UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)

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

For the quarterly period ended March 31, 2026

OR

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

For the transition period from                      to                      

Commission File Number 814-01299

_______________________________________________________________________

Blackstone Secured Lending Fund

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

Delaware						82-7020632
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
345 Park Avenue 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 May 4, 2026, the Registrant had 232,652,003 common shares of beneficial interest (“Common Shares”), $0.001 par value per share, outstanding.

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Table of Contents

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

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

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

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

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

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

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

•our contractual arrangements and relationships with third parties;

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

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

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

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

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

•the impact of future acquisitions and divestitures;

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

•general price and volume fluctuations in the stock market;

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

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

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

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

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

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

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WEBSITE DISCLOSURE

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

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Blackstone Secured Lending Fund

Condensed Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

(Unaudited)

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

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 March 31,
			2026						2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income			$	302,216					$	335,647
Payment-in-kind interest income			21,006						20,818
Dividend income			20						—
Other income			1,699						725
From non-controlled/affiliated investments:
Interest income			—						39
Payment-in-kind interest income			530						535
Total investment income			325,471						357,764
Expenses:
Interest expense			100,169						92,976
Management fees (Note 3)			36,366						34,301
Income based incentive fees (Note 3)			2,294						34,301
Capital gains based incentive fees (Note 3)			—						—
Professional fees			1,217						886
Board of Trustees’ fees			290						306
Administrative service expenses (Note 3)			1,125						966
Other general and administrative expenses			1,006						1,063
Total expenses before tax expense			142,467						164,799
Net investment income before tax expense			183,004						192,965
Excise and other tax expense			4,090						4,169
Net investment income after tax expense			178,914						188,796
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(155,134)						(40,105)
Non-controlled/affiliated investments			(2,477)						(649)
Derivative instruments (Note 6)			2,943						(1,921)
Translation of assets and liabilities in foreign currencies			(735)						282
Income tax (provision) benefit			508						(1,481)
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit			(154,895)						(43,874)
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 March 31,
			2026						2025
Net realized gain (loss):
Non-controlled/non-affiliated investments			$	1,161					$	8,525
Non-controlled/affiliated investments			—						—
Derivative instruments (Note 6)			1,842						(2,055)
Foreign currency transactions			(1,776)						(987)
Current tax expense on realized gains			—						(596)
Net realized gain (loss), net of tax expense			1,227						4,887
Net realized and change in unrealized gain (loss)			(153,668)						(38,987)
Net increase (decrease) in net assets resulting from operations			$	25,246					$	149,809
Net investment income per share (basic and diluted)			$	0.77					$	0.83
Earnings (loss) per share (basic and diluted)			$	0.11					$	0.66
Weighted average shares outstanding (basic and diluted)			232,203,849						226,577,167
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, December 31, 2025						$	232					$	6,047,750					$	197,193					$	6,245,175
Issuance of Common Shares, net of offering and underwriting costs						—						—						—						—
Reinvestment of dividends (1)						—						8,114						—						8,114
Net investment income after tax expense						—						—						178,914						178,914
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit						—						—						(154,895)						(154,895)
Net realized gain (loss), net of tax expense						—						—						1,227						1,227
Dividends declared and payable from net investment income						—						—						(178,855)						(178,855)
Balance, March 31, 2026						$	232					$	6,055,864					$	43,584					$	6,099,680

						Par Amount						Additional Paid in Capital						Distributable Earnings (Loss)						Total Net Assets
Balance, December 31, 2024						$	222					$	5,749,762					$	326,537					$	6,076,521
Issuance of Common Shares, net of offering and underwriting costs						6						184,824						—						184,830
Reinvestment of dividends (1)						—						5,130						—						5,130
Net investment income after tax expense						—						—						188,796						188,796
Net change in unrealized appreciation (depreciation), net of income tax (provision) benefit						—						—						(43,874)						(43,874)
Net realized gain (loss), net of tax expense						—						—						4,887						4,887
Dividends declared and payable from net investment income						—						—						(175,421)						(175,421)
Balance, March 31, 2025						$	228					$	5,939,716					$	300,925					$	6,240,869

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

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

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

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

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Blackstone Secured Lending Fund

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

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

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

10

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

11

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

12

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

13

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

14

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

15

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

16

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

17

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

18

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

19

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

20

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

21

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

22

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

23

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

24

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

25

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

26

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

27

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

28

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

29

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

30

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

31

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

32

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

33

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

34

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

35

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

36

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments (1)(19)						Footnotes						Reference Rate and Spread (2)									Interest Rate (2)(15)						Acquisition Date						Maturity Date						Par Amount/Units (1)						Cost (3)						Fair Value						% of Net Assets
Equity
Equity - non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. - Common Equity						(4)																					3/28/2022												4,767						$	4,767					$	7,877					0.14		%
Air Freight & Logistics
Mode Holdings, LP - Class A-2 Common Units						(4)																					12/9/2019												5,486,923						5,486						604						0.01
Red Griffin ParentCo, LLC - Class A Common Units						(4)																					11/27/2024												935						3,968						903						0.01
																																													9,454						1,507						0.02
Biotechnology
Axsome Therapeutics, Inc. - Common Stock						(6)																					5/6/2025												2,397						257						405						0.01
Commercial Services & Supplies
Genstar Neptune Blocker, LLC - Blocker Note						(4)																					12/2/2024												8,738						9						9						0.00
Genstar Neptune Blocker, LLC - Blocker Units						(4)																					12/2/2024												218						343						401						0.01
Genstar Neptune Blocker, LLC - Class Z Units						(4)																					12/2/2024												57						81						96						0.00
GTCR Investors, LP - Class A-1 Common Units						(4)																					9/29/2023												417,006						417						619						0.01
GTCR/Jupiter Blocker, LLC - Blocker Note						(4)																					12/2/2024												6,291						6						6						0.00
GTCR/Jupiter Blocker, LLC - Class Z Units						(4)																					12/2/2024												41						58						69						0.00
Jupiter Ultimate Holdings, LLC - Class A Common Units						(4)																					11/8/2024												1						0						0						0.00
Jupiter Ultimate Holdings, LLC - Class B Common Units						(4)																					11/8/2024												278						218						231						0.00
Jupiter Ultimate Holdings, LLC - Class C Common Units						(4)																					11/8/2024												278,074						221						289						0.00
RC VI Buckeye Holdings, LLC - LLC Units						(4)																					1/2/2025												161,291						161						187						0.00
																																													1,514						1,907						0.02

37

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

38

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

39

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

40

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

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

41

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

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

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

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

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

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

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

123Dentist, Inc.

Delayed Draw Term Loan

9/16/2027

$

18,176

$

—

Abacus Holdco 2, Oy

Delayed Draw Term Loan

8/13/2027

177

—

Accordion Partners, LLC

Revolver

11/15/2031

1,789

(9)

Accordion Partners, LLC

Delayed Draw Term Loan

12/17/2027

6,425

—

Accuity Delivery Systems, LLC

Revolver

5/29/2031

5,327

(27)

Accuity Delivery Systems, LLC

Delayed Draw Term Loan

5/29/2026

15,982

(80)

ACI Group Holdings, Inc.

Revolver

8/2/2027

116

—

Acumatica Holdings, Inc.

Revolver

7/28/2032

1,935

(19)

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

780

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

675

—

AI Titan Parent, Inc.

Revolver

8/29/2031

544

(5)

Albireo Energy, LLC

Delayed Draw Term Loan

8/5/2027

25,000

—

Align Precision Group, LLC

Delayed Draw Term Loan

4/3/2030

135

—

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

4,447

—

Amerilife Holdings, LLC

Revolver

8/31/2028

13,350

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

29

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

31,555

(79)

Amerivet Partners Management, Inc.

Revolver

2/25/2028

589

—

Anaplan, Inc.

Revolver

6/21/2028

161

(3)

Animal Wellness Investments S.p.A

Delayed Draw Term Loan

1/15/2029

2,418

—

Apex Companies, LLC

Delayed Draw Term Loan

10/24/2027

20,497

—

Armada Parent, Inc.

Revolver

10/29/2030

3,000

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

9,126

—

Aryeh Bidco Investment, Ltd.

Revolver

1/14/2033

748

(7)

Aryeh Bidco Investment, Ltd.

Delayed Draw Term Loan

1/14/2028

898

—

Ascend Buyer, LLC

Revolver

9/30/2028

2,572

—

AuditBoard, Inc.

Revolver

7/12/2031

1,766

(4)

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2026

8,805

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2027

8,805

—

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

4,104

(17)

42

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2027

$

729

$

(7)

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

10,339

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

142

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

872

—

Banyan Software Holdings, LLC

Delayed Draw Term Loan

10/8/2027

9,646

—

Bayshore Intermediate #2, LP

Revolver

10/1/2027

6,936

—

Bazaarvoice, Inc.

Revolver

5/7/2029

37,992

(190)

Beacon Dc, Ltd.

Delayed Draw Term Loan

12/4/2027

27,239

(156)

Beacon Dc, Ltd.

Revolver

12/4/2032

18,530

—

Bimini Group Purchaser, Inc.

Revolver

4/26/2031

7,337

—

Biotouch Global Solutions, Inc.

Delayed Draw Term Loan

8/27/2027

5,409

(41)

Biotouch Global Solutions, Inc.

Revolver

8/27/2032

865

—

Bluefin Holding, LLC

Revolver

9/12/2029

2,244

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

6,409

—

Brilliance Technologies, Inc.

Revolver

3/11/2032

900

(5)

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

1,200

(1)

Caerus US 1, Inc.

Revolver

5/25/2029

265

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

43,592

—

Cambrex Corp.

Revolver

3/5/2032

2,243

—

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

1,607

—

Carr Riggs & Ingram Capital, LLC

Revolver

11/18/2031

583

—

Carr Riggs & Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

2,544

—

Castle Management Borrower, LLC

Revolver

11/3/2029

1,925

—

Castle Management Borrower, LLC

Delayed Draw Term Loan

12/9/2027

14,164

—

CCI Buyer, Inc.

Revolver

5/13/2032

1,289

(13)

CFGI Holdings, LLC

Revolver

11/2/2029

1,050

(26)

CFS Brands, LLC

Revolver

10/2/2029

6,907

—

Channelside AcquisitionCo, Inc.

Revolver

3/31/2028

3,178

(48)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/9/2027

6,235

(16)

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

493

—

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

1,152

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2029

20,763

—

Chartwell Cumming Holding, Corp.

Delayed Draw Term Loan

2/23/2028

25,000

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

17

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

81

—

Cisive Holdings Corp.

Revolver

12/7/2029

1,111

(22)

Clearview Buyer, Inc.

Revolver

2/26/2029

1,142

—

Commander Buyer, Inc.

Delayed Draw Term Loan

6/26/2027

8,671

(43)

Commander Buyer, Inc.

Revolver

6/26/2032

5,781

(58)

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

868

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

7/8/2027

4,531

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

3,471

(156)

Connatix Buyer, Inc.

Revolver

7/14/2027

2,390

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

341

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

2,361

(4)

Consor Intermediate II, LLC

Revolver

5/10/2031

800

—

Continental Buyer, Inc.

Revolver

4/2/2031

2,715

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,350

(22)

Continental Buyer, Inc.

Revolver

4/2/2031

2,081

(10)

43

---

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Continental Buyer, Inc.

Delayed Draw Term Loan

4/21/2028

$

4,163

$

(10)

Coupa Software, Inc.

Delayed Draw Term Loan

6/3/2027

164

(6)

Coupa Software, Inc.

Revolver

2/27/2029

126

(8)

CRCI Longhorn Holdings, Inc.

Revolver

8/27/2031

1,912

(16)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

8/27/2026

2,867

—

Creek Parent, Inc.

Revolver

12/18/2031

9,893

(173)

Crewline Buyer, Inc.

Revolver

11/8/2030

6,438

—

Crumbl Enterprises, LLC

Revolver

4/30/2032

120

(1)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

2,002

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

5,904

(59)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

5/23/2027

1,735

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

1,737

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

5/23/2027

1,165

—

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

1,724

—

DCG Acquisition Corp.

Revolver

6/13/2031

5,937

(59)

Denali Bidco, Ltd.

Delayed Draw Term Loan

9/5/2027

300

(3)

Denali Intermediate Holdings, Inc.

Revolver

8/26/2032

924

—

Denali TopCo, LLC

Delayed Draw Term Loan

8/26/2028

4,977

(25)

Denali TopCo, LLC

Revolver

8/26/2032

2,389

(12)

Discovery Education, Inc.

Revolver

4/9/2029

1,644

—

Divisions Holding Corp.

Revolver

4/17/2032

140

(1)

DM Intermediate Parent, LLC

Revolver

9/30/2030

4,790

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

9/30/2026

187

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

12/19/2027

7,898

—

Doit International, Ltd.

Revolver

11/26/2029

5,803

—

Doit International, Ltd.

Delayed Draw Term Loan

11/25/2026

11,606

(87)

DTA Intermediate II, Ltd.

Revolver

3/27/2030

10,769

—

Duro Dyne National Corp.

Revolver

11/15/2031

6,002

—

Duro Dyne National Corp.

Delayed Draw Term Loan

11/15/2026

6,002

(30)

Dwyer Instruments, LLC

Revolver

7/20/2029

712

—

Eagan Parent, Inc.

Delayed Draw Term Loan

9/8/2027

90

—

Eagan Parent, Inc.

Revolver

9/8/2032

48

—

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

31

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2026

13,505

(180)

Edison Bidco, AS

Delayed Draw Term Loan

12/18/2026

687

—

Electro Switch Business Trust, LLC

Revolver

9/2/2032

4,345

(43)

ELK Bidco, Inc.

Revolver

6/13/2032

3,373

(17)

ELK Bidco, Inc.

Delayed Draw Term Loan

12/13/2027

3,747

(9)

EMB Purchaser, Inc.

Revolver

3/12/2032

2,196

—

EMB Purchaser, Inc.

Delayed Draw Term Loan

3/13/2028

4,182

—

Emergency Power Holdings, LLC

Delayed Draw Term Loan

8/17/2027

2,864

(4)

Endeavor Schools Holdings, LLC

Delayed Draw Term Loan

1/3/2027

9,765

—

ENV Bidco, AB

Delayed Draw Term Loan

7/29/2026

311

(4)

Essential Services Holding Corp.

Delayed Draw Term Loan

6/17/2026

2,297

(11)

Essential Services Holding Corp.

Revolver

6/17/2030

861

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2026

3,378

—

Everbridge Holdings, LLC

Revolver

7/2/2031

2,222

—

Experity, Inc.

Delayed Draw Term Loan

9/13/2026

4,457

(22)

Experity, Inc.

Revolver

2/22/2030

1,495

(15)

44

---

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Falcon Parent Holdings, Inc.

Delayed Draw Term Loan

8/15/2027

$

2,169

$

(16)

Falcon Parent Holdings, Inc.

Revolver

11/6/2031

2,035

—

Fastener Distribution Holdings, LLC

Delayed Draw Term Loan

10/31/2026

7,125

—

Fern Bidco, Ltd.

Delayed Draw Term Loan

7/3/2027

10,035

—

Firmus Supercloud Pty Ltd

Delayed Draw Term Loan

3/15/2027

77,858

—

Flexera Software, LLC

Revolver

8/15/2032

2,473

(6)

Foundation Risk Partners Corp.

Revolver

10/29/2029

3,332

—

Foundation Risk Partners Corp.

Delayed Draw Term Loan

2/26/2027

2,142

—

Frontgrade Technologies Holdings, Inc.

Revolver

1/9/2028

464

—

Frontline Road Safety, LLC

Revolver

3/4/2032

2,565

(13)

Frontline Road Safety, LLC

Delayed Draw Term Loan

3/4/2028

2,633

—

FusionSite Midco, LLC

Revolver

11/17/2029

4,087

—

FusionSite Midco, LLC

Delayed Draw Term Loan

4/30/2026

5,034

—

G&A Partners Holding Company II, LLC

Revolver

3/1/2030

3,288

(66)

Galway Borrower, LLC

Revolver

9/29/2028

5,641

—

Gatekeeper Systems, Inc.

Delayed Draw Term Loan

8/27/2026

7,218

—

Gatekeeper Systems, Inc.

Revolver

8/28/2030

3,175

(111)

GFT Infrastructure, Inc.

Revolver

8/5/2030

3,742

—

GGG Midco, LLC

Delayed Draw

4/1/2028

2,948

—

GGG Midco, LLC

Term Loan

4/1/2033

7,167

—

GGG Midco, LLC

Revolver

4/1/2033

1,445

—

GI Ranger Intermediate, LLC

Revolver

10/29/2027

720

—

Gigamon, Inc.

Revolver

3/10/2028

437

(11)

Gimlet Bidco, GmbH

Delayed Draw Term Loan

7/30/2028

32,166

—

Granicus, Inc.

Revolver

1/17/2031

2,448

—

Granicus, Inc.

Delayed Draw Term Loan

7/31/2026

388

(4)

Grid Alliance Partners, LLC

Delayed Draw Term Loan

7/1/2027

725

(5)

Grid Alliance Partners, LLC

Revolver

7/1/2030

2,740

—

Griffon Bidco, Inc.

Delayed Draw Term Loan

9/30/2027

4,072

(20)

Griffon Bidco, Inc.

Revolver

7/31/2031

4,072

(41)

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

7/2/2027

497

—

Ground Penetrating Radar Systems, LLC

Revolver

1/2/2032

288

—

GS Acquisitionco, Inc.

Revolver

5/25/2028

951

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

1,429

(4)

Guardian Bidco, Inc.

Delayed Draw Term Loan

8/14/2028

711

(7)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

101

—

High Street Buyer, Inc.

Revolver

4/16/2027

2,254

(45)

High Street Buyer, Inc.

Delayed Draw Term Loan

7/18/2027

24,141

—

Home Service TopCo IV, Inc.

Revolver

12/30/2027

3,509

(38)

Horizon CTS Buyer, LLC

Revolver

3/28/2032

206

—

Icefall Parent, Inc.

Revolver

1/25/2030

3,897

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

13,164

(99)

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

11,010

(28)

IG Investments Holdings, LLC

Revolver

9/22/2028

4,416

—

Imagine 360, LLC

Delayed Draw Term Loan

9/18/2026

2,413

(12)

Imagine 360, LLC

Revolver

9/30/2028

1,514

(15)

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

10,488

—

INK BC Bidco S.p.A.

Delayed Draw Term Loan

7/16/2028

2,483

—

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/27/2026

9,278

—

45

---

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

$

2,791

$

(14)

IQN Holding Corp.

Revolver

5/2/2028

246

—

IRI Group Holdings, Inc.

Revolver

12/1/2028

14,316

—

Iris Buyer, LLC

Revolver

10/2/2029

3,850

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

1,650

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

151

(1)

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

54

—

Java Buyer, Inc.

Revolver

12/15/2030

1,713

—

Java Buyer, Inc.

Delayed Draw Term Loan

2/6/2028

3,492

—

Java Buyer, Inc.

Delayed Draw Term Loan

2/6/2028

888

—

Jeppesen Holdings, LLC

Revolver

11/1/2032

3,340

(25)

JS Parent, Inc.

Revolver

4/24/2031

3,452

(17)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

7,492

(37)

Kattegat Project Bidco, AB

Delayed Draw Term Loan

10/5/2026

7,030

(94)

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

437

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

251

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

406

(4)

Koala Investment Holdings, Inc.

Delayed Draw Term Loan

2/29/2028

266

(1)

Koala Investment Holdings, Inc.

Revolver

8/29/2032

118

(1)

Kona Buyer, LLC

Revolver

7/23/2031

167

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

6/27/2027

440

(2)

Kwol Acquisition, Inc.

Revolver

12/6/2029

1,659

—

LogicMonitor, Inc.

Revolver

11/19/2031

1,992

(25)

LogicMonitor, Inc.

Delayed Draw Term Loan

9/1/2027

2,722

(17)

LPW Group Holdings, Inc.

Revolver

3/15/2030

5,373

—

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

4,345

(26)

Magic Bidco, Inc.

Delayed Draw Term Loan

7/1/2026

6,568

—

Magic Bidco, Inc.

Revolver

7/1/2030

371

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

5,508

(41)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

873

—

MannKind Corp.

Delayed Draw Term Loan

8/6/2027

5,435

—

Material Holdings, LLC

Revolver

8/19/2027

353

—

Material Holdings, LLC

Delayed Draw Term Loan

8/19/2027

1,685

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,327

—

MEDX AMCP Holdings, LLC

Delayed Draw Term Loan

7/21/2027

1,692

(8)

MEDX AMCP Holdings, LLC

Revolver

7/21/2032

724

(7)

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

161

—

ML Holdco, LLC

Delayed Draw Term Loan

10/24/2027

300

(1)

Modernizing Medicine, Inc.

Revolver

4/30/2032

827

(8)

More Cowbell II, LLC

Revolver

9/1/2029

1,177

—

More Cowbell II, LLC

Delayed Draw Term Loan

9/3/2027

871

(11)

MPG Parent Holdings, LLC

Revolver

1/8/2030

1,339

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

2,439

—

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

58

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

35

—

MRI Software, LLC

Revolver

2/10/2028

6,033

—

MRI Software, LLC

Delayed Draw Term Loan

10/2/2027

3,137

—

NAVEX TopCo, Inc.

Revolver

10/14/2031

5,910

(124)

NAVEX TopCo, Inc.

Delayed Draw Term Loan

10/14/2027

10,494

(26)

46

---

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

$

7,762

$

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

NDC Acquisition Corp.

Revolver

3/9/2028

2,055

—

NDT Global Holding, Inc.

Revolver

6/4/2032

165

—

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

194

—

Nephele III, BV

Delayed Draw Term Loan

12/17/2027

28

—

Neptune Holdings, Inc.

Revolver

8/31/2029

933

(23)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

11/17/2027

3,130

(16)

Netsmart Technologies, Inc.

Revolver

8/23/2031

4,432

(44)

Noble Midco 3, Ltd.

Delayed Draw Term Loan

6/10/2027

3,875

(19)

Noble Midco 3, Ltd.

Revolver

12/10/2030

2,002

—

North Haven Ushc Acquisition, Inc.

Revolver

10/29/2027

273

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

4,222

—

Octane Purchaser, Inc.

Revolver

5/19/2032

491

(2)

Octane Purchaser, Inc.

Delayed Draw Term Loan

11/19/2027

1,227

—

Odevo, AB

Delayed Draw Term Loan

12/12/2027

36,872

(181)

Onward Acquireco, Inc.

Delayed Draw Term Loan

4/1/2028

6,275

(24)

Onward Acquireco, Inc.

Revolver

4/1/2033

2,614

—

Optimizely North America, Inc.

Revolver

10/30/2031

1,218

(12)

Oxford Global Resources, Inc.

Revolver

8/17/2027

3,085

—

Paisley Bidco, Ltd.

Delayed Draw Term Loan

5/7/2027

906

(3)

PAS Parent, Inc.

Delayed Draw Term Loan

8/18/2028

705

(4)

PAS Parent, Inc.

Revolver

8/18/2031

328

(3)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

469

(9)

Pave America Holding, LLC

Revolver

8/27/2032

2,403

—

Pave America Holding, LLC

Delayed Draw Term Loan

8/29/2027

3,493

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

253

—

Petrus Buyer, Inc.

Revolver

10/17/2029

194

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

5,009

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/18/2026

369

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

141

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

99

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

187

—

Profile Products, LLC

Revolver

11/12/2027

207

—

Profile Products, LLC

Revolver

11/12/2027

190

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

3,688

—

QBS Parent, Inc.

Revolver

6/3/2032

1,908

—

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

3,472

—

R1 Holdings, LLC

Revolver

12/29/2028

31

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

87

—

RailPros Parent, LLC

Revolver

5/24/2032

62

(1)

Rally Buyer, Inc.

Revolver

7/19/2029

52

—

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

11,113

—

Red Pathway Bidco, AB

Delayed Draw Term Loan

4/15/2028

3,962

—

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

4,608

—

Redwood Services Group, LLC

Delayed Draw Term Loan

2/11/2028

25,000

—

Saber Power Services, LLC

Revolver

10/21/2031

3,846

—

SAFEbuilt, LLC

Delayed Draw Term Loan

1/8/2028

3,378

(17)

SAFEbuilt, LLC

Revolver

1/8/2032

1,267

(13)

47

---

Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Safety Borrower Holdings, LP

Revolver

12/19/2032

$

611

$

—

Safety Borrower Holdings, LP

Delayed Draw Term Loan

12/19/2027

917

(2)

Sail Bidco, Ltd.

Delayed Draw Term Loan

5/28/2029

1,910

(10)

Sam Holding Co, Inc.

Revolver

3/24/2027

6,000

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

11/5/2026

9,800

—

Scorpio BidCo SAS

Delayed Draw Term Loan

10/4/2026

4,818

(51)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

1,169

—

Seahawk Bidco, LLC

Revolver

12/19/2030

3,097

—

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/24/2027

20,814

(52)

SEKO Global Logistics Network, LLC

Delayed Draw Term Loan

5/10/2027

91

—

Seven Bidco, SASU

Delayed Draw Term Loan

8/29/2028

689

(3)

SG Acquisition, Inc.

Revolver

4/3/2030

8,301

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

6/16/2026

7,142

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

12/16/2028

8,241

—

Signant Finance One, Ltd.

Revolver

10/16/2031

3,623

(15)

Signant Finance One, Ltd.

Delayed Draw Term Loan

10/16/2027

8,696

(43)

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

338

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

1,076

(11)

SIQ Holdings III Corp.

Delayed Draw Term Loan

12/19/2027

3,667

—

SIQ Holdings III Corp.

Revolver

12/19/2030

3,107

—

Smile Doctors, LLC

Revolver

12/23/2027

1,233

(43)

Solis Midco, SAS

Delayed Draw Term Loan

4/8/2029

145

—

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

13,072

(65)

Spaceship Purchaser, Inc.

Revolver

10/17/2031

10,894

(109)

SpecialtyCare, Inc.

Revolver

12/18/2029

1,047

(10)

SpecialtyCare, Inc.

Delayed Draw Term Loan

8/26/2027

317

—

Spectrum Safety Solutions Purchaser, LLC

Delayed Draw Term Loan

7/1/2026

12,901

—

Spectrum Safety Solutions Purchaser, LLC

Revolver

7/1/2030

8,432

—

Speedster Bidco, GmbH

Revolver

6/10/2031

1,801

(140)

Stepping Stones Healthcare Services, LLC

Revolver

1/5/2033

451

(10)

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

1/5/2028

726

—

STV Group, Inc.

Revolver

3/20/2030

4,883

—

Tango Bidco, SAS

Delayed Draw Term Loan

7/15/2028

23,054

—

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

962

(7)

Tango Bidco, SAS

Delayed Draw Term Loan

10/17/2027

1,058

—

TEI Intermediate, LLC

Delayed Draw Term Loan

12/13/2026

2,869

—

TEI Intermediate, LLC

Revolver

12/13/2031

2,539

—

Teneo Holdings, LLC

Delayed Draw Term Loan

7/31/2027

5,324

—

Teneo Holdings, LLC

Revolver

7/31/2030

10,115

—

Tennessee Bidco, Limited

Delayed Draw Term Loan

7/1/2026

13,160

—

The Fertility Partners, Inc.

Revolver

9/16/2027

301

(10)

The North Highland Co, LLC

Revolver

12/20/2030

3,500

—

The North Highland Co, LLC

Delayed Draw Term Loan

12/20/2026

5,903

(30)

Themis Solutions, Inc.

Delayed Draw Term Loan

10/29/2027

10,319

(103)

Themis Solutions, Inc.

Revolver

10/29/2032

8,599

(86)

THG Acquisition, LLC

Revolver

10/31/2031

980

—

THG Acquisition, LLC

Delayed Draw Term Loan

10/31/2026

1,601

—

Titan Investment Company, Inc.

Delayed Draw Term Loan

4/29/2026

304

—

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

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

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

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

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

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

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

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

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

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Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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

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

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

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

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

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

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Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty						Currency Purchased						Currency Sold						Settlement Date						Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.						USD	65,701					CAD	90,000					6/25/2026						$	974
Wells Fargo Bank, N.A.						USD	75,631					EUR	65,250					6/25/2026						200
Wells Fargo Bank, N.A.						USD	2,783					NOK	26,704					6/25/2026						46
Wells Fargo Bank, N.A.						USD	1,856					DKK	11,958					6/25/2026						5
Wells Fargo Bank, N.A.						USD	62,560					GBP	47,000					6/25/2026						611
Wells Fargo Bank, N.A.						USD	23,347					SEK	217,760					6/25/2026						416
Total Foreign Currency Forward Contracts																								$	2,252

Interest Rate Swaps
Counterparty						Hedged Item						Company Receives						Company Pays									Maturity Date						Notional Amount						Fair Market Value						Upfront Payments / Receipts						Change in Unrealized Appreciation (Depreciation)
SMBC Capital Markets, Inc.						November 2027 Notes						5.88%						SOFR +			1.38%						11/15/2027						$	400,000					$	11,205					$	—					$	2,954
Wells Fargo Bank, N.A.						April 2028 Notes						5.35%						SOFR +			1.65%						4/13/2028						400,000						5,343						—						2,855
Wells Fargo Bank, N.A.						April 2028 Notes						5.35%						SOFR +			1.39%						4/13/2028						300,000						1,834						—						(1,969)
Wells Fargo Bank, N.A.						June 2030 Notes						5.30%						SOFR +			1.46%						6/30/2030						500,000						10,635						—						2,970
Wells Fargo Bank, N.A.						January 2031 Notes						5.13%						SOFR +			1.66%						1/31/2031						500,000						(4,545)						—						(2,656)
Wells Fargo Bank, N.A.						September 2029 Notes						5.25%						SOFR +			1.93%						9/4/2029						400,000						(4,179)						—						(4,178)
Total Interest Rate Swaps																																							$	20,293					$	—					$	(24)

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

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

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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

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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

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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

54

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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

55

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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

56

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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

57

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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

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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

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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

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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

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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

62

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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

63

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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

64

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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

65

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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

66

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

81

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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		%

82

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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 represents contractual dividend rates on certain preferred equity positions.

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

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

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

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

$

23,908

$

—

Abacus Holdco 2, Oy

Delayed Draw Term Loan

10/14/2027

177

—

Accordion Partners, LLC

Revolver

11/15/2031

1,789

(9)

Accordion Partners, LLC

Delayed Draw Term Loan

12/17/2027

8,432

(21)

Accuity Delivery Systems, LLC

Revolver

5/29/2031

5,327

(27)

Accuity Delivery Systems, LLC

Delayed Draw Term Loan

5/29/2026

15,982

—

ACI Group Holdings, Inc.

Revolver

8/2/2027

116

—

Acumatica Holdings, Inc.

Revolver

7/28/2032

1,935

(19)

ADCS Clinics Intermediate Holdings, LLC

Revolver

5/7/2026

1,115

—

AI Altius US Bidco, Inc.

Delayed Draw Term Loan

5/21/2026

500

—

AI Titan Parent, Inc.

Delayed Draw Term Loan

9/30/2026

675

—

AI Titan Parent, Inc.

Revolver

8/29/2031

544

(5)

Align Precision Group, LLC

Delayed Draw Term Loan

4/3/2030

560

—

Allium Buyer, LLC

Revolver

5/2/2029

249

(7)

American Restoration Holdings, LLC

Revolver

7/24/2030

601

—

American Restoration Holdings, LLC

Delayed Draw Term Loan

2/19/2027

5,210

—

Amerilife Holdings, LLC

Revolver

8/31/2028

13,350

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

6/17/2026

29

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

2/28/2027

31,555

(79)

Amerivet Partners Management, Inc.

Revolver

2/25/2028

589

—

Anaplan, Inc.

Revolver

6/21/2028

161

(3)

Animal Wellness Investments SpA

Term Loan

1/15/2033

14,878

—

Animal Wellness Investments SpA

Delayed Draw Term Loan

1/15/2029

2,400

—

Apex Companies, LLC

Delayed Draw Term Loan

8/28/2026

1,030

—

Apex Companies, LLC

Delayed Draw Term Loan

10/24/2027

28,233

(141)

83

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Armada Parent, Inc.

Revolver

10/29/2030

$

3,000

$

—

Arnhem BidCo, GmbH

Delayed Draw Term Loan

10/1/2027

9,126

—

Aryeh Bidco Investment Ltd

Term Loan

1/14/2033

5,634

—

Aryeh Bidco Investment Ltd

Delayed Draw Term Loan

1/14/2028

1,049

—

Aryeh Bidco Investment Ltd

Revolver

1/14/2033

749

—

Ascend Buyer, LLC

Revolver

9/30/2028

2,572

—

AuditBoard, Inc.

Revolver

7/12/2031

1,766

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2026

8,805

—

Axsome Therapeutics, Inc.

Delayed Draw Term Loan

5/31/2027

8,805

—

Azurite Intermediate Holdings, Inc.

Revolver

3/19/2031

4,104

(17)

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2027

1,260

(13)

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

10,339

—

Bamboo US BidCo, LLC

Delayed Draw Term Loan

11/20/2026

24

—

Bamboo US BidCo, LLC

Revolver

9/29/2029

142

—

Banyan Software Holdings, LLC

Revolver

1/2/2031

1,006

(3)

Banyan Software Holdings, LLC

Delayed Draw Term Loan

10/8/2027

10,169

—

Bayshore Intermediate #2, LP

Revolver

10/1/2027

6,936

—

Bazaarvoice, Inc.

Revolver

5/7/2029

37,992

—

Beacon Dc, Ltd.

Delayed Draw Term Loan

12/4/2027

27,239

—

Beacon Dc, Ltd.

Revolver

12/4/2032

18,530

—

Bimini Group Purchaser, Inc.

Revolver

4/26/2031

7,337

—

Biotouch Global Solutions, Inc.

Delayed Draw Term Loan

8/27/2027

5,409

(41)

Biotouch Global Solutions, Inc.

Revolver

8/27/2032

1,623

(24)

Bluefin Holding, LLC

Revolver

9/12/2029

2,244

—

Brave Parent Holdings, Inc.

Revolver

11/28/2030

3,641

—

Brilliance Technologies, Inc.

Revolver

3/11/2032

900

—

Brilliance Technologies, Inc.

Delayed Draw Term Loan

9/11/2027

1,200

(1)

Caerus US 1, Inc.

Revolver

5/25/2029

273

—

Cambium Learning Group, Inc.

Revolver

7/20/2027

43,592

—

Cambrex Corp.

Revolver

3/5/2032

2,741

—

Cambrex Corp.

Delayed Draw Term Loan

3/5/2027

3,323

(17)

Cambrex Corp.

Delayed Draw Term Loan

3/24/2026

7,735

—

Canadian Hospital Specialties, Ltd.

Revolver

4/15/2027

1,500

—

Carr Riggs & Ingram Capital, LLC

Revolver

11/18/2031

1,726

(9)

Carr Riggs & Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

2,757

—

Castle Management Borrower, LLC

Revolver

11/3/2029

2,917

—

Castle Management Borrower, LLC

Delayed Draw Term Loan

12/9/2027

14,164

—

CCI Buyer, Inc.

Revolver

5/13/2032

1,289

(13)

CFGI Holdings, LLC

Revolver

11/2/2027

1,050

(21)

CFS Brands, LLC

Revolver

10/2/2029

8,483

—

Channelside AcquisitionCo, Inc.

Revolver

3/31/2028

2,913

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/9/2027

6,235

(16)

Charger Debt Merger Sub, LLC

Revolver

5/31/2030

1,152

—

Charger Debt Merger Sub, LLC

Delayed Draw Term Loan

5/31/2026

1,152

—

Chartwell Cumming Holding, Corp.

Revolver

11/16/2029

20,763

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

18

—

Cielo Bidco, Ltd.

Delayed Draw Term Loan

3/31/2030

100

—

Cisive Holdings Corp.

Revolver

12/7/2029

1,111

(22)

Clearview Buyer, Inc.

Revolver

2/26/2029

1,142

—

84

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Commander Buyer, Inc.

Delayed Draw Term Loan

6/26/2027

$

8,671

$

(43)

Commander Buyer, Inc.

Revolver

6/26/2032

5,781

(58)

Community Management Holdings Midco 2, LLC

Revolver

11/1/2031

965

—

Community Management Holdings Midco 2, LLC

Delayed Draw Term Loan

7/8/2027

4,531

—

Compsych Investments Corp.

Delayed Draw Term Loan

7/22/2027

3,471

(152)

Connatix Buyer, Inc.

Revolver

7/14/2027

3,042

—

Connatix Buyer, Inc.

Delayed Draw Term Loan

4/9/2026

510

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

5/10/2026

2,361

—

Consor Intermediate II, LLC

Revolver

5/10/2031

854

—

Continental Buyer, Inc.

Revolver

4/2/2031

2,715

—

Continental Buyer, Inc.

Revolver

4/2/2031

4,350

(22)

Continental Buyer, Inc.

Revolver

4/2/2031

2,081

(10)

Continental Buyer, Inc.

Delayed Draw Term Loan

4/21/2028

4,163

(10)

Coupa Software, Inc.

Delayed Draw Term Loan

6/3/2027

164

—

Coupa Software, Inc.

Revolver

2/27/2029

126

(1)

CRCI Longhorn Holdings, Inc.

Revolver

8/27/2031

1,912

(16)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

8/27/2026

2,867

—

Creek Parent, Inc.

Revolver

12/18/2031

9,893

(173)

Crewline Buyer, Inc.

Revolver

11/8/2030

6,438

—

Crumbl Enterprises, LLC

Revolver

4/30/2032

120

(1)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

1,914

—

CT Technologies Intermediate Holdings, Inc.

Revolver

8/30/2031

5,904

(59)

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/30/2026

1,735

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

7/10/2027

88

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

1,737

—

CT Technologies Intermediate Holdings, Inc.

Delayed Draw Term Loan

8/5/2027

1,165

—

DCG Acquisition Corp.

Revolver

6/13/2031

5,937

(59)

DCG Acquisition Corp.

Delayed Draw Term Loan

6/13/2026

1,724

—

Denali Bidco, Ltd.

Delayed Draw Term Loan

9/5/2027

300

(3)

Denali Intermediate Holdings, Inc.

Revolver

8/26/2032

924

(9)

Denali TopCo, LLC

Delayed Draw Term Loan

8/26/2028

4,977

(25)

Denali TopCo, LLC

Revolver

8/26/2032

2,389

(12)

Discovery Education, Inc.

Revolver

4/9/2029

987

—

Divisions Holding Corp.

Revolver

4/17/2032

140

(1)

DM Intermediate Parent, LLC

Revolver

9/30/2030

4,790

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

9/30/2026

3,082

—

DM Intermediate Parent, LLC

Delayed Draw Term Loan

12/19/2027

13,319

(67)

Doit International, Ltd.

Delayed Draw Term Loan

11/25/2026

11,606

(87)

Doit International, Ltd.

Revolver

11/26/2029

5,803

—

Dropbox, Inc.

Delayed Draw Term Loan

12/10/2026

44,118

(221)

DTA Intermediate II, Ltd.

Revolver

3/27/2030

10,769

—

Duro Dyne National Corp.

Delayed Draw Term Loan

11/15/2026

6,002

(30)

Duro Dyne National Corp.

Revolver

11/15/2031

6,002

—

Dwyer Instruments, LLC

Revolver

7/20/2029

823

—

Eagan Parent, Inc.

Delayed Draw Term Loan

9/8/2027

90

—

Eagan Parent, Inc.

Revolver

9/8/2032

48

—

East River Bidco, GmbH

Delayed Draw Term Loan

3/26/2028

31

—

Eden Acquisitionco, Ltd.

Delayed Draw Term Loan

11/17/2026

13,505

(183)

Edison Bidco, AS

Delayed Draw Term Loan

12/5/2026

687

—

85

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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

—

86

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

GS Acquisitionco, Inc.

Revolver

5/25/2028

$

1,259

$

—

GS Acquisitionco, Inc.

Delayed Draw Term Loan

5/16/2027

1,429

(4)

Guardian Bidco, Inc.

Delayed Draw Term Loan

8/14/2028

711

(7)

Gusto Sing Bidco Pte, Ltd.

Delayed Draw Term Loan

11/15/2027

101

—

High Street Buyer, Inc.

Revolver

4/16/2027

2,254

(45)

High Street Buyer, Inc.

Delayed Draw Term Loan

7/18/2027

25,572

—

Home Service TopCo IV, Inc.

Revolver

12/30/2027

3,509

(38)

Horizon CTS Buyer, LLC

Revolver

3/28/2032

206

—

Icefall Parent, Inc.

Revolver

1/17/2030

3,897

—

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

13,164

(99)

IEM New Sub 2, LLC

Delayed Draw Term Loan

12/3/2027

11,010

—

IG Investments Holdings, LLC

Revolver

9/22/2028

4,416

—

Imagine 360, LLC

Delayed Draw Term Loan

9/18/2026

2,413

(12)

Imagine 360, LLC

Revolver

9/30/2028

1,514

(15)

Inception Fertility Ventures, LLC

Revolver

4/29/2030

728

—

Inception Fertility Ventures, LLC

Delayed Draw Term Loan

4/29/2026

10,488

—

INK BC Bidco S.p.A.

Delayed Draw Term Loan

7/16/2028

4,166

(42)

Integrity Marketing Acquisition, LLC

Delayed Draw Term Loan

8/23/2026

9,278

(16)

Integrity Marketing Acquisition, LLC

Revolver

8/25/2028

2,791

(14)

IQN Holding Corp.

Revolver

5/2/2028

207

—

IRI Group Holdings, Inc.

Revolver

12/1/2028

14,316

—

Iris Buyer, LLC

Revolver

10/2/2029

3,673

—

Iris Buyer, LLC

Delayed Draw Term Loan

8/4/2026

1,827

—

ISQ Hawkeye Holdco, Inc.

Revolver

8/20/2030

54

—

ISQ Hawkeye Holdco, Inc.

Delayed Draw Term Loan

8/20/2026

151

—

Java Buyer, Inc.

Revolver

12/15/2027

367

—

Java Buyer, Inc.

Revolver

12/15/2027

735

—

Java Buyer, Inc.

Delayed Draw Term Loan

5/9/2027

2,173

—

Jeppesen Holdings, LLC

Revolver

10/31/2032

3,340

(25)

JS Parent, Inc.

Revolver

4/24/2031

3,452

(17)

JSS Holdings, Inc.

Delayed Draw Term Loan

11/8/2026

7,492

(37)

Kattegat Project Bidco, AB

Delayed Draw Term Loan

10/5/2026

7,030

(95)

King Bidco S.P.E.C.

Delayed Draw Term Loan

6/26/2028

88

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2029

1,032

—

Knowledge Pro Buyer, Inc.

Delayed Draw Term Loan

6/11/2027

741

—

Knowledge Pro Buyer, Inc.

Revolver

12/10/2027

406

(4)

Koala Investment Holdings, Inc.

Delayed Draw Term Loan

2/29/2028

266

(1)

Koala Investment Holdings, Inc.

Revolver

8/29/2032

118

(1)

Kona Buyer, LLC

Revolver

7/23/2031

167

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

6/27/2027

440

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

291

(1)

Kona Buyer, LLC

Delayed Draw Term Loan

7/23/2026

260

(1)

Kwol Acquisition, Inc.

Revolver

12/6/2029

1,345

—

Kwol Acquisition, Inc.

Delayed Draw Term Loan

8/25/2027

84

—

LogicMonitor, Inc.

Revolver

11/15/2031

1,992

(25)

LogicMonitor, Inc.

Delayed Draw Term Loan

9/1/2027

2,722

(17)

LPW Group Holdings, Inc.

Revolver

3/15/2030

5,373

(54)

Lsf12 Crown US Commercial Bidco, LLC

Revolver

12/2/2029

4,345

(6)

Magic Bidco, Inc.

Delayed Draw Term Loan

7/1/2026

6,568

—

87

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Magic Bidco, Inc.

Revolver

7/1/2030

$

371

$

—

Magneto Components BuyCo, LLC

Revolver

12/5/2029

5,508

(41)

Mandolin Technology Intermediate Holdings, Inc.

Revolver

4/30/2028

807

—

MannKind Corp.

Delayed Draw Term Loan

8/6/2027

5,435

—

Material Holdings, LLC

Revolver

8/19/2027

353

—

Material Holdings, LLC

Delayed Draw Term Loan

8/19/2027

2,182

—

MB2 Dental Solutions, LLC

Delayed Draw Term Loan

2/13/2026

3,962

—

MB2 Dental Solutions, LLC

Revolver

2/13/2031

1,133

—

MEDX AMCP Holdings, LLC

Revolver

7/21/2032

724

(7)

MEDX AMCP Holdings, LLC

Delayed Draw Term Loan

7/21/2027

1,701

(9)

Mercury Bidco Globe, Limited

Delayed Draw Term Loan

1/18/2026

1,881

—

MHE Intermediate Holdings, LLC

Revolver

7/21/2027

161

—

ML Holdco, LLC

Delayed Draw Term Loan

10/24/2027

300

—

Modernizing Medicine, Inc.

Revolver

4/30/2032

827

(8)

More Cowbell II, LLC

Delayed Draw Term Loan

9/3/2027

871

(11)

More Cowbell II, LLC

Revolver

9/1/2029

1,177

—

MPG Parent Holdings, LLC

Revolver

1/8/2030

1,339

—

MPG Parent Holdings, LLC

Delayed Draw Term Loan

1/8/2027

2,439

—

MRH Trowe Beteiligungsgesellschaft mbH

Delayed Draw Term Loan

5/15/2028

70

—

MRH Trowe Beteiligungsgesellschaft mbH

Revolver

11/15/2031

35

—

MRI Software, LLC

Revolver

2/10/2028

6,435

—

MRI Software, LLC

Delayed Draw Term Loan

10/2/2027

4,501

—

NAVEX TopCo, Inc.

Revolver

10/14/2031

5,910

(184)

NAVEX TopCo, Inc.

Delayed Draw Term Loan

10/14/2027

10,494

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

Navigator Acquiror, Inc.

Delayed Draw Term Loan

7/15/2030

7,762

—

NDC Acquisition Corp.

Revolver

3/9/2028

3,083

—

NDT Global Holding, Inc.

Revolver

6/4/2032

173

(2)

NDT Global Holding, Inc.

Delayed Draw Term Loan

6/4/2027

194

—

Nephele III, BV

Delayed Draw Term Loan

1/14/2028

25

—

Neptune BidCo, SAS

Delayed Draw Term Loan

3/31/2027

205

—

Neptune Holdings, Inc.

Revolver

8/31/2029

933

(23)

Netsmart Technologies, Inc.

Delayed Draw Term Loan

8/23/2026

3,130

(16)

Netsmart Technologies, Inc.

Revolver

8/23/2031

4,432

—

Noble Midco 3, Ltd.

Delayed Draw Term Loan

6/10/2027

3,875

(19)

Noble Midco 3, Ltd.

Revolver

12/10/2030

2,390

—

North Haven Ushc Acquisition, Inc.

Revolver

10/29/2027

359

—

North Haven Ushc Acquisition, Inc.

Delayed Draw Term Loan

8/28/2026

4,544

—

Octane Purchaser, Inc.

Delayed Draw Term Loan

11/19/2027

1,227

—

Octane Purchaser, Inc.

Revolver

5/19/2032

491

(2)

Odevo, AB

Delayed Draw Term Loan

12/12/2027

5,494

—

Odevo, AB

Delayed Draw Term Loan

9/17/2028

41,966

(209)

Onex Baltimore Buyer, Inc.

Delayed Draw Term Loan

3/19/2026

4,275

—

Optimizely North America, Inc.

Revolver

10/30/2031

1,218

(12)

Oxford Global Resources, Inc.

Revolver

8/17/2027

3,085

—

Paisley Bidco, Ltd.

Delayed Draw Term Loan

5/7/2027

906

(3)

PAS Parent, Inc.

Delayed Draw Term Loan

8/18/2028

705

(4)

PAS Parent, Inc.

Revolver

8/18/2031

328

(3)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

469

(9)

88

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Table of Contents

Blackstone Secured Lending Fund

Condensed Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(Unaudited)

Investments

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Pave America Holding, LLC

Revolver

8/27/2032

$

2,601

$

—

Pave America Holding, LLC

Delayed Draw Term Loan

8/29/2027

3,493

—

PDI TA Holdings, Inc.

Revolver

2/3/2031

1,013

—

Petrus Buyer, Inc.

Revolver

10/17/2029

272

—

Phoenix 1 Buyer Corp.

Revolver

11/20/2029

5,009

—

PKF O'Connor Davies Advisory, LLC

Delayed Draw Term Loan

11/18/2026

389

—

PKF O'Connor Davies Advisory, LLC

Revolver

11/15/2031

141

—

PPV Intermediate Holdings, LLC

Revolver

8/31/2029

139

—

PPV Intermediate Holdings, LLC

Delayed Draw Term Loan

8/7/2026

187

—

Profile Products, LLC

Revolver

11/12/2027

373

(4)

Profile Products, LLC

Revolver

11/12/2027

176

—

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

4/9/2026

3,688

—

QBS Parent, Inc.

Revolver

6/3/2032

1,734

—

QBS Parent, Inc.

Delayed Draw Term Loan

6/3/2027

3,472

—

R1 Holdings, LLC

Revolver

12/29/2028

31

—

RailPros Parent, LLC

Delayed Draw Term Loan

5/24/2027

124

(1)

RailPros Parent, LLC

Revolver

5/24/2032

62

(1)

Rally Buyer, Inc.

Revolver

7/19/2029

46

—

Red Fox CD Acquisition Corp.

Delayed Draw Term Loan

11/21/2026

16,235

—

Red Pathway Bidco, AB

Delayed Draw Term Loan

4/15/2028

6,793

(52)

Redwood Services Group, LLC

Delayed Draw Term Loan

1/3/2027

4,608

—

Relativity ODA, LLC

Revolver

5/12/2029

2,966

(74)

Saber Power Services, LLC

Revolver

10/21/2031

3,077

—

Safety Borrower Holdings, LP

Revolver

12/19/2032

611

—

Safety Borrower Holdings, LP

Delayed Draw Term Loan

12/19/2027

917

—

Sail Bidco, Ltd.

Delayed Draw Term Loan

5/28/2029

1,910

—

Sam Holding Co, Inc.

Revolver

3/24/2027

6,000

—

Sam Holding Co, Inc.

Delayed Draw Term Loan

11/5/2026

9,800

—

Scorpio BidCo SAS

Delayed Draw Term Loan

3/10/2026

4,818

(52)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/19/2026

2,656

—

Seahawk Bidco, LLC

Revolver

12/19/2030

3,753

(34)

Seahawk Bidco, LLC

Delayed Draw Term Loan

12/24/2027

20,814

—

SEKO Global Logistics Network, LLC

Delayed Draw Term Loan

5/10/2027

91

—

Seven Bidco, SASU

Delayed Draw Term Loan

8/29/2028

689

(3)

SG Acquisition, Inc.

Revolver

4/3/2030

8,301

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

6/16/2026

7,142

—

SI Swan UK Bidco, Ltd.

Delayed Draw Term Loan

12/16/2028

8,241

—

Signant Finance One, Ltd.

Revolver

10/16/2031

3,623

(36)

Signant Finance One, Ltd.

Delayed Draw Term Loan

10/16/2027

8,696

—

Simplicity Financial Marketing Group Holdings, Inc.

Delayed Draw Term Loan

12/31/2026

1,122

—

Simplicity Financial Marketing Group Holdings, Inc.

Revolver

12/31/2031

1,076

(11)

SIQ Holdings III Corp.

Delayed Draw Term Loan

12/19/2027

6,667

—

SIQ Holdings III Corp.

Revolver

12/19/2030

3,107

—

Smile Doctors, LLC

Revolver

12/23/2027

1,233

(43)

Solis Midco, SAS

Delayed Draw Term Loan

4/8/2029

145

—

Spaceship Purchaser, Inc.

Revolver

10/17/2031

10,894

(109)

Spaceship Purchaser, Inc.

Delayed Draw Term Loan

10/17/2027

13,072

(65)

SpecialtyCare, Inc.

Delayed Draw Term Loan

8/26/2027

317

—

89

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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

—

90

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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.

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

(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), excluding Axsome Therapeutics, Inc. - Common Stock, and may be deemed to be “restricted securities.” As of 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%.

91

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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.

92

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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.

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

Use of Estimates

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

Consolidation

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

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

Cash and Cash Equivalents and Restricted Cash

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

Investments

Investment transactions are recorded on a trade date basis.

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

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

Valuation of Investments

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

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

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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 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 months ended March 31, 2026 and 2025, the Company recorded $2.5 million and $12.9 million, respectively, in non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

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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 March 31, 2026. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

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

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

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

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

Distributions

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

Segment Reporting

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

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

Recent Accounting Pronouncements

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

Note 3. Agreements and Related Party Transactions

Advisory Agreements

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

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

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

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

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

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Base Management Fees

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

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

Incentive Fees

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

(i) Income Based Incentive Fee:

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

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

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

(ii) Capital Gains Based Incentive Fee:

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

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

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

Administration Agreements

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

Sub-Administration and Custody Agreement

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

Note 4. Investments

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

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

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

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

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(Unaudited)

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

			March 31, 2026
			Cost						Fair Value						% of Total Investments at Fair Value						Fair Value as % of Net Assets
United States			$	12,300,117					$	11,919,845					85.5		%				195.4		%
Europe			1,687,271						1,710,103						12.2						28.1
Canada			149,780						151,492						1.1						2.5
Bermuda/Cayman Islands			147,876						148,611						1.1						2.4
Asia			11,877						12,089						0.1						0.2
Total			$	14,296,921					$	13,942,140					100.0		%				228.6		%

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 5. Fair Value Measurements

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

			March 31, 2026
			Level 1						Level 2						Level 3						Total
First lien debt			$	—					$	199,598					$	13,409,419					$	13,609,017
Second lien debt			—						—						228,827						228,827
Unsecured debt			—						—						12,502						12,502
Equity			405						—						91,389						91,794
Total			$	405					$	199,598					$	13,742,137					$	13,942,140

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

Financial Instruments Not Carried at Fair Value

Debt

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

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

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

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(Unaudited)

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

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

Other

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

Note 6. Derivatives

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

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

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

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

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(Unaudited)

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

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

In the tables above:

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

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

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

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

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

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

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(Unaudited)

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

Offsetting of Derivative Instruments

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

						As of March 31, 2026
Counterparty						Derivative Assets Subject to Master Netting Agreement						Derivatives Available for Offset						Cash Collateral Offset						Net Amount Derivative Asset						Cash Collateral Received (1)						Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.						$	11,205					$	—					$	—					$	11,205					$	—					$	—
Wells Fargo Bank, N.A.						20,063						(8,723)						—						11,340						—						—
						$	31,268					$	(8,723)					$	—					$	22,545					$	—					$	—
Counterparty						Derivative Liabilities Subject to Master Netting Agreement						Derivatives Available for Offset						Cash Collateral Offset						Net Amount Derivative Liabilities						Cash Collateral Posted (1)						Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.						$	—					$	—					$	—					$	—					$	1,821					$	1,821
Wells Fargo Bank, N.A.						(8,723)						8,723						—						—						—						—
						$	(8,723)					$	8,723					$	—					$	—					$	1,821					$	1,821

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Hedging

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

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

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

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

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

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

Note 7. Borrowings

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

SPV Financing Facilities

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

Jackson Hole Funding Facility

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

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

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

Breckenridge Funding Facility

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Big Sky Funding Facility

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

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

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

BXSL 2025-1 Facility

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

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

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

Revolving Credit Facility

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

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

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

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Unsecured Notes

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

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

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

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

2026 Notes

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

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

New 2026 Notes

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

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

2027 Notes

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

2028 Notes

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

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

November 2027 Notes

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

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

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

April 2028 Notes

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

June 2030 Notes

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

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

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

January 2031 Notes

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

September 2029 Notes

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

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

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

Debt Securitizations

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

2024-1 CLO Debt Securitization

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

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

March 31, 2026

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes (2)

Senior Secured Floating Rate

$

—

SOFR + 1.51%

Aaa

Class A-L Loans (2)

Senior Secured Floating Rate

412,500

SOFR + 1.51%

Aaa

Class B Notes

Senior Secured Floating Rate

45,000

SOFR + 1.78%

Aa2

Class C Notes (1)

Mezzanine Secured Deferrable Floating Rate

52,500

SOFR + 2.00%

A2

Total Secured Notes

510,000

Subordinated Notes (1)

Subordinated

236,770

None

Not Rated

Total 2024-1 Notes

$

746,770

None

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

The Company’s outstanding debt obligations were as follows:

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

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

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

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

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

•CAD 38.4 million

•EUR 469.5 million

•GBP 293.5 million

•AUD 1.0 million

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

•CAD 30.7 million

•EUR 417.2 million

•GBP 293.5 million

•AUD 1.0 million

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

The components of interest expense were as follows:

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

Note 8. Commitments and Contingencies

Portfolio Company Commitments

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Other Commitments and Contingencies

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

Note 9. Net Assets

Shares Issued

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

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

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

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

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

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

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

Distributions

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

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

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

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

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Dividend Reinvestment

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

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

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

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

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

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

Share Repurchase Plan

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 10. Earnings Per Share

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

Note 11. Financial Highlights and Senior Securities

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

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

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

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

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

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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Blackstone Secured Lending Fund

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

Note 12. Segment Reporting

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

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

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

Note 13. Subsequent Events

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

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

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

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

Overview and Investment Framework

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

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

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

Key Components of Our Results of Operations

Investments

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

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

Revenues

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

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

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Expenses

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

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

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

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Portfolio and Investment Activity

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

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

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

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

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

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

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

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

As of March 31, 2026 and March 31, 2025, our portfolio companies had a weighted average annual revenue of $841 million and $818 million, respectively, and weighted average annual EBITDA of $224 million and $210 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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

Results of Operations

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

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

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

Investment Income

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

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

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

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

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

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

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

Expenses

Expenses were as follows (dollar amounts in thousands):

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

Interest Expense

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

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

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

Management Fees

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

Income Based Incentive Fees

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

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

Capital Gains Based Incentive Fees

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

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

Other Expenses

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

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

Income Taxes, Including Excise Taxes

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

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

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

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

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

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

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

Net Unrealized Gain (Loss)

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

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

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

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

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

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Net Realized Gain (Loss)

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

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

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

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

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

Financial Condition, Liquidity and Capital Resources

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

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

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

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

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

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

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

Equity

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

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

Distributions

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

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

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

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

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Share Repurchase Plan

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

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

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

Borrowings

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

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

Interest Rate Swaps

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

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

Off-Balance Sheet Arrangements

Portfolio Company Commitments

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

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

Other Commitments and Contingencies

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

Related-Party Transactions

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

•the Investment Advisory Agreement;

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•the Sub-Advisory Agreement; and

•the Administration Agreement.

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

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

Recent Developments

Macroeconomic Environment

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

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

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

Critical Accounting Estimates

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

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

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Interest Rate Risk

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

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

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

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

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

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

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

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

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

(b) Changes in Internal Controls Over Financial Reporting

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

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

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

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

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

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

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

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

_________________________

*    Filed herewith.

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

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SIGNATURES

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

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

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