# Blackstone Secured Lending Fund

Summary updated: 2026-10-02T16:22:25.522822Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=P102271652)[2](https://www.bxsl.com/)[3](https://www.stifel.com/prospectusfiles/PD_4642.pdf)

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](https://app.finbar.com/go?id=P68050088)[5](https://www.sec.gov/Archives/edgar/data/1736035/000119312526288435/d66517dars.pdf)[6](https://ebs.publicnow.com/view/36DEB7F5DDF7F2796308830DAE5E7AAB66758F01)
[1](https://app.finbar.com/go?id=P102271652)[4](https://app.finbar.com/go?id=P68050088)[2](https://www.bxsl.com/)[3](https://www.stifel.com/prospectusfiles/PD_4642.pdf)[5](https://www.sec.gov/Archives/edgar/data/1736035/000119312526288435/d66517dars.pdf)[6](https://ebs.publicnow.com/view/36DEB7F5DDF7F2796308830DAE5E7AAB66758F01)

## 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](https://www.bxsl.com/investor-services-faqs/) The portfolio also includes second-lien and unsecured debt, equity investments, revolving credit commitments, and delayed-draw term loans. [8](https://app.finbar.com/go?id=T16876182)[9](https://app.finbar.com/go?id=T16876244)

The Fund’s lending capabilities include floating-rate loans: 96.3% of debt investments were floating-rate as of June 30, 2026. [10](https://www.bxsl.com/portfolio/) Loan terms can include specified reference rates and spreads, payment-in-kind interest, and contractual maturity dates. [8](https://app.finbar.com/go?id=T16876182) 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](https://app.finbar.com/go?id=P154855503)
[7](https://www.bxsl.com/investor-services-faqs/)[8](https://app.finbar.com/go?id=T16876182)[9](https://app.finbar.com/go?id=T16876244)[10](https://www.bxsl.com/portfolio/)[11](https://app.finbar.com/go?id=P154855503)[7](https://www.bxsl.com/investor-services-faqs/)[10](https://www.bxsl.com/portfolio/)

## 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](https://www.sec.gov/Archives/edgar/data/1736035/000173603526000016/bxsl-20260630.htm)

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](https://www.sec.gov/Archives/edgar/data/1736035/000173603526000016/bxsl-20260630.htm)
[13](https://app.finbar.com/go?id=T16876226)[12](https://www.sec.gov/Archives/edgar/data/1736035/000173603526000016/bxsl-20260630.htm)

## 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](https://app.finbar.com/go?id=P147497734)[15](https://app.finbar.com/go?id=P147498237)

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](https://app.finbar.com/go?id=P34856265)[9](https://app.finbar.com/go?id=T16876244)
[14](https://app.finbar.com/go?id=P147497734)[15](https://app.finbar.com/go?id=P147498237)[16](https://app.finbar.com/go?id=P34856265)[9](https://app.finbar.com/go?id=T16876244)[9](https://app.finbar.com/go?id=T16876244)[9](https://app.finbar.com/go?id=T16876244)[9](https://app.finbar.com/go?id=T16876244)

## 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](https://app.finbar.com/go?id=P147497621) 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](https://www.sec.gov/Archives/edgar/data/1736035/000119312520314881/d96415dex991.htm)

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](https://app.finbar.com/go?id=P48656896)[20](https://www.bxsl.com/press-releases/article/blackstone-secured-lending-fund-prices-initial-public-offering/) On January 10, 2023, Jonathan Bock was appointed co-CEO alongside Brad Marshall, who remained chairman and co-CEO. [21](https://www.sec.gov/Archives/edgar/data/1736035/000119312523005202/d423536d8k.htm)
[17](https://app.finbar.com/go?id=P147497621)[19](https://app.finbar.com/go?id=P48656896)[18](https://www.sec.gov/Archives/edgar/data/1736035/000119312520314881/d96415dex991.htm)[20](https://www.bxsl.com/press-releases/article/blackstone-secured-lending-fund-prices-initial-public-offering/)[21](https://www.sec.gov/Archives/edgar/data/1736035/000119312523005202/d423536d8k.htm)

## Sources

1. [Blackstone Secured Lending Fund — Full financial report (2025 Y)](https://app.finbar.com/go?id=P102271652)
2. [www.bxsl.com](https://www.bxsl.com/)
3. [www.stifel.com](https://www.stifel.com/prospectusfiles/PD_4642.pdf)
4. [Blackstone Secured Lending Fund — Full financial report (2025 Y)](https://app.finbar.com/go?id=P68050088)
5. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1736035/000119312526288435/d66517dars.pdf)
6. [ebs.publicnow.com](https://ebs.publicnow.com/view/36DEB7F5DDF7F2796308830DAE5E7AAB66758F01)
7. [www.bxsl.com](https://www.bxsl.com/investor-services-faqs/)
8. [Blackstone Secured Lending Fund — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16876182)
9. [Blackstone Secured Lending Fund — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16876244)
10. [www.bxsl.com](https://www.bxsl.com/portfolio/)
11. [Blackstone Secured Lending Fund — Transcript (2026 Q 2)](https://app.finbar.com/go?id=P154855503)
12. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1736035/000173603526000016/bxsl-20260630.htm)
13. [Blackstone Secured Lending Fund — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16876226)
14. [Blackstone Secured Lending Fund — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P147497734)
15. [Blackstone Secured Lending Fund — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P147498237)
16. [Blackstone Secured Lending Fund — Full financial report (2026 Q 1)](https://app.finbar.com/go?id=P34856265)
17. [Blackstone Secured Lending Fund — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P147497621)
18. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1736035/000119312520314881/d96415dex991.htm)
19. [Blackstone Secured Lending Fund — Full financial report (2021 Y)](https://app.finbar.com/go?id=P48656896)
20. [www.bxsl.com](https://www.bxsl.com/press-releases/article/blackstone-secured-lending-fund-prices-initial-public-offering/)
21. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1736035/000119312523005202/d423536d8k.htm)

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