0001736035bxsl:BlackstoneDonegalHoldingsLPMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2020-12-310001736035RoadOne Inc, Revolver2022-12-31
Table of Contents
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 September 30, 2022March 31, 2023
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 NovemberMay 8, 20222023 was 159,822,716 .160,784,501.


Table of Contents
Table of Contents
  Page
PART I
Item 1.
Consolidated Statements of Assets and Liabilities as of September 30, 2022(Unaudited)March 31, 2023 and December 31, 20212022(Unaudited)
2
Consolidated Statements of Operations for thethree and nine months ended September 30, 2022March 31, 2023 and 20212022 (Unaudited)
3
Consolidated Statements of Changes in Net Assets for thethree and nine months ended September 30, 2022March 31, 2023 and 20212022 (Unaudited)
4
Consolidated Statements of Cash Flows for the ninethree months ended September 30, 2022March 31, 2023 and 20212022 (Unaudited)
65
Consolidated Schedules of Investments as of September 30, 2022(Unaudited)March 31, 2023 and December 31, 20212022(Unaudited)
87
Notes to Consolidated Financial Statements (Unaudited)
3539
Item 2.
6466
Item 3.
76
Item 4.
7876
PART II
 
Item 1.
7876
Item 1A.
7876
Item 2.
7876
Item 3.
7976
Item 4.
7976
Item 5.
7977
Item 6.
8079
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company,” “we” “us”“we,” “us,” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•our future operating results;
•our business prospects and the prospects of the companies in which we may invest;
•the impact of the investments that we expect to make;
•our ability to raise sufficient capital and buy back shares to execute our investment strategy;
•general economic, logistical and political trends and other external factors, including the current novel coronavirus (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 elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;
•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;leverage including the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital on favorable terms or at all;
•our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to challenges posed by the COVID-19 pandemic;COVID-19;
•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
•the impact of future acquisitions and divestitures;
•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
•general price and volume fluctuations in the stock market;
•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 reportAnnual Report on Form 10-K for the year ended December 31, 20212022 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. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (“SEC”) including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.
Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “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)
September 30, 2022December 31, 2021 March 31, 2023December 31, 2022
ASSETSASSETSASSETS
Investments at fair valueInvestments at fair value Investments at fair value 
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)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)9,672,116 9,855,379 
Non-controlled/non-affiliated investments (cost of $9,632,469 and $9,621,233 at March 31, 2023 and December 31, 2022, respectively)Non-controlled/non-affiliated investments (cost of $9,632,469 and $9,621,233 at March 31, 2023 and December 31, 2022, respectively)$9,574,259 $9,560,664 
Non-controlled/affiliated investments (cost of $36,637 and $36,639 at March 31, 2023 and December 31, 2022, respectively)Non-controlled/affiliated investments (cost of $36,637 and $36,639 at March 31, 2023 and December 31, 2022, respectively)51,943 56,584 
Total investments at fair value (cost of $9,669,106 and $9,657,872 at March 31, 2023 and December 31, 2022, respectively)Total investments at fair value (cost of $9,669,106 and $9,657,872 at March 31, 2023 and December 31, 2022, respectively)9,626,202 9,617,248 
Cash and cash equivalentsCash and cash equivalents131,185 102,879 Cash and cash equivalents103,025 131,272 
Interest receivable from non-controlled/non-affiliated investmentsInterest receivable from non-controlled/non-affiliated investments67,923 62,659 Interest receivable from non-controlled/non-affiliated investments77,540 97,874 
Deferred financing costsDeferred financing costs14,488 13,552 Deferred financing costs14,558 13,332 
Receivable for investments soldReceivable for investments sold40,044 142,878 Receivable for investments sold26,667 49,269 
Other assets— 194 
Total assetsTotal assets$9,925,756 $10,177,541 Total assets$9,847,992 $9,908,995 
LIABILITIESLIABILITIESLIABILITIES
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 
Debt (net of unamortized debt issuance costs of $32,740 and $35,289 at March 31, 2023 and December 31, 2022, respectively)Debt (net of unamortized debt issuance costs of $32,740 and $35,289 at March 31, 2023 and December 31, 2022, respectively)$5,451,854 $5,527,715 
Payable for investments purchasedPayable for investments purchased18,775 36,217 Payable for investments purchased6,864 20,273 
Due to affiliatesDue to affiliates24,967 8,248 Due to affiliates13,800 10,809 
Management fees payable (Note 3)Management fees payable (Note 3)19,039 17,812 Management fees payable (Note 3)18,522 18,595 
Income based incentive fees payable (Note 3)Income based incentive fees payable (Note 3)22,361 19,809 Income based incentive fees payable (Note 3)26,051 24,773 
Capital gains incentive fees payable (Note 3)Capital gains incentive fees payable (Note 3)8,788 17,389 Capital gains incentive fees payable (Note 3)3,949 5,506 
Interest payableInterest payable19,720 39,144 Interest payable20,178 45,289 
Distribution payable (Note 8)Distribution payable (Note 8)129,983 89,715 Distribution payable (Note 8)112,400 96,218 
Accrued expenses and other liabilitiesAccrued expenses and other liabilities871 3,095 Accrued expenses and other liabilities3,878 851 
Total liabilitiesTotal liabilities5,757,225 5,730,062 Total liabilities5,657,496 5,750,029 
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; 161,823,803 and 169,274,033 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)162 169 
Common shares, $0.001 par value (unlimited shares authorized; 160,571,371 and 160,362,861 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)Common shares, $0.001 par value (unlimited shares authorized; 160,571,371 and 160,362,861 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)162 160 
Additional paid in capitalAdditional paid in capital4,068,960 4,245,125 Additional paid in capital4,038,243 4,033,113 
Distributable earnings (loss)Distributable earnings (loss)99,409 202,185 Distributable earnings (loss)152,091 125,693 
Total net assetsTotal net assets4,168,531 4,447,479 Total net assets4,190,496 4,158,966 
Total liabilities and net assetsTotal liabilities and net assets$9,925,756 $10,177,541 Total liabilities and net assets$9,847,992 $9,908,995 
NET ASSET VALUE PER SHARENET ASSET VALUE PER SHARE$25.76 $26.27 NET ASSET VALUE PER SHARE$26.10 $25.93 
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 September 30,Nine Months Ended September 30,Three Months Ended March 31,
202220212022202120232022
Investment income:Investment income:Investment income:
Interest incomeInterest income$213,242 $165,417 $559,086 $424,141 Interest income$254,221 $170,989 
Payment in-kind interest incomePayment in-kind interest income10,933 1,000 30,427 3,279 Payment in-kind interest income9,841 8,686 
Dividend incomeDividend income— — 5,908 — Dividend income— 5,908 
Fee incomeFee income2,616 458 3,958 5,262 Fee income876 14 
Total investment incomeTotal investment income226,791 166,875 599,379 432,682 Total investment income264,938 185,597 
Expenses:Expenses:Expenses:
Interest expenseInterest expense55,347 32,740 140,732 81,053 Interest expense66,728 40,301 
Management fees (Note 3)Management fees (Note 3)25,385 15,445 76,913 40,394 Management fees (Note 3)24,696 25,636 
Income based incentive fees (Note 3)Income based incentive fees (Note 3)26,088 16,983 68,252 45,130 Income based incentive fees (Note 3)30,393 21,284 
Capital gains incentive fees (Note 3)Capital gains incentive fees (Note 3)(5,430)2,430 (8,600)14,600 Capital gains incentive fees (Note 3)(1,556)681 
Professional feesProfessional fees762 939 2,527 2,179 Professional fees1,188 707 
Board of Trustees' feesBoard of Trustees' fees238 141 628 416 Board of Trustees' fees225 181 
Administrative service expenses (Note 3)Administrative service expenses (Note 3)687 500 1,876 1,623 Administrative service expenses (Note 3)378 840 
Other general and administrativeOther general and administrative1,643 1,670 4,530 4,215 Other general and administrative1,605 1,327 
Total expensesTotal expenses104,720 70,848 286,858 189,610 Total expenses123,657 90,957 
Management fees waived (Note 3)Management fees waived (Note 3)(6,346)— (19,228)— Management fees waived (Note 3)(6,174)(6,409)
Incentive fees waived (Note 3)Incentive fees waived (Note 3)(3,727)— (9,750)— Incentive fees waived (Note 3)(4,342)(3,040)
Net expensesNet expenses94,647 70,848 257,880 189,610 Net expenses113,141 81,508 
Net investment income before excise taxNet investment income before excise tax132,144 96,027 341,499 243,072 Net investment income before excise tax151,797 104,089 
Excise tax expenseExcise tax expense— 2,220 1,386 1,938 Excise tax expense2,622 1,386 
Net investment income after excise taxNet investment income after excise tax132,144 93,807 340,113 241,134 Net investment income after excise tax149,175 102,703 
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(77,468)18,035 (107,062)92,124 Non-controlled/non-affiliated investments(6,762)(2,073)
Non-controlled/affiliated investmentsNon-controlled/affiliated investments6,818 (7)6,621 501 Non-controlled/affiliated investments(4,641)(74)
Translation of assets and liabilities in foreign currenciesTranslation of assets and liabilities in foreign currencies64 5 466 (597)Translation of assets and liabilities in foreign currencies(3,141)735 
Net unrealized appreciation (depreciation)Net unrealized appreciation (depreciation)(70,586)18,033 (99,975)92,028 Net unrealized appreciation (depreciation)(14,544)(1,412)
Realized gain (loss):Realized gain (loss):Realized gain (loss):
Non-controlled/non-affiliated investmentsNon-controlled/non-affiliated investments31,249 (1,808)39,109 6,509 Non-controlled/non-affiliated investments(3,486)5,382 
Foreign currency transactionsForeign currency transactions3,139 (25)3,530 (1,201)Foreign currency transactions7,653 567 
Net realized gain (loss)Net realized gain (loss)34,388 (1,833)42,639 5,308 Net realized gain (loss)4,167 5,949 
Net realized and unrealized gain (loss)Net realized and unrealized gain (loss)(36,198)16,200 (57,336)97,336 Net realized and unrealized gain (loss)(10,377)4,537 
Net increase (decrease) in net assets resulting from operationsNet 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$138,798 $107,240 
Net investment income per share (basic and diluted)Net investment income per share (basic and diluted)$0.80 $0.63 $2.02 $1.76 Net investment income per share (basic and diluted)$0.93 $0.61 
Earnings per share (basic and diluted)Earnings per share (basic and diluted)$0.58 $0.74 $1.68 $2.47 Earnings per share (basic and diluted)$0.86 $0.63 
Weighted average shares outstanding (basic and diluted)Weighted average shares outstanding (basic and diluted)165,031,737 147,932,846 167,986,923 137,294,502 Weighted average shares outstanding (basic and diluted)160,501,868 169,556,923 
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, June 30, 2022$168 $4,221,371 $133,534 $4,355,073 
Reinvestment of dividends(1)
— 11,469 — 11,469 
Balance, December 31, 2022Balance, December 31, 2022$160 $4,033,113 $125,693 $4,158,966 
Issuance of common shares, net of offering and underwriting costsIssuance of common shares, net of offering and underwriting costs— — — — 
Reinvestment of dividendsReinvestment of dividends2 5,130 — 5,132 
Net investment incomeNet investment income— — 132,144 132,144 Net investment income— — 149,175 149,175 
Net realized gain (loss) on investmentsNet realized gain (loss) on investments— — 34,388 34,388 Net realized gain (loss) on investments— — 4,167 4,167 
Net change in unrealized appreciation (depreciation) on investmentsNet change in unrealized appreciation (depreciation) on investments— — (70,586)(70,586)Net change in unrealized appreciation (depreciation) on investments— — (14,544)(14,544)
Dividends declared and payable from net investment incomeDividends declared and payable from net investment income— — (130,071)(130,071)Dividends declared and payable from net investment income— — (112,400)(112,400)
Repurchases(6)(163,880)— (163,886)
Balance, September 30, 2022162 4,068,960 99,409 4,168,531 
Balance, March 31, 2023Balance, March 31, 2023162 4,038,243 152,091 4,190,496 
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2021$169 $4,245,125 $202,185 $4,447,479 
Reinvestment of dividends2 39,438 — 39,440 
Net investment income— — 340,113 340,113 
Net realized gain (loss) on investments— — 42,639 42,639 
Net change in unrealized appreciation (depreciation) on investments— — (99,975)(99,975)
Dividends declared and payable from net investment income— — (385,553)(385,553)
Repurchases(9)(215,603)— (215,612)
Balance, 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.
Par AmountAdditional Paid in CapitalDistributable Earnings (Loss)Total Net Assets
Balance, December 31, 2021$169 $4,245,125 $202,185 $4,447,479 
Issuance of common shares, net of offering and underwriting costs— — — — 
Reinvestment of dividends1 11,468 — 11,469 
Net investment income— — 102,703 102,703 
Net realized gain (loss) on investments— — 5,949 5,949 
Net change in unrealized appreciation (depreciation) on investments— — (1,412)(1,412)
Dividends declared and payable from net investment income— — (132,318)(132,318)
Balance, March 31, 2022$170 $4,256,593 $177,107 $4,433,870 

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 Assets
Balance, June 30, 2021$144 $3,609,406 $131,552 $3,741,102 
Issuance of common shares13 356,237 — 356,250 
Reinvestment of dividends1 9,140 — 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 dividends1 28,994 — 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)
Nine Months Ended September 30,Three Months Ended March 31,
20222021 20232022
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$282,777 $338,470 Net increase (decrease) in net assets resulting from operations$138,798 $107,240 
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 investments100,441 (92,625)Net unrealized (appreciation) depreciation on investments11,403 2,147 
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(466)597 Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies3,141 (735)
Net realized (gain) loss on investmentsNet realized (gain) loss on investments(39,109)(6,509)Net realized (gain) loss on investments3,486 (5,382)
Payment-in-kind interest capitalizedPayment-in-kind interest capitalized(31,891)(3,139)Payment-in-kind interest capitalized(12,371)(10,690)
Net accretion of discount and amortization of premiumNet accretion of discount and amortization of premium(36,023)(47,969)Net accretion of discount and amortization of premium(9,135)(10,590)
Amortization of deferred financing costsAmortization of deferred financing costs2,853 1,831 Amortization of deferred financing costs1,125 839 
Amortization of debt issuance costs7,799 586 
Amortization of discount on unsecured bonds— 3,876 
Amortization of debt financing and debt issuance costsAmortization of debt financing and debt issuance costs2,549 2,582 
Purchases of investmentsPurchases of investments(808,767)(4,438,514)Purchases of investments(102,265)(277,733)
Proceeds from sale of investments and principal repaymentsProceeds from sale of investments and principal repayments955,578 1,945,636 Proceeds from sale of investments and principal repayments109,051 133,142 
Changes in operating assets and liabilities:Changes in operating assets and liabilities:Changes in operating assets and liabilities:
Interest receivableInterest receivable(5,264)(30,429)Interest receivable20,334 (14,777)
Receivable for investments soldReceivable for investments sold102,833 (163,047)Receivable for investments sold22,602 67,900 
Other assetsOther assets194 247 Other assets— 163 
Payable for investments purchasedPayable for investments purchased(17,442)26,146 Payable for investments purchased(13,409)13,954 
Due to affiliatesDue to affiliates18,090 1,279 Due to affiliates2,991 (342)
Management fee payableManagement fee payable1,227 5,168 Management fee payable(73)1,419 
Income based incentive fee payableIncome based incentive fee payable2,552 1,721 Income based incentive fee payable1,278 (1,566)
Capital gains incentive fee payableCapital gains incentive fee payable(8,601)14,600 Capital gains incentive fee payable(1,557)681 
Interest payableInterest payable(19,424)108 Interest payable(25,111)(24,725)
Accrued expenses and other liabilitiesAccrued expenses and other liabilities(2,225)2,015 Accrued expenses and other liabilities3,027 (2,698)
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities505,132 (2,439,952)Net cash provided by (used in) operating activities155,864 (19,171)
Cash flows from financing activities:Cash flows from financing activities:Cash flows from financing activities:
Borrowings on debtBorrowings on debt749,088 4,365,875 Borrowings on debt84,000 136,892 
Repayments on debtRepayments on debt(699,151)(2,406,427)Repayments on debt(176,658)(69)
Deferred financing costs paidDeferred financing costs paid(3,789)(4,214)Deferred financing costs paid(2,350)(400)
Debt issuance costs paid— (1,276)
Deferred offering costs paid on issuance of common sharesDeferred offering costs paid on issuance of common shares(1,607)— Deferred offering costs paid on issuance of common shares— (956)
Dividends paid in cashDividends paid in cash(305,756)(189,670)Dividends paid in cash(91,753)(78,246)
Proceeds from issuance of common shares— 716,681 
Repurchased shares(215,612)— 
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities(476,827)2,480,969 Net cash provided by (used in) financing activities(186,761)57,221 
Net increase (decrease) in cash and cash equivalentsNet increase (decrease) in cash and cash equivalents28,306 41,017 Net increase (decrease) in cash and cash equivalents(30,897)38,050 
Effect of foreign exchange rate changes on cash and cash equivalentsEffect of foreign exchange rate changes on cash and cash equivalents— 610 Effect of foreign exchange rate changes on cash and cash equivalents2,650 — 
Cash and cash equivalents, beginning of periodCash and cash equivalents, beginning of period102,879 217,993 Cash and cash equivalents, beginning of period131,272 102,879 
Cash and cash equivalents, end of periodCash and cash equivalents, end of period$131,185 $259,620 Cash and cash equivalents, end of period$103,025 $140,929 
The accompanying notes are an integral part of these consolidated financial statements.The accompanying notes are an integral part of these consolidated financial statements.
65
Table of Contents
Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Blackstone Secured Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended September 30,Three Months Ended March 31,
2022202120232022
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$146,210 $83,098 Interest paid during the period$88,513 $61,442 
Distribution payableDistribution payable$129,983 $74,049 Distribution payable$112,400 $132,318 
Reinvestment of distributions during the periodReinvestment of distributions during the period$39,439 $28,994 Reinvestment of distributions during the period$5,132 $11,468 
Non-cash deferred financing costs activity$— $(64)
Accrued but unpaid debt issuance costs$— $500 
Accrued but unpaid offering costsAccrued but unpaid offering costs$— $618 
Excise taxes paidExcise taxes paid$4,106 $131 Excise taxes paid$5,245 $4,106 
The accompanying notes are an integral part of these consolidated financial statements.
76
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (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
First Lien Debt
Aerospace & Defense
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)L + 5.75%8.82%2/5/202669,580 68,588 68,885 1.65 
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)L +5.50%9.17%4/1/202781,538 76,177 75,015 1.80 
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)L +6.00%8.37%3/18/2026111,684 110,131 93,510 2.24 
480,664 462,681 11.10 
Air Freight & Logistics
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)SOFR +6.00%8.99%7/19/2029€1,006 982 981 0.02 
ENV Bidco AB (4)(6)(7)(8)E + 6.00%7.19%7/19/2029€1,122 1,115 1,057 0.03 
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)SOFR + 6.25%8.96%12/9/2026178,829 176,659 178,829 4.29 
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)SOFR + 6.00%6.75%6/15/20292,000 1,957 1,955 0.05 
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)E + 5.00%6.00%12/30/2026€1,863 2,132 1,816 0.04 
SEKO Global Logistics Network, LLC (4)(5)(7)(11)L + 5.00%8.07%12/30/20266,150 6,072 6,110 0.15 
502,901 507,311 12.18 
Building Products
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)SOFR +6.00%9.55%2/25/202594,817 94,092 94,817 2.27 
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)SOFR + 6.25%8.86%4/7/2025122,252 121,268 121,029 2.90 
Windows Acquisition Holdings, Inc. (4)(5)(11)L + 6.50%10.17%12/29/202653,729 52,969 53,729 1.29 
332,533 333,953 8.01 
Commercial Services & Supplies
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)L + 5.75%9.04%12/15/20275,036 4,933 4,866 0.12 
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)L + 6.00%6.75%12/17/20284,950 4,884 4,950 0.12 
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)L + 5.50%8.58%10/19/202822,696 22,303 21,554 0.52 
Onex Baltimore Buyer, Inc. (4)(7)(10)SOFR + 5.75%8.37%12/1/202726,974 26,477 26,672 0.64 

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Cobham Holdings, Inc.(4)(7)(10)SOFR +6.75%11.65%1/9/2030$2,000 $1,931 $1,929 0.05 %
Corfin Holdings, Inc.(4)(11)SOFR +6.00%11.41%2/5/2026198,880 196,991 194,902 4.65 
Corfin Holdings, Inc.(4)(10)SOFR +6.00%11.04%12/27/2027954 916 935 0.02 
Corfin Holdings, Inc.(4)(11)L +6.00%11.41%2/5/202669,084 68,245 67,702 1.62 
Linquest Corp.(4)(5)(10)L +5.75%10.70%7/28/20289,813 9,659 9,420 0.22 
MAG DS Corp.(11)L +5.50%10.50%4/1/202781,099 76,358 74,611 1.78 
Maverick Acquisition, Inc.(4)(11)L +6.25%11.41%6/1/202718,741 18,476 15,836 0.38 
TCFI AEVEX, LLC(4)(11)L +6.00%10.84%3/18/2026111,087 109,950 104,977 2.51 
482,526 470,312 11.23 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%10.86%6/11/202796,151 94,748 94,228 2.25 
ENV Bidco AB(4)(6)(10)SOFR +6.00%10.90%7/19/20291,006 983 991 0.02 
ENV Bidco AB(4)(6)(7)(8)E +6.00%9.02%7/19/2029EUR1,122 1,077 1,176 0.03 
Livingston International, Inc.(4)(6)(10)L +5.50%10.66%4/30/2027128,525 126,264 127,239 3.04 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.10%12/9/2026172,975 171,151 172,975 4.13 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%11.10%2/5/20294,938 4,855 4,938 0.12 
Redwood Services Group, LLC(4)(7)(10)SOFR +6.15%11.15%6/15/20292,560 2,509 2,501 0.06 
RoadOne Inc(4)(7)(11)SOFR +6.25%11.11%12/30/20281,142 1,100 1,099 0.03 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%10.80%12/31/202824,072 23,626 23,767 0.57 
SEKO Global Logistics Network, LLC(4)(5)(11)L +4.75%9.91%12/30/20265,996 5,934 5,951 0.14 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)L +4.00%8.75%12/30/2026126 120 121 0.00 
SEKO Global Logistics Network, LLC(4)(5)(6)(11)E +4.75%6.95%12/30/2026EUR1,863 2,135 2,009 0.05 
434,502 436,995 10.44 
Building Products
Fencing Supply Group Acquisition, LLC(4)(5)(11)L +6.00%11.21%2/26/202752,187 51,686 52,187 1.25 
Jacuzzi Brands, LLC(4)(11)SOFR +6.00%10.90%2/25/202594,817 94,243 94,343 2.25 
L&S Mechanical Acquisition, LLC(4)(5)(10)L +5.75%10.58%9/1/202712,595 12,410 11,336 0.27 
Lindstrom, LLC(4)(11)SOFR +6.25%11.02%4/7/2025121,729 120,944 120,512 2.88 
Windows Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.50%11.55%12/29/202649,997 49,373 49,997 1.19 
328,656 328,375 7.84 
Commercial Services & Supplies
Bazaarvoice, Inc.(4)(7)(8)SOFR +5.75%10.47%5/7/2028227,900 227,900 227,900 5.44 
Java Buyer, Inc.(4)(10)SOFR +5.75%10.88%12/15/20274,067 4,004 3,945 0.09 
Java Buyer, Inc.(4)(7)(10)SOFR +5.75%10.76%12/15/2027943 914 858 0.02 
JSS Holdings, Inc.(4)(10)SOFR +6.00%10.95%12/18/2028285,087 282,224 285,087 6.80 
JSS Holdings, Inc.(4)(10)SOFR +6.00%10.95%12/17/20284,925 4,864 4,925 0.12 
Knowledge Pro Buyer, Inc.(4)(7)(10)L +5.75%10.46%12/10/20276,280 6,162 6,268 0.15 
KPSKY Acquisition, Inc.(4)(10)(18)SOFR +5.60%10.41%10/19/202820,272 19,950 19,258 0.46 
KPSKY Acquisition, Inc.(4)(7)(10)L +5.50%10.48%10/19/20282,218 2,182 2,100 0.05 
Onex Baltimore Buyer, Inc.(4)(10)(18)SOFR +6.25%11.06%12/1/202720,804 20,477 20,595 0.49 
7
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
Onex Baltimore Buyer, Inc.(4)(7)(10)SOFR +5.75%10.66%12/1/2027$7,201 $7,070 $7,107 0.17 %
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.00%10.88%1/16/2026144,454 142,924 142,648 3.40 
Veregy Consolidated, Inc.(11)L +6.00%10.83%11/2/202720,832 20,453 17,864 0.43 
739,124 738,555 17.62 
Construction & Engineering
ASP Endeavor Acquisition, LLC(4)(5)(9)L +6.50%11.35%5/3/202713,730 13,543 12,700 0.30 
COP Home Services TopCo IV, Inc.(4)(5)(7)(11)L +5.00%9.83%12/31/202722,551 22,057 21,638 0.52 
35,600 34,338 0.82 
Containers & Packaging
Ascend Buyer, LLC(4)(7)(10)SOFR +6.40%11.45%10/2/202818,838 18,513 18,442 0.44 
Ascend Buyer, LLC(4)(10)SOFR +6.40%11.45%9/30/20281,990 1,935 1,950 0.05 
20,448 20,392 0.49 
Distributors
BP Purchaser, LLC(4)(10)L +5.50%10.65%12/10/20287,314 7,195 6,966 0.17 
Bution Holdco 2, Inc.(4)(11)L +6.25%11.09%10/17/202572,496 71,881 72,496 1.73 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.85%12/29/202663,130 62,342 62,815 1.50 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.85%12/29/20271,990 1,956 1,980 0.05 
Genuine Cable Group, LLC(4)(10)SOFR +5.75%10.45%11/2/2026179,534 176,959 175,943 4.20 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%11.29%6/23/20284,938 4,857 4,740 0.11 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%11.32%6/23/20281,590 1,574 1,542 0.04 
Marcone Yellowstone Buyer, Inc.(4)(5)(7)(10)SOFR +6.50%11.54%6/23/20281,578 1,525 1,521 0.04 
NDC Acquisition Corp.(4)(7)(11)L +5.50%10.42%3/9/2027514 452 445 0.01 
NDC Acquisition Corp.(4)(11)SOFR +5.50%10.50%3/9/202713,526 13,282 13,256 0.32 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.39%11/13/202432,145 32,004 31,181 0.74 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.50%11.40%5/13/20261,000 971 960 0.02 
Tailwind Colony Holding Corporation(4)(11)SOFR +6.35%11.12%11/13/202410,499 10,389 10,184 0.24 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.48%6/30/202594,117 93,080 90,352 2.16 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.74%6/30/2025995 957 955 0.02 
479,424 475,336 11.35 
Diversified Consumer Services
Cambium Learning Group, Inc.(4)(7)(10)L +5.50%10.31%7/20/2028291,362 289,155 291,362 6.95 
Dreambox Learning Holding LLC(4)(5)(10)L +6.25%10.00%12/1/20277,087 6,976 6,661 0.16 
Go Car Wash Management Corp.(4)(14)SOFR +6.25%11.16%12/31/202610,545 10,374 10,281 0.25 
Go Car Wash Management Corp.(4)(7)(11)SOFR +6.25%10.97%12/31/202611,942 11,736 11,617 0.28 
Groundworks, LLC(4)(7)(11)SOFR +6.50%11.36%3/14/2030715 690 690 0.02 
318,931 320,611 7.66 
8
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Commercial Services & Supplies (continued)
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)L + 6.00%7.25%1/16/2026134,107 132,334 132,431 3.18 
Veregy Consolidated, Inc. (4)(11)L + 6.00%8.81%11/2/202720,939 20,516 19,944 0.48 
740,246 742,282 17.81 
Construction & Engineering
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)L + 5.00%8.12%12/31/202721,430 20,930 20,766 0.50 
34,511 33,842 0.81 
Containers & Packaging
Ascend Buyer, LLC (4)(7)(10)L + 5.75%9.42%9/30/202819,193 18,836 18,984 0.46 
Distributors
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)L + 6.25%9.37%10/17/202573,121 72,379 73,121 1.75 
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)SOFR + 6.00%9.62%12/29/20271,995 1,957 1,985 0.05 
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)L + 5.50%9.17%6/23/20285,649 5,543 5,534 0.13 
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)SOFR + 6.25%9.89%11/13/202440,570 40,291 39,961 0.96 
Unified Door & Hardware Group, LLC (4)(11)L + 5.75%7.65%6/30/202594,605 93,412 92,240 2.21 
473,986 475,254 11.39 
Diversified Consumer Services
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%9.44%12/1/20277,087 6,964 6,803 0.16 
Go Car Wash Management Corp. (4)(7)(11)L + 5.75%8.88%12/31/202622,569 22,146 22,156 0.53 
319,465 321,800 7.72 
Diversified Financial Services
Barbri Holdings, Inc. (4)(10)L + 5.75%8.87%4/30/202864,732 63,671 64,084 1.54 
SelectQuote, Inc. (4)(10)SOFR + 8.00%11.13%11/5/202474,593 73,760 67,134 1.61 
137,430 131,218 3.15 
Diversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%8.29%10/1/202895,375 93,099 92,720 2.22 
Electric Utilities
Qualus Power Services Corp. (4)(7)(11)L + 5.50%8.27%3/26/202731,889 31,238 31,496 0.76 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Diversified Financial Services
Barbri Holdings, Inc.(4)(10)L +5.75%10.59%4/28/2028$64,405 $63,444 $63,439 1.51 %
SelectQuote, Inc.(4)(10)SOFR +8.00%12.91% (incl. 2.00% PIK)11/5/202474,357 73,732 66,921 1.60 
137,176 130,360 3.11 
Diversified Telecommunication Services
Point Broadband Acquisition, LLC(4)(11)L +6.00%10.78%10/1/202886,140 84,448 84,848 2.02 
Point Broadband Acquisition, LLC(4)(7)(11)SOFR +6.00%10.98%10/1/202834,523 33,798 33,947 0.81 
118,246 118,795 2.83 
Electric Utilities
Qualus Power Services Corp.(4)(7)(11)SOFR +5.25%10.24%3/26/202733,377 32,787 32,975 0.79 
Electrical Equipment
Emergency Power Holdings, LLC(4)(5)(7)(11)SOFR +5.50%10.50%8/17/202844,338 43,513 43,375 1.04 
Relay Purchaser, LLC(4)(5)(7)(10)L +6.00%11.21%8/30/202834,550 33,966 34,478 0.82 
Shoals Holdings, LLC(4)(11)SOFR +5.75%10.59%11/25/202683,290 82,000 83,706 2.00 
159,479 161,559 3.86 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%10.88%12/23/20266,376 6,329 5,834 0.14 
Albireo Energy, LLC(4)(5)(11)L +6.00%11.13%12/23/2026102,387 101,177 93,684 2.24 
CPI Intermediate Holdings Inc(4)(7)(10)SOFR +5.50%10.19%10/8/20294,034 3,945 3,984 0.10 
111,451 103,502 2.48 
Energy Equipment & Services
Abaco Energy Technologies, LLC(4)(13)L +7.00%11.71%10/4/202428,573 28,318 28,573 0.68 
ISQ Hawkeye Holdco, Inc.(4)(10)SOFR +6.25%11.06%8/17/2029727 710 716 0.02 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)SOFR +5.25%13.25%8/17/202839 37 38 0.00 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)SOFR +6.25%11.00%8/17/2029179 174 176 0.00 
Tetra Technologies, Inc.(4)(6)(11)L +6.25%11.09%9/10/202517,790 17,741 17,790 0.42 
46,980 47,293 1.12 
Health Care Equipment & Supplies
CPI Buyer, LLC(4)(10)SOFR +5.50%10.65%11/1/202828,278 27,827 27,288 0.65 
CPI Buyer, LLC(4)(7)(10)SOFR +5.50%10.67%11/1/20283,017 2,870 2,781 0.07 
GCX Corporation Buyer, LLC(4)(5)(10)L +5.50%10.28%9/13/202821,670 21,332 21,237 0.51 
GCX Corporation Buyer, LLC(4)(5)(7)(10)L +5.50%10.20%9/13/20285,500 5,399 5,370 0.13 
57,428 56,676 1.36 
Health Care Providers & Services
123Dentist, Inc.(4)(6)(7)(10)C +5.75%10.42%8/10/2029CAD1,717 1,262 1,140 0.03 
ACI Group Holdings, Inc.(4)(5)(7)(10)L +5.75%10.59% (incl. 1.25% PIK)8/2/2028106,696 104,705 104,567 2.50 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.43%5/7/20276,895 6,784 6,765 0.16 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.75%5/7/20271,654 1,630 1,624 0.04 
9
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Electrical Equipment
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)L + 6.00%9.67%8/30/202849,625 48,731 48,933 1.17 
Shoals Holdings, LLC (4)(11)SOFR +3.25%5.94%11/25/202683,718 82,244 84,136 2.02 
174,581 176,665 4.24 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(11)L +6.00%9.63%12/23/2026109,319 107,887 103,029 2.47 
Energy Equipment & Services
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)SOFR +6.25%9.31%8/17/2029731 707 707 0.02 
Tetra Technologies, Inc. (4)(6)(11)L + 6.25%9.37%9/10/202517,790 17,731 17,790 0.43 
63,765 64,371 1.54 
Health Care Equipment & Supplies
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)L + 5.50%8.32%9/13/202721,780 21,346 21,106 0.51 
51,015 50,363 1.21 
Health Care Providers & Services
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)L +5.50%9.17%8/2/202899,728 97,610 98,308 2.36 
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%9.20%2/25/20285,338 5,207 5,164 0.12 
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)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)L +5.75%8.83%6/8/202711,036 10,835 11,036 0.26 
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)(11)SOFR +6.00%9.98%4/3/20284,025 3,989 3,985 0.10 
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%10/27/2026104,284 102,323 104,284 2.50 
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)L +5.75%8.49%7/16/2027199,030 197,534 198,117 4.75 
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)SOFR + 5.75%9.01%8/31/20291,603 1,566 1,565 0.04 
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)L + 6.00%9.08%6/1/2028304,214 298,699 296,372 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)L + 5.75%9.42%1/2/20292,296 2,243 2,212 0.05 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
Amerivet Partners Management, Inc.(4)(5)(7)(10)SOFR +5.50%10.55%2/25/2028$5,910 $5,783 $5,624 0.13 %
Canadian Hospital Specialties Ltd.(4)(5)(6)(11)C +4.50%9.52%4/14/2028CAD29,861 21,556 22,740 0.54 
Canadian Hospital Specialties Ltd.(4)(5)(6)(7)(10)C +4.86%9.95%4/15/2027CAD2,684 1,753 1,547 0.04 
CCBlue Bidco, Inc.(4)(10)L +3.50%8.66% (incl. 2.75% PIK)12/21/20289,972 9,814 9,249 0.22 
CCBlue Bidco, Inc.(4)(7)(10)L +3.50%7.33% (incl. 2.75% PIK)12/21/2028515 500 464 0.01 
Cross Country Healthcare, Inc.(4)(10)L +5.75%10.59%6/8/20276,582 6,459 6,582 0.16 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.41%11.30%4/3/202833,134 32,844 31,974 0.76 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.50%11.46%4/3/2028264 260 243 0.01 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%10.78%10/4/202424,244 24,159 24,123 0.58 
Healthcomp Holding Company, LLC(4)(5)(7)(11)L +5.50%10.42%10/27/2026108,295 106,557 108,056 2.58 
Jayhawk Buyer, LLC(4)(7)(11)L +5.00%10.16%10/15/2026143,020 140,958 141,589 3.38 
Jayhawk Buyer, LLC(4)(11)L +5.00%9.73%10/15/202611,855 11,688 11,737 0.28 
Navigator Acquiror, Inc.(4)(9)SOFR +5.75%10.61% (incl. 5.33% PIK)7/16/2027187,660 186,396 185,783 4.43 
Navigator Acquiror, Inc.(4)(7)(9)SOFR +5.75%10.33%7/16/202725,226 25,014 24,974 0.60 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.70%11/16/20253,634 3,599 3,634 0.09 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.45%11/16/202513,403 13,318 13,403 0.32 
Odyssey Holding Company, LLC(4)(11)SOFR +5.75%10.95%11/16/20251,635 1,618 1,635 0.04 
PPV Intermediate Holdings, LLC(4)(7)(10)SOFR +5.75%10.88%8/31/20291,906 1,873 1,885 0.04 
Smile Doctors, LLC(4)(10)SOFR +5.75%10.75%12/23/202810,912 10,733 10,694 0.26 
Smile Doctors, LLC(4)(7)(10)SOFR +5.39%11.39%12/21/20271,095 1,076 1,071 0.03 
Snoopy Bidco, Inc.(4)(7)(10)L +6.00%10.96%6/1/2028304,214 299,228 290,287 6.93 
SpecialtyCare, Inc.(4)(5)(7)(11)L +5.75%10.50%6/18/202812,182 11,890 11,393 0.27 
Stepping Stones Healthcare Services, LLC(4)(7)(10)SOFR +5.75%10.91%1/2/2029432 423 416 0.01 
Stepping Stones Healthcare Services, LLC(4)(7)(10)P +4.75%12.75%12/30/2026238 232 226 0.01 
Stepping Stones Healthcare Services, LLC(4)(10)L +5.75%10.91%1/2/20292,166 2,130 2,101 0.05 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.74%9/16/2027CAD313 234 213 0.01 
The Fertility Partners, Inc.(4)(5)(6)(10)C +5.75%10.76%3/16/2028CAD4,959 3,828 3,518 0.08 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.66%3/16/2028CAD278 270 261 0.01 
The Fertility Partners, Inc.(4)(5)(6)(10)L +5.75%10.59%3/16/20284,963 4,881 4,764 0.11 
The GI Alliance Management, LLC(4)(11)SOFR +6.25%11.08%9/15/20284,097 3,985 4,056 0.10 
The GI Alliance Management, LLC(4)(11)SOFR +6.25%11.25%9/15/2028883 859 874 0.02 
UMP Holdings, LLC(4)(7)(10)SOFR +5.50%10.18%7/15/20281,148 1,121 1,100 0.03 
UMP Holdings, LLC(4)(10)SOFR +5.00%9.66%7/15/20281,104 1,084 1,065 0.03 
Unified Physician Management, LLC(4)(7)(9)SOFR +5.25%10.06%6/18/20292,084 2,084 2,084 0.05 
10
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
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)C + 5.75%9.47%3/16/2029C$5,540 4,378 4,032 0.10 
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)SOFR + 5.50%8.53%6/18/20292,129 2,129 2,129 0.05 
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)L +5.50%8.47%11/18/202737,484 36,743 37,170 0.89 
WHCG Purchaser III, Inc. (4)(5)(7)(10)L + 5.75%9.42%6/22/202842,545 41,631 38,868 0.93 
1,105,366 1,104,561 26.50 
Health Care Technology
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)L +5.50%9.18%9/21/202613,634 13,412 13,498 0.32 
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)SOFR +6.00%9.70%10/29/202815,087 14,806 14,804 0.36 
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)L + 3.25%8.78%3/10/20288,482 8,449 7,941 0.19 
RPBLS Midco, LLC (4)(7)(10)SOFR + 5.75%7.93%4/1/20289,447 9,291 9,352 0.22 
340,985 351,783 8.44 
Insurance
Alera Group, Inc. (4)(7)(10)L + 5.50%8.31%10/2/20283,686 3,654 3,611 0.09 
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)SOFR + 8.75%12.09%8/12/202713,230 13,016 10,713 0.26 
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)L + 5.25%8.92%9/30/202828,505 28,005 27,703 0.66 
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)(10)L + 5.50%9.28%8/27/2025126,552 125,225 121,782 2.92 
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)C + 4.25%7.75%3/27/2028C$86,540 68,320 58,258 1.40 
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)L + 5.00%9.17%1/27/2027104,974 103,820 104,974 2.52 
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)L +7.00%10.38%8/3/202870,032 68,471 69,681 1.67 
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)L + 7.00%10.64%1/5/202742,483 39,739 41,209 0.99 
726,200 706,934 16.96 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services (continued)
US Oral Surgery Management Holdco, LLC(4)(7)(10)L +6.00%10.91%11/18/2027$31,780 $31,239 $30,117 0.72 %
US Oral Surgery Management Holdco, LLC(4)(10)L +6.00%11.16%11/18/202713,541 13,390 12,897 0.31 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.77%6/22/20266,682 6,595 4,950 0.12 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.91%6/22/202842,326 41,600 28,726 0.69 
1,145,412 1,120,151 26.78 
Health Care Technology
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.50%10.08%5/25/20299,962 9,774 9,748 0.23 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.56%10.54%5/25/2029635 612 622 0.01 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.75%10.65%5/25/20292,215 2,170 2,189 0.05 
Color Intermediate LLC(4)(10)SOFR +5.50%10.50%10/4/202920,313 19,836 20,109 0.48 
Edifecs, Inc.(4)(11)L +7.50%12.35%9/21/2026218,601 215,436 220,787 5.27 
Edifecs, Inc.(4)(10)L +5.50%10.35%9/21/20265,749 5,669 5,749 0.14 
Edifecs, Inc.(4)(10)SOFR +5.50%10.34%12/16/20277,802 7,688 7,802 0.19 
GI Ranger Intermediate, LLC(4)(10)SOFR +6.00%11.05%10/29/202812,917 12,711 12,723 0.30 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +6.00%11.05%10/29/20282,930 2,890 2,841 0.07 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +6.00%11.05%10/29/2027120 102 102 0.00 
NMC Crimson Holdings, Inc.(4)(10)L +6.00%9.74%3/1/202871,173 69,674 70,462 1.68 
NMC Crimson Holdings, Inc.(4)(7)(10)L +6.00%10.95%3/1/20284,815 4,604 4,578 0.11 
Project Ruby Ultimate Parent Corp.(10)L +3.25%8.09%3/10/20288,439 8,409 8,143 0.19 
RPBLS Midco, LLC(4)(10)SOFR +5.75%10.34%4/1/20289,419 9,279 9,419 0.22 
368,854 375,274 8.94 
Insurance
Alera Group, Inc.(4)(10)SOFR +6.00%10.91%10/2/20283,694 3,665 3,602 0.09 
Amerilife Holdings, LLC(4)(7)(10)SOFR +5.75%10.88%8/31/20291,796 1,759 1,776 0.04 
Amerilife Holdings, LLC(4)(7)(10)SOFR +5.75%10.15%8/31/2029299 293 295 0.01 
Benefytt Technologies, Inc.(4)(10)(17)SOFR +7.75%13.44%8/12/202710,854 10,702 5,155 0.12 
Benefytt Technologies, Inc.(4)(7)(10)(17)SOFR +8.75%13.74%8/12/20272,661 2,621 1,260 0.03 
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.00%11.00%10/29/202826,132 25,792 25,051 0.60 
Galway Borrower, LLC(4)(5)(7)(10)L +5.25%10.41%9/29/202819,945 19,707 19,543 0.47 
Galway Borrower, LLC(4)(5)(7)(10)SOFR +5.25%10.41%9/30/2027454 423 412 0.01 
High Street Buyer, Inc.(4)(5)(7)(10)SOFR +6.00%11.05%4/14/202852,824 52,017 52,383 1.25 
High Street Buyer, Inc.(4)(5)(7)(10)SOFR +5.75%10.80%4/16/20288,929 8,681 8,633 0.21 
Integrity Marketing Acquisition, LLC(4)(5)(11)SOFR +6.05%11.00%8/27/202519,629 19,475 18,991 0.45 
Integrity Marketing Acquisition, LLC(4)(5)(7)(10)SOFR +6.02%10.91%8/27/20251,545 1,519 1,484 0.04 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.03%10.79%8/27/20254,069 4,029 3,917 0.09 
Integrity Marketing Acquisition, LLC(4)(5)(10)SOFR +6.05%11.00%8/27/2025120,677 119,646 116,152 2.77 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%9.27%3/27/2028CAD7,578 6,097 5,550 0.13 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%9.27%3/27/2028CAD5,516 4,339 4,040 0.10 
Jones Deslauriers Insurance Management, Inc.(5)(6)(8)C +4.25%9.27%3/27/2028CAD21,691 17,062 15,887 0.38 
11
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)SOFR + 6.00%8.91%12/29/2026$323,292 $318,718 $320,059 7.68 %
IT Services
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)9.75% PIK9.75%12/21/2028835 814 810 0.02 
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)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)E +6.00%7.23%9/19/2029€658 606 613 0.01 
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)E +6.00%6.00%9/18/2029DKK4,819 617 619 0.01 
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)L + 5.75%8.75%10/25/202747,560 46,757 46,609 1.12 
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)E + 6.00%6.00%8/3/2028€15,120 16,925 14,588 0.35 
Turing Holdco, Inc. (4)(5)(6)(8)L + 6.00%8.46%8/3/20288,437 8,220 8,310 0.20 
267,790 265,243 6.36 
Machinery
MHE Intermediate Holdings, LLC (4)(5)(7)(11)SOFR +6.00%9.50%7/21/20274,465 4,388 4,287 0.10 
Marine
Armada Parent, Inc. (4)(7)(10)L + 5.75%8.56%10/29/202726,063 25,571 25,273 0.61 
Oil, Gas & Consumable Fuels
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 Products
Profile Products, LLC (4)(7)(10)L + 5.50%8.41%11/12/20276,612 6,487 6,456 0.15 
Professional Services
ALKU, LLC (4)(10)SOFR + 5.25%8.95%3/1/202879,041 78,430 78,844 1.89 
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)S +6.87%8.56%3/2/2028£26,300 35,601 29,505 0.71 
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)L + 5.25%8.92%8/26/202716,763 16,444 16,373 0.39 
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)SOFR + 6.00%9.78%8/17/202720,629 20,209 20,344 0.49 
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)L + 5.50%8.62%12/14/202819,450 19,061 19,109 0.46 
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)L + 5.75%9.42%8/19/202729,508 29,041 28,899 0.69 
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)L + 5.75%9.42%12/8/20288,595 8,399 8,480 0.20 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance (continued)
PGIS Intermediate Holdings, LLC(4)(5)(7)(10)L +5.50%10.66%10/16/2028$4,616 $4,545 $4,459 0.11 %
SG Acquisition, Inc.(4)(9)L +5.00%9.84%1/27/2027104,974 103,953 104,974 2.51 
Shelf Bidco Ltd(4)(6)(10)(18)SOFR +6.34%10.93%1/3/20305,091 4,943 4,939 0.12 
Tennessee Bidco Limited(4)(5)(6)(8)E +7.00%9.94%8/3/2028EUR1,812 1,869 1,934 0.05 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.28%10.70%7/9/2028GBP16,190 21,967 19,667 0.47 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.00%11.20%7/9/2028GBP26,990 36,678 32,788 0.78 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.09%7/9/202854,034 52,801 53,088 1.27 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.21%8/3/202815,998 15,805 15,718 0.38 
Westland Insurance Group LTD(4)(5)(6)(11)L +7.00%11.85%1/5/202742,483 40,059 42,483 1.01 
Westland Insurance Group LTD(4)(5)(6)(7)(11)C +7.00%11.93%1/5/2027CAD165,729 120,554 122,351 2.92 
701,001 686,532 16.41 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(11)SOFR +6.00%10.97%12/29/2026321,647 317,285 318,430 7.60 
IT Services
AI Altius Bidco, Inc.(4)(5)(7)(10)SOFR +5.50%10.48%12/21/20281,289 1,278 1,260 0.03 
AI Altius Bidco, Inc.(4)(5)(10)L +5.50%10.65%12/21/20285,423 5,334 5,315 0.13 
AI Altius Bidco, Inc.(4)(5)(8)9.75%9.75% PIK12/1/2028876 857 848 0.02 
Infostretch Corporation(4)(10)SOFR +5.75%10.80%4/1/20284,963 4,880 4,727 0.11 
Inovalon Holdings, Inc.(4)(7)(10)L +6.25%11.21% (incl. 2.75% PIK)11/24/2028107,131 104,931 105,921 2.53 
Monterey Financing S.à.r.l(4)(6)(8)ST +6.00%9.30%9/28/2029SEK2,090 184 197 0.00 
Monterey Financing S.à.r.l(4)(6)(8)CI +6.00%9.11%9/28/2029DKK4,819 618 685 0.02 
Monterey Financing S.à.r.l(4)(6)(7)(8)E +6.00%9.01%9/28/2029EUR658 530 653 0.02 
Monterey Financing S.à.r.l(4)(6)(9)N +6.00%9.68%9/28/2029NOK5,149 462 479 0.01 
Razor Holdco, LLC(4)(10)L +5.75%10.59%10/25/202737,253 36,664 36,694 0.88 
Red River Technology, LLC(4)(7)(11)SOFR +6.00%10.91%5/26/202780,581 79,605 80,581 1.92 
Turing Holdco, Inc.(4)(5)(6)(7)(8)E +6.00%11.16% (incl. 2.50% PIK)8/3/2028EUR7,010 7,659 7,818 0.19 
Turing Holdco, Inc.(4)(5)(6)(8)L +6.00%10.79% (incl. 2.50% PIK)9/28/20288,437 8,238 8,289 0.20 
Turing Holdco, Inc.(4)(5)(6)(8)E +6.00%8.00%9/28/2028EUR10,880 12,306 11,614 0.28 
263,546 265,081 6.34 
Machinery
MHE Intermediate Holdings(4)(5)(7)(11)SOFR +6.25%11.16%7/21/2027464 451 445 0.01 
MHE Intermediate Holdings(4)(5)(11)SOFR +6.00%9.16%7/21/2027396 389 383 0.01 
MHE Intermediate Holdings(4)(5)(11)SOFR +6.00%10.91%7/21/20273,433 3,385 3,321 0.08 
4,225 4,149 0.10 
Marine
Armada Parent, Inc.(4)(7)(10)SOFR +5.75%10.66%10/29/202725,931 25,480 25,353 0.61 
Media
Trader Corp.(4)(6)(7)(10)C +6.75%11.68%12/22/2029CAD10,000 6,730 6,768 0.16 
12
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Professional Services (continued)
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)L + 5.75%5.88%3/20/202742,136 40,667 40,240 0.97 
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)SOFR + 5.75%8.21%12/21/20284,645 4,550 4,538 0.11 
West Monroe Partners, LLC (4)(7)(10)L + 5.50%8.32%11/8/202814,934 14,648 14,560 0.35 
758,912 750,482 18.00 
Real Estate Management & Development
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)SOFR + 6.25%9.38%2/16/202871,157 69,761 71,157 1.71 
136,599 138,320 3.32 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.50%7.75%7/1/202816,643 16,257 16,373 0.39 
Software
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)L + 6.00%9.12%12/3/202742,225 41,468 41,741 1.00 
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)SOFR +5.75%8.88%2/24/20284,975 4,874 4,863 0.12 
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)L +5.50%8.42%7/14/202722,173 21,602 21,926 0.53 
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)SOFR +5.75%9.83%4/9/202926,667 26,115 26,074 0.63 
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)L +5.75%9.42%2/24/202815,017 14,740 14,686 0.35 
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)L +5.50%8.62%12/1/20284,975 4,945 4,841 0.12 
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)L +6.50%10.17%2/8/202692,694 91,449 91,304 2.19 
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)SOFR +5.75%8.88%5/18/20295,281 5,144 5,190 0.12 
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)L +3.75%6.56%7/31/20288,984 8,867 8,787 0.21 
Medallia, Inc. (4)(13)L +6.75% PIK9.87%10/29/2028344,201 338,620 337,317 8.09 
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)L +5.75%6.25%12/1/20274,865 4,737 4,720 0.11 
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)L +6.00%9.67%11/13/202834,382 33,781 33,350 0.80 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.(4)(6)(10)SOFR +6.25%11.01%8/15/2028$74,649 $73,646 $74,089 1.77 %
KKR Alberta Midstream Finance Inc.(4)(6)(10)SOFR +6.25%11.01%8/15/202840,61140,06640,3070.96 
113,712114,3962.73 
Paper & Forest Products
Profile Products, LLC(4)(10)L +5.50%10.41%11/12/20275,8735,7995,7400.14 
Profile Products, LLC(4)(7)(10)SOFR +5.50%10.30%11/12/20277497357290.02 
Profile Products, LLC(4)(10)C +5.50%10.37%11/12/20271,2381,2191,2110.03 
7,7537,6800.19 
Pharmaceuticals
Doc Generici (Diocle S.p.A.)(4)(6)(7)(8)E +6.50%9.32%10/27/2028EUR1,758 1,2971,5560.04 
Professional Services
ALKU, LLC(4)(10)SOFR +5.25%10.16%3/1/202874,70474,17974,7041.78 
ALKU, LLC(4)(10)SOFR +5.00%9.91%3/1/202838,02237,67338,0220.91 
Apex Companies, LLC(4)(7)(11)SOFR +6.25%10.93%1/31/20281,5341,4881,4870.04 
Apex Companies, LLC(4)(11)SOFR +6.25%11.16%1/31/20287169690.00 
BPPH2 Limited(4)(5)(6)(8)S +6.87%10.68%3/2/2028GBP26,300 35,67332,1930.77 
CFGI Holdings, LLC(4)(7)(10)SOFR +5.25%10.16%11/2/20277,5797,4147,5220.18 
Clearview Buyer, Inc.(4)(5)(7)(10)L +5.25%10.41%8/26/20279,2179,0388,9960.21 
Clearview Buyer, Inc.(4)(5)(7)(10)L +5.25%10.40%2/26/20273143022960.01 
Cumming Group, Inc.(4)(7)(11)L +6.00%10.81%5/26/202780,67479,55977,8731.86 
Cumming Group, Inc.(4)(7)(11)SOFR +6.00%10.78%11/16/20271,2571,2161,2090.03 
Guidehouse, Inc.(4)(5)(10)SOFR +6.25%11.16%10/16/2028324,716322,135318,2227.59 
HIG Orca Acquisition Holdings, Inc.(4)(5)(11)SOFR +6.00%11.27%8/17/202719,11318,81818,9220.45 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%8.24%8/17/20271,2341,1981,2030.03 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%11.05%8/12/20272,9612,9442,8990.07 
IG Investments Holdings, LLC(4)(5)(7)(10)L +6.00%10.83%9/22/20281,3061,2411,2810.03 
IG Investments Holdings, LLC(4)(5)(10)SOFR +6.00%10.91%9/22/202845,31044,60145,0831.08 
Kaufman Hall & Associates, LLC(4)(10)L +5.25%10.09%12/14/202824,26523,86924,0830.57 
Legacy Intermediate, LLC(4)(5)(7)(10)SOFR +5.75%10.77%2/25/20285,7385,6255,7150.14 
Material Holdings, LLC(4)(5)(10)SOFR +5.75%10.75%8/19/202723,54123,18622,8340.54 
Material Holdings, LLC(4)(5)(7)(10)SOFR +5.81%10.89%8/17/20271,5541,5291,5010.04 
Minotaur Acquisition, Inc.(8)SOFR +4.75%9.66%3/27/20261,9791,9311,9290.05 
Petrus Buyer Inc(4)(7)(10)SOFR +6.50%10.70%10/17/20291,9051,8351,8520.04 
Sherlock Buyer Corp.(4)(7)(10)L +5.75%10.65%12/8/20288,5518,3728,2020.20 
Thevelia US, LLC(5)(6)(9)SOFR +4.00%8.90%6/18/20291,3061,2931,2740.03 
Titan Investment Company, Inc.(4)(5)(8)L +5.75%10.57%3/20/202741,92040,62240,0330.96 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.18%6/29/202755,82954,94255,2021.32 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.40%6/29/202712,10711,90711,8770.28 
Trinity Partners Holdings, LLC(4)(7)(10)SOFR +5.75%10.58%12/21/20284,7924,7024,6820.11 
West Monroe Partners, LLC(4)(7)(10)L +5.25%10.03%11/8/202814,85914,62114,4870.35 
831,982823,65219.67 
13
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments (1)Reference Rate and SpreadInterest Rate (2)(14)Maturity DatePar Amounts/Units (16)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
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)SOFR +5.75%6.50%7/19/2028718 699 699 0.02 
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)SOFR +6.00%9.78%3/11/20279,561 9,400 9,370 0.22 
Spitfire Parent, Inc. (4)(5)(11)E +6.00%7.86%3/11/2027€10,369 12,341 9,955 0.24 
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)L +5.75%8.38%10/5/2028288,827 283,864 283,051 6.79 
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)SOFR +5.50%9.61%5/5/202865,399 64,242 64,650 1.55 
1,406,538 1,400,172 33.59 
Specialty Retail
CustomInk, LLC (4)(11)L +6.18%7.18%5/3/2026163,594 162,015 163,594 3.92 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)SOFR +6.75%9.93%2/28/202684,670 83,886 81,284 1.95 
Trading Companies & Distributors
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)SOFR +5.75%8.48%10/17/202549,321 49,089 46,300 1.11 
102,889 100,995 2.42 
Transportation Infrastructure
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)L +5.75%6.68%5/3/202790,315 88,971 86,025 2.06 
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)E +5.25%5.25%4/28/2029€78,810 80,938 74,311 1.78 
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)L +5.25%8.32%9/1/20275,189 5,148 5,134 0.12 
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)L +5.50%8.62%7/9/202739,385 38,702 36,360 0.87 
350,032 338,154 8.11 
Total First Lien Debt9,524,640 9,468,536 227.15 
Second Lien Debt
Construction & Engineering
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 & Services
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)L +8.75%11.56%10/15/20275,183 5,101 5,144 0.12 
13,412 12,350 0.30 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Real Estate Management & Development
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.16%2/16/2028$70,324 $69,075 $70,324 1.68 %
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%11.16%7/25/20298338158330.02 
69,89071,1571.70 
Road & Rail
Gruden Acquisition, Inc.(4)(5)(7)(11)L +5.25%9.88%7/1/202816,45516,10915,5540.37 
Software
Anaplan, Inc.(4)(6)(7)(10)SOFR +6.50%11.31%6/21/20291,8041,7691,7840.04 
AxiomSL Group, Inc.(4)(7)(11)L +5.75%10.59%12/3/202742,01141,33341,3030.99 
BlueCat Networks USA, Inc.(4)(6)(7)(10)SOFR +6.00%10.94% (incl. 2.00% PIK)8/8/20281,9641,9221,9180.05 
Circana Group L.P.(4)(10)SOFR +5.75%10.66%12/1/2028121,250119,041120,0382.86 
Circana Group L.P.(4)(7)(10)SOFR +6.18%11.54%12/1/20271,9321,6911,7940.04 
Circana Group L.P.(4)(10)SOFR +6.25%10.95% (incl. 2.75% PIK)12/1/202876,06574,72574,5431.78 
Community Brands ParentCo, LLC(4)(5)(7)(10)SOFR +5.75%10.66%2/24/20284,9504,8584,8380.12 
Confine Visual Bidco(4)(6)(7)(10)SOFR +5.75%10.55%2/23/202915,92115,52014,7210.35 
Connatix Buyer, Inc.(4)(5)(7)(10)L +5.50%10.23%7/14/202721,76121,29520,6330.49 
Coupa Software Inc.(4)(6)(7)(10)SOFR +7.50%12.29%2/27/20301,8361,7861,7850.04 
Diligent Corporation(4)(11)L +5.75%10.59%8/4/202558,80058,35657,0361.36 
Discovery Education, Inc.(4)(7)(10)SOFR +5.75%10.71%4/9/202926,53326,02625,7220.61 
Episerver, Inc.(4)(5)(7)(11)L +5.75%10.91%4/9/20269,6199,5098,9180.21 
Experity, Inc.(4)(5)(7)(10)SOFR +5.75%10.75%2/24/202814,94114,69114,4480.34 
Gigamon Inc.(4)(7)(11)SOFR +5.75%10.56%3/9/20297,3847,2557,2870.17 
GovernmentJobs.com, Inc.(4)(7)(10)SOFR +5.50%10.41%12/1/20284,9504,9234,7950.11 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.71%4/27/202713,62113,47013,2200.32 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.43%4/27/202712,89512,74212,6060.30 
LD Lower Holdings, Inc.(4)(11)SOFR +6.50%11.50%2/8/202692,22391,16990,8402.17 
Lightbox Intermediate, LP(4)(8)L +5.00%9.73%5/9/20261,9851,9461,9160.05 
Magnesium BorrowerCo, Inc.(4)(10)S +5.75%9.93%5/18/2029GBP3,434 4,1944,1830.10 
Magnesium BorrowerCo, Inc.(4)(7)(10)SOFR +5.75%10.66%5/18/20295,2555,1425,1640.12 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)L +3.75%8.58%7/31/20288,5918,4938,1620.19 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(8)L +3.75%8.62%7/30/20261,2001,1921,1400.03 
Medallia, Inc.(4)(10)L +6.50%11.34% (incl. 5.57% PIK)10/29/2028355,588350,440348,4778.32 
Monk Holding Co.(4)(10)(18)L +5.70%10.66%12/1/20274,8404,7504,7560.11 
Monk Holding Co.(4)(7)(10)L +5.50%9.88%11/24/20281901651610.00 
MRI Software, LLC(5)(7)(11)L +5.50%10.66%2/10/202627,74427,58426,1780.62 
Nintex Topco Limited(4)(6)(10)L +6.00%10.73%11/13/202834,12433,57731,9060.76 
Oranje Holdco Inc(4)(7)(11)SOFR +7.75%12.43%2/1/20292,0001,9451,9440.05 
Project Boost Purchaser, LLC(4)(7)(10)SOFR +5.25%10.38%5/2/20294,7094,6634,6820.11 
14
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
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 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Project Boost Purchaser, LLC(4)(7)(10)SOFR +5.25%10.12%5/2/2029$74 $70 $69 0.00 %
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%10.60%7/19/2028716 701 699 0.02 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%10.53%7/19/20282523220.00 
Relativity ODA, LLC(4)(7)(11)L +6.50%12.35% (incl. 12.35% PIK)5/12/202721,21520,84820,8470.50 
Spitfire Parent, Inc.(4)(11)SOFR +5.50%11.14%3/11/202769,71068,96568,3161.63 
Spitfire Parent, Inc.(4)(11)SOFR +6.00%10.61%3/11/20279,5139,3719,3230.22 
Spitfire Parent, Inc.(4)(5)(11)E +6.00%8.79%3/11/2027EUR10,316 12,297 10,984 0.26 
Stamps.com, Inc.(4)(10)L +5.75%10.59%10/5/2028287,376282,847280,1916.69 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.44%5/5/202848,14247,44147,1791.13 
Triple Lift, Inc.(4)(10)SOFR +5.50%10.23%5/5/202813,99013,75713,7100.33 
Triple Lift, Inc.(4)(7)(10)SOFR +5.25%9.58%5/5/20282,9512,8392,7970.07 
Zendesk Inc(4)(7)(10)SOFR +6.50%11.88% (incl. 3.50% PIK)11/30/20281,5821,5461,5570.04 
1,426,8771,412,59233.70 
Specialty Retail
CustomInk, LLC(4)(11)(18)L +6.18%11.14%5/3/2026163,586162,226163,5863.90 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.66%2/28/202684,45483,78683,8202.00 
Trading Companies & Distributors
Porcelain Acquisition Corp.(4)(7)(11)L +5.75%10.91%4/1/202755,13353,75154,1561.29 
The Cook & Boardman Group, LLC(11)SOFR +5.75%10.58%10/17/202549,06348,87044,2361.06 
102,62198,3922.35 
Transportation Infrastructure
Capstone Logistics, LLC(4)(11)SOFR +4.75%9.66%11/12/20275,5445,5155,3500.13 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%10.68%5/3/202781,53380,42278,0671.86 
Frontline Road Safety, LLC(4)(10)SOFR +5.75%10.43%4/30/20278,2908,2107,9380.19 
Helix TS, LLC(4)(10)SOFR +6.25%11.28%8/4/202720,86020,53320,7560.50 
Helix TS, LLC(4)(10)SOFR +6.25%11.08%8/4/202721,24220,93421,1350.50 
Helix TS, LLC(4)(7)(10)SOFR +6.25%11.36%8/4/20273843753760.01 
Italian Motorway Holdings S.à.r.l(4)(6)(8)E +5.25%7.35%4/28/2029EUR78,810 81,08583,9102.00 
Roadsafe Holdings, Inc.(4)(7)(11)L +5.75%10.87%10/19/202733,20532,71632,6920.78 
Roadsafe Holdings, Inc.(4)(11)SOFR +5.75%11.00%10/19/202719,99119,71119,6920.47 
Safety Borrower Holdings LP(4)(5)(11)L +5.25%10.46%9/1/20275,0705,0365,0450.12 
Safety Borrower Holdings LP(4)(5)(7)(11)P +4.25%12.25%9/1/20279390890.00 
Sam Holding Co, Inc.(4)(11)L +5.00%9.96%9/24/202737,43036,87836,9620.88 
Sam Holding Co, Inc.(4)(7)(11)L +7.50%12.00%3/24/20272,5802,4932,5050.06 
Sam Holding Co, Inc.(4)(7)(11)L +5.50%10.06%9/24/20274,2694,1883,8460.09 
TRP Infrastructure Services, LLC(4)(11)L +5.50%10.40%7/9/202739,18638,62836,4430.87 
356,814354,8068.46 
Total First Lien Debt9,508,3589,425,003225.05 
15
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Construction & Engineering
COP Home Services TopCo IV, Inc.(4)(5)(11)L +8.50%13.33%12/29/2028$7,517 $7,396 $7,253 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(6)(8)8.75%8.75%4/15/2029CAD10,533 8,3347,0440.17 
Jayhawk Buyer, LLC(4)(11)L +8.75%13.58%10/15/20275,1835,1105,1440.12 
13,44412,1880.29 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)L +7.00%11.78%11/1/20299,6199,5378,2480.20 
IT Services
Inovalon Holdings, Inc.(4)(5)(10)L +10.50%15.46% (incl. 15.46% PIK)11/24/203310,76910,52510,7690.26 
Professional Services
Thevelia US, LLC(4)(6)(9)SOFR +6.75%11.80%6/17/20304,9204,7874,8460.12 
Software
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)L +6.50%11.33%7/30/20293,5503,5113,3740.08 
Total Second Lien Debt49,20046,6781.12 

16
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Equity
Aerospace & Defense
Micross Topco, Inc.(4)4,767$4,767 $5,973 0.14 %
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)9029028390.02 
Mode Holdings, L.P. - Class A-2 Common Units(4)5,486,9235,48711,5770.28 
6,38912,4160.30 
Distributors
Box Co-Invest Blocker, LLC(4)702,3057025270.01 
EIS Acquisition Holdings, LP - Class A Common Units(4)6,2923,35015,1400.36 
4,05215,6670.37 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%12,511,85712,31515,0780.36 
Deneb Ultimate Topco, LLC - Class A Units(4)2132131640.00 
12,52815,2420.36 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units(4)6,9305,8776,6920.16 
Point Broadband Holdings, LLC - Class B Units(4)369,2551,0531,9400.05 
Point Broadband Holdings, LLC - Class Additional A Units(4)1,4891,2631,4380.03 
Point Broadband Holdings, LLC - Class Additional B Units(4)79,3582264170.01 
8,41910,4870.25 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units(4)5395393240.01 
Health Care Providers & Services
AVE Holdings I Corp.(4)625,9446076490.02 
Jayhawk Holdings, LP - A-1 Common Units(4)2,2013926270.01 
Jayhawk Holdings, LP - A-2 Common Units(4)1,1852113380.01 
1,2101,6140.04 
Health Care Technology
Caerus Midco 2 S.À. R.L - Additional Vehicle Units(4)(6)11,7101210.00 
Caerus Midco 2 S.À. R.L - Vehicle Units(4)(6)58,45858530.00 
70540.00 
Insurance
Shelf Holdco Ltd Common Equity(4)(6)50,00050550.00 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest(4)2,854,1332,8543,0550.07 
17
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
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
September 30, 2022
(in thousands)
(Unaudited)
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 %

Blackstone Secured Lending Fund
Consolidated Schedule of Investments
March 31, 2023
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Equity (continued)
Professional Services
Guidehouse Holding Corp. - Preferred Equity(4)11.50%15,440$15,133 $17,063 0.41 %
OHCP V TC COI, LP. - LP Interest(4)3,500,0003,500 4,550 0.11 
Tricor Horizon, LP(4)(6)382,4693823820.01 
19,01521,9950.53 
Software
Connatix Parent, LLC - Class L Common Units(4)42,0454632060.00 
Expedition Holdco, LLC - Class A Units(4)9057400.00 
Expedition Holdco, LLC - Class B Units(4)90,00033140.00 
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%1,5451,5061,6720.04 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares(4)3,550,0003,4443,3370.08 
Mimecast Limited(4)651,1756516380.02 
Zoro Common Equity(4)2,07321210.00 
Zoro Series A Preferred Shares(4)12.50%3733623730.01 
6,5376,3010.15 
Specialty Retail
CustomInk, LLC - Series A Preferred Units(4)384,5205,2006,8770.16 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units(4)27,5362,9092,0460.05 
Ncp Helix Holdings, LLC. - Preferred Shares(4)3693724720.01 
3,2812,5180.06 
Total Equity74,911102,5782.44 
Total Investments - non-controlled/non-affiliated9,632,4699,574,259228.61 
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)(4)(5)(6)(16)36,63751,9431.24 
Total Equity36,63751,9431.24 
Total Investments - non-controlled/affiliated36,63751,9431.24 
Total Investment Portfolio9,669,1069,626,202229.85 
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund5525520.01 
Other Cash and Cash Equivalents102,473102,4732.45 
Total Portfolio Investments, Cash and Cash Equivalents$9,772,131 $9,729,227 232.31 %
(1)Unless otherwise indicated, issuers ofall 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. As of March 31, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona
18
Table of Contents
(SEK), and Norwegian Krone (NOK). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“(“L”), Canadian Dollar Offered Rate (“(“CDOR” or “C”“C”), Sterling Overnight Interbank Average Rate (“(“SONIA” or “S”“S”), Euro Interbank Offer Rate (“(“Euribor” or “E”“E”), Secured Overnight Financing Rate (“(“SOFR”), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI", Norwegian Interbank Offered Rate ("NIBOR" or "N"), or an alternate base rate (commonly based on the Federal Funds Rate (“(“F”) or the U.S. Prime Rate (“(“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2022.March 31, 2023. Variable rate loans typically include an interest reference rate floor feature. As of September 30, 2022, 94.3%March 31, 2023, 94.1% of the debt portfolio at fair value had a basean interest rate floor above zero. For each such loan, the Company has provided the interest rate in effectRates on the date presented.equity instruments represents contractual dividend rates on certain preferred equity positions.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“(“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 (the “Board”) (see Note 2 and Note 5)2), 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 Investment Company Act of 1940 as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”).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 September 30, 2022,March 31, 2023, non-qualifying assets represented 10.7%10.4% 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
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
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20232,310 (29)
Gruden Acquisition, Inc.Revolver7/1/20262,625 — 
HealthComp Holding Company, LLCDelayed Draw Term Loan12/29/202328,515 — 
Helix TS, LLCDelayed Draw Term Loan8/3/20233,240 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,666 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)
High Street Buyer, Inc.Revolver4/16/20272,254 (45)
High Street Buyer, Inc.Delayed Draw Term Loan4/16/202816,598 — 
IG Investments Holdings, LLCRevolver9/22/20273,583 (18)
Infostretch CorporationRevolver4/1/2028550 — 
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (69)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/2025915 — 
ISQ Hawkey Holdco, Inc.Revolver8/17/202891 (2)
ISQ Hawkey Holdco, Inc.Delayed Draw Term Loan8/17/2029269 (3)
Java Buyer, Inc.Delayed Draw Term Loan12/15/20231,897 — 
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/2026130 — 
Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/2023702 — 
Knowledge Pro Buyer, Inc.Revolver12/10/20272,121 (21)
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/2023143 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
Legacy Intermediate, LLCRevolver2/25/2028958 (10)
Legacy Intermediate, LLCDelayed Draw Term Loan2/25/20232,000 (20)
LinQuest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/2029485 (12)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/23/2026851 — 
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/2028912 — 
Material Holdings, LLCRevolver8/17/2027918 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/20231,802 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20232,279 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20273,964 (40)
MHE Intermediate Holdings, LLCRevolver7/21/2027268 (11)
Monk Holding Co.Delayed Draw Term Loan8/12/20232,230 (30)
Monterey Financing S.à.r.lDelayed Draw Term Loan9/19/2029462 (15)
MRI Software, LLCRevolver2/10/20261,516 (43)
Skopima Merger Sub, Inc.Revolver2/10/20264,200 (425)
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202349,408 — 
NDC Acquisition Corp.Revolver3/9/20273,425 — 
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 (7)
PGIS Intermediate Holdings, LLCDelayed Draw Term Loan10/16/2028401 — 
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202330,511 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202714,481 — 
PPV Intermediate Holdings, LLCRevolver8/31/2029159 (3)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/2029320 — 
Profile Products, LLCRevolver11/12/2027783 — 
Profile Products, LLCDelayed Draw Term Loan11/12/2027859 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
123Dentist, Inc.Delayed Draw Term Loan8/10/2029$327 $(75)
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202323,709—
ACI Group Holdings, Inc.Revolver8/2/202711,567—
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 Loan12/21/2023158—
Allium Buyer LLCDelayed Draw Term Loan5/2/20301,552—
Allium Buyer LLCRevolver5/2/2029242—
Amerilife Holdings, LLCRevolver8/31/2028243(2)
Amerilife Holdings, LLCDelayed Draw Term Loan8/31/2029150—
Amerivet Partners Management, Inc.Revolver2/25/2028589(24)
Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/20242,538—
Anaplan, Inc.Revolver6/21/2028161(2)
Apex Companies, LLCDelayed Draw Term Loan1/31/2028369(5)
Armada Parent, Inc.Delayed Draw Term Loan10/29/20231,250—
Armada Parent, Inc.Revolver10/29/20273,000—
Ascend Buyer, LLCRevolver9/30/20271,940—
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949(29)
AxiomSL Group, Inc.Revolver12/3/20253,221(48)
Bazaarvoice, Inc.Revolver5/7/202628,662—
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/2023343—
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/2028309—
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/2028341—
Caerus US 1, Inc.Delayed Draw Term Loan5/25/20291,506(15)
Caerus US 1, Inc.Revolver5/25/2029652—
19
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
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/2029333 — 
Project Boost Purchaser, LLCRevolver5/2/2028591 (9)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2029979 (5)
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20235,917 — 
Rally Buyer, Inc.Revolver7/19/2028110 — 
Rally Buyer, Inc.Delayed Draw Term Loan7/19/2028205 (2)
Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/2029476 (5)
Relativity ODA, LLCRevolver5/12/20273,292 (49)
Relay Purchaser, LLCRevolver8/30/20267,143 (71)
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/20234,240 — 
RPBLS Midco, LLCDelayed Draw Term Loan4/1/202820 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)
Safety Borrower Holdings LPRevolver9/1/2027280 — 
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202330,431 — 
Sam Holding Co, Inc.Revolver3/24/20274,800 — 
SEKO Global Logistics Network, LLCRevolver12/30/2026294 — 
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2022511 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)
Sherlock Buyer Corp.Revolver12/8/20271,111 (22)
Smile Doctors, LLCRevolver12/23/20271,026 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202315,786 (237)
SpecialtyCare, Inc.Revolver6/18/20261,012 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,155 — 
Spitfire Parent, Inc.Delayed Draw Term Loan9/4/20223,689 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023673 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/2026327 — 
Tailwind Colony Holding CorporationDelayed Draw Term Loan12/10/20222,342 — 
TCFI AEVEX, LLCDelayed Draw Term Loan11/7/202230,445 (304)
The Fertility Partners, Inc.Revolver9/16/2027278 (33)
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/2024315 — 
The NPD Group L.P.Revolver12/1/202713,800 (138)
Trinity Air Consultants Holdings Corp.Revolver6/29/20276,881 (69)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202310,916 — 
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 — 
United Mutual Acquisition Holdings, LLCDelayed Draw Term Loan7/15/20281,275 — 
Unified Physician Management, LLCRevolver6/18/2029241 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/20237,837 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (48)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCRevolver11/9/20271,443 — 
Westland Insurance Group LTDDelayed Draw Term Loan1/5/202712,786 — 
WHCG Purchaser III, Inc.Revolver6/22/20266,723 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202310,490 — 
Total Unfunded Commitments  $848,998 $(4,186)

Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Caerus US 1, Inc.Delayed Draw Term Loan5/25/2029$320 $— 
Cambium Learning Group, Inc.Revolver7/20/202843,592—
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20235,272—
Canadian Hospital Specialties Ltd.Revolver4/14/20271,093 — 
CCBlue Bidco, Inc.Delayed Draw Term Loan12/21/20231,404—
CFGI Holdings, LLCDelayed Draw Term Loan11/2/20271,200(12)
CFGI Holdings, LLCRevolver11/2/20271,050(21)
CFGI Holdings, LLCDelayed Draw Term Loan11/2/2027607—
CFGI Holdings, LLCRevolver11/2/202794—
CFGI Holdings, LLCDelayed Draw Term Loan11/2/202796—
Circana Group L.P.Revolver12/1/20277,453—
Circana Group L.P.Revolver12/1/20274,416—
Clearview Buyer, Inc.Revolver2/26/2027584—
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/20243,668—
Cobham Holdings, Inc.Revolver1/9/2028376(11)
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/2024588(6)
Community Brands ParentCo, LLCRevolver2/24/2028345(7)
Confine Visual BidcoDelayed Draw Term Loan3/11/20243,046—
Connatix Buyer, Inc.Revolver7/14/20275,431(204)
Connatix Buyer, Inc.Delayed Draw Term Loan7/14/202310,900(109)
COP Home Services TopCo IV, Inc.Delayed Draw Term Loan12/31/20271,978—
COP Home Services TopCo IV, Inc.Revolver12/31/20251,705—
Coupa Software Inc.Delayed Draw Term Loan8/27/2024164(2)
Coupa Software Inc.Revolver2/27/2030126(3)
CPI Buyer, LLCDelayed Draw Term Loan5/1/20236,649—
CPI Buyer, LLCRevolver11/1/20263,214(64)
CPI Intermediate Holdings IncDelayed Draw Term Loan10/8/2029966—
Cumming Group, Inc.Revolver5/26/202712,695(381)
Cumming Group, Inc.Delayed Draw Term Loan5/26/2027343—
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/2028736—
Discovery Education, Inc.Delayed Draw Term Loan4/9/20296,773—
Discovery Education, Inc.Revolver4/9/20292,960—
Doc Generici (Diocle S.p.A.)Delayed Draw Term Loan10/26/20241,380(307)
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700(187)
ENV Bidco ABDelayed Draw Term Loan7/19/2029300(24)
Episerver, Inc.Revolver4/9/20262,064(124)
Experity, Inc.Revolver2/24/20281,495(45)
Foundation Risk Partners Corp.Revolver10/29/20272,382(36)
Galway Borrower, LLCRevolver9/30/20271,659—
Galway Borrower, LLCDelayed Draw Term Loan9/30/2023279(3)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20232,000—
GI Ranger Intermediate, LLCRevolver10/29/20271,080—
20
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
September 30, 2022
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/2028$3,040 $— 
Gigamon Inc.Revolver3/11/2028437(5)
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(43)
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429—
GraphPAD Software, LLCRevolver4/27/20272,124(32)
Groundworks, LLCDelayed Draw Term Loan9/13/2025130—
Groundworks, LLCRevolver3/14/202942—
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20232,040—
Gruden Acquisition, Inc.Revolver7/1/20263,000—
Healthcomp Holding Company, LLCDelayed Draw Term Loan12/29/202323,952—
Helix TS, LLCDelayed Draw Term Loan6/14/2024614—
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,851—
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20233,241—
High Street Buyer, Inc.Revolver4/16/20272,254(45)
High Street Buyer, Inc.Delayed Draw Term Loan4/16/202811,830—
IG Investments Holdings, LLCRevolver9/22/20273,583(18)
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060(138)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/2025347—
ISQ Hawkeye Holdco, Inc.Revolver8/17/202852—
ISQ Hawkeye Holdco, Inc.Delayed Draw Term Loan8/17/202990—
Java Buyer, Inc.Delayed Draw Term Loan12/15/20231,897—
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/202630—
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/2023661—
Knowledge Pro Buyer, Inc.Revolver12/10/20271,145—
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/2023143—
Legacy Intermediate, LLCRevolver2/25/2028958(10)
Legacy Intermediate, LLCDelayed Draw Term Loan8/25/20231,410—
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/2029485(12)
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/2028342—
Material Holdings, LLCRevolver8/17/2027212—
Material Holdings, LLCDelayed Draw Term Loan8/19/20231,802—
MHE Intermediate HoldingsRevolver7/21/2027230—
Monk Holding Co.Delayed Draw Term Loan8/12/20232,038—
Monterey Financing S.à.r.lDelayed Draw Term Loan9/19/2029539(44)
MRI Software, LLCRevolver2/10/20261,516(61)
MRI Software, LLCRevolver2/10/20264,200(397)
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202340,639—
NDC Acquisition Corp.Revolver3/9/20272,911—
NMC Crimson Holdings, Inc.Delayed Draw Term Loan1/1/202412,560—
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20232,247—
21
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Oranje Holdco IncRevolver2/1/2029$250 $(6)
Petrus Buyer IncDelayed Draw Term Loan10/17/2029595(9)
Petrus Buyer IncRevolver10/17/2029272(5)
PGIS Intermediate Holdings, LLCRevolver10/16/2028330 (7)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/20234,717—
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202714,481—
PPV Intermediate Holdings, LLCRevolver8/31/2029159(2)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/202917—
Profile Products, LLCRevolver11/12/2027145—
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/202316,623—
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/2029333—
Project Boost Purchaser, LLCRevolver5/2/2028591(3)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2029905—
Qualus Power Services Corp.Delayed Draw Term Loan3/26/20274,259—
Rally Buyer, Inc.Revolver7/19/2028110(2)
Rally Buyer, Inc.Delayed Draw Term Loan7/19/2028180—
Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880—
Redwood Services Group, LLCDelayed Draw Term Loan6/15/20292—
Redwood Services Group, LLCDelayed Draw Term Loan6/15/2029903—
Relativity ODA, LLCRevolver5/12/20273,292(49)
Relay Purchaser, LLCRevolver8/30/20267,143(71)
RoadOne IncRevolver12/30/2028226—
RoadOne IncDelayed Draw Term Loan12/30/2028177—
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/20231,460—
RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452(65)
Safety Borrower Holdings LPRevolver9/1/2027280—
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202329,700—
Sam Holding Co, Inc.Revolver3/24/20273,420—
SEKO Global Logistics Network, LLCRevolver12/30/2026485—
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2026318—
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794(28)
Sherlock Buyer Corp.Revolver12/8/20271,111(22)
Smile Doctors, LLCRevolver12/23/2027138—
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202315,786—
SpecialtyCare, Inc.Revolver6/18/20261,012(22)
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,155—
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023314—
Stepping Stones Healthcare Services, LLCRevolver12/30/2026134—
The Fertility Partners, Inc.Revolver9/16/202734—
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/2024590—
Trader Corp.Revolver12/22/20281,047(436)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202310,916—
22
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Trinity Air Consultants Holdings Corp.Revolver6/29/2027$6,881 $(69)
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,433—
Triple Lift, Inc.Revolver5/6/20284,747—
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20281,424 — 
UMP Holdings, LLCDelayed Draw Term Loan7/15/2028808—
Unified Physician Management, LLCDelayed Draw Term Loan6/18/202934—
Unified Physician Management, LLCRevolver6/18/2029241—
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233(154)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848—
West Monroe Partners, LLCRevolver11/9/20271,443—
Westland Insurance Group LTDDelayed Draw Term Loan5/31/2023246—
WHCG Purchaser III, Inc.Revolver6/22/202642—
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202310,490—
Zendesk IncRevolver11/3/2028169(3)
Zendesk IncDelayed Draw Term Loan11/22/2028361(5)
Total unfunded commitments$598,825 $(3,549)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 0.50%.
(10)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 0.75%.
(11)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 1.00%.
(12)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 1.25%.
(13)The interest rate floor on these investments as of September 30, 2022March 31, 2023 was 1.50%.
(14)The interest rate floor on these investments as of March 31, 2023 was 2.00%
(15)For unsettled positions the interest rate does not include the base rate.
(15)(16)Under the Investment Company Act of 1940, Act,as amended (together with the rules and regulations promulgated thereunder, 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 September 30, 2022,March 31, 2023, 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 September 30, 2022,March 31, 2023, 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 September 30, 2022
Dividend and Interest IncomeFair value as of December 31, 2022Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value as of March 31, 2023Dividend and Interest Income
Non-controlled/Affiliated InvestmentsNon-controlled/Affiliated InvestmentsNon-controlled/Affiliated Investments
Blackstone Donegal Holdings LPBlackstone Donegal Holdings LP$35,683 $2,878 $— $6,622 $45,183 $— Blackstone Donegal Holdings LP$56,584 $— $— $(4,641)$51,943 $— 
TotalTotal$35,683 $2,878 $— $6,622 $45,183 $— Total$56,584 $— $— $(4,641)$51,943 $— 

(16)(17)AsLoan was on non-accrual status as of September 30, 2022,March 31, 2023.
(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company had investments denominatedCompany's loan investment generally earns a higher interest rate than the “first-out” portion, and in Canadian Dollars (C$), Euros (€), British Pounds (£), Danish Krone (DKK), Swedish Krona (SEK)exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and Norwegian Krone (NOK).any other amounts due thereunder over the “last-out” portion.

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


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Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
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-affiliated
First Lien Debt
Aerospace & Defense
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 
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)L + 6.00%7.00%6/1/202718,969 18,524 18,717 0.42 
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 
Air Freight & Logistics
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)L + 5.50%6.25%4/30/2027130,160 127,052 128,858 2.90 
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)L + 6.00%7.00%1/2/202660,540 59,948 60,540 1.36 
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)E + 5.00%6.00%12/30/2026€1,863 2,128 2,118 0.05 
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 
Building Products
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)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 + 5.75%6.50%9/1/202712,755 12,514 12,500 0.28 
Latham Pool Products, Inc. (8)L + 6.00%6.10%6/18/202562,223 61,448 62,560 1.41 
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)L + 6.50%7.50%12/29/202655,418 54,488 55,418 1.25 
395,281 399,969 9.00 
Chemicals
Polymer Additives, Inc. (8)L + 6.00%6.13%7/31/202524,177 23,457 23,585 0.53 
VDM Buyer, Inc. (4)(8)L + 6.75%6.89%4/22/2025€23,779 26,474 26,231 0.59 
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 
22
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
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)
Commercial Services & Supplies
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)L + 5.75%6.50%12/15/20274,019 3,891 3,891 0.09 
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)L + 6.25%7.25%12/17/2028288,815 285,148 286,649 6.45 
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)L + 5.50%6.25%10/19/202821,914 21,477 21,476 0.48 
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)L + 6.00%7.00%11/2/202721,099 20,610 21,152 0.48 
664,839 665,444 14.96 
Construction & Engineering
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 & Packaging
Ascend Buyer, LLC (4)(7)(10)L + 5.75%6.50%9/30/202819,400 18,995 18,980 0.43 
Distributors
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)L + 6.25%7.25%10/17/202574,059 73,123 73,503 1.65 
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)L + 5.75%6.50%11/2/2026143,539 140,399 140,654 3.16 
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)L + 5.75%6.75%3/9/202713,699 13,373 13,562 0.30 
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)L + 7.50%8.50%11/13/202439,408 39,028 38,619 0.87 
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 
Diversified Consumer Services
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)L + 6.25%7.00%12/1/20277,087 6,937 6,945 0.16 
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 
Diversified Financial Services
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)L + 5.00%5.75%11/5/202475,780 74,223 75,539 1.70 
133,572 135,496 3.05 
Diversified Telecommunication Services
Point Broadband Acquisition, LLC (4)(7)(11)L + 6.00%7.00%10/1/202887,231 84,655 84,559 1.90 
Electric Utilities
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)Reference Rate
and Spread		Interest Rate (2)Maturity
Date		Par
Amount/Units		Cost (3)Fair
Value		Percentage
of Net Assets
First Lien Debt (continued)
Electrical Equipment
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)L + 5.50%6.25%7/13/2027116,011 115,547 115,620 2.60 
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 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(5)(7)(11)L + 6.00%7.00%12/23/2026110,153 108,127 108,195 2.43 
Energy Equipment & Services
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)L + 6.25%7.25%9/10/202517,790 17,716 17,790 0.40 
65,314 65,333 1.47 
Health Care Equipment & Supplies
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)L + 5.50%6.25%9/13/202721,945 21,453 21,431 0.48 
50,230 50,198 1.13 
Health Care Providers & Services
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)L + 6.25%7.25%5/7/20278,247 8,069 8,129 0.18 
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 LoanC + 5.25%6.25%4/14/2028C$547 399 388 0.01 
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)L + 5.75%6.50%6/8/202729,545 29,010 29,250 0.66 
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)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 
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)L + 5.75%6.25%7/16/2027201,924 200,061 200,915 4.52 
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)L + 5.75%6.50%12/1/202728,977 28,368 28,364 0.64 
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)L + 6.00%6.75%6/1/2028264,000 255,148 258,750 5.82 
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)L + 5.75%6.50%1/2/20292,188 2,129 2,129 0.05 
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)L + 5.50%6.25%11/18/202732,982 32,152 32,238 0.72 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Corfin Holdings, Inc.(4)(11)L +5.75%10.13%2/5/2026$199,393 $197,335 $195,405 4.70 %
Corfin Holdings, Inc.(4)(11)L +5.75%10.13%2/5/202669,260 68,346 67,874 1.63 
Linquest Corp.(4)(5)(7)(10)L +5.75%9.10%7/28/20289,838 9,632 9,395 0.23 
MAG DS Corp.(4)(11)L +5.50%10.23%4/1/202781,319 76,271 74,813 1.80 
Maverick Acquisition, Inc.(4)(11)L +6.25%10.98%6/1/202718,789 18,507 17,004 0.41 
TCFI AEVEX, LLC(4)(11)L +6.00%10.38%3/18/2026111,399 110,163 101,373 2.44 
480,254 465,864 11.21 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(4)(10)SOFR +5.75%9.13%6/11/202796,395 94,906 95,431 2.29 
ENV Bidco AB(4)(6)(10)SOFR +6.00%10.73%7/19/20291,006 983 981 0.02 
ENV Bidco AB(4)(6)(7)(8)E +6.00%8.20%7/19/2029EUR1,122 1,116 1,179 0.03 
Livingston International, Inc.(4)(6)(10)L +5.50%10.23%4/30/2027128,852 126,424 127,563 3.07 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%10.57%12/9/2026173,421 171,471 173,421 4.17 
Mode Purchaser, Inc.(4)(11)SOFR +6.25%10.57%2/5/20294,950 4,864 4,950 0.12 
Redwood Services Group, LLC(4)(7)(10)SOFR +6.00%10.69%6/15/20292,338 2,297 2,290 0.06 
RoadOne Inc(4)(7)(11)SOFR +6.25%10.81%12/30/20281,067 1,025 1,024 0.02 
RWL Holdings, LLC(4)(7)(10)SOFR +5.75%10.48%12/31/202824,133 23,667 23,827 0.57 
SEKO Global Logistics Network, LLC(4)(5)(6)(11)E +5.00%6.00%12/30/2026EUR1,863 2,134 1,978 0.05 
SEKO Global Logistics Network, LLC(4)(5)(7)(11)L +4.75%9.48%12/30/20266,247 6,174 6,214 0.15 
435,061 438,858 10.55 
Building Products
Fencing Supply Group Acquisition, LLC(4)(5)(11)L +6.00%11.21%2/26/202752,187 51,654 52,187 1.25 
Jacuzzi Brands, LLC(4)(11)SOFR +6.00%10.32%2/25/202594,817 94,168 94,817 2.28 
L&S Mechanical Acquisition, LLC(4)(5)(10)L +5.75%10.14%9/1/202712,627 12,431 11,869 0.29 
Lindstrom, LLC(4)(11)SOFR +6.25%10.47%4/7/2025121,977 121,094 120,758 2.90 
Windows Acquisition Holdings, Inc.(4)(5)(11)L +6.50%11.23%12/29/202653,729 53,014 53,729 1.29 
332,361 333,360 8.01 
Commercial Services & Supplies
Bazaarvoice, Inc.(4)(7)(8)SOFR +5.75%10.28%5/7/2028228,477 228,477 228,477 5.49 
Java Buyer, Inc.(4)(7)(10)L +5.75%10.52%12/15/20275,023 4,925 4,815 0.12 
JSS Holdings, Inc.(4)(10)L +6.00%10.34%12/27/2028285,912 282,891 285,912 6.88 
JSS Holdings, Inc.(4)(10)L +6.00%10.34%12/27/20284,938 4,874 4,938 0.12 
Knowledge Pro Buyer, Inc.(4)(7)(10)L +5.75%10.04%12/10/20275,923 5,799 5,858 0.14 
KPSKY Acquisition, Inc.(4)(7)(10)L +5.50%9.89%10/19/202822,544 22,169 21,240 0.51 
Onex Baltimore Buyer, Inc.(4)(7)(10)SOFR +5.75%10.50%12/1/202728,023 27,541 27,720 0.67 
The Action Environmental Group, Inc.(4)(5)(12)SOFR +6.00%10.66%1/16/2026133,693 132,061 132,022 3.17 
The Action Environmental Group, Inc.(4)(5)(12)L +6.00%7.25%1/16/202611,133 11,096 10,993 0.26 
Veregy Consolidated, Inc.(4)(11)L +6.00%10.41%11/2/202720,886 20,485 17,126 0.41 
740,318 739,101 17.77 
Construction & Engineering
ASP Endeavor Acquisition, LLC(4)(5)(9)L +6.50%11.06%5/3/202713,765 13,566 13,042 0.31 
COP Home Services TopCo IV, Inc.(4)(5)(7)(11)L +5.00%9.38%12/31/202722,373 21,850 21,233 0.51 
35,416 34,275 0.82 
Containers & Packaging
Ascend Buyer, LLC(4)(7)(10)SOFR +6.25%10.67%10/2/202818,886 18,545 18,678 0.45 
Ascend Buyer, LLC(4)(10)SOFR +5.75%10.67%9/30/20281,995 1,937 1,975 0.05 
20,482 20,653 0.50 
24
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
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)
Health Care Providers & Services (continued)
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 
Health Care Technology
Edifecs, Inc. (4)(11)L + 7.00%8.00%9/21/2026221,397 217,041 228,039 5.13 
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)L + 6.00%6.75%10/29/202813,080 12,782 12,774 0.29 
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)L + 3.25%4.00%3/3/20288,547 8,509 8,549 0.19 
320,649 332,069 7.47 
Insurance
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)L + 6.00%6.75%8/12/202710,500 10,276 10,260 0.23 
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)L + 5.25%6.00%9/24/202824,059 22,882 22,993 0.52 
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)L + 5.50%6.25%8/27/2025113,724 112,245 113,109 2.54 
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)C + 4.25%5.00%3/28/2028C$68,239 53,248 53,799 1.21 
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)L + 5.00%5.50%1/27/2027110,586 109,152 110,309 2.48 
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)S + 7.00%7.05%8/3/2028£25,848 33,898 33,663 0.76 
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)C + 7.00%8.00%1/5/2027C$96,704 68,874 74,348 1.67 
611,042 620,848 13.97 
Interactive Media & Services
Bungie, Inc. (4)(11)L + 6.25%7.25%8/28/202447,200 46,824 47,200 1.06 
Internet & Direct Marketing Retail
Donuts, Inc. (4)(11)L + 6.00%7.00%12/29/2026325,760 320,336 324,131 7.29 
IT Services
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)L + 5.75%6.50%11/24/2028103,533 100,841 100,806 2.27 
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)L + 6.00%7.00%5/26/202781,604 80,264 78,951 1.78 
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)L + 6.00%6.00%8/3/2028€10,880 12,062 11,860 0.27 
254,306 252,705 5.69 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Distributors
BP Purchaser, LLC(4)(10)L +5.50%10.24%12/10/2028$7,332 $7,208 $7,094 0.17 %
Bution Holdco 2, Inc.(4)(11)L +6.25%10.63%10/17/202572,809 72,131 72,809 1.75 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.66%12/29/202663,291 62,449 62,975 1.51 
Dana Kepner Company, LLC(4)(11)SOFR +6.00%10.66%12/29/20271,995 1,959 1,985 0.05 
Genuine Cable Group, LLC(4)(10)SOFR +5.75%10.17%11/2/2026179,989 177,116 176,389 4.24 
Marcone Yellowstone Buyer, Inc.(4)(5)(7)(10)SOFR +6.50%7.25%6/23/20281,582 1,525 1,524 0.04 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +5.50%10.98%6/23/20284,950 4,866 4,752 0.11 
Marcone Yellowstone Buyer, Inc.(4)(5)(10)SOFR +6.25%10.62%6/23/20281,598 1,581 1,534 0.04 
NDC Acquisition Corp.(4)(7)(11)L +5.50%10.23%3/9/202714,074 13,749 13,735 0.33 
Tailwind Colony Holding Corporation(4)(7)(11)SOFR +6.25%10.98%11/13/202442,774 42,484 42,132 1.01 
Unified Door & Hardware Group, LLC(4)(11)SOFR +5.75%10.52%6/30/2025998 955 953 0.02 
Unified Door & Hardware Group, LLC(4)(11)L +5.75%10.41%12/18/202751,973 51,237 51,064 1.23 
Unified Door & Hardware Group, LLC(4)(11)L +5.75%10.41%6/30/202542,476 42,098 41,733 1.00 
479,358 478,679 11.50 
Diversified Consumer Services
Cambium Learning Group, Inc.(4)(7)(10)L +5.50%9.74%7/20/2028292,101 289,768 292,101 7.02 
Dreambox Learning Holding LLC(4)(5)(10)L +6.25%9.44%12/1/20277,087 6,970 6,661 0.16 
Go Car Wash Management Corp.(4)(7)(14)SOFR +6.25%10.67%12/31/202622,544 22,141 21,954 0.53 
318,879 320,716 7.71 
Diversified Financial Services
Barbri Holdings, Inc.(4)(10)L +5.75%10.13%4/30/202864,465 63,457 63,820 1.53 
SelectQuote, Inc.(4)(10)SOFR +8.00%12.42% (incl. 2.00% PIK)11/5/202474,715 73,984 67,243 1.62 
137,441 131,063 3.15 
Diversified Telecommunication Services
Point Broadband Acquisition, LLC(4)(7)(11)L +6.00%10.56%10/1/2028104,875 102,509 101,470 2.44 
Electric Utilities
Qualus Power Services Corp.(4)(7)(11)L +5.25%10.01%3/26/202733,462 32,834 33,092 0.80 
Electrical Equipment
Emergency Power Holdings, LLC(4)(5)(7)(11)L +5.50%10.23%8/17/202844,451 43,549 43,486 1.05 
Relay Purchaser, LLC(4)(5)(7)(10)L +6.00%10.73%8/30/202836,670 35,999 36,415 0.88 
Shoals Holdings, LLC(4)(11)SOFR +3.25%7.51%11/25/202683,504 82,123 83,921 2.02 
161,671 163,822 3.95 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC(4)(5)(11)L +6.00%10.75%12/23/2026109,041 107,698 101,953 2.45 
CPI Intermediate Holdings Inc(4)(7)(10)SOFR +5.50%9.68%10/8/20294,034 3,942 3,943 0.09 
111,640 105,896 2.54 
Energy Equipment & Services
Abaco Energy Technologies, LLC(4)(13)L +7.00%11.29%10/4/202436,437 36,057 36,437 0.88 
ISQ Hawkeye Holdco, Inc.(4)(7)(10)SOFR +6.25%10.63%8/17/2029908 884 893 0.02 
Tetra Technologies, Inc.(4)(6)(11)L +6.25%10.63%9/10/202517,790 17,736 17,790 0.43 
54,677 55,120 1.33 
Health Care Equipment & Supplies
CPI Buyer, LLC(4)(7)(10)L +5.50%10.23%11/1/202830,242 29,624 29,089 0.70 
GCX Corporation Buyer, LLC(4)(5)(7)(10)L +5.50%9.84%9/13/202727,225 26,765 26,661 0.64 
56,389 55,750 1.34 
25
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
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)
Machinery
MHE Intermediate Holdings, LLC (4)(5)(7)(11)L + 5.75%6.75%7/21/2027$3,304 $3,236 $3,233 0.07 %
Marine
Armada Parent, Inc. (4)(7)(10)L + 5.75%6.50%10/29/202725,250 24,682 24,665 0.55 
Oil, Gas & Consumable Fuels
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 Products
Profile Products, LLC (4)(7)(10)L + 5.50%6.25%11/12/20276,075 5,925 5,922 0.13 
Professional Services
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)L + 6.50%7.00%5/3/202713,905 13,625 13,766 0.31 
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)L + 5.25%6.00%11/1/20277,675 7,494 7,489 0.17 
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)L + 5.50%6.25%10/16/2028346,154 342,793 342,692 7.71 
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)L + 6.00%6.75%9/22/202847,676 46,726 47,375 1.07 
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)L + 5.75%6.50%8/19/202727,416 26,873 26,838 0.60 
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)L + 5.75%5.96%3/20/202742,460 40,729 42,672 0.96 
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)L + 5.75%6.50%12/21/20284,658 4,551 4,551 0.10 
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 
Real Estate Management & Development
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)L + 6.25%7.00%2/16/202870,324 68,756 71,027 1.60 
122,304 125,846 2.83 
Road & Rail
Gruden Acquisition, Inc. (4)(5)(7)(11)L + 5.25%6.25%7/1/202826,198 25,482 25,429 0.57 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Health Care Providers & Services
123Dentist, Inc.(4)(6)(7)(10)C +5.75%10.36%8/10/2029CAD1,721 $1,321 $1,220 0.03 %
ACI Group Holdings, Inc.(4)(5)(7)(10)L +5.75%10.13%8/2/2028105,139 103,062 103,013 2.48 
ADCS Clinics Intermediate Holdings, LLC(4)(7)(11)L +6.50%11.66%5/7/20278,570 8,428 8,419 0.20 
Amerivet Partners Management, Inc.(4)(5)(7)(10)SOFR +5.50%10.23%2/25/20285,857 5,724 5,600 0.13 
Canadian Hospital Specialties Ltd.(4)(5)(6)(7)(11)C +4.50%9.36%4/14/2028CAD30,935 22,693 22,786 0.55 
CCBlue Bidco, Inc.(4)(7)(10)L +6.25%9.92% (incl. 2.75% PIK)12/21/202810,442 10,261 9,853 0.24 
Cross Country Healthcare, Inc.(4)(10)L +5.75%10.14%6/8/20276,582 6,452 6,582 0.16 
DCA Investment Holdings, LLC(4)(7)(10)SOFR +6.00%9.98%4/3/202833,096 32,744 32,749 0.79 
Epoch Acquisition, Inc.(4)(11)SOFR +6.00%10.19%10/4/202424,307 24,208 24,185 0.58 
Healthcomp Holding Company, LLC(4)(5)(11)L +6.00%10.42%10/27/202676,247 75,033 76,247 1.83 
Healthcomp Holding Company, LLC(4)(5)(7)(11)L +5.50%10.42%10/27/202632,324 31,675 32,085 0.77 
Jayhawk Buyer, LLC(4)(7)(11)L +5.00%9.73%10/15/2026155,273 152,942 153,720 3.70 
Navigator Acquiror, Inc.(4)(7)(9)L +5.75%9.98% (incl. 5.11% PIK)7/16/2027200,735 199,246 198,728 4.78 
Odyssey Holding Company, LLC(4)(11)L +5.75%10.45%11/16/202518,672 18,522 18,672 0.45 
PPV Intermediate Holdings, LLC(4)(7)(10)SOFR +5.75%10.07%8/31/20291,796 1,761 1,775 0.04 
Smile Doctors, LLC(4)(7)(10)L +5.75%11.00%12/21/202811,462 11,253 11,218 0.27 
Snoopy Bidco, Inc.(4)(7)(10)L +6.00%10.76%6/1/2028304,214 298,966 293,329 7.05 
SpecialtyCare, Inc.(4)(5)(7)(11)L +5.75%9.76%6/18/202812,641 12,331 12,209 0.29 
Stepping Stones Healthcare Services, LLC(4)(7)(10)L +5.75%10.51%1/2/20292,774 2,722 2,690 0.06 
The Fertility Partners, Inc.(4)(5)(6)(10)L +5.75%10.13%3/16/20284,975 4,889 4,776 0.11 
The Fertility Partners, Inc.(4)(5)(6)(7)(10)C +5.75%10.46%3/16/2028CAD5,840 4,622 4,287 0.10 
The GI Alliance Management, LLC(4)(7)(11)SOFR +6.25%10.49%9/15/20284,107 3,965 3,998 0.10 
Unified Physician Management, LLC(4)(7)(9)SOFR +5.50%10.50%6/18/20292,046 2,046 2,046 0.05 
United Mutual Acquisition Holdings, LLC(4)(7)(10)SOFR +5.75%10.09%7/15/20281,787 1,742 1,738 0.04 
US Oral Surgery Management Holdco, LLC(4)(7)(10)L +5.50%10.18%11/18/202741,654 40,916 41,169 0.99 
WHCG Purchaser III, Inc.(4)(5)(7)(10)L +5.75%10.48%6/22/202844,703 43,840 34,563 0.83 
1,121,364 1,107,657 26.62 
Health Care Technology
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.50%10.08%5/25/202910,542 10,314 10,207 0.25 
Caerus US 1, Inc.(4)(6)(7)(10)SOFR +5.50%6.25%5/25/20292,215 2,171 2,170 0.05 
Color Intermediate LLC(4)(10)SOFR +5.50%10.18%10/4/202920,313 19,818 19,906 0.48 
Edifecs, Inc.(4)(10)L +5.50%10.23%9/21/202613,585 13,377 13,449 0.32 
Edifecs, Inc.(4)(11)L +7.50%12.23%9/21/2026219,160 215,762 223,544 5.38 
GI Ranger Intermediate, LLC(4)(7)(10)SOFR +6.00%10.73%10/29/202816,007 15,730 15,725 0.38 
NMC Crimson Holdings, Inc.(4)(7)(10)L +6.00%9.74%3/1/202875,988 74,013 74,829 1.80 
Project Ruby Ultimate Parent Corp.(10)L +3.25%7.63%3/10/20288,461 8,429 8,019 0.19 
RPBLS Midco, LLC(4)(7)(10)SOFR +5.75%9.41%4/1/20289,423 9,275 9,329 0.22 
368,889 377,178 9.07 
Insurance
Alera Group, Inc.(4)(7)(10)SOFR +6.00%10.42%10/2/20283,703 3,673 3,629 0.09 
Amerilife Holdings, LLC(4)(7)(10)SOFR +5.75%9.01%8/31/20292,101 2,055 2,076 0.05 
26
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
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)
Software
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)L + 6.00%6.75%7/14/202737,718 36,822 36,746 0.83 
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)L + 5.50%6.50%4/9/20269,742 9,587 9,565 0.22 
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)L + 5.50%6.25%12/1/20285,000 4,866 4,865 0.11 
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)L + 6.50%7.50%2/8/202693,400 91,866 92,466 2.08 
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)L + 6.75% PIK7.50%10/29/2028296,542 290,819 290,611 6.53 
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)L + 5.50%6.50%2/10/202628,117 27,946 28,094 0.63 
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)L + 7.50% PIK8.50%5/12/202719,323 18,842 18,984 0.43 
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)L + 5.50%6.50%3/11/2027€10,448 12,406 11,762 0.26 
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)L + 5.75%6.50%10/5/2028290,278 284,671 284,473 6.40 
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)L + 5.75%6.50%5/6/202848,755 47,732 48,114 1.08 
1,246,226 1,247,334 28.06 
Specialty Retail
CustomInk, LLC (4)(11)L + 6.21%7.21%5/3/2026163,594 161,686 161,549 3.63 
Technology Hardware, Storage & Peripherals
Lytx, Inc. (4)(11)L + 6.75%7.75%2/28/202685,320 84,355 84,893 1.91 
Trading Companies & Distributors
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)L + 5.75%6.75%10/17/202549,712 49,421 48,494 1.09 
95,150 94,316 2.12 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Insurance (continued)
Benefytt Technologies, Inc.(4)(7)(10)SOFR +8.75%12.09% (incl. 7.75% PIK)8/12/2027$13,457 $13,255 $10,896 0.26 %
Foundation Risk Partners Corp.(4)(7)(10)SOFR +6.00%10.68%10/29/202827,179 26,823 26,881 0.65 
Galway Borrower, LLC(4)(5)(7)(10)L +5.25%8.99%9/30/202822,169 21,790 21,577 0.52 
High Street Buyer, Inc.(4)(5)(7)(10)L +6.00%10.73%4/14/202861,910 60,802 61,282 1.47 
Integrity Marketing Acquisition, LLC(4)(5)(7)(10)L +6.05%11.28%8/27/2025146,487 145,102 141,089 3.39 
Jones Deslauriers Insurance Management, Inc.(5)(6)(10)C +4.25%8.81%3/27/2028CAD86,367 68,216 59,917 1.44 
PGIS Intermediate Holdings, LLC(4)(5)(7)(10)L +5.50%10.63%10/16/20284,627 4,553 4,470 0.11 
SG Acquisition, Inc.(4)(9)L +5.00%9.17%1/27/2027104,974 103,888 104,974 2.52 
Shelf Bidco Ltd(6)(10)SOFR +6.00%6.75%1/3/2030GBP5,091 4,938 4,938 0.12 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.28%8.47%7/9/2028GBP16,190 21,946 19,134 0.46 
Tennessee Bidco Limited(4)(5)(6)(8)S +7.00%7.00%7/9/2028GBP28,509 38,706 33,693 0.81 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%10.38%7/9/202854,034 52,743 53,088 1.28 
Tennessee Bidco Limited(4)(5)(6)(8)L +7.00%12.21%8/3/202815,998 15,796 15,718 0.38 
Westland Insurance Group LTD(4)(5)(6)(11)L +7.00%11.39%1/5/202742,483 39,901 41,209 0.99 
Westland Insurance Group LTD(4)(5)(6)(7)(8)C +7.00%11.86%1/5/2027CAD165,350 119,655 118,210 2.84 
743,842 722,781 17.38 
Internet & Direct Marketing Retail
Donuts, Inc.(4)(11)SOFR +6.00%10.43%12/29/2026322,470 318,178 319,245 7.68 
IT Services
AI Altius Bidco, Inc.(4)(5)(7)(10)L +5.50%10.65%12/21/20285,423 5,320 5,300 0.13 
AI Altius Bidco, Inc.(4)(5)(8)9.75%9.75% PIK12/29/2029835 814 808 0.02 
Infostretch Corporation(4)(10)SOFR +5.75%10.48%4/1/20284,975 4,888 4,776 0.11 
Inovalon Holdings, Inc.(4)(7)(10)L +6.25%10.95% (incl. 2.75% PIK)11/24/2028106,179 103,883 104,979 2.52 
Monterey Financing S.à.r.l(4)(6)(7)(8)E +6.00%8.14%9/28/2029EUR658 601 704 0.02 
Monterey Financing S.à.r.l(4)(6)(8)CI +6.00%8.42%9/28/2029DKK4,819 618 674 0.02 
Monterey Financing S.à.r.l(4)(6)(9)N +6.00%9.26%9/28/2029NOK5,149 461 510 0.01 
Monterey Financing S.à.r.l(4)(6)(8)ST +6.00%8.65%9/28/2029SEK2,090 184 196 0.00 
Razor Holdco, LLC(4)(10)L +5.75%9.42%10/25/202737,347 36,718 36,600 0.88 
Red River Technology, LLC(4)(7)(11)L +6.00%10.38%5/26/202780,785 79,749 80,180 1.93 
Turing Holdco, Inc.(4)(5)(6)(7)(8)E +6.00%8.00% (incl. 2.50% PIK)8/3/2028EUR16,280 18,129 17,160 0.41 
Turing Holdco, Inc.(4)(5)(6)(8)L +6.00%10.01%8/3/20288,437 8,229 8,310 0.20 
259,594 260,197 6.25 
Machinery
MHE Intermediate Holdings(4)(5)(7)(11)SOFR +6.00%9.50%7/21/20274,492 4,419 4,331 0.10 
MHE Intermediate Holdings(4)(5)(11)SOFR +6.25%9.75%12/9/2025214 210 208 0.01 
4,629 4,539 0.11 
Marine
Armada Parent, Inc.(4)(7)(10)L +5.75%10.13%10/29/202725,997 25,520 25,209 0.61 
Media
Trader Corp.(4)(6)(7)(10)C +5.75%10.40%12/22/2029CAD10,000 7,149 7,185 0.17 
27
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
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)
Transportation Infrastructure
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)L + 5.75%6.50%5/3/202791,070 89,451 87,970 1.98 
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)L + 5.75%6.75%10/19/202743,200 42,356 42,697 0.96 
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)L + 5.50%6.50%9/24/202738,305 37,372 37,323 0.84 
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)L + 5.50%6.50%7/9/202739,684 38,889 38,820 0.87 
275,905 274,783 6.18 
Total First Lien Debt9,563,051 9,621,939 216.36 
Second Lien Debt
Construction & Engineering
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 & Services
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)L + 8.75%9.75%10/15/20275,183 5,089 5,118 0.12 
13,363 13,437 0.31 
Industrial Conglomerates
Victory Buyer, LLC (4)(9)L + 7.00%7.50%11/19/20289,619 9,523 9,523 0.21 
Insurance
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 Services
Inovalon Holdings, Inc. (4)(5)(10)L + 10.50% PIK11.25%11/24/20339,182 8,909 8,907 0.20 
Software
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 Debt62,445 63,175 1.43 
Warrants
Software
Mermaid EquityCo L.P. - Class B Units (4)4,551 865 7,645 0.17 
Total Warrants865 7,645 0.17 
Equity
Aerospace & Defense
Corfin Holdco, Inc. - Common Stock (4)2,137,866 $4,767 $9,535 0.21 %
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.(4)(6)(10)SOFR +6.25%10.52%8/15/2028$74,649 $73,602 $73,529 1.77 %
KKR Alberta Midstream Finance Inc.(4)(6)(10)SOFR +6.25%10.52%8/15/202840,611 40,042 40,002 0.96 
113,644 113,531 2.73 
Paper & Forest Products
Profile Products, LLC(4)(7)(10)L +5.50%9.36%11/12/20276,344 6,247 6,186 0.15 
Profile Products, LLC(4)(10)C +5.50%10.14%11/12/20271,242 1,221 1,214 0.03 
7,468 7,400 0.18 
Pharmaceuticals
Doc Generici (Diocle S.p.A.)(4)(6)(7)(8)E +6.50%8.56%10/27/2028EUR1,758 1,478 1,688 0.04 
Professional Services
ALKU, LLC(4)(10)SOFR +5.25%9.67%3/1/202874,904 74,352 74,904 1.80 
ALKU, LLC(4)(10)SOFR +5.00%9.42%3/1/202838,118 37,751 38,118 0.92 
BPPH2 Limited(4)(5)(6)(8)S +6.87%10.30%3/2/2028GBP26,300 35,637 31,794 0.76 
CFGI Holdings, LLC(4)(7)(10)L +5.00%9.39%11/2/20277,598 7,449 7,565 0.18 
Clearview Buyer, Inc.(4)(5)(7)(10)L +5.25%9.98%8/26/20279,240 9,032 9,001 0.22 
Cumming Group, Inc.(4)(7)(11)L +5.25%8.92%5/26/202773,737 72,612 71,088 1.71 
Cumming Group, Inc.(4)(11)SOFR +5.25%8.92%11/16/20271,000 970 970 0.02 
Guidehouse, Inc.(4)(5)(10)L +6.25%10.63%10/16/2028325,537 322,831 319,027 7.67 
HIG Orca Acquisition Holdings, Inc.(4)(5)(7)(11)SOFR +6.00%9.78%8/17/202723,523 23,133 23,239 0.56 
IG Investments Holdings, LLC(4)(5)(7)(10)L +6.00%10.39%9/22/202848,167 47,356 47,915 1.15 
Kaufman Hall & Associates, LLC(4)(7)(10)L +5.25%9.63%12/14/202824,314 23,858 24,131 0.58 
Legacy Intermediate, LLC(4)(5)(7)(10)SOFR +5.75%10.26%2/25/20285,161 5,047 5,080 0.12 
Material Holdings, LLC(4)(5)(7)(10)SOFR +6.00%10.68%8/19/202724,448 24,042 23,687 0.57 
Minotaur Acquisition, Inc.(8)SOFR +4.75%9.17%3/27/20261,985 1,932 1,903 0.05 
Petrus Buyer Inc(4)(7)(10)SOFR +6.50%10.70%10/17/20291,905 1,833 1,831 0.04 
Sherlock Buyer Corp.(4)(7)(10)L +5.75%10.48%12/8/20288,573 8,386 8,223 0.20 
Thevelia US, LLC (5)(6)(9)SOFR +4.00%8.73%6/18/20291,309 1,296 1,273 0.03 
Titan Investment Company, Inc. (4)(5)(8)L +5.75%10.07%3/20/202742,028 40,646 40,136 0.97 
Trinity Air Consultants Holdings Corp.(4)(7)(10)L +5.25%10.18%6/29/202767,936 66,786 67,079 1.61 
Trinity Partners Holdings, LLC(4)(7)(10)SOFR +5.75%9.99%12/21/20284,804 4,710 4,694 0.11 
West Monroe Partners, LLC(4)(7)(10)L +5.50%9.84%11/8/202814,896 14,623 14,524 0.35 
824,282 816,182 19.62 
Real Estate Management & Development
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%10.67%2/16/202870,324 69,012 70,324 1.69 
Progress Residential PM Holdings, LLC(4)(7)(10)SOFR +6.25%10.67%7/25/2029833 814 833 0.02 
69,826 71,157 1.71 
Road & Rail
Gruden Acquisition, Inc.(4)(5)(7)(11)L +5.50%7.75%7/1/202816,437 16,072 16,167 0.39 
Software
Anaplan, Inc.(4)(6)(7)(10)SOFR +6.50%10.82%6/21/20291,786 1,749 1,747 0.04 
AxiomSL Group, Inc.(4)(7)(11)L +5.75%10.13%12/3/202742,118 41,401 41,635 1.00 
BlueCat Networks USA, Inc.(4)(6)(7)(10)SOFR +6.00%10.46%8/8/20281,959 1,915 1,913 0.05 
Community Brands ParentCo, LLC(4)(5)(7)(10)SOFR +5.75%10.17%2/24/20284,963 4,866 4,850 0.12 
Confine Visual Bidco(4)(6)(7)(10)SOFR +5.75%10.05%2/23/202915,921 15,503 15,092 0.36 
Connatix Buyer, Inc.(4)(5)(7)(10)L +5.50%10.14%7/14/202721,875 21,348 21,220 0.51 
Diligent Corporation(4)(11)L +5.75%10.13%8/4/202558,950 58,458 57,182 1.38 
Discovery Education, Inc.(4)(7)(10)SOFR +5.75%9.83%4/9/202926,600 26,071 25,565 0.61 
28
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread		Interest Rate (2)Maturity
Date		Par
Amount/Units		Cost (3)Fair
Value		Percentage
of Net Assets
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 9,876 0.22 
6,389 10,847 0.24 
Distributors
Box Co-Invest Blocker, LLC (4)702,305 702 702 0.02 
EIS Acquisition Holdings, LP - Class A Common Units (4)6,292 3,358 6,764 0.15 
4,061 7,466 0.17 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests (4)12,511,857 12,315 14,480 0.33 
Deneb Ultimate Topco, LLC - Class A Units (4)213 213 213 0.00 
12,528 14,693 0.33 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units (4)6,930 5,877 5,877 0.13 
Point Broadband Holdings, LLC - Class B Units (4)369,255 1,053 1,052 0.02 
6,930 6,930 0.15 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4)500 500 500 0.01 
Health Care Providers & Services
Jayhawk Holdings, LP - A-1 Common Units (4)2,201 392 579 0.01 
Jayhawk Holdings, LP - A-2 Common Units (4)1,185 211 312 0.01 
603 890 0.02 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest (4)2,854,133 2,854 2,854 0.06 
Professional Services
Guidehouse Holding Corp. - Preferred Equity (4)15,440 15,133 15,789 0.36 
OHCP V TC COI, LP. - LP Interest (4)3,500,000 3,500 3,500 0.08 
18,633 19,289 0.44 
Software
Connatix Parent, LLC - Class L Common Units (4)42,045 462 462 0.01 
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)3,550 3,444 3,602 0.08 
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 
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Software (continued)
Episerver, Inc.(4)(5)(7)(11)L +5.25%9.98%4/9/2026$9,643 $9,525 $9,117 0.22 %
Experity, Inc.(4)(5)(7)(10)L +5.75%10.48%2/24/202815,007 14,743 14,677 0.35 
Gigamon Inc.(4)(7)(11)SOFR +5.75%9.73%3/9/20297,471 7,335 7,293 0.18 
GovernmentJobs.com, Inc.(4)(7)(10)L +5.50%9.88%12/1/20284,963 4,934 4,828 0.12 
GraphPAD Software, LLC(4)(7)(11)L +5.50%10.23%4/27/202726,584 26,261 26,222 0.63 
LD Lower Holdings, Inc.(4)(7)(11)L +6.50%11.23%2/8/202692,459 91,310 91,072 2.19 
Lightbox Intermediate, LP(4)(8)L +5.00%9.73%5/9/20261,990 1,948 1,920 0.05 
Magnesium BorrowerCo, Inc.(4)(10)S +5.75%9.18%5/18/2029GBP3,443 4,201 4,079 0.10 
Magnesium BorrowerCo, Inc.(4)(7)(10)SOFR +5.75%10.17%5/18/20295,268 5,136 5,177 0.12 
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(7)(9)L +3.75%8.16%7/31/20289,464 9,352 9,120 0.22 
Medallia, Inc.(4)(10)L +6.50%10.88% (incl. 5.44% PIK)10/29/2028350,678 345,298 343,665 8.26 
Monk Holding Co.(4)(7)(10)L +5.50%9.67%12/1/20275,043 4,921 4,929 0.12 
MRI Software, LLC(5)(7)(11)L +5.50%10.23%2/10/202627,816 27,642 26,405 0.63 
Nintex Topco Limited(4)(6)(10)L +6.00%10.73%11/13/202834,211 33,637 31,987 0.77 
Project Boost Purchaser, LLC(4)(7)(10)SOFR +5.25%9.65%5/2/20294,795 4,742 4,763 0.11 
Rally Buyer, Inc.(4)(7)(10)SOFR +5.75%8.78%7/19/2028718 700 699 0.02 
Relativity ODA, LLC(4)(7)(11)L +10.55%11.89% (incl. 11.55% PIK)5/12/202720,995 20,607 20,631 0.50 
Spitfire Parent, Inc.(4)(11)SOFR +6.00%9.28%3/11/202755,061 54,269 53,960 1.30 
Spitfire Parent, Inc.(4)(5)(11)E +6.00%7.86%3/11/2027EUR10,369 12,350 10,845 0.26 
Spitfire Parent, Inc.(4)(7)(11)SOFR +6.00%10.23%3/11/202720,506 20,137 20,059 0.48 
Stamps.com, Inc.(4)(10)L +5.75%10.13%10/5/2028288,101 283,359 280,899 6.75 
The NPD Group L.P.(4)(7)(10)SOFR +6.25%10.43% (incl. 2.75% PIK)12/1/202875,724 74,324 74,210 1.78 
The NPD Group L.P.(4)(7)(10)L +5.75%10.13%12/1/2028123,212 120,651 121,859 2.93 
Triple Lift, Inc.(4)(7)(10)SOFR +5.50%9.61%5/5/202865,276 64,177 63,876 1.54 
Zendesk Inc(4)(7)(10)SOFR +6.50%11.04%11/22/20281,582 1,544 1,542 0.04 
1,414,414 1,403,038 33.74 
Specialty Retail
CustomInk, LLC(4)(11)L +6.18%7.18%5/3/2026163,594 162,126 163,594 3.93 
Technology Hardware, Storage & Peripherals
Lytx, Inc.(4)(11)SOFR +6.75%11.17%2/28/202684,454 83,729 81,076 1.95 
Trading Companies & Distributors
Porcelain Acquisition Corp.(4)(7)(11)L +5.75%10.48%4/1/202755,254 53,785 54,829 1.32 
The Cook & Boardman Group, LLC(11)SOFR +5.75%9.99%10/17/202549,193 48,981 41,998 1.01 
102,766 96,827 2.33 
29
Table of Contents
Blackstone Secured Lending Fund
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
First Lien Debt (continued)
Transportation Infrastructure
Capstone Logistics, LLC(4)(11)L +4.75%9.13%11/12/2027$5,558 $5,527 $5,350 0.13 %
Frontline Road Safety, LLC(4)(10)L +5.75%6.68%5/3/202790,051 88,785 84,648 2.04 
Helix TS, LLC(4)(7)(10)L +5.75%10.16%8/4/202742,303 41,713 42,083 1.01 
Italian Motorway Holdings S.à.r.l (4)(6)(8)E +5.25%7.35%4/28/2029EUR78,810 81,010 81,376 1.96 
Roadsafe Holdings, Inc.(4)(7)(11)L +5.75%10.87%10/19/202751,884 51,085 51,336 1.23 
Safety Borrower Holdings LP(4)(5)(7)(11)L +5.25%10.46%9/1/20275,083 5,044 5,028 0.12 
Sam Holding Co, Inc.(4)(7)(11)L +5.25%9.95%9/24/202742,275 41,506 41,306 0.99 
TRP Infrastructure Services, LLC(4)(7)(11)L +5.50%10.08%7/9/202739,285 38,640 36,464 0.88 
353,310 347,591 8.36 
Total First Lien Debt9,497,570 9,419,963 226.49 
30
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments (1)Reference Rate
and Spread		Interest Rate (2)Maturity
Date		Par
Amount/Units		Cost (3)Fair
Value		Percentage
of Net Assets
Equity (continued)
Specialty Retail
CustomInk, LLC - Series A Preferred Units (4)384,520 $5,200 $6,272 0.14 %
Transportation Infrastructure
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)369 372 397 0.01 
3,281 3,025 0.07 
Total Equity Investments86,006 126,937 2.84 
Total Investments - non-controlled/non-affiliated9,712,367 9,819,696 220.80 
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(14)32,759 35,683 0.80 
Total Equity32,759 35,683 0.80 
Total Investments - non-controlled/affiliated32,759 35,683 0.80 
Total Investment Portfolio9,745,126 9,855,379 221.59 
Cash and Cash Equivalents
Other Cash and Cash Equivalents102,879 102,879 2.31 
Total Portfolio Investments, Cash and Cash Equivalents$9,848,004 $9,958,258 223.90 %
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)FootnotesReference Rate and SpreadInterest Rate (2)(15)Maturity DatePar Amount/Units(1)Cost (3)Fair Value% of Net Assets
Second Lien Debt
Construction & Engineering
COP Home Services TopCo IV, Inc.(4)(5)(11)L +8.75%13.13%12/29/2028$7,517 $7,390 $7,178 0.17 %
Health Care Providers & Services
Canadian Hospital Specialties Ltd.(4)(5)(6)(8)8.75%8.75%4/15/2029CAD10,533 8,323 7,171 0.17 
Jayhawk Buyer, LLC(4)(11)L +8.75%13.17%10/15/20275,183 5,106 5,144 0.12 
13,429 12,315 0.29 
Industrial Conglomerates
Victory Buyer, LLC(4)(9)L +7.00%11.35%11/1/20299,619 9,534 8,248 0.20 
IT Services
Inovalon Holdings, Inc.(4)(5)(10)L +10.50%15.20% (incl. 15.20% PIK)11/24/203310,358 10,108 10,359 0.25 
Professional Services
Thevelia US, LLC(4)(6)(9)SOFR +6.75%11.48%6/17/20304,920 4,783 4,810 0.12 
Software
Mandolin Technology Intermediate Holdings, Inc.(4)(5)(9)L +6.50%10.91%7/30/20293,550 3,509 3,426 0.08 
Total Second Lien Debt48,753 46,336 1.11 

31
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)(5)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Equity
Aerospace & Defense
Micross Topco, Inc.(4)4,767 $4,767 $4,767 0.11 %
Air Freight & Logistics
AGI Group Holdings LP - A2 Units(4)902 902 724 0.02 
Mode Holdings, L.P. - Class A-2 Common Units(4)5,486,923 5,487 10,699 0.26 
6,389 11,423 0.28 
Distributors
Box Co-Invest Blocker, LLC(4)702,305 702 625 0.02 
EIS Acquisition Holdings, LP - Class A Common Units(4)6,292 3,350 13,282 0.32 
4,052 13,907 0.34 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interests(4)11.50%12,511,857 12,315 15,135 0.36 
Deneb Ultimate Topco, LLC - Class A Units(4)213 213 168 0.00 
12,528 15,303 0.36 
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Units(4)6,930 5,877 5,285 0.13 
Point Broadband Holdings, LLC - Class B Units(4)369,255 1,053 762 0.02 
Point Broadband Holdings, LLC - Class Additional A Units(4)79,358 226 164 0.00 
Point Broadband Holdings, LLC - Class Additional B Units(4)1,489 1,263 1,136 0.03 
8,419 7,347 0.18 
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units(4)539 539 324 0.01 
Health Care Providers & Services
AVE Holdings I Corp.(4)625,944 607 638 0.02 
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 1,603 0.05 
Health Care Technology
Caerus Midco 2 S.À. R.L - Additional Vehicle Units(4)(6)11,710 12 1 0.00 
Caerus Midco 2 S.À. R.L - Vehicle Units(4)(6)58,458 58 53 0.00 
70 54 0.00 
Insurance
Shelf Holdco Ltd Common Equity(4)(6)50,000 50 50 0.00 
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest(4)2,854,133 2,854 2,854 0.07 
32
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(in thousands)
(Unaudited)
Investments (1)(5)FootnotesReference Rate and SpreadInterest Rate (2)Maturity DatePar Amount/Units (1)Cost (3)Fair Value% of Net Assets
Equity (continued)
Professional Services
Guidehouse Holding Corp. - Preferred Equity(4)11.50%15,440 $15,133 $16,637 0.40 %
OHCP V TC COI, LP. - LP Interest(4)3,500,000 3,500 4,410 0.11 
Tricor Horizon, LP(4)(6)382,469 382 382 0.01 
19,015 21,429 0.52 
Software
Connatix Parent, LLC - Class L Common Units(4)42,045 462 256 0.01 
Expedition Holdco, LLC - Class A Units(4)90 57 44 0.00 
Expedition Holdco, LLC - Class B Units(4)90,000 33 21 0.00 
Lobos Parent, Inc. - Series A Preferred Shares(4)10.50%1,545 1,506 1,641 0.04 
Mandolin Technology Holdings, Inc. - Series A Preferred Shares(4)3,550,000 3,444 3,408 0.08 
Mimecast Limited(4)651,175 651 638 0.02 
Zoro Common Equity(4)2,073 21 21 0.00 
Zoro Series A Preferred Shares(4)12.50%373 362 362 0.01 
6,536 6,391 0.16 
Specialty Retail
CustomInk, LLC - Series A Preferred Units(4)384,520 5,200 6,521 0.16 
Transportation Infrastructure
Frontline Road Safety Investments, LLC - Class A Common Units(4)27,536 2,909 1,920 0.05 
Ncp Helix Holdings, LLC. - Preferred Shares(4)369 372 472 0.01 
3,281 2,392 0.06 
Total Equity Investments74,910 94,365 2.30 
Total Investment - non-controlled/non-affiliated9,621,233 9,560,664 229.90 
Investments - non-controlled/affiliated
Equity
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)(4)(5)(6)(16)36,639 56,584 1.36 
Total Equity36,639 56,584 1.36 
Total Investments - non-controlled/affiliated36,639 56,584 1.36 
Total Investment Portfolio9,657,872 9,617,248 231.26 
Cash and Cash Equivalents
Other Cash and Cash Equivalents131,272 131,272 3.16 
Total Portfolio Investments, Cash and Cash Equivalents$9,789,144 $9,748,520 234.42 %
(1)Unless otherwise indicated, issuers ofall 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. As of December 31, 2022, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), and Norwegian Krone (NOK). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicatedindicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either L, CDORLIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or C, SONIA“C”), Sterling Overnight Interbank Average Rate (“SONIA” or S, Euribor“S”), Euro Interbank Offer Rate (“Euribor” or E, SOFR,“E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Copenhagen Interbank Offered Rate ("CIBOR" or "CI", Norwegian
33
Table of Contents
Interbank Offered Rate ("NIBOR" or "N"), or an alternate base rate (commonly based on the FFederal Funds Rate (“F”) or the P)U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021.2022. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2021, 93.9%2022, 93.1% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.
(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. GAAP.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, 2021,2022, non-qualifying assets represented 10.5%11.0% 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 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
First Lien Debt
123Dentist, Inc.Delayed Draw Term Loan8/10/2029$270 $(18)
ACI Group Holdings, Inc.Delayed Draw Term Loan8/2/202326,295 — 
ACI Group Holdings, Inc.Revolver8/2/202710,295 — 
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)
Amerilife Holdings, LLCRevolver8/31/2028243 (2)
Amerilife Holdings, LLCDelayed Draw Term Loan8/31/2029150 — 
Amerivet Partners Management, Inc.Revolver2/25/2028589 (24)
Amerivet Partners Management, Inc.Delayed Draw Term Loan2/25/20242,605 — 
Anaplan, Inc.Revolver6/21/2028179 (21)
Armada Parent, Inc.Delayed Draw Term Loan10/29/20231,250 — 
Armada Parent, Inc.Revolver10/29/20273,000 (83)
Ascend Buyer, LLCRevolver9/30/20271,940 (19)
AxiomSL Group, Inc.Delayed Draw Term Loan12/3/20272,949 (29)
AxiomSL Group, Inc.Revolver12/3/20253,221 (32)
Bazaarvoice, Inc.Revolver5/7/202628,662 — 
Benefytt Technologies, Inc.Delayed Draw Term Loan8/12/2023397 — 
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/2028309 — 
BlueCat Networks USA, Inc.Delayed Draw Term Loan8/8/2028341 (3)
Caerus US 1, Inc.Delayed Draw Term Loan5/25/20291,506 (15)
Caerus US 1, Inc.Revolver5/25/2029732 — 
Caerus US 1, Inc.Revolver5/25/2029233 (5)
Caerus US 1, Inc.Delayed Draw Term Loan5/25/2029320 — 
Cambium Learning Group, Inc.Revolver7/20/202843,592 — 
Canadian Hospital Specialties Ltd.Delayed Draw Term Loan4/14/20235,647 — 
Canadian Hospital Specialties Ltd.Revolver4/14/20271,376 — 
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)
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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)
Frontline Road Safety, LLC - BDelayed Draw Term Loan5/3/202226,351 — 
Galway Borrower, LLCDelayed Draw Term Loan9/30/202335,620 — 
Galway Borrower, LLCRevolver9/30/202719,017 (380)
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20237,500 — 
Genuine Cable Group, LLCDelayed Draw Term Loan4/1/202337,385 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/29/20232,000 (20)
GI Ranger Intermediate, LLCRevolver10/29/20271,200 (24)
Go Car Wash Management Corp.Delayed Draw Term Loan8/31/202312,715 — 
GovernmentJobs.com, Inc.Delayed Draw Term Loan11/30/20232,144 — 
GovernmentJobs.com, Inc.Revolver11/30/2027677 (14)
GI Consilio Parent, LLCRevolver5/14/20264,200 — 
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
GraphPAD Software, LLCRevolver4/27/20272,124 — 
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20233,428 — 
Gruden Acquisition, Inc.Revolver7/1/20263,000 (75)
Guidehouse, Inc.Revolver10/15/202727,395 — 
HealthComp Holding Company, LLCDelayed Draw Term Loan4/27/202228,515 — 
Helix TS, LLCDelayed Draw Term Loan8/3/202316,420 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20236,210 (62)
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,481 — 
High Street Buyer, Inc. - BDelayed Draw Term Loan4/16/20283,573 — 
High Street Buyer, Inc.Revolver4/16/20272,254 (45)
IG Investments Holdings, LLCRevolver9/22/20271,791 — 
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/202512,762 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/20232,950 — 
Java Buyer, Inc.Revolver12/15/2027820 (16)
Jones Deslauriers Insurance Management, Inc.Delayed Draw Term Loan3/28/202215,248 — 
Jones Deslauriers Insurance Management, Inc. (2nd Lien)Delayed Draw Term Loan3/28/20222,441 — 
Kaufman Hall & Associates, LLCDelayed Draw Term Loan12/14/20234,960 (50)
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20232,121 — 
Knowledge Pro Buyer, Inc.Revolver12/10/2027784 — 
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/20231,188 — 
L&S Mechanical Acquisition, LLCDelayed Draw Term Loan9/1/20224,088 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
LinQuest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/30/20261,200 — 
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan12/23/20281,600 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/20233,533 — 
Material Holdings, LLCRevolver8/17/20271,484 — 
Maverick Acquisition, Inc.Delayed Draw Term Loan6/1/20236,243 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Clearview Buyer, Inc.Revolver2/26/2027898 (18)
Clearview Buyer, Inc.Delayed Draw Term Loan8/26/2024$3,668 $— 
Community Brands ParentCo, LLCDelayed Draw Term Loan2/24/2024588 (6)
Community Brands ParentCo, LLCRevolver2/24/2028345 (7)
Confine Visual BidcoDelayed Draw Term Loan3/11/20243,046 — 
Connatix Buyer, Inc.Revolver7/14/20275,431 (109)
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 Loan5/1/20237,778 — 
CPI Buyer, LLCRevolver11/1/20263,214 (64)
CPI Intermediate Holdings IncDelayed Draw Term Loan10/8/2029966 (10)
Cumming Group, Inc.Delayed Draw Term Loan5/26/20277,896 (79)
Cumming Group, Inc.Revolver5/26/202711,923 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan3/12/2023169 — 
DCA Investment Holdings, LLCDelayed Draw Term Loan4/3/20281,000 (15)
Discovery Education, Inc.Revolver4/9/20292,960 (104)
Discovery Education, Inc.Delayed Draw Term Loan4/9/20296,773 — 
Doc Generici (Diocle S.p.A.)Delayed Draw Term Loan10/26/20241,195 (141)
Emergency Power Holdings, LLCDelayed Draw Term Loan8/17/202318,700 (187)
ENV BIDCO ABDelayed Draw Term Loan7/19/2029260 — 
Episerver, Inc.Revolver4/9/20262,064 (93)
Experity, Inc.Revolver2/24/20281,495 (30)
Foundation Risk Partners Corp.Revolver10/29/20271,401 — 
Galway Borrower, LLCRevolver9/30/20272,113 (53)
Galway Borrower, LLCDelayed Draw Term Loan9/30/2023274 — 
GCX Corporation Buyer, LLCDelayed Draw Term Loan9/13/20232,000 — 
The GI Alliance Management, LLCDelayed Draw Term Loan9/15/2028883 (26)
GI Ranger Intermediate, LLCRevolver10/29/20271,080 — 
GI Ranger Intermediate, LLCDelayed Draw Term Loan10/30/20283,040 — 
Gigamon Inc.Revolver3/11/2028437 (10)
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)
GraphPAD Software, LLCDelayed Draw Term Loan4/27/20276,429 (64)
Gruden Acquisition, Inc.Delayed Draw Term Loan7/1/20232,100 (26)
Gruden Acquisition, Inc.Revolver7/1/20263,000 (38)
Healthcomp Holding Company, LLCDelayed Draw Term Loan12/29/202323,952 — 
Helix TS, LLCDelayed Draw Term Loan8/3/2023138 — 
Helix TS, LLCDelayed Draw Term Loan6/14/2024767 — 
HIG Orca Acquisition Holdings, Inc.Revolver8/17/20271,542 — 
HIG Orca Acquisition Holdings, Inc.Delayed Draw Term Loan8/17/20233,390 — 
3235
Table of Contents
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 — 
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
High Street Buyer, Inc.Revolver4/16/20272,254 (45)
High Street Buyer, Inc.Delayed Draw Term Loan4/16/2028$11,830 $— 
IG Investments Holdings, LLCRevolver9/22/20272,150 — 
Inovalon Holdings, Inc.Delayed Draw Term Loan6/24/202411,060 (138)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan8/27/2025347 — 
ISQ Hawkey Holdco, Inc.Revolver8/17/202891 (1)
ISQ Hawkey Holdco, Inc.Delayed Draw Term Loan8/17/202990 — 
Java Buyer, Inc.Delayed Draw Term Loan12/15/20231,897 — 
Jayhawk Buyer, LLCDelayed Draw Term Loan10/15/202630 — 
Knowledge Pro Buyer, Inc.Delayed Draw Term Loan12/10/20231,032 (8)
Knowledge Pro Buyer, Inc.Revolver12/10/20271,145 — 
KPSKY Acquisition, Inc.Delayed Draw Term Loan10/19/2023143 — 
LD Lower Holdings, Inc.Delayed Draw Term Loan2/8/202315,684 — 
Legacy Intermediate, LLCRevolver2/25/2028958 (10)
Legacy Intermediate, LLCDelayed Draw Term Loan2/25/20232,000 (20)
Linquest Corp.Delayed Draw Term Loan1/27/20234,975 (50)
Magnesium BorrowerCo, Inc.Delayed Draw Term Loan5/18/2029485 (12)
Mandolin Technology Intermediate Holdings, Inc.Revolver7/23/2026349 — 
Marcone Yellowstone Buyer, Inc.Delayed Draw Term Loan6/23/2028342 — 
Material Holdings, LLCRevolver8/17/2027918 — 
Material Holdings, LLCDelayed Draw Term Loan8/19/20231,802 — 
MHE Intermediate Holdings, LLCRevolver7/21/2027230 — 
Monk Holding Co.Delayed Draw Term Loan8/12/20232,038 — 
Monterey Financing S.à.r.lDelayed Draw Term Loan9/19/2029467 — 
MRI Software, LLCRevolver2/10/20261,516 (55)
MRI Software, LLCRevolver2/10/20264,200 (347)
Navigator Acquiror, Inc.Delayed Draw Term Loan7/16/202349,175 — 
NDC Acquisition Corp.Revolver3/9/20272,911 — 
NMC Crimson Holdings, Inc.Delayed Draw Term Loan3/1/202326,585 — 
Onex Baltimore Buyer, Inc.Delayed Draw Term Loan12/1/20232,247 — 
Petrus Buyer IncDelayed Draw Term Loan10/17/2029595 (9)
Petrus Buyer IncRevolver10/17/2029272 (8)
PGIS Intermediate Holdings, LLCRevolver10/16/2028330 (7)
Point Broadband Acquisition, LLCDelayed Draw Term Loan10/1/202320,703 — 
Porcelain Acquisition Corp.Delayed Draw Term Loan4/1/202714,481 — 
PPV Intermediate Holdings, LLCRevolver8/31/2029116 — 
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/2029170 — 
Profile Products, LLCRevolver11/12/2027237 — 
Profile Products, LLCDelayed Draw Term Loan11/12/2027413 (9)
Progress Residential PM Holdings, LLCDelayed Draw Term Loan3/17/202316,623 — 
Progress Residential PM Holdings, LLCDelayed Draw Term Loan7/25/2029333 — 
Project Boost Purchaser, LLCRevolver5/2/2028591 (3)
3336
Table of Contents
Blackstone Secured Lending Fund
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(Unaudited)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2029905 — 
Qualus Power Services Corp.Delayed Draw Term Loan3/26/2023$4,259 $— 
Rally Buyer, Inc.Revolver7/19/2028110 (2)
Rally Buyer, Inc.Delayed Draw Term Loan7/19/2028205 (2)
Red River Technology, LLCDelayed Draw Term Loan5/26/202325,880 — 
Redwood Services Group, LLCDelayed Draw Term Loan6/15/2029133 — 
Relativity ODA, LLCRevolver5/12/20273,292 (49)
Relay Purchaser, LLCRevolver8/30/20267,143 (71)
RoadOne IncDelayed Draw Term Loan12/30/2028255 (4)
RoadOne IncRevolver12/30/2028226 — 
Roadsafe Holdings, Inc.Delayed Draw Term Loan7/31/20232,900 — 
RPBLS Midco, LLCDelayed Draw Term Loan4/1/202820 — 
RWL Holdings, LLCDelayed Draw Term Loan12/1/20276,452 (65)
Safety Borrower Holdings LPRevolver9/1/2027373 (4)
Sam Holding Co, Inc.Delayed Draw Term Loan9/24/202329,731 — 
Sam Holding Co, Inc.Revolver3/24/20275,500 — 
SEKO Global Logistics Network, LLCRevolver12/30/2026294 — 
SEKO Global Logistics Network, LLCDelayed Draw Term Loan12/30/2026399 — 
Sherlock Buyer Corp.Delayed Draw Term Loan12/8/20282,794 (28)
Sherlock Buyer Corp.Revolver12/8/20271,111 (22)
Smile Doctors, LLCRevolver12/23/2027710 — 
Snoopy Bidco, Inc.Delayed Draw Term Loan6/1/202315,786 (237)
SpecialtyCare, Inc.Revolver6/18/2026614 — 
SpecialtyCare, Inc.Delayed Draw Term Loan6/18/20231,155 — 
Spitfire Parent, Inc.Delayed Draw Term Loan3/11/20273,689 — 
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan12/30/2023441 — 
Stepping Stones Healthcare Services, LLCRevolver12/30/202674 — 
The Fertility Partners, Inc.Revolver9/16/202728 — 
The Fertility Partners, Inc.Delayed Draw Term Loan3/16/2024315 — 
The NPD Group L.P.Revolver12/1/20277,729 — 
The NPD Group L.P.Revolver12/1/20274,416 (44)
Trader Corp.Revolver12/22/2028620 (11)
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202310,916 — 
Trinity Air Consultants Holdings Corp.Revolver6/29/20276,881 (69)
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,433 (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 Loan8/3/20283,239 — 
Unified Physician Management, LLCRevolver6/18/2029241 — 
Unified Physician Management, LLCDelayed Draw Term Loan6/18/202977 — 
United Mutual Acquisition Holdings, LLCDelayed Draw Term Loan7/15/20281,275 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan11/18/20233,666 — 
37
Table of Contents
Investments—non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First and Second Lien Debt (continued)
TCFI AEVEX, LLCDelayed Draw Term Loan3/18/20221,579 — 
Tennessee Bidco Limited - GBPDelayed Draw Term Loan8/3/202834,405 — 
Trinity Air Consultants Holdings Corp.Delayed Draw Term Loan6/29/202324,085 (241)
Trinity Air Consultants Holdings Corp.Revolver6/29/20271,376 — 
Trinity Partners Holdings, LLCDelayed Draw Term Loan12/21/20231,380 (14)
Triple Lift, Inc.Revolver5/6/20287,698 (154)
TRP Infrastructure Services, LLCDelayed Draw Term Loan1/9/20237,101 (71)
The Action Environmental Group, Inc.Delayed Draw Term Loan1/16/202629,158 — 
The NPD Group L.P.Revolver12/1/20279,260 (86)
Turing Holdco, Inc.Delayed Draw Term Loan8/3/20289,318 — 
US Oral Surgery Management Holdco, LLCDelayed Draw Term Loan1/7/202212,338 — 
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (65)
Westland Insurance Group LTDDelayed Draw Term Loan7/5/202286,743 — 
West Monroe Partners, LLCDelayed Draw Term Loan11/9/20233,848 — 
West Monroe Partners, LLCRevolver11/9/20271,443 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202320,425 — 
WHCG Purchaser III, Inc.Revolver6/22/20266,723 (134)
Total First Lien Debt Unfunded Commitments$1,407,310 $(4,688)
Investments—non-controlled/non-affiliatedCommitment TypeCommitment
Expiration Date		Unfunded
Commitment		Fair
Value
US Oral Surgery Management Holdco, LLCRevolver11/18/20273,233 (32)
West Monroe Partners, LLCDelayed Draw Term Loan11/9/2023$3,848 $— 
West Monroe Partners, LLCRevolver11/9/20271,443 — 
Westland Insurance Group LTDDelayed Draw Term Loan5/31/2023572 — 
WHCG Purchaser III, Inc.Revolver6/22/20264,454 — 
WHCG Purchaser III, Inc.Delayed Draw Term Loan6/22/202310,490 — 
Zendesk IncDelayed Draw Term Loan11/22/2028361 (5)
Zendesk IncRevolver11/3/2028169 (3)
Total unfunded commitments$690,256 $(3,057)

(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of December 31, 20212022 was 0.50%.
(10)The interest rate floor on these investments as of December 31, 20212022 was 0.75%.
(11)The interest rate floor on these investments as of December 31, 20212022 was 1.00%.
(12)The interest rate floor on these investments as of December 31, 20212022 was 1.25%.
(13)The interest rate floor on these investments as of December 31, 20212022 was 1.50%.
(14)The interest rate floor on these investments as of December 31, 2022 was 2.00%
(15)For unsettled positions the interest rate does not include the base rate.
(16)Under the Investment Company Act of 1940, Act,as amended (together with the rules and regulations promulgated thereunder, 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, 2021,2022, 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 December 31, 2021,2022, the Company’s non-controlled/affiliated investments were as follows:
Fair value as of December 31, 2021Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Fair value as of December 31, 2022Dividend and Interest Income
Non-controlled/Affiliated Investments
Blackstone Donegal Holdings LP$35,683 $3,879 $— $17,022 $56,584 $— 
Total$35,683 $3,879 $— $17,022 $56,584 $— 

Fair 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 Investments
Blackstone Donegal Holdings LP (Westland Insurance Group, LTD)$— $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.
3438
Table of Contents
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”), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the(together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ((a “RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the(together with the rules and regulations promulgated thereunder, the “Code”).

The Company also intendsis externally managed by Blackstone Credit BDC Advisors LLC (the “Adviser”) an affiliate of Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. (“Blackstone”), “Blackstone Credit,” which, for the avoidance of doubt, excludes Harvest Fund Advisors LLC and Blackstone Insurance Solutions). The Administrator provides certain administrative and other services necessary for the Company to continueoperate pursuant to comply withan administration agreement (the “Administration Agreement”).  Blackstone Credit is part of the requirements prescribed bycredit-focused platform of Blackstone and is the Code in order to maintain tax treatment as a RIC.  primary part of its Credit & Insurance reporting segment.

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 outfirst-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”). Blackstone Alternative Credit Advisors LP (the “Administrator” and, collectively with its affiliates in the credit-focused business of Blackstone Inc. (“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 Agreement”).  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 Offering”) 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 Commitment”) 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 Period”) 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 Date”). 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” to “Blackstone Secured Lending Fund.”2018.
On October 28, 2021, the Company closedpriced its initial public offering (“IPO”) and the Company's shares began trading on the New York Stock Exchange (“NYSE”). See "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.accounting principles generally accepted in the United States (“GAAP”).  As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). U.S. GAAP for an investment company requires investments to be recorded at fair value.
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, 2022.2023.
All intercompany balances and transactions have been eliminated.
Certain prior period information has been reclassified to conform to the current period presentation.
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
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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.

The Company consolidated the results of the Company’s wholly-owned subsidiaries.

subsidiaries which are considered to be investment companies. As of September 30,March 31, 2023 and December 31, 2022, the Company's consolidated subsidiaries were BGSL Jackson Hole Funding LLC (“Jackson Hole Funding”), BGSL Breckenridge Funding LLC (“Breckenridge Funding”), BGSL Big Sky Funding LLC (“Big Sky Funding”) and BGSL Investments LLC (“BGSL Investments”).
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. recoveries, and is recorded within Net Realized gain (loss) on the Consolidated Statements of Operations.
The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.period, and is recorded within Net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.
Valuation of Investments
The Company is required to report its investments, including those for which current market values are not readily available, at fair value.
GAAP for an investment company requires investments to be recorded at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurements (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act, which defines fairAct.
Fair value as the value of a portfolio investment for whichis based on observable market prices or parameters or derived from such prices or parameters when such quotations are not readily available. AIn accordance with Rule 2a-5 under the 1940 Act, a market quotation is “readily available”"readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable. 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 readily 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, andavailable; otherwise generally 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 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 Committee”) 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. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.
An enterprise value (“EV”) analysis is generally performed to determine the value of equity investments, control debt investments and non-control debt investments that are credit-impaired, and to determine if debt investments are credit impaired.
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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”) or another key financial metric (e.g., such as revenues, cash flows or net income) (“Performance Multiple”). Performance Multiples are typically determined based upon a review of publicly traded comparable companies and market comparable transactions, if any. The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine a present value using estimated discount rates. The income approach is generally used when the Adviser has visibility into the long term projected cash flows of a portfolio company.
If debt investments are credit-impaired, which occurs when there is insufficient coverage under the enterprise value analysis through the respective investment’s position in the capital structure, the Adviser generally 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 generally uses a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The fair value of loans with call protection is generally capped at par plus applicable prepayment premium in effect at the measurement date.
ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:
•Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 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”) 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.
The Company’s Board undertakesCompany 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 multi-step valuation process each quarter in connection withparticular investment would qualify for treatment as a Level 2 or Level 3 investment.
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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 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 investmentsmay fluctuate from period to the Boardperiod, 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 generallythese differences could be made as described above as of the end of each fiscal quarter. In cases where the Company determines its net asset value (“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 Measurements.
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The Board has and will continue to engage independent valuation firms to provide assistance regarding the determination ofmaterial. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio securities forinvestment 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 quotations are not readily available or are readily available but deemed not reflectiveenvironment and other events that may occur over the life of the fair valueinvestments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.  See “Item 2. Management’s Discussion and Analysis of the investment each quarter,Financial Conditions and the Board may reasonably rely on that assistance. However, the Board is responsible for the ultimate valuationResults 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.Operations—Critical Accounting Estimates.”
Receivables/Payables From Investments Sold/Purchased
Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. As of September 30, 2022 and December 31, 2021, the Company had $40.0 million and $142.9 million, respectively, of receivables for investments sold. As of September 30, 2022 and December 31, 2021, the Company had $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. TheDerivative contracts entered into by the Company presentsare not designated in hedge accounting relationships and all changes in fair value are recognized 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 business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into 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
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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 nine months ended September 30,March 31, 2023 and 2022, the Company recorded $1.7$0.4 million and
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$2.0 $1.0 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 nine months ended September 30, 2021, the Company recorded $16.4 million and $41.0 million, respectively, in non-recurring interest income.
PIK Income
The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions.  PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity.  Such income is included in payment-in-kindPayment-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 Payment-in-kind interest income. To maintainsatisfy the Company’s status as aCompany's annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three and nine months ended September 30, 2022, the Company recorded PIK income of $10.9 million and $30.4 million, respectively. For the three and nine months ended September 30, 2021, the Company recorded PIK income of $1.0 million and $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 nine months ended September 30, 2022, the Company recorded dividend income of $0.0 million and $5.9 million, respectively. For the three and nine months ended September 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 nine months ended September 30, 2022, the Company recorded fee income of $2.6 million and $4.0 million, respectively. For the three and nine months ended September 30, 2021 the Company recorded fee income of $0.5 million and $5.3 million, respectively.
Non-Accrual Income
Loans are generally placed on non-accrual status when there is reasonable doubt thatwhether 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 Consolidated 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 nine months ended September 30,March 31, 2023 and 2022, the Company incurred $0.0$2.6 million and $1.4 million, respectively, of U.S. federal excise tax. For the three and nine months ended September 30, 2021, the Company incurred $2.2 million and $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'sCompany’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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. 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 Cumulative 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 earlier 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 was most recently renewed and approved by the Board, including a majority of the Independent Trustees, on May 2, 2023 for a one-year period ending on May 31, 2022, for a one-year period.2024.
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 Period”). 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 FeeFees
SinceStarting from the completion of the IPO, the management fee pursuant to the Investment Advisory Agreement has beenis 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
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Company’s gross assets at the end of the threetwo 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 nine months ended September 30,March 31, 2023 and 2022, base management fees were $25.4$24.7 million and $76.9$25.6 million, respectively, of which $6.3$6.2 million and $19.2 million, respectively, were waived. For the three and nine months ended
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September 30, 2021, base management fees were $15.4 million and $40.4 million, respectively, of which $0.0 million and $0.0$6.4 million, respectively, were waived. As of September 30, 2022March 31, 2023 and December 31, 2021, $19.02022, $18.5 million and $17.8$18.6 million, respectively, was payable to the Adviser relating to management fees.
Incentive Fees
The incentive fee consistsfees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains, each as described below:
(i) Income based incentive fee:fees:
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 incomePre-Incentive Fee Net Investment Income Returns as defined in the Investment Advisory Agreement.  Pre-incentive fee net investment incomePre-Incentive Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee.  Pre-incentive fee net investment incomePre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities)), accrued income that the Company has not yet received in cash.  Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The Company excludes the impact of expense support payments and recoupments from pre-incentive fee net investment income. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.
Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.5% per quarter (6.0% annualized).
Pursuant to the Investment Advisory Agreement, the Company is required to pay an income based incentive fee of 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, theThe Company has paidpays 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 Quarters”).

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

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

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. As the consummation of the IPO occurred on a date other than the first day of a calendar quarter, the income based incentive fee with respect to the Company’s pre-incentive fee net investment income was calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the consummation of the IPO based on the number of days in such calendar quarter before and after the consummation of the IPO. In no event will the amendments to the income based incentive fee include the incentive fee cap and allow the Adviser to receive greater cumulative income based incentive fees under the Investment Advisory Agreement than it would have under the prior investment advisory agreement. Amounts waived by the Adviser are not subject to recoupment by the Adviser.
(ii) Capital gains based incentive fee:
SinceStarting from the completion of the IPO, the second part of the incentive fee, a capital gains incentive fee, has beenis 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
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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 nine months ended September 30,March 31, 2023 and 2022 the Company accrued income based incentive fees of $26.1$30.4 million and $68.3$21.3 million, respectively, of which $3.7$4.3 million and $9.8 million, respectively, were waived. For the three and
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nine months ended September 30, 2021 the Company accrued income based incentive fees of $17.0 million and $45.1 million, respectively, of which $0.0 million and $0.0$3.0 million, respectively, were waived. As of September 30, 2022March 31, 2023 and December 31, 2021, $22.42022, $26.1 million and $19.8$24.8 million, respectively, was payable to the Adviser for income based incentive fees.
For the three and nine months ended September 30,March 31, 2023 and 2022 , the Company accrued capital gains incentive fees of $(5.4)$(1.6) million and $(8.6)$0.7 million, respectively. For the three and nine months ended September 30, 2021, the Company accrued capital gains incentive fees of $2.4 million and $14.6 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had accrued capital gains incentive fees of $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.2018. Unless earlier 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 was most recently renewed and approved by the Board, including a majority of the Independent Trustees, on May 2, 2023, 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 nine months ended September 30, 2022March 31, 2023 and 2021.2022.
For the three and nine months ended September 30,March 31, 2023 and 2022, the Company incurred $0.7$0.4 million and $1.9 million, respectively, in fees under the Administration Agreement, which were recorded in administrative service expenses in the Company’s Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, the Company incurred $0.5 million and $1.6$0.8 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 September 30, 2022March 31, 2023 and December 31, 2021, $0.72022, $0.3 million and $1.1$1.2 million, respectively, was unpaid and included in "dueDue to affiliates"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 Agreement”) with State Street Bank and Trust Company (the “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”).  The initial term of the Sub-Administration Agreement wasis 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.  
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Expense Support and Conditional Reimbursement Agreement
On December 12, 2018, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. The Adviser maypursuant to which the Adviser was able to elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will bewas used to pay any interest of the Company. Any Expense Payment that the Adviser has committed to pay mustwas to 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.
FollowingPursuant to the Expense Support Agreement, following any calendar quarter in which Available Operating Funds (as defined below) exceedexceeded 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 Funds”), the Company shallwas required to 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 beenwere reimbursed. Any payments required to be made by the Company shall beare referred to herein as a “Reimbursement PaymentPayment”.” 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).
NoThe Expense Support Agreement terminated by its own terms on October 28, 2021. The Company’s obligation to make Reimbursement Payment for any calendar quarter shallPayments survived the termination of the Expense Support Agreement and may be made iffor a period of up to three years, in accordance with the annualized rateterms 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.Support Agreement.  The Company’s obligation to make a Reimbursement Payment shall automatically becomebecomes a liability of the Company on the last business day of the applicable calendar quarter.
As of September 30,March 31, 2023 and 2022, there are no amounts subject to the Reimbursement Payment obligation. As of March 31, 2023 and 20212022, there werewas no unreimbursed Expense Payments remaining. For the three months ended March 31, 2023 and 2022, the Adviser made no Expense Payments and the Company made no Reimbursement Payments related to Expense Payments by the Adviser.
Note 4. Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
September 30, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debt$9,524,640 $9,468,536 97.90 %$9,563,051 $9,621,939 97.63 %
Second lien debt70,632 66,313 0.69 62,445 63,175 0.64 
Equity investments110,065 137,267 1.41 119,630 170,265 1.73 
Total$9,705,337 $9,672,116 100.00 %$9,745,126 $9,855,379 100.00 %
March 31, 2023December 31, 2022
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debt$9,508,358 $9,425,003 97.91 %$9,497,570 $9,419,963 97.95 %
Second lien debt49,200 46,678 0.48 48,753 46,336 0.48 
Equity investments111,548 154,521 1.61 111,549 150,949 1.57 
Total$9,669,106 $9,626,202 100.00 %$9,657,872 $9,617,248 100.00 %












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

September 30, 2022December 31, 2021March 31, 2023December 31, 2022
Aerospace & DefenseAerospace & Defense4.83 %5.02 %Aerospace & Defense4.95 %4.89 %
Air Freight & LogisticsAir Freight & Logistics5.36 5.30 Air Freight & Logistics4.67 4.68 
Building ProductsBuilding Products3.45 4.06 Building Products3.41 3.47 
Chemicals— 1.12 
Commercial Services & SuppliesCommercial Services & Supplies7.67 6.75 Commercial Services & Supplies7.67 7.69 
Construction & EngineeringConstruction & Engineering0.43 0.30 Construction & Engineering0.43 0.43 
Containers & PackagingContainers & Packaging0.20 0.19 Containers & Packaging0.21 0.21 
DistributorsDistributors5.03 4.52 Distributors5.10 5.12 
Diversified Consumer ServicesDiversified Consumer Services3.48 3.53 Diversified Consumer Services3.49 3.49 
Diversified Financial ServicesDiversified Financial Services1.36 1.37 Diversified Financial Services1.35 1.36 
Diversified Telecommunication ServicesDiversified Telecommunication Services1.04 0.93 Diversified Telecommunication Services1.34 1.13 
Electrical EquipmentElectrical Equipment1.83 2.68 Electrical Equipment1.68 1.70 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components1.07 1.10 Electronic Equipment, Instruments & Components1.08 1.10 
Electric UtilitiesElectric Utilities0.33 0.32 Electric Utilities0.34 0.34 
Energy Equipment & ServicesEnergy Equipment & Services0.67 0.66 Energy Equipment & Services0.49 0.57 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies0.52 0.51 Health Care Equipment & Supplies0.59 0.58 
Health Care Providers & ServicesHealth Care Providers & Services11.56 13.97 Health Care Providers & Services11.78 11.66 
Health Care TechnologyHealth Care Technology3.64 3.37 Health Care Technology3.90 3.92 
Industrial ConglomeratesIndustrial Conglomerates0.10 0.10 Industrial Conglomerates0.09 0.09 
InsuranceInsurance7.97 6.87 Insurance7.67 8.10 
Interactive Media & Services— 0.48 
Internet & Direct Marketing RetailInternet & Direct Marketing Retail3.31 3.29 Internet & Direct Marketing Retail3.31 3.32 
IT ServicesIT Services2.88 2.68 IT Services2.90 2.84 
MachineryMachinery0.04 0.03 Machinery0.05 0.05 
MarineMarine0.26 0.25 Marine0.26 0.26 
MediaMedia0.07 0.07 
Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels1.54 1.53 Oil, Gas & Consumable Fuels1.19 1.18 
Paper & Forest ProductsPaper & Forest Products0.07 0.06 Paper & Forest Products0.08 0.08 
PharmaceuticalsPharmaceuticals0.02 0.02 
Professional ServicesProfessional Services8.03 7.91 Professional Services8.84 8.76 
Real Estate Management & DevelopmentReal Estate Management & Development1.43 1.28 Real Estate Management & Development0.74 0.74 
Road & RailRoad & Rail0.17 0.26 Road & Rail0.16 0.17 
SoftwareSoftware14.58 13.22 Software14.77 14.72 
Specialty RetailSpecialty Retail1.76 1.70 Specialty Retail1.77 1.77 
Technology Hardware, Storage & PeripheralsTechnology Hardware, Storage & Peripherals0.84 0.86 Technology Hardware, Storage & Peripherals0.87 0.84 
Trading Companies & DistributorsTrading Companies & Distributors1.04 0.96 Trading Companies & Distributors1.02 1.01 
Transportation InfrastructureTransportation Infrastructure3.51 2.82 Transportation Infrastructure3.71 3.64 
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:
September 30, 2022
CostFair Value% of Total
Investments at
Fair Value		Fair Value
as % of Net
Assets
United States$8,946,267 $8,939,765 92.43 %214.45 %
Canada549,455 542,464 5.61 13.00 
Europe209,615 189,887 1.96 4.55 
Total$9,705,337 $9,672,116 100.00 %232.00 %
March 31, 2023
CostFair Value% of Total
Investments at
Fair Value		Fair Value
as % of Net
Assets
United States$8,983,241 $8,929,026 92.76 %213.08 %
Canada470,555 486,555 5.05 11.61 
Europe215,310 210,621 2.19 5.03 
Total$9,669,106 $9,626,202 100.00 %229.72 %

December 31, 2021December 31, 2022
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$8,934,926 $8,893,051 92.47 %213.83 %
CanadaCanada481,348 494,037 5.01 11.11 Canada510,599 520,368 5.41 12.51 
EuropeEurope49,677 49,956 0.51 1.12 Europe212,347 203,829 2.12 4.90 
TotalTotal$9,745,126 $9,855,379 100.00 %221.59 %Total$9,657,872 $9,617,248 100.00 %231.24 %

As of September 30, 2022March 31, 2023 and December 31, 2021,2022, one borrower (across two loans) and no loansborrowers in the portfolio were on non-accrual status.status, respectively.

As of September 30, 2022March 31, 2023 and December 31, 2021,2022, 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”) 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”) 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”) or another key financial metric (e.g., such as revenues, cash flows or net income) (“Performance Multiple”).  Performance Multiples are typically determined based upon a review of publicly traded comparable companies and market comparable transactions, if any.  The second method for determining EV (and primary method for control investments with reliable projections) uses a discounted cash flow analysis whereby future expected cash flows and the anticipated terminal value of the portfolio company are discounted to determine afollowing tables 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:
September 30, 2022
Level 1Level 2Level 3Total
First lien debt$— $84,024 $9,384,512 $9,468,536 
Second lien debt— — 66,313 66,313 
Equity investments— — 137,267 137,267 
Total$— $84,024 $9,588,092 $9,672,116 
March 31, 2023
Level 1Level 2Level 3Total
First lien debt$— $199,713 $9,225,290 $9,425,003 
Second lien debt— — 46,678 46,678 
Equity investments— — 154,521 154,521 
Total$— $199,713 $9,426,489 $9,626,202 
December 31, 2022
Level 1Level 2Level 3Total
First lien debt$— $144,452 $9,275,511 $9,419,963 
Second lien debt— — 46,336 46,336 
Equity investments— — 150,949 150,949 
Total$— $144,452 $9,472,796 $9,617,248 
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December 31, 2021
Level 1Level 2Level 3Total
First lien debt$— $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 presentstables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
Three Months Ended September 30, 2022Three Months Ended March 31, 2023
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$9,602,373 $48,008 $173,940 $9,824,321 Fair value, beginning of period$9,275,511 $46,336 $150,949 $9,472,796 
Purchases of investmentsPurchases of investments244,158 212 1,633 246,003 Purchases of investments114,229 411 — 114,640 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(532,828)— (51,280)(584,108)Proceeds from principal repayments and sales of investments(71,040)— — (71,040)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium14,624 51 — 14,675 Accretion of discount/amortization of premium8,407 36 — 8,443 
Net realized gain (loss)Net realized gain (loss)(4,317)— 35,566 31,249 Net realized gain (loss)46 — — 46 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(70,303)(2,649)(22,592)(95,544)Net change in unrealized appreciation (depreciation)(14,862)(105)3,572 (11,395)
Transfers into Level 3 (1)
Transfers into Level 3 (1)
158,116 20,691 — 178,807 
Transfers into Level 3 (1)
4,938 — — 4,938 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
(27,311)— — (27,311)
Transfers out of Level 3 (1)
(91,939)— — (91,939)
Fair value, end of periodFair value, end of period$9,384,512 $66,313 $137,267 $9,588,092 Fair value, end of period$9,225,290 $46,678 $154,521 $9,426,489 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(71,714)$(2,649)$11,703 $(62,659)
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(14,862)$(105)$3,572 $(11,395)
Nine Months Ended September 30, 2022
First Lien 
Debt		Second Lien 
Debt		Equity InvestmentsTotal Investments
Fair value, beginning of period$9,288,184 $42,880 $170,265 $9,501,329 
Purchases of investments780,709 5,603 10,916 797,228 
Proceeds from principal repayments and sales of investments(781,404)— (61,967)(843,371)
Accretion of discount/amortization of premium33,425 115 — 33,540 
Net realized gain (loss)(2,120)— 41,486 39,366 
Net change in unrealized appreciation (depreciation)(102,864)(2,976)(23,433)(129,273)
Transfers into Level 3 (1)
195,893 20,691 — 216,584 
Transfers out of Level 3 (1)
(27,311)— — (27,311)
Fair value, end of period$9,384,512 $66,313 $137,267 $9,588,092 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$(110,737)$(5,049)$12,320 $(103,466)
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Three Months Ended September 30, 2021
First Lien 
Debt		Second Lien 
Debt		Equity InvestmentsTotal Investments
Fair value, beginning of period$6,606,052 $40,199 $77,212 $6,723,463 
Purchases of investments1,727,691 4,550 17,266 1,749,507 
Proceeds from principal repayments and sales of investments(542,193)— — (542,193)
Accretion of discount/amortization of premium17,546 22 — 17,569 
Net realized gain (loss)899 — — 899 
Net change in unrealized appreciation (depreciation)3,123 (59)12,570 15,634 
Transfers into Level 3 (1)
85,533 — — 85,533 
Transfers out of Level 3 (1)
(130,983)(20,743)— (151,726)
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 September 30, 2021$16,862 $(59)$12,570 $29,373 
Nine Months Ended September 30, 2021Three Months Ended March 31, 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$4,728,478 $24,003 $32,844 $4,785,325 Fair value, beginning of period$9,288,184 $42,880 $170,265 $9,501,329 
Purchases of investmentsPurchases of investments3,988,596 17,847 51,232 4,057,675 Purchases of investments253,310 265 7,264 260,839 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(1,052,778)(17,900)— (1,070,678)Proceeds from principal repayments and sales of investments(35,031)— (10,687)(45,718)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium35,285 401 — 35,686 Accretion of discount/amortization of premium9,212 19 — 9,231 
Net realized gain (loss)Net realized gain (loss)3,003 — — 3,003 Net realized gain (loss)(62)— 5,920 5,858 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)53,644 (382)22,972 76,234 Net change in unrealized appreciation (depreciation)428 79 2,384 2,891 
Transfers into Level 3 (1)
Transfers into Level 3 (1)
83,884 — — 83,884 
Transfers into Level 3 (1)
25,772 — — 25,772 
Transfers out of Level 3 (1)
Transfers out of Level 3 (1)
(72,444)— — (72,444)
Transfers out of Level 3 (1)
— — — — 
Fair value, end of periodFair value, end of period$7,767,668 $23,969 $107,048 $7,898,685 Fair value, end of period$9,541,813 $43,243 $175,146 $9,760,202 
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 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 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 March 31, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations$18 $81 $7,152 $7,251 
(1)For the three and nine months ended September 30,March 31, 2023 and 2022, and 2021, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.transparency.
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The following table presentstables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table isThese tables are not intended to be all-inclusive but instead capturescapture the significant unobservable inputs relevant to the Company’s determination of fair value.
September 30, 2022March 31, 2023
RangeRange
Fair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debtInvestments in first lien debt$9,021,984 Yield analysisDiscount rate6.64 %18.45 %10.00 %Investments in first lien debt$9,219,940 Yield analysisDiscount rate6.39 %20.62 %10.03 %
362,528 Market quotationsQuoted price67.32 %98.00 %90.73 %5,350 Market quotationsBroker quoted price96.50 %96.50 %96.50 %
9,384,512 9,225,290 
Investments in second lien debtInvestments in second lien debt47,354 Yield analysisDiscount Rate9.96 %14.10 %11.99 %Investments in second lien debt46,678 Yield analysisDiscount rate10.15 %13.98 %12.53 %
18,959 Market quotationsQuoted price66.59 %66.59 %66.59 %
66,313 
Investments in equityInvestments in equity91,852 Performance MultipleMarket Multiple6.00x29.61x12.70xInvestments in equity105,862 Market approachPerformance multiple5.70x39.66x12.66x
12,399 Option Pricing ModelVolatility30.00 %48.00 %36.40 %25,566 Option pricing modelExpected volatility30.00 %50.00 %41.80 %
33,016 Yield analysisDiscount Rate11.67 %13.88 %12.92 %23,093 Yield analysisDiscount rate11.67 %13.55 %12.88 %
137,267 154,521 
TotalTotal$9,588,092 Total$9,426,489 
December 31, 2021December 31, 2022
RangeRange
Fair ValueValuation TechniqueUnobservable InputLowHighWeighted Average (1)Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debtInvestments in first lien debt$9,112,573 Yield analysisDiscount rate4.68 %9.99 %7.52 %Investments in first lien debt$9,037,133 Yield analysisDiscount rate6.83 %19.84 %10.13 %
175,611 Market quotationsBroker quoted price99.75100.5099.93238,378 Market quotationsBroker quoted price82.00 %96.75 %94.19 %
9,288,184 9,275,511 
Investments in second lien debtInvestments in second lien debt42,880 Yield analysisDiscount rate8.15 %13.04 %10.02 %Investments in second lien debt46,336 Yield analysisDiscount rate10.43 %14.25 %12.60 %
Investments in warrant7,645 Option pricing modelExpected volatility25.00 %25.00 %25.00 %
Investments in equityInvestments in equity120,301 Market approachPerformance multiple7.25x31.28x12.67xInvestments in equity105,782 Market approachPerformance multiple5.50x29.00x13.41x
11,152 Option pricing modelExpected volatility30.00 %49.00 %37.19 %22,481 Option pricing modelExpected volatility30.00 %50.00 %43.46 %
31,167 Yield analysisDiscount rate10.89 %12.19 %11.81 %22,686 Yield analysisDiscount rate11.31 %13.75 %12.74 %
162,620 150,949 
TotalTotal$9,501,329 Total$9,472,796 

(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 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,SPV Financing Facilities (as defined in Note 6) and Revolving Credit Facility (as defined in Note 6), as of September 30, 2022March 31, 2023 and December 31, 2021,2022, approximates their carrying value as the credit facilities have variable interest based on selected short term rates. These financial instruments would be categorized as Level 3 within the hierarchy.

The following table presents the fair value measurements of the Company’s 2023 Notes, 2026 Notes, New 2026 Notes, 2027 Notes and 2028Company's Unsecured Notes (as defined in Note 6), which had they been accounted for at fair value. These financial instruments would be categorized as Level 2 within the fair value hierarchy,3 as of September 30, 2022 was $398.3 million, $789.7 million, $669.2 million, $603.4 millionMarch 31, 2023 and $617.4 million, respectively, based on vendor pricing received by the Company. Asas Level 2 as of December 31, 2021,2022 within 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.hierarchy.
March 31, 2023December 31, 2022
Fair ValueFair Value
2023 Notes$390,080 $397,481 
2026 Notes728,587 740,171 
New 2026 Notes611,865 619,144 
2027 Notes524,029 546,117 
2028 Notes528,846 522,809 
Total$2,783,407 $2,825,722 

Other

The carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments would be categorized as Level 3 within the hierarchy as of September 30, 2022 and December 31, 2021.hierarchy.
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 September 30, 2022March 31, 2023 and December 31, 2021,2022, the Company’s asset coverage was 175.1%176.4% and 180.2%174.8%, 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 “SPVsSPVs”,” and such secured financing facilities described below are collectively referred to as the “SPV Financing FacilitiesFacilities”.”

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 September 30, 2022March 31, 2023 and December 31, 2021,2022, the Company was in compliance with all covenants and other requirements of each 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 agent and securities intermediary, Virtus Group, LP serves as collateral administrator and the Company serves as portfolio manager under the Jackson Hole Funding Facility.
Prior to September 16, 2022, advancesAdvances under the Jackson Hole Funding Facility borebear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances (which is the three-month term SOFR for dollar advances), plus the applicable margin of 2.375% per annum for certain foreign currency advances to 2.525% per annum for dollar advances. 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 November 16, 2023.
The initial maximum commitment amount of the Jackson Hole Funding Facility was $300 million. Effective September 20, 2019, the maximum commitment amountas of the Jackson Hole Funding FacilityMarch 31, 2023 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 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 paypays 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, 2022,2024, 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 amended on March 30, 2023 and as further amended from time to time, the (“Big Sky Funding Facility”) with Bank of America, N.A. (“Bank of America”). Bank of America serves as administrative agent, Wells Fargo 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 (a) until September 25, 2024, 1.80% per annum.annum, and (b) from and after September 25, 2024, a range between 2.10% and 2.45% per annum depending on the nature of the collateral securing the advances. Big Sky Funding is required to utilize a minimum percentage of 80% of the financing commitments (the “Minimum Utilization Amount”), 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.commitments. Unused amounts below the Minimum Utilization Amountsuch minimum utilization amount accrue a fee at a rate of 1.60% per annum. In addition, Big Sky Funding will paypays an unused fee of 0.45% per annum on the daily unused amount of the financing commitments in excess of the Minimum Utilization Amount,minimum utilization amount, commencing three months after the closing date of the Big Sky Funding Facility.
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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 outstandingThe period during which Big Sky Funding may make borrowings under the Big Sky Funding Facility must be repaid byexpires on March 30, 2026 and the Big Sky Funding Facility is scheduled to mature on September 30, 2024.2026.
Revolving Credit Facility
On June 15, 2020, the Company entered into a senior secured revolving credit facility (which was subsequentlymost recently amended and restated on June 28, 2022 and as further amended from time to time, the “Revolving Credit Facility”) with Citibank, N.A. (“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.currencies. 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 September 30,March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.
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 NotesNotes”.”
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”).

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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 September 30,March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each 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”), to the Base Indenture between the Company and the Trustee.

The New 2026 Notes will mature on September 16, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the New 2026 Notes Indenture. The New 2026 Notes bear interest at a rate of 2.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on September 16, 2021. The New 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the New 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
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2027 Notes
On July 23, 2021, the Company issued $650 million aggregate principal amount of 2.125% notes due 2027 (the “2027 Notes”) pursuant to a supplemental indenture, dated as of July 23, 2021 (and together with the Base Indenture, the “2027 Notes Indenture”), to the Base Indenture between the Company and the Trustee.
The 2027 Notes will mature on February 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the 2027 Notes Indenture. The 2027 Notes bear interest at a rate of 2.125% per year payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
2028 Notes
On September 30, 2021, the Company issued $650 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.
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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, 2021March 31, 2023
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value
Unused
Portion (1)
Amount
Available (2)
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
Jackson Hole Funding Facility(3)
$400,000 $361,007 $361,007 $38,993 $38,993 
Jackson Hole Funding Facility(3)
$400,000 $360,019 $360,019 $— $39,981 $39,981 
Breckenridge Funding FacilityBreckenridge Funding Facility825,000 568,680 568,680 256,320 256,320 Breckenridge Funding Facility825,000 809,500 809,500 — 15,500 15,500 
Big Sky Funding FacilityBig Sky Funding Facility500,000 499,606 499,606 394 394 Big Sky Funding Facility500,000 499,606 499,606 — 394 394 
Revolving Credit Facility(4)
Revolving Credit Facility(4)
1,325,000 915,035 915,035 409,965 271,585 
Revolving Credit Facility(4)
1,625,000 615,469 615,469 — 1,009,531 1,009,531 
2023 Notes(5)
2023 Notes(5)
400,000 400,000 396,702 — — 
2023 Notes(5)
400,000 400,000 399,381 619 — — 
2026 Notes(5)
2026 Notes(5)
800,000 800,000 792,757 — — 
2026 Notes(5)
800,000 800,000 795,001 4,999 — — 
New 2026 Notes(5)
New 2026 Notes(5)
700,000 700,000 691,662 — — 
New 2026 Notes(5)
700,000 700,000 693,868 6,132 — — 
2027 Notes(5)
2027 Notes(5)
650,000 650,000 635,860 — — 
2027 Notes(5)
650,000 650,000 639,346 10,654 — — 
2028 Notes(5)
2028 Notes(5)
650,000 650,000 637,324 — — 
2028 Notes(5)
650,000 650,000 639,664 10,336 — — 
TotalTotal$6,250,000 $5,544,328 $5,498,633 $705,672 $567,292 Total$6,550,000 $5,484,594 $5,451,854 $32,740 $1,065,406 $1,065,406 
(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 (USD) or certain other permitted currencies. As of September 30, 2022,March 31, 2023, the Company had no borrowings denominated in Euros (EUR) of 0.0 million. As of December 31, 2021, the Company had borrowings denominated in Euros (EUR) of 23.3 million.currencies other than USD.
(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30,March 31, 2023, the Company had borrowings denominated in the following currencies other than USD:
•Canadian Dollars (CAD) 274.9 million
•Euros (EUR) 97.9 million
•British Pounds (GBP) 65.4 million
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December 31, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$400,000 $360,019 $360,019 $— $39,981 $39,981 
Breckenridge Funding Facility825,000 825,000 825,000 — — — 
Big Sky Funding Facility500,000 499,606 499,606 — 394 394 
Revolving Credit Facility(4)
1,625,000 678,378 678,378 — 946,622 936,004 
2023 Notes400,000 400,000 398,850 1,150 — — 
2026 Notes800,000 800,000 794,559 5,441 — — 
New 2026 Notes700,000 700,000 693,432 6,568 — — 
2027 Notes650,000 650,000 638,669 11,332 — — 
2028 Notes650,000 650,000 639,202 10,798 — — 
Total$6,550,000 $5,563,003 $5,527,715 $35,289 $986,997 $976,379 

(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 (USD) or certain other permitted currencies. As of December 31, 2022, the Company had no borrowings denominated in currencies other than USD.
(4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in Canadian Dollars (CAD or C$), Euros (EUR or €) and British Pounds (GBP or £) of 328.9 million, 99.9 million and 66.6 million, respectively. As of December 31, 2021, the Company had borrowings denominated in following currencies other than USD:
•Canadian Dollars (CAD), 355.9 million
•Euros (EUR) and 97.9 million
•British Pounds (GBP) of 256.366.6 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 $1.7 million, $5.9 million, $7.0 million, $12.0 million and $11.3 million, respectively, as of September 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 September 30, 2022March 31, 2023 and December 31, 2021, $19.22022, $20.1 million and $38.6$44.5 million, respectively, of interest expense and $0.6$0.1 million and $0.5$0.8 million, respectively, of unused commitment fees were included in interest payable. For the three and nine months ended September 30,March 31, 2023 and 2022, the weighted average interest rate on all borrowings outstanding was 3.67%4.68% and 3.18%2.79% (including unused fees and accretion of net discounts on unsecured debt), respectively, and the average principal debt outstanding was $5,867.3$5,619.0 million and $5,750.0 million, respectively. For the three and nine months ended September 30, 2021, the weighted average interest rate on all borrowings outstanding was 2.83% and 2.92% (including unused fees and accretion of net discounts on unsecured debt), respectively, and the average principal debt outstanding was $4,487.3 million and $3,546.3$5,622.0 million, respectively.
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The components of interest expense were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Borrowing interest expense$50,992 $29,363 $128,789 $72,752 
Facility unused fees602 611 1,292 2,005 
Amortization of financing costs and debt issuance costs1,420 1,020 3,729 2,420 
Accretion of original issue discount2,333 1,746 6,922 3,876 
Total Interest Expense$55,347 $32,740 $140,732 $81,053 
Cash paid for interest expense$69,904 $50,386 $146,210 $83,097 

Three months ended March 31,
20232022
Borrowing interest expense$62,125 $36,496 
Facility unused fees929 384 
Amortization of financing costs and debt issuance costs1,392 1,139 
Accretion of original issue discount2,282 2,282 
Total Interest Expense$66,728 $40,301 
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 September 30, 2022March 31, 2023 and December 31, 2021,2022, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $849.0$598.8 million and $1,407.3$690.3 million, respectively.
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 September 30, 2022March 31, 2023 and December 31, 2021,2022, the Company estimates that $46.5$2.4 million and $290.5$16.5 million, respectively, of investments that were committed but not yet funded.
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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 September 30, 2022March 31, 2023 and December 31, 2021,2022, management is not aware of any pending or threatened material litigation.
Note 8. Net Assets
Subscriptions and DrawdownsShares Issued
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 connectionThe Company may from time to time issue shares of our common shares of beneficial interest through "at the market" offerings. We may be party to equity distribution agreements with banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the listingmarket” offerings, up to $200 million shares of our common shares of beneficial interest. Subject to the terms and conditions of the Company’sEquity Distribution Agreements, sales of common shares onof beneficial interest, if any, may be made in transactions that are deemed to be “at the NYSE,market” offerings as defined in Rule 415(a)(4) under the Board decided to eliminate any outstanding fractional commonSecurities Act.
There have been no 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 Agreements”) with investors providingissued for the private placement ofthree months ended March 31, 2023 and 2022, other than those issued through 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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Company's dividend reinvestment program.
Distributions
The following table summarizes the Company’s distributions declared and payable for the ninethree months ended September 30, 2022March 31, 2023 (dollars in thousands except per share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
October 18, 2021May 16, 2022August 12, 20220.2000 33,995 (1)
May 2, 2022June 30, 2022August 12, 20220.5300 89,169 
October 18, 2021July 18, 2022November 14, 20220.2000 32,976 (1)
August 30, 2022September 30, 2022November 14, 20220.6000 97,094 (2)
Total distributions$2.3100 $385,552 
(1)Represents a special distribution.
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 27, 2023March 31, 2023April 27, 2023$0.7000 $112,400 
Total distributions$0.7000 $112,400 
(2)On September 7, 2022, the Company announced the increase of its 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 ninethree months ended September 30, 2021March 31, 2022 (dollars in thousands except per share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
Total distributions$0.7800 $132,318 
(1)
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 
June 7, 2021June 7, 2021August 13, 20210.3736 48,734 
June 7, 2021June 30, 2021August 13, 20210.1264 18,241 
September 7, 2021September 7, 2021November 12, 20210.3750 54,250 
September 7, 2021September 30, 2021November 12, 20210.1250 19,800 
Total distributions$1.5000 $206,077 
Represents a special distribution.
Dividend Reinvestment
The Company has adopted a dividend reinvestment plan (“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 valueNAV per share, the
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Company will issue shares at the greater of (i) the most recently computed net asset valueNAV 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 valueNAV per share). For example, if the most recently computed net asset valueNAV 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 valueNAV 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 valueNAV 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.
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TablePursuant to our dividend reinvestment plan, the following table summarizes the amounts and shares issued to shareholders who have not opted out of Contentsthe Company’s DRIP during the three months ended March 31, 2023 (dollars in thousands except share amounts):
Payment DateDRIP Shares ValueDRIP Shares Issued
January 31, 2023$5,132 208,510 
Total distributions$5,132 208,510 
The following table summarizes the amounts received and shares issued to shareholders who have not opted out of the Company's DRIP during the ninethree months ended September 30,March 31, 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 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 31, 2022$11,469 417,379 
Total distributions$11,469 417,379 

Share Repurchase Plan

OnIn October 18, 2021, the Board approved a share repurchase plan (the “Company 10b5-1 Plan”), to acquire up to approximately $262 million (representing the net proceeds from the IPO) in the aggregate of the Company’sour common shares at prices below net asset valueour NAV 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 terminated by its own terms 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.November 2022.

The Company 10b5-1 Plan is intendedIn February 2023, the Board authorized a share repurchase plan, under which we may repurchase up to allow$250 million in the Company to repurchase itsaggregate of our outstanding common shares in the open market 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 priceprices below our NAV per share is belowfor a one-year term, in accordance with the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced byguidelines specified in Rule 10b-18 of the Exchange Act (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. Under10b-18 Plan”, and together with 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.“Share Repurchase Plans”).

The purchase of shares pursuant toFor the three months ended March 31, 2023 and 2022, the Company 10b5-1 Plan is intended to satisfy the conditionsdid not repurchase any of Rule 10b5-1 and Rule 10b-18its shares 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 nine months ended September 30, 2022 (dollars in thousands except share amounts):
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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 
Share Repurchase Plans.

Shareholder Transfer Restrictions

For shareholders who held common shares prior to the IPO 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 September 30,Nine Months Ended September 30,
2022202120222021
Net increase (decrease) in net assets resulting from operations$95,946 $110,007 $282,777 $338,470 
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)$0.58 $0.74 $1.68 $2.47 
Three Months Ended March 31,
20232022
Net increase (decrease) in net assets resulting from operations$138,798 $107,240 
Weighted average shares outstanding (basic and diluted)160,501,868 169,556,923 
Earnings (loss) per common share (basic and diluted)$0.86 $0.63 
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Note 10. Financial Highlights
The following are the financial highlights for the ninethree months ended September 30, 2022March 31, 2023 and 2021:
Nine Months Ended September 30,
 20222021
Per Share Data:
Net asset value, beginning of period$26.27 $25.20 
Net investment income (1)
2.02 1.76 
Net unrealized and realized gain (loss)(0.33)0.71 
Net increase (decrease) in net assets resulting from operations1.69 2.47 
Distributions declared (2)
(2.31)(1.50)
Net increase (decrease) in net assets from capital share transactions0.11 (0.02)
Total increase (decrease) in net assets(0.51)0.95 
Net asset value, end of period$25.76 $26.15 
Shares outstanding, end of period161,823,803 158,389,951
Total return based on NAV (3)
7.06 %9.90 %
Total return based on market value (4)
(29.72)%N/A
Ratios:
Ratio of net expenses to average net assets (5)
7.83 %7.17 %
Ratio of net investment income to average net assets (5)
10.27 %9.03 %
Portfolio turnover rate8.28 %28.18 %
Supplemental Data:
Net assets, end of period$4,168,531$4,142,451
Asset coverage ratio175.1 %192.0 %
2022:
Three Months Ended March 31,
 20232022
Per Share Data (1):
Net asset value, beginning of period$25.93 $26.27 
Net investment income0.93 0.61 
Net unrealized and realized gain (loss)(0.06)0.03 
Net increase (decrease) in net assets resulting from operations0.87 0.64 
Distributions declared (2)
(0.70)(0.78)
Net increase (decrease) in net assets from capital share transactions— — 
Total increase (decrease) in net assets0.17 (0.14)
Net asset value, end of period$26.10 $26.13 
Shares outstanding, end of period160,571,371 169,691,412 
Total return based on NAV (3)
3.36 %2.44 %
Total return based on market value (4)
14.26 %(15.67)%
Ratios:
Ratio of net expenses to average net assets (5)
11.69 %7.39 %
Ratio of net investment income to average net assets (5)
13.36 %9.15 %
Portfolio turnover rate1.06 %1.34 %
Supplemental Data:
Net assets, end of period$4,190,496$4,433,870
Asset coverage ratio176.4 %178.1 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8).
(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.
(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.
(5)Amounts are annualized except for expense support amounts relating to organizational costs.costs and management fee and income based incentive fee waivers by the Adviser (refer to Note 3). For the ninethree months ended September 30,March 31, 2023 and 2022, and 2021, the ratio of total operating expenses to average net assets was 8.70%11.94% and 7.17%8.23%, 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 (0.87)(0.25)% and 0.00%(0.84)%, respectively, of average net assets.
The following is information about the Company’s senior securities as of the dates indicated in the below table:

Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)
Asset Coverage per Unit (2) ($ in millions)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Subscription Facility (5)
March 31, 2023$— $— —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019119.8 2,151.0 —N/A
December 31, 2018— — —N/A
Jackson Hole Funding Facility
March 31, 2023360.0 1,764.0—N/A
December 31, 2022360.0 1,748.0—N/A
December 31, 2021361.0 1,802.0—N/A
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December 31, 2020362.3 2,300.0—N/A
December 31, 2019514.2 2,151.0—N/A
December 31, 2018120.0 2,278.0—N/A
Breckenridge Funding Facility
March 31, 2023809.5 1,764.0—N/A
December 31, 2022825.0 1,748.0—N/A
December 31, 2021568.7 1,802.0—N/A
December 31, 2020569.0 2,300.0—N/A
December 31, 2019820.3 2,151.0—N/A
December 31, 201865.0 2,278.0—N/A
Big Sky Funding facility
March 31, 2023499.6 1,764.0—N/A
December 31, 2022499.6 1,748.0—N/A
December 31, 2021499.6 1,802.0—N/A
December 31, 2020200.3 2,300.0—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Revolving Credit Facility
March 31, 2023615.5 1,764.0—N/A
December 31, 2022678.4 1,748.0—N/A
December 31, 2021915.0 1,802.0—N/A
December 31, 2020182.9 2,300.0—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2023 Notes
March 31, 2023400.0 1,764.0—N/A
December 31, 2022400.0 1,748.0—N/A
December 31, 2021400.0 1,802.0—N/A
December 31, 2020400.0 2,300.0—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2026 Notes
March 31, 2023800.0 1,764.0—N/A
December 31, 2022800.0 1,748.0—N/A
December 31, 2021800.0 1,802.0—N/A
December 31, 2020800.0 2,300.0—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
New 2026 Notes
March 31, 2023700.0 1,764.0—N/A
December 31, 2022700.0 1,748.0—N/A
December 31, 2021700.0 1,802.0—N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
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2027 Notes
March 31, 2023650.0 1,764.0—N/A
December 31, 2022650.0 1,748.0—N/A
December 31, 2021650.0 1,802.0—N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2028 Notes
March 31, 2023650.0 1,764.0—N/A
December 31, 2022650.0 1,748.0—N/A
December 31, 2021650.0 1,802.0—N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading.
(5)The Subscription Facility was terminated on November 3, 2020.
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 September 30, 2022,March 31, 2023, except as discussed below.
On November 2, 2022,May 10, 2023, the Board declared a distribution of $0.60$0.70 per share, which is payable on January 31,July 27, 2023 to shareholders of record as of December 31, 2022.
Since SeptemberJune 30, 2022, the Company repurchased 2,001,087 of its shares for $47.4 million. As of October 26, 2022, the aggregate purchase price for all shares purchased under the Share Repurchase 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, 2022.2023.

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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"Item 1. Financial Statements.”Statements" hereto and "Part II, Item 8--Consolidated Financial Statement and Supplementary Data" of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated from time to time by the Company's periodic filings with the SEC. 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 reportAnnual Report on Form 10-K for the year ended December 31, 20212022, as updated from time to time by the Company's periodic filings with the Securities and Exchange Commission.SEC.
Overview and Investment Framework
We are a Delaware statutory trust structured as a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we elected to be treated as a RIC under the Code. We are managed by our 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. In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position." We do not currently expect to focus on investments in issuers that are distressed or in need of rescue financing.
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 from various fees in the ordinary course of business such as in the form of commitment, loan origination, structuring, or diligenceconsent, waiver, amendment, syndication and other miscellaneous fees as well as fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.


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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. The Administrator has elected to forgo any reimbursement for rent and other occupancy costs for the three and nine months ended September 30, 2022March 31, 2023 and 2021.2022. 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.
Expense Support and Conditional Reimbursement Agreement
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We have entered into an Expense Support Agreement with the Adviser. For additional information see “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions.”Table of Contents
Portfolio and Investment Activity
For the three months ended September 30, 2022,March 31, 2023, we acquired $272.0$108.2 million aggregate principal amount of investments (including $10.6$3.5 million of unfunded commitments), $269.8 millionall of which was first lien debt and $2.2 million of which was equity.
For the three months ended September 30, 2021, we acquired $2,440.2 million aggregate principal amount of investments (including $569.2 million of unfunded commitments), $2,406.3 million of which was first lien debt, $4.6 million of which was second lien debt, $12.5 million of which was unsecured debt and $16.8 million of which was equity.
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debt.
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 September 30,As of and for the three months ended March 31,
2022202120232022
Investments:Investments: Investments:
Total investments, beginning of periodTotal investments, beginning of period$10,021,140 $7,270,312Total investments, beginning of period$9,657,872$9,745,126
New investments purchased(1)New investments purchased(1)234,690 1,846,526New investments purchased(1)114,636288,423
Payment-in-kind interest capitalized11,340 — 
Net accretion of discount and amortization of premium on investments15,354 17,146
Net accretion of discount on investmentsNet accretion of discount on investments9,13510,590
Net realized gain (loss) on investmentsNet realized gain (loss) on investments31,249 (1,808)Net realized gain (loss) on investments(3,486)5,382
Investments sold or repaidInvestments sold or repaid(608,436)(1,006,855)Investments sold or repaid(109,051)(133,142)
Total investments, end of periodTotal investments, end of period$9,705,337 $8,125,321  Total investments, end of period$9,669,106 $9,916,379 
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$259,174 $1,837,094First lien debt investments$104,747 $257,183
Second lien debt investmentsSecond lien debt investments— 4,606Second lien debt investments— 2,976
Unsecured debtUnsecured debt— 12,537Unsecured debt— 14,023
Equity investmentsEquity investments2,160 16,760Equity investments— 7,264
TotalTotal$261,334 $1,870,997 Total$104,747 $281,446 
Proceeds from investments sold or repaid:Proceeds from investments sold or repaid:Proceeds from investments sold or repaid:
First lien debt investmentsFirst lien debt investments$(557,156)$(972,550)First lien debt investments$(109,051)$(108,920)
Second lien debt investmentsSecond lien debt investments— (15,026)Second lien debt investments— — 
Unsecured debtUnsecured debt— (19,279)Unsecured debt— (13,535)
Warrant(8,514)— 
Equity(42,766)— 
WarrantsWarrants— — 
Equity investmentsEquity investments— (10,687)
TotalTotal$(608,436)$(1,006,855)Total$(109,051)$(133,142)
Number of new investment commitments in new portfolio companiesNumber of new investment commitments in new portfolio companies5 8 
Average new investment commitment amountAverage new investment commitment amount$21,649 $41,779 
Weighted average yield of new investment commitmentsWeighted average yield of new investment commitments12.58 %7.00 %
Weighted average yield on investments fully sold or paid downWeighted average yield on investments fully sold or paid downN/A6.77 %
March 31, 2023December 31, 2022
Number of portfolio companiesNumber of portfolio companies172 117 Number of portfolio companies181 176 
Weighted average yield of new investment commitments(4)
9.30 %6.71 %
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)
9.09 %7.34 %
Weighted average yield on debt and income producing investments, at fair value(1)(2)
9.14 %7.28 %
Average loan to value (LTV)(3)
46.72 %45.20 %
Weighted average yield on debt and income producing investments, at amortized cost(2)(3)
Weighted average yield on debt and income producing investments, at amortized cost(2)(3)
11.30 %10.64 %
Weighted average yield on debt and income producing investments, at fair value(2)(3)
Weighted average yield on debt and income producing investments, at fair value(2)(3)
11.40 %10.73 %
Average loan to value (LTV)(4)
Average loan to value (LTV)(4)
45.2 %47.5 %
Percentage of debt investments bearing a floating ratePercentage of debt investments bearing a floating rate99.92 %99.90 %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 rate0.08 %0.10 %Percentage of debt investments bearing a fixed rate0.08 %0.10 %
Percentage of assets on non-accrual (5)
Percentage of assets on non-accrual (5)
0.14 %0.00 %
(1)Includes payment-in-kind (“PIK”) interest received that increases the loan principal.
(2)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)(3)As of September 30,March 31, 2023 and December 31, 2022, and 2021, the weighted average total portfolio yield at cost was 8.98%11.17% and 7.27%10.52%, respectively. The weighted average total portfolio yield at fair value was 9.01%11.21% and 7.18%10.56%, respectively.
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(4)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)(5)Weighted average yield for new investment commitments or investments fully sold or paid down,As a percentage of total amortized cost of Investments. Assets on non-accrual represented 0.07% and 0.00% of total fair value of Investments as applicable, on originated loans.of March 31, 2023 and December 31, 2022, respectively.
As of September 30, 2022,March 31, 2023, our portfolio companies had a weighted average annual revenue of $635.0$703.5 million and weighted average annual EBITDA of $162.4$178.9 million. These calculations include all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted 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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Table of ContentsFor additional information on the our Investments, see “

Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 4. Investments”.
Our investments consisted of the following (dollar amounts in thousands):
September 30, 2022December 31, 2021
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debt$9,524,640 $9,468,536 97.90 %$9,563,051 $9,621,939 97.63 %
Second lien debt70,632 66,313 0.69 62,445 63,175 0.64 
Equity investments110,065 137,267 1.41 119,630 170,265 1.73 
Total$9,705,337 $9,672,116 100.00 %$9,745,126 $9,855,379 100.00 %


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

As of September 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 September 30,Nine Months Ended September 30,
 2022202120222021
Total investment income$226,791 $166,875 $599,379 $432,682 
Net expenses94,647 70,848 257,880 189,610 
Net investment income before excise tax132,144 96,027 341,499 243,072 
Excise tax expense— 2,220 1,386 1,938 
Net investment income after excise tax132,144 93,807 340,113 241,134 
Net unrealized appreciation (depreciation)(70,586)18,033 (99,975)92,028 
Net realized gain (loss)34,388 (1,833)42,639 5,308 
Net increase (decrease) in net assets resulting from operations$95,946 $110,007 $282,777 $338,470 
Three Months Ended March 31,
 20232022
Total investment income$264,938 $185,597 
Net expenses113,141 81,508 
Net investment income before excise tax151,797 104,089 
Excise tax expense2,622 1,386 
Net investment income after excise tax149,175 102,703 
Net unrealized appreciation (depreciation)(14,544)(1,412)
Net realized gain (loss)4,167 5,949 
Net increase (decrease) in net assets resulting from operations$138,798 $107,240 
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 September 30,Nine Months Ended September 30,Three Months Ended March 31,
2022202120222021 20232022
Interest incomeInterest income$213,242 $165,417 $559,086 $424,141 Interest income$254,221 $170,989 
Payment-in-kind interest incomePayment-in-kind interest income10,933 1,000 30,427 3,279 Payment-in-kind interest income9,841 8,686 
Dividend incomeDividend income— — 5,908 — Dividend income— 5,908 
Fee incomeFee income2,616 458 3,958 5,262 Fee income876 14 
Total investment incomeTotal investment income$226,791 $166,875 $599,379 $432,682 Total investment income$264,938 $185,597 
Total investment income increased to $226.8$264.9 million for the three months ended September 30, 2022 from $166.9March 31, 2023, an increase of $79.3 million, foror 43%, compared to the same period in the prior year primarily driven by increasingattributable to increased reference interest rates and a stable balance ofdriving increased interest income from our investments. TheThis was partially offset by the decrease in the size of our investment portfolio at fair value increased to $9,672.1$9,626.2 million at September 30, 2022March 31, 2023 from
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$8,223.0 $10,024.5 million at September 30, 2021.March 31, 2022. Additionally, for the three months ended September 30, 2022,March 31, 2023, we accrued $1.7recorded $0.4 million of non-recurring interest income (e.g., prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts) as compared to $16.4$1.0 million for the same
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period in the prior year.year primarily as a result of decreased prepayments. For the three months ended September 30,March 31, 2023 and 2022, and 2021, payment-in-kindPayment-in-kind interest income represented 4.8%3.7% and 0.6%4.7% of investment income, respectively. We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and repayments.changes in interest rates.
TotalWhile rising interest rates have favorably impacted our investment income increased to $599.4 million forduring the ninethree months ended September 30, 2022 from $432.7 million forMarch 31, 2023, further interest rate increases and the same period inresulting higher cost of capital have the prior year primarily driven by a higher weighted average yield on our investmentspotential to negatively impact the free cash flow and offset by lower prepayment related income. The sizecredit quality of our investment portfolio at fair value increased to $9,672.1 million at September 30, 2022 from $8,223.0 million at September 30, 2021. Additionally, for the nine months ended September 30, 2022, we accrued $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 $41.0 million for the same period in the prior year. For the nine months ended September 30, 2022 and 2021, payment-in-kind income represented 5.1% and 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 inflation persists, it could cause operational and/or liquidity issues at our portfolio companiescertain borrowers which could restrictimpact their ability to make cashprincipal and interest payments. Additionally, weIf such interest rate increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may experience fullbe negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or 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.a timely manner.
Expenses
Expenses were as follows (dollar amounts in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest expense$55,347 $32,740 $140,732 $81,053 
Management fees (Note 3)25,385 15,445 76,913 40,394 
Income based incentive fees (Note 3)26,088 16,983 68,252 45,130 
Capital gains incentive fees (Note 3)(5,430)2,430 (8,600)14,600 
Professional fees762 939 2,527 2,179 
Board of Trustees' fees238 141 628 416 
Administrative service expenses687 500 1,876 1,623 
Other general and administrative1,643 1,670 4,530 4,215 
Excise tax expense— 2,220 1,386 1,938 
Total expenses (including excise tax expense)104,720 73,068 288,244 191,548 
Management fees waived(6,346)— (19,228)— 
Incentive fees waived(3,727)— (9,750)— 
Net expenses (including excise tax expense)$94,647 $73,068 $259,266 $191,548 
 Three Months Ended March 31,
20232022
Interest expense$66,728 $40,301 
Management fees (Note 3)24,696 25,636 
Income based incentive fees (Note 3)30,393 21,284 
Capital gains incentive fees (Note 3)(1,556)681 
Professional fees1,188 707 
Board of Trustees' fees225 181 
Administrative service expenses378 840 
Other general and administrative1,605 1,327 
Excise tax expense2,622 1,386 
Total expenses (including excise tax expense)126,279 92,343 
Management fees waived(6,174)(6,409)
Incentive fees waived(4,342)(3,040)
Net expenses (including excise tax expense)$115,763 $82,894 
Interest Expense
Total interest expense (including unused fees and other debt financing expenses), increased to $55.3$66.7 million for the three months ended September 30, 2022 from $32.7March 31, 2023, an increase of $26.4 million foror 66%, compared to the same period in the prior year primarily driven by increased borrowings under our credit facilities and risingan increase in our weighted average interest rates.rate in our borrowings. The average principal debt outstanding increased to $5,867.3$5,619.0 million for the three months ended September 30, 2022March 31, 2023 from $4,487.3$5,622.0 million for the same period in the prior year,year. Our weighted average interest rate increased to 3.67%4.68% for the three months ended September 30, 2022March 31, 2023 from 2.83%2.79% for the same period in the prior year.
Total interest expense (including unused fees and other debt financing expenses), increased to $140.7 million for the nine months ended September 30, 2022 from $81.1 million for the same period in the prior year primarily driven by increased borrowings under our credit facilities, our unsecured bond issuances and rising interest rates. The average principal debt outstanding increased to $5,750.0 million for the nine months ended September 30, 2022 from $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 3.18% for the nine months ended September 30, 2022 from 2.92% for the same period in the prior year.
Management Fees
Management fees increaseddecreased to $25.4$24.7 million for the three months ended September 30, 2022 from $15.4March 31, 2023, a decrease of $0.9 million, foror 4%, compared to the same period in the prior yearyear, primarily due to an increasea decrease in average quarter end 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 $6.3$6.2 million and $0.0$6.4 million for the three months ended September 30,March 31, 2023 and 2022, and 2021, respectively.
Management fees increased to $76.9 million for the nine months ended September 30, 2022 from $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 $19.2 million and $0.0 million for the nine months ended September 30, 2022 and 2021, respectively.
Our totalaverage quarter end gross assets increaseddecreased to $9,925.8$9,878.5 million at September 30, 2022March 31, 2023 from $8,821.7$10,254.3 million at September 30, 2021.March 31, 2022.
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Income Based Incentive Fees
Income based incentive fees increased to $26.1$30.4 million for the three months ended September 30, 2022March 31, 2023 from $17.0$21.3 million for the same period in the prior year primarily due to our deployment of capital.an increase in pre-incentive fee net investment income. 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 $3.7$4.3 million and $0.0$3.0 million for the three months ended September 30,March 31, 2023 and 2022, and 2021, respectively.
Pre-incentive fee net investment income increased to $149.1$173.7 million for the three months ended September 30, 2022March 31, 2023 from $113.2 million for the same period in the prior year.
Income based incentive fees increased to $68.3 million for the nine months ended September 30, 2022 from $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 $9.8 million and $0.0 million for the nine months ended September 30, 2022 and 2021, respectively. Pre-incentive fee net investment income increased to $390.0 million for the nine months ended September 30, 2022 from $300.9$121.6 million for the same period in the prior year.
Capital Gains Based Incentive Fees
We accrued capital gains incentive fees of $(5.4)$(1.6) million for the three months ended September 30, 2022March 31, 2023 compared to $2.4$0.7 million for the same period in the prior year, primarily due to net realized and unrealized losses for the three months ended September 30, 2022March 31, 2023 as compared to net realized and unrealized gains for the same period in the prior year.
We The reversal of previously accrued capital gains incentive fees of $(8.6) million for the nine months ended September 30, 2022 compared to $14.6 million for the same period in the prior year, primarily duewas attributable to net realized and unrealized losses for the nine months ended September 30, 2022 as compared to net realized and unrealized gains for the same period in the priorcurrent 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 expensesfees 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 remained flat, amountingincreased to $3.3$3.4 million for the three months ended September 30, 2022 and $3.3 million for the same period in the prior year primarily driven by our administrative service expenses.
Total other expenses increased to $9.6 million for the nine months ended September 30, 2022March 31, 2023 from $8.4$3.1 million for the same period in the prior year primarily driven by an increase in ourProfessional fees and Other general and administrative expenses and partially offset by a decrease in 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.”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 nine months ended September 30,March 31, 2023 and 2022, we incurred $0.0accrued $2.6 million and $1.4 million, respectively, of U.S. federal excise tax. For the three and nine months ended September 30, 2021 we incurred $2.2 million and $1.9 million, respectively, of U.S. federal excise tax.
Net Unrealized Gain (Loss)
Net unrealized gain (loss) was comprised of the following (dollar amounts in thousands):
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Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net unrealized gain (loss) on investments$(70,650)$18,028 $(100,441)$92,625 
Net unrealized gain (loss) on translation of assets and liabilities in foreign currencies64 5 466 (597)
Net unrealized gain (loss)$(70,586)$18,033 $(99,975)$92,028 
Three Months Ended
March 31,
20232022
Net unrealized gain (loss) on investments$(11,403)$(2,147)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currencies(3,141)735 
Net unrealized gain (loss)$(14,544)$(1,412)

For the three months ended September 30, 2022,March 31, 2023, 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 0.5%0.1% as compared to a 0.3% increase in fair value of our debt investments0.1% decrease for the same period in the prior year, driven, in part, by rising rates and inflationchanges in the economic outlook during the three months ended September 30, 2022.March 31, 2023.

For the nine months ended September 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 nine months ended September 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 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 $5,308 
Three Months Ended
March 31,
20232022
Net realized gain (loss) on investments$(3,486)$5,382 
Foreign currency transactions7,653 567 
Net realized gain (loss)$4,167 $5,949 
For the three and nine months ended September 30, 2022,March 31, 2023, we generated realized gains of $36.2$0.5 million, and $44.8 million, respectively, partially offset by realized losses of $5.0$4.0 million, and $5.7 million respectively, primarily from full or partial sales of our debt investments.
For the three and nine months ended September 30, 2021, we generated These items were partially offset by net realized gains of $7.0$7.7 million on foreign currency transactions primarily as a result of fluctuations in the GBP, CAD, and $15.5 million, respectively, partially offset by realized losses of $8.8 million and $9.0 million respectively, primarily from full or partial sales of our debt investments.EUR exchange rates vs. USD.
Financial Condition, Liquidity and Capital Resources
Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public 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 September 30, 2022March 31, 2023 and December 31, 2021,2022, we had four4 revolving credit facilities outstanding and we had five issuances of5 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 September 30, 2022March 31, 2023 and December 31, 2021,2022, we had an aggregate amount of $5,550.6$5,484.6 million and $5,544.3$5,563.0 million of senior securities outstanding and our asset coverage ratio was 175.1%176.4% and 180.2%174.8%, 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 September 30, 2022,March 31, 2023, taken together with our $999.4$1,065.4 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 $84.0$199.7 million of Level 2 debt investments as of September 30, 2022,March 31, 2023, which could provide additional liquidity if necessary. A continued disruptionAlthough we have historically been able to obtain sufficient borrowing capacity, a deterioration in the financial markets caused by recent macroeconomic or market volatility, COVID-19economic conditions or any other negative economic developmentdevelopments could restrict our
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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 recentlypreviously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.
As of September 30, 2022,March 31, 2023, we had $131.2$103.0 million in cash and cash equivalents. During the ninethree months ended September 30, 2022,March 31, 2023, cash provided by operating activities was $505.1$155.9 million, primarily as a result of proceeds from sale of investments funding portfolio investmentsand principal repayment of $955.6 million;$109.1 million partially offset by purchasespurchase of investments of $808.8$102.3 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 $2,440.0 million, primarily as a result of funding portfolio
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investments of $4,438.5 million; partially offset by proceeds from sale of investments of $1945.6 million. Cash provided by financing activities was $2,481.0$186.8 million during the period, which was primarily as a result of net borrowingsrepayments on our credit facilities and our unsecured debt issuances of $1,959.4 million; our proceeds from issuance of common shares of $716.7 million;$92.7 million and partially offset by dividends paid in cash of $189.7$91.8 million.
Equity
On October 28, 2021,We may be party to equity distribution agreements with banks (the “Equity Distribution Agreements”). The
Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the Company priced its IPO, issuing 9,180,000market” offerings, up to $200 million shares of itsour common shares of beneficial interest. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common shares of beneficial interest, at a public offering price of $26.15 per share. Net of underwriting fees,if any, may be made in transactions that are deemed to be “at 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 resultedmarket” offerings as defined in net cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSERule 415(a)(4) under the symbol “BXSL” on October 28, 2021.Securities Act.
In connection with
There have been no shares issued for the listing ofthree months ended March 31, 2023, other than those issued through 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.Company's dividend reinvestment program.
Distributions and Dividend Reinvestment

The following table summarizes our distributions declared and payable for the ninethree months ended September 30, 2022March 31, 2023 (dollar amounts in thousands, except share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
October 18, 2021January 18, 2022May 13, 2022$0.1000 $16,927 (1)
October 18, 2021March 16, 2022May 13, 20220.1500 25,454 (1)
February 23, 2022March 31, 2022May 13, 20220.5300 89,937 
October 18, 2021May 16, 2022August 12, 20220.2000 33,995 (1)
May 2, 2022June 30, 2022August 12, 20220.5300 89,169 
October 18, 2021July 18, 2022November 14, 20220.2000 32,976 (1)
August 30, 2022September 30, 2022November 14, 20220.6000 97,094 (2)
Total distributions$2.3100 $385,552 
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 27, 2023March 31, 2023April 27, 2023$0.7000 $112,400 
Total distributions$0.7000 $112,400 
(1)Represents a special distribution.
(2)On September 7, 2022, the Company announced the increase of its regular quarterly distribution from $0.53 per share to $0.60 per share.
The following table summarizes our distributions declared and payable for the nine months ended September 30, 2021 (dollar amounts in thousands, except share amounts):
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
February 24, 2021March 31, 2021May 14, 2021$0.5000 $65,052 
June 7, 2021June 7, 2021August 13, 20210.3736 48,734 
June 7, 2021June 30, 2021August 13, 20210.1264 18,241 
September 7, 2021September 7, 2021November 12, 20210.3750 54,250 
September 7, 2021September 30, 2021November 12, 20210.1250 19,800 
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
For additional information on our distributions and dividend reinvestment plan, see “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net AssetAssets."s” 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 nine months ended September 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 our dividend reinvestment plan during the nine months ended September 30, 2021 (dollars in thousands except share amounts):
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 
Share Repurchase Plan
On October 18, 2021, theour Board approved a share repurchase plan (the “Company 10b5-1 Plan”) 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 terminated by its own terms in place because it believes that,November 2022.
In February 2023, our Board authorized a share repurchase plan, under which we may repurchase up to $250 million in the current market conditions, if itsaggregate of our outstanding common shares are tradingin the open market at prices below its then-current net asset valueour NAV per share it isfor a one-year term, in accordance with the best interestguidelines specified in Rule 10b-18 of the Company’s shareholders for the Exchange Act (the “Company to reinvest in its portfolio.10b-18 Plan”,
The following table summarizes the shares repurchased under and together with the Company 10b5-1 Plan, during the nine“Share Repurchase Plans”). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.
For the three months ended September 30, 2022 (dollars in thousands exceptMarch 31, 2023, the Company did not repurchase any of its shares under the Share Repurchase Plans.
For additional information on our 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 
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 
repurchases, see “Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets.”

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Borrowings
Our outstanding debt obligations were as follows (dollar amounts in thousands):
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 September 30, 2022, the Company had borrowings denominated in Euros (EUR) of 0.0 million. As ofMarch 31, 2023 and December 31, 2021, the Company2022, we had borrowings denominated in Euros (EUR)an aggregate principal amount 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 September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Euros (EUR) and British Pounds (GBP) of 328.9 million, 99.9$5,484.6 million and 66.6 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 $1.7 million, $5.9 million, $7.0 million, $12.0 million and $11.3$5,563.0 million, respectively, as of September 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.outstanding.
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 September 30, 2022March 31, 2023 and December 31, 2021,2022, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $849.0$598.8 million and $1,407.3$690.3 million, respectively.
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 March 31, 2023 and December 31, 2022, the Company estimates that $2.4 million and $16.5 million, respectively, of investments that were committed but not yet funded.
Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At September 30, 2022,March 31, 2023, 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; and
•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 other pertinent factors. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions.”
Recent Developments
The first quarter of 2023 represented a turbulent period for markets, driven by concerns over slowing economic growth and exacerbated by stress in the U.S. and European banking systems. Despite market volatility amid challenges in the banking sector, sustained high interest rates and solid underlying company performance have continued to favorably impact our returns. Continued challenges in the banking sector may contribute to a more constrained financing market, which may create meaningful deployment opportunities for our private credit strategies as borrowers seek alternative financing sources. Nonetheless, significant market dislocation, particularly in the banking sector, could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.
Macroeconomic Environment
The U.S. Federal Reserve’s recentnumerous 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.
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Many of our portfolio companies may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.
Banking Sector Conditions

Recent bank closures in the United States have caused uncertainty for financial services companies and fear of instability in the global financial system generally. In addition, certain financial institutions—in particular smaller and/or regional banks—have experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors at these institutions have withdrawn, or may withdraw in the future, significant sums from their accounts at these institutions. Notwithstanding intervention by U.S. governmental agencies to protect the uninsured depositors of banks that have recently closed, there is no guarantee that the uninsured depositors of a financial institution that closes (which depositors could include the Company and/or its portfolio companies) will be made whole or, even if made whole, that such deposits will become available for withdrawal in short order. There is a risk that other banks, or other financial institutions, may be similarly impacted, and it is uncertain what steps (if any) regulators may take in such circumstances or what other economic or other impacts there may be. In addition, uncertainty caused by recent bank failures—and general concern regarding the financial health and outlook for other financial institutions—could have an overall negative effect on banking systems and financial markets generally. These recent developments may also have other implications for broader economic and monetary policy, including interest rate policy. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect the Company, its portfolio companies or their respective financial performance.
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. 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.
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At this time, it is not possible to predict how markets will respond to SOFR, SONIA,the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“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.
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, 2021,2022, filed with the SEC on February 28, 2022,27, 2023, and elsewhere in our filings with the SEC. There have been no material changes in our critical accounting policies and practices.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Valuation Risk
We have invested,Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, 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 inputeffect of the Adviser,volatility could materially impact our Audit Committeemarket risks. We are subject to financial market risks, including valuation risk, interest rate risk and independent third-party valuation firms engaged at the direction of the Board, andinflation risk. Our exposure to market risk has not materially changed from what was previously disclosed 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 processAnnual Report on Form 10-K 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 raised the federal funds target range to 3.00-3.25% in the third quarter of 2022 and further to 3.75-4.00% in November,fiscal year ended December 31, 2022.
As of September 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 September 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$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 nine months ended September 30, 2022 for more information on the income based incentive fees.



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Inflation Risk
In the U.S., rising interest rates and the resulting higher cost of capital has the potential to negatively impact the free cash flow and credit quality of certain borrowers. In addition, rising costs resulting from heightened energy prices and input costs are contributing to margin pressures at certain of our portfolio companies. Such investments would continue to 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 floating 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 certain assets traded in the credit markets, and this would impact the Company's ability to sell such assets at attractive prices or in a timely manner.
Inflation persisted 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 to create headwinds to economic growth. In the U.S., annual inflation was 8.2% in September, down from 9.1% in June but still well above the Federal Reserve’s long-run target of 2%. In Eurozone economies, inflation increased to a record 9.9% in 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 September 30, 2022March 31, 2023 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.proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. 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, 2021.2022.
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 uponterminated by its terms in November 2022. In February 2023, the earliestBoard authorized a share repurchase plan, under which the Company may repurchase up to occur$250 million in the aggregate of (i) 12-months from its commencement, (ii)our outstanding common shares in the endopen market at prices below the Company's NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the trading day on which the aggregate purchase price for all shares purchased underExchange Act (the "10b-18 Plan" and, together with the 10b-5 Plan, equals approximately $262 million and (iii) the occurrence of certain other events described in the 10b-5 Plan."Share Repurchase Plans"). Refer to "Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets" in this Form 10-Q for more information. Such issuances were part
For the three months ended March 31, 2023 and 2022, the Company did not repurchase any of our Private Offering pursuant to Section 4(a)(2) ofits shares under the 1933 Act and Regulation D thereunder.

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Share Repurchase Plans.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.
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Item 5. Other Information.
On May 9, 2023, the Board appointed Teddy Desloge as the Chief Financial Officer of the Company, effective as of the close of business on May 10, 2023. Mr. Desloge will also serve as a Portfolio Manager of the Company, effective May 10, 2023. Mr. Desloge, born 1988, is a Managing Director with Blackstone. He is involved with investment management for Blackstone Credit’s various direct lending vehicles. Since joining Blackstone Credit in 2015, Mr. Desloge has been involved with investment management of various Direct Lending Funds and has been focused on origination, research, and execution of private and opportunistic credit investments across industries supporting Blackstone Credit's Private Credit Strategies. Mr. Desloge will also serve as the Chief Financial Officer of Blackstone Private Credit Fund (“BCRED”).
Prior to joining Blackstone Credit in 2015, Mr. Desloge was an Associate at Gefinor Capital where he focused on origination, research and execution of private credit and equity investments. He started his career in the Leveraged Finance Group at Jefferies.
Mr. Desloge graduated from Hobart & William Smith Colleges with a BA and a major in Economics.
Mr. Desloge’s appointment coincides with the resignation, effective as of the close of business on May 10, 2023, of Kevin Kresge as the interim Chief Financial Officer of the Company. Mr. Kresge’s decision to resign was not the result of any disagreement relating to Blackstone or the Company’s operations, policies or practices.
On May 9, 2023, the Board appointed Matthew Alcide as the Chief Accounting Officer of the Company, effective as of the close of business on May 10, 2023. Mr. Alcide, born 1987, is a Senior Vice President with Blackstone. Mr. Alcide is a member of the Blackstone Credit BDC Finance Group where he oversees the accounting and financial reporting for Blackstone’s BDCs. Mr. Alcide will also serve as the Chief Accounting Officer of BCRED.
Prior to joining Blackstone, Mr. Alcide was a Director in the New York and London offices of PricewaterhouseCoopers where he provided assurance and accounting services to companies and investment funds across the asset management, investment banking and broker-dealer industries with a focus on SEC registrants and other publicly traded entities.
Mr. Alcide graduated magna cum laude from Providence College with a BS in Accounting. Mr. Alcide is a Certified Public Accountant licensed in the State of New York.
On May 9, 2023, the Board appointed Kris Corbett as the Controller and Treasurer of the Company, effective as of the close of business on May 10, 2023. Mr. Corbett, born 1975, is a Senior Vice President with Blackstone. Mr. Corbett is a member of the Blackstone Credit BDC Finance Group where he oversees the Blackstone Credit Product Control function as well as accounting for Blackstone’s BDCs. Mr. Corbett will also serve as the Controller and Treasurer of BCRED.
Prior to joining Blackstone in 2016, Mr. Corbett was a Managing Director at Perella Weinberg Partners where he performed roles in finance, accounting, and financial reporting within alternative asset management. Prior to Perella Weinberg Partners, Mr. Corbett held a variety of positions in accounting and financial reporting at King Street Capital Management, Ziff Brothers Investments and began his career in public accounting at PricewaterhouseCoopers.
Mr. Corbett graduated from the University of Massachusetts with a BBA in Accounting. Mr. Corbett is a Certified Public Accountant licensed in the State of New York, and a CFA Charterholder.
The appointments of Mr. Alcide as Chief Accounting Officer and Mr. Corbett as Controller and Treasurer coincide with the resignation, effective as of the close of business on May 10, 2023, of David Goldberg as the interim Chief Accounting Officer and interim Treasurer of the Company. Mr. Goldberg’s decision to resign was not the result of any disagreement relating to Blackstone or the Company’s operations, policies or practices.
On May 9, 2023, the Board appointed Stacy Wang as the Head of Stakeholder Relations of the Company, effective as of the close of business on May 10, 2023. Ms. Wang, born 1989, is a Principal with Blackstone. Prior to her current role, Ms. Wang focused on fundraising, product strategy, and client relationships across private and opportunistic credit products for institutional and retail investors in Blackstone Credit products. Ms. Wang will also serve as the Head of Stakeholder Relations of BCRED.
Prior to joining Blackstone Credit in 2015, Ms. Wang worked as an Investment Banking Associate at Natixis, where she focused on leveraged finance and M&A transactions.
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Ms. Wang graduated from the Stern School of Business at New York University with a BS in Finance and Journalism.
Ms. Wang’s appointment coincides with the resignation, effective as of the close of business on May 10, 2023, of Beth Chartoff as the Public Relations Officer of the Company. Ms. Chartoff’s decision to resign was not the result of any disagreement relating to Blackstone or the Company’s operations, policies or practices.
None of Mr. Desloge, Mr. Alcide, Mr. Corbett or Ms. Wang have any family relationships with any director or executive officer of the Company, and none of which is a party to any transaction that is required to be reported pursuant to Item 404(a) of Regulation S-K.
Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Mundys S.p.A. (formerly, Atlantia S.p.A.), which may be, or may have been at the time considered to be, an affiliate of Blackstone and, therefore, our affiliate.
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Item 6. Exhibits.
Exhibit
Number		Description of Exhibits
10.13.1
3.2
10.1
31.1
31.2
31.3
32.2
32.3
99.1
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101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
_________________________
*    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:NovemberMay 10, 20222023/s/ Brad Marshall
Brad Marshall
 ChiefCo-Chief Executive Officer
   
Date:NovemberMay 10, 20222023/s/ Kevin Kresge
Kevin Kresge
 Interim Chief Financial Officer

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