0001736035bxsl:BlackstoneDonegalHoldingsLPMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2020-12-31
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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 JuneSeptember 30, 2022
OR
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
incorporation or organization)
 (I.R.S. Employer
Identification No.)
   
345 Park Avenue, 31st Floor
New York, New York
 10154
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 503-2100


Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
 Name of each exchange
on which registered
Common Shares of Beneficial Interest, $0.001 par value per share BXSL New York Stock Exchange
Indicate by check mark whether the Registrant: (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, smaller reporting company, or an emerging growth company. See the definition 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 Act).   YES  ☐   NO  ☒
The number of shares of Registrant’s Common Stock, $0.001 par value per share, outstanding as of August 9,November 8, 2022 was 165,285,728.159,822,716 .



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  Page
PART IFINANCIAL INFORMATION
Item 1.
Consolidated Statements of Assets and Liabilities as of JuneSeptember 30, 2022 3(Unaudited) 0, 2022 and December 31, 2021 (Unaudited)2021
Consolidated Schedules of Investments as of JuneSeptember 30, 2022 3(Unaudited) 0, 2022 and December 31, 2021 (Unaudited)2021
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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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,"“we” “us” usor" or “ “our”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 the current novel coronavirus ("COVID-19"COVID-19) pandemic, related COVID-19 variants, inflation and recent supply chain and labor market disruptions;
turmoil in Ukraine and Russia and the potential for volatility in energy prices and its impact 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 Credit BDC Advisors LLC (the “Adviser”) or any of its 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;
our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to challenges posed by the COVID-19 pandemic;
the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
our ability to qualify for and maintain our qualification as a regulated investment company 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, 2021 as updated by the Company's periodic filings with the Securities and Exchange Commission. 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, except as required by applicable law. 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 (the1934 Act “1934 Act”).
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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Secured Lending Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(Unaudited)
June 30, 2022December 31, 2021 September 30, 2022December 31, 2021
ASSETSASSETSASSETS
Investments at fair valueInvestments at fair value Investments at fair value 
Non-controlled/non-affiliated investments (cost of $9,987,135 and $9,712,367 at June 30, 2022 and December 31, 2021, respectively)$10,048,170 $9,819,696 
Non-controlled/affiliated investments (cost of $34,005 and $32,759 at June 30, 2022 and December 31, 2021, respectively)36,732 35,683 
Total investments at fair value (cost of $10,021,140 and $9,745,126 at June 30, 2022 and December 31, 2021, respectively)10,084,902 9,855,379 
Non-controlled/non-affiliated investments (cost of $9,669,699 and $9,712,367 at September 30, 2022 and December 31, 2021, respectively)Non-controlled/non-affiliated investments (cost of $9,669,699 and $9,712,367 at September 30, 2022 and December 31, 2021, respectively)$9,626,933 $9,819,696 
Non-controlled/affiliated investments (cost of $35,638 and $32,759 at September 30, 2022 and December 31, 2021, respectively)Non-controlled/affiliated investments (cost of $35,638 and $32,759 at September 30, 2022 and December 31, 2021, respectively)45,183 35,683 
Total investments at fair value (cost of $9,705,337 and $9,745,126 at September 30, 2022 and December 31, 2021, respectively)Total investments at fair value (cost of $9,705,337 and $9,745,126 at September 30, 2022 and December 31, 2021, respectively)9,672,116 9,855,379 
Cash and cash equivalentsCash and cash equivalents168,648 102,879 Cash and cash equivalents131,185 102,879 
Interest receivable from non controlled/non affiliated investments71,625 62,659 
Interest receivable from non-controlled/non-affiliated investmentsInterest receivable from non-controlled/non-affiliated investments67,923 62,659 
Deferred financing costsDeferred financing costs17,602 13,552 Deferred financing costs14,488 13,552 
Receivable for investments soldReceivable for investments sold39,906 142,878 Receivable for investments sold40,044 142,878 
Other assetsOther assets— 194 Other assets— 194 
Total assetsTotal assets$10,382,683 $10,177,541 Total assets$9,925,756 $10,177,541 
LIABILITIESLIABILITIESLIABILITIES
Debt (net of unamortized debt issuance costs of $40,500 and $45,695 at June 30, 2022 and December 31, 2021, respectively)$5,788,193 $5,498,633 
Debt (net of unamortized debt issuance costs of $37,895 and $45,695 at September 30, 2022 and December 31, 2021, respectively)Debt (net of unamortized debt issuance costs of $37,895 and $45,695 at September 30, 2022 and December 31, 2021, respectively)$5,512,721 $5,498,633 
Payable for investments purchasedPayable for investments purchased11,700 36,217 Payable for investments purchased18,775 36,217 
Due to affiliatesDue to affiliates11,388 8,248 Due to affiliates24,967 8,248 
Management fees payable (Note 3)Management fees payable (Note 3)19,419 17,812 Management fees payable (Note 3)19,039 17,812 
Income based incentive fees payable (Note 3)Income based incentive fees payable (Note 3)17,897 19,809 Income based incentive fees payable (Note 3)22,361 19,809 
Capital gains incentive fees payable (Note 3)Capital gains incentive fees payable (Note 3)14,218 17,389 Capital gains incentive fees payable (Note 3)8,788 17,389 
Interest payableInterest payable40,935 39,144 Interest payable19,720 39,144 
Distribution payable (Note 8)Distribution payable (Note 8)123,164 89,715 Distribution payable (Note 8)129,983 89,715 
Accrued expenses and other liabilitiesAccrued expenses and other liabilities696 3,095 Accrued expenses and other liabilities871 3,095 
Total liabilitiesTotal liabilities6,027,610 5,730,062 Total liabilities5,757,225 5,730,062 
Commitments and contingencies (Note 7)Commitments and contingencies (Note 7)Commitments and contingencies (Note 7)
NET ASSETSNET ASSETSNET ASSETS
Common shares, $0.001 par value (unlimited shares authorized; 168,243,901 and 169,274,033 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively)168 169 
Common shares, $0.001 par value (unlimited shares authorized; 161,823,803 and 169,274,033 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)Common shares, $0.001 par value (unlimited shares authorized; 161,823,803 and 169,274,033 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)162 169 
Additional paid in capitalAdditional paid in capital4,221,371 4,245,125 Additional paid in capital4,068,960 4,245,125 
Distributable earnings (loss)Distributable earnings (loss)133,534 202,185 Distributable earnings (loss)99,409 202,185 
Total net assetsTotal net assets4,355,073 4,447,479 Total net assets4,168,531 4,447,479 
Total liabilities and net assetsTotal liabilities and net assets$10,382,683 $10,177,541 Total liabilities and net assets$9,925,756 $10,177,541 
NET ASSET VALUE PER SHARENET ASSET VALUE PER SHARE$25.89 $26.27 NET ASSET VALUE PER SHARE$25.76 $26.27 
The accompanying notes are an integral part of these consolidated financial statements.
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Blackstone Secured Lending Fund
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
20222021202220212022202120222021
Investment income:Investment income:Investment income:
From non-controlled/non-affiliated investments:
Interest incomeInterest income$174,855 $130,774 $345,844 $258,724 Interest income$213,242 $165,417 $559,086 $424,141 
Payment in-kind interest incomePayment in-kind interest income10,808 362 19,494 2,279 Payment in-kind interest income10,933 1,000 30,427 3,279 
Dividend incomeDividend income— — 5,908 — Dividend income— — 5,908 — 
Fee incomeFee income1,328 3,961 1,342 4,804 Fee income2,616 458 3,958 5,262 
Total investment incomeTotal investment income186,991 135,097 372,588 265,807 Total investment income226,791 166,875 599,379 432,682 
Expenses:Expenses:Expenses:
Interest expenseInterest expense45,084 27,167 85,385 48,313 Interest expense55,347 32,740 140,732 81,053 
Management fees (Note 3)Management fees (Note 3)25,892 13,272 51,528 24,949 Management fees (Note 3)25,385 15,445 76,913 40,394 
Income based incentive fees (Note 3)Income based incentive fees (Note 3)20,880 13,800 42,164 28,146 Income based incentive fees (Note 3)26,088 16,983 68,252 45,130 
Capital gains incentive fees (Note 3)Capital gains incentive fees (Note 3)(3,851)6,793 (3,170)12,171 Capital gains incentive fees (Note 3)(5,430)2,430 (8,600)14,600 
Professional feesProfessional fees1,058 654 1,765 1,242 Professional fees762 939 2,527 2,179 
Board of Trustees' feesBoard of Trustees' fees209 144 390 275 Board of Trustees' fees238 141 628 416 
Administrative service expenses (Note 3)Administrative service expenses (Note 3)349 630 1,189 1,122 Administrative service expenses (Note 3)687 500 1,876 1,623 
Other general and administrativeOther general and administrative1,560 1,228 2,887 2,545 Other general and administrative1,643 1,670 4,530 4,215 
Total expensesTotal expenses91,181 63,688 182,138 118,763 Total expenses104,720 70,848 286,858 189,610 
Management fees waived (Note 3)Management fees waived (Note 3)(6,473)— (12,882)— Management fees waived (Note 3)(6,346)— (19,228)— 
Incentive fees waived (Note 3)Incentive fees waived (Note 3)(2,983)— (6,023)— Incentive fees waived (Note 3)(3,727)— (9,750)— 
Net expensesNet expenses81,725 63,688 163,233 118,763 Net expenses94,647 70,848 257,880 189,610 
Net investment income before excise taxNet investment income before excise tax105,266 71,409 209,355 147,044 Net investment income before excise tax132,144 96,027 341,499 243,072 
Excise tax expenseExcise tax expense— — 1,386 (282)Excise tax expense— 2,220 1,386 1,938 
Net investment income after excise taxNet investment income after excise tax105,266 71,409 207,969 147,326 Net investment income after excise tax132,144 93,807 340,113 241,134 
Realized and unrealized gain (loss):Realized and unrealized gain (loss):Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):Net change in unrealized appreciation (depreciation):Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investmentsNon-controlled/non-affiliated investments(27,521)39,977 (29,594)74,089 Non-controlled/non-affiliated investments(77,468)18,035 (107,062)92,124 
Non-controlled/affiliated investmentsNon-controlled/affiliated investments(123)1,854 (197)508 Non-controlled/affiliated investments6,818 (7)6,621 501 
Translation of assets and liabilities in foreign currenciesTranslation of assets and liabilities in foreign currencies(333)112 402 (602)Translation of assets and liabilities in foreign currencies64 466 (597)
Net unrealized appreciation (depreciation)Net unrealized appreciation (depreciation)(27,977)41,943 (29,389)73,995 Net unrealized appreciation (depreciation)(70,586)18,033 (99,975)92,028 
Realized gain (loss):Realized gain (loss):Realized gain (loss):
Non-controlled/non-affiliated investmentsNon-controlled/non-affiliated investments2,478 3,682 7,860 8,316 Non-controlled/non-affiliated investments31,249 (1,808)39,109 6,509 
Foreign currency transactionsForeign currency transactions(176)(339)391 (1,175)Foreign currency transactions3,139 (25)3,530 (1,201)
Net realized gain (loss)Net realized gain (loss)2,302 3,343 8,251 7,141 Net realized gain (loss)34,388 (1,833)42,639 5,308 
Net realized and unrealized gain (loss)Net realized and unrealized gain (loss)(25,675)45,286 (21,138)81,136 Net realized and unrealized gain (loss)(36,198)16,200 (57,336)97,336 
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations$79,591 $116,695 $186,831 $228,462 Net increase (decrease) in net assets resulting from operations$95,946 $110,007 $282,777 $338,470 
Net investment income per share (basic and diluted)Net investment income per share (basic and diluted)$0.62 $0.53 $1.23 $1.12 Net investment income per share (basic and diluted)$0.80 $0.63 $2.02 $1.76 
Earnings per share (basic and diluted)Earnings per share (basic and diluted)$0.47 $0.87 $1.10 $1.73 Earnings per share (basic and diluted)$0.58 $0.74 $1.68 $2.47 
Weighted average shares outstanding (basic and diluted)Weighted average shares outstanding (basic and diluted)169,426,422 133,789,760 169,489,006 131,889,042 Weighted average shares outstanding (basic and diluted)165,031,737 147,932,846 167,986,923 137,294,502 
Distributions declared and payable per shareDistributions declared and payable per share$0.73 $0.50 $1.51 $1.00 Distributions declared and payable per share$0.80 $0.50 $2.31 $1.50 
The accompanying notes are an integral part of these consolidated financial statements.
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Blackstone Secured Lending Fund
Consolidated Statements of Changes in Net Assets
(in thousands)
(Unaudited)
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net AssetsPar AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, March 31, 2022$170 $4,256,593 $177,107 $4,433,870 
Balance, June 30, 2022Balance, June 30, 2022$168 $4,221,371 $133,534 $4,355,073 
Reinvestment of dividends(1)Reinvestment of dividends(1)— 16,501 — 16,501 Reinvestment of dividends(1)— 11,469 — 11,469 
Net investment incomeNet investment income— — 105,266 105,266 Net investment income— — 132,144 132,144 
Net realized gain (loss) on investmentsNet realized gain (loss) on investments— — 2,302 2,302 Net realized gain (loss) on investments— — 34,388 34,388 
Net change in unrealized appreciation (depreciation) on investmentsNet change in unrealized appreciation (depreciation) on investments— — (27,977)(27,977)Net change in unrealized appreciation (depreciation) on investments— — (70,586)(70,586)
Dividends declared and payable from net investment incomeDividends declared and payable from net investment income— — (123,164)(123,164)Dividends declared and payable from net investment income— — (130,071)(130,071)
RepurchasesRepurchases(2)(51,723)— (51,725)Repurchases(6)(163,880)— (163,886)
Balance, June 30, 2022$168 $4,221,371 $133,534 $4,355,073 
Balance, September 30, 2022Balance, September 30, 2022162 4,068,960 99,409 4,168,531 
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net AssetsPar AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2021Balance, December 31, 2021$169 $4,245,125 $202,185 $4,447,479 Balance, December 31, 2021$169 $4,245,125 $202,185 $4,447,479 
Reinvestment of dividendsReinvestment of dividends27,969 — 27,970 Reinvestment of dividends39,438 — 39,440 
Net investment incomeNet investment income— — 207,969 207,969 Net investment income— — 340,113 340,113 
Net realized gain (loss) on investmentsNet realized gain (loss) on investments— — 8,251 8,251 Net realized gain (loss) on investments— — 42,639 42,639 
Net change in unrealized appreciation (depreciation) on investmentsNet change in unrealized appreciation (depreciation) on investments— — (29,389)(29,389)Net change in unrealized appreciation (depreciation) on investments— — (99,975)(99,975)
Dividends declared and payable from net investment incomeDividends declared and payable from net investment income— — (255,482)(255,482)Dividends declared and payable from net investment income— — (385,553)(385,553)
RepurchasesRepurchases(2)(51,723)— (51,725)Repurchases(9)(215,603)— (215,612)
Balance, June 30, 2022$168 $4,221,371 $133,534 $4,355,073 
Balance, September 30, 2022Balance, September 30, 2022$162 $4,068,960 $99,409 $4,168,531 

(1)     The par amount of the shares issued in connection with the reinvestment of dividends is less than 1,000 and rounds to zero.

The accompanying notes are an integral part of these consolidated financial statements.
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Blackstone Secured Lending Fund
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, March 31, 2021$130 $3,243,741 $81,832 $3,325,703 
Issuance of common shares14 356,991 — 357,005 
Reinvestment of dividends— 8,674 — 8,674 
Net investment income— — 71,409 71,409 
Net realized gain (loss) on investments— — 3,343 3,343 
Net change in unrealized appreciation (depreciation) on investments— — 41,943 41,943 
Dividends declared and payable from net investment income— — (66,975)(66,975)
Balance, June 30, 2021$144 $3,609,406 $131,552 $3,741,102 
Consolidated Statements of Changes in Net Assets
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2020$130 $3,232,562 $35,117 $3,267,809 
Issuance of common shares14 356,991 — 357,005 
Reinvestment of dividends— 19,853 — 19,853 
Net investment income— — 147,326 147,326 
Net realized gain (loss) on investments— — 7,141 7,141 
Net change in unrealized appreciation (depreciation) on investments— — 73,995 73,995 
Dividends declared and payable from net investment income— — (132,027)(132,027)
Balance, June 30, 2021$144 $3,609,406 $131,552 $3,741,102 
(in thousands)
(Unaudited)
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, June 30, 2021$144 $3,609,406 $131,552 $3,741,102 
Issuance of common shares13 356,237 — 356,250 
Reinvestment of dividends9,140 — 9,141 
Net investment income— — 93,807 93,807 
Net realized gain (loss) on investments— — (1,833)(1,833)
Net change in unrealized appreciation (depreciation) on investments— — 18,033 18,033 
Dividends declared from net investment income— — (74,049)(74,049)
Balance, September 30, 2021$158 $3,974,783 $167,510 $4,142,451 
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2020$130 $3,232,562 $35,117 $3,267,809 
Issuance of common shares27 713,227 — 713,254 
Reinvestment of dividends28,994 — 28,995 
Net investment income— — 241,134 241,134 
Net realized gain (loss) on investments— — 5,308 5,308 
Net change in unrealized appreciation (depreciation) on investments— — 92,028 92,028 
Dividends declared from net investment income— — (206,077)(206,077)
Balance, September 30, 2021$158 $3,974,783 $167,510 $4,142,451 
The accompanying notes are an integral part of these consolidated financial statements.
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Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30,Nine Months Ended September 30,
20222021 20222021
Cash flows from operating activities:Cash flows from operating activities:Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations$186,831 $228,462 Net increase (decrease) in net assets resulting from operations$282,777 $338,470 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investmentsNet unrealized (appreciation) depreciation on investments29,791 (74,597)Net unrealized (appreciation) depreciation on investments100,441 (92,625)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currenciesNet unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(402)602 Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(466)597 
Net realized (gain) loss on investmentsNet realized (gain) loss on investments(7,860)(8,316)Net realized (gain) loss on investments(39,109)(6,509)
Payment-in-kind interest capitalizedPayment-in-kind interest capitalized(20,551)(2,558)Payment-in-kind interest capitalized(31,891)(3,139)
Net accretion of discount and amortization of premiumNet accretion of discount and amortization of premium(20,669)(30,824)Net accretion of discount and amortization of premium(36,023)(47,969)
Amortization of deferred financing costsAmortization of deferred financing costs1,705 1,051 Amortization of deferred financing costs2,853 1,831 
Amortization of debt issuance costsAmortization of debt issuance costs5,193 2,474 Amortization of debt issuance costs7,799 586 
Amortization of discount on unsecured bondsAmortization of discount on unsecured bonds— 3,876 
Purchases of investmentsPurchases of investments(574,076)(2,592,570)Purchases of investments(808,767)(4,438,514)
Proceeds from sale of investments and principal repaymentsProceeds from sale of investments and principal repayments347,142 939,438 Proceeds from sale of investments and principal repayments955,578 1,945,636 
Changes in operating assets and liabilities:Changes in operating assets and liabilities:Changes in operating assets and liabilities:
Interest receivableInterest receivable(8,966)(13,601)Interest receivable(5,264)(30,429)
Receivable for investments soldReceivable for investments sold102,972 46,858 Receivable for investments sold102,833 (163,047)
Other assetsOther assets194 120 Other assets194 247 
Payable for investments purchasedPayable for investments purchased(24,517)(45,574)Payable for investments purchased(17,442)26,146 
Due to affiliatesDue to affiliates4,459 (597)Due to affiliates18,090 1,279 
Management fee payableManagement fee payable1,607 2,995 Management fee payable1,227 5,168 
Income based incentive fee payableIncome based incentive fee payable(1,912)(1,462)Income based incentive fee payable2,552 1,721 
Capital gains incentive fee payableCapital gains incentive fee payable(3,171)12,171 Capital gains incentive fee payable(8,601)14,600 
Interest payableInterest payable1,791 20,781 Interest payable(19,424)108 
Accrued expenses and other liabilitiesAccrued expenses and other liabilities(2,399)(401)Accrued expenses and other liabilities(2,225)2,015 
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities17,162 (1,515,548)Net cash provided by (used in) operating activities505,132 (2,439,952)
Cash flows from financing activities:Cash flows from financing activities:Cash flows from financing activities:
Borrowings on debtBorrowings on debt516,748 2,236,851 Borrowings on debt749,088 4,365,875 
Repayments on debtRepayments on debt(215,068)(979,659)Repayments on debt(699,151)(2,406,427)
Deferred financing costs paidDeferred financing costs paid(5,755)(3,737)Deferred financing costs paid(3,789)(4,214)
Debt issuance costs paidDebt issuance costs paid— (993)Debt issuance costs paid— (1,276)
Deferred offering costs paid on issuance of common sharesDeferred offering costs paid on issuance of common shares(1,531)— Deferred offering costs paid on issuance of common shares(1,607)— 
Dividends paid in cashDividends paid in cash(194,062)(131,836)Dividends paid in cash(305,756)(189,670)
Proceeds from issuance of common sharesProceeds from issuance of common shares— 358,624 Proceeds from issuance of common shares— 716,681 
Repurchased sharesRepurchased shares(51,725)— Repurchased shares(215,612)— 
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities48,607 1,479,250 Net cash provided by (used in) financing activities(476,827)2,480,969 
Net increase (decrease) in cash and cash equivalentsNet increase (decrease) in cash and cash equivalents65,769 (36,298)Net increase (decrease) in cash and cash equivalents28,306 41,017 
Effect of foreign exchange rate changes on cash and cash equivalentsEffect of foreign exchange rate changes on cash and cash equivalents— (52)Effect of foreign exchange rate changes on cash and cash equivalents— 610 
Cash and cash equivalents, beginning of periodCash and cash equivalents, beginning of period102,879 217,993 Cash and cash equivalents, beginning of period102,879 217,993 
Cash and cash equivalents, end of periodCash and cash equivalents, end of period$168,648 $181,643 Cash and cash equivalents, end of period$131,185 $259,620 
6

Table of Contents
Six Months Ended June 30,
Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
20222021Nine Months Ended September 30,
20222021
Supplemental information and non-cash activities:Supplemental information and non-cash activities:Supplemental information and non-cash activities:
Interest paid during the periodInterest paid during the period$76,306 $24,512 Interest paid during the period$146,210 $83,098 
Subscription receivable$— $1,808 
Distribution payableDistribution payable$123,164 $66,976 Distribution payable$129,983 $74,049 
Reinvestment of distributions during the periodReinvestment of distributions during the period$27,970 $19,853 Reinvestment of distributions during the period$39,439 $28,994 
Non-cash deferred financing costs activityNon-cash deferred financing costs activity$— $(64)Non-cash deferred financing costs activity$— $(64)
Accrued but unpaid debt issuance costsAccrued but unpaid debt issuance costs$— $190 Accrued but unpaid debt issuance costs$— $500 
Excise taxes paidExcise taxes paid$4,106 $131 Excise taxes paid$4,106 $131 
The accompanying notes are an integral part of these consolidated financial statements.
7

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
Investments - non-controlled/non-affiliated
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliated
First Lien DebtFirst Lien DebtFirst Lien Debt
Aerospace & DefenseAerospace & DefenseAerospace & Defense
Corfin Holdings, Inc. (4)(11)Corfin Holdings, Inc. (4)(11)L + 5.75%8.00%2/5/2026$200,388 $197,983 $199,887 4.59 %Corfin Holdings, Inc. (4)(11)L + 5.75%9.42%2/5/2026$199,875 $197,645 $197,876 4.75 %
Corfin Holdings, Inc. (4)(11)Corfin Holdings, Inc. (4)(11)L + 5.75%7.32%2/5/202669,581 68,513 69,407 1.59 Corfin Holdings, Inc. (4)(11)L + 5.75%8.82%2/5/202669,580 68,588 68,885 1.65 
Linquest Corp. (4)(5)(7)(10)L + 5.75%6.50%7/28/20289,888 9,640 9,615 0.22 
MAG DS Corp. (11)L + 5.50%7.75%4/1/202781,758 76,081 75,217 1.73 
LinQuest Corp. (4)(5)(7)(10)LinQuest Corp. (4)(5)(7)(10)L +5.75%9.10%7/28/20289,863 9,642 9,517 0.23 
MAG DS Corp. (4)(11)MAG DS Corp. (4)(11)L +5.50%9.17%4/1/202781,538 76,177 75,015 1.80 
Maverick Acquisition, Inc. (4)(7)(11)Maverick Acquisition, Inc. (4)(7)(11)L + 6.00%8.25%6/1/202718,887 18,506 17,975 0.41 Maverick Acquisition, Inc. (4)(7)(11)L + 6.25%9.92%6/1/202718,836 18,482 17,878 0.43 
TCFI AEVEX, LLC (4)(7)(11)TCFI AEVEX, LLC (4)(7)(11)L + 6.00%7.00%3/18/2026111,943 110,274 92,049 2.11 TCFI AEVEX, LLC (4)(7)(11)L +6.00%8.37%3/18/2026111,684 110,131 93,510 2.24 
480,997 464,149 10.66 480,664 462,681 11.10 
Air Freight & LogisticsAir Freight & LogisticsAir Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.75%6/11/202796,884 95,217 95,915 2.20 AGI-CFI Holdings, Inc. (4)(10)L +5.50%8.88%6/11/202796,639 95,062 95,673 2.30 
ENV Bidco AB (4)(10)ENV Bidco AB (4)(10)SOFR +6.00%8.99%7/19/20291,006 982 981 0.02 
ENV Bidco AB (4)(6)(7)(8)ENV Bidco AB (4)(6)(7)(8)E + 6.00%7.19%7/19/20291,122 1,115 1,057 0.03 
Livingston International, Inc. (4)(6)(10)Livingston International, Inc. (4)(6)(10)L + 5.50%7.75%4/30/2027129,506 126,728 128,211 2.94 Livingston International, Inc. (4)(6)(10)L + 5.50%9.14%4/30/2027129,179 126,578 127,887 3.07 
Mode Purchaser, Inc. (4)(11)Mode Purchaser, Inc. (4)(11)SOFR + 6.25%7.25%12/9/2026174,313 172,101 174,313 4.00 Mode Purchaser, Inc. (4)(11)SOFR + 6.25%8.96%12/9/2026178,829 176,659 178,829 4.29 
Mode Purchaser, Inc. (4)(11)SOFR + 6.25%7.25%2/5/20294,975 4,881 4,975 0.11 
R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202660,245 59,729 60,245 1.38 
Redwood Services Group, LLC (4)(10)SOFR + 6.00%6.75%6/15/20292,476 2,431 2,451 0.06 
R1 Holdings, LLC (4)(11)R1 Holdings, LLC (4)(11)L + 6.00%7.00%1/2/202669,116 68,637 69,116 1.66 
Redwood Services Group, LLC (4)(7)(10)Redwood Services Group, LLC (4)(7)(10)SOFR + 6.00%6.75%6/15/20292,000 1,957 1,955 0.05 
RWL Holdings, LLC (4)(7)(10)RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%7.95%12/31/202824,254 23,747 23,947 0.55 RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%9.45%12/31/202824,193 23,707 23,887 0.57 
SEKO Global Logistics Network, LLC (4)(5)(11)SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/20261,863 2,131 1,947 0.04 SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/20261,863 2,132 1,816 0.04 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%6.67%12/30/20265,530 5,459 5,518 0.13 SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%8.07%12/30/20266,150 6,072 6,110 0.15 
492,424 497,521 11.42 502,901 507,311 12.18 
Building ProductsBuilding ProductsBuilding Products
Fencing Supply Group Acquisition, LLC (4)(5)(11)Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%7.00%2/26/202752,452 51,841 52,452 1.20 Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%8.08%2/26/202752,319 51,753 52,319 1.26 
Jacuzzi Brands, LLC (4)(10)Jacuzzi Brands, LLC (4)(10)SOFR + 6.00%8.05%2/25/202594,817 94,016 94,817 2.18 Jacuzzi Brands, LLC (4)(10)SOFR +6.00%9.55%2/25/202594,817 94,092 94,817 2.27 
L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L + 5.75%8.00%9/1/202712,691 12,472 12,183 0.28 
L&S Mechanical Acquisition, LLC (4)(5)(10)L&S Mechanical Acquisition, LLC (4)(5)(10)L + 5.75%9.43%9/1/202712,659 12,452 12,058 0.29 
Lindstrom, LLC (4)(11)Lindstrom, LLC (4)(11)L + 6.25%7.31%4/7/2025122,502 121,418 122,502 2.81 Lindstrom, LLC (4)(11)SOFR + 6.25%8.86%4/7/2025122,252 121,268 121,029 2.90 
Windows Acquisition Holdings, Inc. (4)(5)(11)Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%8.75%12/29/202653,729 52,924 53,729 1.23 Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%10.17%12/29/202653,729 52,969 53,729 1.29 
332,671 335,684 7.71 332,533 333,953 8.01 
Chemicals
Polymer Additives, Inc. (8)L + 6.00%7.24%7/31/202524,052 23,435 23,181 0.53 
VDM Buyer, Inc. (4)(11)E + 6.75%7.99%4/22/202523,597 26,313 24,422 0.56 
VDM Buyer, Inc. (4)(11)L + 6.75%7.94%4/22/202562,129 61,547 61,507 1.41 
111,295 109,110 2.51 
Commercial Services & SuppliesCommercial Services & Supplies
Bazaarvoice, Inc. (4)(7)(8)Bazaarvoice, Inc. (4)(7)(8)L + 5.75%7.71%5/7/2028229,053 229,053 229,053 5.49 
Java Buyer, Inc. (4)(7)(10)Java Buyer, Inc. (4)(7)(10)L + 5.75%9.04%12/15/20275,036 4,933 4,866 0.12 
JSS Holdings, Inc. (4)(10)JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/2028286,638 283,455 286,638 6.88 
JSS Holdings, Inc. (4)(10)JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/20284,950 4,884 4,950 0.12 
Knowledge Pro Buyer, Inc. (4)(7)(10)Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%8.51%12/10/20275,293 5,171 5,152 0.12 
KPSKY Acquisition, Inc. (4)(7)(10)KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%8.58%10/19/202822,696 22,303 21,554 0.52 
Onex Baltimore Buyer, Inc. (4)(7)(10)Onex Baltimore Buyer, Inc. (4)(7)(10)SOFR + 5.75%8.37%12/1/202726,974 26,477 26,672 0.64 
8

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Commercial Services & Supplies
Bazaarvoice, Inc. (4)(7)(8)L + 5.75%7.71%5/7/2028229,630 229,630 229,630 5.27 
Java Buyer, Inc. (4)(7)(10)L + 5.75%7.58%12/15/20274,784 4,684 4,667 0.11 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/2027287,364 284,018 287,364 6.60 
JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/20284,963 4,893 4,963 0.11 
Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%7.44%12/10/20275,165 5,037 5,024 0.12 
KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.46%10/19/202822,752 22,341 22,295 0.51 
Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.55%12/1/202726,970 26,467 26,397 0.61 
Commercial Services & Supplies (continued)Commercial Services & Supplies (continued)
The Action Environmental Group, Inc. (4)(5)(12)The Action Environmental Group, Inc. (4)(5)(12)L + 6.00%7.25%1/16/202611,190 11,146 11,050 0.25 The Action Environmental Group, Inc. (4)(5)(12)L + 6.00%7.25%1/16/2026$11,161 $11,121 $11,022 0.26 %
The Action Environmental Group, Inc. (4)(11)The Action Environmental Group, Inc. (4)(11)L + 6.00%7.27%1/16/2026134,456 132,542 132,775 3.05 The Action Environmental Group, Inc. (4)(11)L + 6.00%7.25%1/16/2026134,107 132,334 132,431 3.18 
Veregy Consolidated, Inc. (11)L + 6.00%7.24%11/2/202720,992 20,547 20,048 0.46 
Veregy Consolidated, Inc. (4)(11)Veregy Consolidated, Inc. (4)(11)L + 6.00%8.81%11/2/202720,939 20,516 19,944 0.48 
741,306 744,212 17.09 740,246 742,282 17.81 
Construction & EngineeringConstruction & EngineeringConstruction & Engineering
ASP Endeavor Acquisition, LLC (4)(5)(9)ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%7.87%5/3/202713,835 13,595 13,108 0.30 ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%9.37%5/3/202713,800 13,581 13,075 0.31 
COP Home Services TopCo IV, Inc. (4)(5)(7)(11)COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%6.67%12/31/202721,762 21,236 21,312 0.49 COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%8.12%12/31/202721,430 20,930 20,766 0.50 
34,831 34,420 0.79 34,511 33,842 0.81 
Containers & PackagingContainers & PackagingContainers & Packaging
Ascend Buyer, LLC (4)(7)(10)Ascend Buyer, LLC (4)(7)(10)L + 5.75%8.00%9/30/202819,240 18,867 19,031 0.44 Ascend Buyer, LLC (4)(7)(10)L + 5.75%9.42%9/30/202819,193 18,836 18,984 0.46 
DistributorsDistributorsDistributors
BP Purchaser, LLC (4)(10)BP Purchaser, LLC (4)(10)L + 5.50%7.19%12/10/20287,369 7,233 7,222 0.17 BP Purchaser, LLC (4)(10)L +5.50%8.74%12/10/20287,356 7,226 7,209 0.17 
Bution Holdco 2, Inc. (4)(11)Bution Holdco 2, Inc. (4)(11)L + 6.25%7.92%10/17/202573,434 72,627 73,434 1.69 Bution Holdco 2, Inc. (4)(11)L + 6.25%9.37%10/17/202573,121 72,379 73,121 1.75 
Dana Kepner Company, LLC (4)(11)Dana Kepner Company, LLC (4)(11)SOFR +6.00%9.62%12/29/202663,457 62,559 63,139 1.51 
Dana Kepner Company, LLC (4)(10)Dana Kepner Company, LLC (4)(10)SOFR + 6.00%8.09%12/29/20271,995 1,955 1,985 0.05 Dana Kepner Company, LLC (4)(10)SOFR + 6.00%9.62%12/29/20271,995 1,957 1,985 0.05 
Dana Kepner Company, LLC (4)(11)L + 6.25%8.31%12/29/202663,622 62,669 63,304 1.45 
Genuine Cable Group, LLC (4)(7)(10)L + 5.75%6.87%11/2/2026165,941 162,928 164,139 3.77 
Genuine Cable Group, LLC (4)(10)Genuine Cable Group, LLC (4)(10)L + 5.75%8.00%11/2/2026180,444 177,370 178,639 4.29 
Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10)Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10)L + 5.50%7.75%12/23/20285,393 5,285 5,282 0.12 Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10)L + 5.50%9.17%6/23/20285,649 5,543 5,534 0.13 
NDC Acquisition Corp. (4)(7)(11)NDC Acquisition Corp. (4)(7)(11)L + 5.75%8.00%3/9/202713,630 13,263 13,459 0.31 NDC Acquisition Corp. (4)(7)(11)L + 5.50%9.17%3/9/202713,595 13,249 13,425 0.32 
Tailwind Colony Holding Corporation (4)(7)(11)Tailwind Colony Holding Corporation (4)(7)(11)SOFR + 6.25%7.46%11/13/202439,176 38,864 38,532 0.88 Tailwind Colony Holding Corporation (4)(7)(11)SOFR + 6.25%9.89%11/13/202440,570 40,291 39,961 0.96 
Unified Door & Hardware Group, LLC (4)(11)Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75%6/30/202594,849 93,577 93,426 2.15 Unified Door & Hardware Group, LLC (4)(11)L + 5.75%7.65%6/30/202594,605 93,412 92,240 2.21 
458,402 460,783 10.58 473,986 475,254 11.39 
Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services
Cambium Learning Group, Inc. (4)(7)(10)Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.56%7/20/2028313,580 310,791 313,580 7.20 Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%8.21%7/20/2028292,841 290,354 292,841 7.03 
Dreambox Learning Holding LLC (4)(5)(10)L + 6.25%7.00%12/1/20277,087 6,958 6,945 0.16 
DreamBox Learning Holding LLC (4)(5)(10)DreamBox Learning Holding LLC (4)(5)(10)L +6.25%9.44%12/1/20277,087 6,964 6,803 0.16 
Go Car Wash Management Corp. (4)(7)(11)Go Car Wash Management Corp. (4)(7)(11)L + 5.75%7.38%12/31/202622,329 21,878 22,032 0.51 Go Car Wash Management Corp. (4)(7)(11)L + 5.75%8.88%12/31/202622,569 22,146 22,156 0.53 
339,627 342,557 7.87 319,465 321,800 7.72 
Diversified Financial ServicesDiversified Financial ServicesDiversified Financial Services
Barbri Holdings, Inc. (4)(10)Barbri Holdings, Inc. (4)(10)L + 5.75%7.42%4/30/202864,845 63,734 64,197 1.47 Barbri Holdings, Inc. (4)(10)L + 5.75%8.87%4/30/202864,732 63,671 64,084 1.54 
SelectQuote, Inc. (4)(7)(10)L + 5.00%6.67%11/5/202475,401 74,371 68,084 1.56 
SelectQuote, Inc. (4)(10)SelectQuote, Inc. (4)(10)SOFR + 8.00%11.13%11/5/202474,593 73,760 67,134 1.61 
138,105 132,281 3.04 137,430 131,218 3.15 
Diversified Telecommunication ServicesDiversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%8.29%10/1/202895,375 93,099 92,720 2.22 
Electric UtilitiesElectric Utilities
Qualus Power Services Corp. (4)(7)(11)Qualus Power Services Corp. (4)(7)(11)L + 5.50%8.27%3/26/202731,889 31,238 31,496 0.76 
9

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Diversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/202886,795 84,418 84,133 1.93 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.71%3/26/202731,969 31,278 31,565 0.72 
Electrical EquipmentElectrical EquipmentElectrical Equipment
Emergency Power Holdings, LLC (4)(5)(7)(11)Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%6.50%8/17/202864,675 63,379 63,195 1.45 Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%9.17%8/17/2028$44,563 $43,607 $43,596 1.05 %
Relay Purchaser, LLC (4)(5)(7)(10)Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%8.25%8/30/202849,750 48,814 49,057 1.13 Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%9.67%8/30/202849,625 48,731 48,933 1.17 
Shoals Holdings, LLC (4)(7)(11)SOFR + 3.25%4.47%11/25/202683,931 82,364 84,771 1.95 
Shoals Holdings, LLC (4)(11)Shoals Holdings, LLC (4)(11)SOFR +3.25%5.94%11/25/202683,718 82,244 84,136 2.02 
194,557 197,022 4.52 174,581 176,665 4.24 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%8.13%12/23/2026109,597 107,781 104,875 2.41 
Albireo Energy, LLC (4)(5)(11)Albireo Energy, LLC (4)(5)(11)L +6.00%9.63%12/23/2026109,319 107,887 103,029 2.47 
Energy Equipment & ServicesEnergy Equipment & ServicesEnergy Equipment & Services
Abaco Energy Technologies, LLC (4)(13)Abaco Energy Technologies, LLC (4)(13)L + 7.00%8.50%10/4/202445,875 45,258 45,875 1.05 Abaco Energy Technologies, LLC (4)(13)L + 7.00%9.76%10/4/202445,875 45,327 45,875 1.10 
ISQ Hawkey Holdco, Inc. (4)(7)(10)ISQ Hawkey Holdco, Inc. (4)(7)(10)SOFR +6.25%9.31%8/17/2029731 707 707 0.02 
Tetra Technologies, Inc. (4)(6)(11)Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.92%9/10/202517,790 17,726 17,790 0.41 Tetra Technologies, Inc. (4)(6)(11)L + 6.25%9.37%9/10/202517,790 17,731 17,790 0.43 
62,984 63,664 1.46 63,765 64,371 1.54 
Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies
CPI Buyer, LLC (4)(7)(10)CPI Buyer, LLC (4)(7)(10)L + 5.50%7.07%11/1/202830,066 29,399 29,248 0.67 CPI Buyer, LLC (4)(7)(10)L + 5.50%8.57%11/1/202830,308 29,669 29,257 0.70 
GCX Corporation Buyer, LLC (4)(5)(7)(10)GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%6.78%9/13/202721,835 21,382 21,323 0.49 GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%8.32%9/13/202721,780 21,346 21,106 0.51 
50,780 50,571 1.16 51,015 50,363 1.21 
Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services
123Dentist, Inc. (4)(6)(7)(10)123Dentist, Inc. (4)(6)(7)(10)C + 5.75%9.41%8/10/2029C$1,721 1,245 1,131 0.03 
ACI Group Holdings, Inc. (4)(5)(7)(10)ACI Group Holdings, Inc. (4)(5)(7)(10)L + 5.50%7.75%8/2/2028113,179 110,666 112,200 2.58 ACI Group Holdings, Inc. (4)(5)(7)(10)L +5.50%9.17%8/2/202899,728 97,610 98,308 2.36 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%8.22%5/7/20278,623 8,462 8,506 0.20 ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L +6.50%8.47%5/7/20278,599 8,447 8,447 0.20 
Amerivet Partners Management, Inc. (4)(5)(7)(10)SOFR + 5.50%7.70%2/25/20284,988 4,849 4,841 0.11 
AmeriVet Partners Management, Inc. (4)(5)(7)(10)AmeriVet Partners Management, Inc. (4)(5)(7)(10)SOFR + 5.50%9.20%2/25/20285,338 5,207 5,164 0.12 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)C + 4.50%7.16%4/14/2028C$29,520 22,980 23,201 0.53 Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)C + 4.50%8.67%4/14/2028C$30,048 23,470 23,458 0.56 
CCBlue Bidco, Inc. (4)(7)(10)CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.00%12/21/20289,848 9,651 9,632 0.22 CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.17%12/21/202810,426 10,237 9,943 0.24 
Cross Country Healthcare, Inc. (4)(10)Cross Country Healthcare, Inc. (4)(10)L + 5.75%7.39%6/8/202721,036 20,691 21,036 0.48 Cross Country Healthcare, Inc. (4)(10)L +5.75%8.83%6/8/202711,036 10,835 11,036 0.26 
DCA Investment Holdings, LLC (4)(7)(10)DCA Investment Holdings, LLC (4)(7)(10)SOFR + 6.25%7.00%4/3/202826,712 26,377 26,444 0.61 DCA Investment Holdings, LLC (4)(7)(10)SOFR + 6.00%9.98%4/3/202827,962 27,634 27,685 0.66 
DCA Investment Holdings, LLC (4)(10)SOFR + 6.00%6.75%4/3/20284,025 3,987 3,985 0.09 
DCA Investment Holdings, LLC (4)(11)DCA Investment Holdings, LLC (4)(11)SOFR +6.00%9.98%4/3/20284,025 3,989 3,985 0.10 
Epoch Acquisition, Inc. (4)(11)Epoch Acquisition, Inc. (4)(11)L + 6.00%7.67%10/4/202424,434 24,306 24,434 0.56 Epoch Acquisition, Inc. (4)(11)L + 6.00%9.12%10/4/202424,377 24,264 24,377 0.58 
Healthcomp Holding Company, LLC (4)(5)(7)(11)L + 5.50%7.32%10/27/2026104,549 102,461 104,549 2.40 
Jayhawk Buyer, LLC (4)(11)L + 5.00%7.25%10/15/2026141,794 139,394 140,360 3.22 
Jayhawk Buyer, LLC (4)(11)L + 5.00%6.01%10/15/202611,945 11,730 11,826 0.27 
HealthComp Holding Company, LLC (4)(5)(7)(11)HealthComp Holding Company, LLC (4)(5)(7)(11)L + 5.50%7.32%10/27/2026104,284 102,323 104,284 2.50 
Jayhawk Buyer, LLC (4)(7)(11)Jayhawk Buyer, LLC (4)(7)(11)L + 5.00%8.68%10/15/2026155,571 153,105 154,014 3.69 
Navigator Acquiror, Inc. (4)(7)(9)Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.79%7/16/2027189,845 188,311 189,845 4.36 Navigator Acquiror, Inc. (4)(7)(9)L +5.75%8.49%7/16/2027199,030 197,534 198,117 4.75 
Odyssey Holding Company, LLC (4)(11)Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202518,672 18,495 18,579 0.43 Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202518,672 18,509 18,672 0.45 
PPV Intermediate Holdings, LLC (4)(6)(7)(10)PPV Intermediate Holdings, LLC (4)(6)(7)(10)SOFR + 5.75%9.01%8/31/20291,603 1,566 1,565 0.04 
Smile Doctors, LLC (4)(7)(10)Smile Doctors, LLC (4)(7)(10)L + 5.75%9.42%12/21/202811,174 10,956 10,930 0.26 
Snoopy Bidco, Inc. (4)(7)(10)Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%9.08%6/1/2028304,214 298,699 296,372 7.11 
SpecialtyCare, Inc. (4)(5)(7)(11)SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%8.03%6/18/202812,274 11,946 12,058 0.29 
Stepping Stones Healthcare Services, LLC (4)(7)(10)Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%9.42%1/2/20292,296 2,243 2,212 0.05 
10

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Health Care Providers & Services (continued)Health Care Providers & Services (continued)Health Care Providers & Services (continued)
Smile Doctors, LLC (4)(7)(10)L + 5.75%7.71%12/1/202811,197 10,970 10,952 0.25 
Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%7.60%6/1/2028284,658 278,869 282,704 6.49 
SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%6.75%6/18/202812,164 11,818 11,948 0.27 
Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.76%1/2/20292,212 2,158 2,153 0.05 
The Fertility Partners, Inc. (4)(5)(6)(10)The Fertility Partners, Inc. (4)(5)(6)(10)L + 5.75%7.42%3/16/20285,000 4,905 4,900 0.11 The Fertility Partners, Inc. (4)(5)(6)(10)L + 5.75%8.87%3/16/2028$4,988 $4,897 $4,838 0.12 %
The Fertility Partners, Inc. (4)(5)(6)(7)(10)The Fertility Partners, Inc. (4)(5)(6)(7)(10)C + 5.75%7.92%3/16/2029C$5,553 4,384 4,329 0.10 The Fertility Partners, Inc. (4)(5)(6)(7)(10)C + 5.75%9.47%3/16/2029C$5,540 4,378 4,032 0.10 
The GI Alliance Management, LLC (4)(11)L + 6.25%7.43%11/4/2024271,223 266,955 271,223 6.23 
Unified Physician Management, LLC (4)(9)SOFR + 5.50%7.03%6/18/20292,370 2,370 2,370 0.05 
The GI Alliance Management, LLC (4)(7)(11)The GI Alliance Management, LLC (4)(7)(11)SOFR +6.25%9.20%9/15/20284,177 4,027 4,026 0.10 
Unified Physician Management, LLC (4)(7)(9)Unified Physician Management, LLC (4)(7)(9)SOFR + 5.50%8.53%6/18/20292,129 2,129 2,129 0.05 
United Mutual Acquisition Holdings, LLC (4)(7)(10)United Mutual Acquisition Holdings, LLC (4)(7)(10)SOFR +5.75%8.60%7/15/20281,789 1,743 1,741 0.04 
US Oral Surgery Management Holdco, LLC (4)(7)(10)US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.96%11/18/202732,982 32,222 32,646 0.75 US Oral Surgery Management Holdco, LLC (4)(7)(10)L +5.50%8.47%11/18/202737,484 36,743 37,170 0.89 
WHCG Purchaser III, Inc. (4)(5)(7)(10)WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%8.00%6/22/202842,680 41,715 42,081 0.97 WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%9.42%6/22/202842,545 41,631 38,868 0.93 
1,348,726 1,364,743 31.34 1,105,366 1,104,561 26.50 
Health Care TechnologyHealth Care TechnologyHealth Care Technology
Caerus US 1, Inc. (4)(6)(7)(10)Caerus US 1, Inc. (4)(6)(7)(10)SOFR + 5.50%7.25%5/25/202910,012 9,779 9,761 0.22 Caerus US 1, Inc. (4)(6)(7)(10)SOFR +5.50%9.05%5/25/202910,012 9,788 9,886 0.24 
Edifecs, Inc. (4)(10)Edifecs, Inc. (4)(10)L + 5.50%7.75%9/21/202613,654 13,417 13,449 0.31 Edifecs, Inc. (4)(10)L +5.50%9.18%9/21/202613,634 13,412 13,498 0.32 
Edifecs, Inc. (4)(11)Edifecs, Inc. (4)(11)L + 7.50%9.75%9/21/2026220,278 216,400 226,887 5.21 Edifecs, Inc. (4)(11)L + 7.50%11.18%9/21/2026219,719 216,082 226,311 5.43 
GI Ranger Intermediate, LLC (4)(7)(10)GI Ranger Intermediate, LLC (4)(7)(10)SOFR + 6.00%7.55%10/29/202815,125 14,849 14,923 0.34 GI Ranger Intermediate, LLC (4)(7)(10)SOFR +6.00%9.70%10/29/202815,087 14,806 14,804 0.36 
NMC Crimson Holdings, Inc. (4)(7)(10)NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.97%3/1/202871,173 69,064 69,991 1.61 NMC Crimson Holdings, Inc. (4)(7)(10)L +6.00%8.28%3/1/202871,173 69,157 69,991 1.68 
Project Ruby Ultimate Parent Corp. (10)Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.92%3/3/20288,504 8,469 7,997 0.18 Project Ruby Ultimate Parent Corp. (10)L + 3.25%8.78%3/10/20288,482 8,449 7,941 0.19 
RPBLS Midco, LLC (4)(7)(10)RPBLS Midco, LLC (4)(7)(10)SOFR + 5.75%6.50%4/1/20287,500 7,337 7,330 0.17 RPBLS Midco, LLC (4)(7)(10)SOFR + 5.75%7.93%4/1/20289,447 9,291 9,352 0.22 
339,316 350,337 8.04 340,985 351,783 8.44 
InsuranceInsuranceInsurance
Alera Group, Inc. (4)(7)(10)Alera Group, Inc. (4)(7)(10)L + 5.50%7.17%9/30/20283,694 3,661 3,657 0.08 Alera Group, Inc. (4)(7)(10)L + 5.50%8.31%10/2/20283,686 3,654 3,611 0.09 
Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%8.00%8/12/202710,448 10,244 8,597 0.20 
Amerilife Holdings, LLC (4)(7)(10)Amerilife Holdings, LLC (4)(7)(10)SOFR + 5.75%8.65%8/31/20291,801 1,756 1,755 0.04 
Benefytt Technologies, Inc. (4)(7)(11)Benefytt Technologies, Inc. (4)(7)(11)SOFR + 8.75%12.09%8/12/202713,230 13,016 10,713 0.26 
Foundation Risk Partners Corp. (4)(7)(10)Foundation Risk Partners Corp. (4)(7)(10)L + 5.50%7.75%10/29/202826,330 25,941 25,899 0.59 Foundation Risk Partners Corp. (4)(7)(10)L + 5.50%9.17%10/29/202826,390 26,018 26,092 0.63 
Galway Borrower, LLC (4)(5)(7)(10)Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%6.26%9/24/202827,267 26,694 26,654 0.61 Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%8.92%9/30/202828,505 28,005 27,703 0.66 
High Street Buyer, Inc. (4)(5)(7)(10)High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%7.67%4/14/202854,944 53,789 54,291 1.25 High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%8.81%4/14/202857,286 56,168 56,593 1.36 
Integrity Marketing Acquisition, LLC (4)(5)(11)L + 5.75%7.83%8/27/202519,779 19,574 19,684 0.45 
Integrity Marketing Acquisition, LLC (4)(5)(7)(10)L + 5.50%7.58%8/27/2025125,883 124,447 124,439 2.86 
Jones Deslauriers Insurance Management, Inc. (5)(6)(10)C + 4.25%6.45%3/28/2028C$86,711 68,420 62,851 1.44 
Integrity Marketing Acquisition, LLC (4)(5)(10)Integrity Marketing Acquisition, LLC (4)(5)(10)L + 5.50%9.28%8/27/2025126,552 125,225 121,782 2.92 
Integrity Marketing Acquisition, LLC (4)(5)(7)(11)Integrity Marketing Acquisition, LLC (4)(5)(7)(11)L + 5.75%9.28%8/27/202519,729 19,540 19,088 0.46 
Jones Deslauriers Insurance Management, Inc. (4)(5)(6)(10)Jones Deslauriers Insurance Management, Inc. (4)(5)(6)(10)C + 4.25%7.75%3/27/2028C$86,540 68,320 58,258 1.40 
PGIS Intermediate Holdings, LLC (4)(5)(7)(10)PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%7.50%10/14/20283,989 3,909 3,903 0.09 PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%8.56%10/16/20284,238 4,161 4,086 0.10 
SG Acquisition, Inc. (4)(9)SG Acquisition, Inc. (4)(9)L + 5.00%7.25%1/27/2027108,181 106,918 108,181 2.48 SG Acquisition, Inc. (4)(9)L + 5.00%9.17%1/27/2027104,974 103,820 104,974 2.52 
Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.00%8.47%8/3/2028£32,440 42,377 38,852 0.89 
Tennessee Bidco Limited (4)(5)(6)(8)Tennessee Bidco Limited (4)(5)(6)(8)S +7.00%7.00%8/3/2028£44,698 60,788 55,526 1.33 
Tennessee Bidco Limited (4)(5)(6)(8)Tennessee Bidco Limited (4)(5)(6)(8)L +7.00%10.38%8/3/202870,032 68,471 69,681 1.67 
Westland Insurance Group LTD (4)(5)(6)(7)(11)Westland Insurance Group LTD (4)(5)(6)(7)(11)C + 7.00%10.48%1/5/2027C$148,612 107,518 105,864 2.54 
Westland Insurance Group LTD (4)(5)(6)(11)Westland Insurance Group LTD (4)(5)(6)(11)L + 7.00%10.64%1/5/202742,483 39,739 41,209 0.99 
726,200 706,934 16.96 
11

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Insurance (continued)
Tennessee Bidco Limited (4)(5)(6)(8)L + 7.00%7.53%8/3/202864,234 62,693 64,555 1.48 
Westland Insurance Group LTD (4)(5)(6)(11)L + 7.00%9.23%1/5/202742,483 39,576 41,740 0.96 
Westland Insurance Group LTD (4)(5)(6)(7)(11)C + 7.00%8.75%1/5/2027C$119,540 86,677 91,420 2.10 
674,920 674,721 15.49 
Interactive Media & Services
Bungie, Inc. (4)(11)L + 6.25%7.82%8/28/202447,200 46,894 47,672 1.09 
Internet & Direct Marketing RetailInternet & Direct Marketing RetailInternet & Direct Marketing Retail
Donuts, Inc. (4)(11)Donuts, Inc. (4)(11)SOFR + 6.00%7.45%12/29/2026324,115 319,255 324,115 7.44 Donuts, Inc. (4)(11)SOFR + 6.00%8.91%12/29/2026$323,292 $318,718 $320,059 7.68 %
IT ServicesIT ServicesIT Services
AI Altius Bidco, Inc. (4)(5)(7)(10)AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%8.28%12/13/20285,423 5,311 5,300 0.12 AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%8.28%12/21/20285,423 5,315 5,300 0.13 
AI Altius Bidco, Inc. (4)(5)(8)AI Altius Bidco, Inc. (4)(5)(8)9.75% PIK9.75%12/21/2029835 813 810 0.02 AI Altius Bidco, Inc. (4)(5)(8)9.75% PIK9.75%12/21/2028835 814 810 0.02 
Infostretch Corporation (4)(7)(10)Infostretch Corporation (4)(7)(10)SOFR + 5.75%6.55%4/1/20285,000 4,904 4,889 0.11 Infostretch Corporation (4)(7)(10)SOFR +5.75%7.98%4/1/20284,988 4,896 4,821 0.12 
Inovalon Holdings, Inc. (4)(7)(10)Inovalon Holdings, Inc. (4)(7)(10)L + 6.25%7.22%11/24/2028105,114 102,611 103,925 2.39 Inovalon Holdings, Inc. (4)(7)(10)L + 6.25%9.23%11/24/2028105,501 103,106 104,772 2.51 
Monterey Financing S.à.r.l (4)(6)(7)(8)Monterey Financing S.à.r.l (4)(6)(7)(8)E +6.00%7.23%9/19/2029658 606 613 0.01 
Monterey Financing S.à.r.l(4)(6)(8)Monterey Financing S.à.r.l(4)(6)(8)E +6.00%6.00%9/19/2029SEK2,090 184 184 0.00 
Monterey Financing S.à.r.l (4)(6)(8)Monterey Financing S.à.r.l (4)(6)(8)E +6.00%6.00%9/18/2029DKK4,819 617 619 0.01 
Monterey Financing S.à.r.l (4)(6)(9)Monterey Financing S.à.r.l (4)(6)(9)E +6.00%6.50%9/19/2029NOK5,149 461 461 0.01 
Razor Holdco, LLC (4)(10)Razor Holdco, LLC (4)(10)L + 5.75%6.81%10/25/202747,561 46,718 46,610 1.07 Razor Holdco, LLC (4)(10)L + 5.75%8.75%10/25/202747,560 46,757 46,609 1.12 
Red River Technology, LLC (4)(7)(11)Red River Technology, LLC (4)(7)(11)L + 6.00%7.67%5/26/202781,195 80,030 76,729 1.76 Red River Technology, LLC (4)(7)(11)L + 6.00%9.12%5/26/202780,990 79,890 78,155 1.87 
Turing Holdco, Inc. (4)(5)(6)(7)(8)Turing Holdco, Inc. (4)(5)(6)(7)(8)E + 6.00%6.00%8/3/202815,120 16,913 15,634 0.36 Turing Holdco, Inc. (4)(5)(6)(7)(8)E + 6.00%6.00%8/3/202815,120 16,925 14,588 0.35 
Turing Holdco, Inc. (4)(5)(6)(8)Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%7.04%8/3/20288,437 8,210 8,310 0.19 Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%8.46%8/3/20288,437 8,220 8,310 0.20 
265,510 262,207 6.02 267,790 265,243 6.36 
MachineryMachineryMachinery
MHE Intermediate Holdings, LLC (4)(5)(7)(11)MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%7.04%7/21/20273,858 3,870 3,776 0.09 MHE Intermediate Holdings, LLC (4)(5)(7)(11)SOFR +6.00%9.50%7/21/20274,465 4,388 4,287 0.10 
MarineMarineMarine
Armada Parent, Inc. (4)(7)(10)Armada Parent, Inc. (4)(7)(10)L + 5.75%6.99%10/29/202724,872 24,355 24,290 0.56 Armada Parent, Inc. (4)(7)(10)L + 5.75%8.56%10/29/202726,063 25,571 25,273 0.61 
Oil, Gas & Consumable FuelsOil, Gas & Consumable FuelsOil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.82%11/26/2024150,862 149,773 150,862 3.46 
Eagle Midstream Canada Finance, Inc. (4)(6)(10)Eagle Midstream Canada Finance, Inc. (4)(6)(10)SOFR + 6.25%8.96%11/26/2024150,862 149,851 148,599 3.56 
Paper & Forest ProductsPaper & Forest ProductsPaper & Forest Products
Profile Products, LLC (4)(7)(10)Profile Products, LLC (4)(7)(10)L + 5.50%6.91%11/12/20276,346 6,210 6,203 0.14 Profile Products, LLC (4)(7)(10)L + 5.50%8.41%11/12/20276,612 6,487 6,456 0.15 
Professional ServicesProfessional ServicesProfessional Services
ALKU, LLC (4)(10)ALKU, LLC (4)(10)L + 5.25%7.45%3/1/202879,242 78,593 79,044 1.81 ALKU, LLC (4)(10)SOFR + 5.25%8.95%3/1/202879,041 78,430 78,844 1.89 
ALKU, LLC (4)(10)ALKU, LLC (4)(10)SOFR + 5.00%5.75%3/1/202838,310 37,905 37,927 0.87 ALKU, LLC (4)(10)SOFR +5.00%8.70%3/1/202838,214 37,828 38,214 0.92 
BPPH2 Limited (4)(5)(6)(8)BPPH2 Limited (4)(5)(6)(8)S + 6.87%7.81%3/2/2028£26,300 35,565 32,100 0.74 BPPH2 Limited (4)(5)(6)(8)S +6.87%8.56%3/2/2028£26,300 35,601 29,505 0.71 
CFGI Holdings, LLC (4)(7)(10)CFGI Holdings, LLC (4)(7)(10)P + 5.25%6.31%11/1/20277,637 7,471 7,565 0.17 CFGI Holdings, LLC (4)(7)(10)L + 5.00%8.12%11/1/20277,617 7,460 7,584 0.18 
Clearview Buyer, Inc. (4)(5)(7)(10)Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%6.26%8/26/202716,806 16,469 16,415 0.38 Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%8.92%8/26/202716,763 16,444 16,373 0.39 
Guidehouse, Inc. (4)(5)(10)Guidehouse, Inc. (4)(5)(10)L + 5.50%7.17%10/16/2028344,423 341,328 340,979 7.83 Guidehouse, Inc. (4)(5)(10)L +5.50%8.62%10/16/2028327,320 324,466 320,774 7.70 
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)SOFR + 6.00%9.78%8/17/202720,629 20,209 20,344 0.49 
IG Investments Holdings, LLC (4)(5)(7)(10)IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%9.12%9/22/202846,852 46,003 46,600 1.12 
Kaufman Hall & Associates, LLC (4)(7)(10)Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.50%8.62%12/14/202819,450 19,061 19,109 0.46 
Legacy Intermediate, LLC (4)(5)(7)(10)Legacy Intermediate, LLC (4)(5)(7)(10)SOFR +5.75%8.74%2/25/20285,174 5,054 5,093 0.12 
Material Holdings, LLC (4)(5)(7)(10)Material Holdings, LLC (4)(5)(7)(10)L + 5.75%9.42%8/19/202729,508 29,041 28,899 0.69 
Minotaur Acquisition, Inc. (8)Minotaur Acquisition, Inc. (8)SOFR +5.00%8.13%3/27/20261,990 1,933 1,895 0.05 
Sherlock Buyer Corp. (4)(7)(10)Sherlock Buyer Corp. (4)(7)(10)L + 5.75%9.42%12/8/20288,595 8,399 8,480 0.20 
12

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Professional Services (continued)Professional Services (continued)Professional Services (continued)
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)L + 6.00%7.10%8/17/202733,887 33,297 33,651 0.77 
IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%8.25%9/22/202847,956 47,068 47,703 1.10 
Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.25%6.92%12/14/202819,499 19,093 19,157 0.44 
Legacy Intermediate, LLC (4)(5)(6)(7)(10)SOFR + 5.75%7.24%2/25/20285,187 5,061 5,054 0.12 
Material Holdings, LLC (4)(5)(7)(10)L + 5.75%8.00%8/19/202727,633 27,141 27,058 0.62 
Minotaur Acquisition, Inc. (8)SOFR + 4.75%6.38%3/27/20261,995 1,933 1,893 0.04 
Sherlock Buyer Corp. (4)(7)(10)L + 5.75%6.74%12/8/20288,616 8,412 8,394 0.19 
Thevelia US, LLC (5)(6)(9)Thevelia US, LLC (5)(6)(9)L + 4.00%4.50%2/9/20291,316 1,303 1,230 0.03 Thevelia US, LLC (5)(6)(9)SOFR + 4.00%7.70%6/18/2029$1,313 $1,299 $1,253 0.03 %
Titan Investment Company, Inc. (4)(5)(8)Titan Investment Company, Inc. (4)(5)(8)L + 5.75%7.36%3/20/202742,244 40,688 41,188 0.95 Titan Investment Company, Inc. (4)(5)(8)L + 5.75%5.88%3/20/202742,136 40,667 40,240 0.97 
Trinity Air Consultants Holdings Corp. (4)(7)(10)Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%7.08%6/29/202768,109 66,828 67,251 1.54 Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%7.08%6/29/202769,054 67,819 68,176 1.64 
Trinity Partners Holdings, LLC (4)(7)(10)Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%8.00%12/21/20284,646 4,547 4,539 0.10 Trinity Partners Holdings, LLC (4)(7)(10)SOFR + 5.75%8.21%12/21/20284,645 4,550 4,538 0.11 
West Monroe Partners, LLC (4)(7)(10)West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.75%11/8/202815,260 14,961 14,955 0.34 West Monroe Partners, LLC (4)(7)(10)L + 5.50%8.32%11/8/202814,934 14,648 14,560 0.35 
787,665 786,101 18.05 758,912 750,482 18.00 
Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development
Cumming Group, Inc. (4)(7)(11)Cumming Group, Inc. (4)(7)(11)L + 5.75%6.76%5/26/202768,227 66,892 67,289 1.55 Cumming Group, Inc. (4)(7)(11)L +5.25%8.92%5/26/202768,100 66,838 67,163 1.61 
Progress Residential PM Holdings, LLC (4)(7)(10)Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.31%2/16/202870,324 68,883 70,324 1.61 Progress Residential PM Holdings, LLC (4)(7)(10)SOFR + 6.25%9.38%2/16/202871,157 69,761 71,157 1.71 
135,775 137,612 3.16 136,599 138,320 3.32 
Road & RailRoad & RailRoad & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.26%7/1/202816,657 16,215 16,387 0.38 Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.50%7.75%7/1/202816,643 16,257 16,373 0.39 
SoftwareSoftwareSoftware
Anaplan, Inc. (4)(6)(7)(10)Anaplan, Inc. (4)(6)(7)(10)SOFR + 6.50%8.01%6/21/20292,000 1,957 1,956 0.04 Anaplan, Inc. (4)(6)(7)(10)SOFR + 6.50%9.53%6/21/20292,000 1,958 1,956 0.05 
AxiomSL Group, Inc. (4)(7)(11)AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.67%12/3/202742,332 41,535 41,423 0.95 AxiomSL Group, Inc. (4)(7)(11)L + 6.00%9.12%12/3/202742,225 41,468 41,741 1.00 
BlueCat Networks USA, Inc. (4)(6)(7)(10)BlueCat Networks USA, Inc. (4)(6)(7)(10)SOFR + 5.75%8.77%8/8/20281,932 1,886 1,886 0.05 
Community Brands ParentCo, LLC (4)(5)(7)(10)Community Brands ParentCo, LLC (4)(5)(7)(10)SOFR + 5.75%7.38%2/24/20284,988 4,894 4,875 0.11 Community Brands ParentCo, LLC (4)(5)(7)(10)SOFR +5.75%8.88%2/24/20284,975 4,874 4,863 0.12 
Confine Visual Bidco (4)(6)(7)(10)Confine Visual Bidco (4)(6)(7)(10)SOFR + 5.75%7.19%2/23/202915,550 15,103 15,032 0.35 Confine Visual Bidco (4)(6)(7)(10)SOFR +5.75%8.74%2/23/202915,550 15,120 15,032 0.36 
Connatix Buyer, Inc. (4)(5)(7)(10)Connatix Buyer, Inc. (4)(5)(7)(10)L + 5.50%6.91%7/14/202737,529 36,716 37,313 0.86 Connatix Buyer, Inc. (4)(5)(7)(10)L +5.50%8.42%7/14/202722,173 21,602 21,926 0.53 
Diligent Corporation (4)(11)Diligent Corporation (4)(11)L + 5.75%8.63%8/4/202559,250 58,659 58,806 1.35 Diligent Corporation (4)(11)L +5.75%8.63%8/4/202559,100 58,559 57,623 1.38 
Discovery Education, Inc. (4)(7)(10)Discovery Education, Inc. (4)(7)(10)SOFR + 5.75%7.90%4/9/202926,667 26,094 26,074 0.60 Discovery Education, Inc. (4)(7)(10)SOFR +5.75%9.83%4/9/202926,667 26,115 26,074 0.63 
Episerver, Inc. (4)(5)(7)(11)Episerver, Inc. (4)(5)(7)(11)L + 5.25%7.50%4/9/20269,693 9,555 9,546 0.22 Episerver, Inc. (4)(5)(7)(11)L +5.75%9.42%4/9/20269,668 9,540 9,140 0.22 
Experity, Inc. (4)(5)(7)(10)Experity, Inc. (4)(5)(7)(10)L + 5.75%6.50%2/24/202815,054 14,764 14,723 0.34 Experity, Inc. (4)(5)(7)(10)L +5.75%9.42%2/24/202815,017 14,740 14,686 0.35 
Gigamon Inc. (4)(7)(10)SOFR + 5.75%6.78%3/11/20297,509 7,362 7,172 0.16 
Gigamon Inc. (4)(7)(8)Gigamon Inc. (4)(7)(8)SOFR +5.75%8.77%3/11/20297,490 7,348 7,153 0.17 
GovernmentJobs.com, Inc. (4)(7)(10)GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%6.56%12/1/20284,988 4,956 4,853 0.11 GovernmentJobs.com, Inc. (4)(7)(10)L +5.50%8.62%12/1/20284,975 4,945 4,841 0.12 
GraphPAD Software, LLC (4)(7)(11)GraphPAD Software, LLC (4)(7)(11)L + 5.50%6.50%4/27/202726,748 26,386 26,384 0.61 GraphPAD Software, LLC (4)(7)(11)L +5.50%6.50%4/27/202726,710 26,367 26,347 0.63 
LD Lower Holdings, Inc. (4)(7)(11)LD Lower Holdings, Inc. (4)(7)(11)L +6.50%10.17%2/8/202692,694 91,449 91,304 2.19 
Lightbox Intermediate, LP (4)(8)Lightbox Intermediate, LP (4)(8)L +5.00%8.67%5/9/20261,995 1,949 1,925 0.05 
Magnesium BorrowerCo, Inc. (4)(6)(7)(10)Magnesium BorrowerCo, Inc. (4)(6)(7)(10)SOFR +5.75%8.88%5/18/20295,281 5,144 5,190 0.12 
Magnesium BorrowerCo, Inc. (4)(6)(10)Magnesium BorrowerCo, Inc. (4)(6)(10)S +2.19%7.94%5/18/2029£3,452 4,208 3,805 0.09 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L +3.75%6.56%7/31/20288,984 8,867 8,787 0.21 
Medallia, Inc. (4)(13)Medallia, Inc. (4)(13)L +6.75% PIK9.87%10/29/2028344,201 338,620 337,317 8.09 
Medallia, Inc. (4)(10)Medallia, Inc. (4)(10)L +6.75% PIK9.87%10/29/20282,021 1,982 1,981 0.05 
Monk Holding Co. (4)(7)(10)Monk Holding Co. (4)(7)(10)L +5.75%6.25%12/1/20274,865 4,737 4,720 0.11 
MRI Software, LLC (5)(7)(11)MRI Software, LLC (5)(7)(11)L +5.50%6.29%2/10/202627,887 27,699 26,635 0.64 
Nintex Topco Limited (4)(6)(10)Nintex Topco Limited (4)(6)(10)L +6.00%9.67%11/13/202834,382 33,781 33,350 0.80 
13

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net AssetsInvestments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
Frst Lien Debt (continued)
First Lien Debt (continued)First Lien Debt (continued)
Software (continued)Software (continued)Software (continued)
LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%8.75%2/8/202692,929 91,588 92,929 2.13 
Lightbox Intermediate, LP (4)(8)L + 5.00%7.25%5/9/20262,000 1,951 1,950 0.04 
Magnesium BorrowerCo, Inc. (4)(6)(7)(10)S + 5.75%6.94%5/18/20293,452 4,216 4,098 0.09 
Magnesium BorrowerCo, Inc. (4)(6)(10)SOFR + 5.75%7.36%5/18/20295,281 5,154 5,152 0.12 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L + 3.75%4.99%7/6/20288,853 8,730 8,711 0.20 
Medallia, Inc. (4)(10)L + 6.75% PIK8.42%10/29/2028336,448 330,631 329,719 7.57 
Monk Holding Co. (4)(7)(10)L + 5.75%7.75%12/1/20274,877 4,743 4,732 0.11 
MRI Software, LLC (4)(5)(7)(11)L + 5.50%7.75%2/10/202627,974 27,771 26,912 0.62 
Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/202834,475 33,848 33,441 0.77 
Project Boost Purchaser, LLC (4)(7)(10)Project Boost Purchaser, LLC (4)(7)(10)SOFR + 5.75%6.90%5/2/20294,733 4,676 4,674 0.11 Project Boost Purchaser, LLC (4)(7)(10)SOFR +5.50%8.41%5/2/2029$4,733 $4,678 $4,648 0.11 %
Rally Buyer, Inc. (4)(7)(10)Rally Buyer, Inc. (4)(7)(10)SOFR +5.75%6.50%7/19/2028718 699 699 0.02 
Relativity ODA, LLC (4)(7)(11)Relativity ODA, LLC (4)(7)(11)L + 8.15% PIK9.15%5/12/202720,050 19,614 19,700 0.45 Relativity ODA, LLC (4)(7)(11)L +9.59%10.59%5/12/202720,564 20,150 20,206 0.48 
Spitfire Parent, Inc. (4)(11)Spitfire Parent, Inc. (4)(11)L + 5.50%7.00%3/11/20279,585 9,414 9,489 0.22 Spitfire Parent, Inc. (4)(11)SOFR +6.00%9.78%3/11/20279,561 9,400 9,370 0.22 
Spitfire Parent, Inc. (4)(5)(11)Spitfire Parent, Inc. (4)(5)(11)E + 5.50%6.50%3/11/202710,395 12,363 10,759 0.25 Spitfire Parent, Inc. (4)(5)(11)E +6.00%7.86%3/11/202710,369 12,341 9,955 0.24 
Spitfire Parent, Inc. (4)(7)(11)Spitfire Parent, Inc. (4)(7)(11)L + 5.50%6.60%3/11/202761,022 59,968 60,319 1.39 Spitfire Parent, Inc. (4)(7)(11)SOFR +6.00%9.78%3/11/202766,387 65,311 65,132 1.56 
Stamps.com, Inc. (4)(10)Stamps.com, Inc. (4)(10)L + 5.75%6.87%10/5/2028289,553 284,369 286,657 6.58 Stamps.com, Inc. (4)(10)L +5.75%8.38%10/5/2028288,827 283,864 283,051 6.79 
The NPD Group L.P. (4)(7)(10)The NPD Group L.P. (4)(7)(10)L + 6.00%7.57%11/9/2028122,294 119,585 120,978 2.78 The NPD Group L.P. (4)(7)(10)L +5.75%8.87%12/1/2028197,040 192,895 194,180 4.66 
Triple Lift, Inc. (4)(7)(10)Triple Lift, Inc. (4)(7)(10)SOFR + 5.75%6.58%5/6/202865,557 64,347 64,777 1.49 Triple Lift, Inc. (4)(7)(10)SOFR +5.50%9.61%5/5/202865,399 64,242 64,650 1.55 
1,330,947 1,333,154 30.61 1,406,538 1,400,172 33.59 
Specialty RetailSpecialty RetailSpecialty Retail
CustomInk, LLC (4)(11)CustomInk, LLC (4)(11)L + 6.18%7.18%5/3/2026163,594 161,905 161,549 3.71 CustomInk, LLC (4)(11)L +6.18%7.18%5/3/2026163,594 162,015 163,594 3.92 
Technology Hardware, Storage & PeripheralsTechnology Hardware, Storage & PeripheralsTechnology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)Lytx, Inc. (4)(11)L + 6.75%8.42%2/28/202684,887 84,030 82,128 1.89 Lytx, Inc. (4)(11)SOFR +6.75%9.93%2/28/202684,670 83,886 81,284 1.95 
Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors
Porcelain Acquisition Corp. (4)(7)(11)Porcelain Acquisition Corp. (4)(7)(11)L + 5.75%8.00%4/30/202755,479 53,830 54,814 1.26 Porcelain Acquisition Corp. (4)(7)(11)L +5.75%9.42%4/30/202755,359 53,800 54,695 1.31 
The Cook & Boardman Group, LLC (11)The Cook & Boardman Group, LLC (11)SOFR + 5.75%6.97%10/17/202549,451 49,200 47,473 1.09 The Cook & Boardman Group, LLC (11)SOFR +5.75%8.48%10/17/202549,321 49,089 46,300 1.11 
103,029 102,288 2.35 102,889 100,995 2.42 
Transportation InfrastructureTransportation Infrastructure
Capstone Logistics, LLC (4)(11)Capstone Logistics, LLC (4)(11)L +4.75%7.87%11/12/20275,572 5,540 5,461 0.13 
Frontline Road Safety, LLC (4)(10)Frontline Road Safety, LLC (4)(10)L +5.75%6.68%5/3/202790,315 88,971 86,025 2.06 
Helix TS, LLC (4)(7)(10)Helix TS, LLC (4)(7)(10)L +5.75%8.56%8/4/202739,074 38,558 38,334 0.92 
Italian Motorway Holdings S.à.r.l (4)(6)(8)Italian Motorway Holdings S.à.r.l (4)(6)(8)E +5.25%5.25%4/28/202978,810 80,938 74,311 1.78 
Roadsafe Holdings, Inc. (4)(7)(11)Roadsafe Holdings, Inc. (4)(7)(11)L +5.75%7.76%10/19/202751,433 50,603 50,877 1.22 
Safety Borrower Holdings LP (4)(5)(7)(11)Safety Borrower Holdings LP (4)(5)(7)(11)L +5.25%8.32%9/1/20275,189 5,148 5,134 0.12 
Sam Holding Co, Inc. (4)(7)(11)Sam Holding Co, Inc. (4)(7)(11)L +5.00%8.00%9/24/202742,379 41,573 41,653 1.00 
TRP Infrastructure Services, LLC (4)(7)(11)TRP Infrastructure Services, LLC (4)(7)(11)L +5.50%8.62%7/9/202739,385 38,702 36,360 0.87 
350,032 338,154 8.11 
Total First Lien DebtTotal First Lien Debt9,524,640 9,468,536 227.15 
Second Lien DebtSecond Lien Debt
Construction & EngineeringConstruction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)COP Home Services TopCo IV, Inc. (4)(5)(11)L +8.75%11.87%12/31/20287,517 7,385 7,329 0.18 
Health Care Providers & ServicesHealth Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.50%8.50%4/15/2029C$10,533 8,311 7,206 0.17 
Jayhawk Buyer, LLC (4)(11)Jayhawk Buyer, LLC (4)(11)L +8.75%11.56%10/15/20275,183 5,101 5,144 0.12 
13,412 12,350 0.30 
14

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net Assets
First Lien Debt (continued)
Transportation Infrastructure
Capstone Logistics, LLC (4)(11)L + 4.75%6.42%11/12/20275,586 5,551 5,544 0.13 
Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.68%5/3/202790,599 89,138 87,202 2.00 
Helix TS, LLC (4)(7)(10)L + 5.75%7.42%8/4/202739,677 38,994 38,629 0.89 
Italian Motorway Holdings S.à.r.l (4)(6)(8)E + 5.25%5.25%4/28/202978,810 80,866 78,890 1.81 
Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%7.76%10/19/202750,804 49,935 50,253 1.15 
Safety Borrower Holdings LP (4)(5)(7)(11)L + 5.25%7.50%9/1/20274,267 4,224 4,217 0.10 
Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.63%9/24/202741,283 40,434 40,267 0.92 
TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%7.17%7/9/202739,485 38,764 37,538 0.86 
347,906 342,540 7.87 
Total First Lien Debt$9,826,625 $9,842,263 226.00 %
Second Lien Debt
Construction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)L + 8.75%10.42%12/31/2028$7,517 $7,380 $7,404 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.50%8.50%4/15/2029C$10,533 8,299 7,962 0.18 
Jayhawk Buyer, LLC (4)(7)(11)L + 8.75%9.99%10/15/20275,183 5,097 5,144 0.12 
13,396 13,106 0.30 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%9.06%11/1/20299,619 9,528 9,427 0.22 
Insurance
Jones Deslauriers Insurance Management, Inc. (5)(6)(9)C + 7.50%9.31%3/26/2029C$28,470 22,246 20,691 0.48 
IT Services
Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK12.13%11/24/20339,802 9,540 9,802 0.23 
Professional Services
Thevelia US, LLC (4)(6)(9)SOFR + 6.90%8.79%6/17/20304,920 4,773 4,773 0.11 
Software
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L + 6.50%7.74%7/6/20293,550 3,506 3,497 0.08 
Total Second Lien Debt$70,369 $68,699 1.58 %
Warrants
Software
Mermaid EquityCo L.P. - Class B Units (4)4,550,697 $865 $8,282 0.19 %
Total Warrants$865 $8,282 0.19 %
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
Second Lien Debt (continued)
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L +7.00%10.57%11/1/2029$9,619 $9,531 $9,355 0.22 %
Insurance
Jones Deslauriers Insurance Management, Inc. (4)(5)(6)(9)C +7.50%11.00%3/26/2029C$28,470 22,260 18,959 0.45 
IT Services
Inovalon Holdings, Inc. (4)(5)(10)L +10.50% PIK13.50%11/24/203310,013 9,757 10,013 0.24 
Professional Services
Thevelia US, LLC (4)(6)(9)SOFR +6.75%10.45%6/17/20304,920 4,778 4,846 0.12 
Software
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L +6.50%9.31%7/30/20293,550 3,508 3,461 0.08 
Total Second Lien Debt70,632 66,313 1.59 
Equity
Aerospace & Defense
Micross Topco, Inc. (4)2,137,866 4,767 4,767 0.11 
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)902 902 971 0.02 
Mode Holdings, L.P. - Class A-2 Common Units (4)5,486,923 5,487 10,096 0.24 
6,389 11,066 0.27 
Distributors
Box Co-Invest Blocker, LLC (4)702,305 702 737 0.02 
EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,350 10,824 0.26 
4,052 11,562 0.28 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 15,036 0.36 
Deneb Ultimate Topco, LLC - Class A Units (4)213 213 191 0.00 
12,528 15,227 0.37 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)8,419 7,140 6,793 0.16 
Point Broadband Holdings, LLC - Class B Units (4)448,614 1,279 1,196 0.03 
8,419 7,989 0.19 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 280 0.01 
15

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net Assets
Equity
Aerospace & Defense
Micross Topco, Inc. (4)2,137,866 $4,767 $4,767 0.11 %
Equity (continued)
Air Freight & Logistics
AGI Group Holdings LP - A2 Units (4)902 902 971 0.02 
Mode Holdings, L.P. - Class A-2 Common Units (4)5,486,923 5,487 9,108 0.21 
6,389 10,079 0.23 
Distributors
Box Co-Invest Blocker, LLC (4)702,305 702 733 0.02 
EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,350 7,776 0.18 
4,052 8,509 0.20 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 14,962 0.34 
Deneb Ultimate Topco, LLC - Class A Units (4)213 213 213 0.00 
12,528 15,175 0.35 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)8,419 7,140 6,793 0.16 
Point Broadband Holdings, LLC - Class B Units (4)448,614 1,279 1,036 0.02 
8,419 7,829 0.18 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 338 0.01 
Health Care Providers & Services
AVE Holdings I Corp. (4)625,944 607 615 0.01 
Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 627 0.01 
Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 338 0.01 
1,210 1,579 0.04 
Health Care Technology
Caerus Midco 2 S.À. R.L - Vehicle Units (4)(6)58,458 58 58 0.00 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.07 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 16,251 0.37 
OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 3,500 0.08 
Tricor Horizon, LP (4)(6)382,469 382 382 0.01 
19,016 20,134 0.46 
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
Equity (continued)
Health Care Providers & Services
AVE Holdings I Corp. (4)625,944 $607 $612 0.01 %
Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 627 0.02 
Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 338 0.01 
1,210 1,576 0.04 
Health Care Technology
Caerus Midco 2 S.À. R.L - Vehicle Units (4)(6)58,458 58 58 0.00 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.07 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 16,637 0.40 
OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 4,270 0.10 
Tricor Horizon, LP (4)(6)382,469 382 382 0.01 
19,016 21,290 0.51 
Software
Connatix Parent, LLC - Class L Common Units (4)42,045 462 435 0.01 
Expedition Holdco, LLC - Class A Units (4)90 57 51 0.00 
Expedition Holdco, LLC - Class B Units (4)90,000 33 23 0.00 
Lobos Parent, Inc. - Series A Preferred Shares (4)1,545 1,506 1,591 0.04 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4)3,550,000 3,444 3,550 0.09 
Mimecast Limited (4)651,175 651 654 0.02 
6,153 6,304 0.15 
Specialty Retail
CustomInk, LLC - Series A Preferred Units (4)384,520 5,200 6,535 0.16 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)27,536 2,909 2,202 0.05 
Ncp Helix Holdings, LLC. - Preferred Shares (4)369 372 372 0.01 
3,281 2,575 0.06 
Total Equity Investments74,427 92,084 2.18 
Total Investment - non-controlled/non-affiliated9,669,699 9,626,933 230.92 
16

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/UnitsCost (3)Fair ValuePercentage of Net Assets
Equity (continued)
Software
Connatix Parent, LLC - Class L Common Units (4)42,045 462 590 0.01 
Expedition Holdco, LLC - Class A Units (4)90 57 51 0.00 
Expedition Holdco, LLC - Class B Units (4)90,000 33 23 — 
Lobos Parent, Inc. - Series A Preferred Shares (4)1,545 1,506 1,568 0.04 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4)3,550,000 3,444 3,621 0.08 
Mermaid Equity Co. L.P. - Class A-2 Common Units (4)14,849,355 14,849 41,727 0.96 
Mimecast Limited (4)651,175 651 635 0.01 
21,002 48,214 1.11 
Specialty Retail
CustomInk, LLC - Series A Preferred Units (4)384,520 5,200 6,126 0.14 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)27,536 2,909 2,891 0.07 
Ncp Helix Holdings, LLC. - Preferred Shares (4)369 372 372 0.01 
3,281 3,263 0.07 
Total Equity Investments$89,277 $128,926 2.96 %
Total Investments - non-controlled/non-affiliated$9,987,135 $10,048,170 230.72 %
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(15)$34,005 $36,732 0.84 %
Total Equity$34,005 $36,732 0.84 %
Total Investments - non-controlled/affiliated$34,005 $36,732 0.84 %
Total Investment Portfolio$10,021,140 $10,084,902 231.57 %
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund$48,962 $48,962 1.12 %
Other Cash and Cash Equivalents119,686 119,686 2.75 
Total Portfolio Investments, Cash and Cash Equivalents$10,189,788 $10,253,551 235.44 %
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(15)$35,638 $45,183 1.08 %
Total Equity35,638 45,183 1.08 
Total Investments - non-controlled/affiliated35,638 45,183 1.08 
Total Investment Portfolio9,705,337 9,672,116 232.00 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund22,858 22,858 0.55 
Other Cash and Cash Equivalents108,327 108,327 2.60 
Total Portfolio Investments, Cash and Cash Equivalents$9,836,522 $9,803,301 235.15 %

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. 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 is presented for debt investments, while the number of shares or units 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 LIBOR (“(L“L”), Canadian Dollar Offered Rate (“(CDOR“CDOR” or C“C”), Sterling Overnight Interbank Average Rate (“(SONIA“SONIA” or S“S”), Euro Interbank Offer Rate (“(Euribor“Euribor” or E“E”), Secured Overnight Financing Rate (“(SOFR“SOFR”"), or an alternate base rate (commonly based on the Federal Funds Rate (“(F“F”) or the U.S. Prime Rate (“(P“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 JuneSeptember 30, 2022. Variable rate loans typically include an interest reference rate floor feature. As of JuneSeptember 30, 2022, 95.3%94.3% of the portfolio at fair value had a base rate floor above zero. For each such loan, the Company has provided the interest rate in effect on the date presented.
17

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
June 30, 2022
(in thousands)
(Unaudited)
(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 ("(U.S. GAAPGAAP”").
(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 (the "Board"“Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt 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.
(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 JuneSeptember 30, 2022, non-qualifying assets represented 10.3%10.7% of total assets as calculated in accordance with regulatory requirements.
(7)Position or portion thereof is an unfunded loan 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 loan 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—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
First Lien Debt
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/2023$35,489 $— 
ACI Group Holdings, Inc.Revolver8/2/202711,567 (58)
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20271,301 (26)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023468 — 
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/20231,446 (14)
Albireo Energy, LLCDelayed Draw Term Loan12/23/202633,799 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/202828 — 
Amerivet Partners Management, Inc.Revolver2/25/2028589 (12)
Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/20243,503 (35)
Anaplan, Inc.Revolver6/21/2028179 (4)
Armada Parent, Inc.Delayed Draw Term Loan10/29/20232,500 (25)
Armada Parent, Inc.Revolver10/29/20273,000 (60)
Ascend Buyer, LLCRevolver9/30/20271,681 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949 (29)
AxiomSL Group, Inc.Revolver12/3/20253,221 (32)
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202235,614 — 
Bazaarvoice, Inc.Revolver5/7/202628,662 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20232,985 (284)
Caerus US 1, Inc.Delayed Draw Term Loan5/25/20291,506 — 
Caerus US 1, Inc.Revolver5/25/20291,054 (21)
Cambium Learning Group, Inc.Revolver7/20/202843,592 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20234,197 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20272,626 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20231,920 (19)
CFGI Holdings, LLCDelayed Draw Term Loan11/2/20271,200 (12)
CFGI Holdings, LLCRevolver11/2/20271,050 (21)
Clearview Buyer, Inc.Revolver2/26/2027898 (18)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/20243,668 — 
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/2024588 (6)
Community Brands ParentCo, LLCRevolver2/24/2028345 (7)
Confine Visual BidcoDelayed Draw Term Loan3/11/20243,418 (51)
Connatix Buyer, Inc.Revolver7/14/20275,431 (14)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202310,900 (109)
COP Home Services TopCo IV, Inc.Revolver12/31/20251,664 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/20238,747 — 
CPI Buyer, LLCRevolver11/1/20262,571 — 
Cumming Group, Inc.Delayed Draw Term Loan5/26/202713,664 (137)
Cumming Group, Inc.Revolver5/26/202711,923 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
First Lien Debt
123Dentist, Inc.Delayed Draw Term Loan8/10/2029$344 $— 
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202330,697 — 
ACI Group Holdings, Inc.Revolver8/2/202711,567 (116)
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20271,301 (26)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023468 — 
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/20231,446 (14)
Alera Group, Inc.Delayed Draw Term Loan9/30/202827 — 
Amerilife Holdings, LLCRevolver8/31/2028243 (5)
Amerilife Holdings, LLCDelayed Draw Term Loan8/31/2029450 (5)
AmeriVet Partners Management, Inc.Revolver2/25/2028531 — 
17

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
AmeriVet Partners Management, Inc.Delayed Draw Term Loan2/25/20243,196 — 
Anaplan, Inc.Revolver6/21/2028179 (4)
Armada Parent, Inc.Delayed Draw Term Loan10/29/20231,250 — 
Armada Parent, Inc.Revolver10/29/20273,000 (83)
Ascend Buyer, LLCRevolver9/30/20271,681 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949 (29)
AxiomSL Group, Inc.Revolver12/3/20253,221 (32)
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202235,614 — 
Bazaarvoice, Inc.Revolver5/7/202628,662 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/2023448 — 
BlueCat Networks USA, Inc.Delayed Draw Term Loan08/8/2028682 (3)
Caerus US 1, Inc.Delayed Draw Term Loan5/25/20291,506 (15)
Caerus US 1, Inc.Revolver5/25/20291,054 (11)
Cambium Learning Group, Inc.Revolver7/20/202843,592 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20234,197 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20272,093 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20231,408 — 
CFGI Holdings, LLCDelayed Draw Term Loan11/2/20271,200 (12)
CFGI Holdings, LLCRevolver11/2/20271,050 (21)
Clearview Buyer, Inc.Revolver2/26/2027898 (18)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/20243,668 — 
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/2024588 (6)
Community Brands ParentCo, LLCRevolver2/24/2028345 (7)
Confine Visual BidcoDelayed Draw Term Loan3/11/20243,418 (51)
Connatix Buyer, Inc.Revolver7/14/20275,431 (27)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202310,900 (109)
COP Home Services TopCo IV, Inc.Revolver12/31/20251,941 (21)
CPI Buyer, LLCDelayed Draw Term Loan5/1/20237,788 — 
CPI Buyer, LLCRevolver11/1/20263,214 (64)
Cumming Group, Inc.Delayed Draw Term Loan5/26/202713,664 (137)
Cumming Group, Inc.Revolver5/26/202711,923 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20231,338 — 
Discovery Education, Inc.Delayed Draw Term Loan4/9/20296,773 — 
Discovery Education, Inc.Revolver4/9/20292,960 (59)
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700 (187)
ENV Bidco ABDelayed Draw Term Loan7/19/2029260 (14)
Episerver, Inc.Revolver4/9/20262,064 (93)
Experity, Inc.Revolver2/24/20281,495 (30)
Foundation Risk Partners Corp.Revolver10/29/20272,256 — 
Galway Borrower, LLCRevolver9/30/20272,113 (53)
Galway Borrower, LLCDelayed Draw Term Loan9/30/20231,488 (37)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 (75)
The GI Alliance Management, LLCDelayed Draw Term Loan9/15/2028883 (26)
GI Ranger Intermediate, LLCRevolver10/29/20271,080 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/20284,000 (40)
Gigamon Inc.Revolver3/11/2028437 (19)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/20231,057 — 
GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 (21)
GraphPAD Software, LLCRevolver4/27/20272,124 (32)
18

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20232,649 — 
Discovery Education, Inc.Delayed Draw Term Loan4/9/20296,773 — 
Discovery Education, Inc.Revolver4/9/20292,960 (59)
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700 — 
Episerver, Inc.Revolver4/9/20262,064 (26)
Experity, Inc.Revolver2/24/20281,495 (30)
Foundation Risk Partners Corp.Revolver10/29/20272,382 (36)
Frontline Road Safety, LLCDelayed Draw Term Loan5/3/20273,419 — 
Frontline Road Safety, LLCDelayed Draw Term Loan4/30/202726,351 — 
Galway Borrower, LLCRevolver9/30/20272,113 (42)
Galway Borrower, LLCDelayed Draw Term Loan9/30/20232,786 — 
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 (75)
Genuine Cable Group, LLCDelayed Draw Term Loan4/1/202314,206 — 
GI Ranger Intermediate, LLCRevolver10/29/20271,080 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/20284,000 (40)
Gigamon Inc.Revolver3/11/2028437 (19)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/20231,406 — 
GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 (21)
GraphPAD Software, LLCRevolver4/27/20272,124 (32)
GraphPAD Software, LLCGraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
Gruden Acquisition, Inc.Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20232,310 (29)Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20232,310 (29)
Gruden Acquisition, Inc.Gruden Acquisition, Inc.Revolver7/1/20262,625 — Gruden Acquisition, Inc.Revolver7/1/20262,625 — 
Healthcomp Holding Company, LLCDelayed Draw Term Loan12/29/202328,515 — 
HealthComp Holding Company, LLCHealthComp Holding Company, LLCDelayed Draw Term Loan12/29/202328,515 — 
Helix TS, LLCHelix TS, LLCDelayed Draw Term Loan8/3/202312,736 — Helix TS, LLCDelayed Draw Term Loan8/3/20233,240 — 
HIG Orca Acquisition Holdings, Inc.HIG Orca Acquisition Holdings, Inc.Revolver8/17/2027956 — HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,666 — 
HIG Orca Acquisition Holdings, Inc.HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)
High Street Buyer, Inc.High Street Buyer, Inc.Revolver4/16/20272,254 (45)High Street Buyer, Inc.Revolver4/16/20272,254 (45)
High Street Buyer, Inc.High Street Buyer, Inc.Delayed Draw Term Loan4/16/202819,079 — High Street Buyer, Inc.Delayed Draw Term Loan4/16/202816,598 — 
IG Investments Holdings, LLCIG Investments Holdings, LLCRevolver9/22/20272,597 — IG Investments Holdings, LLCRevolver9/22/20273,583 (18)
Infostretch CorporationInfostretch CorporationRevolver4/1/2028550 (11)Infostretch CorporationRevolver4/1/2028550 — 
Inovalon Holdings, Inc.Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (69)
Integrity Marketing Acquisition, LLCIntegrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/20251,905 (19)Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/2025915 — 
ISQ Hawkey Holdco, Inc.ISQ Hawkey Holdco, Inc.Revolver8/17/202891 (2)
ISQ Hawkey Holdco, Inc.ISQ Hawkey Holdco, Inc.Delayed Draw Term Loan8/17/2029269 (3)
Java Buyer, Inc.Java Buyer, Inc.Delayed Draw Term Loan12/15/20232,161 — Java Buyer, Inc.Delayed Draw Term Loan12/15/20231,897 — 
Jayhawk Buyer, LLCJayhawk Buyer, LLCDelayed Draw Term Loan10/15/20261,635 — Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/2026130 — 
Kaufman Hall & Associates, LLCKaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)
Knowledge Pro Buyer, Inc.Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/2023842 — Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/2023702 — 
Knowledge Pro Buyer, Inc.Knowledge Pro Buyer, Inc.Revolver12/10/20272,121 (21)Knowledge Pro Buyer, Inc.Revolver12/10/20272,121 (21)
KPSKY Acquisition, Inc.KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/2023143 — KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/2023143 — 
L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/20224,088 — 
LD Lower Holdings, Inc.LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
Legacy Intermediate, LLCLegacy Intermediate, LLCRevolver2/25/2028958 (10)Legacy Intermediate, LLCRevolver2/25/2028958 (10)
Legacy Intermediate, LLCLegacy Intermediate, LLCDelayed Draw Term Loan2/25/20232,000 (20)Legacy Intermediate, LLCDelayed Draw Term Loan2/25/20232,000 (20)
Linquest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
LinQuest Corp.LinQuest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Magnesium BorrowerCo, Inc.Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/2029485 (11)Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/2029485 (12)
Mandolin Technology Intermediate Holdings, Inc.Mandolin Technology Intermediate Holdings, Inc.Revolver7/23/20261,004 — Mandolin Technology Intermediate Holdings, Inc.Revolver7/23/2026851 — 
Marcone Yellowstone Buyer, Inc.Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/20281,182 — Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/2028912 — 
Material Holdings, LLCMaterial Holdings, LLCRevolver8/17/20271,130 — Material Holdings, LLCRevolver8/17/2027918 — 
Material Holdings, LLCMaterial Holdings, LLCDelayed Draw Term Loan8/19/20233,533 — Material Holdings, LLCDelayed Draw Term Loan8/19/20231,802 — 
Maverick Acquisition, Inc.Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20232,279 — Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20232,279 — 
Maverick Acquisition, Inc.Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20273,964 (40)
MHE Intermediate Holdings, LLCMHE Intermediate Holdings, LLCRevolver7/21/2027268 (11)
Monk Holding Co.Monk Holding Co.Delayed Draw Term Loan8/12/20232,230 (30)
Monterey Financing S.à.r.lMonterey Financing S.à.r.lDelayed Draw Term Loan9/19/2029462 (15)
MRI Software, LLCMRI Software, LLCRevolver2/10/20261,516 (43)
Skopima Merger Sub, Inc.Skopima Merger Sub, Inc.Revolver2/10/20264,200 (425)
Navigator Acquiror, Inc.Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202349,408 — 
NDC Acquisition Corp.NDC Acquisition Corp.Revolver3/9/20273,425 — 
NMC Crimson Holdings, Inc.NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Onex Baltimore Buyer, Inc.Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20233,295 — 
PGIS Intermediate Holdings, LLCPGIS Intermediate Holdings, LLCRevolver10/16/2028330 (7)
PGIS Intermediate Holdings, LLCPGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/2028401 — 
Point Broadband Acquisition, LLCPoint Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202330,511 — 
Porcelain Acquisition Corp.Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202714,481 — 
PPV Intermediate Holdings, LLCPPV Intermediate Holdings, LLCRevolver8/31/2029159 (3)
PPV Intermediate Holdings, LLCPPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/2029320 — 
Profile Products, LLCProfile Products, LLCRevolver11/12/2027783 — 
Profile Products, LLCProfile Products, LLCDelayed Draw Term Loan11/12/2027859 — 
Progress Residential PM Holdings, LLCProgress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
19

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20273,964 (178)
MHE Intermediate Holdings, LLCRevolver7/21/2027268 (5)
Monk Holding Co.Delayed Draw Term Loan8/12/20232,230 (30)
MRI Software, LLCRevolver2/10/20261,516 (30)
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202357,822 — 
NDC Acquisition Corp.Revolver3/9/20273,425 (34)
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20233,295 — 
PGIS Intermediate Holdings, LLCRevolver10/16/2028330 (3)
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/2028660 — 
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202339,309 (491)
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202714,481 — 
Profile Products, LLCDelayed Draw Term Loan11/12/20271,340 (13)
Profile Products, LLCRevolver11/12/2027580 — 
Progress Residential PM Holdings, LLCProgress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/2029333 — 
Project Boost Purchaser, LLCProject Boost Purchaser, LLCRevolver5/2/2028591 (6)Project Boost Purchaser, LLCRevolver5/2/2028591 (9)
Project Boost Purchaser, LLCProject Boost Purchaser, LLCDelayed Draw Term Loan5/2/2029979 (5)Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2029979 (5)
Qualus Power Services Corp.Qualus Power Services Corp.Delayed Draw Term Loan3/26/20235,917 — Qualus Power Services Corp.Delayed Draw Term Loan3/26/20235,917 — 
R1 Holdings, LLCDelayed Draw Term Loan1/2/20268,886 — 
Rally Buyer, Inc.Rally Buyer, Inc.Revolver7/19/2028110 — 
Rally Buyer, Inc.Rally Buyer, Inc.Delayed Draw Term Loan7/19/2028205 (2)
Red River Technology, LLCRed River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — 
Redwood Services Group, LLCRedwood Services Group, LLCDelayed Draw Term Loan6/15/2029476 (5)
Relativity ODA, LLCRelativity ODA, LLCRevolver5/12/20273,292 (49)Relativity ODA, LLCRevolver5/12/20273,292 (49)
Relay Purchaser, LLCRelay Purchaser, LLCRevolver8/30/20267,143 (71)Relay Purchaser, LLCRevolver8/30/20267,143 (71)
Roadsafe Holdings, Inc.Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/20234,240 (42)Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/20234,240 — 
RPBLS Midco, LLCRPBLS Midco, LLCDelayed Draw Term Loan4/1/20281,985 (20)RPBLS Midco, LLCDelayed Draw Term Loan4/1/202820 — 
RWL Holdings, LLCRWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)
Safety Borrower Holdings LPSafety Borrower Holdings LPRevolver9/1/2027280 — Safety Borrower Holdings LPRevolver9/1/2027280 — 
Safety Borrower Holdings LPDelayed Draw Term Loan9/1/2022932 (5)
Sam Holding Co, Inc.Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202330,431 — Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202330,431 — 
Sam Holding Co, Inc.Sam Holding Co, Inc.Revolver3/24/20276,000 (120)Sam Holding Co, Inc.Revolver3/24/20274,800 — 
SEKO Global Logistics Network, LLCSEKO Global Logistics Network, LLCRevolver12/30/2026396 — SEKO Global Logistics Network, LLCRevolver12/30/2026294 — 
SEKO Global Logistics Network, LLCSEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2022511 — SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2022511 — 
SelectQuote, Inc.Delayed Draw Term Loan11/3/202216,067 — 
Sherlock Buyer Corp.Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)
Sherlock Buyer Corp.Sherlock Buyer Corp.Revolver12/8/20271,111 (22)Sherlock Buyer Corp.Revolver12/8/20271,111 (22)
Shoals Holdings, LLCRevolver5/14/20264,200 (473)
Smile Doctors, LLCSmile Doctors, LLCRevolver12/23/20271,026 — Smile Doctors, LLCRevolver12/23/20271,026 — 
Snoopy Bidco, Inc.Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202335,342 (530)Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202315,786 (237)
SpecialtyCare, Inc.SpecialtyCare, Inc.Revolver6/18/20261,047 (3)SpecialtyCare, Inc.Revolver6/18/20261,012 — 
SpecialtyCare, Inc.SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,260 (31)SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,155 — 
Spitfire Parent, Inc.Spitfire Parent, Inc.Delayed Draw Term Loan9/4/20229,222 — Spitfire Parent, Inc.Delayed Draw Term Loan9/4/20223,689 — 
Stepping Stones Healthcare Services, LLCStepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023748 (7)Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023673 — 
Stepping Stones Healthcare Services, LLCStepping Stones Healthcare Services, LLCRevolver12/30/2026342 — Stepping Stones Healthcare Services, LLCRevolver12/30/2026327 — 
Tailwind Colony Holding CorporationTailwind Colony Holding CorporationDelayed Draw Term Loan12/10/20223,752 — Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/20222,342 — 
TCFI AEVEX, LLCTCFI AEVEX, LLCDelayed Draw Term Loan11/7/202230,445 (304)TCFI AEVEX, LLCDelayed Draw Term Loan11/7/202230,445 (304)
Tennessee Bidco LimitedDelayed Draw Term Loan8/3/202825,170 — 
The Fertility Partners, Inc.The Fertility Partners, Inc.Revolver9/16/2027278 (14)The Fertility Partners, Inc.Revolver9/16/2027278 (33)
The Fertility Partners, Inc.The Fertility Partners, Inc.Delayed Draw Term Loan3/16/2024315 — The Fertility Partners, Inc.Delayed Draw Term Loan3/16/2024315 — 
The NPD Group L.P.The NPD Group L.P.Revolver12/1/20279,260 — The NPD Group L.P.Revolver12/1/202713,800 (138)
Trinity Air Consultants Holdings Corp.Trinity Air Consultants Holdings Corp.Revolver6/29/20276,881 (69)Trinity Air Consultants Holdings Corp.Revolver6/29/20276,881 (69)
Trinity Air Consultants Holdings Corp.Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202310,838 — Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202310,916 — 
Trinity Partners Holdings, LLCTrinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)
Triple Lift, Inc.Triple Lift, Inc.Revolver5/6/20284,747 — 
TRP Infrastructure Services, LLCTRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)
Turing Holdco, Inc.Turing Holdco, Inc.Delayed Draw Term Loan8/3/20284,440 — 
United Mutual Acquisition Holdings, LLCUnited Mutual Acquisition Holdings, LLCDelayed Draw Term Loan7/15/20281,275 — 
Unified Physician Management, LLCUnified Physician Management, LLCRevolver6/18/2029241 — 
US Oral Surgery Management Holdco, LLCUS Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/20237,837 — 
US Oral Surgery Management Holdco, LLCUS Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (48)
West Monroe Partners, LLCWest Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCWest Monroe Partners, LLCRevolver11/9/20271,443 — 
Westland Insurance Group LTDWestland Insurance Group LTDDelayed Draw Term Loan1/5/202712,786 — 
WHCG Purchaser III, Inc.WHCG Purchaser III, Inc.Revolver6/22/20266,723 — 
WHCG Purchaser III, Inc.WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202310,490 — 
Total Unfunded CommitmentsTotal Unfunded Commitments  $848,998 $(4,186)

20

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
JuneSeptember 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date
Unfunded
Commitment
Fair
Value
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)
Triple Lift, Inc.Revolver5/6/20284,747 — 
TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20284,440 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/202312,338 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (48)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCRevolver11/9/20271,155 — 
Westland Insurance Group LTDDelayed Draw Term Loan1/5/202735,577 — 
WHCG Purchaser III, Inc.Revolver6/22/20266,724 (67)
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202310,491 — 
Total Unfunded Commitments  $1,073,905 $(5,237)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of JuneSeptember 30, 2022 was 0.50%.
(10)The interest rate floor on these investments as of JuneSeptember 30, 2022 was 0.75%.
(11)The interest rate floor on these investments as of JuneSeptember 30, 2022 was 1.00%.
(12)The interest rate floor on these investments as of JuneSeptember 30, 2022 was 1.25%.
(13)The interest rate floor on these investments as of JuneSeptember 30, 2022 was 1.50%.
(14)For unsettled positions the interest rate does not include the base rate.
(15)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. As of JuneSeptember 30, 2022, the Company does not “control” any of these portfolio companies. 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 JuneSeptember 30, 2022, the Company’s non-controlled/affiliated investments were as follows:

Fair value
as of December 31, 2021
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)
Fair value
as of June 30, 2022
Dividend and Interest Income
Fair value
as of December 31, 2021
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)
Fair value
as of September 30, 2022
Dividend and Interest Income
Non-controlled/Affiliated InvestmentsNon-controlled/Affiliated InvestmentsNon-controlled/Affiliated Investments
Blackstone Donegal Holdings LPBlackstone Donegal Holdings LP$35,683 $1,246 $— $(197)$36,732 $— Blackstone Donegal Holdings LP$35,683 $2,878 $— $6,622 $45,183 $— 
TotalTotal$35,683 $1,246 $ $(197)$36,732 $ Total$35,683 $2,878 $ $6,622 $45,183 $ 


(16)
As of September 30, 2022, the Company had investments denominated in Canadian Dollars (C$), Euros (€), British Pounds (£), Danish Krone (DKK), Swedish Krona (SEK) and Norwegian Krone (NOK).
The accompanying notes are an integral part of these consolidated financial statements.statements

21

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments - non-controlled/non-affiliatedInvestments - non-controlled/non-affiliatedInvestments - non-controlled/non-affiliated
First Lien DebtFirst Lien DebtFirst Lien Debt
Aerospace & DefenseAerospace & DefenseAerospace & Defense
Corfin Holdings, Inc. (4)(11)Corfin Holdings, Inc. (4)(11)L + 6.00%7.00%12/27/2027$271,375 $267,405 $270,697 6.09 %Corfin Holdings, Inc. (4)(11)L + 6.00%7.00%12/27/2027$271,375 $267,405 $270,697 6.09 %
Linquest Corp. (4)(5)(7)(10)L + 5.75%6.50%7/28/202817,456 17,082 17,057 0.38 
LinQuest Corp. (4)(5)(7)(10)LinQuest Corp. (4)(5)(7)(10)L + 5.75%6.50%7/28/202817,456 17,082 17,057 0.38 
MAG DS Corp. (11)MAG DS Corp. (11)L + 5.50%6.50%4/1/202783,707 77,289 77,011 1.73 MAG DS Corp. (11)L + 5.50%6.50%4/1/202783,707 77,289 77,011 1.73 
Maverick Acquisition, Inc. (4)(7)(11)Maverick Acquisition, Inc. (4)(7)(11)L + 6.00%7.00%6/1/202718,969 18,524 18,717 0.42 Maverick Acquisition, Inc. (4)(7)(11)L + 6.00%7.00%6/1/202718,969 18,524 18,717 0.42 
TCFI AEVEX, LLC (4)(7)(11)TCFI AEVEX, LLC (4)(7)(11)L + 6.00%7.00%3/18/2026112,572 110,659 101,424 2.28 TCFI AEVEX, LLC (4)(7)(11)L + 6.00%7.00%3/18/2026112,572 110,659 101,424 2.28 
490,960 484,905 10.90 490,960 484,905 10.90 
Air Freight & LogisticsAir Freight & LogisticsAir Freight & Logistics
AGI-CFI Holdings, Inc. (4)(10)AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.25%6/11/2027117,382 115,160 116,208 2.61 AGI-CFI Holdings, Inc. (4)(10)L + 5.50%6.25%6/11/2027117,382 115,160 116,208 2.61 
Livingston International, Inc. (4)(6)(10)Livingston International, Inc. (4)(6)(10)L + 5.50%6.25%4/30/2027130,160 127,052 128,858 2.90 Livingston International, Inc. (4)(6)(10)L + 5.50%6.25%4/30/2027130,160 127,052 128,858 2.90 
Mode Purchaser, Inc. (4)(11)Mode Purchaser, Inc. (4)(11)L + 6.25%7.25%12/9/2026175,204 172,734 175,204 3.94 Mode Purchaser, Inc. (4)(11)L + 6.25%7.25%12/9/2026175,204 172,734 175,204 3.94 
R1 Holdings, LLC (4)(7)(11)R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202660,540 59,948 60,540 1.36 R1 Holdings, LLC (4)(7)(11)L + 6.00%7.00%1/2/202660,540 59,948 60,540 1.36 
RWL Holdings, LLC (4)(7)(10)RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%6.50%12/31/202824,315 23,768 23,764 0.53 RWL Holdings, LLC (4)(7)(10)SOFR + 5.75%6.50%12/31/202824,315 23,768 23,764 0.53 
SEKO Global Logistics Network, LLC (4)(5)(11)SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/20261,863 2,128 2,118 0.05 SEKO Global Logistics Network, LLC (4)(5)(11)E + 5.00%6.00%12/30/20261,863 2,128 2,118 0.05 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%6.00%12/30/20265,064 4,985 5,052 0.11 SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%6.00%12/30/20265,064 4,985 5,052 0.11 
505,775 511,746 11.50 505,775 511,746 11.50 
Building ProductsBuilding ProductsBuilding Products
Fencing Supply Group Acquisition, LLC (4)(5)(11)Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%7.00%2/26/202752,717 52,010 52,453 1.18 Fencing Supply Group Acquisition, LLC (4)(5)(11)L + 6.00%7.00%2/26/202752,717 52,010 52,453 1.18 
Jacuzzi Brands, LLC (4)(11)Jacuzzi Brands, LLC (4)(11)L + 6.50%7.50%2/25/202594,817 93,867 94,817 2.13 Jacuzzi Brands, LLC (4)(11)L + 6.50%7.50%2/25/202594,817 93,867 94,817 2.13 
L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L + 5.75%6.50%9/1/202712,755 12,514 12,500 0.28 L&S Mechanical Acquisition, LLC (4)(5)(7)(10)L + 5.75%6.50%9/1/202712,755 12,514 12,500 0.28 
Latham Pool Products, Inc. (8)Latham Pool Products, Inc. (8)L + 6.00%6.10%6/18/202562,223 61,448 62,560 1.41 Latham Pool Products, Inc. (8)L + 6.00%6.10%6/18/202562,223 61,448 62,560 1.41 
Lindstrom, LLC (4)(11)Lindstrom, LLC (4)(11)L + 6.25%7.25%4/7/2025122,220 120,954 122,220 2.75 Lindstrom, LLC (4)(11)L + 6.25%7.25%4/7/2025122,220 120,954 122,220 2.75 
Windows Acquisition Holdings, Inc. (4)(5)(11)Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%7.50%12/29/202655,418 54,488 55,418 1.25 Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%7.50%12/29/202655,418 54,488 55,418 1.25 
395,281 399,969 9.00 395,281 399,969 9.00 
ChemicalsChemicalsChemicals
Polymer Additives, Inc. (8)Polymer Additives, Inc. (8)L + 6.00%6.13%7/31/202524,177 23,457 23,585 0.53 Polymer Additives, Inc. (8)L + 6.00%6.13%7/31/202524,177 23,457 23,585 0.53 
VDM Buyer, Inc. (4)(8)VDM Buyer, Inc. (4)(8)L + 6.75%6.89%4/22/202523,779 26,474 26,231 0.59 VDM Buyer, Inc. (4)(8)L + 6.75%6.89%4/22/202523,779 26,474 26,231 0.59 
VDM Buyer, Inc. (4)(8)VDM Buyer, Inc. (4)(8)L + 6.75%6.88%4/22/202562,449 61,761 60,575 1.36 VDM Buyer, Inc. (4)(8)L + 6.75%6.88%4/22/202562,449 61,761 60,575 1.36 
111,692 110,391 2.48 111,692 110,391 2.48 
22

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Commercial Services & SuppliesCommercial Services & SuppliesCommercial Services & Supplies
Bazaarvoice, Inc. (4)(7)(8)Bazaarvoice, Inc. (4)(7)(8)L + 5.75%5.85%5/7/2028208,736 208,736 208,736 4.69 Bazaarvoice, Inc. (4)(7)(8)L + 5.75%5.85%5/7/2028$208,736 $208,736 $208,736 4.69 %
Java Buyer, Inc. (4)(7)(10)Java Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/15/20274,019 3,891 3,891 0.09 Java Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/15/20274,019 3,891 3,891 0.09 
JSS Holdings, Inc. (4)(10)JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/20285,000 4,925 4,963 0.11 JSS Holdings, Inc. (4)(10)L + 6.00%6.75%12/17/20285,000 4,925 4,963 0.11 
JSS Holdings, Inc. (4)(11)JSS Holdings, Inc. (4)(11)L + 6.25%7.25%12/17/2028288,815 285,148 286,649 6.45 JSS Holdings, Inc. (4)(11)L + 6.25%7.25%12/17/2028288,815 285,148 286,649 6.45 
Knowledge Pro Buyer, Inc. (4)(7)(10)Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/10/20275,248 5,107 5,106 0.11 Knowledge Pro Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/10/20275,248 5,107 5,106 0.11 
KPSKY Acquisition, Inc. (4)(7)(10)KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.25%10/19/202821,914 21,477 21,476 0.48 KPSKY Acquisition, Inc. (4)(7)(10)L + 5.50%6.25%10/19/202821,914 21,477 21,476 0.48 
The Action Environmental Group, Inc. (4)(7)(12)The Action Environmental Group, Inc. (4)(7)(12)L + 6.00%7.25%1/16/2026117,131 114,946 113,473 2.55 The Action Environmental Group, Inc. (4)(7)(12)L + 6.00%7.25%1/16/2026117,131 114,946 113,473 2.55 
Veregy Consolidated, Inc. (11)Veregy Consolidated, Inc. (11)L + 6.00%7.00%11/2/202721,099 20,610 21,152 0.48 Veregy Consolidated, Inc. (11)L + 6.00%7.00%11/2/202721,099 20,610 21,152 0.48 
664,839 665,444 14.96 664,839 665,444 14.96 
Construction & EngineeringConstruction & EngineeringConstruction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(7)(11)COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%6.00%12/31/202722,386 21,802 22,147 0.50 COP Home Services TopCo IV, Inc. (4)(5)(7)(11)L + 5.00%6.00%12/31/202722,386 21,802 22,147 0.50 
Containers & PackagingContainers & PackagingContainers & Packaging
Ascend Buyer, LLC (4)(7)(10)Ascend Buyer, LLC (4)(7)(10)L + 5.75%6.50%9/30/202819,400 18,995 18,980 0.43 Ascend Buyer, LLC (4)(7)(10)L + 5.75%6.50%9/30/202819,400 18,995 18,980 0.43 
DistributorsDistributorsDistributors
BP Purchaser, LLC (4)(10)BP Purchaser, LLC (4)(10)L + 5.50%6.25%12/10/20287,388 7,241 7,240 0.16 BP Purchaser, LLC (4)(10)L + 5.50%6.25%12/10/20287,388 7,241 7,240 0.16 
Bution Holdco 2, Inc. (4)(11)Bution Holdco 2, Inc. (4)(11)L + 6.25%7.25%10/17/202574,059 73,123 73,503 1.65 Bution Holdco 2, Inc. (4)(11)L + 6.25%7.25%10/17/202574,059 73,123 73,503 1.65 
Dana Kepner Company, LLC (4)(11)Dana Kepner Company, LLC (4)(11)L + 6.25%7.25%12/29/202663,945 62,880 64,104 1.44 Dana Kepner Company, LLC (4)(11)L + 6.25%7.25%12/29/202663,945 62,880 64,104 1.44 
Genuine Cable Group, LLC (4)(7)(10)Genuine Cable Group, LLC (4)(7)(10)L + 5.75%6.50%11/2/2026143,539 140,399 140,654 3.16 Genuine Cable Group, LLC (4)(7)(10)L + 5.75%6.50%11/2/2026143,539 140,399 140,654 3.16 
Marcone Yellowstone Buyer, Inc. (7)(10)Marcone Yellowstone Buyer, Inc. (7)(10)L + 5.50%6.25%12/23/20285,000 4,884 4,884 0.11 Marcone Yellowstone Buyer, Inc. (7)(10)L + 5.50%6.25%12/23/20285,000 4,884 4,884 0.11 
NDC Acquisition Corp. (4)(7)(11)NDC Acquisition Corp. (4)(7)(11)L + 5.75%6.75%3/9/202713,699 13,373 13,562 0.30 NDC Acquisition Corp. (4)(7)(11)L + 5.75%6.75%3/9/202713,699 13,373 13,562 0.30 
NDC Acquisition Corp. (4)(5)(7)(11) - Revolving Term LoanNDC Acquisition Corp. (4)(5)(7)(11) - Revolving Term LoanL + 5.75%6.75%3/9/2027214 133 180 0.00 NDC Acquisition Corp. (4)(5)(7)(11) - Revolving Term LoanL + 5.75%6.75%3/9/2027214 133 180 0.00 
Tailwind Colony Holding Corporation (4)(7)(11)Tailwind Colony Holding Corporation (4)(7)(11)L + 7.50%8.50%11/13/202439,408 39,028 38,619 0.87 Tailwind Colony Holding Corporation (4)(7)(11)L + 7.50%8.50%11/13/202439,408 39,028 38,619 0.87 
Unified Door & Hardware Group, LLC (4)(11)Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75%6/30/202595,336 93,908 94,860 2.13 Unified Door & Hardware Group, LLC (4)(11)L + 5.75%6.75%6/30/202595,336 93,908 94,860 2.13 
434,969 437,605 9.82 434,969 437,605 9.82 
Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services
Cambium Learning Group, Inc. (4)(7)(10)Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.25%7/20/2028315,160 312,049 315,160 7.09 Cambium Learning Group, Inc. (4)(7)(10)L + 5.50%6.25%7/20/2028315,160 312,049 315,160 7.09 
Dreambox Learning Holding, LLC (4)(10)Dreambox Learning Holding, LLC (4)(10)L + 6.25%7.00%12/1/20277,087 6,937 6,945 0.16 Dreambox Learning Holding, LLC (4)(10)L + 6.25%7.00%12/1/20277,087 6,937 6,945 0.16 
Go Car Wash Management Corp. (4)(7)(11)Go Car Wash Management Corp. (4)(7)(11)L + 5.75%6.75%12/31/202611,073 10,697 10,686 0.24 Go Car Wash Management Corp. (4)(7)(11)L + 5.75%6.75%12/31/202611,073 10,697 10,686 0.24 
329,683 332,791 7.49 329,683 332,791 7.49 
Diversified Financial ServicesDiversified Financial ServicesDiversified Financial Services
Barbri Holdings, Inc. (4)(10)Barbri Holdings, Inc. (4)(10)L + 5.75%6.50%4/30/202860,563 59,349 59,957 1.35 Barbri Holdings, Inc. (4)(10)L + 5.75%6.50%4/30/202860,563 59,349 59,957 1.35 
SelectQuote, Inc. (4)(7)(10)SelectQuote, Inc. (4)(7)(10)L + 5.00%5.75%11/5/202475,780 74,223 75,539 1.70 SelectQuote, Inc. (4)(7)(10)L + 5.00%5.75%11/5/202475,780 74,223 75,539 1.70 
133,572 135,496 3.05 133,572 135,496 3.05 
Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/202887,231 84,655 84,559 1.90 Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/202887,231 84,655 84,559 1.90 
Electric UtilitiesElectric UtilitiesElectric Utilities
Qualus Power Services Corp. (4)(7)(11)Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.50%3/26/202732,126 31,352 31,745 0.71 Qualus Power Services Corp. (4)(7)(11)L + 5.50%6.50%3/26/202732,126 31,352 31,745 0.71 
23

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Electrical EquipmentElectrical EquipmentElectrical Equipment
Emergency Power Holdings, LLC (4)(5)(7)(11)Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%6.50%8/17/202865,000 63,593 63,513 1.43 Emergency Power Holdings, LLC (4)(5)(7)(11)L + 5.50%6.50%8/17/2028$65,000 $63,593 $63,513 1.43 %
Radwell International, LLC (4)(6)(7)(10)Radwell International, LLC (4)(6)(7)(10)L + 5.50%6.25%7/13/2027116,011 115,547 115,620 2.60 Radwell International, LLC (4)(6)(7)(10)L + 5.50%6.25%7/13/2027116,011 115,547 115,620 2.60 
Shoals Holdings, LLC (4)(11)Shoals Holdings, LLC (4)(11)L + 3.25%4.25%11/25/202684,359 82,607 84,781 1.91 Shoals Holdings, LLC (4)(11)L + 3.25%4.25%11/25/202684,359 82,607 84,781 1.91 
261,747 263,914 5.94 261,747 263,914 5.94 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%7.00%12/23/2026110,153 108,127 108,195 2.43 Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%7.00%12/23/2026110,153 108,127 108,195 2.43 
Energy Equipment & ServicesEnergy Equipment & ServicesEnergy Equipment & Services
Abaco Energy Technologies, LLC (4)(11)Abaco Energy Technologies, LLC (4)(11)L + 7.50% (incl. 1.00% PIK)8.50%10/4/202448,391 47,597 47,544 1.07 Abaco Energy Technologies, LLC (4)(11)L + 7.50% (incl. 1.00% PIK)8.50%10/4/202448,391 47,597 47,544 1.07 
Tetra Technologies, Inc. (4)(6)(11)Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.25%9/10/202517,790 17,716 17,790 0.40 Tetra Technologies, Inc. (4)(6)(11)L + 6.25%7.25%9/10/202517,790 17,716 17,790 0.40 
65,314 65,333 1.47 65,314 65,333 1.47 
Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies
CPI Buyer, LLC (4)(7)(10)CPI Buyer, LLC (4)(7)(10)L + 5.50%6.25%11/1/202829,500 28,777 28,767 0.65 CPI Buyer, LLC (4)(7)(10)L + 5.50%6.25%11/1/202829,500 28,777 28,767 0.65 
GCX Corporation Buyer, LLC (4)(5)(7)(10)GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%6.25%9/13/202721,945 21,453 21,431 0.48 GCX Corporation Buyer, LLC (4)(5)(7)(10)L + 5.50%6.25%9/13/202721,945 21,453 21,431 0.48 
50,230 50,198 1.13 50,230 50,198 1.13 
Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services
ACI Group Holdings, Inc. (4)(5)(7)(10)ACI Group Holdings, Inc. (4)(5)(7)(10)L + 5.50%6.25%8/2/2028109,290 106,643 107,682 2.42 ACI Group Holdings, Inc. (4)(5)(7)(10)L + 5.50%6.25%8/2/2028109,290 106,643 107,682 2.42 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%7.25%5/7/20278,247 8,069 8,129 0.18 ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)L + 6.25%7.25%5/7/20278,247 8,069 8,129 0.18 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)L + 4.50%5.50%4/14/2028C$27,052 21,291 21,430 0.48 Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11)L + 4.50%5.50%4/14/2028C$27,052 21,291 21,430 0.48 
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11) - Revolving Term LoanCanadian Hospital Specialties Ltd. (4)(5)(6)(7)(11) - Revolving Term LoanC + 5.25%6.25%4/14/2028C$547 399 388 0.01 Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11) - Revolving Term LoanC + 5.25%6.25%4/14/2028C$547 399 388 0.01 
CCBlue Bidco, Inc. (4)(7)(10)CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.00%12/21/20289,728 9,515 9,514 0.21 CCBlue Bidco, Inc. (4)(7)(10)L + 6.25% (incl. 2.75% PIK)7.00%12/21/20289,728 9,515 9,514 0.21 
Cross Country Healthcare, Inc. (4)(10)Cross Country Healthcare, Inc. (4)(10)L + 5.75%6.50%6/8/202729,545 29,010 29,250 0.66 Cross Country Healthcare, Inc. (4)(10)L + 5.75%6.50%6/8/202729,545 29,010 29,250 0.66 
DCA Investment Holdings, LLC (4)(7)(10)DCA Investment Holdings, LLC (4)(7)(10)L + 6.25%7.00%3/12/202724,471 24,128 24,203 0.54 DCA Investment Holdings, LLC (4)(7)(10)L + 6.25%7.00%3/12/202724,471 24,128 24,203 0.54 
Epoch Acquisition, Inc. (4)(11)Epoch Acquisition, Inc. (4)(11)L + 6.75%7.75%10/4/202424,560 24,404 24,560 0.55 Epoch Acquisition, Inc. (4)(11)L + 6.75%7.75%10/4/202424,560 24,404 24,560 0.55 
Healthcomp Holding Company, LLC (4)(5)(7)(11)L + 5.75%6.75%10/27/2026105,078 102,655 105,078 2.36 
HealthComp Holding Company, LLC (4)(5)(7)(11)HealthComp Holding Company, LLC (4)(5)(7)(11)L + 5.75%6.75%10/27/2026105,078 102,655 105,078 2.36 
Jayhawk Buyer, LLC (4)(11)Jayhawk Buyer, LLC (4)(11)L + 5.00%6.00%10/15/2026154,227 151,312 152,685 3.43 Jayhawk Buyer, LLC (4)(11)L + 5.00%6.00%10/15/2026154,227 151,312 152,685 3.43 
Navigator Acquiror, Inc. (4)(7)(9)Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.25%7/16/2027201,924 200,061 200,915 4.52 Navigator Acquiror, Inc. (4)(7)(9)L + 5.75%6.25%7/16/2027201,924 200,061 200,915 4.52 
Odyssey Holding Company, LLC (4)(11)Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202520,489 20,274 20,489 0.46 Odyssey Holding Company, LLC (4)(11)L + 5.75%6.75%11/16/202520,489 20,274 20,489 0.46 
Onex Baltimore Buyer, Inc. (4)(7)(10)Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/1/202728,977 28,368 28,364 0.64 Onex Baltimore Buyer, Inc. (4)(7)(10)L + 5.75%6.50%12/1/202728,977 28,368 28,364 0.64 
Smile Doctors, LLC (4)(7)(10)Smile Doctors, LLC (4)(7)(10)L + 5.75%6.50%12/1/20289,449 9,221 9,233 0.21 Smile Doctors, LLC (4)(7)(10)L + 5.75%6.50%12/1/20289,449 9,221 9,233 0.21 
Snoopy Bidco, Inc. (4)(7)(10)Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%6.75%6/1/2028264,000 255,148 258,750 5.82 Snoopy Bidco, Inc. (4)(7)(10)L + 6.00%6.75%6/1/2028264,000 255,148 258,750 5.82 
SpecialtyCare, Inc. (4)(5)(7)(11)SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%6.75%6/18/202812,225 11,844 11,975 0.27 SpecialtyCare, Inc. (4)(5)(7)(11)L + 5.75%6.75%6/18/202812,225 11,844 11,975 0.27 
Stepping Stones Healthcare Services, LLC (4)(7)(10)Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.50%1/2/20292,188 2,129 2,129 0.05 Stepping Stones Healthcare Services, LLC (4)(7)(10)L + 5.75%6.50%1/2/20292,188 2,129 2,129 0.05 
The GI Alliance Management, LLC (4)(11)The GI Alliance Management, LLC (4)(11)L + 6.25%7.25%11/4/2024272,257 267,352 270,216 6.08 The GI Alliance Management, LLC (4)(11)L + 6.25%7.25%11/4/2024272,257 267,352 270,216 6.08 
US Oral Surgery Management Holdco, LLC (4)(7)(10)US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.25%11/18/202732,982 32,152 32,238 0.72 US Oral Surgery Management Holdco, LLC (4)(7)(10)L + 5.50%6.25%11/18/202732,982 32,152 32,238 0.72 
24

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Health Care Providers & Services (continued)Health Care Providers & Services (continued)Health Care Providers & Services (continued)
WHCG Purchaser III, Inc. (4)(5)(7)(10)WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%6.50%6/22/202846,608 45,438 45,352 1.02 WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%6.50%6/22/2028$46,608 $45,438 $45,352 1.02 %
1,349,412 1,362,579 30.63 1,349,412 1,362,579 30.63 
Health Care TechnologyHealth Care TechnologyHealth Care Technology
Edifecs, Inc. (4)(11)Edifecs, Inc. (4)(11)L + 7.00%8.00%9/21/2026221,397 217,041 228,039 5.13 Edifecs, Inc. (4)(11)L + 7.00%8.00%9/21/2026221,397 217,041 228,039 5.13 
Edifecs, Inc. (4)(10)Edifecs, Inc. (4)(10)L + 5.50%6.25%9/21/202613,703 13,437 13,428 0.30 Edifecs, Inc. (4)(10)L + 5.50%6.25%9/21/202613,703 13,437 13,428 0.30 
GI Ranger Intermediate, LLC (4)(7)(10)GI Ranger Intermediate, LLC (4)(7)(10)L + 6.00%6.75%10/29/202813,080 12,782 12,774 0.29 GI Ranger Intermediate, LLC (4)(7)(10)L + 6.00%6.75%10/29/202813,080 12,782 12,774 0.29 
NMC Crimson Holdings, Inc. (4)(7)(10)NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.75%3/1/202871,173 68,879 69,279 1.56 NMC Crimson Holdings, Inc. (4)(7)(10)L + 6.00%6.75%3/1/202871,173 68,879 69,279 1.56 
Project Ruby Ultimate Parent Corp. (10)Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.00%3/3/20288,547 8,509 8,549 0.19 Project Ruby Ultimate Parent Corp. (10)L + 3.25%4.00%3/3/20288,547 8,509 8,549 0.19 
320,649 332,069 7.47 320,649 332,069 7.47 
InsuranceInsuranceInsurance
Alera Group, Inc. (4)(7)(10)Alera Group, Inc. (4)(7)(10)L + 5.50%6.25%9/30/20283,713 3,678 3,676 0.08 Alera Group, Inc. (4)(7)(10)L + 5.50%6.25%9/30/20283,713 3,678 3,676 0.08 
Benefytt Technologies, Inc. (4)(7)(10)Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%6.75%8/12/202710,500 10,276 10,260 0.23 Benefytt Technologies, Inc. (4)(7)(10)L + 6.00%6.75%8/12/202710,500 10,276 10,260 0.23 
Foundation Risk Partners Corp. (4)(7)(10)Foundation Risk Partners Corp. (4)(7)(10)L + 5.75%6.50%10/29/202824,286 23,881 23,891 0.54 Foundation Risk Partners Corp. (4)(7)(10)L + 5.75%6.50%10/29/202824,286 23,881 23,891 0.54 
Galway Borrower, LLC (4)(5)(7)(10)Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%6.00%9/24/202824,059 22,882 22,993 0.52 Galway Borrower, LLC (4)(5)(7)(10)L + 5.25%6.00%9/24/202824,059 22,882 22,993 0.52 
High Street Buyer, Inc. (4)(5)(7)(10)High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%4/14/202849,854 48,869 48,741 1.10 High Street Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%4/14/202849,854 48,869 48,741 1.10 
Integrity Marketing Acquisition, LLC (4)(5)(7)(10)Integrity Marketing Acquisition, LLC (4)(5)(7)(10)L + 5.50%6.25%8/27/2025113,724 112,245 113,109 2.54 Integrity Marketing Acquisition, LLC (4)(5)(7)(10)L + 5.50%6.25%8/27/2025113,724 112,245 113,109 2.54 
Integrity Marketing Acquisition, LLC (4)(5)(11)Integrity Marketing Acquisition, LLC (4)(5)(11)L + 5.75%6.75%8/27/202519,879 19,640 19,829 0.45 Integrity Marketing Acquisition, LLC (4)(5)(11)L + 5.75%6.75%8/27/202519,879 19,640 19,829 0.45 
Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(10)Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(10)C + 4.25%5.00%3/28/2028C$68,239 53,248 53,799 1.21 Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(10)C + 4.25%5.00%3/28/2028C$68,239 53,248 53,799 1.21 
PGIS Intermediate Holdings, LLC (4)(5)(7)(10)PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%6.25%10/14/20283,373 3,288 3,290 0.07 PGIS Intermediate Holdings, LLC (4)(5)(7)(10)L + 5.50%6.25%10/14/20283,373 3,288 3,290 0.07 
SG Acquisition, Inc. (4)(9)SG Acquisition, Inc. (4)(9)L + 5.00%5.50%1/27/2027110,586 109,152 110,309 2.48 SG Acquisition, Inc. (4)(9)L + 5.00%5.50%1/27/2027110,586 109,152 110,309 2.48 
Tennessee Bidco Limited (4)(5)(6)(8)Tennessee Bidco Limited (4)(5)(6)(8)L + 7.00%7.15%8/3/202863,529 61,854 61,623 1.39 Tennessee Bidco Limited (4)(5)(6)(8)L + 7.00%7.15%8/3/202863,529 61,854 61,623 1.39 
Tennessee Bidco Limited (4)(5)(6)(7)(8)Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.00%7.05%8/3/2028£25,848 33,898 33,663 0.76 Tennessee Bidco Limited (4)(5)(6)(7)(8)S + 7.00%7.05%8/3/2028£25,848 33,898 33,663 0.76 
Westland Insurance Group LTD (4)(5)(6)(11)Westland Insurance Group LTD (4)(5)(6)(11)L + 7.00%8.00%1/5/202742,483 39,257 41,315 0.93 Westland Insurance Group LTD (4)(5)(6)(11)L + 7.00%8.00%1/5/202742,483 39,257 41,315 0.93 
Westland Insurance Group LTD (4)(5)(6)(7)(11)Westland Insurance Group LTD (4)(5)(6)(7)(11)C + 7.00%8.00%1/5/2027C$96,704 68,874 74,348 1.67 Westland Insurance Group LTD (4)(5)(6)(7)(11)C + 7.00%8.00%1/5/2027C$96,704 68,874 74,348 1.67 
611,042 620,848 13.97 611,042 620,848 13.97 
Interactive Media & ServicesInteractive Media & ServicesInteractive Media & Services
Bungie, Inc. (4)(11)Bungie, Inc. (4)(11)L + 6.25%7.25%8/28/202447,200 46,824 47,200 1.06 Bungie, Inc. (4)(11)L + 6.25%7.25%8/28/202447,200 46,824 47,200 1.06 
Internet & Direct Marketing RetailInternet & Direct Marketing RetailInternet & Direct Marketing Retail
Donuts, Inc. (4)(11)Donuts, Inc. (4)(11)L + 6.00%7.00%12/29/2026325,760 320,336 324,131 7.29 Donuts, Inc. (4)(11)L + 6.00%7.00%12/29/2026325,760 320,336 324,131 7.29 
IT ServicesIT ServicesIT Services
AI Altius Bidco, Inc. (4)(5)(7)(10)AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%6.25%12/13/20286,218 6,074 6,060 0.14 AI Altius Bidco, Inc. (4)(5)(7)(10)L + 5.50%6.25%12/13/20286,218 6,074 6,060 0.14 
Inovalon Holdings, Inc. (4)(7)(10)Inovalon Holdings, Inc. (4)(7)(10)L + 5.75%6.50%11/24/2028103,533 100,841 100,806 2.27 Inovalon Holdings, Inc. (4)(7)(10)L + 5.75%6.50%11/24/2028103,533 100,841 100,806 2.27 
Razor Holdco, LLC (4)(10)Razor Holdco, LLC (4)(10)L + 5.75%6.50%10/25/202747,800 46,874 46,844 1.05 Razor Holdco, LLC (4)(10)L + 5.75%6.50%10/25/202747,800 46,874 46,844 1.05 
Red River Technology, LLC (4)(7)(11)Red River Technology, LLC (4)(7)(11)L + 6.00%7.00%5/26/202781,604 80,264 78,951 1.78 Red River Technology, LLC (4)(7)(11)L + 6.00%7.00%5/26/202781,604 80,264 78,951 1.78 
Turing Holdco, Inc. (4)(5)(6)(8)Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%6.13%8/3/20288,437 8,192 8,184 0.18 Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%6.13%8/3/20288,437 8,192 8,184 0.18 
Turing Holdco, Inc. (4)(5)(6)(7)(8)Turing Holdco, Inc. (4)(5)(6)(7)(8)L + 6.00%6.00%8/3/202810,880 12,062 11,860 0.27 Turing Holdco, Inc. (4)(5)(6)(7)(8)L + 6.00%6.00%8/3/202810,880 12,062 11,860 0.27 
254,306 252,705 5.69 254,306 252,705 5.69 
25

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
MachineryMachineryMachinery
MHE Intermediate Holdings, LLC (4)(5)(7)(11)MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%6.75%7/21/20273,304 3,236 3,233 0.07 MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%6.75%7/21/2027$3,304 $3,236 $3,233 0.07 %
MarineMarineMarine
Armada Parent, Inc. (4)(7)(10)Armada Parent, Inc. (4)(7)(10)L + 5.75%6.50%10/29/202725,250 24,682 24,665 0.55 Armada Parent, Inc. (4)(7)(10)L + 5.75%6.50%10/29/202725,250 24,682 24,665 0.55 
Oil, Gas & Consumable FuelsOil, Gas & Consumable FuelsOil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc. (4)(6)(13)Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.75%11/26/2024150,862 149,549 150,862 3.39 Eagle Midstream Canada Finance, Inc. (4)(6)(13)L + 6.25%7.75%11/26/2024150,862 149,549 150,862 3.39 
Paper & Forest ProductsPaper & Forest ProductsPaper & Forest Products
Profile Products, LLC (4)(7)(10)Profile Products, LLC (4)(7)(10)L + 5.50%6.25%11/12/20276,075 5,925 5,922 0.13 Profile Products, LLC (4)(7)(10)L + 5.50%6.25%11/12/20276,075 5,925 5,922 0.13 
Professional ServicesProfessional ServicesProfessional Services
ALKU, LLC (4)(10)ALKU, LLC (4)(10)L + 5.25%6.00%3/1/202879,643 78,914 79,245 1.78 ALKU, LLC (4)(10)L + 5.25%6.00%3/1/202879,643 78,914 79,245 1.78 
ASP Endeavor Acquisition, LLC (4)(5)(9)ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%7.00%5/3/202713,905 13,625 13,766 0.31 ASP Endeavor Acquisition, LLC (4)(5)(9)L + 6.50%7.00%5/3/202713,905 13,625 13,766 0.31 
BPPH2 Limited (4)(5)(6)(8)BPPH2 Limited (4)(5)(6)(8)L + 6.75%6.92%3/2/2028£26,300 35,487 35,978 0.81 BPPH2 Limited (4)(5)(6)(8)L + 6.75%6.92%3/2/2028£26,300 35,487 35,978 0.81 
CFGI Holdings, LLC (4)(7)(10)CFGI Holdings, LLC (4)(7)(10)L + 5.25%6.00%11/1/20277,675 7,494 7,489 0.17 CFGI Holdings, LLC (4)(7)(10)L + 5.25%6.00%11/1/20277,675 7,494 7,489 0.17 
Clearview Buyer, Inc. (4)(5)(7)(10)Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%6.00%8/26/202717,339 16,969 16,947 0.38 Clearview Buyer, Inc. (4)(5)(7)(10)L + 5.25%6.00%8/26/202717,339 16,969 16,947 0.38 
Guidehouse, Inc. (4)(5)(7)(10)Guidehouse, Inc. (4)(5)(7)(10)L + 5.50%6.25%10/16/2028346,154 342,793 342,692 7.71 Guidehouse, Inc. (4)(5)(7)(10)L + 5.50%6.25%10/16/2028346,154 342,793 342,692 7.71 
HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)L + 6.00%7.00%8/17/202733,523 32,833 32,761 0.74 HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11)L + 6.00%7.00%8/17/202733,523 32,833 32,761 0.74 
IG Investments Holdings, LLC (4)(5)(7)(10)IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%6.75%9/22/202847,676 46,726 47,375 1.07 IG Investments Holdings, LLC (4)(5)(7)(10)L + 6.00%6.75%9/22/202847,676 46,726 47,375 1.07 
Kaufman Hall & Associates, LLC (4)(7)(10)Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.50%6.25%12/14/202819,500 19,063 19,060 0.43 Kaufman Hall & Associates, LLC (4)(7)(10)L + 5.50%6.25%12/14/202819,500 19,063 19,060 0.43 
Material Holdings, LLC (4)(5)(7)(10)Material Holdings, LLC (4)(5)(7)(10)L + 5.75%6.50%8/19/202727,416 26,873 26,838 0.60 Material Holdings, LLC (4)(5)(7)(10)L + 5.75%6.50%8/19/202727,416 26,873 26,838 0.60 
Sherlock Buyer Corp. (4)(7)(8)Sherlock Buyer Corp. (4)(7)(8)L + 5.75%5.75%12/8/20288,638 8,417 8,415 0.19 Sherlock Buyer Corp. (4)(7)(8)L + 5.75%5.75%12/8/20288,638 8,417 8,415 0.19 
Titan Investment Company, Inc. (4)(5)(8)Titan Investment Company, Inc. (4)(5)(8)L + 5.75%5.96%3/20/202742,460 40,729 42,672 0.96 Titan Investment Company, Inc. (4)(5)(8)L + 5.75%5.96%3/20/202742,460 40,729 42,672 0.96 
Trinity Air Consultants Holdings Corp. (4)(7)(10)Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%6.00%6/29/202769,311 67,797 67,656 1.52 Trinity Air Consultants Holdings Corp. (4)(7)(10)L + 5.25%6.00%6/29/202769,311 67,797 67,656 1.52 
Trinity Partners Holdings, LLC (4)(7)(10)Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%6.50%12/21/20284,658 4,551 4,551 0.10 Trinity Partners Holdings, LLC (4)(7)(10)L + 5.75%6.50%12/21/20284,658 4,551 4,551 0.10 
West Monroe Partners, LLC (4)(7)(10)West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.25%11/8/202815,009 14,715 14,709 0.33 West Monroe Partners, LLC (4)(7)(10)L + 5.50%6.25%11/8/202815,009 14,715 14,709 0.33 
756,987 760,154 17.10 756,987 760,154 17.10 
Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development
Cumming Group, Inc. (4)(7)(11)Cumming Group, Inc. (4)(7)(11)L + 6.00%7.00%5/26/202755,072 53,548 54,820 1.23 Cumming Group, Inc. (4)(7)(11)L + 6.00%7.00%5/26/202755,072 53,548 54,820 1.23 
Progress Residential PM Holdings, LLC (4)(7)(10)Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.00%2/16/202870,324 68,756 71,027 1.60 Progress Residential PM Holdings, LLC (4)(7)(10)L + 6.25%7.00%2/16/202870,324 68,756 71,027 1.60 
122,304 125,846 2.83 122,304 125,846 2.83 
Road & RailRoad & RailRoad & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.25%7/1/202826,198 25,482 25,429 0.57 Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.25%7/1/202826,198 25,482 25,429 0.57 
26

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
SoftwareSoftwareSoftware
AxiomSL Group, Inc. (4)(7)(11)AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.00%12/3/202742,545 41,669 41,571 0.93 AxiomSL Group, Inc. (4)(7)(11)L + 6.00%7.00%12/3/2027$42,545 $41,669 $41,571 0.93 %
Connatix Buyer, Inc. (4)(5)(7)(10)Connatix Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%7/14/202737,718 36,822 36,746 0.83 Connatix Buyer, Inc. (4)(5)(7)(10)L + 6.00%6.75%7/14/202737,718 36,822 36,746 0.83 
Diligent Corporation (4)(11)Diligent Corporation (4)(11)L + 5.75%6.75%8/4/202559,550 58,861 59,103 1.33 Diligent Corporation (4)(11)L + 5.75%6.75%8/4/202559,550 58,861 59,103 1.33 
Episerver, Inc. (4)(5)(7)(11)Episerver, Inc. (4)(5)(7)(11)L + 5.50%6.50%4/9/20269,742 9,587 9,565 0.22 Episerver, Inc. (4)(5)(7)(11)L + 5.50%6.50%4/9/20269,742 9,587 9,565 0.22 
Experity, Inc. (4)(5)(7)(10)Experity, Inc. (4)(5)(7)(10)L + 5.50%6.25%7/22/20278,527 8,352 8,338 0.19 Experity, Inc. (4)(5)(7)(10)L + 5.50%6.25%7/22/20278,527 8,352 8,338 0.19 
GovernmentJobs.com, Inc. (4)(7)(10)GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%6.25%12/1/20285,000 4,866 4,865 0.11 GovernmentJobs.com, Inc. (4)(7)(10)L + 5.50%6.25%12/1/20285,000 4,866 4,865 0.11 
GraphPAD Software, LLC (4)(7)(11)GraphPAD Software, LLC (4)(7)(11)L + 5.50%6.50%4/27/202726,853 26,453 26,488 0.60 GraphPAD Software, LLC (4)(7)(11)L + 5.50%6.50%4/27/202726,853 26,453 26,488 0.60 
LD Lower Holdings, Inc. (4)(7)(11)LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%7.50%2/8/202693,400 91,866 92,466 2.08 LD Lower Holdings, Inc. (4)(7)(11)L + 6.50%7.50%2/8/202693,400 91,866 92,466 2.08 
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L + 3.75%4.25%7/6/20288,700 8,566 8,558 0.19 Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9)L + 3.75%4.25%7/6/20288,700 8,566 8,558 0.19 
Medallia, Inc. (4)(10)Medallia, Inc. (4)(10)L + 6.75% PIK7.50%10/29/2028296,542 290,819 290,611 6.53 Medallia, Inc. (4)(10)L + 6.75% PIK7.50%10/29/2028296,542 290,819 290,611 6.53 
Monk Holding Co. (4)(7)(10)Monk Holding Co. (4)(7)(10)L + 5.75%6.50%12/1/20274,889 4,743 4,744 0.11 Monk Holding Co. (4)(7)(10)L + 5.75%6.50%12/1/20274,889 4,743 4,744 0.11 
MRI Software, LLC (5)(7)(11)MRI Software, LLC (5)(7)(11)L + 5.50%6.50%2/10/202628,117 27,946 28,094 0.63 MRI Software, LLC (5)(7)(11)L + 5.50%6.50%2/10/202628,117 27,946 28,094 0.63 
Nintex Topco Limited (4)(6)(10)Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/202834,475 33,799 33,786 0.76 Nintex Topco Limited (4)(6)(10)L + 5.75%6.50%11/13/202834,475 33,799 33,786 0.76 
Relativity ODA, LLC (4)(7)(11)Relativity ODA, LLC (4)(7)(11)L + 7.50% PIK8.50%5/12/202719,323 18,842 18,984 0.43 Relativity ODA, LLC (4)(7)(11)L + 7.50% PIK8.50%5/12/202719,323 18,842 18,984 0.43 
Relay Purchaser, LLC (4)(5)(7)(10)Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%6.75%8/30/202850,000 48,982 49,304 1.11 Relay Purchaser, LLC (4)(5)(7)(10)L + 6.00%6.75%8/30/202850,000 48,982 49,304 1.11 
Spitfire Parent, Inc. (4)(5)(11)Spitfire Parent, Inc. (4)(5)(11)L + 5.50%6.50%3/11/202710,448 12,406 11,762 0.26 Spitfire Parent, Inc. (4)(5)(11)L + 5.50%6.50%3/11/202710,448 12,406 11,762 0.26 
Spitfire Parent, Inc. (4)(7)(11)Spitfire Parent, Inc. (4)(7)(11)L + 5.50%6.50%3/11/202770,933 69,574 70,131 1.58 Spitfire Parent, Inc. (4)(7)(11)L + 5.50%6.50%3/11/202770,933 69,574 70,131 1.58 
Stamps.com, Inc. (4)(10)Stamps.com, Inc. (4)(10)L + 5.75%6.50%10/5/2028290,278 284,671 284,473 6.40 Stamps.com, Inc. (4)(10)L + 5.75%6.50%10/5/2028290,278 284,671 284,473 6.40 
The NPD Group L.P. (4)(7)(10)The NPD Group L.P. (4)(7)(10)L + 6.00%6.75%11/9/2028122,600 119,670 119,633 2.69 The NPD Group L.P. (4)(7)(10)L + 6.00%6.75%11/9/2028122,600 119,670 119,633 2.69 
Triple Lift, Inc. (4)(7)(10)Triple Lift, Inc. (4)(7)(10)L + 5.75%6.50%5/6/202848,755 47,732 48,114 1.08 Triple Lift, Inc. (4)(7)(10)L + 5.75%6.50%5/6/202848,755 47,732 48,114 1.08 
1,246,226 1,247,334 28.06 1,246,226 1,247,334 28.06 
Specialty RetailSpecialty RetailSpecialty Retail
CustomInk, LLC (4)(11)CustomInk, LLC (4)(11)L + 6.21%7.21%5/3/2026163,594 161,686 161,549 3.63 CustomInk, LLC (4)(11)L + 6.21%7.21%5/3/2026163,594 161,686 161,549 3.63 
Technology Hardware, Storage & PeripheralsTechnology Hardware, Storage & PeripheralsTechnology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)Lytx, Inc. (4)(11)L + 6.75%7.75%2/28/202685,320 84,355 84,893 1.91 Lytx, Inc. (4)(11)L + 6.75%7.75%2/28/202685,320 84,355 84,893 1.91 
Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors
Porcelain Acquisition Corp. (4)(7)(11)Porcelain Acquisition Corp. (4)(7)(11)L + 6.00%7.00%4/30/202747,556 45,729 45,822 1.03 Porcelain Acquisition Corp. (4)(7)(11)L + 6.00%7.00%4/30/202747,556 45,729 45,822 1.03 
The Cook & Boardman Group, LLC (11)The Cook & Boardman Group, LLC (11)L + 5.75%6.75%10/17/202549,712 49,421 48,494 1.09 The Cook & Boardman Group, LLC (11)L + 5.75%6.75%10/17/202549,712 49,421 48,494 1.09 
95,150 94,316 2.12 95,150 94,316 2.12 
27

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
First Lien Debt (continued)First Lien Debt (continued)First Lien Debt (continued)
Transportation InfrastructureTransportation InfrastructureTransportation Infrastructure
Capstone Logistics, LLC (7)(11)Capstone Logistics, LLC (7)(11)L + 4.75%5.75%11/12/20275,615 5,575 5,628 0.13 Capstone Logistics, LLC (7)(11)L + 4.75%5.75%11/12/2027$5,615 $5,575 $5,628 0.13 %
Frontline Road Safety, LLC (4)(7)(10)Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.50%5/3/202791,070 89,451 87,970 1.98 Frontline Road Safety, LLC (4)(7)(10)L + 5.75%6.50%5/3/202791,070 89,451 87,970 1.98 
Helix TS, LLC (4)(7)(10)Helix TS, LLC (4)(7)(10)L + 5.75%6.50%8/4/202736,193 35,514 35,469 0.80 Helix TS, LLC (4)(7)(10)L + 5.75%6.50%8/4/202736,193 35,514 35,469 0.80 
Roadsafe Holdings, Inc. (4)(7)(11)Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%6.75%10/19/202743,200 42,356 42,697 0.96 Roadsafe Holdings, Inc. (4)(7)(11)L + 5.75%6.75%10/19/202743,200 42,356 42,697 0.96 
Safety Borrower Holdings LP (4)(5)(7)(11)Safety Borrower Holdings LP (4)(5)(7)(11)L + 5.75%6.75%9/1/20274,195 4,147 4,145 0.09 Safety Borrower Holdings LP (4)(5)(7)(11)L + 5.75%6.75%9/1/20274,195 4,147 4,145 0.09 
Sam Holding Co, Inc. (4)(7)(11)Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.50%9/24/202738,305 37,372 37,323 0.84 Sam Holding Co, Inc. (4)(7)(11)L + 5.50%6.50%9/24/202738,305 37,372 37,323 0.84 
Spireon, Inc. (4)(11)Spireon, Inc. (4)(11)L + 6.50%7.50%10/4/202422,733 22,601 22,733 0.51 Spireon, Inc. (4)(11)L + 6.50%7.50%10/4/202422,733 22,601 22,733 0.51 
TRP Infrastructure Services, LLC (4)(7)(11)TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%6.50%7/9/202739,684 38,889 38,820 0.87 TRP Infrastructure Services, LLC (4)(7)(11)L + 5.50%6.50%7/9/202739,684 38,889 38,820 0.87 
275,905 274,783 6.18 275,905 274,783 6.18 
Total First Lien DebtTotal First Lien Debt$9,563,051 $9,621,939 216.36 %Total First Lien Debt9,563,051 9,621,939 216.36 
Second Lien DebtSecond Lien DebtSecond Lien Debt
Construction & EngineeringConstruction & EngineeringConstruction & Engineering
COP Home Services TopCo IV, Inc. (4)(5)(11)COP Home Services TopCo IV, Inc. (4)(5)(11)L + 8.75%9.75%12/31/2028$7,517 $7,369 $7,517 0.17 %COP Home Services TopCo IV, Inc. (4)(5)(11)L + 8.75%9.75%12/31/20287,517 7,369 7,517 0.17 
Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services
Canadian Hospital Specialties Ltd. (4)(5)(6)(8)Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.75%8.75%4/15/2029C$10,533 8,274 8,318 0.19 Canadian Hospital Specialties Ltd. (4)(5)(6)(8)8.75%8.75%4/15/2029C$10,533 8,274 8,318 0.19 
Jayhawk Buyer, LLC (4)(11)Jayhawk Buyer, LLC (4)(11)L + 8.75%9.75%10/15/20275,183 5,089 5,118 0.12 Jayhawk Buyer, LLC (4)(11)L + 8.75%9.75%10/15/20275,183 5,089 5,118 0.12 
13,363 13,437 0.31 13,363 13,437 0.31 
Industrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates
Victory Buyer, LLC (4)(9)Victory Buyer, LLC (4)(9)L + 7.00%7.50%11/19/20289,619 9,523 9,523 0.21 Victory Buyer, LLC (4)(9)L + 7.00%7.50%11/19/20289,619 9,523 9,523 0.21 
InsuranceInsuranceInsurance
Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(9)Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(9)C + 7.50%8.00%3/26/2029C$25,495 19,778 20,295 0.46 Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(9)C + 7.50%8.00%3/26/2029C$25,495 19,778 20,295 0.46 
IT ServicesIT ServicesIT Services
Inovalon Holdings, Inc. (4)(5)(10)Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK11.25%11/24/20339,182 8,909 8,907 0.20 Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK11.25%11/24/20339,182 8,909 8,907 0.20 
SoftwareSoftwareSoftware
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L + 6.50%7.00%7/6/20293,550 3,503 3,497 0.08 Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9)L + 6.50%7.00%7/6/20293,550 3,503 3,497 0.08 
Total Second Lien DebtTotal Second Lien Debt$62,445 $63,175 1.43 %Total Second Lien Debt62,445 63,175 1.43 
WarrantsWarrantsWarrants
SoftwareSoftwareSoftware
Mermaid EquityCo L.P. - Class B Units (4)Mermaid EquityCo L.P. - Class B Units (4)$4,551 $865 $7,645 0.17 %Mermaid EquityCo L.P. - Class B Units (4)4,551 865 7,645 0.17 
Total WarrantsTotal Warrants$865 $7,645 0.17 %Total Warrants865 7,645 0.17 
EquityEquityEquity
Aerospace & DefenseAerospace & DefenseAerospace & Defense
Corfin Holdco, Inc. - Common Stock (4)Corfin Holdco, Inc. - Common Stock (4)2,137,866 $4,767 $9,535 0.21 %Corfin Holdco, Inc. - Common Stock (4)2,137,866 $4,767 $9,535 0.21 %
28

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Equity (continued)Equity (continued)Equity (continued)
Air Freight & LogisticsAir Freight & LogisticsAir Freight & Logistics
AGI Group Holdings LP - A2 Units (4)AGI Group Holdings LP - A2 Units (4)902 902 971 0.02 AGI Group Holdings LP - A2 Units (4)902 $902 $971 0.02 %
Mode Holdings, L.P. - Class A-2 Common Units (4)Mode Holdings, L.P. - Class A-2 Common Units (4)5,486,923 5,487 9,876 0.22 Mode Holdings, L.P. - Class A-2 Common Units (4)5,486,923 5,487 9,876 0.22 
6,389 10,847 0.24 6,389 10,847 0.24 
DistributorsDistributorsDistributors
Box Co-Invest Blocker, LLC (4)Box Co-Invest Blocker, LLC (4)702,305 702 702 0.02 Box Co-Invest Blocker, LLC (4)702,305 702 702 0.02 
EIS Acquisition Holdings, LP - Class A Common Units (4)EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,358 6,764 0.15 EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,358 6,764 0.15 
4,061 7,466 0.17 4,061 7,466 0.17 
Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 14,480 0.33 Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 14,480 0.33 
Deneb Ultimate Topco, LLC - Class A Units (4)Deneb Ultimate Topco, LLC - Class A Units (4)213 213 213 0.00 Deneb Ultimate Topco, LLC - Class A Units (4)213 213 213 0.00 
12,528 14,693 0.33 12,528 14,693 0.33 
Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)Point Broadband Holdings, LLC - Class A Units (4)6,930 5,877 5,877 0.13 Point Broadband Holdings, LLC - Class A Units (4)6,930 5,877 5,877 0.13 
Point Broadband Holdings, LLC - Class B Units (4)Point Broadband Holdings, LLC - Class B Units (4)369,255 1,053 1,052 0.02 Point Broadband Holdings, LLC - Class B Units (4)369,255 1,053 1,052 0.02 
6,930 6,930 0.15 6,930 6,930 0.15 
Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 500 0.01 GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 500 0.01 
Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units (4)Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 579 0.01 Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 579 0.01 
Jayhawk Holdings, LP - A-2 Common Units (4)Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 312 0.01 Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 312 0.01 
603 890 0.02 603 890 0.02 
IT ServicesIT ServicesIT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.06 NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.06 
Professional ServicesProfessional ServicesProfessional Services
Guidehouse Holding Corp. - Preferred Equity (4)Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 15,789 0.36 Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 15,789 0.36 
OHCP V TC COI, LP. - LP Interest (4)OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 3,500 0.08 OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 3,500 0.08 
18,633 19,289 0.44 18,633 19,289 0.44 
SoftwareSoftwareSoftware
Connatix Parent, LLC - Class L Common Units (4)Connatix Parent, LLC - Class L Common Units (4)42,045 462 462 0.01 Connatix Parent, LLC - Class L Common Units (4)42,045 462 462 0.01 
Lobos Parent, Inc. - Series A Preferred Shares (4)Lobos Parent, Inc. - Series A Preferred Shares (4)1,545 1,506 1,518 0.03 Lobos Parent, Inc. - Series A Preferred Shares (4)1,545 1,506 1,518 0.03 
Mandolin Technology Holdings, Inc.- Series A Preferred Shares (4)Mandolin Technology Holdings, Inc.- Series A Preferred Shares (4)3,550 3,444 3,602 0.08 Mandolin Technology Holdings, Inc.- Series A Preferred Shares (4)3,550 3,444 3,602 0.08 
Mermaid Equity Co. L.P. - Class A-2 Common Units (4)Mermaid Equity Co. L.P. - Class A-2 Common Units (4)14,849,355 14,849 39,054 0.88 Mermaid Equity Co. L.P. - Class A-2 Common Units (4)14,849,355 14,849 39,054 0.88 
20,261 44,637 1.00 20,261 44,637 1.00 
29

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Investments (1)Reference Rate
and Spread
Interest Rate (2)Maturity
Date
Par
Amount/Units
Cost (3)Fair
Value
Percentage
of Net Assets
Equity (continued)Equity (continued)Equity (continued)
Specialty RetailSpecialty RetailSpecialty Retail
CustomInk, LLC - Series A Preferred Units (4)CustomInk, LLC - Series A Preferred Units (4)384,520 5,200 6,272 0.14 CustomInk, LLC - Series A Preferred Units (4)384,520 $5,200 $6,272 0.14 %
Transportation InfrastructureTransportation InfrastructureTransportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units (4)Frontline Road Safety Investments, LLC - Class A Common Units (4)27,536 2,909 2,628 0.06 Frontline Road Safety Investments, LLC - Class A Common Units (4)27,536 2,909 2,628 0.06 
Ncp Helix Holdings, LLC. - Preferred Shares (4)Ncp Helix Holdings, LLC. - Preferred Shares (4)369 372 397 0.01 Ncp Helix Holdings, LLC. - Preferred Shares (4)369 372 397 0.01 
3,281 3,025 0.07 3,281 3,025 0.07 
Total Equity InvestmentsTotal Equity Investments$86,006 $126,937 2.84 %Total Equity Investments86,006 126,937 2.84 
Total Investments - non-controlled/non-affiliatedTotal Investments - non-controlled/non-affiliated$9,712,367 $9,819,696 220.80 %Total Investments - non-controlled/non-affiliated9,712,367 9,819,696 220.80 
Investments - non-controlled/affiliatedInvestments - non-controlled/affiliatedInvestments - non-controlled/affiliated
EquityEquityEquity
InsuranceInsuranceInsurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(14)Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(14)$32,759 $35,683 0.80 %Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(14)32,759 35,683 0.80 
Total EquityTotal Equity$32,759 $35,683 0.80 %Total Equity32,759 35,683 0.80 
Total Investments - non-controlled/affiliatedTotal Investments - non-controlled/affiliated$32,759 $35,683 0.80 %Total Investments - non-controlled/affiliated32,759 35,683 0.80 
Total Investment PortfolioTotal Investment Portfolio$9,745,126 $9,855,379 221.59 %Total Investment Portfolio9,745,126 9,855,379 221.59 
Cash and Cash EquivalentsCash and Cash EquivalentsCash and Cash Equivalents
Other Cash and Cash EquivalentsOther Cash and Cash Equivalents$102,879 $102,879 2.31 %Other Cash and Cash Equivalents102,879 102,879 2.31 
Total Portfolio Investments, Cash and Cash EquivalentsTotal Portfolio Investments, Cash and Cash Equivalents$9,848,004 $9,958,258 223.90 %Total Portfolio Investments, Cash and Cash Equivalents$9,848,004 $9,958,258 223.90 %
(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. 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 is presented for debt investments, while the number of shares or units 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 L, CDOR or C, SONIA or S, Euribor or E, SOFR, or an alternate base rate (commonly based on the F or the 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, 2021. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2021, 93.9% of the debt portfolio at fair value had an interest rate floor above zero.
(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 U.S. 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 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt 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 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, 2021, non-qualifying assets represented 10.5% of total assets as calculated in accordance with regulatory requirements.









30

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
(7)Position or portion thereof is an unfunded loan 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 loan 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—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/2023$39,937 $— 
ACI Group Holdings, Inc.Revolver8/2/202711,567 (116)
ADCS Clinics Intermediate Holdings, LLCDelayed Draw Term Loan5/7/2023881 — 
ADCS Clinics Intermediate Holdings, LLCRevolver5/7/20271,301 (26)
AI Altius Bidco, Inc.Delayed Draw Term Loan12/21/20231,302 (26)
Albireo Energy, LLCDelayed Draw Term Loan6/23/202233,799 — 
Alera Group, Inc.Delayed Draw Term Loan9/30/202828 — 
Armada Parent, Inc.Delayed Draw Term Loan10/29/20232,500 (25)
Armada Parent, Inc.Revolver10/29/20272,750 — 
Ascend Buyer, LLCRevolver9/30/20271,617 — 
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949 (59)
AxiomSL Group, Inc.Revolver12/3/20253,221 (64)
Bazaarvoice, Inc.Delayed Draw Term Loan11/7/202232,212 — 
Bazaarvoice, Inc.Revolver5/7/202628,662 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/20232,985 (30)
Monk Holding Co.Delayed Draw Term Loan8/12/20232,230 — 
Cambium Learning Group, Inc.Revolver7/20/202843,592 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20235,754 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20272,440 — 
Capstone Logistics, LLCDelayed Draw Term Loan11/12/2027338 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20231,920 — 
CFGI Holdings, LLCDelayed Draw Term Loan11/2/20271,200 (12)
CFGI Holdings, LLCRevolver11/2/20271,050 (21)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/20243,668 — 
Clearview Buyer, Inc.Revolver2/26/2027449 — 
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202310,900 (109)
Connatix Buyer, Inc.Revolver7/14/20275,431 — 
COP Home Services TopCo IV, Inc.Revolver12/31/20251,331 — 
CPI Buyer, LLCDelayed Draw Term Loan5/1/20238,747 — 
CPI Buyer, LLCRevolver11/1/20263,214 (64)
Cumming Group, Inc.Delayed Draw Term Loan5/26/202727,409 — 
Cumming Group, Inc.Revolver5/26/202711,576 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/20233,900 — 
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700 — 
Episerver, Inc.Revolver4/9/20262,064 (31)
Experity, Inc.Revolver7/22/2027948 (19)
Foundation Risk Partners Corp.Delayed Draw Term Loan10/29/20232,108 — 
Foundation Risk Partners Corp.Revolver10/29/20272,382 (36)
Frontline Road Safety, LLC - ADelayed Draw Term Loan5/3/20273,419 — 
31

Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueInvestments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)First and Second Lien Debt (continued)First and Second Lien Debt (continued)
Frontline Road Safety, LLC - BFrontline Road Safety, LLC - BDelayed Draw Term Loan5/3/202226,351 — Frontline Road Safety, LLC - BDelayed Draw Term Loan5/3/202226,351 — 
Galway Borrower, LLCGalway Borrower, LLCDelayed Draw Term Loan9/30/202335,620 — Galway Borrower, LLCDelayed Draw Term Loan9/30/202335,620 — 
Galway Borrower, LLCGalway Borrower, LLCRevolver9/30/202719,017 (380)Galway Borrower, LLCRevolver9/30/202719,017 (380)
GCX Corporation Buyer, LLCGCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 — GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 — 
Genuine Cable Group, LLCGenuine Cable Group, LLCDelayed Draw Term Loan4/1/202337,385 — Genuine Cable Group, LLCDelayed Draw Term Loan4/1/202337,385 — 
GI Ranger Intermediate, LLCGI Ranger Intermediate, LLCDelayed Draw Term Loan10/29/20232,000 (20)GI Ranger Intermediate, LLCDelayed Draw Term Loan10/29/20232,000 (20)
GI Ranger Intermediate, LLCGI Ranger Intermediate, LLCRevolver10/29/20271,200 (24)GI Ranger Intermediate, LLCRevolver10/29/20271,200 (24)
Go Car Wash Management Corp.Go Car Wash Management Corp.Delayed Draw Term Loan8/31/202312,715 — Go Car Wash Management Corp.Delayed Draw Term Loan8/31/202312,715 — 
GovernmentJobs.com, Inc.GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 — GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 — 
GovernmentJobs.com, Inc.GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)
GI Consilio Parent, LLCGI Consilio Parent, LLCRevolver5/14/20264,200 — GI Consilio Parent, LLCRevolver5/14/20264,200 — 
GraphPAD Software, LLCGraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
GraphPAD Software, LLCGraphPAD Software, LLCRevolver4/27/20272,124 — GraphPAD Software, LLCRevolver4/27/20272,124 — 
Gruden Acquisition, Inc.Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20233,428 — Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20233,428 — 
Gruden Acquisition, Inc.Gruden Acquisition, Inc.Revolver7/1/20263,000 (75)Gruden Acquisition, Inc.Revolver7/1/20263,000 (75)
Guidehouse, Inc.Guidehouse, Inc.Revolver10/15/202727,395 — Guidehouse, Inc.Revolver10/15/202727,395 — 
Healthcomp Holding Company, LLCDelayed Draw Term Loan4/27/202228,515 — 
HealthComp Holding Company, LLCHealthComp Holding Company, LLCDelayed Draw Term Loan4/27/202228,515 — 
Helix TS, LLCHelix TS, LLCDelayed Draw Term Loan8/3/202316,420 — Helix TS, LLCDelayed Draw Term Loan8/3/202316,420 — 
HIG Orca Acquisition Holdings, Inc.HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)
HIG Orca Acquisition Holdings, Inc.HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,481 — HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,481 — 
High Street Buyer, Inc. - BHigh Street Buyer, Inc. - BDelayed Draw Term Loan4/16/20283,573 — High Street Buyer, Inc. - BDelayed Draw Term Loan4/16/20283,573 — 
High Street Buyer, Inc.High Street Buyer, Inc.Revolver4/16/20272,254 (45)High Street Buyer, Inc.Revolver4/16/20272,254 (45)
IG Investments Holdings, LLCIG Investments Holdings, LLCRevolver9/22/20271,791 — IG Investments Holdings, LLCRevolver9/22/20271,791 — 
Inovalon Holdings, Inc.Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)
Integrity Marketing Acquisition, LLCIntegrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202512,762 — Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202512,762 — 
Java Buyer, Inc.Java Buyer, Inc.Delayed Draw Term Loan12/15/20232,950 — Java Buyer, Inc.Delayed Draw Term Loan12/15/20232,950 — 
Java Buyer, Inc.Java Buyer, Inc.Revolver12/15/2027820 (16)Java Buyer, Inc.Revolver12/15/2027820 (16)
Jones Deslauriers Insurance Management, Inc.Jones Deslauriers Insurance Management, Inc.Delayed Draw Term Loan3/28/202215,248 — Jones Deslauriers Insurance Management, Inc.Delayed Draw Term Loan3/28/202215,248 — 
Jones Deslauriers Insurance Management, Inc. (2nd Lien)Jones Deslauriers Insurance Management, Inc. (2nd Lien)Delayed Draw Term Loan3/28/20222,441 — Jones Deslauriers Insurance Management, Inc. (2nd Lien)Delayed Draw Term Loan3/28/20222,441 — 
Kaufman Hall & Associates, LLCKaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)
Knowledge Pro Buyer, Inc.Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20232,121 — Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20232,121 — 
Knowledge Pro Buyer, Inc.Knowledge Pro Buyer, Inc.Revolver12/10/2027784 — Knowledge Pro Buyer, Inc.Revolver12/10/2027784 — 
KPSKY Acquisition, Inc.KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/20231,188 — KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/20231,188 — 
L&S Mechanical Acquisition, LLCL&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/20224,088 — L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/20224,088 — 
LD Lower Holdings, Inc.LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
Linquest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
LinQuest Corp.LinQuest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Mandolin Technology Intermediate Holdings, Inc.Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20261,200 — Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20261,200 — 
Marcone Yellowstone Buyer, Inc.Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/20281,600 — Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/20281,600 — 
Material Holdings, LLCMaterial Holdings, LLCDelayed Draw Term Loan8/19/20233,533 — Material Holdings, LLCDelayed Draw Term Loan8/19/20233,533 — 
Material Holdings, LLCMaterial Holdings, LLCRevolver8/17/20271,484 — Material Holdings, LLCRevolver8/17/20271,484 — 
Maverick Acquisition, Inc.Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20236,243 — Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20236,243 — 
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Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)
MHE Intermediate Holdings, LLCDelayed Draw Term Loan7/21/2023170 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027268 (5)
MRI Software, LLCRevolver2/10/20261,516 — 
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202365,988 — 
NDC Acquisition Corp.Revolver3/9/20273,211 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202331,400 (471)
Porcelain Acquisition Corp.Delayed Draw Term Loan4/30/202222,627 (665)
Progress Residential PM Holdings, LLCDelayed Draw Term Loan2/16/202216,623 — 
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20233,388 — 
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/20281,297 (13)
PGIS Intermediate Holdings, LLCRevolver10/16/2028330 (2)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202339,309 (491)
Profile Products, LLCDelayed Draw Term Loan11/12/20271,340 — 
Profile Products, LLCRevolver11/12/2027893 (18)
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20235,917 — 
R1 Holdings, LLCDelayed Draw Term Loan4/19/20228,886 — 
Radwell International, LLCDelayed Draw Term Loan7/13/20239,740 — 
Radwell International, LLCRevolver7/13/202711,458 — 
Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — 
Relativity ODA, LLCRevolver5/12/20273,292 (49)
Relay Purchaser, LLCRevolver8/30/20267,143 (71)
Roadsafe Holdings, Inc.Delayed Draw Term Loan10/19/20227,100 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)
Safety Borrower Holdings LPDelayed Draw Term Loan9/1/2022932 — 
Safety Borrower Holdings LPRevolver9/1/2027373 (4)
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202333,600 — 
Sam Holding Co, Inc.Revolver3/24/20276,000 (120)
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2022800 (12)
SEKO Global Logistics Network, LLCRevolver12/30/2026600 — 
SelectQuote, Inc.Delayed Draw Term Loan11/3/202216,067 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)
Sherlock Buyer Corp.Revolver12/8/20271,111 (22)
Smile Doctors, LLCDelayed Draw Term Loan12/21/20231,623 — 
Smile Doctors, LLCRevolver12/21/20271,174 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202386,000 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,260 — 
SpecialtyCare, Inc.Revolver6/18/20261,047 — 
Spitfire Parent, Inc.Delayed Draw Term Loan9/4/20229,222 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023748 (7)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026371 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan2/10/20223,752 — 
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Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedInvestments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueInvestments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)First and Second Lien Debt (continued)First and Second Lien Debt (continued)
TCFI AEVEX, LLCTCFI AEVEX, LLCDelayed Draw Term Loan3/18/20221,579 — TCFI AEVEX, LLCDelayed Draw Term Loan3/18/20221,579 — 
TCFI AEVEX, LLCDelayed Draw Term Loan3/18/202230,445 (304)
Tennessee Bidco Limited - GBPTennessee Bidco Limited - GBPDelayed Draw Term Loan8/3/202834,405 — Tennessee Bidco Limited - GBPDelayed Draw Term Loan8/3/202834,405 — 
Trinity Air Consultants Holdings Corp.Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202324,085 (241)Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202324,085 (241)
Trinity Air Consultants Holdings Corp.Trinity Air Consultants Holdings Corp.Revolver6/29/20271,376 — Trinity Air Consultants Holdings Corp.Revolver6/29/20271,376 — 
Trinity Partners Holdings, LLCTrinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)
Triple Lift, Inc.Triple Lift, Inc.Revolver5/6/20287,698 (154)Triple Lift, Inc.Revolver5/6/20287,698 (154)
TRP Infrastructure Services, LLCTRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)
The Action Environmental Group, Inc.The Action Environmental Group, Inc.Delayed Draw Term Loan1/16/202629,158 — The Action Environmental Group, Inc.Delayed Draw Term Loan1/16/202629,158 — 
The NPD Group L.P.The NPD Group L.P.Revolver12/1/20279,260 (86)The NPD Group L.P.Revolver12/1/20279,260 (86)
Turing Holdco, Inc.Turing Holdco, Inc.Delayed Draw Term Loan8/3/20289,318 — Turing Holdco, Inc.Delayed Draw Term Loan8/3/20289,318 — 
US Oral Surgery Management Holdco, LLCUS Oral Surgery Management Holdco, LLCDelayed Draw Term Loan1/7/202212,338 — US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan1/7/202212,338 — 
US Oral Surgery Management Holdco, LLCUS Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (65)US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (65)
Westland Insurance Group LTDWestland Insurance Group LTDDelayed Draw Term Loan7/5/202286,743 — Westland Insurance Group LTDDelayed Draw Term Loan7/5/202286,743 — 
West Monroe Partners, LLCWest Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCWest Monroe Partners, LLCRevolver11/9/20271,443 — West Monroe Partners, LLCRevolver11/9/20271,443 — 
WHCG Purchaser III, Inc.WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202320,425 — WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202320,425 — 
WHCG Purchaser III, Inc.WHCG Purchaser III, Inc.Revolver6/22/20266,723 (134)WHCG Purchaser III, Inc.Revolver6/22/20266,723 (134)
Total First Lien Debt Unfunded CommitmentsTotal First Lien Debt Unfunded Commitments$1,407,311 $(4,688)Total First Lien Debt Unfunded Commitments$1,407,310 $(4,688)
(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of December 31, 2021 was 0.50%.
(10)The interest rate floor on these investments as of December 31, 2021 was 0.75%.
(11)The interest rate floor on these investments as of December 31, 2021 was 1.00%.
(12)The interest rate floor on these investments as of December 31, 2021 was 1.25%...
(13)The interest rate floor on these investments as of December 31, 2021 was 1.50%.
(14)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. As of December 31, 2021, the Company does not “control” any of these portfolio companies. 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, 2021, the Company’s non-controlled/affiliated investments were as follows:

Fair value
as of December 31, 2020
Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value
as of December 31, 2021
Dividend and Interest IncomeFair value as of December 31, 2020Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value as of December 31, 2021Dividend and Interest Income
Non-controlled/Affiliated InvestmentsNon-controlled/Affiliated InvestmentsNon-controlled/Affiliated Investments
Blackstone Donegal Holdings LP (Westland Insurance Group, LTD)Blackstone Donegal Holdings LP (Westland Insurance Group, LTD)$— $32,760 $— $2,923 $35,683 $— Blackstone Donegal Holdings LP (Westland Insurance Group, LTD)$— $32,760 $— $2,923 $35,683 $— 
TotalTotal$— $32,760 $— $2,923 $35,683 $— Total$— $32,760 $— $2,923 $35,683 $— 
The accompanying notes are an integral part of these consolidated financial statements.
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Blackstone Secured Lending Fund
Notes to Consolidated Financial Statements
(Unaudited)
(in thousands, unless otherwise indicated, except per share data, percentages and as otherwise noted)

Note 1. Organization
Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the Company“Company”), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment company.  On October 26, 2018, the Company elected to be regulated as a business development company (“(BDC“BDC”) under the Investment Company Act of 1940, as amended (the 1940 ActAct”).  In addition, the Company elected to be treated for U.S. federal income tax purposes, as a regulated investment company (“(RIC“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code“Code”). The Company also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC.  
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 is externally managed by Blackstone Credit BDC Advisors LLC (the Adviser“Adviser”). Blackstone Alternative Credit Advisors LP (the Administrator“Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. ("(Blackstone“Blackstone”"), Blackstone Credit, which, for the avoidance of doubt, excludes Harvest Fund Advisors LLC and Blackstone Insurance Solutions) provides certain administrative and other services necessary for the Company to operate pursuant to an administration agreement (the Administration AgreementAgreement”).  Blackstone Credit is part of the credit-focused platform of Blackstone and is the primary part of its credit reporting segment. 
The Company previously conducted a private offering (the Private OfferingOffering”) of its common shares of beneficial interest (i) to accredited investors, as defined in Regulation D under the Securities Act of 1933, as amended (the “1933 Act”), and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons,” as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor made a capital commitment (“(Capital CommitmentCommitment”) to purchase shares of the beneficial interest of the Company pursuant to a subscription agreement entered into with the Company. Investors were required to fund drawdowns to purchase the Company’s shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivered a notice to investors.

On October 31, 2018, the Company began its initial period of closing on capital commitments ("(Initial Closing PeriodPeriod”") which ended on October 31, 2020. The Company commenced its loan origination and investment activities on November 20, 2018, the date of receipt of the initial drawdown from investors in the Private Offering (the "Initial Drawdown DateDate”"). On September 8, 2021, the Company closed on its final outstanding Capital Commitments.
Effective on December 10, 2020, the Company changed its name from “Blackstone / GSO Secured Lending Fund"Fund” to “Blackstone Secured Lending Fund”.Fund.”
On October 28, 2021, the Company closed its initial public offering (“(IPO“IPO”). See "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets" for further details.
Note 2. Significant Accounting Policies
Basis of Presentation
The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP.  As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“(ASC“ASC”) Topic 946, Financial Services – Investment Companies (“(ASC 946946”) issued by the Financial Accounting Standards Board (“(FASB“FASB”). U.S. GAAP for an investment company requires investments to be recorded at fair value.
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The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X.
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Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted.  In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of the 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, 2022.
All intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. 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 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 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. Accordingly, theThe Company consolidated the results of the Company’s wholly-owned subsidiaries.

As of JuneSeptember 30, 2022, the Company's consolidated subsidiaries were BGSL Jackson Hole Funding LLC (“(Jackson Hole FundingFunding”), BGSL Breckenridge Funding LLC (“(Breckenridge FundingFunding”), BGSL Big Sky Funding LLC ("(Big Sky FundingFunding”") and BGSL Investments LLC ("(BGSL InvestmentsInvestments”").
Cash and Cash Equivalents
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 and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.
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. 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.
The Company is required to report its investments 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 820820”), and Rule 2a-5 under the 1940 Act, which defines fair value as the amountvalue 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 would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participantsfund can access at the applicable measurement date.date, provided that such a quotation is not considered to be readily available if it is not reliable. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs.  Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a readyreadily available market quotation for these investments existed, and these differences could be material. See “– Note 5. Fair Value Measurements.”
Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. These market quotations are obtained from independent pricing services, if available, and otherwise from at least two principal market makers or primary market dealers.  To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges, as necessary, to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices
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unless it has a reason to believe market quotations are not reflective of the fair value of an investment.  Examples of events that
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would cause market quotations to not reflect fair value could include cases when a security trades infrequently or not at all, causing a quoted purchase or sale price to become stale, or in the event of a “fire sale” by a distressed seller.  All price overrides require approval from the Board.
Where prices or inputs are not available or, in the judgment of the Board, not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized.  Securities that are not publicly traded or for which market prices are not readily available are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, the Audit Committee of the Board (the Audit CommitteeCommittee”) and independent valuation firms engaged on the recommendation of the Adviser and at the direction of the Board.  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.
The Company’s Board undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company’s investments for which reliable market quotations are not readily available, or are available but deemed not reflective of the fair value of an investment, which includes, among other procedures, the following:
The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in conjunction with the Adviser’s investment professionals responsible for each portfolio investment;
In addition, independent valuation firms engaged by the Board prepare quarter-end valuations of such investments except de minimis investments, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Board and the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;
The Adviser’s Valuation Committee reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;
The Adviser’s Valuation Committee makes valuation recommendations to the Audit Committee;
The Audit Committee reviews the valuation recommendations made by the Adviser's Valuation Committee, including the independent valuation firms' quarterly valuations, and once approved, recommends them for approval by the Board; and
The Board reviews the valuation recommendations of the Audit Committee and determines the fair value of each investment in the portfolio in good faith based on the input of the Audit Committee, the Adviser's Valuation Committee and, where applicable, the independent valuation firms and other external service providers.
Valuation of each of the Company's investments will generally be made as described above as of the end of each fiscal quarter. In cases where the Company determines its net asset value ("NAV"(“NAV”) at times other than a quarter end, the Company updates the value of securities with market quotations to the most recent market quotation. For securities without market quotations, non-quarterly valuations will generally be the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company's valuation policy, pursuant to authority delegated by the Board.
As part of the valuation process, the Board takes into account relevant factors in determining the fair value of the Company's investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, (v) a comparison of the portfolio company’s securities to any similar publicly traded securities, and (vi) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board, with the assistance of the Adviser, the Audit Committee and independent valuation firms, considers whether the pricing indicated by the external event corroborates its valuation. See Note 5. Fair Value MeasurementsMeasurements.
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The Board has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are
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readily available but deemed not reflective of the fair value of the investment each quarter, and the Board may reasonably rely on that assistance. However, the Board is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy and a consistently applied valuation process.
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. As of JuneSeptember 30, 2022 and December 31, 2021, the Company had $39.9$40.0 million and $142.9 million, respectively, of receivables for investments sold. As of JuneSeptember 30, 2022 and December 31, 2021, the Company had $11.7$18.8 million and $36.2 million, respectively, of payables for investments purchased.
Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result theThe Company presents changes in fair value through current period gains or losses.
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.
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 on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last 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 U.S. dollars 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 Consolidated Statements of Operations, if any. Foreign security and currency translations 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 and sixnine months ended JuneSeptember 30, 2022, the Company recorded $0.4$1.7 million and $1.4 million, respectively, in non-recurring interest income (e.g. prepayment premiums, accelerated accretion of upfront loan
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$2.0 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and sixnine months ended JuneSeptember 30, 2021, the Company recorded $6.2$16.4 million and $24.6$41.0 million, respectively, in non-recurring interest income.
PIK Income
The Company has loans in its portfolio that contain payment-in-kind (“(PIK“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 Consolidated Statements of Operations.  If at any point the Company believes PIK is not expected to 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 interest income.  To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three and sixnine months ended JuneSeptember 30, 2022, the Company recorded PIK income of $10.8$10.9 million and $19.5$30.4 million, respectively. For the three and sixnine months ended JuneSeptember 30, 2021, the Company recorded PIK income of $0.4$1.0 million and $2.3$3.3 million, respectively.
Dividend Income
Dividend income on preferred equity securities is recorded on the 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. For the three and sixnine months ended JuneSeptember 30, 2022, the Company recorded dividend income of $0.0 million and $5.9 million, respectively. For the three and sixnine months ended JuneSeptember 30, 2021, the Company recorded dividend income of $0.0 million and $0.0 million, respectively.
Fee 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. For the three and sixnine months ended JuneSeptember 30, 2022, the Company recorded fee income of $1.3$2.6 million and $1.3$4.0 million, respectively. For the three and sixnine months ended JuneSeptember 30, 2021 the Company recorded fee income of $4.0$0.5 million and $4.8$5.3 million, respectively.
Non-Accrual Income
Loans are generally placed on non-accrual status when there is reasonable doubt that 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.
Organization Expenses and 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. During 2021, the Company incurred $1.6 million of offering costs relating to its IPO which were charged as a reduction of paid-in-capital.
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.  These expenses 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
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Company’s Statements of Assets and Liabilities.  Debt issuance costs 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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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 status 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 consolidated financial statements of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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.
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 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 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 and sixnine months ended JuneSeptember 30, 2022, the Company incurred $0.0 million and $1.4 million, respectively, of U.S. federal excise tax. For the three and sixnine months ended JuneSeptember 30, 2021, the Company incurred $0.0$2.2 million and $(0.3)$1.9 million, respectively, of U.S. federal excise tax.
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.
Recent Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.
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Note 3. Agreements and Related Party Transactions
Investment Advisory Agreement
On October 1, 2018, the Company entered into the original investment advisory agreement with the Adviser. The Adviser is 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 entered into an amended and restated investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. The Investment Advisory Agreement is substantially the same as the prior 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 Net Cumulative Return (as defined below). The amendment to the Investment Advisory Agreement does not result in higher fees (on a cumulative basis) payable to the Adviser than the fees that would have otherwise been payable to the Adviser under the original investment advisory agreement.
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 initial term of the Investment Advisory Agreement was two years from October 1, 2018, and on May 6, 2020 and May 6, 2021, it was renewed and approved by the Board, including a majority of trustees who are not parties to the Investment Advisory Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”), for a one-year period. On October 18, 2021, the Board approved the amended and restated Investment Advisory Agreement for an initial term ending May 31, 2022. Unless terminated, the Investment Advisory Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the vote of the Board and by the vote of a majority of the Independent Trustees. The Investment Advisory Agreement renewed on May 31, 2022, for a one-year period.
The Adviser has implemented a voluntary waiver effective from the consummation of the IPO to extend the Company’s pre-IPO fee structure for a period of two years. With the waiver in place, instead of having the base management fee and each incentive fee increase to 1.00% and 17.5%, respectively, following the IPO, each such fee will remain at 0.75% and 15.0% for a period of two years following the IPO (the Waiver PeriodPeriod”). As a result of the fee waiver, the pre-listing management fee and incentive fee rates paid by the Company to the Adviser will not increase during the Waiver Period. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
Base Management Fee
Since the completion of the IPO, the management fee pursuant to the Investment Advisory Agreement has been 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 U.S. GAAP, excluding undrawn commitments but including assets purchased with borrowed amounts.
Prior to the consummation of the IPO, the management fee was 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters. In order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the completion of the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the twothree most recently completed calendar quarters during the Waiver Period. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
The management fee was calculated for the quarter ended December 31, 2021 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 the calendar quarter before and after the consummation of the IPO.
For the three and sixnine months ended JuneSeptember 30, 2022, base management fees were $25.9$25.4 million and $51.5$76.9 million, respectively, of which $6.5$6.3 million and $12.9$19.2 million, respectively, were waived. For the three and sixnine months ended June 30,
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September 30, 2021, base management fees were $13.3$15.4 million and $24.9$40.4 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. As of JuneSeptember 30, 2022 and December 31, 2021, $19.4$19.0 million and $17.8 million, respectively, was payable to the Adviser relating to management fees.
Incentive Fees
The incentive fee consists 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 as defined in the Investment Advisory Agreement.  Pre-incentive fee net investment income 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 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.
Pursuant to the Investment Advisory Agreement, the Company is required to pay an income based incentive fee of 15% prior to the consummation of the IPO and 17.5% following the consummation of the IPO, with a 1.5% hurdle and 100% catch-up. However, the Adviser has implemented a voluntary waiver with respect to the income based incentive fee. The Adviser has voluntarily waived its right to receive an income based incentive fee above 15% during the Waiver Period and amounts waived by the Adviser are not subject to recoupment by the Adviser.

Since the IPO, the Company has paid 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 (including the quarter in which the IPO is consummated) and the eleven preceding calendar quarters (including the quarters prior to the consummation of the IPO) (such period, the Trailing Twelve QuartersQuarters”).

The hurdle amount for the income based incentive fee will be 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 and distributions that occurred during the relevant Trailing Twelve Quarters. The income based incentive fee for any partial period will be appropriately prorated.

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".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 1.76% (7.06% annualized) prior to the end of the Waiver Period, or 1.82% (7.27% annualized) following the Waiver Period, 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.
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The Adviser will be paid 15% prior to the end of the Waiver Period, or 17.5% following the Waiver Period, 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) 15% prior to the end of the Waiver Period, or 17.5% following the Waiver Period, 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 ReturnReturn” 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 LossLoss” 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 prior investment advisory agreement. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
(ii) Capital gains based incentive fee:
Since the completion of the IPO, the second part of the incentive fee, a capital gains incentive fee, has been 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 gain incentive fees as calculated in accordance with U.S. GAAP.
Prior to the IPO, the second part of the incentive fee, a capital gains incentive fee, was determined and payable in arrears as of the end of each calendar year in an amount equal to 15.0% 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 gain incentive fees as calculated in accordance with U.S. GAAP. However, similar to the voluntary waivers referenced above, the Adviser voluntarily waived its right to receive a capital gains based incentive fee above 15% from the date of consummation of the IPO through the Waiver Period. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains 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 are not subject to recoupment by the Adviser.
For the three and sixnine months ended JuneSeptember 30, 2022 the Company accrued income based incentive fees of $20.9$26.1 million and $42.2$68.3 million, respectively, of which $3.0$3.7 million and $6.0$9.8 million, respectively, were waived. For the three and six months
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nine months ended JuneSeptember 30, 2021 the Company accrued income based incentive fees of $13.8$17.0 million and $28.1$45.1 million, respectively, of which $0.0 million and $0.0 million, respectively, were waived. As of JuneSeptember 30, 2022 and December 31, 2021, $17.9$22.4 million and $19.8 million, respectively, was payable to the Adviser for income based incentive fees.
For the three and sixnine months ended JuneSeptember 30, 2022, the Company accrued capital gains incentive fees of $(3.9)$(5.4) million and $(3.2)$(8.6) million, respectively. For the three and sixnine months ended JuneSeptember 30, 2021, the Company accrued capital gains incentive fees of $6.8$2.4 million and $12.2$14.6 million, respectively. As of JuneSeptember 30, 2022 and December 31, 2021, the Company had accrued capital gains incentive fees of $14.2$8.8 million and $17.4 million, respectively, none of which was payable on such date under the Investment Advisory Agreement.
Administration Agreement
On October 1, 2018, the Company entered into an Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees 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 United States Securities and Exchange Commission (“SEC”), preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses 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 agreement was two years from October 1, 2018, and on May 6, 2020, May 6, 2021 and May 6, 2022 it was renewed and approved by the Board and a majority of the Independent Trustees for one-year periods. Unless terminated, the Administration Agreement 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 Agreement renewed on May 6, 2022 for a one-year period.
For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates. The Administrator has elected to forgo any reimbursement for rent and other occupancy costs for the three and sixnine months ended JuneSeptember 30, 2022 and 2021.
For the three and sixnine months ended JuneSeptember 30, 2022, the Company incurred $0.3$0.7 million and $1.2$1.9 million, respectively, in expensesfees under the Administration Agreement, which were recorded in administrative service expenses in the Company’s Consolidated Statements of Operations. For the three and sixnine months ended JuneSeptember 30, 2021, the Company incurred $0.6$0.5 million and $1.1$1.6 million, respectively, in expenses under the Administration Agreement, which were recorded in administrative service expenses in the Company’s Consolidated Statements of Operations. As of JuneSeptember 30, 2022 and December 31, 2021, $0.6$0.7 million and $1.1 million, respectively, was unpaid and included in "due to affiliates" in the Consolidated Statements of Assets and Liabilities.  
Sub-Administration and Custody Agreement
On October 1, 2018, the Administrator entered into a sub-administration agreement (the Sub-Administration AgreementAgreement”) with State Street Bank and Trust Company (the Sub-Administrator“Sub-Administrator”) under which the Sub-Administrator provides various accounting and administrative services to the Company.  The Sub-Administrator also serves as the Company’s custodian (the Custodian“Custodian”).  The initial term of the Sub-Administration Agreement was two years from the effective date and after expiration of the initial term and the 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.  
Expense Support and Conditional Reimbursement Agreement
On December 12, 2018, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the Expense Support AgreementAgreement”) with the Adviser. The Adviser may elect to pay certain expenses of the Company on the Company’s behalf (each, an Expense PaymentPayment”), provided that no portion of the payment will be used to pay any interest of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any
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combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.
Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as Excess Operating FundsFunds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).
No Reimbursement Payment for any calendar quarter shall be made if the annualized rate of regular cash distributions declared by the Company on record dates in the applicable calendar quarter of such Reimbursement Payment is less than the annualized rate of regular cash distributions declared by the Company on record dates in the calendar quarter in which the Expense Payment was committed to which such Reimbursement Payment relates. The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter.
The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's commencement of operations:
For the Quarters EndedExpense Payments by AdviserReimbursement Payments to AdviserUnreimbursed Expense Payments
December 31, 2018$1,696 $(1,696)$— 
March 31, 2019570 (570)— 
Total$2,266 $(2,266)$— 
As of JuneSeptember 30, 2022 and 2021, there were no unreimbursed Expense Payments remaining.
Note 4. Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
June 30, 2022December 31, 2021September 30, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
First lien debtFirst lien debt$9,826,625 $9,842,263 97.60 %$9,563,051 $9,621,939 97.63 %First lien debt$9,524,640 $9,468,536 97.90 %$9,563,051 $9,621,939 97.63 %
Second lien debtSecond lien debt70,369 68,699 0.68 62,445 63,175 0.64 Second lien debt70,632 66,313 0.69 62,445 63,175 0.64 
Equity investmentsEquity investments124,146 173,940 1.72 119,630 170,265 1.73 Equity investments110,065 137,267 1.41 119,630 170,265 1.73 
TotalTotal$10,021,140 $10,084,902 100.00 %$9,745,126 $9,855,379 100.00 %Total$9,705,337 $9,672,116 100.00 %$9,745,126 $9,855,379 100.00 %












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The industry composition of investments at fair value was as follows:

June 30, 2022December 31, 2021September 30, 2022December 31, 2021
Aerospace & DefenseAerospace & Defense4.65 %5.02 %Aerospace & Defense4.83 %5.02 %
Air Freight & LogisticsAir Freight & Logistics5.03 5.30 Air Freight & Logistics5.36 5.30 
Building ProductsBuilding Products3.33 4.06 Building Products3.45 4.06 
ChemicalsChemicals1.08 1.12 Chemicals— 1.12 
Commercial Services & SuppliesCommercial Services & Supplies7.38 6.75 Commercial Services & Supplies7.67 6.75 
Construction & EngineeringConstruction & Engineering0.42 0.30 Construction & Engineering0.43 0.30 
Containers & PackagingContainers & Packaging0.19 0.19 Containers & Packaging0.20 0.19 
DistributorsDistributors4.65 4.52 Distributors5.03 4.52 
Diversified Consumer ServicesDiversified Consumer Services3.55 3.53 Diversified Consumer Services3.48 3.53 
Diversified Financial ServicesDiversified Financial Services1.31 1.37 Diversified Financial Services1.36 1.37 
Diversified Telecommunication ServicesDiversified Telecommunication Services0.91 0.93 Diversified Telecommunication Services1.04 0.93 
Electrical EquipmentElectrical Equipment1.95 2.68 Electrical Equipment1.83 2.68 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components1.04 1.10 Electronic Equipment, Instruments & Components1.07 1.10 
Electric UtilitiesElectric Utilities0.31 0.32 Electric Utilities0.33 0.32 
Energy Equipment & ServicesEnergy Equipment & Services0.63 0.66 Energy Equipment & Services0.67 0.66 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies0.51 0.51 Health Care Equipment & Supplies0.52 0.51 
Health Care Providers & ServicesHealth Care Providers & Services13.69 13.97 Health Care Providers & Services11.56 13.97 
Health Care TechnologyHealth Care Technology3.47 3.37 Health Care Technology3.64 3.37 
Industrial ConglomeratesIndustrial Conglomerates0.09 0.10 Industrial Conglomerates0.10 0.10 
InsuranceInsurance7.26 6.87 Insurance7.97 6.87 
Interactive Media & ServicesInteractive Media & Services0.47 0.48 Interactive Media & Services— 0.48 
Internet & Direct Marketing RetailInternet & Direct Marketing Retail3.21 3.29 Internet & Direct Marketing Retail3.31 3.29 
IT ServicesIT Services2.73 2.68 IT Services2.88 2.68 
MachineryMachinery0.04 0.03 Machinery0.04 0.03 
MarineMarine0.24 0.25 Marine0.26 0.25 
Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels1.50 1.53 Oil, Gas & Consumable Fuels1.54 1.53 
Paper & Forest ProductsPaper & Forest Products0.06 0.06 Paper & Forest Products0.07 0.06 
Professional ServicesProfessional Services8.04 7.91 Professional Services8.03 7.91 
Real Estate Management & DevelopmentReal Estate Management & Development1.37 1.28 Real Estate Management & Development1.43 1.28 
Road & RailRoad & Rail0.16 0.26 Road & Rail0.17 0.26 
SoftwareSoftware13.82 13.22 Software14.58 13.22 
Specialty RetailSpecialty Retail1.66 1.70 Specialty Retail1.76 1.70 
Technology Hardware, Storage & PeripheralsTechnology Hardware, Storage & Peripherals0.81 0.86 Technology Hardware, Storage & Peripherals0.84 0.86 
Trading Companies & DistributorsTrading Companies & Distributors1.01 0.96 Trading Companies & Distributors1.04 0.96 
Transportation InfrastructureTransportation Infrastructure3.43 2.82 Transportation Infrastructure3.51 2.82 
TotalTotal100.00 %100.00 %Total100.00 %100.00 %



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The geographic composition of investments at cost and fair value was as follows:
June 30, 2022September 30, 2022
CostFair Value% of Total
Investments at
Fair Value
Fair Value
as % of Net
Assets
CostFair Value% of Total
Investments at
Fair Value
Fair Value
as % of Net
Assets
United StatesUnited States$9,290,842 $9,361,229 92.82 %214.95 %United States$8,946,267 $8,939,765 92.43 %214.45 %
CanadaCanada524,736 527,481 5.23 12.11 Canada549,455 542,464 5.61 13.00 
EuropeEurope205,562 196,192 1.95 4.50 Europe209,615 189,887 1.96 4.55 
TotalTotal$10,021,140 $10,084,902 100.00 %231.56 %Total$9,705,337 $9,672,116 100.00 %232.00 %

December 31, 2021December 31, 2021
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net AssetsCostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United StatesUnited States$9,214,101 $9,311,386 94.48 %209.36 %United States$9,214,101 $9,311,386 94.48 %209.36 %
CanadaCanada481,348 494,037 5.01 11.11 Canada481,348 494,037 5.01 11.11 
Germany49,677 49,956 0.51 1.12 
EuropeEurope49,677 49,956 0.51 1.12 
TotalTotal$9,745,126 $9,855,379 100.00 %221.59 %Total$9,745,126 $9,855,379 100.00 %221.59 %

As of JuneSeptember 30, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.

As of JuneSeptember 30, 2022 and December 31, 2021, on a fair value basis, approximately 99.9% and 99.9%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.1% and 0.1%, respectively, of our performing debt investments bore interest at a fixed rate.
Note 5. Fair Value Measurements
The fair value of a financial instrument is 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.  
The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. 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 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 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.
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 include debt and equity investments in privately held entities, collateralized loan obligations (“(CLOs“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 Adviser’s assessment 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.
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In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820.  Consistent with the valuation policy, 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.
In the absence of independent, reliable market quotes, an enterprise value analysis is typically 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.  Enterprise value (“(EV“EV”) means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time.  When an investment is valued using an EV analysis, the EV of a portfolio company is first determined and allocated over the portfolio company’s securities in order of their preference relative to one another (i.e., “waterfall” allocation).  
If debt investments are credit-impaired, which occurs when there is insufficient coverage under the EV analysis through the respective investment’s position in the capital structure, the Adviser uses 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 Adviser uses a market interest rate yield analysis (discussed below) to determine fair value.
The Adviser 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“EBITDA”) or another key financial metric (e.g., such as revenues, cash flows or net income) (“(Performance MultipleMultiple”).  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 Adviser has visibility into the long term projected cash flows of a portfolio company, which is more common with control investments.  
Subsequently, for non-control debt investments that are not credit-impaired, and where there is an absence of available market quotations, fair value is determined using a yield analysis. 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.
The following table presents the fair value hierarchy of financial instruments:
June 30, 2022September 30, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First lien debtFirst lien debt$— $239,890 $9,602,373 $9,842,263 First lien debt$— $84,024 $9,384,512 $9,468,536 
Second lien debtSecond lien debt— 20,691 48,008 68,699 Second lien debt— — 66,313 66,313 
Equity investmentsEquity investments— — 173,940 173,940 Equity investments— — 137,267 137,267 
TotalTotal$— $260,581 $9,824,321 $10,084,902 Total$— $84,024 $9,588,092 $9,672,116 
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December 31, 2021
Level 1Level 2Level 3Total
First lien debt$— $333,755 $9,288,184 $9,621,939 
Second lien debt— 20,295 42,880 63,175 
Equity investments— — 170,265 170,265 
Total$— $354,050 $9,501,329 $9,855,379 
The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
Three Months Ended June 30, 2022Three Months Ended September 30, 2022
First Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal InvestmentsFirst Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal Investments
Fair value, beginning of periodFair value, beginning of period$9,541,813 $43,243 $175,146 $9,760,202 Fair value, beginning of period$9,602,373 $48,008 $173,940 $9,824,321 
Purchases of investmentsPurchases of investments284,209 5,130 2,019 291,358 Purchases of investments244,158 212 1,633 246,003 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(215,563)— — (215,563)Proceeds from principal repayments and sales of investments(532,828)— (51,280)(584,108)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium9,587 32 — 9,619 Accretion of discount/amortization of premium14,624 51 — 14,675 
Net realized gain (loss)Net realized gain (loss)2,259 — — 2,259 Net realized gain (loss)(4,317)— 35,566 31,249 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(32,854)(407)(3,225)(36,486)Net change in unrealized appreciation (depreciation)(70,303)(2,649)(22,592)(95,544)
Transfers into Level 3 (1)
Transfers into Level 3 (1)
33,547 10 — 33,557 
Transfers into Level 3 (1)
158,116 20,691 — 178,807 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
(20,625)— — (20,625)
Transfers out of Level 3 (1)
(27,311)— — (27,311)
Fair value, end of periodFair value, end of period$9,602,373 $48,008 $173,940 $9,824,321 Fair value, end of period$9,384,512 $66,313 $137,267 $9,588,092 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(32,481)$(408)$(3,225)$(36,114)
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(71,714)$(2,649)$11,703 $(62,659)
Six Months Ended June 30, 2022Nine Months Ended September 30, 2022
First Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal InvestmentsFirst Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal Investments
Fair value, beginning of periodFair value, beginning of period$9,288,184 $42,880 $170,265 $9,501,329 Fair value, beginning of period$9,288,184 $42,880 $170,265 $9,501,329 
Purchases of investmentsPurchases of investments536,549 5,392 9,282 551,223 Purchases of investments780,709 5,603 10,916 797,228 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(248,575)— (10,687)(259,262)Proceeds from principal repayments and sales of investments(781,404)— (61,967)(843,371)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium18,802 63 — 18,865 Accretion of discount/amortization of premium33,425 115 — 33,540 
Net realized gain (loss)Net realized gain (loss)2,197 — 5,920 8,117 Net realized gain (loss)(2,120)— 41,486 39,366 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(32,561)(327)(840)(33,728)Net change in unrealized appreciation (depreciation)(102,864)(2,976)(23,433)(129,273)
Transfers into Level 3 (1)
Transfers into Level 3 (1)
37,777 — — 37,777 
Transfers into Level 3 (1)
195,893 20,691 — 216,584 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
— — — — 
Transfers out of Level 3 (1)
(27,311)— — (27,311)
Fair value, end of periodFair value, end of period$9,602,373 $48,008 $173,940 $9,824,321 Fair value, end of period$9,384,512 $66,313 $137,267 $9,588,092 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(32,383)$(327)$3,927 $(28,783)
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(110,737)$(5,049)$12,320 $(103,466)
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Three Months Ended June 30, 2021Three Months Ended September 30, 2021
First Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal InvestmentsFirst Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal Investments
Fair value, beginning of periodFair value, beginning of period$5,334,707 $26,588 $59,892 $5,421,187 Fair value, beginning of period$6,606,052 $40,199 $77,212 $6,723,463 
Purchases of investmentsPurchases of investments1,447,878 13,192 8,322 1,469,392 Purchases of investments1,727,691 4,550 17,266 1,749,507 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(200,564)— — (200,564)Proceeds from principal repayments and sales of investments(542,193)— — (542,193)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium6,883 30 — 6,913 Accretion of discount/amortization of premium17,546 22 — 17,569 
Net realized gain (loss)Net realized gain (loss)1,767 — — 1,767 Net realized gain (loss)899 — — 899 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)34,446 389 8,998 43,833 Net change in unrealized appreciation (depreciation)3,123 (59)12,570 15,634 
Transfers into Level 3 (1)
Transfers into Level 3 (1)
111,555 — — 111,555 
Transfers into Level 3 (1)
85,533 — — 85,533 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
(130,620)— — (130,620)
Transfers out of Level 3 (1)
(130,983)(20,743)— (151,726)
Fair value, end of periodFair value, end of period$6,606,052 $40,199 $77,212 $6,723,463 Fair value, end of period$7,767,668 $23,969 $107,048 $7,898,685 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2021$38,751 $389 $8,998 $48,138 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021$16,862 $(59)$12,570 $29,373 
Six Months Ended June 30, 2021Nine Months Ended September 30, 2021
First Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal InvestmentsFirst Lien 
Debt
Second Lien 
Debt
Equity InvestmentsTotal Investments
Fair value, beginning of periodFair value, beginning of period$4,728,478 $24,003 $32,844 $4,785,325 Fair value, beginning of period$4,728,478 $24,003 $32,844 $4,785,325 
Purchases of investmentsPurchases of investments2,379,464 33,053 33,966 2,446,483 Purchases of investments3,988,596 17,847 51,232 4,057,675 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(577,753)(17,900)— (595,653)Proceeds from principal repayments and sales of investments(1,052,778)(17,900)— (1,070,678)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium21,453 392 — 21,845 Accretion of discount/amortization of premium35,285 401 — 35,686 
Net realized gain (loss)Net realized gain (loss)2,391 — — 2,391 Net realized gain (loss)3,003 — — 3,003 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)52,019 651 10,402 63,072 Net change in unrealized appreciation (depreciation)53,644 (382)22,972 76,234 
Transfers into Level 3 (1)
Transfers into Level 3 (1)
— — — — 
Transfers into Level 3 (1)
83,884 — — 83,884 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
— — — — 
Transfers out of Level 3 (1)
(72,444)— — (72,444)
Fair value, end of periodFair value, end of period$6,606,052 $40,199 $77,212 $6,723,463 Fair value, end of period$7,767,668 $23,969 $107,048 $7,898,685 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2021$58,881 $1,188 $10,402 $70,471 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021$64,060 $155 $22,972 $87,187 
(1)For the three and sixnine months ended JuneSeptember 30, 2022 and 2021, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
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The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
June 30, 2022September 30, 2022
RangeRange
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Fair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)
Investments in first lien debtInvestments in first lien debt$9,314,085 Yield analysisDiscount rate6.81 %15.28 %9.48 %Investments in first lien debt$9,021,984 Yield analysisDiscount rate6.64 %18.45 %10.00 %
288,288 Market quotationsBroker quoted price95.50101.0099.05362,528 Market quotationsQuoted price67.32 %98.00 %90.73 %
9,602,373 9,384,512 
Investments in second lien debtInvestments in second lien debt48,008 Yield analysisDiscount rate7.76 %13.89 %11.21 %Investments in second lien debt47,354 Yield analysisDiscount Rate9.96 %14.10 %11.99 %
Investments in warrant8,282 Option pricing modelExpected volatility25.00 %25.00 %25.00 %
18,959 Market quotationsQuoted price66.59 %66.59 %66.59 %
66,313 
Investments in equityInvestments in equity120,811 Market approachPerformance multiple7.00x29.75x12.24xInvestments in equity91,852 Performance MultipleMarket Multiple6.00x29.61x12.70x
12,239 Option pricing modelExpected volatility29.07 %48.00 %35.89 %12,399 Option Pricing ModelVolatility30.00 %48.00 %36.40 %
32,608 Yield analysisDiscount rate11.35 %13.60 %12.64 %33,016 Yield analysisDiscount Rate11.67 %13.88 %12.92 %
165,658 137,267 
TotalTotal$9,824,321 Total$9,588,092 
December 31, 2021
Range
Fair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)
Investments in first lien debt$9,112,573 Yield analysisDiscount rate4.68 %9.99 %7.52 %
175,611 Market quotationsBroker quoted price99.75100.5099.93
9,288,184 
Investments in second lien debt42,880 Yield analysisDiscount rate8.15 %13.04 %10.02 %
Investments in warrant7,645 Option pricing modelExpected volatility25.00 %25.00 %25.00 %
Investments in equity120,301 Market approachPerformance multiple7.25x31.28x12.67x
11,152 Option pricing modelExpected volatility30.00 %49.00 %37.19 %
31,167 Yield analysisDiscount rate10.89 %12.19 %11.81 %
162,620 
Total$9,501,329 

(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. 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. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in quoted prices or performance multiples would result in a significantly lower fair value measurement.
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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. 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
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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.
Financial Instruments Not Carried at Fair Value
Debt

The fair value of the Company’s credit facilities, which would be categorized as Level 3 within the fair value hierarchy, as of JuneSeptember 30, 2022 and December 31, 2021, approximates their carrying value as the credit facilities have variable interest based on selected short term rates.

The fair value of the Company’s 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes (as defined in Note 6), which would be categorized as Level 2 within the fair value hierarchy, as of JuneSeptember 30, 2022 was $392.2$398.3 million, $729.9$789.7 million, $612.1$669.2 million, $544.2$603.4 million and $524.8$617.4 million, respectively, based on vendor pricing received by the Company. As of December 31, 2021, the fair value of the Company’s 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes was $412.5 million, $835.4 million, $700.6 million, $633.1 million and $634.2 million, respectively.

Other

The carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments arewould be categorized as Level 3 within the hierarchy.hierarchy as of September 30, 2022 and December 31, 2021.
Note 6. 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. As of JuneSeptember 30, 2022 and December 31, 2021, the Company’s asset coverage was 174.7%175.1% and 180.2%, 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 and Big Sky Funding which are collectively referred to as the SPVs”SPVs, and such secured financing facilities described below are collectively referred to as the “SPV Financing Facilities”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 (as described above) 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.
As of JuneSeptember 30, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements of the SPV Financing Facilities.
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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, 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
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agent and securities intermediary, Virtus Group, LP serves as collateral administrator and the Company serves as portfolio manager under the Jackson Hole Funding Facility.
AdvancesPrior to September 16, 2022, advances under the Jackson Hole Funding Facility bearbore interest at a per annum rate equal to the three-month LIBORbenchmark 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.annum for certain foreign currency advances to 2.525% per annum for dollar advances. Effective January 16, 2019, Jackson Hole Funding pays a commitment fee of 0.60% per annum (or 0.375% per annum until March 20, 2020) on the average daily unused amount of the financing commitments until the third anniversary of the Jackson Hole Funding Facility.  November 16, 2023.
The initial maximum commitment amount of the Jackson Hole Funding Facility was $300 million. Effective September 20, 2019, the maximum commitment amount of the Jackson Hole Funding Facility was increased to $600 million and effective July 28, 2020, the maximum commitment amount of the Jackson Hole Funding Facility was reduced to $400 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 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 November 16, 2023 and the Jackson Hole Funding Facility is scheduled to mature on May 16, 2025.
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 and May 19, 2022, and as further amended from time to time, the “Breckenridge Funding Facility”) with BNP Paribas (“(BNP“BNP”). BNP serves as administrative agent, Wells Fargo Bank, National Association serves as collateral agent and the Company serves as servicer under the Breckenridge Funding Facility.
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 1.70%, 2.05% or 2.30% per annum, as applicable, depending on the nature of the advances being requested under the facility. Breckenridge Funding will pay 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 December 21, 2022, in addition to certain other fees as agreed between Breckenridge Funding and BNP.

The initial maximum commitment amount of the Breckenridge Funding Facility was $400 million. Effective June 11, 2019, the maximum commitment amount of the Breckenridge Funding Facility was increased to $575 million; effective September 27, 2019, the maximum commitment amount of the Breckenridge Funding Facility was increased to $875 million and on April 13, 2020, the maximum commitment amount of the Breckenridge Funding Facility was increased to $1,125 million through April 13, 2021 and decreased to $825 million thereafter. 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 for the remaining commitment amounts expires on December 21, 2024 (or such later date as may be agreed by Breckenridge Funding, BNP, as administrative agent, and the lenders under the Breckenridge Funding Facility), except for $300 million of outstanding principal which expired on September 27, 2020. The Breckenridge Funding Facility is scheduled to mature on December 21, 2026.
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 and September 30, 2021 and amended and restated on June 29, 2022, and as further amended from time to time, the (“(Big Sky Funding FacilityFacility”) with Bank of America, N.A. (“(Bank of AmericaAmerica”). Bank of America serves as administrative agent, Wells Fargo Bank, N.A. serves as collateral administrator and the Company serves as manager under the Big Sky Funding Facility.
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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 1.80% per annum. Big Sky Funding is required to utilize a minimum percentage of the financing commitments (the Minimum Utilization AmountAmount”), which amount increases in three-month intervals from 20% six months after the closing date of the Big Sky Funding Facility to 80% 15 months after the closing date of the Revolving Credit Facility and thereafter. Unused amounts below the Minimum Utilization Amount accrue a fee at a rate of 1.60% per annum. In addition, Big Sky Funding will pay an unused fee of 0.45% per annum on the daily unused amount of the financing
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commitments in excess of the Minimum Utilization Amount, commencing three months after the closing date of the Big Sky Funding Facility.
The initial maximum commitment amount of the Big Sky Funding Facility is $400 million. Effective May 14, 2020, Big Sky Funding exercised its accordion feature under the Big Sky Funding Facility, which increased the maximum commitment amount to $500 million. Effective December 30, 2020, the maximum commitment amount of the Big Sky Funding Facility was reduced to $400 million. Effective September 30, 2021, the maximum commitment amount of the Big Sky Funding Facility was increased to $500 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. All amounts outstanding under the Big Sky Funding Facility must be repaid by September 30, 2024.
Revolving Credit Facility
On June 15, 2020, the Company entered into a senior secured revolving credit facility (which was subsequently amended and restated on June 28, 2022 and as further amended from time to time, the Revolving Credit FacilityFacility”) with Citibank, N.A. (“(Citi“Citi”). Citi serves as administrative agent and collateral agent.

The Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $550 million. Effective June 29, 2020, the maximum commitment amount of the Revolving Credit Facility increased to $650 million. Effective November 3, 2020, the maximum commitment amount of the Revolving Credit Facility increased to $745 million. Effective June 30, 2021, the maximum commitment amount of the Revolving Credit Facility increased to $1,275 million. Effective August 4, 2021, the maximum commitment amount of the Revolving Credit Facility increased to $1,325 million. Effective June 28, 2022, the maximum commitment amount of the Revolving Credit Facility increased to $1,625 million. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. 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 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 June 28, 2026 and all amounts outstanding under the Revolving Credit Facility must be repaid by June 28, 2027 pursuant to an amortization schedule.

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 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%. The Company will pay an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company will pay 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.

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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 JuneSeptember 30, 2022, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.
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Unsecured Notes
The Company issued unsecured notes, as further described below: 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes which are collectively referred to as the “Unsecured Notes.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 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"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 JuneSeptember 30, 2022, the Company was in compliance with all covenants and other requirements of the Unsecured Notes.

2023 Notes

On July 15, 2020, the Company issued $400 million aggregate principal amount of 3.650% notes due 2023 (the “2023 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of July 15, 2020 (and together with the Base Indenture, the “2023 Notes Indenture”), between the Company and U.S. Bank National Association (the “Trustee”).

The 2023 Notes will mature on July 14, 2023 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 2023 Notes Indenture. The 2023 Notes bear interest at a rate of 3.650% per year payable semi-annually on January 14 and July 14 of each year, commencing on January 14, 2021. The 2023 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 2023 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.
2026 Notes
On October 23, 2020 and December 1, 2020, the Company issued $500 million aggregate principal amount and $300 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 Base Indenture, the “2026 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The 2026 Notes will mature on January 15, 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 2026 Notes Indenture. The 2026 Notes bear interest at a rate of 3.625% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2021. The 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 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 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.
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New 2026 Notes
On March 16, 2021 and April 27, 2021, the Company issued $400 million aggregate principal amount and $300 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"Indenture”), to the Base Indenture between the Company and the Trustee.

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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 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 million aggregate principal amount of 2.125% notes due 2027 (the 2027 NotesNotes”) pursuant to a supplemental indenture, dated as of July 23, 2021 (and together with the Base Indenture, the "2027 Notes Indenture"Indenture”), to the Base Indenture between the Company and the Trustee.
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 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 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.
The Company’s outstanding debt obligations were as follows:
June 30, 2022
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $358,806 $358,806 $41,194 $41,194 
Breckenridge Funding Facility825,000 615,780 615,780 209,220 209,220 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,625,000 1,154,501 1,154,501 470,499 470,499 
2023 Notes(5)
400,000 400,000 397,771 — — 
2026 Notes(5)
800,000 800,000 793,649 — — 
New 2026 Notes(5)
700,000 700,000 692,544 — — 
2027 Notes(5)
650,000 650,000 637,280 — — 
2028 Notes(5)
650,000 650,000 638,256 — — 
Total$6,550,000 $5,828,693 $5,788,193 $721,307 $721,307 
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The Company’s outstanding debt obligations were as follows:
September 30, 2022
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $360,019 $360,019 $39,981 $39,981 
Breckenridge Funding Facility825,000 708,300 708,300 116,700 116,700 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,625,000 782,691 782,691 842,309 842,309 
2023 Notes(5)
400,000 400,000 398,306 — — 
2026 Notes(5)
800,000 800,000 794,094 — — 
New 2026 Notes(5)
700,000 700,000 693,007 — — 
2027 Notes(5)
650,000 650,000 637,973 — — 
2028 Notes(5)
650,000 650,000 638,725 — — 
Total$6,550,000 $5,550,616 $5,512,721 $999,384 $999,384 
December 31, 2021
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $361,007 $361,007 $38,993 $38,993 
Breckenridge Funding Facility825,000 568,680 568,680 256,320 256,320 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,325,000 915,035 915,035 409,965 271,585 
2023 Notes(5)
400,000 400,000 396,702 — — 
2026 Notes(5)
800,000 800,000 792,757 — — 
New 2026 Notes(5)
700,000 700,000 691,662 — — 
2027 Notes(5)
650,000 650,000 635,860 — — 
2028 Notes(5)
650,000 650,000 637,324 — — 
Total$6,250,000 $5,544,328 $5,498,633 $705,672 $567,292 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)Under the Jackson Hole Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of JuneSeptember 30, 2022, the Company had borrowings denominated in Euros (EUR) of 23.20.0 million. As of December 31, 2021, the Company had borrowings denominated in Euros (EUR) of 23.3 million.
(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of JuneSeptember 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD)(CAD or C$), Euros (EUR)(EUR or €) and British Pounds (GBP)(GBP or £) of 301.8328.9 million, 95.999.9 million and 58.666.6 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 256.3 million, 18.6 million and 49.8 million, respectively.
(5)The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $2.2$1.7 million, $6.4$5.9 million, $7.5$7.0 million, $12.7$12.0 million and $11.7$11.3 million, respectively, as of JuneSeptember 30, 2022. The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $3.3 million, $7.2 million, $8.3 million, $14.1 million and $12.7 million, respectively, as of December 31, 2021.
As of JuneSeptember 30, 2022 and December 31, 2021, $40.9$19.2 million and $38.6 million, respectively, of interest expense and $0.3$0.6 million and $0.5 million, respectively, of unused commitment fees were included in interest payable. For the three and sixnine months ended JuneSeptember 30, 2022, the weighted average interest rate on all borrowings outstanding was 3.05%3.67% and 2.94%3.18% (including unused fees and accretion of net discounts on unsecured debt), respectively, and the average principal debt outstanding was $5,758.2$5,867.3 million and $5,690.4$5,750.0 million, respectively. For the three and sixnine months ended JuneSeptember 30, 2021, the weighted average interest rate on all borrowings outstanding was 3.06%2.83% and 3.06%2.92% (including unused fees and accretion of net discounts on unsecured debt), respectively, and the average principal debt outstanding was $3,451.2$4,487.3 million and $3,068.1$3,546.3 million, respectively.
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The components of interest expense were as follows:
Three months ended June 30,Six months ended June 30,Three months ended September 30,Nine months ended September 30,
20222021202220212022202120222021
Borrowing interest expenseBorrowing interest expense$41,300 $24,627 $77,796 $43,390 Borrowing interest expense$50,992 $29,363 $128,789 $72,752 
Facility unused feesFacility unused fees306 583 690 1,394 Facility unused fees602 611 1,292 2,005 
Amortization of financing costs and debt issuance costsAmortization of financing costs and debt issuance costs1,170 722 2,309 1,399 Amortization of financing costs and debt issuance costs1,420 1,020 3,729 2,420 
Accretion of original issue discountAccretion of original issue discount2,308 1,235 4,590 2,130 Accretion of original issue discount2,333 1,746 6,922 3,876 
Total Interest ExpenseTotal Interest Expense$45,084 $27,167 $85,385 $48,313 Total Interest Expense$55,347 $32,740 $140,732 $81,053 
Cash paid for interest expenseCash paid for interest expense$14,864 $9,322 $76,306 $24,512 Cash paid for interest expense$69,904 $50,386 $146,210 $83,097 

Note 7. Commitments and Contingencies
Portfolio Company Commitments
The Company’s investment portfolio may 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 JuneSeptember 30, 2022 and December 31, 2021, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $1,073.9$849.0 million and $1,407.3 million, respectively.
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Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the investment vehicles it manages, 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 JuneSeptember 30, 2022 and December 31, 2021, the Company estimates that $227.6$46.5 million and $290.5 million, respectively, of investments that were committed but not yet funded.
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. At JuneSeptember 30, 2022 and December 31, 2021, management is not aware of any pending or threatened material litigation.
Note 8. Net Assets
Subscriptions and Drawdowns
The Company has the authority to issue an unlimited number of shares at $0.001 per share par value.  
On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
In connection with the listing of the Company’s common shares on the NYSE, the Board decided to eliminate any outstanding fractional common shares (the “Fractional Shares”), as permitted by Delaware law by rounding down the number of Fractional Shares held by each of our shareholders to the nearest whole share and paying each shareholder cash for such Fractional Shares.
Prior to September 8, 2021, the Company entered into additional subscription agreements (the Subscription AgreementsAgreements”) with investors providing for the private placement of the Company’s shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. As of September 8, 2021, all Capital Commitments in the amount of $3,926.3 million ($80.0 million from affiliates of the Adviser) had been drawn.
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Distributions
The following table summarizes the Company’s distributions declared and payable for the sixnine months ended JuneSeptember 30, 2022 (dollars in thousands except per share amounts):
Date DeclaredDate DeclaredRecord DatePayment DatePer Share AmountTotal AmountDate DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022February 23, 2022March 31, 2022May 13, 20220.5300 89,937 February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
October 18, 2021October 18, 2021May 16, 2022August 12, 20220.2000 33,995 (1)October 18, 2021May 16, 2022August 12, 20220.2000 33,995 (1)
May 2, 2022May 2, 2022June 30, 2022August 12, 20220.5300 89,169 May 2, 2022June 30, 2022August 12, 20220.5300 89,169 
October 18, 2021October 18, 2021July 18, 2022November 14, 20220.2000 32,976 (1)
August 30, 2022August 30, 2022September 30, 2022November 14, 20220.6000 97,094 (2)
Total distributionsTotal distributions$1.5100 $255,482 Total distributions$2.3100 $385,552 
(1)Represents a special distribution.

(2)
On October 18, 2021,September 7, 2022, the Board also declaredCompany announced the following special distributions:
Record DatePayment DatePer Share Amount
July 18, 2022November 14, 2022$0.20 
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Tableincrease of Contentsits regular quarterly distribution from $0.53 per share to $0.60 per share.
The following table summarizes the Company’s distributions declared and payable for the sixnine months ended JuneSeptember 30, 2021 (dollars in thousands except per share amounts):
Date DeclaredDate DeclaredRecord DatePayment DatePer Share AmountTotal AmountDate DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 24, 2021February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 
June 7, 2021June 7, 2021June 7, 2021August 13, 20210.3736 48,734 June 7, 2021June 7, 2021August 13, 20210.3736 48,734 
June 7, 2021June 7, 2021June 30, 2021August 13, 20210.1264 18,241 June 7, 2021June 30, 2021August 13, 20210.1264 18,241 
September 7, 2021September 7, 2021September 7, 2021November 12, 20210.3750 54,250 
September 7, 2021September 7, 2021September 30, 2021November 12, 20210.1250 19,800 
Total distributionsTotal distributions$1.0000 $132,027 Total distributions$1.5000 $206,077 
Dividend Reinvestment
The Company has adopted a dividend reinvestment plan (“(DRIP“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 and the Company declares, a cash dividend or other distribution, then the Company’s shareholders who have not opted out of its dividend reinvestment plan 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 net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value 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 net asset value per share). For example, if the most recently computed net asset value 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 net asset value 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 net asset value 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.
The following table summarizes the amounts received and shares issued to shareholders who have not opted out
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Table of the Company's DRIP during the six months ended June 30, 2022 (dollars in thousands except share amounts):Contents
Payment DateDRIP Shares ValueDRIP Shares Issued
January 31, 2022$11,469 417,379 
May 13, 202216,501 640,829 
Total distributions$27,970 1,058,208 
The following table summarizes the amounts received and shares issued to shareholders who have not opted out of the Company's DRIP during the sixnine months ended JuneSeptember 30, 2022 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 31, 2022$11,469 417,379 
May 13, 202216,501 640,829 
August 12, 20228,203 325,508 
August 12, 20223,267 129,640 
Total distributions$39,440 1,513,356 
The following table summarizes the amounts received and shares issued to shareholders who have not opted out of the Company's DRIP during the nine months ended September 30, 2021 (dollars in thousands except share amounts):
Payment DatePayment DateDRIP Shares ValueDRIP Shares IssuedPayment DateDRIP Shares ValueDRIP Shares Issued
January 29, 2021January 29, 2021$11,179 443,639 January 29, 2021$11,179 443,639 
May 14, 2021May 14, 20218,674 339,398 May 14, 20218,674 339,398 
August 13, 2021August 13, 20219,142 352,656 
Total distributionsTotal distributions$19,853 783,037 Total distributions$28,995 1,135,693 

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Share Repurchase Plan

On October 18, 2021, the Board approved a share repurchase plan (the Company 10b5-1 PlanPlan”) to acquire up to approximately $262 million (representing the net proceeds from the IPO) in the aggregate of the Company’s common shares at prices below net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company put the 10b5-1 Plan in place because it believes that, in the current market conditions, if its common shares are trading below its then-current net asset value per share, it is in the best interest of the Company’s shareholders for the Company to reinvest in its portfolio.

The Company 10b5-1 Plan is intended to allow the Company to repurchase its common shares at times when it otherwise might be prevented from doing so under insider trading laws. The Company 10b5-1 Plan requires Morgan Stanley & Co. LLC, as the Company’s agent, to repurchase common shares on the Company’s behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share). The most recently reported net asset value per share will also be adjusted on the record date of any special distributions declared. Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of our common shares declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of our common shares and trading volumes, and no assurance can be given that any particular amount of common shares will be repurchased.

The purchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances.

The Company 10b5-1 Plan commenced on November 26, 2021 and will terminate upon the earliest to occur of (i) 12-months from its commencement (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals approximately $262 million (representing the net proceeds from the IPO) and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

The following table summarizes the shares repurchased under the Company 10b5-1 Plan during the threenine months ended JuneSeptember 30, 2022 (dollars in thousands except share amounts):
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April 1 - April 30, 2022— $— — $262,000 
May 1 - May 31, 2022774,558 $25.24 774,558 $242,447 
June 1 - June 30, 20221,313,782 $24.49 1,313,782 $210,275 
Total Repurchases2,088,340 2,088,340 
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PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April 1 - April 30, 2022— $— — $262,000 
May 1 - May 31, 2022774,558 $25.24 774,558 $242,447 
June 1 - June 30, 20221,313,782 $24.49 1,313,782 $210,275 
July 1 - July 31, 20222,394,113 $23.20 2,394,113 $154,736 
August 1 - August 31, 20222,223,389 $24.22 2,223,389 $100,886 
September 1 - September 30, 20222,251,657 $24.14 2,251,657 $46,527 
Total Repurchases8,957,499 8,957,499 

Shareholder Transfer Restrictions

For shareholders who held common shares prior to the IPO following, without the consent of the Adviser:

prior to January 3, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber any common share held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares);

prior to March 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 90% of the common shares held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares);

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prior to May 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 75% of the common shares held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares); and

prior to July 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 50% of the common shares held by such shareholder prior to the date of the IPO (and any DRIP shares received with respect to such common shares).

This means that, as a result of these transfer restrictions, without the consent of the Adviser, a shareholder who owned 100 common shares on the date of the IPO could not sell any of such shares until January 3, 2022; prior to March 1, 2022, such shareholder could only sell up to 10 of such shares; prior to May 1, 2022, such shareholder could only sell up to 25 of such shares; prior to July 1, 2022, such shareholder could only sell up to 50 of such shares; and after July 1, 2022, such shareholder could sell all of such shares. Consent by the Adviser to waive any of the foregoing transfer restrictions is subject to the consent of the representatives on behalf of the underwriters in the IPO. In addition, the Company’s trustees have agreed for a period of 180 days after the date of the IPO and the Company’s executive officers who are not trustees have agreed for a period of 180 days after the date of the IPO, not to transfer (whether by sale, gift, merger, by operation of law or otherwise) their common shares without the prior written consent of the representatives on behalf of the underwriters in the IPO, subject to certain exceptions.






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Note 9. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
20222021202220212022202120222021
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations$79,591 $116,695 $186,831 $228,462 Net increase (decrease) in net assets resulting from operations$95,946 $110,007 $282,777 $338,470 
Weighted average shares outstanding (basic and diluted)Weighted average shares outstanding (basic and diluted)169,426,422 133,789,760 169,489,006 131,889,042 Weighted average shares outstanding (basic and diluted)165,031,737 147,932,846 167,986,923 137,294,502 
Earnings (loss) per common share (basic and diluted)Earnings (loss) per common share (basic and diluted)$0.47 $0.87 $1.10 $1.73��Earnings (loss) per common share (basic and diluted)$0.58 $0.74 $1.68 $2.47 

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Note 10. Financial Highlights
The following are the financial highlights for the sixnine months ended JuneSeptember 30, 2022 and 2021:
Six Months Ended June 30,Nine Months Ended September 30,
20222021 20222021
Per Share Data:Per Share Data: Per Share Data:
Net asset value, beginning of periodNet asset value, beginning of period$26.27 $25.20 Net asset value, beginning of period$26.27 $25.20 
Net investment income (1)
Net investment income (1)
1.23 1.12 
Net investment income (1)
2.02 1.76 
Net unrealized and realized gain (loss) (2)
Net unrealized and realized gain (loss) (2)
(0.10)0.60 
Net unrealized and realized gain (loss) (2)
(0.33)0.71 
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations1.13 1.72 Net increase (decrease) in net assets resulting from operations1.69 2.47 
Distributions declared (3)(2)
Distributions declared (3)(2)
(1.51)(1.00)
Distributions declared (3)(2)
(2.31)(1.50)
Net increase (decrease) in net assets from capital share transactionsNet increase (decrease) in net assets from capital share transactions0.11 (0.02)
Total increase (decrease) in net assetsTotal increase (decrease) in net assets(0.38)0.72 Total increase (decrease) in net assets(0.51)0.95 
Net asset value, end of periodNet asset value, end of period$25.89 $25.92 Net asset value, end of period$25.76 $26.15 
Shares outstanding, end of periodShares outstanding, end of period168,243,901 144,314,260Shares outstanding, end of period161,823,803 158,389,951
Total return based on NAV (4)
4.36 %6.89 %
Total return based on market value (5)
(26.98)%N/A
Total return based on NAV (3)
Total return based on NAV (3)
7.06 %9.90 %
Total return based on market value (4)
Total return based on market value (4)
(29.72)%N/A
Ratios:Ratios:Ratios:
Ratio of net expenses to average net assets (6)
7.37 %6.97 %
Ratio of net investment income to average net assets (6)
9.31 %8.67 %
Ratio of net expenses to average net assets (5)
Ratio of net expenses to average net assets (5)
7.83 %7.17 %
Ratio of net investment income to average net assets (5)
Ratio of net investment income to average net assets (5)
10.27 %9.03 %
Portfolio turnover ratePortfolio turnover rate3.48 %14.52 %Portfolio turnover rate8.28 %28.18 %
Supplemental Data:Supplemental Data:Supplemental Data:
Net assets, end of periodNet assets, end of period$4,355,073$3,741,102Net assets, end of period$4,168,531$4,142,451
Asset coverage ratioAsset coverage ratio174.7 %198.9 %Asset coverage ratio175.1 %192.0 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)For the six months ended June 30, 2022 and 2021, the amount shown does not correspond with the aggregate amount for the period as it includes a $0.03 and $(0.02) impact, respectively, from the effect of the timing of capital transactions.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8).
(4)(3)Total return (not annualized) 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 Company's dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load.
(5)(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 Company’s dividend reinvestment plan.
(6)(5)Amounts are annualized except for expense support amounts relating to organizational costs. For the sixnine months ended JuneSeptember 30, 2022 and 2021, the ratio of total operating expenses to average net assets was 7.79%8.70% and 6.97%7.17%, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented (0.42)(0.87)% and 0.00%, respectively, of average net assets.

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Note 11. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the 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 consolidated financial statements as of JuneSeptember 30, 2022, except as discussed below.
On AugustNovember 2, 2022, the Board declared a distribution of $0.53$0.60 per share, which is payable on November 14, 2022January 31, 2023 to shareholders of record as of September 30,December 31, 2022.
Since JuneSeptember 30, 2022, the Company repurchased approximately 2,952,0862,001,087 of its shares for $68.9 million$47.4 million. As of October 26, 2022, the aggregate purchase price for all shares purchased under the Share Repurchase Plan.Plan totaled the maximum amount allowed by the terms of the Share Repurchase Plan, for a total aggregate amount of $262.8 million. Accordingly, the Share Repurchase Plan terminated by its terms on October 26, 2022.

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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.”  This discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, 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, 2021 as updated by the Company's periodic filings with the Securities and Exchange Commission.
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 Adviser. The Administrator 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. We do not currently expect to focus on investments in issuers that are distressed or in need of rescue financing.
We commenced our loan origination and investment activities contemporaneously with the Initial Drawdown on November 20, 2018.  The proceeds from the Initial Drawdown and availability under our credit facilities provided us with the necessary seed capital to commence operations.  See “—Financial Condition, Liquidity and Capital Resources—Borrowings.”
On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
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 small 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) can and will vary 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 LIBOR, SOFR or SONIA. 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 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 in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.


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In addition, we generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by us.
Expenses
Except as specifically provided below, all investment professionals and staff of the Adviser, 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 Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (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 Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.
From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, Administrator or such affiliates thereof for any such amounts. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. In this regard, theThe Administrator has waived the rightelected to be reimbursedforgo any reimbursement for rent and relatedother occupancy costs.costs for the three and nine months ended September 30, 2022 and 2021. However, the Administrator may seek reimbursement for such costs in future periods. All of the foregoing expenses will ultimately be borne by our shareholders.
Costs and expenses of the Administrator and the Adviser 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.
On December 12, 2018, weExpense Support and Conditional Reimbursement Agreement
We have entered into an Expense Support Agreement with the Adviser. The Expense Support Agreement provides that, at such times as the Adviser determines, the Adviser may pay certain Expense Payments on behalf of us, provided that no portion of the payment will be usedFor additional information see “Item 1. Consolidated Financial Statements—Notes to pay any of our interest expense. Such Expense Payment must be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from the Adviser to pay such expense, and/or by an offset against amounts due from us to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined in the Expense Support Agreement) exceed Excess Operating Funds, we shall pay Reimbursement Payments to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter have been reimbursed. The amount of the Reimbursement Payment for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such quarterConsolidated Financial Statements—Note 3. Agreements and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to the Adviser. The Expense Support Agreement provides additional restrictions on the amount of each Reimbursement Payment for any calendar quarter. The Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, so that such Reimbursement Payment may be reimbursable in a future calendar quarter. As of June 30, 2022 there were no unreimbursed Expense Payments remaining.Related Party Transactions.”
Portfolio and Investment Activity
For the three months ended JuneSeptember 30, 2022, we acquired $326.0$272.0 million aggregate principal amount of investments (including $19.0$10.6 million of unfunded commitments), $318.8$269.8 million of which was first lien debt $4.9 million of which was second lien debt and $2.3$2.2 million of which was equity.
For the three months ended JuneSeptember 30, 2021, we acquired $2,121.6$2,440.2 million aggregate principal amount of investments (including $589.2$569.2 million of unfunded commitments), $2,086.7$2,406.3 million of which was first lien debt, $15.7$4.6 million of which was second lien debt, $14.2$12.5 million of which was unsecured debt and $5.0$16.8 million of which was equity.
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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 June 30,As of and for the three months ended September 30,
20222021 20222021
Investments:Investments: Investments: 
Total investments, beginning of periodTotal investments, beginning of period$9,916,379 $6,063,216Total investments, beginning of period$10,021,140 $7,270,312
New investments purchasedNew investments purchased296,343 1,496,134New investments purchased234,690 1,846,526
Payment-in-kind interest capitalizedPayment-in-kind interest capitalized9,861 — Payment-in-kind interest capitalized11,340 — 
Net accretion of discount on investments10,079 9,681
Net accretion of discount and amortization of premium on investmentsNet accretion of discount and amortization of premium on investments15,354 17,146
Net realized gain (loss) on investmentsNet realized gain (loss) on investments2,478 3,682Net realized gain (loss) on investments31,249 (1,808)
Investments sold or repaidInvestments sold or repaid(214,000)(302,401)Investments sold or repaid(608,436)(1,006,855)
Total investments, end of periodTotal investments, end of period$10,021,140 $7,270,312 Total investments, end of period$9,705,337 $8,125,321 
Amount of investments funded at principal:Amount of investments funded at principal:Amount of investments funded at principal:
First lien debt investmentsFirst lien debt investments$299,774 $1,497,480First lien debt investments$259,174 $1,837,094
Second lien debt investmentsSecond lien debt investments4,920 15,717Second lien debt investments— 4,606
Unsecured debtUnsecured debt— 14,248Unsecured debt— 12,537
Equity investmentsEquity investments2,295 4,957Equity investments2,160 16,760
TotalTotal$306,989 $1,532,402 Total$261,334 $1,870,997 
Proceeds from investments sold or repaid:Proceeds from investments sold or repaid:Proceeds from investments sold or repaid:
First lien debt investmentsFirst lien debt investments$(214,000)$(290,736)First lien debt investments$(557,156)$(972,550)
Second lien debt investmentsSecond lien debt investments— (15,026)
Unsecured debtUnsecured debt— (11,665)Unsecured debt— (19,279)
WarrantWarrant(8,514)— 
EquityEquity(42,766)— 
TotalTotal$(214,000)$(302,401)Total$(608,436)$(1,006,855)
Number of portfolio companiesNumber of portfolio companies163 111 Number of portfolio companies172 117 
Weighted average yield of new investment commitments(4)
Weighted average yield of new investment commitments(4)
7.72 %6.91 %
Weighted average yield of new investment commitments(4)
9.30 %6.71 %
Weighted average yield on investments fully sold or paid down(4)
Weighted average yield on investments fully sold or paid down(4)
6.06 %8.08 %
Weighted average yield on investments fully sold or paid down(4)
7.81 %7.72 %
Weighted average yield on debt and income producing investments, at cost(1)(2)
Weighted average yield on debt and income producing investments, at cost(1)(2)
7.84 %7.48 %
Weighted average yield on debt and income producing investments, at cost(1)(2)
9.09 %7.34 %
Weighted average yield on debt and income producing investments, at fair value(1)(2)
Weighted average yield on debt and income producing investments, at fair value(1)(2)
7.82 %7.40 %
Weighted average yield on debt and income producing investments, at fair value(1)(2)
9.14 %7.28 %
Average loan to value (LTV)(3)
Average loan to value (LTV)(3)
46.38 %44.19 %
Average loan to value (LTV)(3)
46.72 %45.20 %
Percentage of debt investments bearing a floating ratePercentage of debt investments bearing a floating rate99.91 %99.70 %Percentage of debt investments bearing a floating rate99.92 %99.90 %
Percentage of debt investments bearing a fixed ratePercentage of debt investments bearing a fixed rate0.09 %0.30 %Percentage of debt investments bearing a fixed rate0.08 %0.10 %
(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 cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.
(2)As of JuneSeptember 30, 2022 and 2021, the weighted average total portfolio yield at cost was 7.74%8.98% and 7.41%7.27%, respectively. The weighted average total portfolio yield at fair value was 7.69%9.01% and 7.33%7.18%, 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 assets. 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)Weighted average yield for new investment commitments or investments fully sold or paid down, as applicable, on originated loans.
As of JuneSeptember 30, 2022, our portfolio companies had a weighted average annual revenue of $528.6$635.0 million and weighted average annual EBITDA of $149.3$162.4 million. 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 assets. Amounts are weighted based on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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Our investments consisted of the following (dollar amounts in thousands):
June 30, 2022December 31, 2021September 30, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
First lien debtFirst lien debt$9,826,625 $9,842,263 97.60 %$9,563,051 $9,621,939 97.63 %First lien debt$9,524,640 $9,468,536 97.90 %$9,563,051 $9,621,939 97.63 %
Second lien debtSecond lien debt70,369 68,699 0.68 62,445 63,175 0.64 Second lien debt70,632 66,313 0.69 62,445 63,175 0.64 
Equity investmentsEquity investments124,146 173,940 1.72 119,630 170,265 1.73 Equity investments110,065 137,267 1.41 119,630 170,265 1.73 
TotalTotal$10,021,140 $10,084,902 100.00 %$9,745,126 $9,855,379 100.00 %Total$9,705,337 $9,672,116 100.00 %$9,745,126 $9,855,379 100.00 %


As of JuneSeptember 30, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.

As of JuneSeptember 30, 2022 and December 31, 2021, on a fair value basis, approximately 99.9% and 99.9%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.1% and 0.1%, respectively, of our performing debt investments bore interest at a fixed rate.
Results of Operations
The following table represents the operating results (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021 2022202120222021
Total investment incomeTotal investment income$186,991 $135,097 $372,588 $265,807 Total investment income$226,791 $166,875 $599,379 $432,682 
Net expensesNet expenses81,725 63,688 163,233 118,763 Net expenses94,647 70,848 257,880 189,610 
Net investment income before excise taxNet investment income before excise tax105,266 71,409 209,355 147,044 Net investment income before excise tax132,144 96,027 341,499 243,072 
Excise tax expenseExcise tax expense— — 1,386 (282)Excise tax expense— 2,220 1,386 1,938 
Net investment income after excise taxNet investment income after excise tax105,266 71,409 207,969 147,326 Net investment income after excise tax132,144 93,807 340,113 241,134 
Net unrealized appreciation (depreciation)Net unrealized appreciation (depreciation)(27,977)41,943 (29,389)73,995 Net unrealized appreciation (depreciation)(70,586)18,033 (99,975)92,028 
Net realized gain (loss)Net realized gain (loss)2,302 3,343 8,251 7,141 Net realized gain (loss)34,388 (1,833)42,639 5,308 
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations$79,591 $116,695 $186,831 $228,462 Net increase (decrease) in net assets resulting from operations$95,946 $110,007 $282,777 $338,470 
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 June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021 2022202120222021
Interest incomeInterest income$174,855 $130,774 $345,844 $258,724 Interest income$213,242 $165,417 $559,086 $424,141 
Payment-in-kind interest incomePayment-in-kind interest income10,808 362 19,494 2,279 Payment-in-kind interest income10,933 1,000 30,427 3,279 
Dividend incomeDividend income— — 5,908 — Dividend income— — 5,908 — 
Fee incomeFee income1,328 3,961 1,342 4,804 Fee income2,616 458 3,958 5,262 
Total investment incomeTotal investment income$186,991 $135,097 $372,588 $265,807 Total investment income$226,791 $166,875 $599,379 $432,682 
Total investment income increased to $187.0$226.8 million for the three months ended JuneSeptember 30, 2022 from $135.1$166.9 million for the same period in the prior year primarily driven by our deployment of capitalincreasing interest rates and the increaseda stable balance of our investments. The size of our investment portfolio at fair value increased to $10,084.9$9,672.1 million at JuneSeptember 30, 2022 from $7,356.6
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$8,223.0 million at JuneSeptember 30, 2021. Additionally, for the three months ended JuneSeptember 30, 2022, we accrued $0.4$1.7 million of non-recurring interest income (e.g., prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts) as
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compared to $6.2$16.4 million for the same period in the prior year. For the three months ended JuneSeptember 30, 2022 and 2021, payment-in-kind income represented 5.8%4.8% and 0.3%0.6% of investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
Total investment income increased to $372.6$599.4 million for the sixnine months ended JuneSeptember 30, 2022 from $265.8$432.7 million for the same period in the prior year primarily driven by our deployment of capital and the increased balance of our investments partially offset by lowera higher weighted average yield on our investments and offset by lower prepayment related income. The size of our investment portfolio at fair value increased to $10,084.9$9,672.1 million at JuneSeptember 30, 2022 from $7,356.6$8,223.0 million at JuneSeptember 30, 2021. Additionally, for the sixnine months ended JuneSeptember 30, 2022, we accrued $1.4$2.0 million of non-recurring interest income (e.g., prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts) as compared to $24.6$41.0 million for the same period in the prior year. For the sixnine months ended JuneSeptember 30, 2022 and 2021, payment-in-kind income represented 5.2%5.1% and 0.9%0.8% of investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
As the impact of COVID-19inflation persists, it could cause operational and/or liquidity issues at our portfolio companies which could restrict their ability to make cash interest payments. Additionally, we may experience full or partial losses on our investments which may ultimately reduce our investment income in future periods. In addition, the rise in interest rates in order to control inflation may correlate to increases or decreases in our net income. Increases in interest rates may adversely affect our existing borrowers.
Expenses
Expenses were as follows (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30, Three Months Ended September 30,Nine Months Ended September 30,
20222021202220212022202120222021
Interest expenseInterest expense$45,084 $27,167 $85,385 $48,313 Interest expense$55,347 $32,740 $140,732 $81,053 
Management fees (Note 3)Management fees (Note 3)25,892 13,272 51,528 24,949 Management fees (Note 3)25,385 15,445 76,913 40,394 
Income based incentive fee20,880 13,800 42,164 28,146 
Capital gains incentive fee(3,851)6,793 (3,170)12,171 
Income based incentive fees (Note 3)Income based incentive fees (Note 3)26,088 16,983 68,252 45,130 
Capital gains incentive fees (Note 3)Capital gains incentive fees (Note 3)(5,430)2,430 (8,600)14,600 
Professional feesProfessional fees1,058 654 1,765 1,242 Professional fees762 939 2,527 2,179 
Board of Trustees' feesBoard of Trustees' fees209 144 390 275 Board of Trustees' fees238 141 628 416 
Administrative service expensesAdministrative service expenses349 630 1,189 1,122 Administrative service expenses687 500 1,876 1,623 
Other general and administrativeOther general and administrative1,560 1,228 2,887 2,545 Other general and administrative1,643 1,670 4,530 4,215 
Excise tax expenseExcise tax expense— — 1,386 (282)Excise tax expense— 2,220 1,386 1,938 
Total expenses (including excise tax expense)Total expenses (including excise tax expense)91,181 63,688 183,524 118,481 Total expenses (including excise tax expense)104,720 73,068 288,244 191,548 
Management fees waivedManagement fees waived(6,473)— (12,882)— Management fees waived(6,346)— (19,228)— 
Incentive fees waivedIncentive fees waived(2,983)— (6,023)— Incentive fees waived(3,727)— (9,750)— 
Net expenses (including excise tax expense)Net expenses (including excise tax expense)$81,725 $63,688 $164,619 $118,481 Net expenses (including excise tax expense)$94,647 $73,068 $259,266 $191,548 
Interest Expense
Total interest expense (including unused fees and other debt financing expenses), increased to $45.1$55.3 million for the three months ended JuneSeptember 30, 2022 from $27.2$32.7 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities and our unsecured bond issuances.rising interest rates. The average principal debt outstanding increased to $5,758.2$5,867.3 million for the three months ended JuneSeptember 30, 2022 from $3,451.2$4,487.3 million for the same period in the prior year, partially offset by a decrease in our weighted average interest rate increased to 3.05%3.67% for the three months ended JuneSeptember 30, 2022 from 3.06%2.83% for the same period in the prior year.
Total interest expense (including unused fees and other debt financing expenses), increased to $85.4$140.7 million for the sixnine months ended JuneSeptember 30, 2022 from $48.3$81.1 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities, and our unsecured bond issuances.issuances and rising interest rates. The average principal debt outstanding increased to $5,690.4$5,750.0 million for the sixnine months ended JuneSeptember 30, 2022 from $3,068.1$3,546.3 million for the same
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period in the prior year, partially offset by a decrease in our weighted average interest rate to 2.94%3.18% for the sixnine months ended JuneSeptember 30, 2022 from 3.06%2.92% for the same period in the prior year.
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Management Fees
Management fees increased to $25.9$25.4 million for the three months ended JuneSeptember 30, 2022 from $13.3$15.4 million for the same period in the prior year primarily due to an increase in gross assets. The Adviser voluntarily waived management fees following the IPO such that the management fee will remain at 0.75% for a period of two years following the IPO (versus the contractual rate of 1.00%), which resulted in waivers of $6.5$6.3 million and $0.0 million for the three months ended JuneSeptember 30, 2022 and 2021, respectively.
Management fees increased to $51.5$76.9 million for the sixnine months ended JuneSeptember 30, 2022 from $24.9$40.4 million for the same period in the prior year primarily due to an increase in gross assets. The Adviser voluntarily waived management fees following the IPO such that the management fee will remain at 0.75% for a period of two years following the IPO (versus the contractual rate of 1.00%), which resulted in waivers of $12.9$19.2 million and $0.0 million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively.
Our total gross assets increased to $10,382.7$9,925.8 million at JuneSeptember 30, 2022 from $7,652.8 from $8,821.7 million at JuneSeptember 30, 2021.
Income Based Incentive Fees
Income based incentive fees increased to $20.9$26.1 million for the three months ended JuneSeptember 30, 2022 from $13.8$17.0 million for the same period in the prior year primarily due to our deployment of capital. The Adviser voluntarily waived incentive fees following the IPO such that the fee will remain at 15.0% for a period of two years following the IPO (versus the contractual rate of 17.5%), which resulted in waivers of $3.0$3.7 million and $0.0 million for the three months ended JuneSeptember 30, 2022 and 2021, respectively. Pre-incentive fee net investment income increased to $119.3$149.1 millionfor the three months ended JuneSeptember 30, 2022 from $92.0$113.2 million for the same period in the prior year.
Income based incentive fees increased to $42.2$68.3 million for the sixnine months ended JuneSeptember 30, 2022 from $28.1$45.1 million for the same period in the prior year primarily due to our deployment of capital. The Adviser voluntarily waived incentive fees following the IPO such that the fee will remain at 15.0% for a period of two years following the IPO (versus the contractual rate of 17.5%), which resulted in waivers of $6.0$9.8 million and $0.0 million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively. Pre-incentive fee net investment income increased to $240.9$390.0 millionfor the sixnine months ended JuneSeptember 30, 2022 from $187.6$300.9 million for the same period in the prior year.
Capital Gains Based Incentive Fees
We accrued capital gains incentive fees of $(3.9)$(5.4) million for the three months ended JuneSeptember 30, 2022 compared to $6.8$2.4 million for the same period in the prior year, primarily due to net realized and unrealized losses for the three months ended JuneSeptember 30, 2022 as compared to net realized and unrealized gains for the same period in the prior year.
We accrued capital gains incentive fees of $(3.2)$(8.6) million for the sixnine months ended JuneSeptember 30, 2022 compared to $12.2$14.6 million for the same period in the prior year, primarily due to net realized and unrealized losses for the sixnine months ended JuneSeptember 30, 2022 as compared to net realized and unrealized gains for the same period in the prior year.
The accrual for any capital gains incentive fee under U.S. 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
Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of us. Administrative service feesexpenses represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, 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. Prior to the IPO, offering costs included costs associated with our private offering. Other general and administrative expenses include insurance, filing, research, our sub-administrator, subscriptions and other costs.
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Total other expenses increasedremained flat, amounting to $3.2$3.3 million for the three months ended JuneSeptember 30, 2022 from $2.7and $3.3 million for the same period in the prior year primarily driven by an increase in our administrative service expenses which was attributable to growth in the investment portfolio.
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expenses.
Total other expenses increased to $6.2$9.6 million for the sixnine months ended JuneSeptember 30, 2022 from $5.2$8.4 million for the same period in the prior year primarily driven by an increase in our administrative service expenses which was attributable to growth in the investment portfolio.
The Adviser may elect to make Expense Payments on our behalf, subject to future Reimbursement Payments pursuant to the Expense Support Agreement described above in “—Key Components of Our Results of Operations—Expenses.”
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 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. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.
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 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 and sixnine months ended JuneSeptember 30, 2022, we incurred $0.0 million and $1.4 million, respectively, of U.S. federal excise tax. For the three and sixnine months ended JuneSeptember 30, 2021 we incurred $0.0$2.2 million and $(0.3)$1.9 million, respectively, of U.S. federal excise tax.
Net Unrealized Gain (Loss)
Net unrealized gain (loss) was comprised of the following (dollar amounts in thousands):
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended September 30,Nine Months Ended September 30,
20222021202220212022202120222021
Net unrealized gain (loss) on investmentsNet unrealized gain (loss) on investments$(27,644)$41,831 $(29,791)$74,597 Net unrealized gain (loss) on investments$(70,650)$18,028 $(100,441)$92,625 
Net unrealized gain (loss) on translation of assets and liabilities in foreign currenciesNet unrealized gain (loss) on translation of assets and liabilities in foreign currencies(333)112 402 (602)Net unrealized gain (loss) on translation of assets and liabilities in foreign currencies64 466 (597)
Net unrealized gain (loss)Net unrealized gain (loss)$(27,977)$41,943 $(29,389)$73,995 Net unrealized gain (loss)$(70,586)$18,033 $(99,975)$92,028 

For the three months ended JuneSeptember 30, 2022, the net unrealized loss was primarily driven by an decrease in the fair value of our debt investments during the period. The fair value of our debt investments as a percentage of principal decreased by 0.1%0.5% as compared to a 0.7%0.3% increase in fair value of our debt investments for the same period in prior year driven in part by rising rates and inflation during the three months ended JuneSeptember 30, 2022.

For the sixnine months ended JuneSeptember 30, 2022, the net unrealized loss was primarily driven by an decrease in the fair value of our debt investments during the period. The fair value of our debt investments as a percentage of principal decreased by 0.2% as compared to a 1.3% increase in fair value of our debt investments for the same period in prior year driven in part by rising rates and inflation during the sixnine months ended JuneSeptember 30, 2022.

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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 June 30,Six Months Ended June 30,
2022202120222021
Net realized gain (loss) on investments$2,478 $3,682 $7,860 $8,316 
Net realized gain (loss) on translation of assets and liabilities in foreign currencies(176)(339)391 (1,175)
Net realized gain (loss)$2,302 $3,343 $8,251 $7,141 
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Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net realized gain (loss) on investments$31,249 $(1,808)$39,109 $6,509 
Net realized gain (loss) on translation of assets and liabilities in foreign currencies3,139 (25)3,530 (1,201)
Net realized gain (loss)$34,388 $(1,833)$42,639 $5,308 
For the three and sixnine months ended JuneSeptember 30, 2022, we generated realized gains of $2.6$36.2 million and $8.7$44.8 million, respectively, partially offset by realized losses of $0.1$5.0 million and $0.8$5.7 million respectively, primarily from full or partial sales of our debt investments.
For the three and sixnine months ended JuneSeptember 30, 2021, we generated realized gains of $3.7$7.0 million and $8.7$15.5 million, respectively, partially offset by realized losses of $0.4$8.8 million and $1.6$9.0 million respectively, primarily from full or partial sales of our debt investments.
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 and/or private issuances of debt and/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 shares.
As of both JuneSeptember 30, 2022 and December 31, 2021, we had four revolving credit facilities outstanding and we had five issuances of unsecured bonds outstanding. We may 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 JuneSeptember 30, 2022 and December 31, 2021, we had an aggregate amount of $5,828.7$5,550.6 million and $5,544.3 million of senior securities outstanding and our asset coverage ratio was 174.7%175.1% and 180.2%, 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 are required to fund.

Cash and cash equivalents as of JuneSeptember 30, 2022, taken together with our $721.3$999.4 million of available capacity under our credit facilities (subject to borrowing base availability) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $260.6$84.0 million of Level 2 debt investments as of JuneSeptember 30, 2022, which could provide additional liquidity if necessary. A continued disruption in the financial markets caused by therecent macroeconomic or market volatility, COVID-19 outbreak or any other negative economic development 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 recently obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.
As of JuneSeptember 30, 2022, we had $168.6$131.2 million in cash and cash equivalents. During the sixnine months ended JuneSeptember 30, 2022, cash provided by operating activities was $505.1 million, primarily as a result of proceeds from sale of investments funding portfolio investments of $955.6 million; partially offset by purchases of investments of $808.8 million. Cash used in financing activities was $476.8 million during the period, which was primarily as a result of dividends paid in cash of $305.8 million and repurchase of shares of $215.6 million.
As of September 30, 2021, we had $259.6 million in cash and cash equivalents. During the nine months ended September 30, 2021, cash used in operating activities was $17.2$2,440.0 million, primarily as a result of funding portfolio
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investments of $574.1$4,438.5 million; partially offset by proceeds from sale of investments of $347.1$1945.6 million. Cash provided by financing activities was $48.6$2,481.0 million during the period, which was primarily as a result of net borrowings on our credit facilities and our unsecured debt issuances of $516.7 million; partially offset by dividends paid in cash of $194.1 million.
As of June 30, 2021, we had $181.6 million in cash and cash equivalents. During the six months ended June 30, 2021, cash used in operating activities was $1,515.5 million, primarily as a result of funding portfolio investments of $2,592.6 million; partially offset by proceeds from sale of investments of $939.4 million. Cash provided by financing activities was $1,479.3 million during the period, which was primarily as a result of net borrowings on our credit facilities and our unsecured debt issuances of $1,257.2$1,959.4 million; our proceeds from issuance of common shares of $358.6$716.7 million; and partially offset by dividends paid in cash of $131.8$189.7 million.
Equity
On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021.
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In connection with the listing of the Company’s common shares on the NYSE, the Board decided to eliminate any outstanding fractional common shares (the “Fractional Shares”), as permitted by Delaware law by rounding down the number of Fractional Shares held by each of our shareholders to the nearest whole share and paying each shareholder cash for such Fractional Shares.
Distributions and Dividend Reinvestment

The following table summarizes our distributions declared and payable for the threenine months ended JuneSeptember 30, 2022 (dollar amounts in thousands, except share amounts):
Date DeclaredDate DeclaredRecord DatePayment DatePer Share AmountTotal AmountDate DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022February 23, 2022March 31, 2022May 13, 20220.5300 89,937 February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
October 18, 2021October 18, 2021May 16, 2022August 12, 20220.2000 33,995 (1)October 18, 2021May 16, 2022August 12, 20220.2000 33,995 (1)
May 2, 2022May 2, 2022June 30, 2022August 12, 20220.5300 89,169 May 2, 2022June 30, 2022August 12, 20220.5300 89,169 
October 18, 2021October 18, 2021July 18, 2022November 14, 20220.2000 32,976 (1)
August 30, 2022August 30, 2022September 30, 2022November 14, 20220.6000 97,094 (2)
Total distributionsTotal distributions$1.5100 $255,482 Total distributions$2.3100 $385,552 
(1)Represents a special distribution.
(2)On October 18, 2021,September 7, 2022, the Board also declaredCompany announced the following special distributions:
Record Dateincrease of its regular quarterly distribution from $0.53 per share to $0.60 per share.Payment DatePer Share Amount
July 18, 2022November 14, 2022$0.20 
The following table summarizes our distributions declared and payable for the threenine months ended JuneSeptember 30, 2021 (dollar amounts in thousands, except share amounts):
Date DeclaredDate DeclaredRecord DatePayment DatePer Share AmountTotal AmountDate DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 24, 2021February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 
June 7, 2021June 7, 2021June 7, 2021August 13, 2021$0.3736 $48,734 June 7, 2021June 7, 2021August 13, 20210.3736 48,734 
June 7, 2021June 7, 2021June 30, 2021August 13, 2021$0.1264 $18,241 June 7, 2021June 30, 2021August 13, 20210.1264 18,241 
September 7, 2021September 7, 2021September 7, 2021November 12, 20210.3750 54,250 
September 7, 2021September 7, 2021September 30, 2021November 12, 20210.1250 19,800 
Total distributionsTotal distributions$1.0000 $132,027 Total distributions$1.5000 $206,077 
With respect to distributions, we have adopted an “opt out” dividend reinvestment plan 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 dividend reinvestment plan 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. Refer to Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 88. Net Assets” to the consolidated financial statements for more information on our dividend reinvestment program.
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The following table summarizes the amounts received and shares issued to shareholders who have not opted out of our dividend reinvestment plan during the sixnine months ended JuneSeptember 30, 2022 (dollars in thousands except share amounts):
Payment DatePayment DateDRIP Shares ValueDRIP Shares IssuedPayment DateDRIP Shares ValueDRIP Shares Issued
January 31, 2022January 31, 2022$11,469 417,379 January 31, 2022$11,469 417,379 
May 13, 2022May 13, 2022$16,501 640,829 May 13, 202216,501 640,829 
August 12, 2022August 12, 20228,203 325,508 
August 12, 2022August 12, 20223,267 129,640 
Total distributionsTotal distributions$27,970 1,058,208 Total distributions$39,440 1,513,356 

The following table summarizes the amounts received and shares issued to shareholders who have not opted out of our dividend reinvestment plan during the sixnine months ended JuneSeptember 30, 2021 (dollars in thousands except share amounts):
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Payment DateDRIP Shares ValueDRIP Shares Issued
January 29, 2021$11,179 443,639 
May 14, 20218,674 339,398 
August 13, 20219,142 352,656 
Total distributions$28,995 1,135,693 
Payment DateDRIP Shares ValueDRIP Shares Issued
January 29, 2021$11,179 443,639 
May 14, 2021$8,674 339,398 
Total distributions$19,853 783,037 
Share Repurchase Plan
On October 18, 2021, the Board approved a share repurchase plan (the Company 10b5-1 PlanPlan”) to acquire up to approximately $262 million (representing the net proceeds from the IPO) in the aggregate of the Company’s common shares at prices below net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company put the 10b5-1 Plan in place because it believes that, in the current market conditions, if its common shares are trading below its then-current net asset value per share, it is in the best interest of the Company’s shareholders for the Company to reinvest in its portfolio.
The following table summarizes the shares repurchased under the Company 10b5-1 Plan during the threenine months ended JuneSeptember 30, 2022 (dollars in thousands except share amounts):
PeriodPeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the ProgramPeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April 1 - April 30, 2022April 1 - April 30, 2022— $— — $262,847 April 1 - April 30, 2022— $— — $262,000 
May 1 - May 31, 2022May 1 - May 31, 2022774,558 $25.24 774,558 $243,294 May 1 - May 31, 2022774,558 $25.24 774,558 $242,447 
June 1 - June 30, 2022June 1 - June 30, 20221,313,782 $24.49 1,313,782 $211,122 June 1 - June 30, 20221,313,782 $24.49 1,313,782 $210,275 
July 1 - July 31, 2022July 1 - July 31, 20222,394,113 $23.20 2,394,113 $154,736 
August 1 - August 31, 2022August 1 - August 31, 20222,223,389 $24.22 2,223,389 $100,886 
September 1 - September 30, 2022September 1 - September 30, 20222,251,657 $24.14 2,251,657 $46,527 
Total RepurchasesTotal Repurchases2,088,340 2,088,340 Total Repurchases8,957,499 8,957,499 

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Borrowings
Our outstanding debt obligations were as follows (dollar amounts in thousands):
June 30, 2022
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $358,806 $358,806 $41,194 $41,194 
Breckenridge Funding Facility825,000 615,780 615,780 209,220 209,220 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)
1,625,000 1,154,501 1,154,501 470,499 470,499 
2023 Notes(5)
400,000 400,000 397,771 — — 
2026 Notes(5)
800,000 800,000 793,649 — — 
New 2026 Notes(5)
700,000 700,000 692,544 — — 
2027 Notes(5)
650,000 650,000 637,280 — — 
2028 Notes(5)
650,000 650,000 638,256 — — 
Total$6,550,000 $5,828,693 $5,788,193 $721,307 $721,307 
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September 30, 2022
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)$400,000 $360,019 $360,019 $39,981 $39,981 
Breckenridge Funding Facility825,000 708,300 708,300 116,700 116,700 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)1,625,000 782,691 782,691 842,309 842,309 
2023 Notes(5)400,000 400,000 398,306 — — 
2026 Notes(5)800,000 800,000 794,094 — — 
New 2026 Notes(5)700,000 700,000 693,007 — — 
2027 Notes(5)650,000 650,000 637,973 — — 
2028 Notes(5)650,000 650,000 638,725 — — 
Total$6,550,000 $5,550,616 $5,512,721 $999,384 $999,384 
December 31, 2021
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)$400,000 $361,007 $361,007 $38,993 $38,993 
Breckenridge Funding Facility825,000 568,680 568,680 256,320 256,320 
Big Sky Funding Facility500,000 499,606 499,606 394 394 
Revolving Credit Facility(4)1,325,000 915,035 915,035 409,965 271,585 
2023 Notes(5)400,000 400,000 396,702 — — 
2026 Notes(5)800,000 800,000 792,757 — — 
New 2026 Notes(5)700,000 700,000 691,662 — — 
2027 Notes(5)650,000 650,000 635,860 — — 
2028 Notes(5)650,000 650,000 637,324 — — 
Total$6,250,000 $5,544,328 $5,498,633 $705,672 $567,292 

(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 U.S. dollars or certain other permitted currencies. As of JuneSeptember 30, 2022, the Company had borrowings denominated in Euros (EUR) of 23.20.0 million. As of December 31, 2021, the Company had borrowings denominated in Euros (EUR) of 23.3 million.
(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of JuneSeptember 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 301.8328.9 million, 95.999.9 million and 58.666.6 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 256.3 million, 18.6 million and 49.8 million, respectively.
(5)The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $2.2$1.7 million, $6.4$5.9 million, $7.5$7.0 million, $12.7$12.0 million and $11.7$11.3 million, respectively, as of JuneSeptember 30, 2022. The carrying value of the Company's 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028 Notes is presented net of unamortized debt issuance costs of $3.3 million, $7.2 million, $8.3 million, $14.1 million and $12.7 million, respectively, as of December 31, 2021.
For additional information on our debt obligations see “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 6. Borrowings."
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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 JuneSeptember 30, 2022 and December 31, 2021, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $1,073.9$849.0 million and $1,407.3 million, respectively.
Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At JuneSeptember 30, 2022, management is not aware of any pending or threatened litigation.

Related-Party Transactions
We have entered into a number of business relationships with affiliated or related parties, including the following:
the Investment Advisory Agreement;
the Administration Agreement; and
Expense Support and Conditional Reimbursement Agreement.
In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and
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other pertinent factors. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions.
Recent Developments
Covid-19
As the novel coronavirus, or COVID-19, pandemic has evolved from its emergence in early 2020, so has its global impact. Many countries have at times re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 or outbreaks of other infectious diseases, governments and businesses may re-impose aggressive measures to help slow the spread of infectious diseases in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess.
Macroeconomic Environment
The U.S. Federal Reserve’s recent actions to increase interest rates in order to control inflation have created further uncertainty for the economy and for our borrowers. Although our business model is such that rising interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect our existing borrowers. It is difficult to predict the full impact of recent changes and any future changes in interest rates or inflation.
Reference Rate Reform
LIBOR and certain other floating rate benchmark indices to which our floating rate loans and other loan agreements are tied, including, without limitation, the Euro Interbank Offered Rate, or EURIBOR, the Stockholm Interbank Offered Rate, or STIBOR, the Australian Bank Bill Swap Reference Rate, or BBSY, the Canadian Dollar Offered Rate, or CDOR, the Swiss Average Rate Overnight, or SARON, and the Copenhagen Interbank Offering Rate, or CIBOR, or collectively, IBORs, are the subject of recent national, international and regulatory guidance and proposals for reform. As of December 31, 2021, the ICE Benchmark Association, or IBA, ceased publication of all non-USD LIBOR and the one-week and two-month USD LIBOR and, as and previously announced, intends to cease publication of remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the U.S. This legislation establishes a uniform benchmark replacement process for financial contracts maturing after June 30, 2023 that do not contain clearly defined or practicable fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve.
The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, has identified the Secured Overnight Financing Rate, or SOFR, a new index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for USD LIBOR. As of June 30, 2022, one-month SOFR is utilized as the floating benchmark rate on 43 of our loans, the financing provided on the 2020 FL3 and 2020 FL2 CLOs, one of our asset-specific financings, and certain borrowings under eight of our credit facilities. As of June 30, 2022, the one-month SOFR was 1.69% and one-month USD LIBOR was 1.79%. Additionally, market participants have started to transition from GBP LIBOR to the Sterling Overnight Index Average, or SONIA, in line with guidance from the U.K. regulators. As
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Table of June 30, 2022, daily compounded SONIA is utilized as the floating benchmark rate for all of our floating rate British Pound Sterling loans and related financings.Contents

At this time, it is not possible to predict how markets will respond to SOFR, SONIA, or other alternative reference rates as the transition away from USD LIBOR and GBP LIBOR proceeds. Despite the LIBOR transition in other markets, benchmark rate methodologies in Europe, Australia, Canada, Switzerland, and Denmark have been reformed and rates such as EURIBOR, STIBOR, BBSY, CDOR, SARON, and CIBOR may persist as International Organization of Securities Commissions, or IOSCO, compliant reference rates moving forward. However, multi-rate environments may persist in these markets as regulators and working groups have suggested market participants adopt alternative reference rates.
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Critical Accounting Estimates
The preparation of the 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 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, 2021, filed with the SEC on February 28, 2022, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Uncertainty with respect to the economic effects of the COVID-19 outbreak has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to financial market risks, including valuation risk and interest rate risk.
Valuation Risk
We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
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. As of the date of this report, the U.S. Federal Reserve has raised the fedfederal funds target range to 2.25-2.50% and has indicated that it expects additional increases3.00-3.25% in the coming months.third quarter of 2022 and further to 3.75-4.00% in November, 2022.
As of JuneSeptember 30, 2022, 99.9% of our debt investments at fair value were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of JuneSeptember 30, 2022, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base 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$300,459 $(79,441)$221,018 
Up 200 basis points200,093 (52,960)147,133 
Up 100 basis points99,800 (26,480)73,320 
Down 100 basis points(98,578)26,480 (72,098)
Down 200 basis points(141,458)52,960 (88,498)
 Interest
Income
Interest
Expense
Net
Income(1)
Up 300 basis points$290,785 $(71,888)$218,897 
Up 200 basis points193,857 (47,926)145,931 
Up 100 basis points96,928 (23,963)72,965 
Down 100 basis points(96,827)23,963 (72,864)
Down 200 basis points(192,846)47,926 (144,920)
(1)Excludes the impact of income based incentive fees. See Note 3 to our consolidated financial statements for the three and sixnine months ended JuneSeptember 30, 2022 for more information on the income based incentive fees.



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Inflation and Supply Chain Risk
Economic activityIn the U.S., rising interest rates and the resulting higher cost of capital has continuedthe potential to accelerate across sectorsnegatively impact the free cash flow and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise incredit quality of certain borrowers. In addition, rising costs resulting from heightened energy prices and strong consumer demand as economiesinput costs are contributing to margin pressures at certain of our portfolio companies. Such investments would continue to reopen,be negatively impacted by a sustained high rate of inflation if they are unable to mitigate margin pressures, especially if concurrent with an increase in their debt service costs. If higher than expected rates of inflation and expected significant interest rate increases in 2022 occur concurrently with a period of economic weakness or a slowdown in growth, portfolio performance in our portfolio companies may be negatively impacted. Although rising interest rates have the potential to negatively impact the financial performance of certain borrowers, the performance of the Company has generally benefited from rising interest rates as a substantial majority of the portfolio is showing signsfloating rate. In addition, continued market dislocation may create attractive deployment opportunities, as borrowers seek alternative lending sources. Nonetheless, significant market dislocation could limit the liquidity of persisting at elevated levelscertain assets traded in the U.S.credit markets, and globally. this would impact the Company's ability to sell such assets at attractive prices or in a timely manner.
Inflation ispersisted at multi-decade highs in many major economies around the world, prompting central banks to pursue monetary policy tightening actions that are likely to continue in the near to medium-term, particularly increate headwinds to economic growth. In the U.S., withannual inflation was 8.2% in September, down from 9.1% in June but still well above the possibility that monetary policy may tightenFederal Reserve’s long-run target of 2%. In Eurozone economies, inflation increased to a record 9.9% in response. Persistent inflationary pressures could affect our portfolio companies' profit margins.September, up from 9.1% in August.
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Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(b) Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended JuneSeptember 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. 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. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors.

For information regarding factors that could affect our results of operations, financial condition and liquidity, see 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, 2021.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
The following table summarizes the shares repurchased under the Company 10b5-1 Plan during the nine months ended September 30, 2022 (dollars in thousands except share amounts):(1)
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April 1 - April 30, 2022— $— — $262,000 
May 1 - May 31, 2022774,558 $25.24 774,558 $242,447 
June 1 - June 30, 20221,313,782 $24.49 1,313,782 $210,275 
July 1 - July 31, 20222,394,113 $23.20 2,394,113 $154,736 
August 1 - August 31, 20222,223,389 $24.22 2,223,389 $100,886 
September 1 - September 30, 20222,251,657 $24.14 2,251,657 $46,527 
Total Repurchases8,957,499 8,957,499 
(1)The Company’s share repurchase plan (the “10b-5 Plan”), pursuant to which up to approximately $262 million in the aggregate of the Company’s common shares at prices below net asset value per share over a specified period may be acquired, commenced on November 26, 2021 and will terminate upon the earliest to occur of (i) 12-months from its commencement, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the 10b-5 Plan equals approximately $262 million and (iii) the occurrence of certain other events described in the 10b-5 Plan. Refer to "Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets" in this Form 10-Q for issuances of our shares during the quarter.more information. Such issuances were part of our Private Offering pursuant to Section 4(a)(2) of the 1933 Act and Regulation D thereunder.

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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
_________________________
*    Filed herewith.
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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:August 11,November 10, 2022/s/ Brad Marshall
Brad Marshall
 Chief Executive Officer
   
Date:August 11,November 10, 2022/s/ Stephan KuppenheimerKevin Kresge
Stephan KuppenheimerKevin Kresge
 Interim Chief Financial Officer

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