity through our “at-the-market” offering program (the “ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. No Common Shares were issued through our ATM Program for the three months ended March 31, 2026. As of March 31, 2026, $557.4 million of Common Shares were available for issuance under the ATM Program.

For additional information on our ATM Program, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

Distributions

The following table summarizes our distributions declared and payable for the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts):

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 25, 2026	March 31, 2026	April 24, 2026	$	0.7700	$	178,855
Total distributions			$	0.7700	$	178,855

With respect to distributions, we have adopted an “opt out” dividend reinvestment plan (the “DRIP”) for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

For additional information on our distributions and DRIP, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

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Share Repurchase Plan

In February 2026, our Board authorized a share repurchase plan, under which we are authorized to repurchase up to $250.0 million in the aggregate of our outstanding Common Shares in the open market at prices below our NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “10b-18 Plan”). The timing, manner, price and amount of any share repurchases under the 10b-18 Plan will be determined by us, in our sole discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.

For the three months ended March 31, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

For additional information on our share repurchase plan, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 9. Net Assets.”

Borrowings

As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $8.1 billion and $8.1 billion, respectively, of debt outstanding.

For additional information on our debt obligations, see “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements —Note 7. Borrowings.”

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship.

See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 2. Significant Accounting Policies—Derivative Instruments” and “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements— Note 6. Derivatives” for additional disclosure regarding our derivative instruments designated in a hedge accounting relationship.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.6 billion and $1.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, we estimate that $139.7 million and $151.8 million, respectively, of investments were committed but not yet funded.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2026, management is not aware of any material pending legal proceedings.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

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•the Sub-Advisory Agreement; and

•the Administration Agreement.

In addition to the aforementioned agreements, we, Blackstone, our Advisers and certain of their affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers, Blackstone or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions, as well as regulatory requirements and other pertinent factors.

See “Item 1. Financial Statements —Notes to Condensed Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions.”

Recent Developments

Macroeconomic Environment

The three months ended March 31, 2026 were characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, and ongoing political and regulatory uncertainty, as well as geopolitical instability stemming from the conflicts in Ukraine and Iran and escalating conflicts in other parts of the Middle East.

The U.S. economy had demonstrated overall resilience despite geopolitical uncertainty and concerns regarding artificial intelligence disruption in certain sectors. Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level and interest rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Further contributing to economic uncertainty, the current U.S. presidential administration has taken substantial actions with respect to international trade policy, including seeking to renegotiate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In February 2026, the U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court’s ruling, the U.S. presidential administration raised potential alternative means through which the administration could impose tariffs. Such uncertainty and/or tariffs or counter-measures could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose businesses rely on imported goods. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company, its portfolio companies or their respective financial performance.

Critical Accounting Estimates

The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to valuation risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2026, 99.5% of our performing debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering interest rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):

	Interest Income		Interest Expense		Net Income (1)
Up 300 basis points	$	408,972	$	(104,631)	$	304,341
Up 200 basis points	272,648		(69,754)		202,894
Up 100 basis points	136,324		(34,877)		101,447
Down 100 basis points	(136,324)		34,877		(101,447)
Down 200 basis points	(271,691)		69,754		(201,937)
Down 300 basis points	(385,270)		104,631		(280,639)

(1)Excludes the impact of incentive fees. See “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions” for further information.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Co-Chief Executive Officers and Chief Financial Officer.

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Based upon this evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that the design and operation of our disclosure controls and procedures are (a) effective at the reasonable assurance level to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors.

There have been no material changes to the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

In February 2026, our Board authorized a 10b-18 Plan, under which the Company may repurchase up to $250.0 million in the aggregate of our outstanding Common Shares in the open market at prices below the Company’s NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. Refer to “Item 1. Financial Statements—Notes to Condensed Consolidated Financial Statements—Note 9. Net Assets” in this Form 10-Q for more information.

For the three months ended March 31, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Exhibit Number	Description of Exhibits
3.1	Fourth Amended and Restated Declaration of Trust, dated as of October 18, 2021 (incorporated by reference to Exhibit (a)(1) to the Company’s Registration Statement on Form N-2 filed on October 18, 2021).
3.2	Amended and Restated Bylaws, dated as of October 18, 2021 (incorporated by reference to Exhibit (b) to the Company’s Registration Statement on Form N-2 filed on October 18, 2021).
4.1	Tenth Supplemental Indenture, dated as of March 3, 2026, relating to the 5.250% Notes due 2029, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 3, 2026).
4.2	Form of 5.250% Notes due 2029 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on March 3, 2026).
31.1	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.3	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
32.2	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
32.3	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

_________________________

* Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

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

		Blackstone Secured Lending Fund
Date:	May 7, 2026	/s/ Brad Marshall
		Brad Marshall
		Co-Chief Executive Officer
		(Principal Executive Officer)
Date:	May 7, 2026	/s/ Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Principal Executive Officer)
Date:	May 7, 2026	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

149

Document

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brad Marshall, Co-Chief Executive Officer of Blackstone Secured Lending Fund, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Blackstone Secured Lending Fund (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2026

By:	/s/ Brad Marshall
	Brad Marshall
	Co-Chief Executive Officer

Document

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jonathan Bock, Co-Chief Executive Officer of Blackstone Secured Lending Fund, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Blackstone Secured Lending Fund (the “registrant”);

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2026

By:	/s/ Jonathan Bock
	Jonathan Bock
	Co-Chief Executive Officer

Document

Exhibit 31.3

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Teddy Desloge, Chief Financial Officer of Blackstone Secured Lending Fund, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Blackstone Secured Lending Fund (the “registrant”);

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2026

By:	/s/ Teddy Desloge
	Teddy Desloge
	Chief Financial Officer

Document

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Co-Chief Executive Officer of Blackstone Secured Lending Fund (the “Company”), does hereby certify that to the undersigned’s knowledge:

(1)the Company’s Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2026

By:	/s/ Brad Marshall
	Brad Marshall
	Co-Chief Executive Officer

*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

Document

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)the Company’s Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

Date: May 7, 2026

By:	/s/ Jonathan Bock
	Jonathan Bock
	Co-Chief Executive Officer

*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

Document

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blackstone Secured Lending Fund (the “Company”), does hereby certify that to the undersigned’s knowledge:

(1)the Company’s Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

Date: May 7, 2026

By:	/s/ Teddy Desloge
	Teddy Desloge
	Chief Financial Officer

*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.