Blackstone Secured Lending Fund (BXSL) is a publicly traded Business Development Company (BDC) that lends directly to private U.S. companies, primarily through first lien senior secured loans. As of year-end 2025, BXSL held $14.2B in investments across 316 portfolio companies, with roughly 98% in first lien senior secured debt — meaning BXSL sits at the top of the capital structure in a default. Borrowers are almost entirely private equity-backed companies in the larger middle market and upper middle market, with the portfolio concentrated in software, healthcare services, and professional services. BXSL is externally managed by Blackstone Credit & Insurance, Blackstone's credit arm and the world's largest third-party private credit manager with approximately $443B in AUM. BXSL earns income primarily through interest on its floating-rate loan portfolio, benchmarked to SOFR, plus origination fees, prepayment premiums, and occasional equity co-investments. BXSL uses leverage, targeting a debt-to-equity ratio of 1.0–1.25x, to amplify net interest spreads. A notable feature of BXSL's liability structure is that roughly 37–39% of its debt is fixed-rate bonds issued when rates were low, providing a sustained cost advantage as asset yields compress with rate cuts. BXSL distributes substantially all taxable income as dividends to maintain its status as a Regulated Investment Company, avoiding corporate-level tax. Management argues BXSL's low fee structure and Blackstone's origination network — over 575 sponsor relationships — give BXSL access to higher-quality borrowers at competitive economics.