Blackstone Secured Lending Fund

Overview

Blackstone Secured Lending Fund (BXSL) is a business development company focused on private credit. It primarily lends to private U.S. companies through first-lien senior secured and unitranche loans, with other debt and equity investments also permitted; its stated investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.[1]+2

The fund’s focus is primarily U.S.-based, although it may invest opportunistically in non-U.S. companies. For the year ended December 31, 2025, it reported approximately $1.4 billion in total investment income.[4]+2 [1]+5

Products & services

Blackstone Secured Lending Fund’s principal investment products are first-lien senior-secured and unitranche loans to private companies. Under normal market conditions, the Fund generally invests at least 80% of its total assets in secured debt, while it may also invest in other loans and debt or equity securities.[7] The portfolio also includes second-lien and unsecured debt, equity investments, revolving credit commitments, and delayed-draw term loans.[8][9]

The Fund’s lending capabilities include floating-rate loans: 96.3% of debt investments were floating-rate as of June 30, 2026.[10] Loan terms can include specified reference rates and spreads, payment-in-kind interest, and contractual maturity dates.[8] For the quarter discussed in the 2026 earnings call, payment-in-kind income represented 6.6% of total investment income; the available performance figures are fund-level rather than returns by individual product type.[11] [7]+6

Geographic presence

Blackstone Secured Lending Fund primarily invests in debt issued by private U.S. companies. Its filings do not provide a quantified portfolio allocation or revenue breakdown by country or region.[12]

The Q2 2026 investment schedule includes Canadian Hospital Specialties, Ltd., a Canadian investment denominated in Canadian dollars; this indicates a Canadian holding but does not establish its share of the portfolio. The fund’s principal office is in New York, and no BXSL-specific employee distribution by geography was identified.[12] [13][12]

Business segments

Blackstone Secured Lending Fund reports a single operating and reportable segment, rather than separate business segments. That segment represents 100% of the reported business; the company does not report separate segment contributions by investment income or fair value.[14][15]

The Fund’s investment focus is primarily secured debt, including first-lien senior-secured and unitranche loans; it may also invest in other debt and equity securities. These investment types are not reported as business segments. As a portfolio-mix proxy, at June 30, 2026, investments at fair value were approximately 96.8% first-lien debt, 1.9% second-lien debt, 0.1% unsecured debt and 1.2% equity.[16][9] [14]+6

Company history

Blackstone Secured Lending Fund was formed as a Delaware statutory trust on March 26, 2018, and elected to be regulated as a business development company on October 26, 2018.[17] On December 10, 2020, it changed its name from Blackstone / GSO Secured Lending Fund to Blackstone Secured Lending Fund, reflecting the change in Blackstone’s credit-business branding.[18]

The fund completed its initial public offering on October 28, 2021, and its shares began trading on the New York Stock Exchange under the ticker BXSL.[19][20] On January 10, 2023, Jonathan Bock was appointed co-CEO alongside Brad Marshall, who remained chairman and co-CEO.[21] [17]+4

Sources

• Blackstone Secured Lending Fund — Full financial report (2025 Y)[1][4]
• www.bxsl.com[2]
• www.stifel.com[3]
• www.sec.gov[5]
• ebs.publicnow.com[6]
• www.bxsl.com[7]
• Blackstone Secured Lending Fund — Full financial report (2026 Q 2)
  6 citations

  [8][9][13][14][15][17]
• www.bxsl.com[10]
• Blackstone Secured Lending Fund — Transcript (2026 Q 2)[11]
• www.sec.gov[12]
• Blackstone Secured Lending Fund — Full financial report (2026 Q 1)[16]
• www.sec.gov[18]
• Blackstone Secured Lending Fund — Full financial report (2021 Y)[19]
• www.bxsl.com[20]
• www.sec.gov[21]