When did Blackstone Secured Lending Fund file this 10-Q?

Blackstone Secured Lending Fund (BXSL) filed this Quarterly Report (Form 10-Q) with the SEC on August 6, 2026. The accession number assigned by EDGAR is 0001736035-26-000016.

What does a 10-Q disclose?

Form 10-Q is the SEC's quarterly report. Public companies file it after each of the first three fiscal quarters to disclose unaudited financial statements and management's discussion of operations. The fourth-quarter results are rolled into the annual 10-K instead.

How is a 10-Q different from a 10-K?

Form 10-Q is filed three times a year (after Q1, Q2, and Q3 — the fourth quarter rolls into the 10-K). 10-Qs contain unaudited interim financial statements and a shorter MD&A. They're due 40 or 45 days after quarter end depending on filer size.

Where can I find Blackstone Secured Lending Fund's prior quarterly reports on EDGAR?

The SEC EDGAR browser lists every 10-Q Blackstone Secured Lending Fund has filed under CIK 1736035, sortable by date. Use the "View on SEC EDGAR" link in the page header, or browse directly via https://www.sec.gov/cgi-bin/browse-edgar.

Blackstone Secured Lending Fund (BXSL) 10-Q filed Aug 6, 2026

bxsl-20260630

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 June 30, 2026


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

For the transition period from to

Commission File Number 814-01299

_______________________________________________________________________

Blackstone Secured Lending Fund

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________


Delaware						82-7020632
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

345 Park Avenue New York, New York						10154
(Address of principal executive offices)						(Zip Code)

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

N/A

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

_______________________________________________________________________

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

Title of each class

Trading
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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of August 3, 2026, the Registrant had 232,970,063 common shares of beneficial interest (“Common Shares”), $0.001 par value per share, outstanding.

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		Page

PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2026 and December 31, 2025 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)	4
	Condensed Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)	8
	Condensed Consolidated Schedules of Investments as of June 30, 2026 and December 31, 2025 (Unaudited)	10
	Notes to Condensed Consolidated Financial Statements (Unaudited)	95
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	139
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	152
Item 4.	Controls and Procedures	152

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	154
Item 1A.	Risk Factors	154
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	154
Item 3.	Defaults Upon Senior Securities	154
Item 4.	Mine Safety Disclosures	154
Item 5.	Other Information	154
Item 6.	Exhibits	155
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

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

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

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

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

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

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

•the impact of future acquisitions and divestitures;

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

•general price and volume fluctuations in the stock market;

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

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

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

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

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

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

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WEBSITE DISCLOSURE

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

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Secured Lending Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)


	June 30, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $13,707,762 and $14,349,416, respectively)	$	13,221,914	$	14,167,499
Non-controlled/affiliated investments (cost of $148,828 and $38,551, respectively)	142,381		39,795

Total investments at fair value (cost of $13,856,590 and $14,387,967, respectively)	13,364,295		14,207,294
Cash and cash equivalents (restricted cash of $83,737 and $89,406, respectively)	267,155		289,605
Interest receivable from non-controlled/non-affiliated investments	107,926		105,695
Interest receivable from non-controlled/affiliated investments	39		10
Receivable from broker	1,837		11,286
Deferred financing costs	19,774		19,753
Receivable for investments	25,180		3,187

Derivative assets at fair value (Note 6)	2,462		19,633

Total assets	$	13,788,668	$	14,656,463
LIABILITIES
Debt (net of unamortized debt issuance costs of $51,435 and $39,900, respectively)	$	7,536,067	$	8,080,129
Payable for investments	9,642		2,172
Due to affiliates	5,363		4,817
Management fees payable (Note 3)	35,282		36,141
Income based incentive fees payable (Note 3)	1,690		26,400
Capital gains based incentive fees payable (Note 3)	—		—
Interest payable	62,772		61,952
Derivative liabilities at fair value (Note 6)	6,002		—
Distribution payable (Note 9)	179,142		178,616
Board of Trustees’ fees payable	311		289
Accrued expenses and other liabilities	13,664		20,772
Total liabilities	7,849,935		8,411,288
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.001 par value (unlimited shares authorized; 232,652,003 and 231,969,058 shares issued and outstanding, respectively)	233		232
Additional paid in capital	6,064,572		6,047,750
Distributable earnings (loss)	(126,072)		197,193
Total net assets	5,938,733		6,245,175
Total liabilities and net assets	$	13,788,668	$	14,656,463
NET ASSET VALUE PER SHARE	$	25.53	$	26.92

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

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	298,517	$	320,800	$	600,734	$	656,448
Payment-in-kind interest income	20,501		21,878		41,506		42,696
Dividend income	—		49		20		49
Other income	561		1,498		2,260		2,223
From non-controlled/affiliated investments:
Interest income	299		283		299		321
Payment-in-kind interest income	591		295		1,121		830
Total investment income	320,469		344,803		645,940		702,567
Expenses:
Interest expense	101,070		92,285		201,239		185,263
Management fees (Note 3)	35,282		34,600		71,648		68,901
Income based incentive fees (Note 3)	1,690		34,718		3,983		69,019
Capital gains based incentive fees (Note 3)	—		—		—		—
Professional fees	1,043		1,243		2,260		2,129
Board of Trustees’ fees	311		293		601		599
Administrative service expenses (Note 3)	1,057		744		2,182		1,710
Other general and administrative expenses	1,815		1,220		2,820		2,283
Total expenses before tax expense	142,268		165,103		284,733		329,904



Net investment income before tax expense	178,201		179,700		361,207		372,663
Excise and other tax expense	4,416		3,798		8,506		7,966
Net investment income after tax expense	173,785		175,902		352,701		364,697
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(128,166)		(8,117)		(283,300)		(48,223)
Non-controlled/affiliated investments	(5,217)		(201)		(7,694)		(850)

Derivative instruments (Note 6)	(1,777)		(3,126)		1,166		(5,047)
Translation of assets and liabilities in foreign currencies	(148)		438		(883)		720
Income tax (provision) benefit	(1,194)		(294)		(686)		(1,774)
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	(136,502)		(11,300)		(291,397)		(55,174)
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	(47,006)	$	(1,230)	$	(45,845)	$	7,295
Non-controlled/affiliated investments	5,559		—		5,559		—

Derivative instruments (Note 6)	3,554		(7,673)		5,396		(9,727)
Foreign currency transactions	10,244		(541)		8,466		(1,528)
Current tax expense on realized gains	(148)		(116)		(148)		(712)
Net realized gain (loss), net of tax expense	(27,797)		(9,560)		(26,572)		(4,672)
Net realized and change in unrealized gain (loss)	(164,299)		(20,860)		(317,969)		(59,846)
Net increase (decrease) in net assets resulting from operations	$	9,486	$	155,042	$	34,732	$	304,851
Net investment income per share (basic and diluted)	$	0.75	$	0.77	$	1.52	$	1.60
Earnings (loss) per share (basic and diluted)	$	0.04	$	0.68	$	0.15	$	1.34
Weighted average shares outstanding (basic and diluted)	232,557,932		228,192,335		232,381,869		227,389,213

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

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, March 31, 2026	$	232	$	6,055,864	$	43,584	$	6,099,680
Issuance of Common Shares, net of offering and underwriting costs	—		—		—		—

Reinvestment of dividends (1)	1		8,708		—		8,709
Net investment income after tax expense	—		—		173,785		173,785
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	—		—		(136,502)		(136,502)
Net realized gain (loss), net of tax expense	—		—		(27,797)		(27,797)
Dividends declared and payable from net investment income	—		—		(179,142)		(179,142)


Balance, June 30, 2026	$	233	$	6,064,572	$	(126,072)	$	5,938,733


	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, December 31, 2025	$	232	$	6,047,750	$	197,193	$	6,245,175
Issuance of Common Shares, net of offering and underwriting costs	—		—		—		—
Reinvestment of dividends (1)	1		16,822		—		16,823

Net investment income after tax expense	—		—		352,701		352,701
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	—		—		(291,397)		(291,397)
Net realized gain (loss), net of tax expense	—		—		(26,572)		(26,572)
Dividends declared and payable from net investment income	—		—		(357,997)		(357,997)


Balance, June 30, 2026	$	233	$	6,064,572	$	(126,072)	$	5,938,733

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

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

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, March 31, 2025	$	228	$	5,939,716	$	300,925	$	6,240,869
Issuance of Common Shares, net of offering and underwriting costs	2		64,010		—		64,012
Reinvestment of dividends (1)	—		5,380		—		5,380

Net investment income after tax expense	—		—		175,902		175,902
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	—		—		(11,300)		(11,300)
Net realized gain (loss), net of tax expense	—		—		(9,560)		(9,560)
Dividends declared and payable from net investment income	—		—		(177,007)		(177,007)


Balance, June 30, 2025	$	230	$	6,009,106	$	278,960	$	6,288,296


	Par Amount		Additional Paid in Capital		Distributable Earnings (Loss)		Total Net Assets
Balance, December 31, 2024	$	222	$	5,749,762	$	326,537	$	6,076,521
Issuance of Common Shares, net of offering and underwriting costs	8		248,834		—		248,842

Reinvestment of dividends (1)	—		10,510		—		10,510
Net investment income after tax expense	—		—		364,697		364,697
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	—		—		(55,174)		(55,174)
Net realized gain (loss), net of tax expense	—		—		(4,672)		(4,672)
Dividends declared and payable from net investment income	—		—		(352,428)		(352,428)


Balance, June 30, 2025	$	230	$	6,009,106	$	278,960	$	6,288,296

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

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

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	34,732	$	304,851
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	290,994		49,073
Net change in unrealized (appreciation) depreciation on derivative instruments	(1,166)		5,047
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	883		(1,304)
Net realized (gain) loss on investments	40,286		(7,295)
Net change due to hedging activity	541		(1,120)
Net realized (gain) loss on foreign currency transactions	(8,466)		—
Net accretion of discount and amortization of premium	(24,585)		(27,554)
Payment-in-kind interest capitalized	(42,658)		(42,963)
Amortization of deferred financing costs	3,408		2,850
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	8,450		7,085






Purchases of investments	(636,615)		(1,219,695)
Proceeds from sale of investments and principal repayments	1,204,877		1,163,365
Changes in operating assets and liabilities:
Interest receivable	(2,260)		7,344

Receivable for investments	(21,993)		(20,438)

Derivative instruments, net	(21,838)		4,380
Receivable from broker	9,449		(6,263)
Payable for investments	7,470		(16,937)
Due to affiliates	546		(1,466)
Management fees payable	(859)		2,295
Income based incentive fees payable	(24,710)		(3,990)
Capital gains based incentive fees payable	—		—
Interest payable	820		11,216
Accrued expenses and other liabilities	(7,086)		(4,877)
Net cash provided by (used in) operating activities	810,220		203,604
Cash flows from financing activities:
Borrowings on debt	2,337,299		1,062,898
Repayments on debt	(2,819,129)		(1,134,031)
Deferred financing costs paid	(3,430)		(430)
Debt issuance costs paid	(2,165)		(2,372)

Dividends paid in cash	(340,649)		(335,662)
Proceeds from issuance of Common Shares, net of offering and underwriting costs	—		247,854

Net cash provided by (used in) financing activities	(828,074)		(161,743)
Net increase (decrease) in cash and cash equivalents	(17,854)		41,861
Effect of foreign exchange rate changes on cash and cash equivalents	(4,596)		2,211
Cash and cash equivalents (including restricted cash), beginning of period	289,605		229,606
Cash and cash equivalents (including restricted cash), end of period	$	267,155	$	273,678
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2026		2025
Supplemental information and non-cash activities:
Interest paid during the period	$	188,307	$	165,186

Distribution payable	179,142		177,007
Reinvestment of distributions during the period	16,823		10,510

Accrued but unpaid debt issuance costs	3,400		250
Receivable for shares sold	—		5,393
Excise and other taxes paid	16,022		15,066
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	8.97%	2/5/2020	12/27/2027	$	260,600	$	259,847	$	260,600	4.39	%
Corfin Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	8.97%	1/10/2025	12/27/2027	1,560		1,552		1,560		0.03
Fastener Distribution Holdings, LLC	(4)(10)	SOFR +	4.75%	8.48%	10/31/2024	11/4/2031	30,550		30,317		30,550		0.51
Fastener Distribution Holdings, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	10/31/2024	11/4/2031	4,436		4,375		4,436		0.07
Frontgrade Technologies Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.64%	1/9/2023	1/9/2030	2,458		2,420		2,387		0.04
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.65%	3/18/2025	1/9/2030	353		351		344		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.68%	7/7/2025	1/9/2030	92		91		89		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.48%	3/28/2025	3/29/2032	1,379		1,367		1,353		0.02
MAG DS Corp.	(11)	SOFR +	5.50%	9.33%	4/1/2020	4/1/2027	78,245		77,387		78,163		1.32
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	5.75%	9.48%	12/5/2023	12/5/2030	33,435		32,841		33,435		0.56
West Star Aviation Acquisition, LLC	(4)(5)(10)	SOFR +	4.50%	8.14%	5/20/2025	5/20/2032	2,125		2,112		2,125		0.04
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.14%	5/20/2025	5/20/2032	389		385		389		0.01
									413,045		415,431		7.00
Air Freight & Logistics
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.42%	6/1/2026	6/1/2033	281,570		275,571		277,347		4.67
ENV Bidco, AB	(4)(5)(6)(10)	SOFR +	5.00%	8.73%	12/12/2024	7/30/2029	1,115		1,104		1,107		0.02
ENV Bidco, AB	(4)(5)(6)(7)(8)	E +	5.00%	7.29%	12/12/2024	7/30/2029	EUR	1,337	1,358		1,512		0.03
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.04%	12/9/2019	12/9/2027	138,170		137,917		123,662		2.08
Mode Purchaser, Inc.	(4)(5)(11)	SOFR +	6.25%	10.04%	2/4/2022	12/9/2027	3,944		3,915		3,530		0.06
R1 Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.75%	10.41%	12/30/2022	12/29/2028	1,315		1,298		1,221		0.02
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.63%	12/13/2021	12/31/2028	29,554		29,344		28,668		0.48
RWL Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.63%	2/20/2026	12/31/2028	1,359		1,347		1,318		0.02
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	7.00%	10.67% PIK	11/27/2024	5/27/2030	2,212		2,212		2,212		0.04
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.00%	13.67% PIK	11/27/2024	11/27/2029	746		739		746		0.01
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.50%	14.17% (incl. 9.50% PIK)	11/10/2025	11/27/2029	171		170		171		0.00
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)	SOFR +	10.50%	14.21% (incl. 9.50% PIK)	11/10/2025	11/27/2029	71		71		71		0.00
									455,046		441,565		7.43

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Biotechnology
Axsome Therapeutics, Inc.	(4)(5)(6)(10)	SOFR +	4.75%	8.48%	5/6/2025	5/8/2030	$	11,740	$	11,649	$	11,740	0.20	%
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.00%	7.73%	5/6/2025	5/8/2030	6,848		6,812		6,848		0.12
MannKind Corp.	(4)(6)(7)(14)	SOFR +	4.75%	8.43%	8/6/2025	8/6/2030	138,898		136,844		136,372		2.30
									155,305		154,960		2.62
Building Products
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.74%	2/26/2021	2/26/2029	54,139		54,012		51,297		0.86
Jacuzzi Brands, LLC	(4)(5)(10)	SOFR +	6.25%	9.92%	2/25/2019	5/25/2028	11,318		11,271		10,979		0.18
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.25%	9.92%	2/25/2019	5/25/2028	77,867		77,721		75,531		1.27
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	9.92%	9/1/2021	9/1/2027	14,823		14,754		12,599		0.21
Windows Acquisition Holdings, Inc.	(4)(5)(11)	SOFR +	6.50%	10.38%	12/29/2020	12/29/2026	52,750		52,668		41,145		0.69
									210,426		191,551		3.21
Chemicals
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	5.00%	8.73%	6/13/2024	6/13/2031	39,719		39,409		38,567		0.65
Commercial Services & Supplies
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.50%	8.09%	5/7/2021	5/7/2029	238,337		238,337		236,265		3.98
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.25%	8.89%	12/20/2024	10/2/2030	137,995		136,238		137,995		2.32
Divisions Holding Corp.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	4/17/2025	4/17/2032	1,626		1,612		1,613		0.03
ELK Bidco, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.23%	6/13/2025	6/14/2032	17,852		17,754		17,827		0.30
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.16%	3/13/2025	3/12/2032	27,178		26,957		26,431		0.45
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	3/13/2025	3/12/2032	12,352		12,235		11,902		0.20
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	3/13/2025	3/12/2032	1,098		1,071		1,008		0.02
FusionSite Midco, LLC	(4)(11)	SOFR +	5.50%	9.49%	4/30/2025	11/17/2029	57,247		56,743		55,815		0.94
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.49%	4/30/2025	11/17/2029	18,598		18,362		18,007		0.30
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.43%	4/30/2025	11/17/2029	2,919		2,839		2,744		0.05
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/28/2030	43,779		43,324		41,700		0.70
Gatekeeper Systems, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/28/2030	3,215		3,076		2,569		0.04
Gorilla Investor, LLC	(4)(10)	SOFR +	5.00%	8.73%	9/26/2024	9/30/2031	24,373		24,007		24,129		0.41
Ground Penetrating Radar Systems, LLC	(4)(10)	SOFR +	4.50%	8.23%	1/2/2025	1/2/2032	2,929		2,906		2,929		0.05
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	1/2/2025	1/2/2032	15		13		15		0.00
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	1/2/2025	1/2/2032	71		69		71		0.00
Ground Penetrating Radar Systems, LLC	(4)(5)(10)	SOFR +	4.50%	8.23%	5/8/2026	1/2/2032	898		868		867		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Iris Buyer, LLC	(4)(11)	SOFR +	5.00%	8.66%	10/2/2023	10/2/2030	$	25,067	$	24,649	$	25,067	0.42	%
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.00%	8.73%	10/2/2023	10/2/2030	2,363		2,331		2,363		0.04
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.73%	2/4/2025	10/2/2030	3,642		3,538		3,642		0.06
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.00%	8.73%	8/19/2025	10/2/2030	1,014		1,006		1,014		0.02
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.00%	7.69%	1/30/2026	8/20/2031	990		976		977		0.02
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.00%	7.69%	1/30/2026	8/20/2030	37		36		36		0.00
Java Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.23%	2/6/2026	12/15/2030	9,926		9,833		9,926		0.17
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	2/6/2026	12/15/2030	844		821		844		0.01
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	2/6/2026	12/15/2030	215		197		215		0.00
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.73%	12/17/2020	11/8/2031	294,589		292,540		294,589		4.96
JSS Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.73%	12/29/2021	11/8/2031	5,088		5,048		5,088		0.09
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.73%	11/8/2024	11/8/2031	32,171		31,839		32,114		0.54
Jupiter Purchaser, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.73%	6/5/2026	11/8/2031	1,168		1,168		1,168		0.02
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.38%	12/10/2021	12/10/2029	9,995		9,925		9,758		0.16
Knowledge Pro Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.38%	12/10/2021	12/10/2029	699		690		675		0.01
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.26%	10/19/2021	10/19/2028	19,699		19,569		17,286		0.29
KPSKY Acquisition, Inc.	(4)(5)(10)(18)	SOFR +	5.50%	9.27%	10/19/2021	10/19/2028	2,268		2,254		1,991		0.03
Minerva Bidco, Ltd.	(4)(5)(6)(8)	S +	4.25%	7.98%	7/29/2025	11/7/2030	GBP	4,812	6,367		6,335		0.11
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	8.92%	12/1/2021	4/29/2033	10,804		10,736		10,804		0.18
Onex Baltimore Buyer, Inc.	(4)(7)(10)(18)	SOFR +	4.75%	8.40%	12/1/2021	4/29/2033	22,025		21,807		22,025		0.37
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.89%	5/22/2025	5/24/2032	399		395		399		0.01
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	7.89%	5/22/2025	5/24/2032	37		36		37		0.00
SIQ Holdings III Corp.	(4)(10)	SOFR +	5.00%	8.73%	12/19/2025	12/20/2032	14,925		14,787		14,738		0.25
SIQ Holdings III Corp.	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	12/19/2025	12/20/2032	2,985		2,911		2,860		0.05
TEI Intermediate, LLC	(4)(10)	SOFR +	5.25%	8.98% (incl. 2.88% PIK)	12/13/2024	12/15/2031	26,365		26,164		26,365		0.44
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/13/2024	12/15/2031	433		406		433		0.01
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/13/2024	12/15/2031	5,911		5,856		5,911		0.10
Veregy Consolidated, Inc.	(4)(7)(10)	SOFR +	4.25%	7.93%	4/16/2025	4/16/2031	27,488		27,288		27,444		0.46
Veregy Consolidated, Inc.	(4)(5)(10)	SOFR +	4.25%	7.91%	4/16/2025	4/16/2031	2,436		2,421		2,436		0.04
									1,112,005		1,108,427		18.66

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Construction & Engineering
Consor Intermediate II, LLC	(4)(7)(10)	SOFR +	4.50%	8.23%	5/10/2024	5/12/2031	$	6,399	$	6,351	$	6,395	0.11	%
GFT Infrastructure, Inc.	(4)(10)	SOFR +	4.50%	8.18%	8/5/2024	8/5/2030	64,128		63,479		63,807		1.07
GFT Infrastructure, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.18%	8/5/2024	8/5/2030	3,742		3,678		3,711		0.06
Pave America Holding, LLC	(4)(7)(10)	SOFR +	5.25%	8.98% (incl. 2.88% PIK)	8/29/2025	8/27/2032	16,975		16,819		16,975		0.29
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.48%	8/29/2025	8/27/2032	1,858		1,826		1,858		0.03
Saber Power Services, LLC	(4)(7)(10)	SOFR +	5.00%	8.83%	10/21/2025	10/21/2031	45,923		45,862		45,923		0.77
SAFEbuilt, LLC	(4)(7)(10)	SOFR +	5.00%	8.64%	1/8/2026	1/8/2032	20,355		20,336		20,122		0.34
									158,351		158,791		2.67
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.24%	4/30/2025	5/5/2032	1,485		1,472		1,445		0.02
Containers & Packaging
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.25%	8.98%	9/30/2021	9/30/2028	20,562		20,404		20,447		0.34
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.25%	8.98%	3/20/2025	9/30/2028	1,591		1,581		1,583		0.03
									21,985		22,030		0.37
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	7.50%	11.43% (incl. 1.00% PIK)	12/10/2021	12/11/2028	7,490		7,441		5,917		0.10
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.25%	8.99%	11/1/2021	5/3/2027	163,922		163,651		162,692		2.74
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00%	10.83% (incl. 3.25% PIK)	12/31/2021	6/23/2028	5,108		5,078		4,342		0.07
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.25%	11.08% (incl. 3.25% PIK)	11/1/2022	6/23/2028	1,633		1,617		1,396		0.02
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00%	10.83% (incl. 3.25% PIK)	12/31/2021	6/23/2028	1,644		1,638		1,406		0.02
NDC Acquisition Corp.	(4)(7)(11)	SOFR +	5.25%	8.92%	3/9/2021	3/9/2028	15,218		15,144		15,094		0.25
PT Intermediate Holdings III, LLC	(4)(10)	SOFR +	4.75%	8.48%	4/9/2024	4/9/2030	63,469		63,373		63,469		1.07
									257,942		254,316		4.27

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(11)	SOFR +	5.00%	8.83%	7/19/2024	7/24/2030	$	4,556	$	4,494	$	4,055	0.07	%
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.83%	7/19/2024	7/24/2030	1,356		1,338		1,207		0.02
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.83%	7/19/2024	7/24/2030	1,753		1,731		1,560		0.03
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.83%	7/19/2024	7/24/2030	3,514		3,466		3,127		0.05
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.83%	2/19/2025	7/24/2030	3,799		3,754		2,892		0.05
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.83%	10/15/2025	7/24/2030	587		582		522		0.01
Barbri Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.45%	12/20/2024	4/30/2030	79,820		79,308		78,224		1.32
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.26%	7/20/2021	7/20/2028	281,748		280,922		262,026		4.41
DTA Intermediate II, Ltd.	(4)(11)	SOFR +	5.50%	9.23%	3/27/2024	3/27/2030	42,431		41,902		42,431		0.71
DTA Intermediate II, Ltd.	(4)(7)(11)	SOFR +	5.50%	8.99%	3/27/2024	3/27/2030	10,713		10,468		10,713		0.18
DTA Intermediate II, Ltd.	(4)(5)(11)	S +	5.50%	9.23%	9/18/2025	3/27/2030	GBP	17,107	22,794		22,692		0.38
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	9.92%	7/18/2023	7/18/2029	21,573		21,299		18,930		0.32
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.92%	7/18/2023	7/18/2029	3,971		3,928		3,484		0.06
Essential Services Holding Corp.	(4)(10)	SOFR +	5.75%	9.43% (incl. 2.88% PIK)	6/17/2024	6/17/2031	11,768		11,685		11,121		0.19
Essential Services Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	8.93%	6/17/2024	6/17/2030	632		622		553		0.01
GGG Midco, LLC	(4)(7)(10)	SOFR +	4.75%	8.39%	4/1/2026	4/1/2033	7,239		7,155		7,152		0.12
GGG Midco, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	4/1/2026	4/1/2033	423		407		407		0.01
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	9.49%	10/12/2021	6/30/2028	21,930		21,868		21,382		0.36
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	91	105		104		0.00
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	37	43		42		0.00
Scientian 2 Spain, S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	107	123		121		0.00
Scientian France, SAS	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	235	272		267		0.00
Seahawk Bidco, LLC	(4)(11)	SOFR +	5.00%	8.73%	12/18/2024	12/19/2031	51,932		51,623		51,673		0.87
Seahawk Bidco, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.73%	12/18/2024	12/19/2030	657		631		638		0.01
Seahawk Bidco, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.73%	12/18/2024	12/19/2031	2,022		1,970		1,918		0.03
Summit Buyer, LLC	(4)(10)	SOFR +	5.00%	8.73%	5/31/2024	5/31/2031	11,747		11,666		11,277		0.19
Summit Buyer, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.73%	5/31/2024	5/31/2031	6,481		6,421		6,167		0.10
									590,577		564,685		9.50
Electric Utilities
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.48%	7/1/2025	7/1/2032	19,393		19,223		18,789		0.32
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/1/2025	7/1/2030	417		393		328		0.01
									19,616		19,117		0.33

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	8.41%	8/17/2021	8/17/2031	$	59,938	$	59,666	$	59,934	1.01	%
Griffon Bidco, Inc.	(4)(7)(10)	SOFR +	5.00%	8.73%	7/31/2025	7/31/2031	22,282		22,041		22,221		0.37
IEM New Sub 2, LLC	(4)(7)(9)	SOFR +	4.75%	8.37%	12/3/2025	12/3/2031	114,213		113,218		112,945		1.90
									194,925		195,100		3.28
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	76,132		75,946		76,132		1.28
Albireo Energy, LLC	(4)(11)	SOFR +	5.75%	9.51%	2/5/2026	12/23/2029	29,024		28,971		29,024		0.49
Albireo Energy, LLC	(4)(5)(7)(11)	SOFR +	5.75%	9.50%	2/5/2026	12/23/2029	3,250		2,996		3,250		0.05
Dwyer Instruments, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	11/15/2024	7/20/2029	10,258		10,189		10,258		0.17
Electro Switch Business Trust, LLC	(4)(10)	SOFR +	4.75%	8.48%	9/2/2025	9/2/2032	31,344		31,137		31,187		0.53
Electro Switch Business Trust, LLC	(4)(5)(7)(10)	P +	4.75%	10.50%	9/2/2025	9/2/2032	543		505		521		0.01
Guardian Bidco, Inc.	(4)(5)(7)(8)	SOFR +	5.50%	9.12%	9/2/2025	8/30/2032	5,307		5,257		5,299		0.09
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	8.42%	11/20/2023	11/20/2030	25,365		25,176		25,365		0.43
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	4.50%	8.23%	7/1/2024	7/1/2031	70,281		69,387		70,281		1.18
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.79%	7/1/2024	7/1/2031	EUR	14,838	15,767		16,954		0.29
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.68%	7/1/2024	7/1/2030	EUR	2,128	2,374		2,432		0.04
									267,705		270,703		4.56
Energy Equipment & Services
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	9.77%	3/15/2024	3/14/2031	26,325		25,796		26,325		0.44
Financial Services
Carr Riggs & Ingram Capital, LLC	(4)(9)	SOFR +	4.50%	8.23%	11/18/2024	11/18/2031	7,351		7,294		7,259		0.12
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.23%	11/18/2024	11/18/2031	1,329		1,312		1,282		0.02
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.23%	11/18/2024	11/18/2031	280		267		259		0.00
DM Intermediate Parent, LLC	(4)(10)	SOFR +	5.00%	8.64%	9/30/2024	9/30/2030	17,948		17,757		17,948		0.30
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.64%	9/30/2024	9/30/2030	7,603		7,588		7,603		0.13
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.64%	12/19/2025	9/30/2030	11,253		11,089		11,253		0.19
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.00%	8.73%	3/27/2025	3/27/2032	GBP	14,508	18,481		19,051		0.32
More Cowbell II, LLC	(4)(7)(10)	SOFR +	4.25%	7.74%	9/3/2025	9/3/2030	7,837		7,721		7,826		0.13
PKF O'Connor Davies Advisory, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.16%	11/15/2024	11/18/2031	1,169		1,158		1,169		0.02
									72,667		73,650		1.23

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(7)(10)	SOFR +	4.75%	8.41%	5/15/2024	6/30/2028	$	19,406	$	19,280	$	18,841	0.32	%
Health Care Equipment & Supplies
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.25%	8.91%	9/29/2023	9/30/2030	976		963		947		0.02
Bamboo US BidCo, LLC	(4)(5)(11)	E +	5.25%	7.40%	9/29/2023	9/30/2030	EUR	349	363		387		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.25%	8.91%	11/20/2024	9/30/2030	105		103		102		0.00
Bamboo US BidCo, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.89%	9/29/2023	10/1/2029	50		47		50		0.00
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.38%	9/13/2021	9/13/2027	20,955		20,871		20,536		0.35
GCX Corporation Buyer, LLC	(4)(5)(10)	SOFR +	5.50%	9.32%	9/13/2021	9/13/2027	5,307		5,289		5,201		0.09
Zeus, LLC	(4)(10)	SOFR +	5.40%	9.13%	2/28/2024	2/28/2031	24,433		24,193		23,151		0.39
Zeus, LLC	(4)(5)(10)	SOFR +	5.40%	9.13%	2/28/2024	2/28/2031	2,259		2,242		2,140		0.04
Zeus, LLC	(4)(5)(7)(10)	SOFR +	5.40%	9.14%	2/28/2024	2/28/2030	571		540		391		0.01
									54,611		52,905		0.91
Health Care Providers & Services
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.28%	8/10/2022	8/9/2029	CAD	2,159	1,665		1,522		0.03
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.28%	8/9/2024	8/10/2029	CAD	291	214		205		0.00
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	4.75%	7.03%	9/8/2025	8/10/2029	CAD	16,821	12,036		11,860		0.20
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.50%	10.02%	5/7/2021	5/7/2027	6,673		6,654		5,672		0.10
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.45%	5/7/2021	5/7/2027	1,599		1,596		1,360		0.02
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.50%	10.45%	5/7/2021	8/7/2026	855		855		660		0.01
Amerivet Partners Management, Inc.	(4)(7)(10)	SOFR +	5.50%	9.60%	2/25/2022	2/25/2028	5,306		5,271		4,804		0.08
Amerivet Partners Management, Inc.	(4)(5)(10)	SOFR +	5.50%	9.60%	2/25/2022	2/25/2028	152		151		139		0.00
Aryeh Bidco Investment, Ltd.	(4)(5)(6)(10)	CA +	5.00%	7.29%	1/14/2026	1/14/2033	CAD	7,811	5,573		5,452		0.09
Aryeh Bidco Investment, Ltd.	(4)(5)(6)(7)(10)	CA +	5.00%	7.29%	1/14/2026	1/14/2033	CAD	332	227		217		0.00
Biotouch Global Solutions, Inc.	(4)(7)(11)	SOFR +	5.50%	9.17%	8/27/2025	8/27/2032	23,680		23,332		22,929		0.39
Biotouch Global Solutions, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.16%	8/27/2025	8/27/2032	757		736		709		0.01
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(11)	CA +	4.50%	7.12%	4/15/2021	4/14/2028	CAD	28,879	22,981		20,362		0.34
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(7)(10)	CA +	4.50%	7.12%	4/15/2021	4/15/2027	CAD	1,800	1,259		1,269		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.34% (incl. 4.00% PIK)	12/21/2021	12/21/2028	$	12,718	$	12,643	$	10,619	0.18	%
Commander Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.14%	6/26/2025	6/25/2032	31,555		31,174		31,453		0.53
Compsych Investments Corp.	(4)(7)(10)	SOFR +	4.75%	8.41%	7/22/2024	7/22/2031	11,942		11,893		11,658		0.20
DCA Investment Holding, LLC	(4)(5)(10)	SOFR +	6.50%	10.16% (incl. 2.25% PIK)	6/2/2026	6/2/2031	17,761		17,761		17,761		0.30
DCA Investment Holding, LLC	(4)(5)(10)	SOFR +	5.00%	8.66%	6/2/2026	6/2/2031	3,062		2,876		3,062		0.05
Imagine 360, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	9/18/2024	10/2/2028	16,897		16,787		16,869		0.28
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.16%	4/29/2024	4/29/2030	48,343		48,228		47,845		0.81
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.02%	10/15/2020	4/15/2028	126,345		125,705		122,870		2.07
Kwol Acquisition, Inc.	(4)(7)(10)	SOFR +	5.00%	8.73%	12/8/2023	12/6/2029	10,246		10,105		10,157		0.17
Kwol Acquisition, Inc.	(4)(5)(10)	SOFR +	5.00%	8.73%	2/17/2026	12/12/2029	3,577		3,553		3,551		0.06
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.14%	2/13/2024	2/13/2031	22,812		22,660		22,812		0.38
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.14%	2/13/2024	2/13/2031	5,019		5,000		5,019		0.08
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.14%	2/13/2024	2/13/2031	3,374		3,355		3,374		0.06
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.24% (incl. 4.00% PIK)	7/16/2021	7/16/2030	269,560		269,002		204,749		3.45
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	9.42%	8/31/2022	8/31/2029	1,948		1,934		1,909		0.03
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	9/6/2023	8/31/2029	253		250		238		0.00
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	9.63%	6/9/2023	12/23/2028	10,584		10,497		10,266		0.17
Smile Doctors, LLC	(4)(5)(7)(10)	SOFR +	5.90%	9.63%	6/9/2023	12/23/2028	2,561		2,522		2,441		0.04
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.42% (incl. 5.50% PIK)	6/1/2021	6/1/2028	364,642		362,798		342,763		5.77
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	4.75%	8.44%	8/26/2025	12/18/2029	12,204		12,087		12,052		0.20
SpecialtyCare, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	8.66%	8/26/2025	12/18/2029	111		104		100		0.00
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	4.75%	8.48%	1/5/2026	1/5/2033	3,101		3,075		3,074		0.05
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75%	9.51%	3/16/2022	3/16/2028	4,800		4,773		4,680		0.08
The Fertility Partners, Inc.	(4)(5)(6)(10)	CA +	5.75%	8.33%	3/16/2022	3/16/2028	CAD	4,800	3,743		3,300		0.06
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75%	9.51%	3/16/2022	3/16/2028	267		267		260		0.00
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)	CA +	5.75%	8.33%	3/16/2022	9/16/2027	CAD	243	181		165		0.00

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.43%	7/15/2022	7/15/2028	$	1,068	$	1,060	$	1,036	0.02	%
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.48%	7/15/2022	7/15/2028	1,465		1,456		1,421		0.02
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.00%	8.73%	6/16/2022	6/18/2029	2,049		2,049		2,049		0.03
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.73%	3/22/2024	6/18/2029	22,234		22,140		22,234		0.37
Unified Women's Healthcare, LP	(4)(7)(9)	SOFR +	5.00%	8.64%	3/22/2024	6/18/2029	44,289		44,037		44,289		0.75
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.73%	9/22/2025	6/18/2029	69,970		69,580		69,970		1.18
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.02%	11/18/2021	11/18/2028	37,021		36,808		37,021		0.62
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.63%	11/18/2021	11/18/2028	15,616		15,557		15,616		0.26
US Oral Surgery Management Holdco, LLC	(4)(7)(10)	SOFR +	5.25%	9.02%	8/16/2023	11/20/2028	50,712		50,352		50,712		0.85
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.08%	12/5/2022	11/18/2028	83		83		83		0.00
WHCG Purchaser III, Inc.	(4)(5)(7)(10)	SOFR +	6.50%	10.23% (incl. 5.12% PIK)	8/2/2024	6/29/2029	21,569		21,569		21,569		0.36
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	18,715		6,354		11,977		0.20
									1,336,568		1,248,184		20.97
Health Care Technology
Accuity Delivery Systems, LLC	(4)(7)(9)	SOFR +	4.75%	8.42%	5/29/2025	5/29/2031	31,720		31,614		31,693		0.53
Brilliance Technologies, Inc.	(4)(7)(9)	SOFR +	5.00%	8.64% (incl. 2.50% PIK)	3/11/2025	3/11/2032	1,516		1,506		1,492		0.03
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.64% (incl. 2.50% PIK)	3/11/2025	3/11/2032	2,425		2,415		2,401		0.04
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.64% (incl. 2.50% PIK)	5/16/2025	3/11/2032	2,152		2,144		2,131		0.04
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	5.00%	8.14% (incl. 2.50% PIK)	3/11/2025	3/11/2032	364		362		352		0.01
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.73%	5/25/2022	5/25/2029	11,111		11,019		10,778		0.18
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.73%	10/28/2022	5/25/2029	2,143		2,124		2,078		0.03
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.73%	10/28/2022	5/25/2029	314		311		304		0.01
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.73%	3/27/2024	5/25/2029	49,000		49,000		47,530		0.80
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.65%	5/25/2022	5/25/2029	925		914		886		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology (continued)
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	8.58%	7/2/2024	10/4/2029	$	19,657	$	19,427	$	19,461	0.33	%
Continental Buyer, Inc.	(4)(7)(10)	SOFR +	4.75%	8.39%	4/2/2024	4/2/2031	36,778		36,418		36,746		0.62
Continental Buyer, Inc.	(4)(5)(10)	SOFR +	4.75%	8.39%	10/21/2025	4/2/2031	21,855		21,760		21,855		0.37
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.39%	4/2/2024	4/2/2031	1,249		1,237		1,249		0.02
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.91%	3/1/2021	3/1/2028	71,173		70,665		70,462		1.19
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.91%	3/1/2021	3/1/2028	14,758		14,697		14,610		0.25
Cronos Crimson Holdings, Inc.	(4)(5)(10)	SOFR +	6.09%	9.99%	4/25/2025	3/1/2028	17,647		17,544		17,471		0.29
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.64%	8/30/2024	9/2/2031	27,921		27,715		27,921		0.47
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.64%	8/30/2024	9/2/2031	464		417		405		0.01
CT Technologies Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.39%	8/5/2025	9/2/2031	27,971		27,733		27,691		0.47
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.39%	7/10/2025	9/2/2031	12,056		11,954		11,935		0.20
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.39%	7/10/2025	9/2/2031	5,167		5,116		5,098		0.09
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00%	9.88%	10/29/2021	10/30/2028	16,750		16,646		15,111		0.25
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	5.75%	9.42%	11/8/2023	11/8/2029	102,415		101,877		93,710		1.58
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	7/23/2024	7/23/2031	77		76		75		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.17%	7/23/2024	7/23/2031	1,029		1,021		1,024		0.02
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.16%	6/27/2025	7/23/2031	259		258		258		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.16%	6/27/2025	7/23/2031	291		290		289		0.00
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.16%	7/23/2024	7/23/2031	18		16		17		0.00
Magic Bidco, Inc.	(4)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	25,549		25,174		23,633		0.40
Magic Bidco, Inc.	(4)(5)(10)	SOFR +	5.75%	9.37%	7/1/2024	7/1/2030	3,714		3,652		3,435		0.06
Magic Bidco, Inc.	(4)(5)(10)	SOFR +	5.75%	9.42%	7/1/2024	7/1/2030	1,251		1,251		1,157		0.02
MEDX AMCP Holdings, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.14%	7/21/2025	7/21/2032	4,100		4,050		4,034		0.07
Modernizing Medicine, Inc.	(4)(7)(10)	SOFR +	4.75%	8.48% (incl. 2.25% PIK)	4/30/2025	4/30/2032	9,073		8,992		9,064		0.15
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.23%	12/12/2024	8/31/2030	6,825		6,711		6,733		0.11
Netsmart Technologies, Inc.	(4)(7)(10)	SOFR +	5.20%	8.82% (incl. 2.70% PIK)	8/23/2024	8/25/2031	24,605		24,391		24,082		0.41
Octane Purchaser, Inc.	(4)(5)(7)(9)	SOFR +	4.60%	8.24%	5/19/2025	5/19/2032	2,332		2,320		2,289		0.04
Octane Purchaser, Inc.	(4)(5)(9)	SOFR +	4.60%	8.24%	5/19/2025	5/19/2032	1,227		1,222		1,206		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology (continued)
Rocky MRA Acquisition Corp.	(4)(9)	SOFR +	5.00%	8.77%	4/1/2022	4/2/2029	$	9,331	$	9,282	$	9,331	0.16	%
Signant Finance One, Ltd.	(4)(5)(7)(10)	SOFR +	5.00%	8.73%	10/16/2025	10/16/2031	37,681		37,328		37,470		0.63
Signant Finance One, Ltd.	(4)(5)(7)(10)	SOFR +	5.00%	8.74%	10/16/2025	10/16/2031	1,072		1,040		1,054		0.02
									601,689		588,521		9.93
Insurance
Amerilife Holdings, LLC	(4)(10)	SOFR +	5.00%	8.66%	6/17/2024	8/31/2029	96,539		96,191		96,298		1.62
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.66%	6/17/2024	8/31/2029	4,005		3,954		3,965		0.07
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.66%	6/17/2024	8/31/2029	5,637		5,570		5,558		0.09
Beacon Dc, Ltd.	(4)(6)(10)	SOFR +	4.75%	8.48%	12/4/2025	12/4/2032	135,854		133,987		133,816		2.25
Beacon Dc, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.48%	12/4/2025	12/4/2032	30,035		29,442		29,307		0.49
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		0.00%	0.00%	9/11/2023	9/13/2038	9,566		1,397		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		10.00%	10.00% PIK	9/11/2023	9/12/2033	7,072		5,559		581		0.01
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.48%	10/29/2021	10/29/2030	14,210		14,132		14,210		0.24
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.48%	10/29/2021	10/29/2030	4,711		4,677		4,711		0.08
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.48%	11/17/2023	10/29/2030	6,788		6,703		6,788		0.11
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.48%	5/21/2024	10/29/2030	5,932		5,876		5,932		0.10
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.48%	5/21/2024	10/29/2030	4,975		4,951		4,975		0.08
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.48%	9/24/2025	10/29/2030	2,024		2,024		2,024		0.03
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.48%	9/24/2025	10/29/2030	946		946		946		0.02
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.23%	9/30/2021	9/29/2028	14,549		14,497		14,513		0.24
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.24%	9/30/2021	9/29/2028	2,962		2,914		2,939		0.05
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.23%	2/7/2024	9/29/2028	13,217		13,182		13,184		0.22
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.00%	7.15%	4/15/2024	4/23/2031	EUR	30,620	32,071		34,987		0.59
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.00%	7.15%	4/15/2024	4/23/2031	EUR	12,475	13,130		14,254		0.24
Gimlet Bidco, GmbH	(4)(6)(7)(8)	E +	5.00%	7.15%	4/15/2024	4/23/2031	EUR	10,687	12,797		12,211		0.21
Higginbotham Insurance Agency, Inc.	(4)(5)(6)(11)	SOFR +	4.50%	8.14%	7/3/2024	6/11/2031	4,900		4,898		4,900		0.08
High Street Buyer, Inc.	(4)(10)	SOFR +	4.25%	7.98%	4/16/2021	4/14/2028	10,172		10,120		10,172		0.17
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	4.25%	7.98%	4/16/2021	4/14/2028	77,366		76,885		77,321		1.30
High Street Buyer, Inc.	(4)(10)	SOFR +	4.25%	7.98%	4/16/2021	4/14/2028	13,429		13,360		13,429		0.23
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	7.98%	7/18/2025	4/14/2028	4,261		4,181		4,261		0.07

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Integrity Marketing Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	8/27/2024	8/25/2028	$	163,141	$	162,563	$	162,632	2.74	%
Koala Investment Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	7.99%	8/29/2025	8/29/2032	1,380		1,366		1,358		0.02
Koala Investment Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.25%	7.98%	8/29/2025	8/29/2032	63		62		61		0.00
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)	E +	5.00%	7.16%	5/15/2025	5/17/2032	EUR	417	462		464		0.01
Paisley Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.50%	9.23% (incl. 2.00% PIK)	4/17/2024	5/7/2031	GBP	6,514	8,087		7,816		0.13
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.65% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	3,454	3,685		3,572		0.06
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.65% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	3,047	3,153		3,151		0.05
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.65% (incl. 2.00% PIK)	7/31/2025	5/7/2031	EUR	2,954	3,378		3,055		0.05
Patriot Growth Insurance Services, LLC	(4)(5)(10)	SOFR +	5.00%	8.88%	10/14/2021	10/16/2028	4,474		4,453		4,340		0.07
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.73%	11/17/2023	10/16/2028	4,254		4,230		4,194		0.07
Sail Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	8.98%	11/28/2025	11/28/2032	GBP	8,010	10,506		10,509		0.18
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	8.43%	4/3/2024	4/3/2030	121,957		121,226		121,957		2.05
Shelf Bidco, Ltd.	(4)(6)(10)(18)	SOFR +	5.18%	8.66%	10/17/2024	10/17/2031	147,632		147,078		147,632		2.49
Simplicity Financial Marketing Group Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.73%	12/31/2024	12/31/2031	9,963		9,860		9,931		0.17
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	S +	6.00%	9.73%	9/25/2024	9/25/2031	GBP	17,779	23,501		23,347		0.39
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	E +	5.25%	7.72%	9/25/2024	9/25/2031	EUR	470	526		531		0.01
SQ ABS Issuer, LLC	(4)(5)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	4,138		4,109		4,107		0.07

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Tennessee Bidco, Limited	(4)(6)(8)	SOFR +	5.50%	9.08% (incl. 2.00% PIK)	7/1/2024	7/1/2031	$	85,882	$	84,606	$	84,808	1.43	%
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.50%	9.29% (incl. 2.00% PIK)	7/1/2024	7/1/2031	19,950		19,864		19,700		0.33
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.50%	9.22% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	46,286	62,733		60,628		1.02
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	3,478	4,379		4,555		0.08
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	7.62% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	1,936	2,052		2,184		0.04
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	8.11% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	9,503	10,877		10,722		0.18
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.50%	9.11% (incl. 2.00% PIK)	5/9/2025	7/1/2031	6,706		6,676		6,622		0.11
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)	S +	5.50%	9.23% (incl. 2.00% PIK)	5/9/2025	7/1/2031	GBP	384	557		337		0.01
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.50%	7.86% (incl. 2.00% PIK)	5/9/2025	7/1/2031	EUR	3,599	4,215		4,061		0.07
THG Acquisition, LLC	(4)(5)(10)	SOFR +	4.75%	8.39%	10/31/2024	10/31/2031	11,507		11,419		11,507		0.19
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.39%	10/31/2024	10/31/2031	2,237		2,210		2,237		0.04
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	8.73%	2/14/2025	4/3/2030	98,378		97,414		98,312		1.66
									1,328,691		1,325,612		22.31
Interactive Media & Services
Cadillac BidCo S.à r.l.	(4)(5)(6)(8)	E +	4.75%	6.93%	2/27/2026	2/27/2033	EUR	40,003	47,045		45,251		0.76
North Haven Ushc Acquisition, Inc.	(4)(7)(11)	SOFR +	5.25%	9.08%	8/28/2024	10/29/2027	2,737		2,695		2,424		0.04
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.08%	8/28/2024	10/29/2027	2,170		2,156		2,018		0.03
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.08%	8/28/2024	10/29/2027	1,271		1,263		1,182		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	541		537		503		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.08%	8/28/2024	10/29/2027	1,103		1,080		730		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.08%	8/28/2024	10/29/2027	629		625		585		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	3,872		3,847		3,601		0.06
									59,248		56,294		0.94

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services
Allium Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.66%	5/2/2023	5/2/2030	$	1,556	$	1,527	$	1,549	0.03	%
Cassipoee, SASU	(4)(5)(6)(8)	E +	4.50%	6.79%	2/26/2025	2/26/2032	EUR	160	165		179		0.00
Denali TopCo, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.41%	8/26/2025	8/26/2032	16,837		16,683		16,619		0.28
Fern Bidco, Ltd.	(4)(5)(6)(8)	S +	5.00%	8.73%	7/1/2024	7/1/2031	GBP	20,317	25,323		26,613		0.45
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.00%	8.73%	7/1/2024	7/1/2031	GBP	2,222	2,700		2,779		0.05
Firmus Supercloud PTY, Ltd.	(4)(5)(6)(7)(11)	SOFR +	5.13%	8.77%	4/21/2026	3/15/2032	19,125		18,736		17,763		0.30
Infostretch Corporation	(4)(5)(10)	SOFR +	5.75%	9.63%	4/1/2022	4/1/2028	4,800		4,772		4,248		0.07
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.43% (incl. 2.75% PIK)	4/11/2025	11/24/2028	187,549		185,900		176,296		2.97
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.00% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	9,645	11,965		9,659		0.16
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	ST +	6.00%	8.18%	9/28/2022	9/28/2029	SEK	2,090	186		210		0.00
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	E +	6.00%	8.17%	9/28/2022	9/28/2029	EUR	1,347	1,305		1,501		0.03
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	CI +	6.00%	8.14%	9/28/2022	9/28/2029	DKK	4,819	627		718		0.01
Monterey Financing, S.à r.l.	(4)(5)(6)(9)	N +	6.00%	10.37%	9/28/2022	9/28/2029	NOK	910	83		90		0.00
Namecheap, Inc.	(4)(7)(10)	SOFR +	4.75%	8.39%	5/21/2026	5/21/2033	12,930		12,782		12,779		0.22
Nephele III, BV	(4)(5)(6)(7)(8)	E +	4.35%	6.64%	3/31/2025	1/14/2032	EUR	267	285		304		0.01
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.52%	10/25/2021	10/25/2027	18,885		18,802		18,272		0.31
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.81%	5/26/2021	11/26/2028	77,922		77,717		70,325		1.18
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.81%	12/1/2025	11/26/2028	8,732		8,629		7,881		0.13
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25%	8.99%	1/3/2025	6/15/2029	75,897		75,371		75,897		1.28
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25%	8.99%	2/5/2024	6/15/2029	102,707		101,348		102,707		1.73
Redwood Services Group, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.49%	2/5/2024	6/15/2029	4,106		4,039		3,919		0.07

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00%	10.23% (incl. 2.50% PIK)	10/14/2021	10/14/2028	$	9,170	$	9,044	$	6,924	0.12	%
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00%	10.24% (incl. 2.50% PIK)	10/14/2021	10/14/2028	4,588		4,550		3,464		0.06
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00%	8.50% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	11,829	13,526		10,204		0.17
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00%	8.50% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	4,522	5,154		3,901		0.07
Turing Holdco, Inc.	(4)(6)(10)	SOFR +	6.00%	10.23% (incl. 2.50% PIK)	5/3/2024	10/14/2028	21,559		21,251		16,277		0.27
Turing Holdco, Inc.	(4)(5)(6)(10)	S +	6.00%	10.00% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	16,195	20,085		16,218		0.27
									642,555		607,296		10.24
Life Sciences Tools & Services
Cambrex Corp.	(4)(7)(10)	SOFR +	4.75%	8.39%	3/5/2025	3/5/2032	22,926		22,723		22,426		0.38
Cambrex Corp.	(4)(5)(10)	SOFR +	4.75%	8.39%	3/5/2025	3/5/2032	3,306		3,279		3,240		0.05
Creek Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.64%	12/17/2024	12/18/2031	67,939		66,875		66,922		1.13
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.50%	9.15% (incl. 2.75% PIK)	11/6/2024	11/6/2031	28,289		28,080		27,565		0.46
Falcon Parent Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.66%	11/6/2024	11/6/2031	734		703		667		0.01
PAS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.14%	8/18/2025	8/18/2032	463		453		456		0.01
									122,113		121,276		2.04
Machinery
Bidco 76 S.p.A.	(4)(6)(8)	E +	4.75%	6.87%	12/11/2024	12/10/2031	EUR	22,008	22,812		25,146		0.42
Cielo Bidco, Ltd.	(4)(5)(6)(8)	S +	4.75%	8.48%	6/30/2025	3/31/2032	GBP	151	206		201		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	E +	4.75%	6.93%	6/30/2025	3/31/2032	EUR	77	89		87		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.37%	6/30/2025	3/31/2032	76		75		76		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.37%	6/30/2025	3/31/2032	66		65		66		0.00
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.00%	9.81%	7/21/2021	7/21/2027	2,013		2,006		1,987		0.03
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.06%	8/30/2022	7/21/2027	76		76		75		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.31%	12/20/2022	7/21/2027	76		76		75		0.00
									25,405		27,713		0.45

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Marine Transportation
Armada Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.41%	10/29/2021	10/29/2030	$	1,241	$	1,222	$	1,241	0.02	%
Armada Parent, Inc.	(4)(10)	SOFR +	4.75%	8.41%	6/9/2025	10/29/2030	25,089		24,931		25,089		0.42
Kattegat Project Bidco, AB	(4)(6)(8)	SOFR +	5.50%	9.23%	3/20/2024	4/7/2031	2,605		2,560		2,605		0.04
Kattegat Project Bidco, AB	(4)(5)(6)(7)(8)	E +	5.50%	7.79%	3/20/2024	4/7/2031	EUR	29,819	31,720		33,978		0.57
									60,433		62,913		1.05
Media
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	8.42%	4/26/2024	4/25/2031	68,834		68,360		68,145		1.15
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.36%	4/26/2024	4/25/2031	12,950		12,791		12,747		0.21
									81,151		80,892		1.36

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	8.89%	8/30/2024	8/15/2028	$	43,141	$	42,912	$	43,141	0.73	%
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	8.89%	8/30/2024	8/15/2028	23,468		23,297		23,468		0.40
									66,209		66,609		1.13
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.28%	11/12/2021	11/12/2027	7,106		7,080		7,053		0.12
Profile Products, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.28%	11/12/2021	11/12/2027	173		171		170		0.00
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	138		138		135		0.00
									7,389		7,358		0.12
Pharmaceuticals
Animal Wellness Investments S.p.A	(4)(6)(7)(8)	E +	5.25%	7.39%	1/15/2026	1/15/2033	EUR	12,918	14,687		14,441		0.24
Apple AU Finco Pty, Ltd.	(4)(5)(6)(7)(9)	BB +	4.75%	9.24%	5/28/2026	5/27/2033	AUD	167	109		100		0.00
Apple SG Bidco Pte. Ltd.	(4)(5)(6)(9)	BB +	4.75%	9.24%	5/28/2026	5/27/2033	AUD	44,205	31,349		30,299		0.51
Eden Acquisitionco, Ltd.	(4)(6)(7)(10)	SOFR +	5.00%	8.73%	11/2/2023	11/18/2030	38,368		37,709		38,223		0.64
Eden Acquisitionco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.29%	9/23/2025	11/18/2030	EUR	4,698	5,068		5,368		0.09
Galileo Pharma Bidco S.p.A	(4)(5)(6)(8)	E +	5.00%	7.22%	10/7/2025	10/7/2032	EUR	4,988	5,708		5,657		0.10
Gusto Sing Bidco Pte, Ltd.	(4)(5)(6)(7)(10)	BB +	4.75%	9.12%	11/15/2024	11/15/2031	AUD	1,000	641		689		0.01
Perseus Bidco US, Inc.	(4)(5)(6)(8)	SOFR +	5.00%	8.67%	8/13/2025	8/13/2032	10,406		10,299		10,276		0.17
Stark International Lux	(4)(5)(6)(8)	SOFR +	5.00%	8.67%	8/13/2025	8/13/2032	1,236		1,223		1,221		0.02
Stark International Lux	(4)(5)(6)(8)	E +	5.00%	7.23%	8/13/2025	8/13/2032	EUR	185	215		209		0.00
									107,008		106,483		1.78
Professional Services
Accordion Partners, LLC	(4)(10)	SOFR +	5.00%	8.67%	12/17/2025	11/17/2031	10,195		10,172		10,169		0.17
Accordion Partners, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.73%	12/17/2025	11/17/2031	2,007		1,975		1,977		0.03
ALKU, LLC	(4)(5)(10)	SOFR +	6.25%	9.98%	5/23/2023	5/23/2029	778		769		762		0.01
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.23%	2/21/2024	5/23/2029	26,062		25,775		25,085		0.42
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.67%	8/28/2024	1/31/2030	10,786		10,675		10,786		0.18
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.67%	1/31/2023	1/31/2030	1,950		1,925		1,950		0.03
Apex Companies, LLC	(4)(5)(11)	SOFR +	5.00%	8.67%	8/28/2024	1/31/2030	8,233		8,152		8,233		0.14
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.66%	10/24/2025	1/31/2030	7,717		7,566		7,717		0.13
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.50%	8.23%	9/27/2024	9/30/2031	57,154		56,298		56,440		0.95
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.50%	8.23%	9/27/2024	9/30/2031	7,938		7,819		7,839		0.13

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Baker Tilly Advisory Group, LP	(4)(10)	SOFR +	4.75%	8.39%	6/3/2024	6/3/2031	$	52,866	$	52,310	$	52,866	0.89	%
Baker Tilly Advisory Group, LP	(4)(5)(7)(10)	SOFR +	4.25%	7.89%	6/2/2025	6/3/2031	4,166		4,033		4,166		0.07
Baker Tilly Advisory Group, LP	(4)(5)(10)	SOFR +	4.25%	7.90%	6/2/2025	6/3/2031	729		721		729		0.01
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.25%	7.89%	11/2/2021	11/2/2029	5,814		5,758		5,788		0.10
Chartwell Cumming Holding Corp.	(4)(7)(11)	SOFR +	4.75%	8.38%	6/16/2026	6/16/2033	158,701		157,557		158,366		2.67
Cisive Holdings Corp.	(4)(7)(11)	SOFR +	5.75%	9.48%	12/8/2021	12/6/2030	8,271		8,182		7,546		0.13
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	4.60%	8.33%	8/26/2021	8/31/2029	5,381		5,358		5,381		0.09
CRCI Longhorn Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.40%	8/27/2024	8/27/2031	11,297		11,200		11,272		0.19
CRCI Longhorn Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.38%	8/27/2024	8/27/2031	1,257		1,241		1,257		0.02
Denali Intermediate Holdings, Inc.	(5)(6)(10)	SOFR +	5.50%	9.15%	8/26/2025	8/26/2032	3,554		3,518		3,297		0.06
Denali Intermediate Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.12%	8/26/2025	8/26/2032	66		63		41		0.00
East River Bidco, GmbH	(4)(6)(7)(8)	E +	5.25%	7.54%	3/26/2025	3/29/2032	EUR	97	103		111		0.00
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	33,272		32,846		33,272		0.56
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	20,458		20,376		20,458		0.34
G&A Partners Holding Company II, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	4,704		4,685		4,704		0.08
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.74%	5/6/2025	3/3/2030	329		289		329		0.01
Guidehouse, Inc.	(4)(10)	SOFR +	4.75%	8.39%	10/15/2021	12/16/2030	312,777		311,322		302,612		5.10
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.66%	11/1/2024	9/22/2028	45,652		45,334		45,652		0.77
King Bidco S.P.E.C.	(4)(5)(6)(8)	E +	5.25%	7.54%	6/26/2025	6/26/2032	EUR	175	201		196		0.00
King Bidco S.P.E.C.	(4)(5)(6)(8)	E +	5.25%	7.54%	6/26/2025	6/26/2032	EUR	75	86		84		0.00
Mercury Bidco Globe, Limited	(4)(5)(6)(8)	S +	6.25%	9.99%	1/18/2024	1/31/2031	GBP	54,601	68,458		72,426		1.22
Mercury Bidco Globe, Limited	(4)(5)(6)(9)	SOFR +	6.25%	9.91%	1/30/2024	1/31/2031	4,520		4,280		4,520		0.08
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	8.69%	1/8/2024	1/8/2030	10,708		10,581		10,708		0.18
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.72%	1/8/2024	1/8/2030	3,634		3,567		3,634		0.06
NDT Global Holding, Inc.	(4)(5)(6)(7)(9)	SOFR +	4.50%	8.14%	6/3/2025	6/4/2032	926		916		913		0.02
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	9.82%	8/17/2021	8/17/2027	18,483		18,413		18,483		0.31
Oxford Global Resources, Inc.	(4)(7)(11)	SOFR +	6.00%	9.74%	8/17/2021	8/17/2027	2,865		2,845		2,865		0.05
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	10.21%	6/6/2024	8/17/2027	2,183		2,168		2,183		0.04

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Pavion Corp.	(4)(10)	SOFR +	6.00%	9.66%	10/30/2023	10/30/2030	$	75,024	$	74,097	$	75,024	1.26	%
Pavion Corp.	(4)(10)	SOFR +	5.75%	9.42%	10/30/2023	10/30/2030	15,819		15,667		15,819		0.27
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.18%	10/17/2022	10/17/2029	2,430		2,395		2,430		0.04
Petrus Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.14%	2/26/2025	10/17/2029	639		637		639		0.01
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	2/26/2025	10/17/2029	194		190		194		0.00
Red Pathway Bidco, AB	(4)(5)(6)(8)	ST +	4.50%	6.51%	10/15/2025	10/30/2032	SEK	55,110	5,756		5,598		0.09
Red Pathway Bidco, AB	(4)(5)(6)(8)	N +	4.50%	9.10%	10/30/2025	10/30/2032	NOK	27,111	2,658		2,698		0.05
Red Pathway Bidco, AB	(4)(5)(6)(8)	CI +	4.50%	6.85%	10/30/2025	10/30/2032	DKK	12,140	1,855		1,828		0.03
Red Pathway Bidco, AB	(4)(5)(6)(8)	E +	4.50%	6.93%	10/30/2025	10/30/2032	EUR	3,658	4,172		4,116		0.07
Red Pathway Bidco, AB	(4)(5)(6)(7)(8)	ST +	4.50%	6.51%	10/15/2025	10/30/2032	SEK	26,701	2,758		2,655		0.04
STV Group, Inc.	(4)(7)(10)	SOFR +	4.75%	8.39%	3/20/2024	3/20/2031	23,869		23,487		23,653		0.40
Teneo Holdings, LLC	(4)(5)(9)	SOFR +	4.75%	8.39%	7/31/2025	7/29/2032	116,485		115,473		116,485		1.96
Teneo Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.39%	7/31/2025	7/29/2032	4,259		4,103		4,259		0.07
The North Highland Co, LLC	(4)(10)	SOFR +	4.75%	8.39%	12/20/2024	12/22/2031	15,782		15,659		15,506		0.26
The North Highland Co, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.39%	12/20/2024	12/20/2030	506		451		403		0.01
Titan Investment Company, Inc.	(4)(8)(17)	SOFR +	5.75%	9.63%	3/20/2020	3/20/2027	40,743		40,356		8,047		0.14
Titan Investment Company, Inc.	(4)(5)(8)	SOFR +	6.75%	10.57%	1/29/2026	7/31/2026	1,476		1,476		1,476		0.02
Titan Investment Company, Inc.	(4)(5)(8)	SOFR +	6.75%	10.60%	3/12/2026	7/31/2026	1,771		1,771		1,771		0.03
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.25%	8.01%	6/29/2021	6/29/2029	59,302		58,935		59,302		1.00
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	4.25%	8.01%	6/29/2021	6/29/2029	34,351		34,172		34,351		0.58
Trinity Partners Holdings, LLC	(4)(7)(10)(18)	SOFR +	5.24%	8.98%	12/21/2021	12/31/2030	5,127		5,089		4,996		0.08
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	8.42%	11/9/2021	11/8/2028	14,371		14,278		14,299		0.24
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	12/18/2024	11/8/2028	491		488		460		0.01
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	8.42%	9/15/2025	11/8/2028	25,740		25,546		25,611		0.43
Woolpert Holdings, Inc.	(4)(5)(7)(11)	SOFR +	5.00%	8.73%	6/30/2026	4/5/2032	2,250		2,228		2,250		0.04
YA Intermediate Holdings II, LLC	(4)(10)	SOFR +	5.00%	8.73%	10/1/2024	10/1/2031	7,769		7,719		7,711		0.13
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.71%	10/1/2024	10/1/2031	1,903		1,877		1,867		0.03
									1,370,830		1,338,265		22.53

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.23%	11/3/2023	11/5/2029	$	22,750	$	22,438	$	22,608	0.38	%
Castle Management Borrower, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.15%	11/3/2023	11/5/2029	292		259		292		0.00
Community Management Holdings Midco 2, LLC	(4)(10)	SOFR +	5.00%	8.66%	11/1/2024	11/3/2031	9,529		9,420		9,481		0.16
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.68%	11/1/2024	11/3/2031	7,380		7,297		7,339		0.12
Community Management Holdings Midco 2, LLC	(4)(5)(10)	SOFR +	5.00%	8.74%	7/8/2025	11/3/2031	5,472		5,425		5,445		0.09
Neptune BidCo, SAS	(4)(5)(6)(8)	E +	5.25%	7.40%	4/1/2024	4/1/2031	EUR	8,395	8,950		9,593		0.16
Odevo, AB	(4)(5)(6)(8)	E +	5.25%	7.40%	10/31/2024	12/31/2030	EUR	251	262		287		0.00
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	8.98%	10/31/2024	12/31/2030	GBP	2,215	2,796		2,938		0.05
Odevo, AB	(4)(5)(6)(8)	ST +	5.25%	7.35%	10/31/2024	12/31/2030	SEK	90,957	8,221		9,381		0.16
Odevo, AB	(4)(6)(8)	SOFR +	5.25%	8.92%	10/31/2024	12/31/2030	28,239		28,134		28,239		0.48
Odevo, AB	(4)(5)(6)(7)(8)	E +	5.25%	7.40%	11/28/2024	12/31/2030	EUR	17,637	18,261		19,973		0.34
Odevo, AB	(4)(5)(6)(8)	SOFR +	5.25%	8.92%	6/30/2025	12/31/2030	10,329		9,488		10,329		0.17
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	8.98%	9/12/2025	12/31/2030	GBP	3,729	4,528		4,946		0.08
Odevo, AB	(4)(5)(6)(8)	S +	4.75%	8.48%	2/18/2026	12/31/2030	GBP	3,760	5,048		4,937		0.08
									130,527		135,788		2.27
Software
Abacus Holdco 2, Oy	(4)(5)(6)(8)	E +	4.75%	6.95%	10/11/2024	10/10/2031	EUR	727	791		831		0.01
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)	E +	4.75%	6.95%	10/11/2024	10/10/2031	EUR	129	140		147		0.00
Acumatica Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	7/28/2025	7/28/2032	11,613		11,495		11,332		0.19
AI Titan Parent, Inc.	(4)(7)(10)	SOFR +	4.50%	8.14%	8/29/2024	8/29/2031	4,548		4,509		4,490		0.08
Anaplan, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	5/20/2025	6/21/2029	24,123		23,997		23,758		0.40
Arnhem BidCo, GmbH	(4)(6)(7)(8)	E +	4.50%	6.79%	9/18/2024	9/30/2031	EUR	51,761	56,794		59,142		1.00
AuditBoard, Inc.	(4)(7)(10)	SOFR +	4.50%	8.23%	7/12/2024	7/14/2031	13,684		13,573		13,530		0.23
AuditBoard, Inc.	(4)(5)(10)	SOFR +	4.50%	8.23%	12/10/2025	7/14/2031	1,766		1,754		1,748		0.03
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.64%	3/19/2024	3/19/2031	36,844		36,430		35,200		0.59
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.50%	9.14%	1/2/2025	1/2/2031	9,274		9,204		9,158		0.15
Banyan Software Holdings, LLC	(4)(5)(11)	SOFR +	5.50%	9.14%	1/2/2025	1/2/2031	6,731		6,680		6,647		0.11
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.14%	10/7/2025	1/2/2031	4,054		4,036		3,795		0.06
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.14%	1/2/2025	1/2/2031	185		178		173		0.00

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Bayshore Intermediate #2, LP	(4)(10)	SOFR +	5.50%	9.17% (incl. 3.00% PIK)	9/19/2025	10/2/2028	$	99,128	$	99,058	$	96,650	1.63	%
Bayshore Intermediate #2, LP	(4)(5)(7)(10)	SOFR +	5.00%	8.70%	11/8/2024	10/1/2027	4,501		4,483		4,270		0.07
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.50%	9.16%	8/8/2022	8/8/2028	1,948		1,934		1,948		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.50%	9.16%	8/8/2022	8/8/2028	344		341		344		0.01
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.50%	9.16%	8/8/2022	8/8/2028	236		235		236		0.00
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.50%	9.16%	10/25/2024	8/8/2028	1,581		1,568		1,581		0.03
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	4.25%	7.91%	9/12/2023	9/12/2029	27,291		26,912		27,291		0.46
Bond Lux HoldCo S.à r.l.	(4)(5)(6)(8)	E +	5.00%	7.59%	9/26/2025	9/27/2032	EUR	9,838	11,363		11,241		0.19
Brave Parent Holdings, Inc.	(4)(7)(9)	SOFR +	4.50%	8.14%	10/17/2025	11/28/2030	66,764		66,303		65,262		1.10
Businessolver.com, Inc.	(4)(10)	SOFR +	4.50%	8.23%	12/3/2025	12/3/2032	5,121		5,083		5,083		0.09
Caribou Bidco, Ltd.	(4)(6)(8)	S +	5.00%	8.73%	7/2/2024	2/2/2029	GBP	39,280	50,041		50,801		0.86
CJX Borrower, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.44%	10/9/2024	7/14/2027	845		845		713		0.01
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.37%	2/23/2022	2/23/2029	15,868		15,690		13,448		0.23
Confine Visual Bidco	(4)(5)(6)(8)	SOFR +	5.75%	9.37%	3/11/2022	2/23/2029	379		379		321		0.01
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.65%	2/14/2025	7/30/2028	2,215		2,174		2,149		0.04
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	9.44%	7/14/2021	7/14/2027	21,024		20,951		18,291		0.31
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.44%	7/14/2021	7/14/2027	3,911		3,892		3,204		0.05
Connatix Buyer, Inc.	(4)(5)(10)	SOFR +	5.50%	9.44%	10/9/2024	7/14/2027	1,126		1,117		979		0.02
Coupa Software, Inc.	(4)(5)(6)(10)	SOFR +	5.25%	8.91%	2/27/2023	2/27/2030	1,799		1,776		1,763		0.03
Coupa Software, Inc.	(4)(5)(6)(10)	SOFR +	5.25%	8.90%	2/27/2023	2/27/2030	164		163		161		0.00
Coupa Software, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.25%	8.90%	2/27/2023	2/27/2029	84		82		81		0.00
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	10.41%	11/8/2023	11/8/2030	61,956		60,890		59,910		1.01
Denali Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.75%	8.48%	9/5/2025	9/5/2031	GBP	17,654	23,287		23,179		0.39
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	4.75%	7.04%	9/5/2025	9/5/2031	EUR	32,854	38,029		37,164		0.63
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.67%	4/30/2024	8/2/2030	49,683		49,553		48,441		0.83
Diligent Corp.	(4)(10)	SOFR +	8.42%	12.09% PIK	4/30/2024	8/2/2030	8,517		8,495		8,304		0.14
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.49% (incl. 5.74% PIK)	4/7/2022	4/9/2029	35,526		35,324		26,734		0.45
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.52%	4/7/2022	4/9/2029	2,609		2,586		1,877		0.03
Discovery Education, Inc.	(4)(5)(10)	SOFR +	6.75%	10.39% (incl. 5.69% PIK)	10/3/2023	4/9/2029	3,996		3,971		3,007		0.05

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Doit International, Ltd.	(4)(5)(7)(11)	SOFR +	4.50%	8.14%	11/25/2024	11/26/2029	$	11,461	$	11,225	$	11,374	0.19	%
Dropbox, Inc.	(4)(6)(10)(18)	SOFR +	4.92%	8.66%	12/10/2024	12/11/2029	122,411		121,466		121,187		2.04
Eagan Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	7.90%	9/6/2025	9/8/2032	361		359		355		0.01
Edison Bidco, AS	(4)(5)(6)(7)(8)	E +	4.75%	6.96%	12/18/2024	11/29/2031	EUR	245	242		280		0.00
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	8.64%	4/30/2024	4/29/2031	5,046		5,031		4,983		0.08
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	20,092	25,008		26,385		0.44
Elements Finco, Ltd.	(4)(6)(8)	SOFR +	5.25%	8.89% (incl. 2.25% PIK)	3/27/2024	4/29/2031	6,268		6,219		6,190		0.10
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	9,007	11,210		11,828		0.20
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.25%	8.98% (incl. 2.25% PIK)	11/29/2024	4/29/2031	GBP	3,692	4,593		4,836		0.08
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	8.68%	7/2/2024	7/2/2031	21,889		21,811		21,889		0.37
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.68%	7/2/2024	7/2/2031	2,145		2,123		2,145		0.04
Experity, Inc.	(4)(10)	SOFR +	5.00%	8.73% (incl. 2.25% PIK)	7/22/2021	2/22/2030	12,365		12,268		12,180		0.22
Experity, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.73% (incl. 2.25% PIK)	2/24/2022	2/22/2030	3,984		3,939		3,902		0.07
Experity, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.49% (incl. 2.25% PIK)	2/24/2022	2/22/2030	856		832		789		0.01
Flexera Software, LLC	(4)(5)(9)	E +	4.50%	6.71%	8/15/2025	8/16/2032	EUR	9,726	11,355		10,779		0.18
Flexera Software, LLC	(4)(7)(9)	SOFR +	4.50%	8.15%	8/15/2025	8/16/2032	32,226		32,150		31,253		0.54
Gigamon, Inc.	(4)(7)(10)	SOFR +	5.75%	9.58%	3/11/2022	3/9/2029	7,355		7,299		7,166		0.12
Granicus, Inc.	(4)(10)	SOFR +	5.75%	9.41% (incl. 2.25% PIK)	1/17/2024	1/17/2031	17,833		17,724		17,833		0.31
Granicus, Inc.	(4)(7)(10)	SOFR +	5.25%	8.91% (incl. 2.25% PIK)	1/17/2024	1/17/2031	5,228		5,208		5,185		0.09
Granicus, Inc.	(4)(5)(7)(10)	P +	5.25%	11.00%	1/17/2024	1/17/2031	196		180		196		0.00
GS Acquisitionco, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.98%	3/26/2024	5/25/2028	2,971		2,962		2,633		0.04
GS Acquisitionco, Inc.	(4)(5)(11)	SOFR +	5.25%	8.98%	3/26/2024	5/25/2028	5,247		5,237		4,657		0.08

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.89%	6/14/2024	6/16/2031	$	15,286	$	15,182	$	14,980	0.25	%
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.89%	9/26/2024	6/16/2031	6,965		6,915		6,825		0.11
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.25%	8.89%	6/14/2024	6/16/2031	5,678		5,639		5,564		0.09
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	4.50%	8.23%	1/26/2024	1/25/2030	39,632		39,168		39,632		0.68
INK BC Bidco S.p.A.	(4)(6)(8)	E +	5.00%	7.14%	7/17/2025	7/16/2032	EUR	21,636	24,643		24,350		0.41
INK BC Bidco S.p.A.	(4)(6)(7)(8)	E +	5.00%	7.14%	7/17/2025	7/16/2032	EUR	1,451	1,640		1,597		0.03
IQN Holding Corp.	(4)(10)	SOFR +	5.25%	8.98%	5/2/2022	5/2/2029	4,972		4,954		4,873		0.08
IQN Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	8.99%	5/2/2022	5/2/2028	354		353		343		0.01
IQN Holding Corp.	(4)(5)(10)	SOFR +	5.25%	8.98%	5/16/2025	5/2/2029	618		618		606		0.01
IRI Group Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.89%	4/9/2025	12/3/2029	197,497		195,749		197,497		3.33
Jeppesen Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.41%	10/31/2025	11/1/2032	64,409		63,950		63,740		1.07
JS Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	8.41%	4/24/2024	4/24/2031	35,042		34,910		35,025		0.59
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.33%	2/8/2021	8/9/2027	82,891		82,876		72,530		1.22
LogicMonitor, Inc.	(4)(7)(10)	SOFR +	5.50%	9.16%	11/15/2024	11/19/2031	21,381		21,131		20,858		0.35
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.14%	5/19/2022	5/18/2029	5,542		5,491		5,542		0.09
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	4.50%	8.14%	3/21/2024	5/18/2029	138		137		138		0.00
Magnesium BorrowerCo, Inc.	(4)(5)(10)	S +	4.50%	8.23%	5/19/2022	5/18/2029	GBP	3,322	4,108		4,407		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	3.75%	7.63%	7/30/2021	7/31/2028	8,309		8,271		7,021		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.25%	10.13%	6/9/2023	7/31/2028	6,790		6,707		6,111		0.10
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)	SOFR +	3.75%	7.49%	2/14/2025	4/30/2028	196		195		136		0.00
Medallia, Inc.	(4)(5)(10)(17)	SOFR +	6.00%	9.97%	10/28/2021	10/29/2028	392,897		381,006		194,484		3.27
Medallia, Inc.	(4)(5)(10)(17)	SOFR +	6.00%	9.97%	8/16/2022	10/29/2028	2,305		2,232		1,141		0.02
ML Holdco, LLC	(4)(5)(7)(9)	SOFR +	4.25%	7.91%	10/24/2025	10/25/2032	1,153		1,147		1,152		0.02
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.48%	9/22/2020	2/10/2028	6,620		6,622		6,496		0.11
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.48%	2/10/2020	2/10/2028	89,252		89,059		87,577		1.48
MRI Software, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.48%	2/10/2020	2/10/2028	2,011		1,989		1,649		0.03
MRI Software, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.48%	10/2/2025	2/10/2028	2,824		2,812		2,728		0.05
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.00%	8.64%	10/14/2025	10/14/2032	82,597		81,502		81,620		1.38
Nintex Topco, Limited	(4)(6)(10)	SOFR +	6.00%	9.88%	11/12/2021	11/13/2028	34,023		33,800		26,708		0.46

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	5.25%	9.08% (incl. 2.97% PIK)	6/10/2024	6/7/2031	$	16,918	$	16,785	$	16,898	0.28	%
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	5.25%	8.98%	6/10/2024	12/30/2030	388		370		388		0.01
Onward Acquireco, Inc.	(4)(7)(10)	SOFR +	5.05%	8.69% (incl. 2.68% PIK)	3/31/2026	4/1/2033	14,738		14,590		14,400		0.24
Optimizely North America, Inc.	(4)(5)(10)	S +	6.00%	9.73% (incl. 2.50% PIK)	10/30/2024	10/30/2031	GBP	857	1,104		1,098		0.02
Optimizely North America, Inc.	(4)(5)(10)	E +	5.75%	7.96% (incl. 2.50% PIK)	10/30/2024	10/30/2031	EUR	2,858	3,082		3,152		0.05
Optimizely North America, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.12% (incl. 2.50% PIK)	10/30/2024	10/30/2031	8,146		8,075		7,849		0.13
PDI TA Holdings, Inc.	(4)(10)	SOFR +	6.00%	9.66% (incl. 2.50% PIK)	2/1/2024	2/3/2031	47,357		46,935		44,278		0.75
PDI TA Holdings, Inc.	(4)(5)(10)	SOFR +	5.50%	9.24%	2/1/2024	2/3/2031	3,800		3,763		3,553		0.06
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.23%	6/3/2025	6/3/2032	13,378		13,317		13,195		0.22
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.48%	6/3/2025	6/3/2032	208		207		164		0.00
Rally Buyer, Inc.	(4)(5)(10)	SOFR +	6.25%	9.91% (incl. 3.50% PIK)	7/19/2022	7/19/2029	919		911		799		0.01
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.49%	7/19/2022	7/19/2029	93		92		79		0.00
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	8.04%	4/3/2024	3/26/2031	EUR	22,826	24,369		26,030		0.44
Seven Bidco, SASU	(4)(5)(6)(7)(8)	E +	4.40%	6.60%	8/29/2025	8/27/2032	EUR	3,412	3,968		3,856		0.06
SI Swan UK Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.42%	12/16/2025	12/16/2032	47,520		47,281		46,786		0.80
Solis Midco, SAS	(4)(5)(6)(7)(8)	E +	4.50%	6.58%	10/8/2025	10/8/2032	EUR	313	358		348		0.01
Spaceship Purchaser, Inc.	(4)(7)(10)(18)	SOFR +	4.67%	8.40%	9/5/2025	10/17/2031	5,232		5,054		5,006		0.08
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.24%	3/9/2021	3/11/2027	55,950		55,854		55,950		0.95
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.24%	11/19/2021	3/11/2027	20,660		20,605		20,660		0.35
Spitfire Parent, Inc.	(4)(5)(11)	E +	5.50%	7.68%	3/8/2021	3/11/2027	EUR	9,975	12,013		11,397		0.19
Supernova Borrower Holdco, LLC	(4)(5)(7)(9)	SOFR +	5.00%	8.64%	5/12/2026	5/12/2033	5,635		5,599		5,598		0.09
Tango Bidco, SAS	(4)(5)(6)(8)	E +	5.25%	7.45%	10/17/2024	10/15/2031	EUR	11,872	12,720		13,361		0.22
Tango Bidco, SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.45%	10/17/2024	10/15/2031	EUR	4,196	4,481		4,745		0.08

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Themis Solutions, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.14% (incl. 3.75% PIK)	10/29/2025	10/29/2032	$	24,695	$	24,307	$	24,321	0.41	%
Tricentis Operations Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.64% (incl. 3.25% PIK)	2/11/2025	2/11/2032	24,329		24,103		23,791		0.40
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	9.58%	3/18/2022	5/5/2028	13,529		13,448		11,838		0.20
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.58%	5/6/2021	5/5/2028	46,550		46,264		39,769		0.68
Varicent Parent Holdings Corp.	(4)(5)(7)(10)	SOFR +	6.00%	9.73% (incl. 3.25% PIK)	8/23/2024	8/23/2031	13,424		13,259		13,078		0.22
Varicent Parent Holdings Corp.	(4)(5)(7)(10)	SOFR +	6.00%	9.73% (incl. 3.25% PIK)	10/15/2025	8/23/2031	5,231		5,185		5,108		0.09
WPEngine, Inc.	(4)(7)(10)	SOFR +	5.75%	9.43%	8/14/2023	8/14/2029	66,667		65,522		65,132		1.11
Zendesk, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.73%	7/23/2024	11/22/2028	1,830		1,814		1,790		0.03
Zendesk, Inc.	(4)(5)(10)	SOFR +	5.00%	8.73%	11/21/2025	11/22/2028	123		122		121		0.00
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.65%	8.38%	8/13/2024	8/13/2031	GBP	29,510	37,025		38,718		0.65
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.65%	8.38%	1/30/2025	8/13/2031	GBP	3,165	3,906		4,156		0.07
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.65%	6.84%	2/6/2025	8/13/2031	SEK	43,390	3,955		4,430		0.07
									2,677,796		2,439,581		41.16
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	9.65%	5/3/2019	5/3/2028	175,836		175,835		175,835		2.97
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	8.75%	6/13/2024	2/28/2028	84,454		84,168		84,453		1.43
Trading Companies & Distributors
Paramount Global Surfaces, Inc.	(4)(11)(17)	SOFR +	6.00%	9.76% (incl. 3.21% PIK)	4/30/2021	12/31/2028	55,974		54,201		30,786		0.53
Red Fox CD Acquisition Corp.	(4)(11)	SOFR +	6.00%	9.73%	3/4/2024	3/4/2030	72,894		71,868		72,348		1.22
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)	SOFR +	6.00%	9.73%	5/31/2024	3/4/2030	26,258		25,833		26,050		0.44
									151,902		129,184		2.19

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Capstone Acquisition Holdings, Inc.	(4)(11)	SOFR +	4.50%	8.24%	8/29/2024	11/13/2029	$	5,377	$	5,365	$	5,377	0.09	%
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.39% (incl. 2.00% PIK)	3/4/2025	3/4/2032	15,446		15,323		15,137		0.25
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.39% (incl. 2.00% PIK)	3/4/2025	3/4/2032	4,532		4,485		4,390		0.07
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.39% (incl. 2.00% PIK)	5/15/2025	3/4/2032	4,802		4,754		4,706		0.08
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.39% (incl. 2.00% PIK)	10/15/2025	3/4/2032	5,381		5,333		5,272		0.09
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.39% (incl. 2.00% PIK)	12/31/2025	3/4/2032	2,844		2,818		2,787		0.05
Helix TS, LLC	(4)(7)(10)	SOFR +	5.00%	8.73%	8/4/2021	8/5/2030	34,194		33,866		33,827		0.57
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.73%	8/4/2021	8/5/2030	20,541		20,364		20,335		0.34
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.73%	12/22/2023	8/5/2030	3,718		3,672		3,681		0.06
Helix TS, LLC	(4)(5)(10)	SOFR +	5.00%	8.73%	12/14/2022	8/5/2030	968		958		958		0.02
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.25%	9.05%	4/19/2021	10/18/2030	24,008		23,898		24,008		0.40
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.25%	9.05%	4/19/2021	10/18/2030	14,796		14,739		14,796		0.25
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.25%	9.05%	1/31/2022	10/18/2030	3,017		3,000		3,017		0.05
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	11.50%	9/11/2024	10/18/2030	896		884		896		0.02
Safety Borrower Holdings, LP	(4)(11)	SOFR +	4.75%	8.39%	12/19/2025	12/19/2032	7,568		7,532		7,492		0.13
Safety Borrower Holdings, LP	(4)(5)(7)(11)	P +	3.75%	10.50%	9/1/2021	12/19/2032	37		31		28		0.00
Sam Holding Co, Inc.	(4)(7)(11)	SOFR +	5.00%	8.73%	6/30/2026	6/30/2033	5,455		5,424		5,424		0.09
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.31%	7/9/2021	7/9/2028	37,890		37,747		37,605		0.63
TRP Infrastructure Services, LLC	(4)(7)(11)	SOFR +	5.50%	9.46%	12/2/2024	7/9/2028	59,134		58,858		58,681		1.00
									249,051		248,417		4.19
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	8.73%	5/13/2025	5/13/2032	21,914		21,719		21,901		0.37
Total First Lien Debt - non-controlled/non-affiliated									13,370,450		12,880,984		216.90

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC	(4)(11)(16)	SOFR +	6.75%	10.45% PIK	7/3/2025	7/3/2030	$	9,228	$	9,228	$	8,674	0.15	%
Align Precision Group, LLC	(4)(5)(7)(11)(16)	SOFR +	6.75%	10.45% PIK	7/3/2025	7/3/2030	1,877		1,871		1,877		0.03
									11,099		10,551		0.18
Health Care Providers & Services
New ACI Buyer, LLC	(4)(5)(10)(16)	SOFR +	6.25%	9.99% (incl. 3.13% PIK)	6/29/2026	6/30/2031	22,805		22,805		22,805		0.38
New ACI Buyer, LLC	(4)(5)(10)(16)	SOFR +	5.50%	9.24%	6/29/2026	6/30/2031	8,750		8,362		8,750		0.15
									31,167		31,555		0.53
Professional Services
Material Holdings, LLC	(4)(5)(10)(16)	SOFR +	6.00%	9.83% (incl. 4.72% PIK)	6/14/2024	8/19/2027	21,822		21,752		19,823		0.33
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	9.83% PIK	6/14/2024	8/19/2027	6,061		5,263		0		0.00
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	9.83% PIK	6/25/2025	8/19/2027	1,707		1,705		1,665		0.03
									28,720		21,488		0.36
Total First Lien Debt - non-controlled/affiliated									70,986		63,594		1.07
Total First Lien Debt									13,441,436		12,944,578		217.97

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(8)		8.75%	8.75%	4/15/2021	4/15/2029	CAD	10,533	$	8,343	$	7,130	0.12	%
Jayhawk Buyer, LLC	(4)(11)	SOFR +	9.00%	12.76%	5/26/2021	7/16/2028	$	5,183	5,154		4,911		0.08
									13,497		12,041		0.20
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(5)(10)	SOFR +	5.25%	9.01%	10/15/2024	3/12/2029	1,000		997		995		0.02
Insurance
SQ ABS Issuer, LLC	(4)(5)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	2,759		2,724		2,731		0.05
Interactive Media & Services
Speedster Bidco, GmbH	(4)(6)(8)	CA +	5.50%	7.79%	12/10/2024	11/13/2032	CAD	50,204	35,284		34,868		0.58
IT Services
Inovalon Holdings, Inc.	(4)(10)	SOFR +	8.50%	12.43% PIK	4/11/2025	11/24/2033	17,204		17,034		14,623		0.25
Machinery
Victory Buyer, LLC	(4)(8)	SOFR +	6.00%	9.66%	2/13/2026	2/13/2034	8,333		8,216		8,333		0.14
Professional Services
Thevelia US, LLC	(4)(5)(6)(9)	SOFR +	5.00%	8.73%	6/17/2022	6/17/2032	4,920		4,832		4,920		0.08
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(8)	SOFR +	4.75%	8.37%	9/11/2025	9/11/2028	73,660		73,122		72,739		1.22
Software
CB Nike Holdco, LLC	(4)(11)	SOFR +	7.35%	10.99% PIK	11/25/2024	11/26/2029	42,209		41,640		42,209		0.71
Denali Holdco, Ltd.	(4)(5)(6)(8)		9.80%	9.80% PIK	9/5/2025	9/5/2032	EUR	14,608	16,963		16,440		0.28
Denali Holdco, Ltd.	(4)(5)(6)(8)		11.20%	11.20% PIK	9/5/2025	9/5/2031	GBP	8,505	11,382		11,113		0.19
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.39% PIK	7/17/2025	7/16/2033	EUR	2,956	3,371		3,327		0.06
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.41% PIK	11/12/2025	7/17/2033	EUR	2,207	2,511		2,484		0.04
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.50%	10.30% (incl. 6.50% PIK)	7/30/2021	7/30/2029	3,851		3,832		2,966		0.05
Solis Midco, SAS	(4)(5)(6)(8)	E +	7.75%	10.60% PIK	10/8/2025	10/8/2033	EUR	109	125		122		0.00
									79,824		78,661		1.33
Total Second Lien Debt - non-controlled/non-affiliated									235,530		229,911		3.87
Second Lien Debt - non-controlled/affiliated
Health Care Providers & Services
New ACI Intermediate I, LLC	(4)(5)(8)(16)		10.00%	10.00% PIK	6/29/2026	6/28/2032	20,271		20,271		20,271		0.34
Total Second Lien Debt - non-controlled/affiliated									20,271		20,271		0.34
Total Second Lien Debt									255,801		250,182		4.21

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/7/2031	$	14,700	$	14,495	$	12,348	0.21	%
Total Unsecured Debt - non-controlled/non-affiliated									14,495		12,348		0.21
Total Unsecured Debt									14,495		12,348		0.21

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		4,767	$	4,767	$	7,878	0.13	%
Air Freight & Logistics
Mode Holdings, LP - Class A-2 Common Units	(4)			12/9/2019		5,486,923	5,487		219		0.00
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		935	3,968		689		0.01
							9,455		908		0.01
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		8,738	9		9		0.00
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		218	343		418		0.01
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		57	81		100		0.00
GTCR Investors, LP - Class A-1 Common Units	(4)			9/29/2023		417,006	417		619		0.01
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		6,291	6		6		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		41	58		72		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		1	0		0		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		278	218		235		0.00
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		278,074	221		298		0.01
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		141,182	141		176		0.00
							1,494		1,933		0.03
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)			12/10/2021		1	702		0		0.00
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units	(4)			7/12/2023		1	83		0		0.00
EIS Acquisition Holdings, LP - Class A Common Units	(4)			11/1/2021		6,761	3,350		8,113		0.14
							4,135		8,113		0.14

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	8/3/2021		12,511,857	$	12,314	$	14,362	0.24	%
DTA, LP - Class A Common Units	(4)			3/25/2024		2,516,215	2,729		4,353		0.07
							15,043		18,715		0.31
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		6,930	5,877		7,773		0.13
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		369,255	1,053		960		0.02
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		1,489	1,263		1,670		0.03
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		79,358	226		206		0.00
							8,419		10,609		0.18
Electrical Equipment
Griffon Aggregator, Ltd. - LP Interest	(4)			7/31/2025		610,738	611		727		0.01
Electronic Equipment, Instruments & Components
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		5,286,915	5,286		6,768		0.12
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		212,137	212		402		0.01
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		539	539		183		0.00
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)			2/25/2022		625,944	607		0		0.00
DCA TopCo, LP - Common Units	(4)			6/2/2026		1,143,559	10,138		10,144		0.18
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		2,201	392		48		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		1,185	211		26		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		4,755,436	0		0		0.00
							11,348		10,218		0.18

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Health Care Technology
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		109,129	$	12	$	8	0.00	%
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		58,458	58		37		0.00
Healthcomp Holding Company, LLC - Preferred Interest	(4)			11/8/2023		9,850	985		20		0.00
							1,055		65		0.00
Insurance
Beacon HC, Ltd. - Class A Shares	(4)(6)			12/4/2025		51,772	4,101		4,643		0.08
Beacon HC, Ltd. - Class C Shares	(4)(6)			12/4/2025		1,135	72		102		0.00
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)			9/28/2023		14,907,400	0		0		0.00
SelectQuote, Inc. - Warrants	(4)(6)			10/11/2024		601,075	0		168		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)			12/30/2022		50,000	50		190		0.00
							4,223		5,103		0.08
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)			11/12/2021		2,854,133	2,854		1,142		0.02
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		772,599	773		773		0.01
Professional Services
OHCP V TC COI, LP - LP Interest	(4)			6/29/2021		3,500,000	3,502		10,570		0.18
Tricor Horizon - LP Interest	(4)(6)			6/13/2022		405,651	406		414		0.01
Trinity Air Consultants Holdings Corp. - Common Units	(4)			6/12/2024		2,583	3		8		0.00
							3,911		10,992		0.19
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)(7)		8.00%	11/1/2024		358,770	359		405		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		44	$	44	$	44	0.00	%
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		42,045	462		40		0.00
Descartes Holdings, Inc. - Class A Common Stock	(4)				10/9/2023		4,913	213		0		0.00
Expedition Holdco, LLC - Class A Common Units	(4)				2/24/2022		90	57		48		0.00
Expedition Holdco, LLC - Class B Common Units	(4)				2/24/2022		90,000	33		14		0.00
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		3,550,000	3,444		3,492		0.06
Mimecast Limited - LP Interest	(4)				5/3/2022		667,850	668		735		0.01
Noble Aggregator GP, LLC - GP Units	(4)				10/14/2025		318	0		0		0.00
Noble Aggregator, LP - Common Equity Class A Units	(4)				10/14/2025		318	318		313		0.01
TPG IX Newark CI, LP - LP Interest	(4)				10/26/2023		1,965,727	1,966		1,663		0.03
Zoro - Common Equity	(4)				11/22/2022		2,073	21		22		0.00
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.23%	11/22/2022		88	85		137		0.00
								7,311		6,508		0.11
Specialty Retail
CustomInk, LLC - Series A Preferred Units	(4)				5/3/2019		384,520	5,200		6,729		0.11
Transportation Infrastructure
Ncp Helix Holdings, LLC - Preferred Shares	(4)			8.00%	8/3/2021		376,232	292		500		0.01
Total Equity - non-controlled/non-affiliated								87,287		98,671		1.66
Equity - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC - Class A-3 Units	(4)(16)				7/3/2025		4,296	384		502		0.01
Health Care Providers & Services
New ACI Holdings, LLC - Class A Common Units	(4)(16)				6/29/2026		97,807	57,186		57,191		0.97
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)	(4)(6)(16)				1/5/2021			1		823		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/affiliated (continued)
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		5,898	$	0	$	0	0.00	%
Material+ Holding Company, LLC - Class A Units	(4)(16)			3/6/2026		22	0		0		0.00
Material+ Holding Company, LLC - Class A Preferred Units	(4)(16)			3/6/2026		5	0		0		0.00
Material+ Holding Company, LLC - Class B Preferred Units	(4)(16)			3/6/2026		3	0		0		0.00
							0		0		0.00
Total Equity - non-controlled/affiliated							57,571		58,516		0.99
Total Equity							144,858		157,187		2.65
Total Investments - non-controlled/non-affiliated							13,707,762		13,221,914		222.64
Total Investments - non-controlled/affiliated							148,828		142,381		2.40
Total Investment Portfolio							13,856,590		13,364,295		225.04
Cash and Cash Equivalents
BlackRock ICS US Treasury Fund			3.48%				2		2		0.00
Fidelity Investments Money Market Treasury Portfolio - Class I			3.55%				317		317		0.01
State Street Institutional U.S. Government Money Market Fund - Premier Class			3.58%				6,590		6,590		0.11
Other Cash and Cash Equivalents							260,246		260,246		4.38
Total Cash and Cash Equivalents							267,155		267,155		4.50
Total Portfolio Investments, Cash and Cash Equivalents							$	14,123,745	$	13,631,450	229.54	%

(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of June 30, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. Variable rate loans typically include an interest reference rate floor feature. As of June 30, 2026, 88.9% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

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

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

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

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

(6)The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70% of the Company’s total assets. As of June 30, 2026, non-qualifying assets represented 18.6% of total assets as calculated in accordance with regulatory requirements.

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

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

9/16/2027

16,832

—

Abacus Holdco 2, Oy

Delayed Draw Term Loan

8/13/2027

157

—

Accordion Partners, LLC

Revolver

11/15/2031

1,789

(9)

Accordion Partners, LLC

Delayed Draw Term Loan

12/17/2027

6,425

—

Accuity Delivery Systems, LLC

Revolver

5/29/2031

5,327

(27)

Acumatica Holdings, Inc.

Revolver

7/28/2032

1,935

(19)

ADCS Clinics Intermediate Holdings, LLC

Revolver

8/7/2026

446

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

675

—

AI Titan Parent, Inc.

Revolver

8/29/2031

544

(5)

Albireo Energy, LLC

Delayed Draw Term Loan

8/5/2027

21,750

—

Align Precision Group, LLC

Delayed Draw Term Loan

4/3/2030

135

—

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

4,447

—

Amerilife Holdings, LLC

Revolver

8/31/2028

12,015

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

25,896

—

Amerivet Partners Management, Inc.

Revolver

2/25/2028

589

(51)

Anaplan, Inc.

Revolver

6/21/2028

161

(3)

Animal Wellness Investments S.p.A

Delayed Draw Term Loan

1/15/2029

2,418

—

Apex Companies, LLC

Delayed Draw Term Loan

10/24/2027

20,497

—

Apple AU Finco Pty, Ltd.

Delayed Draw Term Loan

5/28/2029

2,931

(14)

Apple SG Bidco Pte. Ltd.

Delayed Draw Term Loan

5/28/2029

—

AR Bidco Ltd

Term Loan

7/21/2033

7,042

—

AR Bidco Ltd

Delayed Draw Term Loan

7/21/2030

1,952

—

Armada Parent, Inc.

Revolver

10/29/2030

3,000

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

9,126

—

Aryeh Bidco Investment, Ltd.

Revolver

1/14/2033

658

—

Aryeh Bidco Investment, Ltd.

Delayed Draw Term Loan

1/14/2028

898

—

Ascend Buyer, LLC

Revolver

9/30/2028

2,572

—

AuditBoard, Inc.

Revolver

7/12/2031

1,766

(18)

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2027

8,805

—

Axsome Therapeutics, Inc.

Revolver

5/8/2030

1,957

—

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

4,104

(354)

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

10,339

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

821

—

Banyan Software Holdings, LLC

Delayed Draw Term Loan

10/8/2027

7,467

—

Bayshore Intermediate #2, LP

Revolver

10/1/2027

4,722

—

Bazaarvoice, Inc.

Revolver

5/7/2029

37,992

(285)

Beacon Dc, Ltd.

Revolver

12/4/2032

18,530

—

Bimini Group Purchaser, Inc.

Revolver

4/25/2031

7,337

—

Biotouch Global Solutions, Inc.

Delayed Draw Term Loan

8/27/2027

5,409

(41)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Biotouch Global Solutions, Inc.

Revolver

8/27/2032

865

—

Bluefin Holding, LLC

Revolver

9/12/2029

2,244

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

6,409

—

Brilliance Technologies, Inc.

Revolver

3/11/2032

900

(9)

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

836

—

Caerus US 1, Inc.

Revolver

5/25/2029

362

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

43,592

—

Cambrex Corp.

Revolver

3/5/2032

2,077

—

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

1,607

—

Carr Riggs & Ingram Capital, LLC

Revolver

11/18/2031

1,446

—

Carr Riggs & Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

2,434

—

Castle Management Borrower, LLC

Revolver

11/3/2029

2,625

—

Castle Management Borrower, LLC

Delayed Draw Term Loan

12/9/2027

14,164

—

CCI Buyer, Inc.

Revolver

5/13/2032

1,289

(13)

CFGI Holdings, LLC

Revolver

11/2/2029

1,050

(26)

CFS Brands, LLC

Revolver

10/2/2029

7,877

—

Channelside AcquisitionCo, Inc.

Revolver

3/31/2028

3,178

(79)

Chartwell Cumming Holding Corp.

Revolver

6/16/2033

20,763

(335)

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

—

Cisive Holdings Corp.

Revolver

12/7/2029

1,111

(22)

CJX Borrower, LLC

Delayed Draw Term Loan

7/14/2027

171

—

Clearview Buyer, Inc.

Revolver

2/26/2029

1,142

—

Commander Buyer, Inc.

Delayed Draw Term Loan

6/26/2027

8,671

(43)

Commander Buyer, Inc.

Revolver

6/25/2032

5,781

(58)

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

482

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

7/8/2027

177

—

Community Management Holdings Parent, LP

Equity

158

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

3,471

(165)

Connatix Buyer, Inc.

Revolver

7/14/2027

1,521

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

11/10/2026

2,175

(4)

Consor Intermediate II, LLC

Revolver

5/10/2031

800

—

Continental Buyer, Inc.

Revolver

4/2/2031

2,715

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,350

(22)

Continental Buyer, Inc.

Revolver

4/2/2031

2,081

(10)

Continental Buyer, Inc.

Delayed Draw Term Loan

4/21/2028

2,914

—

Coupa Software, Inc.

Revolver

2/27/2029

—

CRCI Longhorn Holdings, Inc.

Revolver

8/27/2031

1,912

(25)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

8/27/2026

1,608

—

Creek Parent, Inc.

Revolver

12/18/2031

9,893

(507)

Crewline Buyer, Inc.

Revolver

11/8/2030

6,438

(187)

Crumbl Enterprises, LLC

Revolver

4/30/2032

120

(3)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

2,002

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

5,904

(59)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

5/23/2027

1,735

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

1,737

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

5/23/2027

1,165

—

DCG Acquisition Corp.

Revolver

6/13/2031

5,937

(59)

Denali Bidco, Ltd.

Delayed Draw Term Loan

9/5/2027

300

(3)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Denali Intermediate Holdings, Inc.

Revolver

8/26/2032

302

—

Denali TopCo, LLC

Delayed Draw Term Loan

8/26/2028

4,977

(25)

Denali TopCo, LLC

Revolver

8/26/2032

2,389

(24)

Discovery Education, Inc.

Revolver

4/9/2029

351

—

Divisions Holding Corp.

Revolver

4/17/2032

112

—

DM Intermediate Parent, LLC

Revolver

9/30/2030

5,206

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

9/30/2026

187

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

12/19/2027

2,038

—

Doit International, Ltd.

Delayed Draw Term Loan

11/25/2026

11,606

(87)

Doit International, Ltd.

Revolver

11/26/2029

5,803

—

DTA Intermediate II, Ltd.

Revolver

3/27/2030

10,769

—

Dwyer Instruments, LLC

Revolver

7/20/2029

195

—

Eagan Parent, Inc.

Delayed Draw Term Loan

9/8/2027

—

Eagan Parent, Inc.

Revolver

9/8/2032

—

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2026

11,341

(145)

Edison Bidco, AS

Delayed Draw Term Loan

12/18/2026

687

—

Electro Switch Business Trust, LLC

Revolver

9/2/2032

3,802

—

ELK Bidco, Inc.

Revolver

6/13/2032

3,373

(17)

ELK Bidco, Inc.

Delayed Draw Term Loan

12/13/2027

3,747

(8)

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

4,015

—

EMB Purchaser, Inc.

Revolver

3/12/2032

2,196

—

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2027

2,864

(4)

Endeavor Schools Holdings, LLC

Delayed Draw Term Loan

1/3/2027

9,765

—

ENV Bidco, AB

Delayed Draw Term Loan

7/29/2026

302

(4)

Essential Services Holding Corp.

Revolver

6/17/2030

804

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

3,378

—

Everbridge Holdings, LLC

Revolver

7/2/2031

2,222

—

Experity, Inc.

Revolver

2/22/2030

1,495

(22)

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

3,601

—

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

8/15/2027

2,169

(16)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

1,935

—

Fastener Distribution Holdings, LLC

Delayed Draw Term Loan

10/31/2026

7,125

—

Fern Bidco, Ltd.

Delayed Draw Term Loan

7/3/2027

10,035

—

Firmus Supercloud Pty Ltd

Delayed Draw Term Loan

3/15/2027

58,732

—

Flexera Software, LLC

Revolver

8/15/2032

2,473

(6)

Foundation Risk Partners Corp.

Revolver

10/29/2029

2,691

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

2,142

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

387

—

Frontline Road Safety, LLC

Revolver

3/4/2032

2,565

(51)

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

—

FusionSite Midco, LLC

Revolver

11/16/2029

4,087

—

FusionSite Midco, LLC

Delayed Draw Term Loan

11/16/2029

5,034

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

2,959

—

Galway Borrower, LLC

Revolver

9/29/2028

6,212

—

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

7,218

—

Gatekeeper Systems, Inc.

Revolver

8/28/2030

3,175

(151)

GFT Infrastructure, Inc.

Revolver

8/5/2030

2,495

—

GGG Midco, LLC

Delayed Draw Term Loan

4/1/2028

2,554

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

GGG Midco, LLC

Revolver

4/1/2033

1,459

(15)

GI Ranger Intermediate, LLC

Revolver

10/29/2027

500

—

Gigamon, Inc.

Revolver

3/10/2028

218

—

Gimlet Bidco, GmbH

Delayed Draw Term Loan

7/30/2028

23,839

—

Granicus, Inc.

Revolver

1/17/2031

2,252

—

Granicus, Inc.

Delayed Draw Term Loan

7/31/2026

388

(4)

Grid Alliance Partners, LLC

Delayed Draw Term Loan

7/1/2027

725

(22)

Grid Alliance Partners, LLC

Revolver

7/1/2030

2,562

—

Griffon Bidco, Inc.

Delayed Draw Term Loan

9/30/2027

4,072

(20)

Griffon Bidco, Inc.

Revolver

7/31/2031

4,072

(41)

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

497

—

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

288

—

GS Acquisitionco, Inc.

Revolver

5/25/2028

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

1,429

(4)

Guardian Bidco, Inc.

Delayed Draw Term Loan

8/14/2028

711

(7)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

101

—

Helix TS, LLC

Delayed Draw Term Loan

6/30/2028

5,000

(25)

High Street Buyer, Inc.

Revolver

4/16/2027

2,254

(45)

High Street Buyer, Inc.

Delayed Draw Term Loan

7/18/2027

24,141

—

Horizon CTS Buyer, LLC

Revolver

3/28/2032

119

—

Icefall Parent, Inc.

Revolver

1/25/2030

3,897

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

11,010

(28)

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

13,164

(99)

IG Investments Holdings, LLC

Revolver

9/22/2028

4,416

—

Imagine 360, LLC

Delayed Draw Term Loan

9/18/2026

2,413

(12)

Imagine 360, LLC

Revolver

9/30/2028

1,514

(15)

Inception Fertility Ventures, LLC

Revolver

4/29/2030

1,462

—

INK BC Bidco S.p.A.

Delayed Draw Term Loan

7/16/2028

2,483

—

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/27/2026

9,267

(324)

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

2,791

(185)

IQN Holding Corp.

Revolver

5/2/2028

236

—

IRI Group Holdings, Inc.

Revolver

12/1/2028

14,316

—

Iris Buyer, LLC

Revolver

10/2/2029

3,850

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

1,650

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

151

(1)

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

—

Java Buyer, Inc.

Revolver

12/15/2030

1,713

—

Java Buyer, Inc.

Delayed Draw Term Loan

2/6/2028

3,492

—

Java Buyer, Inc.

Delayed Draw Term Loan

2/6/2028

888

—

Jeppesen Holdings, LLC

Revolver

11/1/2032

3,340

(25)

JS Parent, Inc.

Revolver

4/24/2031

3,452

(17)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

7,492

(37)

Jupiter Purchaser, LLC

Delayed Draw Term Loan

6/5/2029

26,467

—

Kattegat Project Bidco, AB

Delayed Draw Term Loan

10/5/2026

7,030

(93)

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

333

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

376

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

406

(4)

Koala Investment Holdings, Inc.

Delayed Draw Term Loan

2/29/2028

266

(1)

Koala Investment Holdings, Inc.

Revolver

8/29/2032

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Kona Buyer, LLC

Revolver

7/23/2031

149

—

Kona Buyer, LLC

Delayed Draw Term Loan

2/5/2028

440

(2)

Kwol Acquisition, Inc.

Revolver

12/6/2029

1,659

(12)

LogicMonitor, Inc.

Revolver

11/19/2031

1,992

(25)

LogicMonitor, Inc.

Delayed Draw Term Loan

9/1/2027

2,722

(17)

LPW Group Holdings, Inc.

Revolver

3/15/2030

5,373

—

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

4,345

(20)

Magneto Components BuyCo, LLC

Revolver

12/5/2029

5,508

—

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

1,004

—

MannKind Corp.

Delayed Draw Term Loan

8/6/2027

5,435

—

Material Holdings, LLC

Revolver

8/19/2027

353

—

Material Holdings, LLC

Delayed Draw Term Loan

8/19/2027

1,242

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,175

—

MEDX AMCP Holdings, LLC

Revolver

7/21/2032

724

(7)

MEDX AMCP Holdings, LLC

Delayed Draw Term Loan

7/21/2027

1,692

(8)

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

107

—

ML Holdco, LLC

Delayed Draw Term Loan

10/24/2027

300

(1)

Modernizing Medicine, Inc.

Revolver

4/30/2032

827

(8)

More Cowbell II, LLC

Delayed Draw Term Loan

9/3/2027

871

(11)

More Cowbell II, LLC

Revolver

9/1/2029

1,177

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

1,339

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

2,076

—

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

—

MRI Software, LLC

Revolver

2/10/2028

6,033

—

MRI Software, LLC

Delayed Draw Term Loan

10/2/2027

2,285

—

Namecheap, Inc.

Revolver

5/21/2032

2,117

(21)

NAVEX TopCo, Inc.

Revolver

10/14/2031

5,910

(124)

NAVEX TopCo, Inc.

Delayed Draw Term Loan

10/14/2027

10,494

(26)

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

NDC Acquisition Corp.

Revolver

3/9/2028

1,284

—

NDT Global Holding, Inc.

Revolver

6/4/2032

173

(2)

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

194

—

Nephele III, BV

Delayed Draw Term Loan

12/17/2027

—

Neptune Holdings, Inc.

Revolver

8/31/2029

933

(23)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

11/17/2027

3,130

(16)

Netsmart Technologies, Inc.

Revolver

8/23/2031

4,432

(78)

Noble Midco 3, Ltd.

Delayed Draw Term Loan

6/10/2027

3,875

(19)

Noble Midco 3, Ltd.

Revolver

12/10/2030

2,196

—

North Haven Ushc Acquisition, Inc.

Revolver

10/29/2027

273

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

4,222

—

Octane Purchaser, Inc.

Revolver

5/19/2032

491

(2)

Odevo, AB

Delayed Draw Term Loan

12/12/2027

36,872

(179)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

4/29/2028

4,804

—

Onward Acquireco, Inc.

Delayed Draw Term Loan

4/1/2028

6,275

(24)

Onward Acquireco, Inc.

Revolver

4/1/2033

2,614

(20)

Optimizely North America, Inc.

Revolver

10/30/2031

1,218

(12)

Oxford Global Resources, Inc.

Revolver

8/17/2027

3,085

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Paisley Bidco, Ltd.

Delayed Draw Term Loan

5/7/2027

906

(3)

PAS Parent, Inc.

Delayed Draw Term Loan

8/18/2028

705

(4)

PAS Parent, Inc.

Revolver

8/18/2031

328

(3)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

469

(9)

Pave America Holding, LLC

Revolver

8/27/2032

1,858

—

Pave America Holding, LLC

Delayed Draw Term Loan

8/29/2027

2,477

—

Petrus Buyer, Inc.

Revolver

10/17/2029

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

5,009

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/18/2026

369

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

141

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

103

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

187

—

Profile Products, LLC

Revolver

11/12/2027

235

—

Profile Products, LLC

Revolver

11/12/2027

347

—

QBS Parent, Inc.

Revolver

6/3/2032

1,908

(16)

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

3,264

—

R1 Holdings, LLC

Revolver

12/29/2028

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

—

RailPros Parent, LLC

Revolver

5/24/2032

(1)

Rally Buyer, Inc.

Revolver

7/19/2029

—

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

1,463

—

Red Pathway Bidco, AB

Delayed Draw Term Loan

4/15/2028

3,962

—

Redwood Services Group, LLC

Delayed Draw Term Loan

2/11/2028

20,894

—

Saber Power Services, LLC

Revolver

10/21/2031

3,846

—

SAFEbuilt, LLC

Delayed Draw Term Loan

1/8/2028

3,378

(17)

SAFEbuilt, LLC

Revolver

1/8/2032

1,267

(13)

Safety Borrower Holdings, LP

Revolver

12/19/2032

611

—

Safety Borrower Holdings, LP

Delayed Draw Term Loan

12/19/2027

917

(2)

Sail Bidco, Ltd.

Delayed Draw Term Loan

5/28/2029

1,910

(10)

Sam Holding Co, Inc.

Delayed Draw Term Loan

6/30/2028

1,364

—

Scorpio BidCo SAS

Delayed Draw Term Loan

10/4/2026

4,818

(51)

Seahawk Bidco, LLC

Revolver

12/19/2030

3,097

—

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/24/2027

18,787

—

SEKO Global Logistics Network, LLC

Delayed Draw Term Loan

5/10/2027

—

Seven Bidco, SASU

Delayed Draw Term Loan

8/29/2028

689

(3)

SG Acquisition, Inc.

Revolver

4/3/2030

8,301

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

12/16/2028

8,241

—

Signant Finance One, Ltd.

Revolver

10/16/2031

2,551

—

Signant Finance One, Ltd.

Delayed Draw Term Loan

10/16/2027

4,638

(23)

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

140

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

1,076

(11)

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

6/10/2028

2,827

(21)

SIQ Holdings III Corp.

Revolver

12/19/2030

3,333

(42)

SIQ Holdings III Corp.

Delayed Draw Term Loan

12/19/2027

3,667

—

Smile Doctors, LLC

Revolver

12/23/2027

1,233

(43)

Solis Midco, SAS

Delayed Draw Term Loan

4/8/2029

145

(1)

Spaceship Purchaser, Inc.

Revolver

10/17/2031

10,894

(109)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

13,072

(65)

SpecialtyCare, Inc.

Delayed Draw Term Loan

8/26/2027

317

—

SpecialtyCare, Inc.

Revolver

12/18/2029

1,047

(5)

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

12,901

—

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

6,582

—

Speedster Bidco, GmbH

Revolver

6/10/2031

1,801

(103)

Stepping Stones Healthcare Services, LLC

Revolver

1/5/2033

451

(10)

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

1/5/2028

726

(2)

STV Group, Inc.

Revolver

3/20/2030

4,883

(37)

Summit Buyer, LLC

Delayed Draw Term Loan

5/9/2027

6,235

(16)

Summit Buyer, LLC

Revolver

5/31/2030

989

—

Supernova Borrower Holdco, LLC

Delayed Draw Term Loan

5/12/2029

2,049

—

Supernova Borrower Holdco, LLC

Revolver

5/12/2033

717

(4)

Tango Bidco, SAS

Delayed Draw Term Loan

7/15/2028

23,054

—

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

558

—

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

962

(15)

TEI Intermediate, LLC

Revolver

12/13/2031

3,075

—

TEI Intermediate, LLC

Delayed Draw Term Loan

12/13/2026

2,345

—

Teneo Holdings, LLC

Delayed Draw Term Loan

7/31/2027

5,324

—

Teneo Holdings, LLC

Revolver

7/31/2030

11,712

—

Tennessee Bidco, Limited

Delayed Draw Term Loan

7/1/2026

13,160

—

The Fertility Partners, Inc.

Revolver

9/16/2027

—

The North Highland Co, LLC

Revolver

12/20/2030

3,710

—

The North Highland Co, LLC

Delayed Draw Term Loan

12/20/2026

5,903

(30)

Themis Solutions, Inc.

Delayed Draw Term Loan

10/29/2027

10,319

(103)

Themis Solutions, Inc.

Revolver

10/29/2032

8,599

(86)

THG Acquisition, LLC

Revolver

10/31/2031

980

—

THG Acquisition, LLC

Delayed Draw Term Loan

10/31/2026

669

—

Tricentis Operations Holdings, Inc.

Revolver

2/11/2032

2,872

(29)

Tricentis Operations Holdings, Inc.

Delayed Draw Term Loan

2/11/2027

4,595

(23)

Trinity Air Consultants Holdings Corp.

Revolver

6/29/2029

7,269

—

Trinity Partners Holdings, LLC

Delayed Draw Term Loan

6/30/2027

1,433

—

Triple Lift, Inc.

Revolver

5/5/2028

7,697

(962)

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

7/9/2027

1,118

—

Unified Women's Healthcare, LP

Revolver

6/18/2029

241

—

Unified Women's Healthcare, LP

Delayed Draw Term Loan

9/22/2027

4,583

—

US Oral Surgery Management Holdco, LLC

Delayed Draw Term Loan

12/13/2026

18,472

—

US Oral Surgery Management Holdco, LLC

Revolver

11/20/2028

3,735

—

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

1,245

(16)

Varicent Parent Holdings Corp.

Revolver

8/23/2031

2,050

(28)

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

1,045

(5)

Veregy Consolidated, Inc.

Revolver

4/16/2031

5,845

(44)

West Monroe Partners, LLC

Revolver

11/9/2027

1,443

(29)

West Star Aviation Acquisition, LLC

Revolver

5/20/2032

256

—

West Star Aviation Acquisition, LLC

Delayed Draw Term Loan

5/20/2027

105

—

WHCG Purchaser III, Inc.

Delayed Draw Term Loan

8/2/2027

7,044

—

Woolpert Holdings, Inc.

Delayed Draw Term Loan

6/30/2028

2,750

—

World Insurance Associates, LLC

Delayed Draw Term Loan

8/14/2026

12,770

—

World Insurance Associates, LLC

Revolver

4/3/2030

4,473

(66)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)



Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
WPEngine, Inc.	Revolver	8/14/2029	$	6,667	$	(200)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/1/2026	2,237		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031	715		—
Zendesk, Inc.	Revolver	11/22/2028	169		(3)
Zeus, LLC	Revolver	2/8/2030	2,855		—
Zorro Bidco, Ltd.	Delayed Draw Term Loan	8/13/2027	3,422		—
Total Unfunded Commitments			$	1,415,535	$	(6,966)

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

(9)The interest rate floor on these investments as of June 30, 2026 was 0.50%.

(10)The interest rate floor on these investments as of June 30, 2026 was 0.75%.

(11)The interest rate floor on these investments as of June 30, 2026 was 1.00%.

(12)The interest rate floor on these investments as of June 30, 2026 was 1.25%.

(13)The interest rate floor on these investments as of June 30, 2026 was 1.50%.

(14)The interest rate floor on these investments as of June 30, 2026 was 2.00%.

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

(16)Under the 1940 Act, the Company is generally deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally 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 June 30, 2026, the Company’s non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2025		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Fair Value as of June 30, 2026		Total Investment Income
Non-controlled/affiliated Investments
Align Precision Group, LLC - First Lien Debt	$	8,762	$	466	$	—	$	(554)	$	—	$	8,674	$	465
Align Precision Group, LLC - First Lien Debt	1,370		512		(4)		(1)		—		1,877		90
Align Precision Group, LLC - Equity - Class A-3 Units	1,549		—		—		(1,047)		—		502		—
New ACI Buyer, LLC - First Lien Debt	—		22,805		—		—		—		22,805		13
New ACI Buyer, LLC - First Lien Debt	—		8,362		—		388		—		8,750		5
New ACI Intermediate I, LLC - Second Lien Debt	—		20,271		—		—		—		20,271		11
New ACI Holdings, LLC - Equity - Class A Common Units	—		57,187		—		4		—		57,191		—
Blackstone Donegal Holdings LP - Equity - LP Interests (Westland Insurance Group LTD)	5,315		—		(5,559)		(4,492)		5,559		823		—
Material Holdings, LLC - First Lien Debt	22,074		365		(625)		(1,991)		—		19,823		786
Material Holdings, LLC - First Lien Debt	—		—		—		—		—		—		—
Material Holdings, LLC - First Lien Debt	725		941		—		(1)		—		1,665		50
Material+ Holding Company, LLC - Equity - Class C Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Equity - Class A Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Equity - Class A Preferred Units	—		—		—		—		—		—		—
Material+ Holding Company, LLC - Equity - Class B Preferred Units	—		—		—		—		—		—		—

Total Non-Controlled/Affiliated Investments	$	39,795	$	110,909	$	(6,188)	$	(7,694)	$	5,559	$	142,381	$	1,420

(17)Loan was on non-accrual status as of June 30, 2026.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities.” As of June 30, 2026, the aggregate fair value of these securities is $13,364.3 million or 225.04% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20)The interest rate floor on these investments as of June 30, 2026 was 3.00%.

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

June 30, 2026

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD	63,803	CAD	90,000	9/25/2026	$	207
Wells Fargo Bank, N.A.	USD	74,864	EUR	65,250	9/25/2026	108
Wells Fargo Bank, N.A.	USD	2,751	NOK	26,704	9/25/2026	59
Wells Fargo Bank, N.A.	USD	1,837	DKK	11,958	9/25/2026	3
Wells Fargo Bank, N.A.	USD	62,208	GBP	47,000	9/25/2026	(102)
Wells Fargo Bank, N.A.	USD	22,756	SEK	217,760	9/25/2026	206
Total Foreign Currency Forward Contracts						$	481


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation)
SMBC Capital Markets, Inc.	November 2027 Notes	5.88%	SOFR +	1.38%	11/15/2027	$	400,000	$	2,462	$	—	$	(5,789)
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.65%	4/13/2028	400,000		(2,704)		—		(5,192)
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.39%	4/13/2028	300,000		(471)		—		(4,274)
Wells Fargo Bank, N.A.	June 2030 Notes	5.30%	SOFR +	1.46%	6/30/2030	500,000		(2,523)		—		(10,188)
Wells Fargo Bank, N.A.	January 2031 Notes	5.13%	SOFR +	1.66%	1/31/2031	500,000		(11,218)		—		(9,329)
Wells Fargo Bank, N.A.	September 2029 Notes	5.25%	SOFR +	1.93%	9/4/2029	400,000		(8,716)		—		(8,716)
Wells Fargo Bank, N.A.	May 2031 Notes	5.90%	SOFR +	2.00%	5/21/2031	650,000		(2,403)		—		(2,403)
Total Interest Rate Swaps								$	(25,573)	$	—	$	(45,891)

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

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

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt
First Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Aevex Holdings, LLC	(4)(11)	SOFR +	6.00%	9.82%	4/30/2024	3/18/2028	$	46,833	$	46,781	$	46,598	0.75	%
Aevex Holdings, LLC	(4)(11)	SOFR +	6.00%	9.82%	3/17/2020	3/18/2028	107,946		107,869		107,406		1.72
Corfin Holdings, Inc.	(4)(10)	SOFR +	5.25%	9.07%	2/5/2020	12/27/2027	261,290		260,279		261,290		4.18
Corfin Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	9.07%	1/10/2025	12/27/2027	1,564		1,554		1,564		0.03
Fastener Distribution Holdings, LLC	(4)(10)	SOFR +	4.75%	8.42%	10/31/2024	11/4/2031	30,705		30,449		30,705		0.49
Fastener Distribution Holdings, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	10/31/2024	11/4/2031	4,458		4,392		4,458		0.07
Frontgrade Technologies Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.13% (incl. 1.50% PIK)	1/9/2023	1/9/2030	2,405		2,361		2,355		0.04
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.25%	9.12% (incl. 1.50% PIK)	3/18/2025	1/9/2030	354		351		347		0.01
Frontgrade Technologies Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.94%	7/7/2025	1/9/2030	92		92		90		0.00
Horizon CTS Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	3/28/2025	3/29/2032	1,298		1,285		1,291		0.02
MAG DS Corp.	(11)	SOFR +	5.50%	9.27%	4/1/2020	4/1/2027	78,684		77,251		78,610		1.26
Magneto Components BuyCo, LLC	(4)(7)(10)	SOFR +	6.00%	9.67%	12/5/2023	12/5/2030	33,602		32,936		33,308		0.53
West Star Aviation Acquisition, LLC	(4)(5)(10)	SOFR +	4.50%	8.22%	5/20/2025	5/20/2032	2,147		2,132		2,147		0.03
West Star Aviation Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	5/20/2025	5/20/2032	255		251		255		0.00
									567,983		570,424		9.13
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.57%	6/11/2021	6/11/2027	93,442		92,974		93,442		1.50
AGI-CFI Holdings, Inc.	(4)(5)(10)	SOFR +	4.75%	8.57%	3/19/2025	6/11/2027	6,087		6,068		6,087		0.10
ENV Bidco, AB	(4)(5)(6)(10)	SOFR +	5.00%	8.69%	12/12/2024	7/27/2029	1,115		1,103		1,115		0.02
ENV Bidco, AB	(4)(5)(6)(7)(8)	E +	5.00%	7.02%	12/12/2024	7/27/2029	EUR	1,337	1,355		1,567		0.03
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.24%	12/9/2019	12/9/2027	138,170		137,787		125,734		2.01
Mode Purchaser, Inc.	(4)(11)	SOFR +	6.25%	10.24%	2/4/2022	12/9/2027	3,944		3,909		3,589		0.06
R1 Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.95%	12/30/2022	12/29/2028	1,320		1,301		1,260		0.02
RWL Holdings, LLC	(4)(10)	SOFR +	5.75%	9.57%	12/13/2021	12/31/2028	29,708		29,455		27,628		0.44
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	7.00%	10.82% PIK	11/27/2024	5/27/2030	2,097		2,096		2,097		0.03
SEKO Global Logistics Network, LLC	(4)(5)(11)	SOFR +	10.00%	13.82% PIK	11/27/2024	11/27/2029	697		689		697		0.01
SEKO Global Logistics Network, LLC	(4)(5)(7)(11)	SOFR +	10.50%	14.36% (incl. 9.50% PIK)	11/10/2025	11/27/2029	162		162		162		0.00
									276,899		263,378		4.22
Auto Components
Dellner Couplers Group, AB	(5)(6)(8)	E +	5.43%	7.32%	6/20/2024	6/18/2029	EUR	1,000	1,066		1,179		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Biotechnology
Axsome Therapeutics, Inc.	(4)(5)(6)(10)	SOFR +	4.75%	8.42%	5/6/2025	5/8/2030	$	11,740	$	11,638	$	11,740	0.19	%
Axsome Therapeutics, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.00%	7.69%	5/6/2025	5/8/2030	6,848		6,818		6,848		0.11
MannKind Corp.	(4)(6)(7)(14)	SOFR +	4.75%	8.53%	8/6/2025	8/6/2030	138,898		136,595		137,455		2.20
									155,051		156,043		2.50
Building Products
Fencing Supply Group Acquisition, LLC	(4)(11)	SOFR +	6.00%	9.82%	2/26/2021	2/26/2027	52,464		52,311		50,496		0.81
Jacuzzi Brands, LLC	(4)(5)(10)	SOFR +	6.00%	9.82%	2/25/2019	2/25/2027	11,318		11,285		10,469		0.17
Jacuzzi Brands, LLC	(4)(10)	SOFR +	6.00%	9.82%	2/25/2019	2/25/2027	77,867		77,673		72,027		1.15
L&S Mechanical Acquisition, LLC	(4)(10)	SOFR +	6.25%	10.09%	9/1/2021	9/1/2027	14,902		14,804		14,306		0.23
Windows Acquisition Holdings, Inc.	(4)(5)(11)	SOFR +	6.50%	10.32%	12/29/2020	12/29/2026	52,750		52,587		43,387		0.69
									208,660		190,685		3.05
Chemicals
DCG Acquisition Corp.	(4)(7)(10)	SOFR +	5.00%	8.67%	6/13/2024	6/13/2031	39,719		39,371		39,245		0.63
Commercial Services & Supplies
Bazaarvoice, Inc.	(4)(7)(8)	SOFR +	4.50%	8.09%	5/7/2021	5/7/2029	238,337		238,337		238,337		3.82
CFS Brands, LLC	(4)(7)(11)	SOFR +	5.00%	8.72%	12/20/2024	10/2/2030	138,043		136,064		138,043		2.21
Divisions Holding Corp.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	4/17/2025	4/17/2032	1,606		1,590		1,605		0.03
ELK Bidco, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.50%	6/13/2025	6/14/2032	17,942		17,835		17,871		0.29
EMB Purchaser, Inc.	(4)(10)	SOFR +	4.50%	8.23%	3/13/2025	3/12/2032	27,315		27,073		27,315		0.44
EMB Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.34%	3/13/2025	3/12/2032	9,748		9,603		9,715		0.16
FusionSite Midco, LLC	(4)(11)	SOFR +	5.25%	9.18%	4/30/2025	11/17/2029	57,536		56,955		57,536		0.92
FusionSite Midco, LLC	(4)(5)(7)(11)	SOFR +	5.25%	9.37%	4/30/2025	11/17/2029	18,692		18,328		18,534		0.30
Gatekeeper Systems, Inc.	(4)(10)	SOFR +	5.00%	8.72%	8/27/2024	8/28/2030	44,002		43,490		42,792		0.69
Gatekeeper Systems, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.72%	8/27/2024	8/28/2030	3,446		3,289		3,069		0.05
Gorilla Investor, LLC	(4)(10)	SOFR +	5.00%	8.67%	9/26/2024	9/30/2031	24,570		24,167		24,324		0.39
Ground Penetrating Radar Systems, LLC	(4)(5)(10)	SOFR +	4.50%	8.17%	1/2/2025	1/2/2032	2,944		2,918		2,944		0.05
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.19%	1/2/2025	1/2/2032	15		13		15		0.00
Ground Penetrating Radar Systems, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	1/2/2025	1/2/2032	72		69		72		0.00
Iris Buyer, LLC	(4)(11)	SOFR +	5.25%	9.09%	10/2/2023	10/2/2030	25,196		24,726		25,196		0.40
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.92%	10/2/2023	10/2/2030	2,376		2,339		2,376		0.04
Iris Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.92%	2/4/2025	10/2/2030	3,667		3,549		3,667		0.06
Iris Buyer, LLC	(4)(5)(11)	SOFR +	5.25%	8.92%	8/19/2025	10/2/2030	1,022		1,012		1,022		0.02
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.68%	8.43%	8/20/2024	8/20/2031	995		980		995		0.02
ISQ Hawkeye Holdco, Inc.	(4)(5)(7)(10)	SOFR +	4.68%	8.43%	8/20/2024	8/20/2030	37		36		37		0.00

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Java Buyer, Inc.	(4)(10)	SOFR +	5.00%	8.94%	12/15/2021	12/15/2027	$	4,129	$	4,104	$	4,129	0.07	%
Java Buyer, Inc.	(4)(5)(10)	SOFR +	5.00%	8.94%	12/15/2021	12/15/2027	2,867		2,852		2,867		0.05
Java Buyer, Inc.	(4)(5)(10)	SOFR +	5.00%	8.94%	11/9/2023	12/15/2027	1,616		1,593		1,616		0.03
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	6/28/2024	12/15/2027	2,426		2,406		2,426		0.04
Java Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.82%	5/9/2025	12/15/2027	1,493		1,474		1,493		0.02
JSS Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69% (incl. 2.75% PIK)	12/17/2020	11/8/2031	290,582		288,360		290,582		4.65
JSS Holdings, Inc.	(4)(5)(10)	SOFR +	5.00%	8.69% (incl. 2.75% PIK)	12/29/2021	11/8/2031	5,018		4,975		5,018		0.08
JSS Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67% (incl. 2.75% PIK)	11/8/2024	11/8/2031	31,958		31,669		31,921		0.51
Knowledge Pro Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.32%	12/10/2021	12/10/2029	9,713		9,632		9,709		0.16
KPSKY Acquisition, Inc.	(4)(10)(18)	SOFR +	5.50%	9.44%	10/19/2021	10/19/2028	19,802		19,644		17,228		0.28
KPSKY Acquisition, Inc.	(4)(5)(10)(18)	SOFR +	5.50%	9.53%	10/19/2021	10/19/2028	2,280		2,263		1,984		0.03
Minerva Bidco, Ltd.	(4)(5)(6)(8)	S +	4.25%	8.22%	7/29/2025	11/7/2030	GBP	4,812	6,360		6,438		0.10
Onex Baltimore Buyer, Inc.	(4)(10)(18)	SOFR +	5.27%	8.99%	12/1/2021	12/1/2027	10,804		10,734		10,804		0.17
Onex Baltimore Buyer, Inc.	(4)(7)(11)(18)	SOFR +	4.75%	8.47%	12/1/2021	12/1/2027	14,591		14,458		14,591		0.23
RailPros Parent, LLC	(4)(5)(7)(10)	SOFR +	4.25%	8.13%	5/22/2025	5/24/2032	401		397		398		0.01
SIQ Holdings III Corp.	(4)(10)	SOFR +	4.75%	9.20%	12/19/2025	12/19/2032	15,000		14,851		14,850		0.24
SIQ Holdings III Corp.	(4)(5)(7)(10)	SOFR +	4.75%	9.23%	12/19/2025	12/19/2030	227		160		160		0.00
TEI Intermediate, LLC	(4)(10)	SOFR +	5.25%	8.85% (incl. 2.88% PIK)	12/13/2024	12/15/2031	25,988		25,769		25,988		0.42
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.63%	12/13/2024	12/15/2031	970		940		970		0.02
TEI Intermediate, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.63%	12/13/2024	12/15/2031	1,053		1,013		1,053		0.02
The Hiller Companies, LLC	(4)(10)	SOFR +	5.00%	8.72%	6/20/2024	6/20/2030	8,131		8,071		8,131		0.13
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.72%	6/20/2024	6/20/2030	2,128		2,101		2,128		0.03
The Hiller Companies, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.49%	7/17/2025	6/20/2030	942		932		938		0.02
Veregy Consolidated, Inc.	(4)(7)(10)	SOFR +	4.25%	8.14%	4/16/2025	4/16/2031	27,626		27,397		27,576		0.44
Water Holdings Acquisition, LLC	(4)(10)	SOFR +	5.25%	9.07% (incl. 2.75% PIK)	7/31/2024	7/31/2031	31,992		31,742		31,992		0.51
Water Holdings Acquisition, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.07% (incl. 2.75% PIK)	7/31/2024	7/31/2031	3,922		3,908		3,922		0.06
									1,130,178		1,134,377		18.21

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Construction & Engineering
Consor Intermediate II, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	5/10/2024	5/10/2031	$	6,190	$	6,137	$	6,190	0.10	%
Gannett Fleming, Inc.	(4)(7)(10)	SOFR +	4.75%	8.69%	8/5/2024	8/5/2030	64,451		63,648		64,035		1.03
Home Service TopCo IV, Inc.	(4)(7)(11)	SOFR +	4.50%	8.10%	6/9/2023	12/31/2027	36,950		36,439		36,912		0.59
Home Service TopCo IV, Inc.	(4)(5)(11)	SOFR +	4.50%	8.10%	2/28/2025	12/31/2027	2,888		2,878		2,888		0.05
Pave America Holding, LLC	(4)(10)	SOFR +	5.25%	8.92% (incl. 2.88% PIK)	8/29/2025	8/27/2032	14,348		14,214		14,277		0.23
Pave America Holding, LLC	(4)(5)(7)(10)	SOFR +	5.25%	9.19% (incl. 2.88% PIK)	8/29/2025	8/27/2032	2,572		2,507		2,529		0.04
Saber Power Services, LLC	(4)(5)(10)	SOFR +	5.50%	9.27%	10/21/2025	10/21/2031	46,154		46,087		46,154		0.74
Saber Power Services, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.27%	10/21/2025	10/21/2031	769		769		769		0.01
									172,679		173,754		2.79
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	4/30/2025	5/5/2032	1,493		1,478		1,484		0.02
Containers & Packaging
Ascend Buyer, LLC	(4)(7)(10)	SOFR +	5.25%	8.92%	9/30/2021	9/30/2028	20,668		20,479		20,668		0.33
Ascend Buyer, LLC	(4)(5)(10)	SOFR +	5.25%	8.92%	3/20/2025	9/30/2028	1,599		1,585		1,599		0.03
									22,064		22,267		0.36
Distributors
BP Purchaser, LLC	(4)(10)	SOFR +	5.50%	9.48%	12/10/2021	12/11/2028	7,493		7,433		5,751		0.09
Genuine Cable Group, LLC	(4)(10)	SOFR +	5.75%	9.57%	11/1/2021	11/2/2026	164,782		164,284		160,663		2.57
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00%	11.13% (incl. 3.25% PIK)	12/31/2021	6/23/2028	5,025		4,988		4,498		0.07
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.25%	11.38% (incl. 3.25% PIK)	11/1/2022	6/23/2028	1,606		1,586		1,446		0.02
Marcone Yellowstone Buyer, Inc.	(4)(5)(10)	SOFR +	7.00%	11.13% (incl. 3.25% PIK)	12/31/2021	6/23/2028	1,617		1,610		1,448		0.02
NDC Acquisition Corp.	(4)(7)(11)	SOFR +	5.00%	8.84%	3/9/2021	3/9/2028	13,489		13,397		13,489		0.22
PT Intermediate Holdings III, LLC	(4)(7)(10)	SOFR +	5.00%	9.00% (incl. 1.75% PIK)	4/9/2024	4/9/2030	63,193		63,080		63,193		1.01
Tailwind Colony Holding Corporation	(4)(11)	SOFR +	6.50%	10.44%	11/20/2018	11/13/2026	47,053		47,008		45,759		0.73
									303,386		296,247		4.73

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Diversified Consumer Services
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.97%	7/19/2024	7/24/2030	$	4,579	$	4,509	$	4,556	0.07	%
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.92%	7/19/2024	7/24/2030	1,363		1,343		1,357		0.02
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.83%	7/19/2024	7/24/2030	1,152		1,128		1,143		0.02
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.97%	7/19/2024	7/24/2030	3,532		3,478		3,514		0.06
American Restoration Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.77%	2/19/2025	7/24/2030	3,056		3,007		3,014		0.05
American Restoration Holdings, LLC	(4)(5)(11)	SOFR +	5.00%	8.77%	10/15/2025	7/24/2030	590		584		587		0.01
Barbri Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.69%	12/20/2024	4/30/2030	80,225		79,641		80,225		1.28
Cambium Learning Group, Inc.	(4)(7)(10)	SOFR +	5.50%	9.46%	7/20/2021	7/20/2028	283,227		282,196		275,439		4.41
Charger Debt Merger Sub, LLC	(4)(10)	SOFR +	5.00%	8.67%	5/31/2024	5/31/2031	11,807		11,717		11,748		0.19
Charger Debt Merger Sub, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/31/2024	5/31/2031	5,690		5,621		5,634		0.09
DTA Intermediate II, Ltd.	(4)(11)	SOFR +	5.50%	9.19%	3/27/2024	3/27/2030	42,431		41,832		42,431		0.68
DTA Intermediate II, Ltd.	(4)(7)(11)	SOFR +	5.50%	9.44%	3/27/2024	3/27/2030	10,713		10,435		10,713		0.17
DTA Intermediate II, Ltd.	(4)(5)(11)	S +	5.50%	9.22%	9/18/2025	3/27/2030	GBP	17,194	22,858		23,176		0.37
Endeavor Schools Holdings, LLC	(4)(11)	SOFR +	6.25%	10.12%	7/18/2023	7/18/2029	21,684		21,364		20,112		0.32
Endeavor Schools Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	10.16%	7/18/2023	7/18/2029	3,991		3,942		3,702		0.06
Essential Services Holding Corp.	(4)(7)(10)	SOFR +	5.00%	8.88%	6/17/2024	6/17/2031	12,291		12,180		12,148		0.19
Go Car Wash Management Corp.	(4)(11)	SOFR +	5.75%	9.57%	10/12/2021	6/30/2028	22,045		21,951		21,494		0.34
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.32%	8/7/2025	7/15/2032	EUR	91	105		106		0.00
Metrodora S.L.	(4)(5)(6)(8)	E +	4.25%	6.32%	8/7/2025	7/15/2032	EUR	37	43		43		0.00
Scientian 2 Spain, S.L.	(4)(5)(6)(8)	E +	4.25%	6.39%	8/7/2025	7/15/2032	EUR	107	123		124		0.00
Scientian France, SAS	(4)(5)(6)(8)	E +	4.25%	6.33%	8/7/2025	7/15/2032	EUR	235	271		273		0.00
Seahawk Bidco, LLC	(4)(7)(11)	SOFR +	4.75%	8.44%	12/18/2024	12/19/2031	49,534		49,095		49,124		0.79
									577,423		570,663		9.12
Electric Utilities
Grid Alliance Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/1/2025	7/1/2032	15,630		15,436		15,476		0.25
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	8.07%	3/26/2021	3/27/2028	32,436		32,244		32,436		0.52
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	8.07%	7/27/2023	3/27/2028	35,077		34,772		35,077		0.56
Qualus Power Services Corp.	(4)(11)	SOFR +	4.25%	8.02%	5/9/2024	3/27/2028	82,455		81,258		82,455		1.32
Qualus Power Services Corp.	(4)(5)(11)	SOFR +	4.25%	8.02%	5/9/2024	3/27/2028	33,718		33,498		33,718		0.54
									197,208		199,162		3.19

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Electrical Equipment
Emergency Power Holdings, LLC	(4)(7)(11)	SOFR +	4.75%	8.59%	8/17/2021	8/17/2031	$	60,258	$	59,921	$	60,254	0.96	%
Griffon Bidco, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	7/31/2025	7/31/2031	22,394		22,128		22,333		0.36
IEM New Sub 2, LLC	(4)(7)(9)	SOFR +	4.50%	8.27%	12/3/2025	12/3/2031	114,803		113,711		114,102		1.83
									195,760		196,689		3.15
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	9.79%	12/23/2020	12/23/2026	76,535		76,286		76,535		1.23
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	10.04%	12/23/2020	12/23/2026	22,972		22,913		22,972		0.37
Albireo Energy, LLC	(4)(5)(11)	SOFR +	6.00%	9.99%	12/23/2020	12/23/2026	6,198		6,186		6,198		0.10
Duro Dyne National Corp.	(4)(7)(10)	SOFR +	4.50%	8.32%	11/15/2024	11/17/2031	28,386		28,072		28,356		0.45
Dwyer Instruments, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	11/15/2024	7/20/2029	9,676		9,596		9,676		0.15
Electro Switch Business Trust, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	9/2/2025	9/2/2032	31,501		31,235		31,143		0.50
Guardian Bidco, Inc.	(4)(5)(7)(8)	SOFR +	5.50%	9.52%	9/2/2025	8/30/2032	5,307		5,253		5,246		0.08
Phoenix 1 Buyer Corp.	(4)(7)(10)	SOFR +	4.75%	8.62%	11/20/2023	11/20/2030	25,429		25,218		25,429		0.41
Spectrum Safety Solutions Purchaser, LLC	(4)(6)(7)(9)	SOFR +	4.50%	8.17%	7/1/2024	7/1/2031	66,840		65,894		66,840		1.07
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.52%	7/1/2024	7/1/2031	EUR	14,913	15,829		17,526		0.28
Spectrum Safety Solutions Purchaser, LLC	(4)(5)(6)(9)	E +	4.50%	6.55%	7/1/2024	7/1/2030	EUR	1,111	1,243		1,306		0.02
									287,725		291,227		4.66
Energy Equipment & Services
LPW Group Holdings, Inc.	(4)(7)(11)	SOFR +	6.00%	9.79%	3/15/2024	3/15/2031	26,460		25,870		26,141		0.42
Financial Services
Carr Riggs & Ingram Capital, LLC	(4)(5)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	7,388		7,326		7,388		0.12
Carr Riggs & Ingram Capital, LLC	(4)(5)(7)(9)	SOFR +	4.25%	7.92%	11/18/2024	11/18/2031	1,012		981		1,003		0.02
DM Intermediate Parent, LLC	(4)(5)(10)	SOFR +	4.75%	8.47%	9/30/2024	9/30/2030	18,039		17,825		18,039		0.29
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	9/30/2024	9/30/2030	4,727		4,692		4,727		0.08
DM Intermediate Parent, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	9/30/2024	9/30/2030	416		289		350		0.01
Harp Finco, Ltd.	(4)(5)(6)(8)	S +	5.00%	8.72%	3/27/2025	3/27/2032	GBP	14,508	18,455		19,263		0.31
More Cowbell II, LLC	(4)(7)(10)	SOFR +	4.50%	7.99%	9/3/2025	9/1/2030	7,877		7,746		7,866		0.13
PKF O'Connor Davies Advisory, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.24%	11/15/2024	11/18/2031	1,155		1,144		1,155		0.02
									58,458		59,791		0.98

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Ground Transportation
Channelside AcquisitionCo, Inc.	(4)(10)	SOFR +	4.75%	8.59%	5/15/2024	6/30/2028	$	19,505	$	19,335	$	19,505	0.31	%
Channelside AcquisitionCo, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	5/15/2024	3/31/2028	265		257		265		0.00
									19,592		19,770		0.31
Health Care Equipment & Supplies
Bamboo US BidCo, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.84%	9/29/2023	9/30/2030	956		938		956		0.02
Bamboo US BidCo, LLC	(4)(5)(11)	E +	5.00%	7.07%	9/29/2023	9/30/2030	EUR	351	364		412		0.01
Bamboo US BidCo, LLC	(4)(5)(11)	SOFR +	5.00%	8.84%	11/20/2024	9/30/2030	106		103		106		0.00
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.32%	9/13/2021	9/13/2027	21,065		20,946		20,538		0.33
GCX Corporation Buyer, LLC	(4)(10)	SOFR +	5.50%	9.56%	9/13/2021	9/13/2027	5,335		5,309		5,202		0.08
Zeus, LLC	(4)(10)	SOFR +	6.00%	9.67% (incl. 3.00% PIK)	2/28/2024	2/28/2031	24,556		24,289		23,021		0.37
Zeus, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.17%	2/28/2024	2/28/2031	2,270		2,197		1,968		0.03
									54,146		52,203		0.84
Health Care Providers & Services
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.27%	8/10/2022	8/10/2029	CAD	2,170	1,671		1,581		0.03
123Dentist, Inc.	(4)(5)(6)(10)	CA +	5.00%	7.27%	8/9/2024	8/10/2029	CAD	293	214		213		0.00
123Dentist, Inc.	(4)(5)(6)(7)(10)	CA +	4.75%	7.02%	9/8/2025	8/10/2029	CAD	7,192	5,026		4,948		0.08
ACI Group Holdings, Inc.	(4)(10)	SOFR +	6.00%	9.77% (incl. 3.25% PIK)	7/7/2023	8/2/2028	133,103		132,031		106,482		1.71
ACI Group Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.27%	7/7/2023	8/2/2027	11,451		11,390		9,138		0.15
ADCS Clinics Intermediate Holdings, LLC	(4)(11)	SOFR +	6.25%	10.05%	5/7/2021	5/7/2027	6,708		6,678		6,708		0.11
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	9.95%	5/7/2021	5/7/2027	1,608		1,602		1,608		0.03
ADCS Clinics Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.25%	9.95%	5/7/2021	5/7/2026	186		184		186		0.00
Amerivet Partners Management, Inc.	(4)(7)(10)	SOFR +	5.50%	9.62%	2/25/2022	2/25/2028	5,487		5,439		5,253		0.08
Biotouch Global Solutions, Inc.	(4)(7)(11)	SOFR +	5.50%	9.32%	8/27/2025	8/27/2032	23,799		23,398		23,555		0.38
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(11)	CA +	4.50%	7.12%	4/15/2021	4/14/2028	CAD	29,022	23,074		21,145		0.34
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(7)(10)	CA +	4.50%	7.12%	4/15/2021	4/15/2027	CAD	1,920	1,363		1,399		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
CCBlue Bidco, Inc.	(4)(5)(10)	SOFR +	6.50%	10.27% (incl. 4.00% PIK)	12/21/2021	12/21/2028	$	12,466	$	12,377	$	10,035	0.16	%
Commander Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	6/26/2025	6/26/2032	31,714		31,300		31,454		0.50
Compsych Investments Corp.	(4)(7)(10)	SOFR +	4.75%	8.61%	7/22/2024	7/22/2031	12,003		11,949		11,851		0.19
DCA Investment Holdings, LLC	(4)(10)(17)	SOFR +	6.41%	12.08%	3/12/2021	4/3/2028	24,092		23,976		20,358		0.33
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.50%	12.17%	12/28/2022	4/3/2028	975		969		824		0.01
DCA Investment Holdings, LLC	(4)(5)(10)(17)	SOFR +	6.41%	12.08%	2/25/2022	4/3/2028	8,014		8,000		6,772		0.11
Imagine 360, LLC	(4)(7)(10)	SOFR +	4.75%	8.42%	9/18/2024	9/30/2028	16,983		16,848		16,956		0.27
Inception Fertility Ventures, LLC	(4)(7)(10)	SOFR +	5.50%	9.34%	4/29/2024	4/29/2030	47,308		47,242		46,496		0.74
Jayhawk Buyer, LLC	(4)(11)	SOFR +	5.25%	9.07%	10/15/2020	4/15/2028	126,345		125,547		123,186		1.97
Kwol Acquisition, Inc.	(4)(7)(10)	SOFR +	5.00%	8.72%	12/8/2023	12/6/2029	10,214		10,054		10,214		0.16
MB2 Dental Solutions, LLC	(4)(10)	SOFR +	5.50%	9.22%	2/13/2024	2/13/2031	22,928		22,760		22,928		0.37
MB2 Dental Solutions, LLC	(4)(5)(7)(10)	SOFR +	5.50%	9.22%	2/13/2024	2/13/2031	4,519		4,474		4,519		0.07
MB2 Dental Solutions, LLC	(4)(5)(10)	SOFR +	5.50%	9.22%	2/13/2024	2/13/2031	3,391		3,370		3,391		0.05
Navigator Acquiror, Inc.	(4)(7)(9)	SOFR +	5.50%	9.32% (incl. 4.00% PIK)	7/16/2021	7/16/2030	265,469		264,749		225,532		3.61
PPV Intermediate Holdings, LLC	(4)(10)	SOFR +	5.75%	9.57%	8/31/2022	8/31/2029	1,957		1,942		1,957		0.03
PPV Intermediate Holdings, LLC	(4)(5)(7)(10)	SOFR +	6.00%	9.82%	9/6/2023	8/31/2029	218		215		215		0.00
Smile Doctors, LLC	(4)(10)	SOFR +	5.90%	9.84%	6/9/2023	12/23/2028	10,639		10,534		10,319		0.17
Smile Doctors, LLC	(4)(5)(7)(10)	SOFR +	5.90%	9.84%	6/9/2023	12/23/2028	2,574		2,526		2,454		0.04
Snoopy Bidco, Inc.	(4)(10)	SOFR +	6.50%	10.53% (incl. 5.50% PIK)	6/1/2021	6/1/2028	354,710		352,390		339,635		5.44
SpecialtyCare, Inc.	(4)(5)(11)	SOFR +	5.00%	8.99%	8/26/2025	12/18/2029	12,266		12,131		12,143		0.19
SpecialtyCare, Inc.	(4)(5)(7)(8)	SOFR +	5.00%	8.99%	8/26/2025	12/18/2029	111		104		107		0.00
Stepping Stones Healthcare Services, LLC	(4)(7)(10)	SOFR +	5.00%	8.67%	12/30/2021	1/2/2029	2,894		2,871		2,894		0.05
Stepping Stones Healthcare Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	4/25/2024	1/2/2029	202		198		202		0.00
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75%	9.58%	3/16/2022	3/16/2028	4,825		4,790		4,596		0.07
The Fertility Partners, Inc.	(4)(5)(6)(7)(10)	CA +	5.75%	8.31%	3/16/2022	3/16/2028	CAD	4,825	3,725		3,336		0.05
The Fertility Partners, Inc.	(4)(5)(6)(10)	SOFR +	5.75%	9.58%	3/16/2022	3/16/2028	268		268		255		0.00

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.63%	7/15/2022	7/15/2028	$	1,073	$	1,064	$	1,041	0.02	%
UMP Holdings, LLC	(4)(5)(10)	SOFR +	5.75%	9.60%	7/15/2022	7/15/2028	1,472		1,461		1,428		0.02
Unified Women's Healthcare, LP	(4)(5)(9)	SOFR +	5.00%	8.67%	6/16/2022	6/18/2029	2,060		2,060		2,060		0.03
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.73%	3/22/2024	6/18/2029	22,347		22,237		22,347		0.36
Unified Women's Healthcare, LP	(4)(5)(7)(9)	SOFR +	5.00%	8.74%	3/22/2024	6/18/2029	66,596		66,061		66,596		1.07
Unified Women's Healthcare, LP	(4)(9)	SOFR +	5.00%	8.67%	9/22/2025	6/18/2029	14,492		14,391		14,492		0.23
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.17%	11/18/2021	11/20/2028	37,021		36,762		37,021		0.59
US Oral Surgery Management Holdco, LLC	(4)(10)	SOFR +	5.25%	9.31%	11/18/2021	11/20/2028	15,616		15,544		15,616		0.25
US Oral Surgery Management Holdco, LLC	(4)(7)(10)	SOFR +	5.25%	9.17%	8/16/2023	11/20/2028	47,649		47,223		47,649		0.76
US Oral Surgery Management Holdco, LLC	(4)(5)(10)	SOFR +	5.25%	9.02%	12/5/2022	11/20/2028	83		83		83		0.00
WHCG Purchaser III, Inc.	(4)(5)(7)(10)	SOFR +	6.50%	10.17% (incl. 5.09% PIK)	8/2/2024	6/30/2029	21,027		21,027		21,027		0.34
WHCG Purchaser III, Inc.	(4)(5)(10)(17)		10.00%	10.00% PIK	8/2/2024	6/30/2030	17,820		6,354		7,484		0.12
									1,421,646		1,331,689		21.30
Health Care Technology
Accuity Delivery Systems, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.57%	5/29/2025	5/29/2031	31,885		31,695		31,778		0.51
Brilliance Technologies, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.22%	3/11/2025	3/11/2032	1,500		1,488		1,499		0.02
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	4.50%	8.22%	3/11/2025	3/11/2032	2,400		2,388		2,400		0.04
Brilliance Technologies, Inc.	(4)(5)(9)	SOFR +	4.50%	8.22%	5/16/2025	3/11/2032	2,130		2,120		2,130		0.03
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.67%	5/25/2022	5/25/2029	11,169		11,061		11,169		0.18
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.67%	10/28/2022	5/25/2029	2,154		2,131		2,154		0.03
Caerus US 1, Inc.	(4)(5)(6)(10)	SOFR +	5.00%	8.67%	10/28/2022	5/25/2029	315		312		315		0.01
Caerus US 1, Inc.	(4)(6)(10)	SOFR +	5.00%	8.67%	3/27/2024	5/25/2029	49,250		49,250		49,250		0.79
Caerus US 1, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.73%	5/25/2022	5/25/2029	1,014		1,000		1,014		0.02
Color Intermediate, LLC	(4)(10)	SOFR +	4.75%	8.52%	7/2/2024	10/4/2029	19,758		19,491		19,758		0.32

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Health Care Technology (continued)
Continental Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	4/2/2024	4/2/2031	$	36,992	$	36,581	$	36,949	0.59	%
Continental Buyer, Inc.	(4)(5)(10)	SOFR +	4.50%	8.22%	10/21/2025	4/2/2031	21,855		21,750		21,855		0.35
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	10.20%	3/1/2021	3/1/2028	71,173		70,514		71,173		1.14
Cronos Crimson Holdings, Inc.	(4)(10)	SOFR +	6.09%	9.94%	3/1/2021	3/1/2028	14,758		14,679		14,758		0.24
Cronos Crimson Holdings, Inc.	(4)(5)(10)	SOFR +	6.24%	10.25%	4/25/2025	3/1/2028	17,647		17,513		17,647		0.28
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	5.00%	8.72%	8/30/2024	8/30/2031	28,062		27,835		28,062		0.45
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.72%	8/30/2024	8/30/2031	466		415		407		0.01
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	8/5/2025	8/30/2031	28,112		27,849		28,112		0.45
CT Technologies Intermediate Holdings, Inc.	(4)(10)	SOFR +	4.75%	8.47%	7/10/2025	8/30/2031	12,116		12,005		12,116		0.19
CT Technologies Intermediate Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	7/10/2025	8/30/2031	5,193		5,137		5,193		0.08
eResearchTechnology, Inc.	(4)(10)	SOFR +	4.75%	8.47%	1/15/2025	1/19/2032	152,793		151,474		152,793		2.45
eResearchTechnology, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	1/15/2025	1/19/2032	29,405		28,919		29,261		0.47
GI Ranger Intermediate, LLC	(4)(7)(10)	SOFR +	6.00%	9.82%	10/29/2021	10/30/2028	16,294		16,166		16,294		0.26
Healthcomp Holding Company, LLC	(4)(10)	SOFR +	5.75%	9.66%	11/8/2023	11/8/2029	102,693		102,072		97,045		1.55
Kona Buyer, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.36%	7/23/2024	7/23/2031	78		76		73		0.00
Kona Buyer, LLC	(4)(5)(10)	SOFR +	4.50%	8.36%	7/23/2024	7/23/2031	1,034		1,026		1,029		0.02
Magic Bidco, Inc.	(4)(10)	SOFR +	5.75%	9.47%	7/1/2024	7/1/2030	25,679		25,255		25,551		0.41
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.47%	7/1/2024	7/1/2030	3,342		3,273		3,324		0.05
Magic Bidco, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.47%	7/1/2024	7/1/2030	1,291		1,262		1,251		0.02
MEDX AMCP Holdings, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	7/21/2025	7/21/2032	4,090		4,037		4,034		0.06
Modernizing Medicine, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42% (incl. 2.25% PIK)	4/30/2025	4/30/2032	8,971		8,884		8,963		0.14
Neptune Holdings, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	12/12/2024	8/31/2030	6,860		6,732		6,837		0.11
Netsmart Technologies, Inc.	(4)(7)(10)	SOFR +	5.20%	8.92% (incl. 2.70% PIK)	8/23/2024	8/23/2031	24,231		23,996		24,215		0.39
Octane Purchaser, Inc.	(4)(5)(7)(9)	SOFR +	4.25%	7.97%	5/19/2025	5/19/2032	2,332		2,319		2,329		0.04
Project Ruby Ultimate Parent Corp.	(8)	SOFR +	2.75%	6.58%	7/18/2025	3/10/2028	8,248		8,248		8,280		0.13
Rocky MRA Acquisition Corp.	(4)(9)	SOFR +	5.00%	9.04%	4/1/2022	4/2/2029	9,379		9,316		9,379		0.15
Signant Finance One, Ltd.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	10/16/2025	10/16/2031	37,681		37,241		37,225		0.60
									785,510		785,622		12.58

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance
Amerilife Holdings, LLC	(4)(10)	SOFR +	5.00%	8.79%	6/17/2024	8/31/2029	$	96,339	$	95,935	$	95,857	1.53	%
Amerilife Holdings, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.79%	6/17/2024	8/31/2029	3,335		3,205		3,172		0.05
Beacon Dc, Ltd.	(4)(6)(10)	SOFR +	4.75%	8.52%	12/4/2025	12/4/2032	136,195		134,175		134,152		2.15
Beacon Dc, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.52%	12/4/2025	12/4/2032	2,851		2,544		2,530		0.04
CFCo, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		0.00%	0.00%	9/11/2023	9/13/2038	9,566		1,397		0		0.00
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	(4)(5)(8)(17)(18)		10.00%	10.00% PIK	9/11/2023	9/12/2033	6,729		5,559		921		0.01
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	10/29/2021	10/29/2030	14,285		14,197		14,285		0.23
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	10/29/2021	10/29/2030	4,735		4,697		4,735		0.08
Foundation Risk Partners Corp.	(4)(10)	SOFR +	4.75%	8.42%	11/17/2023	10/29/2030	6,822		6,744		6,822		0.11
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	5/21/2024	10/29/2030	5,570		5,507		5,509		0.09
Foundation Risk Partners Corp.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	5/21/2024	10/29/2030	4,164		4,140		4,164		0.07
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.42%	9/24/2025	10/29/2030	2,034		2,034		2,034		0.03
Foundation Risk Partners Corp.	(4)(5)(10)	SOFR +	4.75%	8.42%	9/24/2025	10/29/2030	951		951		951		0.02
Galway Borrower, LLC	(4)(5)(10)	SOFR +	4.50%	8.17%	9/30/2021	9/29/2028	14,623		14,558		14,623		0.23
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	9/30/2021	9/29/2028	1,664		1,606		1,664		0.03
Galway Borrower, LLC	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	2/7/2024	9/29/2028	10,839		10,660		10,839		0.17
Gimlet Bidco, GmbH	(4)(6)(8)	E +	5.75%	7.82%	4/15/2024	4/23/2031	EUR	30,620	32,007		35,985		0.58
Gimlet Bidco, GmbH	(4)(6)(7)(8)	E +	5.75%	7.82%	4/15/2024	4/23/2031	EUR	11,947	13,201		13,855		0.22
Higginbotham Insurance Agency, Inc.	(4)(5)(6)(11)	SOFR +	4.50%	8.22%	7/3/2024	11/25/2028	4,925		4,922		4,925		0.08
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.17%	4/16/2021	4/14/2028	10,226		10,159		10,226		0.16
High Street Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.17%	4/16/2021	4/14/2028	77,731		77,120		77,686		1.24
High Street Buyer, Inc.	(4)(10)	SOFR +	4.50%	8.17%	4/16/2021	4/14/2028	13,499		13,411		13,499		0.22
High Street Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	7/18/2025	4/14/2028	2,847		2,749		2,847		0.05
Integrity Marketing Acquisition, LLC	(4)(7)(10)	SOFR +	5.00%	8.82%	8/27/2024	8/25/2028	163,971		163,253		163,941		2.63
Koala Investment Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	8/29/2025	8/29/2032	1,380		1,364		1,370		0.02
MRH Trowe Beteiligungsgesellschaft mbH	(4)(6)(7)(8)	E +	5.00%	7.11%	5/15/2025	5/17/2032	EUR	406	450		474		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Paisley Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.50%	9.40% (incl. 2.00% PIK)	4/17/2024	5/7/2031	GBP	6,450	$	7,989	$	8,408	0.13	%
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.57% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	3,420	3,640		3,888		0.06
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.57% (incl. 2.00% PIK)	4/17/2024	5/7/2031	EUR	3,016	3,114		3,430		0.05
Paisley Bidco, Ltd.	(4)(5)(6)(8)	E +	5.50%	7.57% (incl. 2.00% PIK)	7/31/2025	5/7/2031	EUR	2,925	3,341		3,326		0.05
Patriot Growth Insurance Services, LLC	(4)(5)(10)	SOFR +	5.00%	8.82%	10/14/2021	10/16/2028	$	4,498	4,472		4,498		0.07
Patriot Growth Insurance Services, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	11/17/2023	10/16/2028	4,274		4,245		4,214		0.07
Sail Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	9.22%	11/28/2025	11/5/2032	GBP	8,010	10,493		10,680		0.17
SelectQuote, Inc.	(4)(5)(6)(20)	SOFR +	6.50%	10.32%	10/15/2024	9/30/2027	32,853		32,828		32,853		0.53
SG Acquisition, Inc.	(4)(7)(10)	SOFR +	4.75%	8.71%	4/3/2024	4/3/2030	126,384		125,525		126,384		2.02
Shelf Bidco, Ltd.	(4)(6)(10)(18)	SOFR +	5.18%	9.06%	10/17/2024	10/17/2031	148,382		147,768		148,382		2.38
Simplicity Financial Marketing Group Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.42%	12/31/2024	12/31/2031	9,030		8,941		9,019		0.14
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	S +	6.00%	9.72%	9/25/2024	9/25/2031	GBP	17,779	23,468		23,965		0.38
Sparta UK Bidco, Ltd.	(4)(5)(6)(8)	E +	6.00%	7.85%	9/25/2024	9/25/2031	EUR	470	526		552		0.01
SQ ABS Issuer, LLC	(4)(5)(6)(8)		7.80%	7.80%	10/11/2024	10/20/2039	4,752		4,717		4,752		0.08
Tennessee Bidco, Limited	(4)(6)(8)	SOFR +	5.25%	9.65% (incl. 2.00% PIK)	7/1/2024	7/1/2031	84,934		83,535		84,934		1.36
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	8.85% (incl. 2.00% PIK)	7/1/2024	7/1/2031	19,750		19,656		19,750		0.32
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.25%	9.47% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	45,824	62,000		61,768		0.99
Tennessee Bidco, Limited	(4)(5)(6)(8)	S +	5.25%	9.47% (incl. 2.00% PIK)	7/1/2024	7/1/2031	GBP	3,455	4,346		4,657		0.07
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.30% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	1,916	2,020		2,252		0.04
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.39% (incl. 2.00% PIK)	7/1/2024	7/1/2031	EUR	9,407	10,809		11,056		0.18

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Insurance (continued)
Tennessee Bidco, Limited	(4)(5)(6)(8)	SOFR +	5.25%	8.85%	5/9/2025	7/1/2031	$	6,639	$	6,606	$	6,639	0.11	%
Tennessee Bidco, Limited	(4)(5)(6)(7)(8)	S +	5.25%	9.47%	5/9/2025	7/1/2031	GBP	380	547		512		0.01
Tennessee Bidco, Limited	(4)(5)(6)(8)	E +	5.25%	7.30%	5/9/2025	7/1/2031	EUR	3,563	4,172		4,187		0.07
THG Acquisition, LLC	(4)(5)(10)	SOFR +	4.75%	8.47%	10/31/2024	10/31/2031	11,565		11,469		11,565		0.19
THG Acquisition, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	10/31/2024	10/31/2031	924		899		924		0.01
World Insurance Associates, LLC	(4)(7)(11)	SOFR +	5.00%	8.67%	2/14/2025	4/3/2030	93,891		92,805		93,825		1.50
									1,306,476		1,313,486		21.04
Interactive Media & Services
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	2,651		2,625		2,546		0.04
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	2,182		2,163		2,105		0.03
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	1,277		1,266		1,233		0.02
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.28%	8/28/2024	10/29/2027	544		539		525		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(7)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	785		759		599		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.02%	8/28/2024	10/29/2027	632		627		610		0.01
North Haven Ushc Acquisition, Inc.	(4)(5)(11)	SOFR +	5.25%	9.21%	8/28/2024	10/29/2027	3,892		3,858		3,756		0.06
Speedster Bidco, GmbH	(4)(6)(7)(8)	E +	2.50%	4.56%	10/17/2024	6/10/2031	EUR	102	82		117		0.00
									11,919		11,491		0.18
IT Services
AI Altius Luxembourg S.à r.l.	(4)(5)(8)		9.75%	9.75% PIK	12/13/2021	12/21/2029	1,172		1,162		1,166		0.02
AI Altius US Bidco, Inc.	(4)(7)(10)	SOFR +	4.75%	8.36%	5/21/2024	12/21/2028	7,531		7,473		7,531		0.12
Allium Buyer, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.84%	5/2/2023	5/2/2030	1,564		1,531		1,557		0.02
Cassipoee, SASU	(4)(5)(6)(8)	E +	4.50%	6.52%	2/26/2025	2/26/2032	EUR	160	165		184		0.00
Denali TopCo, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.59%	8/26/2025	8/26/2032	16,921		16,754		16,800		0.27
Fern Bidco, Ltd.	(4)(5)(6)(8)	S +	5.25%	9.09%	7/1/2024	7/1/2031	GBP	20,317	25,284		26,908		0.43
Fern Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.25%	8.97%	7/1/2024	7/1/2031	GBP	2,222	2,688		2,756		0.04
Infostretch Corporation	(4)(5)(10)	SOFR +	5.75%	9.57%	4/1/2022	4/1/2028	4,825		4,789		4,270		0.07
Inovalon Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.67% (incl. 2.75% PIK)	4/11/2025	11/24/2028	184,968		182,969		184,968		2.96
KEN Bidco, Ltd.	(4)(5)(6)(10)	S +	6.00%	10.09% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	9,574	11,825		10,421		0.17

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
IT Services (continued)
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	ST +	6.00%	7.85%	9/28/2022	9/28/2029	SEK	2,090	$	186	$	221	0.00	%
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	E +	6.00%	8.03%	9/28/2022	9/28/2029	EUR	952	918		1,091		0.02
Monterey Financing, S.à r.l.	(4)(5)(6)(8)	CI +	6.00%	7.98%	9/28/2022	9/28/2029	DKK	4,819	625		739		0.01
Monterey Financing, S.à r.l.	(4)(5)(6)(9)	N +	6.00%	10.14%	9/28/2022	9/28/2029	NOK	5,149	466		498		0.01
Nephele III, BV	(4)(5)(6)(7)(8)	E +	5.00%	7.00%	3/31/2025	1/14/2032	EUR	267	287		309		0.00
Razor Holdco, LLC	(4)(10)	SOFR +	5.75%	9.67%	10/25/2021	10/25/2027	$	18,885	18,771		18,885		0.30
Red River Technology, LLC	(4)(11)	SOFR +	6.00%	9.99%	5/26/2021	5/26/2027	78,331		78,012		73,436		1.18
Red River Technology, LLC	(4)(5)(11)	SOFR +	6.00%	9.94%	12/1/2025	11/26/2028	8,776		8,611		8,228		0.13
Redwood Services Group, LLC	(4)(10)	SOFR +	5.25%	8.93%	1/3/2025	6/15/2029	76,375		75,764		76,375		1.22
Redwood Services Group, LLC	(4)(7)(10)	SOFR +	5.25%	8.93%	2/5/2024	6/15/2029	98,566		96,998		98,566		1.58
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00%	9.94% (incl. 2.50% PIK)	10/14/2021	10/14/2028	9,113		8,958		7,359		0.12
Turing Holdco, Inc.	(4)(5)(6)(8)	SOFR +	6.00%	10.10% (incl. 2.50% PIK)	10/14/2021	10/14/2028	4,531		4,483		3,659		0.06
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00%	8.00% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	11,772	13,431		11,171		0.18
Turing Holdco, Inc.	(4)(5)(6)(8)	E +	6.00%	8.00% (incl. 2.50% PIK)	10/14/2021	10/14/2028	EUR	4,468	5,075		4,240		0.07
Turing Holdco, Inc.	(4)(6)(10)	SOFR +	6.00%	10.10% (incl. 2.50% PIK)	5/3/2024	10/14/2028	21,423		21,043		17,299		0.28
Turing Holdco, Inc.	(4)(5)(6)(10)	S +	6.00%	10.09% (incl. 2.50% PIK)	5/3/2024	10/14/2028	GBP	16,094	19,876		17,518		0.28
									608,144		596,155		9.54
Life Sciences Tools & Services
Cambrex Corp.	(4)(7)(10)	SOFR +	4.50%	8.22%	3/5/2025	3/5/2032	22,373		22,137		22,105		0.35
Creek Parent, Inc.	(4)(7)(10)	SOFR +	5.00%	8.73%	12/17/2024	12/18/2031	68,283		67,117		67,597		1.08
Falcon Parent Holdings, Inc.	(4)(7)(10)	SOFR +	5.00%	8.89%	11/6/2024	11/6/2031	28,209		27,946		27,963		0.45
PAS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.42%	8/18/2025	8/18/2032	465		454		454		0.01
									117,654		118,119		1.89

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Machinery
Bidco 76 S.p.A.	(4)(6)(8)	E +	4.75%	6.87%	12/11/2024	12/10/2031	EUR	22,008	$	22,772	$	25,863	0.41	%
Cielo Bidco, Ltd.	(4)(5)(6)(8)	S +	4.75%	8.47%	6/30/2025	3/31/2032	GBP	151	206		204		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	E +	4.75%	6.68%	6/30/2025	3/31/2032	EUR	69	80		81		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(8)	SOFR +	4.75%	8.41%	6/30/2025	3/31/2032	$	76	75		76		0.00
Cielo Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.62%	6/30/2025	3/31/2032	44		42		44		0.00
MHE Intermediate Holdings, LLC	(4)(5)(7)(11)	SOFR +	6.00%	9.99%	7/21/2021	7/21/2027	1,964		1,953		1,927		0.03
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.25%	10.24%	8/30/2022	7/21/2027	76		75		75		0.00
MHE Intermediate Holdings, LLC	(4)(5)(11)	SOFR +	6.50%	10.49%	12/20/2022	7/21/2027	76		76		75		0.00
									25,279		28,345		0.44
Marine
Armada Parent, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	9.12%	10/29/2021	10/29/2030	1,247		1,223		1,247		0.02
Armada Parent, Inc.	(4)(10)	SOFR +	5.25%	9.07%	6/9/2025	10/29/2030	25,216		25,039		25,216		0.40
Kattegat Project Bidco, AB	(4)(5)(6)(8)	SOFR +	5.50%	9.19%	3/20/2024	4/7/2031	2,605		2,556		2,605		0.04
Kattegat Project Bidco, AB	(4)(5)(6)(7)(8)	E +	5.50%	7.52%	3/20/2024	4/7/2031	EUR	29,819	31,694		34,947		0.56
									60,512		64,015		1.02
Media
Bimini Group Purchaser, Inc.	(4)(10)	SOFR +	4.75%	8.57%	4/26/2024	4/26/2031	69,184		68,659		69,184		1.11
Bimini Group Purchaser, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.49%	4/26/2024	4/26/2031	12,993		12,817		12,993		0.21
									81,476		82,177		1.32

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	9.14%	8/30/2024	8/15/2028	$	43,141	$	42,859	$	43,141	0.69	%
KKR Alberta Midstream Finance, Inc.	(4)(6)(10)	SOFR +	5.25%	9.14%	8/30/2024	8/15/2028	23,468		23,281		23,468		0.38
									66,140		66,609		1.07
Paper & Forest Products
Profile Products, LLC	(4)(10)	SOFR +	5.50%	9.49%	11/12/2021	11/12/2027	7,143		7,107		7,072		0.11
Profile Products, LLC	(4)(5)(7)(10)	P +	4.50%	11.25%	11/12/2021	11/12/2027	345		341		336		0.01
									7,448		7,408		0.12
Pharmaceuticals
Eden Acquisitionco, Ltd.	(4)(6)(7)(10)	SOFR +	5.00%	8.60%	11/2/2023	11/18/2030	36,081		35,522		35,898		0.57
Eden Acquisitionco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.12%	9/23/2025	11/18/2030	EUR	4,698	5,014		5,521		0.09
Galileo Pharma Bidco S.p.A	(4)(5)(6)(7)(8)	E +	5.00%	7.10%	10/7/2025	10/7/2032	EUR	4,988	5,699		5,745		0.09
Gusto Sing Bidco Pte, Ltd.	(4)(5)(6)(7)(10)	BB +	4.75%	8.39%	11/15/2024	11/15/2031	AUD	1,000	639		664		0.01
Perseus Bidco US, Inc.	(4)(5)(6)(8)	SOFR +	5.00%	8.82%	8/13/2025	8/13/2032	10,406		10,290		10,276		0.16
Stark International Lux	(4)(5)(6)(8)	SOFR +	5.00%	8.82%	8/13/2025	8/13/2032	1,236		1,222		1,221		0.02
Stark International Lux	(4)(5)(6)(8)	E +	5.00%	7.07%	8/13/2025	8/13/2032	EUR	185	214		215		0.00
									58,600		59,540		0.94
Professional Services
Accordion Partners, LLC	(4)(7)(10)	SOFR +	5.00%	8.70%	12/17/2025	11/15/2031	10,220		10,165		10,165		0.16
ALKU, LLC	(4)(5)(10)	SOFR +	6.25%	9.92%	5/23/2023	5/23/2029	782		771		774		0.01
ALKU, LLC	(4)(10)	SOFR +	5.50%	9.17%	2/21/2024	5/23/2029	26,195		25,857		25,475		0.41
Apex Companies, LLC	(4)(11)	SOFR +	5.00%	8.82%	8/28/2024	1/31/2030	10,841		10,718		10,841		0.17
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.84%	1/31/2023	1/31/2030	1,958		1,793		1,817		0.03
Apex Companies, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.82%	8/28/2024	1/31/2030	7,242		7,155		7,242		0.12
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.75%	8.42%	9/27/2024	9/30/2031	57,154		56,216		57,011		0.91
Artisan Acquisitionco, Ltd.	(4)(6)(8)	SOFR +	4.75%	8.42%	9/27/2024	9/30/2031	7,938		7,808		7,918		0.13
Baker Tilly Advisory Group, LP	(4)(10)	SOFR +	4.75%	8.47%	6/3/2024	6/3/2031	53,135		52,519		53,135		0.85
Baker Tilly Advisory Group, LP	(4)(5)(7)(10)	SOFR +	4.25%	7.97%	6/2/2025	6/3/2031	3,657		3,505		3,644		0.06
CFGI Holdings, LLC	(4)(7)(10)	SOFR +	4.50%	8.22%	11/2/2021	11/2/2027	5,992		5,949		5,971		0.10
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.47%	5/26/2021	11/16/2029	86,330		85,946		86,330		1.38
Chartwell Cumming Holding, Corp.	(4)(5)(7)(11)	SOFR +	4.75%	8.47%	11/18/2022	11/16/2029	9,548		9,340		9,548		0.15
Chartwell Cumming Holding, Corp.	(4)(11)	SOFR +	4.75%	8.47%	2/14/2025	11/16/2029	13,933		13,817		13,933		0.22
Chartwell Cumming Holding, Corp.	(4)(5)(11)	SOFR +	4.75%	8.47%	10/7/2025	11/16/2029	8,115		8,077		8,115		0.13
Chartwell Cumming Holding, Corp.	(4)(5)(11)	SOFR +	4.75%	8.47%	2/14/2025	11/16/2029	16,136		16,004		16,136		0.26

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
Cisive Holdings Corp.	(4)(7)(11)	SOFR +	5.75%	9.42%	12/8/2021	12/8/2030	$	8,315	$	8,233	$	8,126	0.13	%
Clearview Buyer, Inc.	(4)(7)(10)	SOFR +	4.50%	8.27%	8/26/2021	8/31/2029	7,182		7,139		7,182		0.12
CRCI Longhorn Holdings, Inc.	(4)(7)(10)	SOFR +	4.75%	8.47%	8/27/2024	8/27/2031	11,355		11,236		11,339		0.18
Denali Intermediate Holdings, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.23%	8/26/2025	8/26/2032	9,239		9,142		9,137		0.15
East River Bidco, GmbH	(4)(6)(7)(8)	E +	5.25%	7.27%	3/26/2025	3/26/2032	EUR	97	103		112		0.00
G&A Partners Holding Company II, LLC	(4)(10)	SOFR +	5.00%	8.82%	5/6/2025	3/3/2031	33,440		32,967		33,440		0.54
G&A Partners Holding Company II, LLC	(4)(5)(10)	SOFR +	5.00%	8.82%	5/6/2025	3/3/2031	20,561		20,470		20,561		0.33
G&A Partners Holding Company II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.67%	5/6/2025	3/3/2031	4,728		4,640		4,662		0.07
Guidehouse, Inc.	(4)(10)	SOFR +	4.75%	8.47%	10/15/2021	12/16/2030	314,311		312,686		314,311		5.03
IG Investments Holdings, LLC	(4)(7)(10)	SOFR +	5.00%	8.84%	11/1/2024	9/22/2028	45,883		45,494		45,883		0.73
King Bidco S.P.E.C.	(4)(5)(6)(7)(8)	E +	5.25%	7.25%	6/26/2025	6/26/2032	EUR	175	200		201		0.00
Mercury Bidco Globe, Limited	(4)(5)(6)(7)(8)	S +	6.00%	9.97%	1/18/2024	1/31/2031	GBP	54,601	68,369		73,600		1.18
Mercury Bidco Globe, Limited	(4)(5)(6)(9)	SOFR +	6.00%	9.84%	1/30/2024	1/31/2031	4,520		4,254		4,520		0.07
MPG Parent Holdings, LLC	(4)(11)	SOFR +	5.00%	8.99%	1/8/2024	1/8/2030	10,762		10,618		10,762		0.17
MPG Parent Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.00%	8.87%	1/8/2024	1/8/2030	3,289		3,214		3,289		0.05
NDT Global Holding, Inc.	(4)(5)(6)(7)(9)	SOFR +	4.50%	8.22%	6/3/2025	6/4/2032	931		920		929		0.01
Oxford Global Resources, Inc.	(4)(11)	SOFR +	6.00%	9.84%	8/17/2021	8/17/2027	18,580		18,479		18,580		0.30
Oxford Global Resources, Inc.	(4)(7)(11)	SOFR +	6.00%	9.82%	8/17/2021	8/17/2027	2,880		2,851		2,880		0.05
Oxford Global Resources, Inc.	(4)(9)	SOFR +	6.00%	10.21%	6/6/2024	8/17/2027	2,194		2,162		2,194		0.04
Pavion Corp.	(4)(10)	SOFR +	6.00%	9.84%	10/30/2023	10/30/2030	75,024		73,991		75,024		1.20
Pavion Corp.	(4)(10)	SOFR +	5.75%	9.47%	10/30/2023	10/30/2030	15,819		15,649		15,819		0.25
Petrus Buyer, Inc.	(4)(10)	SOFR +	4.75%	8.64%	10/17/2022	10/17/2029	2,442		2,402		2,442		0.04
Petrus Buyer, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.59%	2/26/2025	10/17/2029	642		635		642		0.01
Red Pathway Bidco, AB	(4)(5)(6)(7)(8)	ST +	5.00%	6.97%	10/15/2025	10/15/2032	SEK	55,110	5,693		5,844		0.09
Red Pathway Bidco, AB	(4)(5)(6)(8)	N +	5.00%	9.19%	10/30/2025	10/30/2032	NOK	27,111	2,655		2,649		0.04
Red Pathway Bidco, AB	(4)(5)(6)(8)	CI +	5.00%	6.97%	10/30/2025	10/30/2032	DKK	12,140	1,853		1,882		0.03
Red Pathway Bidco, AB	(4)(5)(6)(8)	E +	5.00%	7.03%	10/30/2025	10/30/2032	EUR	3,658	4,168		4,234		0.07

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Professional Services (continued)
STV Group, Inc.	(4)(7)(10)	SOFR +	4.75%	8.47%	3/20/2024	3/20/2031	$	23,990	$	23,512	$	23,920	0.38	%
Teneo Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.47%	7/31/2025	7/31/2032	116,485		115,236		116,320		1.86
The North Highland Co, LLC	(4)(5)(10)	SOFR +	4.75%	8.47%	12/20/2024	12/20/2031	15,862		15,730		15,585		0.25
The North Highland Co, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.47%	12/20/2024	12/20/2030	590		531		487		0.01
Thevelia US, LLC	(5)(6)(9)	SOFR +	3.00%	6.67%	7/29/2024	6/18/2029	1,270		1,270		1,277		0.02
Titan Investment Company, Inc.	(4)(8)(17)	SOFR +	5.75%	9.87%	3/20/2020	3/20/2027	40,839		40,453		31,242		0.50
Trinity Air Consultants Holdings Corp.	(4)(10)	SOFR +	4.50%	8.44%	6/29/2021	6/29/2029	59,601		59,172		59,601		0.95
Trinity Air Consultants Holdings Corp.	(4)(7)(10)	SOFR +	4.50%	8.50%	6/29/2021	6/29/2029	34,525		34,315		34,525		0.55
Trinity Partners Holdings, LLC	(4)(7)(11)(18)	SOFR +	5.24%	9.06%	12/21/2021	12/31/2030	5,153		5,107		5,153		0.08
West Monroe Partners, LLC	(4)(10)	SOFR +	4.75%	8.48%	11/9/2021	11/8/2028	14,446		14,333		14,301		0.23
West Monroe Partners, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.48%	12/18/2024	11/8/2028	494		490		460		0.01
West Monroe Partners, LLC	(4)(5)(10)	SOFR +	4.75%	8.48%	9/15/2025	11/8/2028	25,870		25,636		25,611		0.41
YA Intermediate Holdings II, LLC	(4)(5)(10)	SOFR +	5.00%	8.85%	10/1/2024	10/1/2031	7,809		7,753		7,770		0.12
YA Intermediate Holdings II, LLC	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	10/1/2024	10/1/2031	902		875		878		0.01
									1,330,276		1,335,429		21.35
Real Estate Management & Development
Castle Management Borrower, LLC	(4)(7)(11)	SOFR +	5.50%	9.17%	11/3/2023	11/5/2029	22,867		22,470		22,725		0.36
Community Management Holdings Midco 2, LLC	(4)(10)	SOFR +	4.75%	8.60%	11/1/2024	11/1/2031	9,577		9,458		9,577		0.15
Community Management Holdings Midco 2, LLC	(4)(5)(7)(10)	SOFR +	4.75%	8.60%	11/1/2024	11/1/2031	2,564		2,496		2,564		0.04
Community Management Holdings Midco 2, LLC	(4)(5)(10)	SOFR +	4.75%	8.44%	7/8/2025	11/1/2031	5,500		5,449		5,500		0.09
Neptune BidCo, SAS	(4)(5)(6)(7)(8)	E +	5.00%	7.07%	4/1/2024	4/1/2031	EUR	8,205	8,733		9,661		0.15
Odevo, AB	(4)(5)(6)(8)	E +	5.25%	7.36%	10/31/2024	12/31/2030	EUR	251	261		295		0.00
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	9.22%	10/31/2024	12/31/2030	GBP	2,215	2,795		2,986		0.05
Odevo, AB	(4)(5)(6)(8)	ST +	5.25%	7.21%	10/31/2024	12/31/2030	SEK	90,957	8,217		9,880		0.16
Odevo, AB	(4)(6)(8)	SOFR +	5.25%	8.96%	10/31/2024	12/31/2030	28,239		28,122		28,239		0.45
Odevo, AB	(4)(5)(6)(7)(8)	E +	5.25%	7.36%	11/28/2024	12/31/2030	EUR	12,352	12,691		14,307		0.23
Odevo, AB	(4)(5)(6)(8)	SOFR +	5.25%	8.96%	6/30/2025	12/31/2030	10,329		9,451		10,329		0.17
Odevo, AB	(4)(5)(6)(8)	S +	5.25%	9.22%	9/12/2025	12/31/2030	GBP	3,729	4,505		5,027		0.08
									114,648		121,090		1.93

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software
Abacus Holdco 2, Oy	(4)(5)(6)(8)	E +	4.50%	6.51%	10/11/2024	10/10/2031	EUR	727	$	790	$	855	0.01	%
Abacus Holdco 2, Oy	(4)(5)(6)(7)(8)	E +	4.50%	6.51%	10/14/2024	8/13/2031	EUR	111	120		130		0.00
Acumatica Holdings, Inc.	(4)(5)(7)(10)	SOFR +	4.75%	8.42%	7/28/2025	7/28/2032	$	11,613	11,486		11,477		0.18
AI Titan Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.22%	8/29/2024	8/29/2031	4,548		4,505		4,543		0.07
Anaplan, Inc.	(4)(7)(10)	SOFR +	4.50%	8.32%	5/20/2025	6/21/2029	24,245		24,097		24,242		0.39
Arnhem BidCo, GmbH	(4)(6)(7)(8)	E +	4.50%	6.52%	9/18/2024	9/30/2031	EUR	51,761	56,765		60,829		0.97
Auctane, Inc.	(4)(10)	SOFR +	5.75%	9.58%	10/5/2021	10/5/2028	278,297		276,103		274,123		4.39
Auctane, Inc.	(4)(5)(10)	SOFR +	5.75%	9.58%	12/14/2021	10/5/2028	3,273		3,247		3,224		0.05
AuditBoard, Inc.	(4)(7)(10)	SOFR +	4.50%	8.24%	7/12/2024	7/12/2031	13,684		13,562		13,684		0.22
AuditBoard, Inc.	(4)(5)(10)	SOFR +	4.50%	8.24%	12/10/2025	7/12/2031	1,766		1,753		1,752		0.03
Azurite Intermediate Holdings, Inc.	(4)(7)(10)	SOFR +	6.00%	9.72%	3/19/2024	3/19/2031	36,936		36,478		36,919		0.59
Banyan Software Holdings, LLC	(4)(11)	SOFR +	5.50%	9.22%	1/2/2025	1/2/2031	9,321		9,243		9,297		0.15
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.22%	1/2/2025	1/2/2031	6,765		6,699		6,745		0.11
Banyan Software Holdings, LLC	(4)(5)(7)(11)	SOFR +	5.25%	8.98%	10/7/2025	1/2/2031	1,366		1,360		1,308		0.02
Bayshore Intermediate #2, LP	(4)(10)	SOFR +	5.50%	9.19% (incl. 3.00% PIK)	9/19/2025	10/2/2028	97,682		97,597		97,682		1.56
Bayshore Intermediate #2, LP	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	11/8/2024	10/1/2027	2,287		2,262		2,287		0.04
Bending Spoons US, Inc.	(6)(11)	SOFR +	5.25%	9.03%	2/19/2025	3/7/2031	17,692		17,489		17,272		0.28
BlueCat Networks USA, Inc.	(4)(10)	SOFR +	5.75%	9.48%	8/8/2022	8/8/2028	1,956		1,940		1,937		0.03
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.75%	9.48%	8/8/2022	8/8/2028	345		343		342		0.01
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.75%	9.48%	8/8/2022	8/8/2028	238		236		235		0.00
BlueCat Networks USA, Inc.	(4)(5)(10)	SOFR +	5.75%	9.48%	10/25/2024	8/8/2028	1,589		1,573		1,573		0.03
Bluefin Holding, LLC	(4)(7)(11)	SOFR +	4.25%	7.98%	9/12/2023	9/12/2029	27,291		26,853		27,291		0.44
Bond Lux HoldCo S.à r.l.	(4)(5)(6)(8)	E +	5.00%	7.10%	9/26/2025	9/27/2032	EUR	9,838	11,350		11,389		0.18
Brave Parent Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.97%	10/17/2025	11/28/2030	67,106		66,604		67,106		1.07
Businessolver.com. Inc.	(4)(10)	SOFR +	4.50%	8.17%	12/3/2025	12/3/2032	5,121		5,080		5,096		0.08

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Caribou Bidco, Ltd.	(4)(6)(8)	S +	5.00%	9.22%	7/2/2024	2/1/2029	GBP	39,280	$	49,984	$	52,948	0.85	%
Confine Visual Bidco	(4)(6)(8)	SOFR +	5.75%	9.43%	2/23/2022	2/23/2029	$	15,868	15,657		12,694		0.20
Confine Visual Bidco	(4)(5)(6)(8)	SOFR +	5.75%	9.43%	3/11/2022	2/23/2029	379		379		303		0.00
Confluence Technologies, Inc.	(4)(5)(9)	SOFR +	5.00%	8.85%	2/14/2025	7/30/2028	2,215		2,164		2,182		0.03
Connatix Buyer, Inc.	(4)(10)	SOFR +	5.50%	9.70%	7/14/2021	7/14/2027	21,137		21,029		20,820		0.33
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.70%	7/14/2021	7/14/2027	2,390		2,362		2,308		0.04
Connatix Buyer, Inc.	(4)(5)(10)	SOFR +	5.50%	9.70%	10/9/2024	7/14/2027	1,132		1,119		1,115		0.02
Connatix Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.70%	10/9/2024	7/14/2027	505		485		490		0.01
Coupa Software, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.25%	9.09%	2/27/2023	2/27/2030	1,809		1,779		1,810		0.03
Crewline Buyer, Inc.	(4)(7)(11)	SOFR +	6.75%	10.59%	11/8/2023	11/8/2030	61,956		60,769		61,956		0.99
Denali Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	5.00%	8.72%	9/5/2025	9/5/2031	GBP	17,654	23,270		23,674		0.38
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.02%	9/5/2025	9/5/2031	EUR	31,222	36,252		36,508		0.58
Denali Bidco, Ltd.	(4)(5)(6)(8)	E +	5.00%	7.02%	9/5/2025	9/5/2031	EUR	1,632	1,760		1,909		0.03
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.82%	4/30/2024	8/2/2030	49,683		49,537		49,683		0.80
Diligent Corp.	(4)(10)	SOFR +	5.00%	8.82%	4/30/2024	8/2/2030	8,517		8,492		8,517		0.14
Discovery Education, Inc.	(4)(10)	SOFR +	6.75%	10.71% (incl. 5.85% PIK)	4/7/2022	4/9/2029	34,503		34,263		28,724		0.46
Discovery Education, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.71%	4/7/2022	4/9/2029	1,973		1,946		1,478		0.02
Discovery Education, Inc.	(4)(5)(10)	SOFR +	6.75%	10.61% (incl. 5.80% PIK)	10/3/2023	4/9/2029	3,882		3,854		3,232		0.05
Doit International, Ltd.	(4)(5)(7)(11)	SOFR +	4.50%	8.32%	11/25/2024	11/26/2029	11,519		11,261		11,432		0.18
Dropbox, Inc.	(4)(6)(7)(10)(18)	SOFR +	4.91%	8.65%	12/10/2024	12/11/2029	78,915		78,035		77,905		1.25
Eagan Parent, Inc.	(4)(5)(7)(9)	SOFR +	4.50%	8.24%	9/6/2025	9/8/2032	361		359		360		0.01
Edison Bidco, AS	(4)(5)(6)(7)(8)	E +	5.25%	7.41%	12/18/2024	12/18/2031	EUR	345	345		406		0.01
Elements Finco, Ltd.	(4)(5)(6)(8)	SOFR +	5.00%	8.72%	4/30/2024	4/29/2031	5,046		5,029		5,046		0.08
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	19,845	24,657		26,750		0.43
Elements Finco, Ltd.	(4)(6)(8)	SOFR +	5.25%	8.97% (incl. 2.25% PIK)	3/27/2024	4/29/2031	6,198		6,144		6,198		0.10
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	3/27/2024	4/29/2031	GBP	8,896	11,052		11,991		0.19
Elements Finco, Ltd.	(4)(5)(6)(8)	S +	5.50%	9.23% (incl. 2.50% PIK)	11/29/2024	4/29/2031	GBP	3,651	4,534		4,922		0.08

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Everbridge Holdings, LLC	(4)(6)(10)	SOFR +	5.00%	8.98%	7/2/2024	7/2/2031	$	22,000	$	21,914	$	22,000	0.35	%
Everbridge Holdings, LLC	(4)(5)(6)(7)(10)	SOFR +	5.00%	8.98%	7/2/2024	7/2/2031	2,156		2,132		2,156		0.03
Experity, Inc.	(4)(5)(10)	SOFR +	5.00%	8.67% (incl. 2.25% PIK)	7/22/2021	2/24/2030	12,227		12,116		12,227		0.20
Experity, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.67% (incl. 2.25% PIK)	2/24/2022	2/24/2030	3,944		3,876		3,922		0.06
Flexera Software, LLC	(4)(5)(9)	E +	4.75%	6.68%	8/15/2025	8/16/2032	EUR	9,726	11,353		11,429		0.18
Flexera Software, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.60%	8/15/2025	8/16/2032	32,226		32,144		32,220		0.52
Gigamon, Inc.	(4)(10)	SOFR +	5.75%	9.78%	3/11/2022	3/9/2029	7,175		7,109		6,995		0.11
Gigamon, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.81%	3/11/2022	3/10/2028	175		173		164		0.00
Granicus, Inc.	(4)(10)	SOFR +	5.50%	9.09% (incl. 2.00% PIK)	1/17/2024	1/17/2031	17,733		17,612		17,733		0.28
Granicus, Inc.	(4)(7)(10)	SOFR +	5.50%	9.09% (incl. 2.00% PIK)	1/17/2024	1/17/2031	5,197		5,157		5,197		0.08
GS Acquisitionco, Inc.	(4)(5)(7)(10)	SOFR +	5.25%	8.92%	3/26/2024	5/25/2028	1,718		1,702		1,668		0.03
GS Acquisitionco, Inc.	(4)(5)(11)	SOFR +	5.25%	8.92%	3/26/2024	5/25/2028	5,275		5,263		5,223		0.08
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.28% (incl. 2.93% PIK)	6/14/2024	6/16/2031	15,172		15,058		15,096		0.24
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.28% (incl. 2.93% PIK)	9/26/2024	6/16/2031	6,913		6,858		6,878		0.11
Homecare Software Solutions, LLC	(4)(10)	SOFR +	5.55%	9.28% (incl. 2.93% PIK)	6/14/2024	6/16/2031	5,635		5,593		5,607		0.09
Icefall Parent, Inc.	(4)(7)(11)	SOFR +	4.50%	8.17%	1/26/2024	1/25/2030	39,632		39,142		39,632		0.63
INK BC Bidco S.p.A.	(4)(6)(7)(8)	E +	5.00%	7.08%	7/17/2025	7/16/2032	EUR	21,636	24,568		25,003		0.40
IQN Holding Corp.	(4)(10)	SOFR +	5.75%	9.42% (incl. 3.13% PIK)	5/2/2022	5/2/2029	4,933		4,911		4,933		0.08
IQN Holding Corp.	(4)(5)(7)(10)	SOFR +	5.25%	8.94%	5/2/2022	5/2/2028	384		382		384		0.01
IQN Holding Corp.	(4)(5)(10)	SOFR +	5.75%	9.42% (incl. 3.13% PIK)	5/16/2025	5/2/2029	610		610		610		0.01
IRI Group Holdings, Inc.	(4)(7)(10)	SOFR +	4.25%	7.97%	4/9/2025	12/1/2029	197,537		195,529		197,537		3.16
Jeppesen Holdings, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.59%	10/31/2025	11/1/2032	64,409		63,914		63,901		1.02
JS Parent, Inc.	(4)(7)(10)	SOFR +	4.75%	8.59%	4/24/2024	4/24/2031	35,220		35,074		35,203		0.56
LD Lower Holdings, Inc.	(4)(11)	SOFR +	7.50%	11.27%	2/8/2021	8/9/2027	83,362		83,308		74,609		1.19
LogicMonitor, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.34%	11/15/2024	11/19/2031	21,381		21,108		21,232		0.34

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
Magnesium BorrowerCo, Inc.	(4)(10)	SOFR +	4.50%	8.22%	5/19/2022	5/18/2029	$	5,571	$	5,510	$	5,571	0.09	%
Magnesium BorrowerCo, Inc.	(4)(5)(10)	SOFR +	4.50%	8.22%	3/21/2024	5/18/2029	139		137		139		0.00
Magnesium BorrowerCo, Inc.	(4)(5)(10)	S +	4.50%	8.22%	5/19/2022	5/18/2029	GBP	3,339	4,121		4,501		0.07
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	3.75%	7.57%	7/30/2021	7/31/2028	8,352		8,306		7,308		0.12
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.25%	10.07%	6/9/2023	7/31/2028	6,825		6,695		6,416		0.10
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(7)(8)	SOFR +	3.75%	7.44%	2/14/2025	4/30/2028	393		390		351		0.01
Medallia, Inc.	(4)(10)	SOFR +	6.00%	9.70%	10/28/2021	10/29/2028	393,698		391,116		306,100		4.90
Medallia, Inc.	(4)(5)(10)	SOFR +	6.00%	9.70%	8/16/2022	10/29/2028	2,310		2,292		1,796		0.03
ML Holdco, LLC	(4)(5)(7)(9)	SOFR +	4.50%	8.37%	10/24/2025	10/25/2032	1,153		1,147		1,147		0.02
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.42%	9/22/2020	2/10/2028	6,655		6,658		6,655		0.11
MRI Software, LLC	(4)(11)	SOFR +	4.75%	8.42%	2/10/2020	2/10/2028	89,728		89,480		89,728		1.44
MRI Software, LLC	(4)(5)(7)(11)	SOFR +	4.75%	8.44%	2/10/2020	2/10/2028	1,609		1,580		1,387		0.02
MRI Software, LLC	(4)(5)(7)(9)	SOFR +	4.75%	8.42%	10/2/2025	2/10/2028	614		601		614		0.01
NAVEX TopCo, Inc.	(4)(7)(10)	SOFR +	5.00%	8.91%	10/14/2025	10/14/2032	82,597		81,413		82,387		1.32
Nintex Topco, Limited	(4)(6)(8)	SOFR +	6.00%	9.83% (incl. 1.50% PIK)	11/12/2021	11/13/2028	34,201		33,930		30,439		0.49
Noble Midco 3, Ltd.	(4)(5)(6)(7)(10)	SOFR +	4.75%	8.42%	6/10/2024	6/24/2031	16,985		16,820		16,966		0.27
Optimizely North America, Inc.	(4)(5)(10)	S +	5.50%	9.22%	10/30/2024	10/30/2031	GBP	858	1,104		1,122		0.02
Optimizely North America, Inc.	(4)(5)(10)	E +	5.25%	7.15%	10/30/2024	10/30/2031	EUR	2,861	3,081		3,261		0.05
Optimizely North America, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.92%	10/30/2024	10/30/2031	8,153		8,075		7,896		0.13
PDI TA Holdings, Inc.	(4)(10)	SOFR +	5.50%	9.34%	2/1/2024	2/3/2031	47,301		46,833		47,301		0.76
PDI TA Holdings, Inc.	(4)(5)(7)(10)	SOFR +	5.50%	9.34%	2/1/2024	2/3/2031	2,787		2,745		2,787		0.04
QBS Parent, Inc.	(4)(5)(7)(10)	SOFR +	4.50%	8.17%	6/3/2025	6/3/2032	13,619		13,552		13,619		0.22
Rally Buyer, Inc.	(4)(5)(10)	SOFR +	6.25%	9.97% (incl. 3.50% PIK)	7/19/2022	7/19/2029	900		892		815		0.01
Rally Buyer, Inc.	(4)(5)(7)(10)	SOFR +	5.75%	9.42%	7/19/2022	7/19/2029	64		63		54		0.00
Relativity ODA, LLC	(4)(7)(11)	SOFR +	4.50%	8.22%	5/12/2021	5/12/2029	19,337		19,136		19,257		0.31
Scorpio BidCo SAS	(4)(5)(6)(7)(8)	E +	5.75%	7.77%	4/3/2024	4/30/2031	EUR	22,826	24,327		26,773		0.43
Seven Bidco, SASU	(4)(5)(6)(7)(8)	E +	4.50%	6.57%	8/29/2025	8/27/2032	EUR	3,412	3,966		3,986		0.06

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Software (continued)
SI Swan UK Bidco, Ltd.	(4)(5)(6)(7)(8)	SOFR +	4.75%	8.46%	12/16/2025	12/16/2032	$	47,520	$	47,264	$	47,262	0.76	%
Solis Midco, SAS	(4)(5)(6)(7)(8)	E +	4.75%	6.85%	10/8/2025	10/8/2032	EUR	313	357		361		0.01
Spaceship Purchaser, Inc.	(4)(5)(7)(10)(18)	SOFR +	4.67%	8.34%	9/5/2025	10/17/2031	5,259		5,115		5,085		0.08
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.32%	3/9/2021	3/11/2027	56,244		56,078		55,682		0.89
Spitfire Parent, Inc.	(4)(11)	SOFR +	5.50%	9.32%	11/19/2021	3/11/2027	20,768		20,674		20,560		0.33
Spitfire Parent, Inc.	(4)(5)(11)	E +	5.50%	7.40%	3/8/2021	3/11/2027	EUR	10,028	12,056		11,666		0.19
Tango Bidco, SAS	(4)(5)(6)(8)	E +	5.25%	7.28%	10/17/2024	10/17/2031	EUR	11,872	12,706		13,882		0.22
Tango Bidco, SAS	(4)(5)(6)(7)(8)	E +	5.25%	7.28%	10/17/2024	10/17/2031	EUR	3,252	3,470		3,787		0.06
Themis Solutions, Inc.	(4)(5)(6)(7)(10)	SOFR +	5.50%	9.22% (incl. 3.75% PIK)	10/29/2025	10/29/2032	24,235		23,816		23,735		0.38
Tricentis Operations Holdings, Inc.	(4)(5)(7)(11)	SOFR +	6.25%	10.09% (incl. 4.88% PIK)	2/11/2025	2/11/2032	23,838		23,592		23,787		0.38
Triple Lift, Inc.	(4)(10)	SOFR +	5.75%	9.59%	3/18/2022	5/5/2028	13,600		13,496		12,444		0.20
Triple Lift, Inc.	(4)(7)(10)	SOFR +	5.75%	9.59%	5/6/2021	5/5/2028	46,795		46,430		42,163		0.68
Varicent Parent Holdings Corp.	(4)(5)(7)(10)	SOFR +	6.25%	9.92% (incl. 3.38% PIK)	8/23/2024	8/23/2031	13,209		13,039		13,035		0.21
Varicent Parent Holdings Corp.	(4)(5)(7)(10)	SOFR +	6.25%	9.92% (incl. 3.38% PIK)	10/15/2025	8/23/2031	4,569		4,517		4,513		0.07
WPEngine, Inc.	(4)(7)(10)	SOFR +	5.75%	9.45%	8/14/2023	8/14/2029	66,667		65,341		66,467		1.06
Zendesk, Inc.	(4)(5)(7)(10)	SOFR +	5.00%	8.69%	7/23/2024	11/22/2028	1,839		1,820		1,839		0.03
Zorro Bidco, Ltd.	(4)(5)(6)(7)(8)	S +	4.65%	8.62%	8/13/2024	8/13/2031	GBP	28,916	36,197		38,544		0.62
Zorro Bidco, Ltd.	(4)(5)(6)(8)	S +	4.65%	8.62%	1/30/2025	8/13/2031	GBP	3,165	3,903		4,223		0.07
Zorro Bidco, Ltd.	(4)(5)(6)(8)	ST +	4.65%	6.66%	2/6/2025	8/13/2031	SEK	43,390	3,951		4,666		0.07
									2,918,450		2,830,335		45.29
Specialty Retail
CustomInk, LLC	(4)(11)(18)	SOFR +	5.98%	9.83%	5/3/2019	5/3/2028	175,836		175,688		175,837		2.82
Technology Hardware, Storage & Peripherals
Lytx, Inc.	(4)(11)	SOFR +	5.00%	8.83%	6/13/2024	2/28/2028	84,454		84,084		84,454		1.35
Trading Companies & Distributors
Paramount Global Surfaces, Inc.	(4)(11)	SOFR +	6.00%	9.82% (incl. 4.98% PIK)	4/30/2021	12/31/2028	55,562		55,217		41,393		0.66
Red Fox CD Acquisition Corp.	(4)(11)	SOFR +	6.00%	9.67%	3/4/2024	3/4/2030	73,267		72,096		73,267		1.17
Red Fox CD Acquisition Corp.	(4)(5)(7)(11)	SOFR +	6.00%	9.67%	5/31/2024	3/4/2030	11,583		11,098		11,583		0.19
									138,411		126,243		2.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/non-affiliated (continued)
Transportation Infrastructure
Capstone Acquisition Holdings, Inc.	(4)(11)	SOFR +	4.50%	8.32%	8/29/2024	11/13/2029	$	5,404	$	5,390	$	5,404	0.09	%
Frontline Road Safety, LLC	(4)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	3/4/2025	3/4/2032	15,275		15,143		15,199		0.24
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	3/4/2025	3/4/2032	4,481		4,430		4,446		0.07
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	5/15/2025	3/4/2032	4,747		4,694		4,723		0.08
Frontline Road Safety, LLC	(4)(5)(7)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	10/15/2025	3/4/2032	2,102		2,065		2,075		0.03
Frontline Road Safety, LLC	(4)(5)(8)	SOFR +	4.75%	8.47% (incl. 2.00% PIK)	12/31/2025	3/4/2032	2,812		2,784		2,798		0.04
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.67%	8/4/2021	8/4/2030	34,369		33,991		34,026		0.54
Helix TS, LLC	(4)(10)	SOFR +	5.00%	8.67%	8/4/2021	8/4/2030	20,649		20,454		20,442		0.33
Helix TS, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	12/22/2023	8/4/2030	3,737		3,685		3,700		0.06
Helix TS, LLC	(4)(5)(10)	SOFR +	5.00%	8.67%	12/14/2022	8/4/2030	973		962		963		0.02
Italian Motorway Holdings S.à r.l	(4)(5)(6)(8)	E +	5.25%	7.38%	4/28/2022	4/28/2029	EUR	78,810	81,937		92,617		1.48
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.63%	4/19/2021	10/19/2027	32,734		32,533		31,588		0.51
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	4/19/2021	10/19/2027	20,171		20,064		19,465		0.31
Roadsafe Holdings, Inc.	(4)(11)	SOFR +	5.75%	9.65%	1/31/2022	10/19/2027	4,113		4,087		3,969		0.06
Roadsafe Holdings, Inc.	(4)(5)(11)	P +	4.75%	11.50%	9/11/2024	10/19/2027	1,222		1,209		1,179		0.02
Safety Borrower Holdings, LP	(4)(11)	SOFR +	4.75%	8.47%	12/19/2025	12/19/2032	7,606		7,582		7,606		0.12
Safety Borrower Holdings, LP	(4)(5)(7)(11)	P +	3.75%	10.50%	9/1/2021	12/19/2032	37		32		30		0.00
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.42%	9/24/2021	9/24/2027	36,385		36,178		36,385		0.58
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.46%	9/19/2023	9/24/2027	15,640		15,505		15,640		0.25
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.54%	9/24/2021	9/24/2027	11,292		11,292		11,292		0.18
Sam Holding Co, Inc.	(4)(11)	SOFR +	5.50%	9.54%	9/19/2023	9/24/2027	9,849		9,764		9,849		0.16
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.46%	9/5/2024	9/24/2027	11,909		11,813		11,909		0.19
Sam Holding Co, Inc.	(4)(5)(7)(11)	SOFR +	5.50%	9.29%	11/5/2025	9/24/2027	2,200		2,135		2,200		0.04
TRP Infrastructure Services, LLC	(4)(11)	SOFR +	5.50%	9.49%	7/9/2021	7/9/2027	38,089		37,896		37,994		0.61
TRP Infrastructure Services, LLC	(4)(5)(7)(11)	SOFR +	5.50%	9.44%	12/2/2024	7/9/2027	33,481		33,161		33,330		0.53
									398,786		408,829		6.54
Wireless Telecommunication Services
CCI Buyer, Inc.	(4)(7)(10)	SOFR +	5.00%	8.67%	5/13/2025	5/13/2032	22,024		21,812		21,901		0.35
Total First Lien Debt - non-controlled/non-affiliated									14,027,956		13,833,503		221.42

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

First Lien Debt - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC	(4)(5)(11)(16)	SOFR +	6.75%	10.42% PIK	7/3/2025	7/3/2030	$	8,762	$	8,762	$	8,762	0.14	%
Align Precision Group, LLC	(4)(5)(7)(11)(16)	SOFR +	6.75%	10.42% PIK	7/3/2025	7/3/2030	1,370		1,364		1,370		0.02
									10,126		10,132		0.16
Professional Services
Material Holdings, LLC	(4)(5)(10)(16)	SOFR +	6.00%	9.77% (incl. 2.25% PIK)	6/14/2024	8/19/2027	22,116		22,012		22,074		0.35
Material Holdings, LLC	(4)(5)(10)(16)(17)	SOFR +	6.00%	9.77% PIK	6/14/2024	8/19/2027	5,917		5,263		0		0.00
Material Holdings, LLC	(4)(5)(7)(10)(16)	SOFR +	6.00%	9.77% PIK	6/25/2025	8/19/2027	767		765		725		0.01
									28,040		22,799		0.36
Total First Lien Debt - non-controlled/affiliated									38,166		32,931		0.52
Total First Lien Debt									14,066,122		13,866,434		221.94

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)		Cost (3)		Fair Value		% of Net Assets

Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.	(4)(5)(6)(8)		8.75%	8.75%	4/15/2021	4/15/2029	CAD	10,533	$	8,335	$	7,272	0.12	%
Jayhawk Buyer, LLC	(4)(11)	SOFR +	8.75%	12.69%	5/26/2021	7/16/2028	$	5,183	5,154		4,885		0.08
									13,489		12,157		0.20
Health Care Technology
Project Ruby Ultimate Parent Corp.	(4)(5)(10)	SOFR +	5.25%	9.08%	10/15/2024	3/10/2029	1,000		996		998		0.02
Insurance
SQ ABS Issuer, LLC	(4)(5)(6)(8)		9.65%	9.65%	10/11/2024	10/20/2039	3,168		3,127		3,152		0.05
Interactive Media & Services
Speedster Bidco, GmbH	(4)(6)(8)	CA +	5.50%	7.76%	12/10/2024	2/13/2032	CAD	50,654	35,565		36,536		0.59
IT Services
Inovalon Holdings, Inc.	(4)(10)	SOFR +	8.50%	12.60% PIK	4/11/2025	11/24/2033	16,170		15,989		15,685		0.25
Machinery
Victory Buyer, LLC	(4)(9)	SOFR +	7.00%	10.83%	11/19/2021	11/19/2029	9,619		9,572		9,619		0.15
Professional Services
Thevelia US, LLC	(4)(5)(6)(9)	SOFR +	5.00%	8.67%	6/17/2022	6/17/2032	4,920		4,838		4,920		0.08
Real Estate Management & Development
Progress Residential PM Holdings, LLC	(4)(8)	SOFR +	4.75%	8.66%	9/11/2025	9/11/2028	73,660		72,999		72,923		1.17
Software
CB Nike Holdco, LLC	(4)(11)	SOFR +	7.35%	11.17% PIK	11/25/2024	11/26/2029	40,044		39,430		39,643		0.63
Denali Holdco, Ltd.	(4)(5)(6)(8)		9.80%	9.80% PIK	9/5/2025	9/5/2032	EUR	13,914	16,154		16,188		0.26
Denali Holdco, Ltd.	(4)(5)(6)(8)		11.20%	11.20% PIK	9/5/2025	9/5/2032	GBP	8,046	10,764		10,737		0.17
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.33% PIK	7/17/2025	7/16/2033	EUR	2,806	3,192		3,248		0.05
INK BC Bidco S.p.A.	(4)(6)(8)	E +	8.25%	10.33% PIK	11/12/2025	7/17/2033	EUR	2,207	2,508		2,555		0.04
Mandolin Technology Intermediate Holdings, Inc.	(4)(5)(9)	SOFR +	6.50%	10.50% (incl. 6.50% PIK)	7/30/2021	7/30/2029	3,728		3,706		3,169		0.05
Solis Midco, SAS	(4)(5)(6)(8)	E +	7.75%	9.85% PIK	10/8/2025	10/8/2033	EUR	104	119		120		0.00
									75,873		75,660		1.20
Total Second Lien Debt - non-controlled/non-affiliated									232,448		231,650		3.71
Total Second Lien Debt									232,448		231,650		3.71
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC	(4)(5)(8)		13.75%	13.75% PIK	11/8/2023	11/7/2031	13,273		13,049		12,278		0.20
Total Unsecured Debt - non-controlled/non-affiliated									13,049		12,278		0.20
Total Unsecured Debt									13,049		12,278		0.20

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. - Common Equity	(4)			3/28/2022		4,767	$	4,767	$	7,198	0.12	%
Air Freight & Logistics
AGI Group Holdings, LP - Class A-2 Common Units	(4)			6/11/2021		902	902		1,511		0.02
Mode Holdings, LP - Class A-2 Common Units	(4)			12/9/2019		5,486,923	5,487		1,646		0.03
Red Griffin ParentCo, LLC - Class A Common Units	(4)			11/27/2024		935	3,968		1,071		0.02
							10,357		4,228		0.07
Biotechnology
Axsome Therapeutics, Inc. - Common Stock	(6)			5/6/2025		2,397	257		438		0.01
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Note	(4)			12/2/2024		8,738	9		9		0.00
Genstar Neptune Blocker, LLC - Blocker Units	(4)			12/2/2024		218	343		403		0.01
Genstar Neptune Blocker, LLC - Class Z Units	(4)			12/2/2024		57	81		96		0.00
GTCR Investors, LP - Class A-1 Common Units	(4)			9/29/2023		417,006	417		619		0.01
GTCR/Jupiter Blocker, LLC - Blocker Note	(4)			12/2/2024		6,291	6		6		0.00
GTCR/Jupiter Blocker, LLC - Class Z Units	(4)			12/2/2024		41	58		69		0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units	(4)			11/8/2024		1	0		0		0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units	(4)			11/8/2024		278	218		227		0.00
Jupiter Ultimate Holdings, LLC - Class C Common Units	(4)			11/8/2024		278,074	221		289		0.00
RC VI Buckeye Holdings, LLC - LLC Units	(4)			1/2/2025		161,291	161		187		0.00
							1,514		1,905		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units	(4)			12/10/2021		1	$	702	$	0	0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units	(4)			7/12/2023		1	83		0		0.00
EIS Acquisition Holdings, LP - Class A Common Units	(4)			11/1/2021		6,761	3,350		7,796		0.12
							4,135		7,796		0.12
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	(4)		11.50%	8/3/2021		12,511,857	12,315		15,641		0.26
DTA, LP - Class A Common Units	(4)			3/25/2024		2,516,215	2,729		4,064		0.07
							15,044		19,705		0.33
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	(4)			10/1/2021		6,930	5,877		7,553		0.13
Point Broadband Holdings, LLC - Class B Common Units	(4)			10/1/2021		369,255	1,053		1,196		0.02
Point Broadband Holdings, LLC - Class Additional A Common Units	(4)			3/24/2022		1,489	1,263		1,623		0.03
Point Broadband Holdings, LLC - Class Additional B Common Units	(4)			3/24/2022		79,358	226		257		0.00
							8,419		10,629		0.18
Electrical Equipment
Griffon Aggregator, Ltd. - LP Interest	(4)			7/31/2025		610,738	611		660		0.01
Electronic Equipment, Instruments & Components
NSI Parent, LP - Class A Common Units	(4)			12/23/2024		578,564	466		526		0.01
Spectrum Safety Solutions Purchaser, LLC - Common Equity	(4)(6)			7/1/2024		5,286,915	5,287		6,186		0.10
							5,753		6,712		0.11
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	(4)			8/31/2023		212,137	212		389		0.01

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	(4)			9/10/2021		539	$	539	$	243	0.00	%
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	(4)		11.50%	2/25/2022		625,944	607		382		0.01
Jayhawk Holdings, LP - Class A-1 Common Units	(4)			5/26/2021		2,201	392		53		0.00
Jayhawk Holdings, LP - Class A-2 Common Units	(4)			5/26/2021		1,185	211		29		0.00
WHCG Purchaser, Inc. - Class A Common Units	(4)			8/2/2024		4,755,436	0		0		0.00
							1,210		464		0.01
Health Care Technology
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	(4)(6)			10/28/2022		11,710	12		1		0.00
Caerus Midco 2 S.à r.l. - Vehicle Units	(4)(6)			5/25/2022		58,458	58		54		0.00
Healthcomp Holding Company, LLC - Preferred Interest	(4)		6.00%	11/8/2023		9,850	985		266		0.00
							1,055		321		0.00
Insurance
Beacon HC, Ltd. - Class A Shares	(4)(6)			12/4/2025		20,429	1,290		1,290		0.02
Beacon HC, Ltd. - Class C Shares	(4)(6)			12/4/2025		1,135	72		72		0.00
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	(4)			9/28/2023		14,907,400	0		0		0.00
SelectQuote, Inc. - Warrants	(4)(6)			10/11/2024		601,075	0		72		0.00
Shelf Holdco, Ltd. - Common Equity	(4)(6)			12/30/2022		50,000	50		190		0.00
							1,412		1,624		0.02
IT Services
NC Ocala Co-Invest Beta, LP - LP Interest	(4)			11/12/2021		2,854,133	2,854		3,168		0.06
Life Sciences Tools & Services
Falcon Top Parent, LLC - Class A Common Units	(4)			11/6/2024		772,599	773		773		0.02

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)		Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Professional Services
OHCP V TC COI, LP - LP Interest	(4)				6/29/2021		3,500,000	$	3,500	$	8,647	0.15	%
Tricor Horizon - LP Interest	(4)(6)				6/13/2022		402,339	402		394		0.01
Trinity Air Consultants Holdings Corp. - Common Units	(4)				6/12/2024		2,583	3		6		0.00
								3,905		9,047		0.16
Real Estate Management & Development
Community Management Holdings Parent, LP - Series A Preferred Units	(4)			8.00%	11/1/2024		310,331	310		341		0.01
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	(4)				8/28/2024		44	44		49		0.00
Connatix Parent, LLC - Class L Common Units	(4)				7/14/2021		42,045	462		194		0.00
Descartes Holdings, Inc. - Class A Common Stock	(4)				10/9/2023		4,913	213		0		0.00
Expedition Holdco, LLC - Class A Common Units	(4)				2/24/2022		90	57		53		0.00
Expedition Holdco, LLC - Class B Common Units	(4)				2/24/2022		90,000	33		19		0.00
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	(4)			10.50%	7/30/2021		3,550,000	3,444		4,122		0.08
Mimecast Limited - LP Interest	(4)				5/3/2022		667,850	668		735		0.01
Noble Aggregator GP, LLC - GP Units	(4)				10/14/2025		318	0		0		0.00
Noble Aggregator, LP - Common Equity Class A Units	(4)				10/14/2025		318	318		329		0.01
TPG IX Newark CI, LP - LP Interest	(4)				10/26/2023		1,965,727	1,966		1,966		0.03
Zoro - Common Equity	(4)				11/22/2022		2,073	21		26		0.00
Zoro - Series A Preferred Shares	(4)	SOFR +	9.50%	13.17%	11/22/2022		122	118		182		0.00
								7,344		7,675		0.13

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



Investments (1)(19)	Footnotes	Reference Rate and Spread (2)	Interest Rate (2)(15)	Acquisition Date	Maturity Date	Par Amount/Units (1)	Cost (3)		Fair Value		% of Net Assets

Equity - non-controlled/non-affiliated (continued)
Specialty Retail
CustomInk, LLC - Series A Preferred Units	(4)			5/3/2019		384,520	$	5,200	$	6,252	0.11	%
Transportation Infrastructure
Ncp Helix Holdings, LLC - Preferred Shares	(4)		8.00%	8/3/2021		376,232	292		500		0.01
Total Equity - non-controlled/non-affiliated							75,963		90,068		1.51
Equity - non-controlled/affiliated
Aerospace & Defense
Align Precision Group, LLC - Class A-3 Units	(4)(16)			7/3/2025		4,296	384		1,549		0.03
Insurance
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD)	(4)(6)(16)			1/5/2021			1		5,315		0.10
Professional Services
Material+ Holding Company, LLC - Class C Units	(4)(16)			6/14/2024		5,898	0		0		0.00
Total Equity - non-controlled/affiliated							385		6,864		0.13
Total Equity							76,348		96,932		1.64
Total Investments - non-controlled/non-affiliated							14,349,416		14,167,499		226.84
Total Investments - non-controlled/affiliated							38,551		39,795		0.65
Total Investment Portfolio							14,387,967		14,207,294		227.49
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund - Investor Class			3.66%				6,807		6,807		0.11
State Street Institutional U.S. Government Money Market Fund - Premier Class			3.74%				17,168		17,168		0.27
BlackRock ICS US Treasury Fund			3.70%				3,167		3,167		0.05
Other Cash and Cash Equivalents							262,463		262,463		4.20
Total Cash and Cash Equivalents							289,605		289,605		4.63
Total Portfolio Investments, Cash and Cash Equivalents							$	14,677,572	$	14,496,899	232.12	%

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

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

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

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

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

9/16/2027

23,908

—

Abacus Holdco 2, Oy

Delayed Draw Term Loan

10/14/2027

177

—

Accordion Partners, LLC

Revolver

11/15/2031

1,789

(9)

Accordion Partners, LLC

Delayed Draw Term Loan

12/17/2027

8,432

(21)

Accuity Delivery Systems, LLC

Revolver

5/29/2031

5,327

(27)

Accuity Delivery Systems, LLC

Delayed Draw Term Loan

5/29/2026

15,982

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

116

—

Acumatica Holdings, Inc.

Revolver

7/28/2032

1,935

(19)

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

1,115

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

5/21/2026

500

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

675

—

AI Titan Parent, Inc.

Revolver

8/29/2031

544

(5)

Align Precision Group, LLC

Delayed Draw Term Loan

4/3/2030

560

—

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

American Restoration Holdings, LLC

Revolver

7/24/2030

601

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

5,210

—

Amerilife Holdings, LLC

Revolver

8/31/2028

13,350

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

31,555

(79)

Amerivet Partners Management, Inc.

Revolver

2/25/2028

589

—

Anaplan, Inc.

Revolver

6/21/2028

161

(3)

Animal Wellness Investments SpA

Term Loan

1/15/2033

14,878

—

Animal Wellness Investments SpA

Delayed Draw Term Loan

1/15/2029

2,400

—

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

1,030

—

Apex Companies, LLC

Delayed Draw Term Loan

10/24/2027

28,233

(141)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Armada Parent, Inc.

Revolver

10/29/2030

3,000

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

9,126

—

Aryeh Bidco Investment Ltd

Term Loan

1/14/2033

5,634

—

Aryeh Bidco Investment Ltd

Delayed Draw Term Loan

1/14/2028

1,049

—

Aryeh Bidco Investment Ltd

Revolver

1/14/2033

749

—

Ascend Buyer, LLC

Revolver

9/30/2028

2,572

—

AuditBoard, Inc.

Revolver

7/12/2031

1,766

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2026

8,805

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2027

8,805

—

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

4,104

(17)

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2027

1,260

(13)

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

10,339

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

142

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

1,006

(3)

Banyan Software Holdings, LLC

Delayed Draw Term Loan

10/8/2027

10,169

—

Bayshore Intermediate #2, LP

Revolver

10/1/2027

6,936

—

Bazaarvoice, Inc.

Revolver

5/7/2029

37,992

—

Beacon Dc, Ltd.

Delayed Draw Term Loan

12/4/2027

27,239

—

Beacon Dc, Ltd.

Revolver

12/4/2032

18,530

—

Bimini Group Purchaser, Inc.

Revolver

4/26/2031

7,337

—

Biotouch Global Solutions, Inc.

Delayed Draw Term Loan

8/27/2027

5,409

(41)

Biotouch Global Solutions, Inc.

Revolver

8/27/2032

1,623

(24)

Bluefin Holding, LLC

Revolver

9/12/2029

2,244

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

3,641

—

Brilliance Technologies, Inc.

Revolver

3/11/2032

900

—

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

1,200

(1)

Caerus US 1, Inc.

Revolver

5/25/2029

273

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

43,592

—

Cambrex Corp.

Revolver

3/5/2032

2,741

—

Cambrex Corp.

Delayed Draw Term Loan

3/5/2027

3,323

(17)

Cambrex Corp.

Delayed Draw Term Loan

3/24/2026

7,735

—

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

1,500

—

Carr Riggs & Ingram Capital, LLC

Revolver

11/18/2031

1,726

(9)

Carr Riggs & Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

2,757

—

Castle Management Borrower, LLC

Revolver

11/3/2029

2,917

—

Castle Management Borrower, LLC

Delayed Draw Term Loan

12/9/2027

14,164

—

CCI Buyer, Inc.

Revolver

5/13/2032

1,289

(13)

CFGI Holdings, LLC

Revolver

11/2/2027

1,050

(21)

CFS Brands, LLC

Revolver

10/2/2029

8,483

—

Channelside AcquisitionCo, Inc.

Revolver

3/31/2028

2,913

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/9/2027

6,235

(16)

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

1,152

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

1,152

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2029

20,763

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

100

—

Cisive Holdings Corp.

Revolver

12/7/2029

1,111

(22)

Clearview Buyer, Inc.

Revolver

2/26/2029

1,142

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Commander Buyer, Inc.

Delayed Draw Term Loan

6/26/2027

8,671

(43)

Commander Buyer, Inc.

Revolver

6/26/2032

5,781

(58)

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

965

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

7/8/2027

4,531

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

3,471

(152)

Connatix Buyer, Inc.

Revolver

7/14/2027

3,042

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

510

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

2,361

—

Consor Intermediate II, LLC

Revolver

5/10/2031

854

—

Continental Buyer, Inc.

Revolver

4/2/2031

2,715

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,350

(22)

Continental Buyer, Inc.

Revolver

4/2/2031

2,081

(10)

Continental Buyer, Inc.

Delayed Draw Term Loan

4/21/2028

4,163

(10)

Coupa Software, Inc.

Delayed Draw Term Loan

6/3/2027

164

—

Coupa Software, Inc.

Revolver

2/27/2029

126

(1)

CRCI Longhorn Holdings, Inc.

Revolver

8/27/2031

1,912

(16)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

8/27/2026

2,867

—

Creek Parent, Inc.

Revolver

12/18/2031

9,893

(173)

Crewline Buyer, Inc.

Revolver

11/8/2030

6,438

—

Crumbl Enterprises, LLC

Revolver

4/30/2032

120

(1)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

1,914

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

5,904

(59)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

1,735

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

7/10/2027

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

1,737

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

1,165

—

DCG Acquisition Corp.

Revolver

6/13/2031

5,937

(59)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

1,724

—

Denali Bidco, Ltd.

Delayed Draw Term Loan

9/5/2027

300

(3)

Denali Intermediate Holdings, Inc.

Revolver

8/26/2032

924

(9)

Denali TopCo, LLC

Delayed Draw Term Loan

8/26/2028

4,977

(25)

Denali TopCo, LLC

Revolver

8/26/2032

2,389

(12)

Discovery Education, Inc.

Revolver

4/9/2029

987

—

Divisions Holding Corp.

Revolver

4/17/2032

140

(1)

DM Intermediate Parent, LLC

Revolver

9/30/2030

4,790

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

9/30/2026

3,082

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

12/19/2027

13,319

(67)

Doit International, Ltd.

Delayed Draw Term Loan

11/25/2026

11,606

(87)

Doit International, Ltd.

Revolver

11/26/2029

5,803

—

Dropbox, Inc.

Delayed Draw Term Loan

12/10/2026

44,118

(221)

DTA Intermediate II, Ltd.

Revolver

3/27/2030

10,769

—

Duro Dyne National Corp.

Delayed Draw Term Loan

11/15/2026

6,002

(30)

Duro Dyne National Corp.

Revolver

11/15/2031

6,002

—

Dwyer Instruments, LLC

Revolver

7/20/2029

823

—

Eagan Parent, Inc.

Delayed Draw Term Loan

9/8/2027

—

Eagan Parent, Inc.

Revolver

9/8/2032

—

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2026

13,505

(183)

Edison Bidco, AS

Delayed Draw Term Loan

12/5/2026

687

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Electro Switch Business Trust, LLC

Revolver

9/2/2032

4,345

(43)

ELK Bidco, Inc.

Revolver

6/13/2032

3,373

(17)

ELK Bidco, Inc.

Delayed Draw Term Loan

12/13/2027

3,747

(9)

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

6,681

—

EMB Purchaser, Inc.

Revolver

3/12/2032

3,294

(33)

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2027

2,864

—

Endeavor Schools Holdings, LLC

Delayed Draw Term Loan

1/3/2027

9,765

—

ENV Bidco, AB

Delayed Draw Term Loan

7/29/2026

302

(4)

eResearchTechnology, Inc.

Delayed Draw Term Loan

1/17/2027

24,793

—

eResearchTechnology, Inc.

Revolver

10/17/2031

14,414

(144)

Essential Services Holding Corp.

Delayed Draw Term Loan

6/17/2026

2,297

(11)

Essential Services Holding Corp.

Revolver

6/17/2030

861

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

3,378

—

Everbridge Holdings, LLC

Revolver

7/2/2031

2,222

—

Experity, Inc.

Revolver

2/22/2030

1,495

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

4,457

(22)

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

8/15/2027

2,169

(16)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

2,502

—

Fastener Distribution Holdings, LLC

Delayed Draw Term Loan

10/31/2026

7,125

—

Fern Bidco, Ltd.

Delayed Draw Term Loan

7/3/2027

10,035

—

Flexera Software, LLC

Revolver

8/15/2032

2,473

(6)

Foundation Risk Partners Corp.

Revolver

10/29/2029

3,076

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

2,975

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

439

—

Frontline Road Safety, LLC

Revolver

3/4/2032

2,565

(13)

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

3,289

—

FusionSite Midco, LLC

Revolver

11/17/2029

7,006

(158)

FusionSite Midco, LLC

Delayed Draw Term Loan

4/30/2026

5,034

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

3,288

(66)

G&A Partners Holding Company II, LLC

Delayed Draw Term Loan

3/1/2026

4,734

—

Galileo Pharma Bidco S.p.A

Delayed Draw Term Loan

10/7/2028

1,162

—

Galway Borrower, LLC

Revolver

9/29/2028

7,510

—

Galway Borrower, LLC

Delayed Draw Term Loan

2/7/2026

42,246

—

Gannett Fleming, Inc.

Revolver

8/5/2030

6,237

(94)

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

7,218

—

Gatekeeper Systems, Inc.

Revolver

8/28/2030

3,069

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

1,040

—

Gigamon, Inc.

Revolver

3/10/2028

262

—

Gimlet Bidco, GmbH

Delayed Draw Term Loan

4/23/2027

564

—

Gimlet Bidco, GmbH

Delayed Draw Term Loan

7/30/2028

36,015

(186)

Granicus, Inc.

Revolver

1/17/2031

2,448

—

Granicus, Inc.

Delayed Draw Term Loan

1/17/2026

388

—

Grid Alliance Partners, LLC

Delayed Draw Term Loan

7/1/2027

4,585

(46)

Grid Alliance Partners, LLC

Revolver

7/1/2030

2,979

(30)

Griffon Bidco, Inc.

Delayed Draw Term Loan

9/30/2027

4,072

—

Griffon Bidco, Inc.

Revolver

7/31/2031

4,072

(41)

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

497

—

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

288

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

3/26/2026

1,653

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

GS Acquisitionco, Inc.

Revolver

5/25/2028

1,259

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

1,429

(4)

Guardian Bidco, Inc.

Delayed Draw Term Loan

8/14/2028

711

(7)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

101

—

High Street Buyer, Inc.

Revolver

4/16/2027

2,254

(45)

High Street Buyer, Inc.

Delayed Draw Term Loan

7/18/2027

25,572

—

Home Service TopCo IV, Inc.

Revolver

12/30/2027

3,509

(38)

Horizon CTS Buyer, LLC

Revolver

3/28/2032

206

—

Icefall Parent, Inc.

Revolver

1/17/2030

3,897

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

13,164

(99)

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

11,010

—

IG Investments Holdings, LLC

Revolver

9/22/2028

4,416

—

Imagine 360, LLC

Delayed Draw Term Loan

9/18/2026

2,413

(12)

Imagine 360, LLC

Revolver

9/30/2028

1,514

(15)

Inception Fertility Ventures, LLC

Revolver

4/29/2030

728

—

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

10,488

—

INK BC Bidco S.p.A.

Delayed Draw Term Loan

7/16/2028

4,166

(42)

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/23/2026

9,278

(16)

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

2,791

(14)

IQN Holding Corp.

Revolver

5/2/2028

207

—

IRI Group Holdings, Inc.

Revolver

12/1/2028

14,316

—

Iris Buyer, LLC

Revolver

10/2/2029

3,673

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

1,827

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

151

—

Java Buyer, Inc.

Revolver

12/15/2027

367

—

Java Buyer, Inc.

Revolver

12/15/2027

735

—

Java Buyer, Inc.

Delayed Draw Term Loan

5/9/2027

2,173

—

Jeppesen Holdings, LLC

Revolver

10/31/2032

3,340

(25)

JS Parent, Inc.

Revolver

4/24/2031

3,452

(17)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

7,492

(37)

Kattegat Project Bidco, AB

Delayed Draw Term Loan

10/5/2026

7,030

(95)

King Bidco S.P.E.C.

Delayed Draw Term Loan

6/26/2028

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

1,032

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

741

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

406

(4)

Koala Investment Holdings, Inc.

Delayed Draw Term Loan

2/29/2028

266

(1)

Koala Investment Holdings, Inc.

Revolver

8/29/2032

118

(1)

Kona Buyer, LLC

Revolver

7/23/2031

167

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

6/27/2027

440

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

291

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

260

(1)

Kwol Acquisition, Inc.

Revolver

12/6/2029

1,345

—

Kwol Acquisition, Inc.

Delayed Draw Term Loan

8/25/2027

—

LogicMonitor, Inc.

Revolver

11/15/2031

1,992

(25)

LogicMonitor, Inc.

Delayed Draw Term Loan

9/1/2027

2,722

(17)

LPW Group Holdings, Inc.

Revolver

3/15/2030

5,373

(54)

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

4,345

(6)

Magic Bidco, Inc.

Delayed Draw Term Loan

7/1/2026

6,568

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Magic Bidco, Inc.

Revolver

7/1/2030

371

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

5,508

(41)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

807

—

MannKind Corp.

Delayed Draw Term Loan

8/6/2027

5,435

—

Material Holdings, LLC

Revolver

8/19/2027

353

—

Material Holdings, LLC

Delayed Draw Term Loan

8/19/2027

2,182

—

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

3,962

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,133

—

MEDX AMCP Holdings, LLC

Revolver

7/21/2032

724

(7)

MEDX AMCP Holdings, LLC

Delayed Draw Term Loan

7/21/2027

1,701

(9)

Mercury Bidco Globe, Limited

Delayed Draw Term Loan

1/18/2026

1,881

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

161

—

ML Holdco, LLC

Delayed Draw Term Loan

10/24/2027

300

—

Modernizing Medicine, Inc.

Revolver

4/30/2032

827

(8)

More Cowbell II, LLC

Delayed Draw Term Loan

9/3/2027

871

(11)

More Cowbell II, LLC

Revolver

9/1/2029

1,177

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

1,339

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

2,439

—

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

—

MRI Software, LLC

Revolver

2/10/2028

6,435

—

MRI Software, LLC

Delayed Draw Term Loan

10/2/2027

4,501

—

NAVEX TopCo, Inc.

Revolver

10/14/2031

5,910

(184)

NAVEX TopCo, Inc.

Delayed Draw Term Loan

10/14/2027

10,494

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

NDC Acquisition Corp.

Revolver

3/9/2028

3,083

—

NDT Global Holding, Inc.

Revolver

6/4/2032

173

(2)

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

194

—

Nephele III, BV

Delayed Draw Term Loan

1/14/2028

—

Neptune BidCo, SAS

Delayed Draw Term Loan

3/31/2027

205

—

Neptune Holdings, Inc.

Revolver

8/31/2029

933

(23)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

8/23/2026

3,130

(16)

Netsmart Technologies, Inc.

Revolver

8/23/2031

4,432

—

Noble Midco 3, Ltd.

Delayed Draw Term Loan

6/10/2027

3,875

(19)

Noble Midco 3, Ltd.

Revolver

12/10/2030

2,390

—

North Haven Ushc Acquisition, Inc.

Revolver

10/29/2027

359

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

4,544

—

Octane Purchaser, Inc.

Delayed Draw Term Loan

11/19/2027

1,227

—

Octane Purchaser, Inc.

Revolver

5/19/2032

491

(2)

Odevo, AB

Delayed Draw Term Loan

12/12/2027

5,494

—

Odevo, AB

Delayed Draw Term Loan

9/17/2028

41,966

(209)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

3/19/2026

4,275

—

Optimizely North America, Inc.

Revolver

10/30/2031

1,218

(12)

Oxford Global Resources, Inc.

Revolver

8/17/2027

3,085

—

Paisley Bidco, Ltd.

Delayed Draw Term Loan

5/7/2027

906

(3)

PAS Parent, Inc.

Delayed Draw Term Loan

8/18/2028

705

(4)

PAS Parent, Inc.

Revolver

8/18/2031

328

(3)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

469

(9)

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Pave America Holding, LLC

Revolver

8/27/2032

2,601

—

Pave America Holding, LLC

Delayed Draw Term Loan

8/29/2027

3,493

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

1,013

—

Petrus Buyer, Inc.

Revolver

10/17/2029

272

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

5,009

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/18/2026

389

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

141

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

139

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

187

—

Profile Products, LLC

Revolver

11/12/2027

373

(4)

Profile Products, LLC

Revolver

11/12/2027

176

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

3,688

—

QBS Parent, Inc.

Revolver

6/3/2032

1,734

—

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

3,472

—

R1 Holdings, LLC

Revolver

12/29/2028

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

124

(1)

RailPros Parent, LLC

Revolver

5/24/2032

(1)

Rally Buyer, Inc.

Revolver

7/19/2029

—

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

16,235

—

Red Pathway Bidco, AB

Delayed Draw Term Loan

4/15/2028

6,793

(52)

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

4,608

—

Relativity ODA, LLC

Revolver

5/12/2029

2,966

(74)

Saber Power Services, LLC

Revolver

10/21/2031

3,077

—

Safety Borrower Holdings, LP

Revolver

12/19/2032

611

—

Safety Borrower Holdings, LP

Delayed Draw Term Loan

12/19/2027

917

—

Sail Bidco, Ltd.

Delayed Draw Term Loan

5/28/2029

1,910

—

Sam Holding Co, Inc.

Revolver

3/24/2027

6,000

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

11/5/2026

9,800

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

4,818

(52)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

2,656

—

Seahawk Bidco, LLC

Revolver

12/19/2030

3,753

(34)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/24/2027

20,814

—

SEKO Global Logistics Network, LLC

Delayed Draw Term Loan

5/10/2027

—

Seven Bidco, SASU

Delayed Draw Term Loan

8/29/2028

689

(3)

SG Acquisition, Inc.

Revolver

4/3/2030

8,301

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

6/16/2026

7,142

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

12/16/2028

8,241

—

Signant Finance One, Ltd.

Revolver

10/16/2031

3,623

(36)

Signant Finance One, Ltd.

Delayed Draw Term Loan

10/16/2027

8,696

—

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

1,122

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

1,076

(11)

SIQ Holdings III Corp.

Delayed Draw Term Loan

12/19/2027

6,667

—

SIQ Holdings III Corp.

Revolver

12/19/2030

3,107

—

Smile Doctors, LLC

Revolver

12/23/2027

1,233

(43)

Solis Midco, SAS

Delayed Draw Term Loan

4/8/2029

145

—

Spaceship Purchaser, Inc.

Revolver

10/17/2031

10,894

(109)

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

13,072

(65)

SpecialtyCare, Inc.

Delayed Draw Term Loan

8/26/2027

317

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

SpecialtyCare, Inc.

Revolver

12/18/2029

1,047

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

12,901

—

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

11,228

—

Speedster Bidco, GmbH

Revolver

6/10/2031

1,693

—

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

149

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

4/24/2026

540

—

STV Group, Inc.

Delayed Draw Term Loan

3/20/2026

6,976

(70)

STV Group, Inc.

Revolver

3/20/2030

4,883

—

Tango Bidco, SAS

Delayed Draw Term Loan

7/15/2028

23,054

—

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

962

(7)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

1,580

—

TEI Intermediate, LLC

Revolver

12/13/2031

2,539

—

TEI Intermediate, LLC

Delayed Draw Term Loan

12/13/2026

7,203

—

Teneo Holdings, LLC

Delayed Draw Term Loan

7/31/2027

9,583

(48)

Teneo Holdings, LLC

Revolver

7/31/2030

11,712

(117)

Tennessee Bidco, Limited

Delayed Draw Term Loan

7/1/2026

13,160

—

The Fertility Partners, Inc.

Revolver

9/16/2027

301

(12)

The Hiller Companies, LLC

Delayed Draw Term Loan

6/20/2026

121

—

The Hiller Companies, LLC

Revolver

6/20/2030

1,432

—

The Hiller Companies, LLC

Delayed Draw Term Loan

7/16/2027

449

—

The North Highland Co, LLC

Revolver

12/20/2030

3,626

—

The North Highland Co, LLC

Delayed Draw Term Loan

12/20/2026

5,903

(30)

Themis Solutions, Inc.

Delayed Draw Term Loan

10/29/2027

10,319

(137)

Themis Solutions, Inc.

Revolver

10/29/2032

8,599

(120)

THG Acquisition, LLC

Revolver

10/31/2031

1,128

—

THG Acquisition, LLC

Delayed Draw Term Loan

10/31/2026

1,841

—

Tricentis Operations Holdings, Inc.

Revolver

2/11/2032

2,872

(29)

Tricentis Operations Holdings, Inc.

Delayed Draw Term Loan

2/11/2027

4,595

(23)

Trinity Air Consultants Holdings Corp.

Revolver

6/29/2029

7,269

—

Trinity Partners Holdings, LLC

Delayed Draw Term Loan

6/30/2027

1,433

—

Triple Lift, Inc.

Revolver

5/5/2028

7,697

(654)

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

7/9/2027

25,647

—

TRP Infrastructure Services, LLC

Delayed Draw Term Loan

12/2/2026

1,346

—

Unified Women's Healthcare, LP

Revolver

6/18/2029

241

—

Unified Women's Healthcare, LP

Delayed Draw Term Loan

9/22/2027

38,333

—

US Oral Surgery Management Holdco, LLC

Delayed Draw Term Loan

12/13/2026

21,535

—

US Oral Surgery Management Holdco, LLC

Revolver

11/20/2028

3,735

—

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

1,832

(18)

Varicent Parent Holdings Corp.

Revolver

8/23/2031

1,557

(23)

Varicent Parent Holdings Corp.

Delayed Draw Term Loan

10/15/2027

1,045

—

Varicent Parent Holdings Corp.

Revolver

8/23/2031

493

(5)

Veregy Consolidated, Inc.

Delayed Draw Term Loan

4/16/2027

2,436

(6)

Veregy Consolidated, Inc.

Revolver

4/16/2031

5,845

(44)

Water Holdings Acquisition, LLC

Delayed Draw Term Loan

7/31/2026

2,110

—

West Monroe Partners, LLC

Revolver

11/9/2027

1,443

(29)

West Star Aviation Acquisition, LLC

Revolver

5/20/2032

256

—

West Star Aviation Acquisition, LLC

Delayed Draw Term Loan

5/20/2027

241

—

WHCG Purchaser III, Inc.

Delayed Draw Term Loan

8/2/2027

7,044

—

World Insurance Associates, LLC

Delayed Draw Term Loan

8/14/2026

17,695

—

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)



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

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

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

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

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

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

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

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

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

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


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

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

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

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

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION


Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD	58,283	CAD	80,000	03/25/2026	$	(255)
Wells Fargo Bank, N.A.	USD	76,983	EUR	65,250	03/25/2026	134
Wells Fargo Bank, N.A.	USD	2,626	NOK	26,704	03/25/2026	(22)
Wells Fargo Bank, N.A.	USD	1,890	DKK	11,958	03/25/2026	3
Wells Fargo Bank, N.A.	USD	62,779	GBP	47,000	03/25/2026	(399)
Wells Fargo Bank, N.A.	USD	20,291	SEK	187,760	03/25/2026	(146)
Total Foreign Currency Forward Contracts						$	(685)


Interest Rate Swaps
Counterparty	Hedged Item	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation) (1)
SMBC Capital Markets, Inc.	November 2027 Notes	5.88%	SOFR +	1.38%	11/15/2027	$	400,000	$	8,251	$	—	$	4,256
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.65%	4/13/2028	400,000		2,488		—		8,343
Wells Fargo Bank, N.A.	April 2028 Notes	5.35%	SOFR +	1.39%	4/13/2028	300,000		3,803		—		5,112
Wells Fargo Bank, N.A.	June 2030 Notes	5.30%	SOFR +	1.46%	6/30/2030	500,000		7,665		—		7,665
Wells Fargo Bank, N.A.	January 2031 Notes	5.13%	SOFR +	1.66%	1/31/2031	500,000		(1,889)		—		(1,889)
Total Interest Rate Swaps								$	20,318	$	—	$	23,487

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

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

Table of Contents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 1. Organization

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

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

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

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

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

Note 2. Significant Accounting Policies

Basis of Presentation

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

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

All intercompany balances and transactions have been eliminated.

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

Table of Contents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Use of Estimates

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

Consolidation

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

The Company consolidated the results of the Company’s wholly-owned subsidiaries which are considered to be investment companies. As of June 30, 2026, the Company’s consolidated subsidiaries were BGSL Jackson Hole Funding LLC (“Jackson Hole Funding”), BGSL Breckenridge Funding LLC (“Breckenridge Funding”), BGSL Big Sky Funding LLC (“Big Sky Funding”), BXSL CLO 2024-1 LLC (the “2024-1 Issuer”), BXSL CLO 2024-1 Depositor LLC, BXSL CLO 2025-1 LLC (“BXSL CLO 2025-1”), BGSL Investments LLC (“BGSL Investments”), BXSL Associates GP (Lux) S.à r.l, BXSL Direct Lending (Lux) SCSp, BXSL C-1 LLC, and BXSL C-2 Funding LLC.

Cash and Cash Equivalents and Restricted Cash

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

Investments

Investment transactions are recorded on a trade date basis.

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

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

Valuation of Investments

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

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

Table of Contents

Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

Receivables/Payables From Investments Sold/Purchased

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

Derivative Instruments

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

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

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

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

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

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

Forward Purchase Agreement

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

Foreign Currency Transactions

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

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

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2026, the Company recorded $4.4 million and $6.8 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan

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origination fees and unamortized discounts). For the three and six months ended June 30, 2025, the Company recorded $1.7 million and $14.6 million, respectively, in non-recurring interest income.

PIK Income

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

Dividend Income

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

Other Income

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

Non-Accrual Income

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

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

Offering Expenses

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

Deferred Financing Costs and Debt Issuance Costs

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

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Income Taxes

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

The Company evaluates tax positions taken or expected to be taken in the course of preparing its condensed consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through June 30, 2026. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

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

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

For the three and six months ended June 30, 2026, the Company accrued $4.4 million and $8.4 million, respectively, of U.S. federal excise tax. For the three and six months ended June 30, 2025, the Company accrued $3.8 million and $8.0 million, respectively, of U.S. federal excise tax.

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

Distributions

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

Segment Reporting

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

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Recent Accounting Pronouncements

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

Note 3. Agreements and Related Party Transactions

Advisory Agreements

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

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

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

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

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

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Base Management Fees

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

For the three and six months ended June 30, 2026, base management fees were $35.3 million and $71.6 million, respectively. For the three and six months ended June 30, 2025, base management fees were $34.6 million and $68.9 million, respectively.

As of June 30, 2026 and December 31, 2025, $35.3 million and $36.1 million, respectively, was payable to the Adviser relating to management fees.

Incentive Fees

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

(i) Income Based Incentive Fee:

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

Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns 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 Returns. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive.

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

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

The Company pays the Adviser an income based incentive fee based on its aggregate Pre-Incentive Fee Net Investment Income Returns, as adjusted as described above, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the “Trailing Twelve Quarters”).

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

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 Returns in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.”

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

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

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

•The Adviser will be paid 17.5%, of the Pre-Incentive Fee Net Investment Income Returns in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

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

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

“Cumulative Net Return” means (x) the Pre-Incentive Fee Net Investment Income Returns 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.

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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 Returns was calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the consummation of the IPO based on the number of days in such calendar quarter before and after the consummation of the IPO. In no event will the amendments to the income based incentive fee include the Incentive Fee Cap and allow the Adviser to receive greater cumulative income based incentive fees under the Investment Advisory Agreement than it would have under the Original Investment Advisory Agreement. Amounts waived by the Prior Adviser are not subject to recoupment by the Prior Adviser.

For the three and six months ended June 30, 2026, the Company accrued income based incentive fees of $1.7 million and $4.0 million, respectively. For the three and six months ended June 30, 2025, the Company accrued income based incentive fees of $34.7 million and $69.0 million, respectively.

As of June 30, 2026 and December 31, 2025, there was $1.7 million and $26.4 million, respectively, payable to the Adviser for income based incentive fees.

(ii) Capital Gains Based Incentive Fee:

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

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

For the three and six months ended June 30, 2026 and 2025, the Company accrued no capital gains based incentive fees. As of June 30, 2026 and December 31, 2025, no amount was payable to the Adviser for capital gains based incentive fees.

Administration Agreements

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

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(Unaudited)

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

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

For providing these services, the Company will reimburse the Administrator for the costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for the Company; and (iii) any internal audit group personnel of Blackstone or any of its affiliates. The Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company, and the Administrator and the Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Administrator and the Prior Administrator, as applicable, have waived their rights to any reimbursement for rent and other occupancy costs for prior periods, including for the three and six months ended June 30, 2026 and 2025. The Administrator and the Prior Administrator cannot recoup any expenses that they have previously waived. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period.

For the three and six months ended June 30, 2026, the Company incurred $1.1 million and $2.2 million, respectively, in expenses under the Administration Agreement, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Company incurred $0.7 million and $1.7 million, respectively, in expenses under the Administration Agreement, which were recorded in Administrative service expenses in the Company’s Condensed Consolidated Statements of Operations.

As of June 30, 2026 and December 31, 2025, $1.2 million and $1.6 million, respectively, was unpaid and included in Due to affiliates in the Condensed Consolidated Statements of Assets and Liabilities.

State Street Sub-Administration Agreement and Custody Agreement

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

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

Note 4. Investments

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


	June 30, 2026						December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	13,441,436	$	12,944,578	96.8	%	$	14,066,122	$	13,866,434	97.6	%
Second lien debt	255,801		250,182		1.9		232,448		231,650		1.6
Unsecured debt	14,495		12,348		0.1		13,049		12,278		0.1

Equity	144,858		157,187		1.2		76,348		96,932		0.7
Total	$	13,856,590	$	13,364,295	100.0	%	$	14,387,967	$	14,207,294	100.0	%

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


	June 30, 2026		December 31, 2025
Aerospace & Defense	3.3	%	4.1	%
Air Freight & Logistics	3.3		1.9
Automobile Components (2)	—		0.0
Biotechnology	1.2		1.1
Building Products	1.4		1.3

Chemicals	0.3		0.3
Commercial Services & Supplies	8.3		8.0

Construction & Engineering	1.2		1.2
Consumer Staples Distribution & Retail (1)(2)	0.0		0.0
Containers & Packaging	0.2		0.2
Distributors	2.0		2.1
Diversified Consumer Services	4.4		4.2

Diversified Telecommunication Services	0.1		0.1
Electric Utilities	0.1		1.4
Electrical Equipment	1.5		1.4
Electronic Equipment, Instruments & Components	2.1		2.1
Energy Equipment & Services	0.2		0.2
Financial Services	0.6		0.4
Ground Transportation	0.1		0.1
Health Care Equipment & Supplies	0.4		0.4
Health Care Providers & Services	10.3		9.5
Health Care Technology	4.5		5.6


Insurance	10.0		9.3
Interactive Media & Services	0.7		0.3

IT Services	4.7		4.3

Life Sciences Tools & Services	0.9		0.8
Machinery	0.3		0.3
Marine Transportation	0.4		0.4
Media	0.5		0.6
Oil, Gas & Consumable Fuels	0.5		0.5

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


	June 30, 2026		December 31, 2025
Paper & Forest Products	0.1	%	0.1	%

Pharmaceuticals	0.7		0.4
Professional Services	10.3		9.7
Real Estate Management & Development	1.6		1.4

Software	18.9		20.5
Specialty Retail	1.4		1.3
Technology Hardware, Storage & Peripherals	0.5		0.6
Trading Companies & Distributors	0.9		0.9
Transportation Infrastructure	1.9		2.9
Wireless Telecommunication Services	0.2		0.1
Total	100.0	%	100.0	%

(1)Amount rounds to less than 0.1% as of June 30, 2026.

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

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


	June 30, 2026
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	11,852,013	$	11,369,505	85.1	%	191.4	%
Europe	1,643,362		1,638,203		12.3		27.6
Bermuda/Cayman Islands	147,533		148,236		1.1		2.5
Canada	151,622		148,126		1.1		2.5
Australia	50,075		48,048		0.3		0.8
Asia	11,985		12,177		0.1		0.2
Total	$	13,856,590	$	13,364,295	100.0	%	225.0	%


	December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	12,488,551	$	12,259,789	86.3	%	196.3	%
Europe	1,601,031		1,645,999		11.6		26.3
Bermuda/Cayman Islands	148,220		148,966		1.0		2.4
Canada	138,265		140,444		1.0		2.3
Asia	11,900		12,096		0.1		0.2
Total	$	14,387,967	$	14,207,294	100.0	%	227.5	%

As of June 30, 2026 and December 31, 2025, six issuers (across eight loans) and five issuers (across eight loans) in the portfolio were on non-accrual status, respectively.

As of June 30, 2026 and December 31, 2025, on a fair value basis, 99.3% and 99.6%, respectively, of performing debt investments bore interest at a floating rate and 0.7% and 0.4%, respectively, of performing debt investments bore interest at a fixed rate.

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

Note 5. Fair Value Measurements

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


	June 30, 2026
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	81,460	$	12,863,118	$	12,944,578
Second lien debt	—		—		250,182		250,182
Unsecured debt	—		—		12,348		12,348
Equity	—		—		157,187		157,187
Total	$	—	$	81,460	$	13,282,835	$	13,364,295


	December 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	106,617	$	13,759,817	$	13,866,434
Second lien debt	—		—		231,650		231,650
Unsecured debt	—		—		12,278		12,278
Equity	438		—		96,494		96,932
Total	$	438	$	106,617	$	14,100,239	$	14,207,294

Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. Approximately $9.4 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 4.6 years.

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


	Three Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	13,409,419	$	228,827	$	12,502	$	91,389	$	13,742,137
Purchases of investments	326,223		22,646		493		70,185		419,547
Proceeds from principal repayments and sales of investments	(800,453)		(540)		—		(7,858)		(808,851)
Accretion of discount (amortization of premium)	12,730		153		10		—		12,893
Net realized gain (loss)	(38,695)		7		—		7,372		(31,316)
Net change in unrealized appreciation (depreciation)	(132,749)		(911)		(657)		(3,901)		(138,218)
Transfers into Level 3 (1)	95,767		—		—		—		95,767
Transfers out of Level 3 (1)	(9,124)		—		—		—		(9,124)
Fair value, end of period	$	12,863,118	$	250,182	$	12,348	$	157,187	$	13,282,835
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(168,224)	$	(911)	$	(657)	$	(3,817)	$	(173,609)

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


	Six Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	13,759,817	$	231,650	$	12,278	$	96,494	$	14,100,239
Purchases of investments	670,142		25,114		1,427		70,188		766,871
Proceeds from principal repayments and sales of investments	(1,246,323)		(2,040)		—		(9,717)		(1,258,080)
Accretion of discount (amortization of premium)	23,663		273		19		—		23,955
Net realized gain (loss)	(38,565)		7		—		8,297		(30,261)
Net change in unrealized appreciation (depreciation)	(296,470)		(4,822)		(1,376)		(8,075)		(310,743)
Transfers into Level 3 (1)	—		—		—		—		—
Transfers out of Level 3 (1)	(9,146)		—		—		—		(9,146)
Fair value, end of period	$	12,863,118	$	250,182	$	12,348	$	157,187	$	13,282,835
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(315,044)	$	(4,822)	$	(1,376)	$	(7,405)	$	(328,647)


	Three Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,370,969	$	118,482	$	13,658	$	99,163	$	12,602,272
Purchases of investments	546,760		2,123		471		9		549,363
Proceeds from principal repayments and sales of investments	(163,314)		(662)		—		(230)		(164,206)
Accretion of discount (amortization of premium)	10,437		75		11		—		10,523
Net realized gain (loss)	(1,232)		—		—		—		(1,232)
Net change in unrealized appreciation (depreciation)	36,737		2,924		(419)		564		39,806
Transfers into Level 3 (1)	—		—		—		—		—
Transfers out of Level 3 (1)	—		—		—		—		—
Fair value, end of period	$	12,800,357	$	122,942	$	13,721	$	99,506	$	13,036,526
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	37,050	$	2,924	$	(419)	$	564	$	40,119

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


	Six Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,714,636	$	119,184	$	33,521	$	109,424	$	12,976,765
Purchases of investments	1,262,249		3,787		939		177		1,267,152
Proceeds from principal repayments and sales of investments	(1,128,141)		(3,010)		(20,595)		(10,454)		(1,162,200)
Accretion of discount (amortization of premium)	26,437		149		21		—		26,607
Net realized gain (loss)	(212)		(1)		—		7,316		7,103
Net change in unrealized appreciation (depreciation)	27,338		2,833		(165)		(6,957)		23,049
Transfers into Level 3 (1)	225		—		—		—		225
Transfers out of Level 3 (1)	(102,175)		—		—		—		(102,175)
Fair value, end of period	$	12,800,357	$	122,942	$	13,721	$	99,506	$	13,036,526
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	30,042	$	2,347	$	(435)	$	(2,405)	$	29,549

(1)For the three and six months ended June 30, 2026 and 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

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

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


	June 30, 2026
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	12,450,960	Yield Analysis	Discount Rate	6.20	%	33.15	%	10.42	%
	313,789		Asset Recoverability	Market Multiple	3.60x		12.00x		8.89x

	98,369		Market Quotations	Broker quoted price	93.00		99.55		98.08

	12,863,118
Investments in second lien debt	229,911		Yield Analysis	Discount Rate	8.72	%	19.96	%	10.48	%
	20,271		Asset Recoverability	Market Multiple					10.25x
	250,182
Investments in unsecured debt	12,348		Yield Analysis	Discount Rate					17.05	%
Investments in equity	69,194		Market Approach	Performance Multiple	5.75x		26.50x		12.49x
	58,382		Asset Recoverability	Market Multiple	9.00x		12.00x		10.26x
	18,252		Yield Analysis	Discount Rate	11.66	%	75.00	%	26.14	%
	11,359		Option Pricing Model	Expected Volatility	32.00	%	75.50	%	33.58	%

	157,187
Total	$	13,282,835

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


	December 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	13,198,498	Yield Analysis	Discount Rate	6.94	%	19.36	%	9.44	%
	462,825		Asset Recoverability	Market Multiple	7.25x		12.47x		11.23x
	98,494		Market Quotations	Broker quoted price	97.25		100.00		99.97


	13,759,817
Investments in second lien debt	231,650		Yield Analysis	Discount Rate	8.45	%	15.78	%	10.11	%
Investments in unsecured debt	12,278		Yield Analysis	Discount Rate	15.10	%	15.10	%	15.10	%
Investments in equity	62,579		Market Approach	Performance Multiple	6.40x		33.63x		12.28x
	19,678		Yield Analysis	Discount Rate	12.50	%	19.50	%	15.08	%
	11,235		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	33.34	%
	3,002		Asset Recoverability	Market Multiple	8.50x		16.00x		11.22x

	96,494
Total	$	14,100,239

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

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

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of June 30, 2026 and December 31, 2025, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

The following table presents the fair value measurements of the Company’s Unsecured Notes and Debt Securitization Notes (as defined in Note 7) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy as of June 30, 2026 and December 31, 2025.


	June 30, 2026		December 31, 2025
	Fair Value		Fair Value
2026 Notes	$	—	$	799,357
New 2026 Notes	697,200		691,950
2027 Notes	637,780		632,710

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


	June 30, 2026		December 31, 2025
	Fair Value		Fair Value
2028 Notes	$	614,185	$	615,550
November 2027 Notes	402,960		408,680
April 2028 Notes	697,970		706,370
June 2030 Notes	486,450		497,550
January 2031 Notes	479,100		494,000
September 2029 Notes	393,720		—
May 2031 Notes	640,575		—
2024-1 Notes	457,542		457,450
Total	$	5,507,482	$	5,303,617

Other

As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, would be categorized as Level 3 within the fair value hierarchy.

Note 6. Derivatives

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

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

The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	583	$	—	$	583	$	166,011
Interest rate swaps	—		2,462		—		2,462		400,000
Total Derivative assets at fair value	$	—	$	3,045	$	—	$	3,045	$	566,011


Derivative Liabilities
Foreign currency forward contracts	$	—	$	(102)	$	—	$	(102)	$	62,208
Interest rate swaps	—		(28,035)		—		(28,035)		2,750,000
Total Derivative liabilities at fair value	$	—	$	(28,137)	$	—	$	(28,137)	$	2,812,208
Cash collateral posted							$	23,389

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


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	137	$	—	$	137	$	78,873
Interest rate swaps	—		22,207		—		22,207		1,600,000
Total Derivative assets at fair value	$	—	$	22,344	$	—	$	22,344	$	1,678,873


Derivative Liabilities
Foreign currency forward contracts	$	—	$	(822)	$	—	$	(822)	$	143,979
Interest rate swaps	—		(1,889)		—		(1,889)		500,000
Total Derivative liabilities at fair value	$	—	$	(2,711)	$	—	$	(2,711)	$	643,979
Cash collateral posted							$	11,286

In the tables above:

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

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

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

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2026 and June 30, 2025, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	(1,777)	$	(3,126)	$	1,166	$	(5,047)
Net change in unrealized appreciation (depreciation)	$	(1,777)	$	(3,126)	$	1,166	$	(5,047)
Realized gain (loss)
Foreign currency forward contracts	$	3,554	$	(7,673)	$	5,396	$	(9,727)
Net realized gain (loss)	$	3,554	$	(7,673)	$	5,396	$	(9,727)

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

Offsetting of Derivative Instruments

The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty. The following tables present the offsetting of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Asset		Cash Collateral Received (1)		Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.	$	2,462	$	—	$	—	$	2,462	$	—	$	—
Wells Fargo Bank, N.A.	583		(583)		—		—		—		—
	$	3,045	$	(583)	$	—	$	2,462	$	—	$	—

Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Liabilities		Cash Collateral Posted (1)		Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.	$	—	$	—	$	—	$	—	$	1,837	$	1,837
Wells Fargo Bank, N.A.	(28,137)		583		21,552		(6,002)		21,552		—
	$	(28,137)	$	583	$	21,552	$	(6,002)	$	23,389	$	1,837



	As of December 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Asset		Cash Collateral Received (1)		Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.	$	8,251	$	—	$	—	$	8,251	$	—	$	—
Wells Fargo Bank, N.A.	14,093		(2,711)		—		11,382		—		—
	$	22,344	$	(2,711)	$	—	$	19,633	$	—	$	—

Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net Amount Derivative Liabilities		Cash Collateral Posted (1)		Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.	$	—	$	—	$	—	$	—	$	1,805	$	1,805
Wells Fargo Bank, N.A.	(2,711)		2,711		—		—		9,481		9,481
	$	(2,711)	$	2,711	$	—	$	—	$	11,286	$	11,286

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

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

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

Hedging

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

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2026 and June 30, 2025, respectively.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Interest rate swaps	$	(27,338)	$	10,369	$	(46,177)	$	25,778
Hedged items	26,138		(10,373)		45,636		(24,658)

The table below presents the carrying value of unsecured borrowings as of June 30, 2026 and December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


	June 30, 2026				December 31, 2025
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	3,080,780	$	(26,227)	$	2,091,290	$	19,408

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On September 25, 2018, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 178.0% and 177.1%, respectively.

SPV Financing Facilities

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

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

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

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As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the SPV Financing Facilities.

Jackson Hole Funding Facility

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

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

Proceeds from borrowings under the Jackson Hole Funding Facility were 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 expired on May 2, 2026 and the Jackson Hole Funding Facility is scheduled to mature on May 17, 2027.

Breckenridge Funding Facility

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

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

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

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Big Sky Funding Facility

On December 10, 2019, Big Sky Funding, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility (which was subsequently amended on December 30, 2020, September 30, 2021, amended and restated on June 29, 2022, amended on March 30, 2023, amended on June 25, 2024, amended on September 25, 2024, amended on November 20, 2024, amended on May 21, 2026, and as further amended from time to time, the “Big Sky Funding Facility”) with Bank of America, N.A. (“Bank of America”). Bank of America serves as administrative agent, Wells Fargo serves as collateral administrator and the Company serves as manager under the Big Sky Funding Facility.

Advances under the Big Sky Funding Facility bear interest at a per annum rate equal to the one-month Term SOFR in effect, plus the applicable margin of (a) until September 25, 2024, 1.80% per annum, (b) from September 25, 2024 to November 19, 2024, a range between 1.50% and 1.95% per annum depending on the nature of the collateral securing the advances, subject to a floor of 1.80% per annum, and (c) from and after November 20, 2024, 1.85% per annum. Big Sky Funding is required to utilize a minimum percentage of the financing commitments, with unused amounts below such minimum utilization amount accruing a fee at a rate of (a) until May 21, 2026, 1.60% per annum and (b) from and after May 21, 2026, 1.25% per annum. In addition, Big Sky Funding pays an unused fee of (a) until May 21, 2026, 0.45% per annum and (b) from and after May 21, 2026, 0.35% per annum on the daily unused amount of the financing commitments in excess of the minimum utilization amount, commencing three months after the closing date of the Big Sky Funding Facility, in addition to certain other fees as agreed between Big Sky Funding and Bank of America.

The maximum commitment amount of the Big Sky Funding Facility as of June 30, 2026 was $800.0 million. Proceeds from borrowings under the Big Sky Funding Facility may be used to fund portfolio investments by Big Sky Funding and to make advances under revolving loans or delayed draw term loans where Big Sky Funding is a lender. The period during which Big Sky Funding may make borrowings under the Big Sky Funding Facility expires on May 21, 2029 and the Big Sky Funding Facility is scheduled to mature on November 21, 2029.

BXSL 2025-1 Facility

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

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

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

Revolving Credit Facility

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

The Revolving Credit Facility provides for borrowings in USD and certain agreed-upon foreign currencies. Borrowings under the Revolving Credit Facility are subject to compliance with a borrowing base. As of June 30, 2026, a portion of the Revolving Credit Facility consists of (A) funded term loans in the aggregate principal amount of $433.5 million and (B) revolving commitments in the aggregate principal amount of $2.0 billion and the Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $175.0 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. Availability of the revolver under the Revolving Credit Facility will terminate on August 4, 2029 (other than with respect to the revolving commitments of certain lenders in the amount of $200.0 million,

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which expired on June 28, 2026) and all amounts outstanding under the Revolving Credit Facility must be repaid by August 5, 2030 (other than with respect to the revolving commitments of certain lenders in the amount of $200.0 million which mature on June 28, 2027) pursuant to an amortization schedule.

Loans under the Revolving Credit Facility with respect to revolving commitments of certain lenders in the amount of $200.0 million bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5% and (c) one month adjusted Term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 0.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.875%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount, 1.75%, or (B) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.875%. All other loans under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by Citi, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.5% and (c) one month adjusted Term SOFR plus 1% per annum) plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 0.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 0.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 0.775%, and (y) for all other loans, the applicable benchmark rate for the related interest period for such borrowing plus (A) if the gross borrowing base is equal to or greater than 2.0 times the combined revolving debt amount, 1.525%, (B) if the gross borrowing base is less than 2.0 times and is equal to or greater than 1.6 times the combined revolving debt amount, 1.650%, or (C) if the gross borrowing base is less than 1.6 times the combined revolving debt amount, 1.775%. The Company will pay an unused fee of 0.325% per annum on the daily unused amount of the revolver commitments (other than with respect to the revolving commitments of certain lenders in the amount of $200.0 million, for which the Company paid an unused fee of 0.375% prior to the expiration of such commitments on June 28, 2026). The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the Revolving Credit Facility.

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

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

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

As of June 30, 2026 and December 31, 2025, 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: 2026 Notes, New 2026 Notes, 2027 Notes, 2028 Notes, November 2027 Notes, April 2028 Notes, June 2030 Notes, January 2031 Notes, September 2029 Notes and May 2031 Notes (each as defined below) which are collectively referred to herein as the “Unsecured Notes.”

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

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

As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the Unsecured Notes.

2026 Notes

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

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

New 2026 Notes

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

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

2027 Notes

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

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

2028 Notes

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

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

November 2027 Notes

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

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

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

April 2028 Notes

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

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

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

June 2030 Notes

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

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

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

January 2031 Notes

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

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

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

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

September 2029 Notes

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

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

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

May 2031 Notes

On May 21, 2026, the Company issued $650.0 million aggregate principal amount of 5.900% notes due 2031 (the “May 2031 Notes”) pursuant to a supplemental indenture, dated as of May 21, 2026 (and together with the Base Indenture, the “May 2031 Notes Indenture”), to the Base Indenture between the Company and the Trustee.

The May 2031 Notes will mature on May 21, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the May 2031 Notes Indenture. The May 2031 Notes bear interest at a rate of 5.900% per year payable semi-annually on May 21 and November 21 of each year, commencing on November 21, 2026. The May 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the May 2031 Notes, rank pari passu with all existing and future unsecured indebtedness issued by the Company that are not so subordinated, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

Debt Securitizations

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

2024-1 Debt Securitization

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

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

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

June 30, 2026

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes (2)

Senior Secured Floating Rate

—

SOFR + 1.51%

Aaa

Class A-L Loans (2)

Senior Secured Floating Rate

412,500

SOFR + 1.51%

Aaa

Class B Notes

Senior Secured Floating Rate

45,000

SOFR + 1.78%

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

52,500

SOFR + 2.00%

Total Secured Notes

510,000

Subordinated Notes (1)

Subordinated

236,770

None

Not Rated

Total 2024-1 Notes

746,770

None

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

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

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

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

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

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


	June 30, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments	$	712,168	$	727,232
Total investments at fair value	712,168		727,232
Cash and cash equivalents (restricted cash of $83,737 and $89,406, respectively)	83,737		89,406
Interest receivable from non-controlled/non-affiliated investments	5,086		9,291
Total assets	$	800,991	$	825,929

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


	June 30, 2026		December 31, 2025
LIABILITIES
Debt (net of unamortized debt issuance costs of $2,111 and $2,212, respectively)	$	455,389	$	455,288
Interest payable	4,769		5,029
Total liabilities	$	460,158	$	460,317

The Company’s outstanding debt obligations were as follows:


	June 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (net of unamortized issuance costs, premiums and discounts)		Unamortized Debt Issuance Costs (including premiums and discounts)		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility(3)	$	—	$	—	$	—	$	—	$	—	$	—
Breckenridge Funding Facility	1,175,000		280,850		280,850		—		894,150		885,921
Big Sky Funding Facility	800,000		357,400		357,400		—		442,600		324,447
BXSL 2025-1 Facility	400,000		40,700		40,700		—		359,300		317,000
Revolving Credit Facility(4)	2,428,630		1,327,279		1,327,279		—		1,101,351		1,100,832
New 2026 Notes	700,000		700,000		699,626		374		—		—
2027 Notes	650,000		650,000		648,275		1,725		—		—
2028 Notes	650,000		650,000		645,768		4,232		—		—
November 2027 Notes(5)	400,000		400,000		398,994		2,796		—		—
April 2028 Notes(5)	700,000		700,000		691,596		4,780		—		—
June 2030 Notes(5)	500,000		500,000		488,558		8,470		—		—
January 2031 Notes(5)	500,000		500,000		481,188		7,787		—		—
September 2029 Notes(5)	400,000		400,000		385,913		5,422		—		—
May 2031 Notes(5)	650,000		650,000		634,531		13,738		—		—
2024-1 Notes	457,500		457,500		455,389		2,111		—		—
Total	$	10,411,130	$	7,613,729	$	7,536,067	$	51,435	$	2,797,401	$	2,628,200

(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)The period during which Jackson Hole Funding may make borrowings under the Jackson Hole Funding Facility expired on May 2, 2026 and the Jackson Hole Funding Facility is scheduled to mature on May 17, 2027.

(4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies:

•CAD 38.4 million

•EUR 390.5 million

•GBP 293.5 million

•AUD 45.0 million

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

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


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

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

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

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

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

•CAD 30.7 million

•EUR 417.2 million

•GBP 293.5 million

•AUD 1.0 million

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

The following tables summarize the contractual maturities of the Company’s outstanding principal as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Less than 1 Year		1 - 3 Years		3 - 5 Years		Greater than 5 Years		Total
SPV Financing Facilities	$	—	$	321,550	$	357,400	$	—	$	678,950
Revolving Credit Facility	103,630		—		1,223,649		—		1,327,279
Unsecured Notes	1,350,000		1,750,000		2,050,000		—		5,150,000
Debt Securitizations	—		—		—		457,500		457,500
Total outstanding principal	$	1,453,630	$	2,071,550	$	3,631,049	$	457,500	$	7,613,729

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


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

As of June 30, 2026 and December 31, 2025, interest payable included $61.7 million and $60.8 million, respectively, of interest expense and $1.1 million and $1.2 million, respectively, of unused commitment fees.

For the three and six months ended June 30, 2026, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 4.95% and 4.89%, respectively. For the three and six months ended June 30, 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting) was 5.03% and 5.02%, respectively.

For the three and six months ended June 30, 2026, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 5.05% and 4.97%, respectively. For the three and six months ended June 30, 2025, the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) was 5.10% and 5.09%, respectively.

For the three and six months ended June 30, 2026, the average principal debt outstanding was $7,920.9 million and $8,046.2 million, respectively. For the three and six months ended June 30, 2025, the average principal debt outstanding was $7,155.4 million and $7,234.0 million, respectively.

The components of interest expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Borrowing interest expense	$	91,291	$	84,569	$	184,574	$	172,209
Facility unused fees	2,106		2,538		4,266		4,239
Amortization of deferred financing costs	1,958		1,440		3,408		2,850
Amortization of original issue discount and debt issuance costs (including premiums and discounts)	4,515		3,734		8,450		7,085
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	27,338		(10,369)		46,177		(25,778)
Hedged items	(26,138)		10,373		(45,636)		24,658
Total interest expense	$	101,070	$	92,285	$	201,239	$	185,263
Cash paid for interest expense	$	72,679	$	68,885	$	188,307	$	165,186

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

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2026 and December 31, 2025, the Company had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate amount of $1.4 billion and $1.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of June 30, 2026 and December 31, 2025, the Company estimates that $98.3 million and $151.8 million, respectively, of investments were committed but not yet funded.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026 and December 31, 2025, management is not aware of any material pending legal proceedings.

Note 9. Net Assets

Shares Issued

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

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

As of June 30, 2026, the Company is party to eight separate equity distribution agreements with sales agents (“Equity Distribution Agreements”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $600.0 million of its Common Shares. Sales of Common Shares made pursuant to the Equity Distribution Agreements may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of the Common Shares, the Company’s capital needs, and the Company’s determination of the appropriate sources of funding to meet such needs. As of June 30, 2026, Common Shares with an aggregate sales price of $557.4 million remained available for issuance under the Equity Distribution Agreements.

No Common Shares were issued for the three and six months ended June 30, 2026, other than those issued through the Company's DRIP.

The following table summarizes the total Common Shares issued and proceeds received, for the three months ended June 30, 2025, through the “at-the-market” offering program:


Issuances of Common Shares	Number of Common Shares Issued	Gross Proceeds		Placement Fees/Offering Expenses		Net Proceeds (1)		Average Share Price (2)
“At-the-market” Offering	2,045,455	$	64,205	$	193	$	64,012	$	31.29

(1)The Company received $5.4 million of proceeds subsequent to June 30, 2025 on July 1, 2025. The amount was recorded as Receivable for shares sold in the Condensed Consolidated Statement of Assets and Liabilities.

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

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

The following table summarizes the total Common Shares issued and proceeds received, for the six months ended June 30, 2025, through the “at-the-market” offering program:


Issuances of Common Shares	Number of Common Shares Issued	Gross Proceeds		Placement Fees/Offering Expenses		Net Proceeds (1)		Average Share Price (2)
“At-the-market” Offering	7,807,103	$	250,902	$	2,060	$	248,842	$	31.87

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

Distributions

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2026 (dollars in thousands except per share amounts):


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 25, 2026	March 31, 2026	April 24, 2026	$	0.7700	$	178,855
May 7, 2026	June 30, 2026	July 24, 2026	0.7700		179,142

Total distributions			$	1.5400	$	357,997

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2025 (dollars in thousands except per share amounts):


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 26, 2025	March 31, 2025	April 25, 2025	$	0.7700	$	175,421
May 7, 2025	June 30, 2025	July 25, 2025	0.7700		177,007

Total distributions			$	1.5400	$	352,428

Dividend Reinvestment

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

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

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

Pursuant to the DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the six months ended June 30, 2026 (dollars in thousands except share amounts):


Payment Date	DRIP Shares Value		DRIP Shares Issued
January 23, 2026	$	8,114	310,753
April 24, 2026	8,709		372,191

Total distributions	$	16,823	682,944

The following table summarizes the amounts and shares issued to shareholders who have not opted out of the DRIP during the six months ended June 30, 2025 (dollars in thousands except share amounts):


Payment Date	DRIP Shares Value		DRIP Shares Issued
January 24, 2025	$	5,130	165,096
April 25, 2025	5,380		191,060

Total distributions	$	10,510	356,156

Share Repurchase Plan

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

For the three and six months ended June 30, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

Note 10. Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net increase (decrease) in net assets resulting from operations	$	9,486	$	155,042	$	34,732	$	304,851
Weighted average shares outstanding (basic and diluted)	232,557,932		228,192,335		232,381,869		227,389,213
Earnings (loss) per common share (basic and diluted)	$	0.04	$	0.68	$	0.15	$	1.34

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

Note 11. Financial Highlights and Senior Securities

The following are the financial highlights for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026			2025
Per Share Data (1):
Net asset value, beginning of period	$	26.92		$	27.39
Net investment income	1.52			1.60
Net change in unrealized and realized gain (loss)	(1.37)			(0.26)
Net increase (decrease) in net assets resulting from operations	0.15			1.34
Distributions from net investment income (2)	(1.54)			(1.54)
Net increase (decrease) in net assets from capital share transactions	—			0.14
Total increase (decrease) in net assets	(1.39)			(0.06)
Net asset value, end of period	$	25.53		$	27.33
Market value, end of period	$	23.71		$	30.75
Shares outstanding, end of period	232,652,003			230,055,444
Total return based on NAV (3)	1.2		%	5.1		%
Total return based on market value (4)	(4.2)		%	0.2		%
Ratios:
Ratio of net expenses to average net assets (5)	9.3		%	10.6		%
Ratio of net investment income to average net assets (5)	11.5		%	11.7		%
Portfolio turnover rate	4.6		%	8.9		%
Supplemental Data:
Net assets, end of period	$	5,938,733		$	6,288,296
Asset coverage ratio	178.0		%	188.5		%

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

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

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

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

(5)Amounts are annualized except for amounts relating to excise and other tax expense. For the six months ended June 30, 2026 and 2025, the ratio of total operating expenses to average net assets was 9.3% and 10.6%, respectively.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Subscription Facility
June 30, 2026	$	—	$	—	—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	119,752		2,151		—	N/A
December 31, 2018	—		—		—	N/A
Jackson Hole Funding Facility
June 30, 2026	—		1,780		—	N/A
December 31, 2025	22,374		1,771		—	N/A
December 31, 2024	399,874		1,857		—	N/A
December 31, 2023	233,019		2,003		—	N/A
December 31, 2022	360,019		1,748		—	N/A
December 31, 2021	361,007		1,802		—	N/A
December 31, 2020	362,316		2,300		—	N/A
December 31, 2019	514,151		2,151		—	N/A
December 31, 2018	120,000		2,278		—	N/A
Breckenridge Funding Facility
June 30, 2026	280,850		1,780		—	N/A
December 31, 2025	652,550		1,771		—	N/A
December 31, 2024	649,350		1,857		—	N/A
December 31, 2023	741,700		2,003		—	N/A
December 31, 2022	825,000		1,748		—	N/A
December 31, 2021	568,680		1,802		—	N/A
December 31, 2020	569,000		2,300		—	N/A
December 31, 2019	820,311		2,151		—	N/A
December 31, 2018	65,000		2,278		—	N/A
Big Sky Funding Facility
June 30, 2026	357,400		1,780		—	N/A
December 31, 2025	585,900		1,771		—	N/A
December 31, 2024	400,000		1,857		—	N/A
December 31, 2023	480,906		2,003		—	N/A
December 31, 2022	499,606		1,748		—	N/A
December 31, 2021	499,606		1,802		—	N/A
December 31, 2020	200,346		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
BXSL 2025-1 Facility
June 30, 2026	$	40,700	$	1,780	—	N/A
December 31, 2025	34,800		1,771		—	N/A
December 31, 2024	—		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
Revolving Credit Facility
June 30, 2026	1,327,279		1,780		—	N/A
December 31, 2025	1,447,497		1,771		—	N/A
December 31, 2024	1,287,140		1,857		—	N/A
December 31, 2023	682,258		2,003		—	N/A
December 31, 2022	678,378		1,748		—	N/A
December 31, 2021	915,035		1,802		—	N/A
December 31, 2020	182,901		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2023 Notes
June 30, 2026	—		—		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	400,000		1,748		—	N/A
December 31, 2021	400,000		1,802		—	N/A
December 31, 2020	400,000		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2026 Notes
June 30, 2026	—		—		—	N/A
December 31, 2025	800,000		1,771		—	N/A
December 31, 2024	800,000		1,857		—	N/A
December 31, 2023	800,000		2,003		—	N/A
December 31, 2022	800,000		1,748		—	N/A
December 31, 2021	800,000		1,802		—	N/A
December 31, 2020	800,000		2,300		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
New 2026 Notes
June 30, 2026	$	700,000	$	1,780	—	N/A
December 31, 2025	700,000		1,771		—	N/A
December 31, 2024	700,000		1,857		—	N/A
December 31, 2023	700,000		2,003		—	N/A
December 31, 2022	700,000		1,748		—	N/A
December 31, 2021	700,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2027 Notes
June 30, 2026	650,000		1,780		—	N/A
December 31, 2025	650,000		1,771		—	N/A
December 31, 2024	650,000		1,857		—	N/A
December 31, 2023	650,000		2,003		—	N/A
December 31, 2022	650,000		1,748		—	N/A
December 31, 2021	650,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2028 Notes
June 30, 2026	650,000		1,780		—	N/A
December 31, 2025	650,000		1,771		—	N/A
December 31, 2024	650,000		1,857		—	N/A
December 31, 2023	650,000		2,003		—	N/A
December 31, 2022	650,000		1,748		—	N/A
December 31, 2021	650,000		1,802		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
November 2027 Notes
June 30, 2026	400,000		1,780		—	N/A
December 31, 2025	400,000		1,771		—	N/A
December 31, 2024	400,000		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
April 2028 Notes
June 30, 2026	$	700,000	$	1,780	—	N/A
December 31, 2025	700,000		1,771		—	N/A
December 31, 2024	700,000		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
June 2030 Notes
June 30, 2026	500,000		1,780		—	N/A
December 31, 2025	500,000		1,771		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
January 2031 Notes
June 30, 2026	500,000		1,780		—	N/A
December 31, 2025	500,000		1,771		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
September 2029 Notes
June 30, 2026	400,000		1,780		—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
May 2031 Notes
June 30, 2026	$	650,000	$	1,780	—	N/A
December 31, 2025	—		—		—	N/A
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A
2024-1 Notes
June 30, 2026	457,500		1,780		—	N/A
December 31, 2025	457,500		1,771		—	N/A
December 31, 2024	457,500		1,857		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
December 31, 2020	—		—		—	N/A
December 31, 2019	—		—		—	N/A
December 31, 2018	—		—		—	N/A

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

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

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

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

As of June 30, 2026 and December 31, 2025, the aggregate principal amount of indebtedness outstanding was $7.6 billion and $8.1 billion, respectively.

Note 12. Segment Reporting

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

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the condensed consolidated financial statements as of June 30, 2026, except as discussed below.

On August 6, 2026, the Board declared a distribution of $0.77 per share to shareholders of record as of September 30, 2026, which is payable on or about October 23, 2026.

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

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

Overview and Investment Framework

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

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

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

Key Components of Our Results of Operations

Investments

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

Our level of investment activity (both the number of investments and the size of each investment) 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 SOFR, SONIA, etc. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. In some cases, our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

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

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Expenses

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

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed. Pursuant to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and the Administrator and Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Company, the Administrator and the Prior Administrator, as applicable, treat any such rights to any reimbursement for rent and other occupancy costs for prior periods as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, including for the three and six months ended June 30, 2026 and 2025. Additionally, since the Company, the Administrator and the Prior Administrator treat any such right to reimbursement for rent and occupancy costs as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, the Administrator and the Prior Administrator cannot recoup any such expenses. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

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

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Portfolio and Investment Activity

For the three months ended June 30, 2026, we made $154.3 million aggregate principal amount of new investment commitments (including $13.5 million of which remained unfunded as of June 30, 2026), $151.4 million of which was first lien debt and $2.9 million of which was equity.

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


	As of and for the three months ended June 30,
	2026			2025
Investments:
Total investments, beginning of period	$	14,296,921		$	12,952,035
New investments purchased	311,827			530,481
Payment-in-kind interest capitalized	20,121			20,350
Net accretion of discount on investments	13,202			11,135
Net realized security and foreign currency gain (loss) on investments	(31,519)			(1,232)
Investments sold or repaid	(753,962)			(185,410)
Total investments, end of period	$	13,856,590		$	13,327,359
Amount of investments funded at principal:
First lien debt	$	310,425		$	538,575
Second lien debt	—			434

Equity	2,859			1,477
Total	$	313,284		$	540,486
Proceeds from investments sold or repaid:
First lien debt	$	(745,049)		$	(184,518)
Second lien debt	(540)			(662)


Equity	(8,373)			(230)
Total	$	(753,962)		$	(185,410)

Number of new investments in new portfolio companies	5			15
Average new investment commitment amount	$	39,161		$	22,520
Weighted average yield of new investments	9.2		%	9.8		%
Weighted average yield on investments fully sold or paid down	9.3		%	10.3		%

	June 30, 2026			December 31, 2025
Number of portfolio companies	313			316
Weighted average yield on performing debt and income producing investments, at amortized cost (1)(2)	9.2		%	9.5		%
Weighted average yield on performing debt and income producing investments, at fair value (1)(2)	9.4		%	9.6		%
Average loan-to-value (LTV) (3)	51.9		%	50.5		%
Percentage of performing debt investments bearing a floating rate (4)	99.3		%	99.6		%
Percentage of performing debt investments bearing a fixed rate (4)	0.7		%	0.4		%
Percentage of assets on non-accrual, at amortized cost (5)	3.6		%	0.6		%
Percentage of assets on non-accrual, at fair value (5)	1.8		%	0.5		%

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As of June 30, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 8.8% and 9.4%, respectively. As of June 30, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 9.1% and 9.5%, respectively.

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(3)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter-end.

(4)As a percentage of total fair value of performing debt investments. As of June 30, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 96.3% and 98.4%, respectively, of total investments at fair value.

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

As of June 30, 2026 and June 30, 2025, our portfolio companies had a weighted average annual revenue of $866 million and $848 million, respectively, and weighted average annual EBITDA of $221 million and $219 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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

Results of Operations

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total investment income	$	320,469	$	344,803	$	645,940	$	702,567
Total expenses before tax expense	142,268		165,103		284,733		329,904
Net investment income before tax expense	178,201		179,700		361,207		372,663
Excise and other tax expense	4,416		3,798		8,506		7,966
Net investment income after tax expense	173,785		175,902		352,701		364,697
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	(136,502)		(11,300)		(291,397)		(55,174)
Net realized gain (loss), net of tax expense	(27,797)		(9,560)		(26,572)		(4,672)
Net increase (decrease) in net assets resulting from operations	$	9,486	$	155,042	$	34,732	$	304,851

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

Investment Income

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest income	$	298,816	$	321,083	$	601,033	$	656,769
Payment-in-kind interest income	21,092		22,173		42,627		43,526
Dividend income	—		49		20		49
Other income	561		1,498		2,260		2,223
Total investment income	$	320,469	$	344,803	$	645,940	$	702,567

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Total investment income decreased to $320.5 million for the three months ended June 30, 2026, a decrease of $24.3 million, or 7%, compared to the three months ended June 30, 2025. The decrease was primarily attributable to a lower weighted average yield on the portfolio, partially offset by an increase in average investments, compared to the three months ended June 30, 2025. Average investments at fair value increased by 5% to $13,653.2 million for the three months ended June 30, 2026, compared to $13,043.5 million for the three months ended June 30, 2025.

Total investment income decreased to $645.9 million for the six months ended June 30, 2026, a decrease of $56.6 million, or 8%, compared to the six months ended June 30, 2025. The decrease was primarily attributable to a lower weighted average yield on the portfolio, partially offset by an increase in the average investments, compared to the six months ended June 30, 2025. Average investments at fair value increased by 6% to $13,837.9 million for the six months ended June 30, 2026, compared to $13,059.8 million for the six months ended June 30, 2025.

Additionally, for the three months ended June 30, 2026, we recorded $4.4 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.), compared to $1.7 million for the same period in the prior year, primarily due to increased prepayments. For the six months ended June 30, 2026, we recorded $6.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.), compared to $14.6 million for the same period in the prior year, primarily due to decreased prepayments.

For the three months ended June 30, 2026 and 2025, Payment-in-kind (“PIK”) interest income represented 6.6% and 6.4% of total investment income, respectively, and 12.1% and 12.6% of net investment income, respectively. For the six months ended June 30, 2026 and 2025, PIK interest income represented 6.6% and 6.2% of total investment income, respectively, and 12.1% and 11.9% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

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

Elevated interest rates continued to favorably impact our investment income for the three and six months ended June 30, 2026. Despite gradual decreases in interest rates during 2025, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and for the first half of 2026 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

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Expenses

Expenses were as follows (dollar amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest expense	$	101,070	$	92,285	$	201,239	$	185,263
Management fees	35,282		34,600		71,648		68,901
Income based incentive fees	1,690		34,718		3,983		69,019
Capital gains based incentive fees	—		—		—		—
Professional fees	1,043		1,243		2,260		2,129
Board of Trustees’ fees	311		293		601		599
Administrative service expenses	1,057		744		2,182		1,710
Other general and administrative expenses	1,815		1,220		2,820		2,283



Total expenses before tax expense	142,268		165,103		284,733		329,904
Net investment income before tax expense	178,201		179,700		361,207		372,663
Excise and other tax expense	4,416		3,798		8,506		7,966
Net investment income after tax expense	$	173,785	$	175,902	$	352,701	$	364,697

Interest Expense

Total interest expense increased to $101.1 million for the three months ended June 30, 2026, an increase of $8.8 million, or 10%, compared to the same period in the prior year. The increase was primarily driven by a higher average principal amount of debt outstanding, partially offset by a lower weighted average interest rate on our borrowings relative to the same period in the prior year.

The average principal amount of debt outstanding increased to $7,920.9 million for the three months ended June 30, 2026, from $7,155.4 million for the same period in the prior year.

Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 4.95% for the three months ended June 30, 2026, from 5.03% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 5.05% for the three months ended June 30, 2026, from 5.10% for the same period in the prior year.

Total interest expense increased to $201.2 million for the six months ended June 30, 2026, an increase of $16.0 million, or 9%, compared to the same period in the prior year. The increase was primarily driven by a higher average principal amount of debt outstanding, partially offset by a lower weighted average interest rate on our borrowings relative to the same period in the prior year.

The average principal amount of debt outstanding increased to $8,046.2 million for the six months ended June 30, 2026, from $7,234.0 million for the same period in the prior year.

Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 4.89% for the six months ended June 30, 2026, from 5.02% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 4.97% for the six months ended June 30, 2026, from 5.09% for the same period in the prior year.

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Management Fees

Management fees increased to $35.3 million for the three months ended June 30, 2026, an increase of $0.7 million, or 2%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the three months ended June 30, 2026, our average quarter-end gross assets increased to $14,112.6 million, from $13,839.9 million for the three months ended June 30, 2025.

Management fees increased to $71.6 million for the six months ended June 30, 2026, an increase of $2.7 million, or 4%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the six months ended June 30, 2026, our average quarter-end gross assets increased to $14,293.9 million from $13,717.3 million for the six months ended June 30, 2025.

Income Based Incentive Fees

Income based incentive fees decreased to $1.7 million for the three months ended June 30, 2026, a decrease of $33.0 million, or 95%, compared to the same period in the prior year, primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended June 30, 2026. Pre-incentive fee net investment income decreased to $175.5 million for the three months ended June 30, 2026 from $210.6 million for the three months ended June 30, 2025.

Income based incentive fees decreased to $4.0 million for the six months ended June 30, 2026, a decrease of $65.0 million, or 94%, compared to the same period in the prior year, primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the six months ended June 30, 2026. Pre-incentive fee net investment income decreased to $356.7 million for the six months ended June 30, 2026 from $433.7 million for the six months ended June 30, 2025.

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

Capital Gains Based Incentive Fees

We accrued no capital gains based incentive fees for the three and six months ended June 30, 2026 and June 30, 2025.

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

Other Expenses

Total other expenses increased to $4.2 million for the three months ended June 30, 2026, an increase of $0.7 million or 21%, compared to the same period in the prior year. This was primarily due to an increase in other general and administrative expenses.

Total other expenses increased to $7.9 million for the six months ended June 30, 2026, an increase of $1.1 million or 17%, compared to the same period in the prior year. This was primarily due to increases in other general and administrative expenses and Administrative service expenses.

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

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Income Taxes, Including Excise Taxes

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

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended June 30, 2026 and 2025, we accrued $4.4 million and $3.8 million, respectively, of U.S. federal excise tax.

For the six months ended June 30, 2026 and 2025, we accrued $8.4 million and $8.0 million, respectively, of U.S. federal excise tax.

BGSL Investments LLC (“BGSL Investments”), a wholly-owned and consolidated subsidiary that was formed in 2019, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended June 30, 2026 and 2025, BGSL Investments recorded an income tax provision of $1.2 million and $0.3 million, respectively. For the six months ended June 30, 2026 and 2025, BGSL Investments recorded an income tax provision of $0.7 million and $1.8 million, respectively.

As of June 30, 2026 and 2025, BGSL Investments recorded a deferred tax liability of $4.7 million and $3.4 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

For the three and six months ended June 30, 2026, BGSL Investments recorded a current tax expense of $0.2 million and $0.2 million, respectively, which was substantially related to realized gains associated with the sale of an investment in a partnership interest and is included in the current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

For the three and six months ended June 30, 2025, BGSL Investments recorded a current tax expense of $0.1 million and $0.7 million, respectively, which was substantially related to realized gains associated with the sale of an investment in a partnership interest and is included in the current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

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Net Unrealized Gain (Loss)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net change in unrealized gain (loss) on investments	$	(133,383)	$	(8,318)	$	(290,994)	$	(49,073)
Net change in unrealized gain (loss) on derivative instruments	(1,777)		(3,126)		1,166		(5,047)
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies	(148)		438		(883)		720
Income tax (provision) benefit	(1,194)		(294)		(686)		(1,774)
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit	$	(136,502)	$	(11,300)	$	(291,397)	$	(55,174)

For the three months ended June 30, 2026, the net change in unrealized depreciation, net of income tax provision, was $136.5 million, compared to $11.3 million for the same period in the prior year. The increase in losses was primarily driven by net unrealized losses on investments of $133.4 million, which were mainly attributable to declines in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal, decreased by 1.0% for the three months ended June 30, 2026, driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

In addition, we recorded net unrealized losses of $1.8 million on derivative instruments, primarily resulting from fluctuations in the CAD and GBP exchange rates vs. USD.

For the six months ended June 30, 2026, the net change in unrealized depreciation, net of income tax provision, was $291.4 million, compared to $55.2 million for the same period in the prior year. The increase in losses was primarily driven by net unrealized losses on investments of $291.0 million, which were mainly attributable to declines in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal, decreased by 2.0% for the six months ended June 30, 2026, driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

In addition, we recorded net unrealized losses of $0.9 million on translation of assets and liabilities in foreign currencies, primarily attributable to fluctuations in the EUR and GBP exchange rates vs. USD.

Partially offsetting this depreciation for the six months ended June 30, 2026 were net unrealized gains of $1.2 million on derivative instruments, primarily resulting from fluctuations in the CAD, SEK and GBP exchange rates vs. USD.

Net Realized Gain (Loss)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net realized gain (loss) on investments	$	(41,447)	$	(1,230)	$	(40,286)	$	7,295
Net realized gain (loss) on derivative instruments	3,554		(7,673)		5,396		(9,727)
Net realized gain (loss) on foreign currency transactions	10,244		(541)		8,466		(1,528)
Current tax expense on realized gains	(148)		(116)		(148)		(712)
Net realized gain (loss), net of tax expense	$	(27,797)	$	(9,560)	$	(26,572)	$	(4,672)

For the three months ended June 30, 2026, the net realized loss, net of tax expense, was $27.8 million, compared to $9.6 million for the same period in the prior year. The decrease was primarily driven by net realized losses on investments of $41.4 million for the three months ended June 30, 2026, compared to $1.2 million for the same period in the prior year, mainly driven by the restructuring of certain debt investments and full or partial sales and repayments of investments.

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Partially offsetting these losses for the three months ended June 30, 2026 were realized gains of $10.2 million and $3.6 million on foreign currency transactions and derivative instruments, respectively. The net realized gains on foreign currency transactions were primarily driven by fluctuations in the EUR exchange rate vs. USD and the net realized gains on derivative instruments were primarily a result of the settlement of foreign currency derivative transactions, mainly USD vs. CAD and GBP forwards.

For the six months ended June 30, 2026, the net realized loss, net of tax expense, was $26.6 million, compared to $4.7 million for the same period in the prior year. The decrease was primarily driven by realized losses on investments of $40.3 million for the six months ended June 30, 2026, compared to a $7.3 million gain for the same period in the prior year, mainly driven by the restructuring of certain debt investments, the full or partial sales and repayments of investments.

Partially offsetting these losses for the six months ended June 30, 2026 were net realized gains of $8.5 million and $5.4 million on foreign currency transactions and derivative instruments, respectively. The net realized gains on foreign currency transactions were primarily driven by fluctuations in the EUR and GBP exchange rates vs. USD and the net realized gains on derivative instruments were primarily a result of the settlement of foreign currency derivative transactions, mainly USD vs. EUR and CAD forwards.

Financial Condition, Liquidity and Capital Resources

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

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

As of June 30, 2026 and December 31, 2025, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2026 and December 31, 2025, we had an aggregate amount of $7.6 billion and $8.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 178.0% and 177.1%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we expect to be required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Cash and cash equivalents (excluding restricted cash) of $183.4 million as of June 30, 2026, taken together with our $2.8 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.6 billion is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $81.5 million of Level 1 and Level 2 investments as of June 30, 2026.

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

As of June 30, 2026, we had $267.2 million in cash and cash equivalents (including restricted cash). During the six months ended June 30, 2026, cash provided by operating activities was $810.2 million, primarily due to proceeds from sales of investments and principal repayments of $1.2 billion and the adjustment for net unrealized depreciation of investments to net assets resulting from operations of $291.0 million, partially offset by purchases of investments of $636.6 million. Cash used in financing activities was $828.1 million during the period, which was primarily as a result of dividends paid in cash of $340.6 million and net repayments on debt of $481.8 million.

Equity

We also access liquidity through our “at-the-market” offering program (the “ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. No Common Shares were issued for the six months ended June 30, 2026, other than those issued through the Company's dividend reinvestment plan (the “DRIP”). As of June 30, 2026, $557.4 million of Common Shares were available for issuance under the ATM Program.

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

Distributions

The following table summarizes our distributions declared and payable for the six months ended June 30, 2026 (dollar amounts in thousands, except per share amounts):


Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
February 25, 2026	March 31, 2026	April 24, 2026	$	0.7700	$	178,855
May 7, 2026	June 30, 2026	July 24, 2026	0.7700		179,142

Total distributions			$	1.5400	$	357,997

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

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

Share Repurchase Plan

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

For the three and six months ended June 30, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

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

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Borrowings

As of June 30, 2026 and December 31, 2025, we had an aggregate principal amount of $7.6 billion and $8.1 billion, respectively, of debt outstanding.

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

Interest Rate Swaps

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

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

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.4 billion and $1.8 billion, respectively.

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of June 30, 2026 and December 31, 2025, we estimate that $98.3 million and $151.8 million, respectively, of investments were committed but not yet funded.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of June 30, 2026, management is not aware of any material pending legal proceedings.

Related-Party Transactions

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

•the Investment Advisory Agreement;

•the Sub-Advisory Agreement; and

•the Administration Agreement.

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

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

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Recent Developments

Macroeconomic Environment

The six months ended June 30, 2026 were characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, and ongoing political and regulatory uncertainty, as well as geopolitical instability stemming from the conflicts in Ukraine and Iran and escalating conflicts in other parts of the Middle East.

Despite ongoing uncertainty relating to geopolitical conditions, the path of interest rates and artificial intelligence disruption in certain sectors, the economic backdrop has remained constructive. Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level and interest rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and for the first half of 2026 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

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

Critical Accounting Estimates

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

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

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Interest Rate Risk

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

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

As of June 30, 2026, 99.3% of our performing debt investments based on fair value in our portfolio were at floating rates. Based on our Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering interest rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):


	Interest Income		Interest Expense		Net Income (1)
Up 300 basis points	$	397,763	$	(71,393)	$	326,370
Up 200 basis points	265,175		(47,595)		217,580
Up 100 basis points	132,588		(23,798)		108,790
Down 100 basis points	(132,588)		23,798		(108,790)
Down 200 basis points	(264,396)		47,595		(216,801)
Down 300 basis points	(382,834)		71,392		(311,442)

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

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

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

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

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

(b) Changes in Internal Controls Over Financial Reporting

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

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

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

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

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

For the three and six months ended June 30, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.


Exhibit Number						Description of Exhibits

3.1						Fourth Amended and Restated Declaration of Trust, dated as of October 18, 2021 (incorporated by reference to Exhibit (a)(1) to the Company’s Registration Statement on Form N-2 filed on October 18, 2021).

3.2						Amended and Restated Bylaws, dated as of October 18, 2021 (incorporated by reference to Exhibit (b) to the Company’s Registration Statement on Form N-2 filed on October 18, 2021).

4.1						Eleventh Supplemental Indenture, dated as of May 21, 2026, relating to the 5.900% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 21, 2026).

4.2						Form of 5.900% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on May 21, 2026).

10.1						Fifth Amendment to the Second Amended and Restated Credit Agreement, dated May 21, 2026 by and between Big Sky Funding and Bank of America, N.A., as lender and administrative agent.*

10.2						Sixth Amendment to the Amended and Restated Loan and Security Agreement among Jackson Hole Funding, the Company, the lenders party thereto, Citibank, N.A., Virtus Group, LP and JPMorgan Chase Bank, National Association, dated March 3, 2026.*



31.1						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2						Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

32.2						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

_________________________

* Filed herewith.

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

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SIGNATURES

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


		Blackstone Secured Lending Fund


Date:	August 6, 2026	/s/ Brad Marshall
		Brad Marshall
		Chief Executive Officer
		(Principal Executive Officer)






Date:	August 6, 2026	/s/ Teddy Desloge
		Teddy Desloge
		Chief Financial Officer
		(Principal Financial Officer)

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