Blackstone Secured Lending Fund

Previous wording

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.

Current wording

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.

Previous wording

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 PIK interest. The principal amount of loans and any accrued but unpaid interest generally become due at the maturity date.

Current wording

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.

Previous wording

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 Administrator and the Prior Administrator have waived their rights to any reimbursement for rent and other occupancy costs for the three months ended March 31, 2025 and 2024, respectively. 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. All of the foregoing expenses will ultimately be borne by our shareholders.

Current wording

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 Administrator and the Prior Administrator, as applicable, have waived their rights to any reimbursement for rent and other occupancy costs for the three and six months ended June 30, 2025 and 2024. 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. All of the foregoing expenses will ultimately be borne by our shareholders.

Previous wording

For the three months ended March 31, 2025, we made $755.9 million aggregate principal amount of new investment commitments (including $289.5 million of which remained unfunded as of March 31, 2025), $755.7 million of which was first lien debt and $0.2 million of which was equity.

Current wording

For the three months ended June 30, 2025, we made $631.2 million aggregate principal amount of new investment commitments (including $249.5 million of which remained unfunded as of June 30, 2025), $626.0 million of which was first lien debt, $3.7 million of which was second lien debt, and $1.5 million of which was equity.

Previous wording

(2)As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 10.1% and 10.2%, respectively. As of March 31, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 10.2% and 10.3%, respectively.

Current wording

(2)As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 10.1% and 10.2%, respectively. As of June 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 10.1% and 10.3%, respectively.

Previous wording

(4)As a percentage of total fair value of performing debt investments. As of March 31, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 98.8% and 98.8%, respectively, of total investments at fair value.

Current wording

(4)As a percentage of total fair value of performing debt investments. As of June 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 98.9% and 98.8%, respectively, of total investments at fair value.

Previous wording

As of March 31, 2025 and March 31, 2024, our portfolio companies had a weighted average annual revenue of $818 million and $768 million, respectively, and weighted average annual EBITDA of $210 million and $193 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 assets. 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.

Current wording

As of June 30, 2025 and June 30, 2024, our portfolio companies had a weighted average annual revenue of $848 million and $773 million, respectively, and weighted average annual EBITDA of $219 million and $206 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 assets. 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.

Previous wording

Total investment income increased to $357.8 million for the three months ended March 31, 2025, an increase of $53.8 million, or 18%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments. Average investments at fair value increased by 28% to $12,963.4 million for the three months ended March 31, 2025 compared to $10,153.8 million for the three months ended March 31, 2024.

Current wording

Total investment income increased to $344.8 million for the three months ended June 30, 2025, an increase of $17.7 million, or 5%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments partially offset by lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 20% to $13,043.5 million for the three months ended June 30, 2025 compared to $10,866.5 million for the three months ended June 30, 2024.

Previous wording

Additionally, for the three months ended March 31, 2025, we recorded $12.9 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1.9 million for the same period in the prior year, primarily as a result of increased prepayments.

Current wording

Additionally, for the three months ended June 30, 2025, we recorded $1.7 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $0.4 million for the same period in the prior year, primarily as a result of increased prepayments. For the six months ended June 30, 2025, we recorded $14.6 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $2.3 million for the same period in the prior year, primarily as a result of increased prepayments.

Previous wording

For the three months ended March 31, 2025 and 2024, PIK interest income represented 6.0% and 6.7% of total investment income, respectively, and represented 11.3% and 12.3% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

Current wording

For the three months ended June 30, 2025 and 2024, PIK interest income represented 6.4% and 7.0% of total investment income, respectively, and represented 12.6% and 13.2% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers. For the six months ended June 30, 2025 and 2024, PIK interest income represented 6.2% and 6.9% of total investment income, respectively and represented 11.9% and 12.8% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

Previous wording

While elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2025, the Federal Reserve reduced interest rates in the latter part of 2024 and indicated in early 2025 an expectation of slower rate decreases moving forward. 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.

Current wording

Elevated interest rates continued to favorably impact our investment income for the three and six months ended June 30, 2025. While the Federal Reserve reduced interest rates multiple times in the latter part of 2024, the Federal Reserve has held the interest rates steady for five consecutive meetings, most recently in July 2025, citing elevated uncertainty on the economic outlook. 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.

Previous wording

Total interest expense was $93.0 million for the three months ended March 31, 2025, an increase of $26.3 million, or 39%, 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. The average principal of debt outstanding increased to $7,313.5 million for the three months ended March 31, 2025 from $5,046.2 million for the same period in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 5.01% for the three months ended March 31, 2025 from 5.10% for the same period in the prior year.

Current wording

Total interest expense was $92.3 million for the three months ended June 30, 2025, an increase of $13.4 million, or 17%, 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. The average principal of debt outstanding increased to $7,155.4 million for the three months ended June 30, 2025 from $5,798.8 million for the same period in the prior year. Our weighted average interest rate (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 5.03% for the three months ended June 30, 2025 from 5.26% for the same period in the prior year.

Previous wording

Management fees increased to $34.3 million for the three months ended March 31, 2025, an increase of $8.3 million, or 32%, compared to the same period in the prior year, due to an increase in average quarter-end gross assets. For the three months ended March 31, 2025, our average quarter end gross assets increased to $13,720.5 million, from $10,419.8 million for the three months ended March 31, 2024.

Current wording

Management fees increased to $34.6 million for the three months ended June 30, 2025, an increase of $6.5 million, or 23%, compared to the same period in the prior year, due to an increase in average quarter-end gross assets. For the three months ended June 30, 2025, our average quarter-end gross assets increased to $13,839.9 million, from $11,237.7 million for the three months ended June 30, 2024.

Previous wording

Income based incentive fees decreased to $34.3 million for the three months ended March 31, 2025 compared to $35.8 million for the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended March 31, 2025.

Current wording

Income based incentive fees decreased to $69.0 million for the six months ended June 30, 2025, a decrease of $4.2 million, or 6%, compared to the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the six months ended June 30, 2025. Pre-incentive fee net investment income increased to $433.7 million for the six months ended June 30, 2025 from $418.4 million for the same period in the prior year.

Previous wording

We accrued no capital gains based incentive fees for the three months ended March 31, 2025. We accrued capital gains based incentive fees of $3.1 million for the three months ended March 31, 2024, which was primarily due to a net change in unrealized gains for the three months ended March 31, 2024.

Current wording

We accrued no capital gains based incentive fees for the three and six months ended June 30, 2025. We accrued capital gains based incentive fees of $3.1 million and $6.3 million for the three and six months ended June 30, 2024, respectively, which was primarily due to a net change in unrealized gains for the three and six months ended June 30, 2024.

Previous wording

Total other expenses increased to $3.2 million for the three months ended March 31, 2025 from $3.0 million for the same period in the prior year primarily due to an increase in Administrative service expenses.

Current wording

Total other expenses increased to $6.7 million for the six months ended June 30, 2025 from $6.1 million for the same period in the prior year primarily due to an increase in Administrative service expenses.

Previous wording

For the three months ended March 31, 2025 and 2024, we accrued $4.2 million and $3.4 million, respectively, of U.S. federal excise tax.

Current wording

For the three months ended June 30, 2025 and 2024, we accrued $3.8 million and $3.4 million, respectively, of U.S. federal excise tax.

Previous wording

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, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $1.5 million and $0.0 million, respectively. As of March 31, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.7 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

Current wording

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 June 30, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $0.3 million and $0.0 million, respectively. For the six months ended June 30, 2025 and 2024, BGSL Investment LLC recorded an income tax provision of $1.8 million and $0.0 million, respectively. As of June 30, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.4 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

Previous wording

For the three months ended March 31, 2025 and 2024, BGSL Investments recorded a current tax expense of $0.6 million and $0.0 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest.

Current wording

For the three and six months ended June 30, 2025, BGSL Investments recorded a current tax expense of $0.1 million and $0.7 million, respectively, which is substantially related to realized gains associated with the sale of an investment in a partnership interest. For the three and six months ended June 30, 2024, BGSL Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

Previous wording

For the three months ended March 31, 2025, the net change in unrealized losses of $43.9 million was primarily driven by the decrease in the fair value of certain investments. The fair value of these investments decreased due to changes in portfolio company fundamentals and the economic outlook.

Current wording

For the three months ended June 30, 2025, the net change in unrealized losses of $11.3 million was primarily driven by the net change in unrealized losses on investments of $8.3 million as a result of a decrease in the fair value of certain investments. The fair value of these investments decreased due to changes in portfolio company fundamentals and the economic outlook. Additional losses for the three months ended June 30, 2025 of $3.1 million on derivative instruments were primarily as a result of fluctuations in the EUR and GBP exchange rates vs. USD.

Previous wording

For the three months ended March 31, 2025, we recognized realized gains on investments of $8.7 million primarily from the sale of an equity investment partially offset by realized losses on investments of $0.2 million primarily from full or partial sales of investments.

Current wording

For the three months ended June 30, 2025, we recognized realized losses on investments of $1.2 million, primarily from full or partial sales and repayments of investments. For the six months ended June 30, 2025, we recognized realized gains on investments of $7.3 million primarily from the full or partial sales of investments.

Previous wording

For the three months ended March 31, 2025, we generated realized losses of $2.1 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions.

Current wording

For the three months ended June 30, 2025, we recognized realized losses of $7.7 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions, primarily due to USD vs. EUR and CAD forwards. For the six months ended June 30, 2025, we recognized realized losses of $9.7 million on derivative instruments as a result of the settlement of our foreign currency derivative transactions, primarily due to USD vs. EUR and GBP forwards.

Previous wording

The net realized gains for the three months ended March 31, 2025, were partially offset by net realized losses of $1.0 million on foreign currency transactions, primarily as a result of fluctuations in the SEK, CAD and GBP exchange rates vs. USD.

Current wording

Additional realized losses of $0.5 million and $1.5 million were recognized for the three and six months ended June 30, 2025, respectively, on foreign currency transactions, primarily as a result of fluctuations in the GBP and SEK exchange rates vs. USD.

Previous wording

To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2022 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 2022 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.

Current wording

To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expired in July 2025. 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.

Previous wording

As of March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, we had an aggregate amount of $7.4 billion and $7.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 184.2% and 185.7%, 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 are 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 liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Current wording

As of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024, we had an aggregate amount of $7.1 billion and $7.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 188.5% and 185.7%, 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 are 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 liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Previous wording

Cash and cash equivalents as of March 31, 2025, taken together with our $2.4 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.4 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 $231.9 million of Level 2 investments as of March 31, 2025, which could provide additional liquidity if necessary.

Current wording

Cash and cash equivalents as of June 30, 2025, taken together with our $2.8 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.7 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 $216.3 million of Level 1 and Level 2 investments as of June 30, 2025.

Previous wording

As of March 31, 2025, we had $965.0 million in cash and cash equivalents. During the three months ended March 31, 2025, cash provided by operating activities was $424.7 million, primarily due to principal repayments and sales of investments of $978.0 million partially offset by purchases of investments of $689.2 million. Cash provided by financing activities was $310.1 million during the period, which was primarily as a result of net borrowings on debt of $287.3 million and $189.2 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $165.6 million.

Current wording

As of June 30, 2025, we had $273.7 million in cash and cash equivalents. During the six months ended June 30, 2025, cash provided by operating activities was $203.6 million, primarily due to an increase in net assets from operations of $304.9 million and principal repayments and sales of investments of $1,163.4 million partially offset by purchases of investments of $1,219.7 million. Cash used in financing activities was $161.7 million during the period, which was primarily as a result of net repayments on debt of $71.1 million and dividends paid in cash of $335.7 million partially offset by $247.9 million of proceeds from the issuance of our Common Shares.

Previous wording

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. During the three months ended March 31, 2025, we sold Common Shares for net proceeds of $184.8 million through our ATM Program. As of March 31, 2025, $503.7 million of Common Shares were available for issuance under the ATM Program.

Current wording

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. During the three and six months ended June 30, 2025, we sold Common Shares for net proceeds of $64.0 million and $248.8 million through our ATM Program. As of June 30, 2025, $439.5 million of Common Shares were available for issuance under the ATM Program.

Previous wording

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

Current wording

The following table summarizes our distributions declared and payable for the six months ended June 30, 2025 (dollar amounts in thousands, except per share amounts):

Previous wording

In February 2023, our Board approved a share repurchase plan, under which we were authorized to repurchase up to $250 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 10b-18 Plan was not renewed and terminated by its terms on February 22, 2024. For the three months ended March 31, 2024, we did not repurchase any of our shares under the 10b-18 Plan.

Current wording

In February 2023, our Board approved a share repurchase plan, under which we were 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 10b-18 Plan was not renewed and terminated by its terms on February 22, 2024. For the three and six months ended June 30, 2024, we did not repurchase any of our shares under the 10b-18 Plan.

Previous wording

As of March 31, 2025 and December 31, 2024, we had an aggregate principal amount of $7.4 billion and $7.1 billion, respectively, of debt outstanding.

Current wording

As of June 30, 2025 and December 31, 2024, we had an aggregate principal amount of $7.1 billion and $7.1 billion, respectively, of debt outstanding.

Previous wording

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, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.8 billion and $1.7 billion, respectively.

Current wording

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 June 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.9 billion and $1.7 billion, respectively.

Previous wording

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, 2025 and December 31, 2024, we estimate that $59.0 million and $162.3 million, respectively, of investments were committed but not yet funded.

Current wording

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 June 30, 2025 and December 31, 2024, we estimate that $175.7 million and $162.3 million, respectively, of investments were committed but not yet funded.

Previous wording

In addition to the aforementioned agreements, we, our Advisers and certain of our Advisers’ affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisers 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.

Current wording

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.

Previous wording

The three months ended March 31, 2025 have been characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including potential shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

Current wording

The six months ended June 30, 2025 have been characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine, the Middle East and Southeast Asia.

Previous wording

Although inflation generally decelerated throughout 2024 and during the first quarter of 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of 2024, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. The Federal Reserve has also indicated its intent to maintain higher interest rates in the near term. 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.

Current wording

Earlier this year, tariff announcements in the U.S. and ongoing global trade negotiations contributed to significant uncertainty and volatility of debt and equity markets. However, more recently, there has been greater clarity in the U.S. policy environment and lower market volatility. Although inflation generally decelerated throughout 2024 and during the first half of 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Despite three interest rate cuts by the Federal Reserve in the latter part of 2024, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023, and the Federal Reserve has held the interest rates steady during the first half of 2025, citing elevated uncertainty on the economic outlook. 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.