Blackstone Secured Lending Fund (BXSL)

About Blackstone Secured Lending Fund

Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The fund also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC. The fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective primarily through originated loans, equity and other securities, including syndicated loans, of private U.S. companies, specifically small and middle market 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.

BXSL passes 1 of our 30 screens today

Each screen prints the exact criteria it used, and the circumstances in which it is wrong.

Smart money ownership

5 of the funds we track reported a position in their latest SEC 13F filing. Largest first:

• George Soros, SOROS FUND MANAGEMENT LLC$20.55M · 0.2% of book
• Two Sigma, TWO SIGMA INVESTMENTS, LP$14.86M · 0.0% of book
• Israel Englander, MILLENNIUM MANAGEMENT LLC$13.49M · 0.0% of book
• D. E. Shaw, D. E. Shaw & Co., Inc.$11.39M · 0.0% of book
• Cliff Asness, AQR CAPITAL MANAGEMENT LLC$667.2K · 0.0% of book

A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.

Common questions