Blackstone Secured Lending Fund

Frequently Asked Questions About BXSL

What does BXSL invest in?

Blackstone Secured Lending Fund (BXSL) is a Delaware statutory trust, established on March 26, 2018, that operates as an externally managed, non-diversified closed-end investment fund. On October 26, 2018, it formally became regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Additionally, for U.S. federal income tax purposes, it has chosen and plans to retain its status as a Regulated Investment Company (RIC), as defined by Subchapter M of the Internal Revenue Code of 1986. The fund's core mission is to generate current income, complemented by a secondary focus on long-term capital appreciation. To achieve these goals, BXSL primarily invests in private U.S. small and middle-market companies. Its strategy centers on originating various debt and equity securities, most notably first lien senior secured and unitranche loans (which encompass first out/last out structures). While these form the bulk of its holdings, the fund also selectively invests in syndicated loans, second lien, third lien, unsecured, and subordinated loans, as well as other debt and equity instruments.

What is the expense ratio of BXSL?

An expense ratio for Blackstone Secured Lending Fund (BXSL) is not available from our data sources. Neither our market-data feed nor the SEC's structured prospectus and annual-report datasets report one for this share class. The fund's prospectus on the issuer's site carries the authoritative fee.

How big is BXSL?

Blackstone Secured Lending Fund (BXSL) manages $5.38B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is BXSL actively managed or an index fund?

BXSL is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds in exchange for the discretion to over- or under-weight positions.

When was BXSL launched?

Blackstone Secured Lending Fund (BXSL) launched in October 2021 and is managed by the fund issuer.

How has BXSL performed?

BXSL's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.