| N-2 - USD ($) | Jun. 30, 2023 | Jun. 29, 2023 | |
| Cover [Abstract] | |||
| Entity Central Index Key | 0001736035 | ||
| Amendment Flag | false | ||
| Document Type | 424B2 | ||
| Entity Registrant Name | Blackstone Secured Lending Fund | ||
| Fee Table [Abstract] | |||
| Shareholder Transaction Expenses [Table Text Block] | Shareholder transaction expenses (as a percentage of offering price): Sales load (as a percentage of offering price) 1.00 % (1) Offering expenses (as a percentage of offering price) 0.25 % (2) Dividend reinvestment plan expenses None (3) Total shareholder transaction expenses (as a percentage of offering price) 1.25 % (1) The sales load (underwriting discount and commission) with respect to the common shares sold in this offering is the only sales load paid in connection with this (2) The percentage reflects estimated offering expenses of approximately $1.0 million for the estimated duration of this offering and assumes we sell all $400 .0 | ||
| Sales Load [Percent] | [1] | 1% | |
| Underwriters Compensation [Percent] | [2] | 0% | |
| Other Transaction Expenses [Abstract] | |||
| Other Transaction Expense 1 [Percent] | [3] | 0.25% | |
| Other Transaction Expense 2 [Percent] | 1.25% | ||
| Annual Expenses [Table Text Block] | Annual expenses (as a percentage of net assets attributable to common shares) (9): Management Fee payable under the Investment Advisory Agreement 2.34 % (4) Incentive Fee payable under the Investment Advisory Agreement 2.84 % (5) Interest payments on borrowed funds 6.31 % (6) Other expenses 0.57 % (7)(8) Total annual expenses: 12.06 % (8) Management Fee Waiver (0.49 )%(4) Incentive Fee Waiver (0.34 )%(5) Total net annual expenses 11.23 % (8) (3) The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “ Dividend Reinvestment Plan . (4) The management fee is payable quarterly in arrears at an annual rate of 1.0% (which rate was 0.75% prior to the IPO) of the average value of our gross assets at the end of the two most recently completed calendar quarters. In order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters from the date of consummation of the IPO through the two year anniversary of the consummation of the IPO (the “Waiver Period”). As a result of the fee waiver, the pre-listing The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.34x our average net assets. (5) The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains is incentive fees” for the three months ended March 31, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. Similar to the voluntary waiver referenced in footnote (4) above, the Adviser voluntarily waived its right to receive each component of the Incentive Fee above 15% during the Waiver Period. For a more detailed discussion of the calculation of this fee, see “ Management and Other Agreement (6) Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.68%, which was the weighted average interest rate on our total debt outstanding as of March 31, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act. (7) Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “ Management and Other Agreements — Administration Agreement (8) Estimated. (9) Average net assets employed as the denominator for expense ratio computation is $4,231 million. | ||
| Management Fees [Percent] | [4],[5] | 2.34% | |
| Interest Expenses on Borrowings [Percent] | [4],[6] | 6.31% | |
| Incentive Fees [Percent] | [4],[7] | 2.84% | |
| Other Annual Expenses [Abstract] | |||
| Other Annual Expenses [Percent] | [4],[8],[9] | 0.57% | |
| Total Annual Expenses [Percent] | [4],[8] | 12.06% | |
| Net Expense over Assets [Percent] | [4],[8] | 11.23% | |
| Expense Example [Table Text Block] | 1 year 3 years 5 years 10 years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income (1) $ 102 $ 269 $ 422 $ 752 You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains (2) $ 127 $ 333 $ 511 $ 857 (1) The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses. (2) Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). | ||
| Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the fees and expenses that an investor in our common shares will bear, directly or indirectly, based on the assumptions supplement contains | ||
| Basis of Transaction Fees, Note [Text Block] | as a percentage of offering price | ||
| Other Expenses, Note [Text Block] | Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “ Management and Other Agreements — Administration Agreement | ||
| Management Fee not based on Net Assets, Note [Text Block] | The management fee is payable quarterly in arrears at an annual rate of 1.0% (which rate was 0.75% prior to the IPO) of the average value of our gross assets at the end of the two most recently completed calendar quarters. In order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters from the date of consummation of the IPO through the two year anniversary of the consummation of the IPO (the “Waiver Period”). As a result of the fee waiver, the pre-listing | ||
| Financial Highlights [Abstract] | |||
| Senior Securities, Note [Text Block] | SENIOR SECURITIES The information in “Note 10—Financial Highlights” in Part I, Item 1—Financial Statements—Notes to Consolidated Financial Statements (Unaudited) of the Company’s Quarterly Report on Form 10-Q Form 10-Q | ||
| General Description of Registrant [Abstract] | |||
| Investment Objectives and Practices [Text Block] | Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We Investment Strategy Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: • utilizing the experience and expertise of the management team of the Adviser, along with the broader resources of Blackstone Credit, which include its access to the relationships and human capital of Blackstone Credit’s parent, Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; • employing a defensive investment approach focused on long-term credit performance and principal protection, generally lending on what the Adviser believes are (i) protective multiples of the borrower’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) to its interest coverage obligations, (ii) conservative loan-to-value • focusing primarily on loans and securities of U.S. private companies, including syndicated loans, specifically small and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; • maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt • utilizing the power and scale of Blackstone and the Blackstone Credit platform to offer operational expertise to portfolio companies through the Blackstone Value Creation Program. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments (including investments that are secured by equity interests) and our portfolio is composed primarily of first lien senior secured and unitranche loans (including first out/last out loans). To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances, we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Subject to the limitations of the 1940 Act, we may invest in loans or other securities the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit funds. Although we do not expect a significant portion of our portfolio to be composed of second lien, third lien, unsecured or subordinated loans, there is no limit on the amount of such loans in which we may invest, subject to compliance with our 80% policy. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” co-investment | ||
| Risk Factors [Table Text Block] | RISK FACTORS Investing in our common shares involves a number of significant risks. Before deciding whether to invest in our common shares, you should carefully consider the risks and uncertainties described in the section titled “ Risk Factors Form 10-K | ||
| Effects of Leverage [Text Block] | Use of Leverage The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, pursuant to the 1940 Act, our total borrowings are limited so that we cannot incur additional borrowings if immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150%. This means that generally, a BDC can borrow up to $2 for every $1 of investor equity. In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities. We currently have in place the Revolving Credit Facility and the SPV Financing Facilities and in the future may enter into additional credit facilities. In addition, we have issued the Notes. As of March 31, 2023, December 31, 2022 and December 31, 2021, we had an aggregate amount of approximately $5.5 billion, $5.6 billion and $5.5 billion of senior securities outstanding and our asset coverage ratio was 176.4%, 174.8% and 180.2%, respectively. See “ Item 1. Financial Statements—Notes to Consolidated Financial Statements–Note 10. Financial Highlights Form 10-Q Part II, Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings Form 10-K Part I, Item 1A Risk Factors — Risks Related to Debt Financing — We borrow money, which magnifies the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us Risk Factors — Risks Related to Business Development Companies — Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth Form 10-K | ||
| Common Shares [Member] | |||
| Other Annual Expenses [Abstract] | |||
| Basis of Transaction Fees, Note [Text Block] | as a percentage of net assets attributable to common shares | ||
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||
| Outstanding Security, Title [Text Block] | Common shares | ||
| Outstanding Security, Held [Shares] | 165,404,895 | ||
| Incentive Fee Waiver [Member] | |||
| Other Annual Expenses [Abstract] | |||
| Waivers and Reimbursements of Fees [Percent] | [4],[7] | (0.34%) | |
| Management Fee Waiver [Member] | |||
| Other Annual Expenses [Abstract] | |||
| Waivers and Reimbursements of Fees [Percent] | [4],[5] | (0.49%) | |
| Net investment income [Member] | |||
| Other Annual Expenses [Abstract] | |||
| Expense Example, Year 01 | [10] | $ 102 | |
| Expense Example, Years 1 to 3 | [10] | 269 | |
| Expense Example, Years 1 to 5 | [10] | 422 | |
| Expense Example, Years 1 to 10 | [10] | 752 | |
| Net realized capital gains [Member] | |||
| Other Annual Expenses [Abstract] | |||
| Expense Example, Year 01 | [11] | 127 | |
| Expense Example, Years 1 to 3 | [11] | 333 | |
| Expense Example, Years 1 to 5 | [11] | 511 | |
| Expense Example, Years 1 to 10 | [11] | $ 857 | |
| [1]The sales load (underwriting discount and commission) with respect to the common shares sold in this offering is the only sales load paid in connection with this offering. Represents the maximum agent commission with respect to the common shares sold by us in this offering.[2]The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “Dividend Reinvestment Plan” in the accompanying prospectus for additional information regarding our dividend reinvestment plan.[3]The percentage reflects estimated offering expenses of approximately $1.0 million for the estimated duration of this offering and assumes we sell all $400 million of common shares available under the equity distribution agreements pursuant to this prospectus supplement and the accompanying prospectus. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement and the accompanying prospectus.[4]Average net assets employed as the denominator for expense ratio computation is $4,231 million.The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.[5]The management fee is payable quarterly in arrears at an annual rate of 1.0% (which rate was 0.75% prior to the IPO) of the average value of our gross assets at the end of the two most recently completed calendar quarters. In order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters from the date of consummation of the IPO through the two year anniversary of the consummation of the IPO (the “Waiver Period”). As a result of the fee waiver, the pre-listing management fee and incentive fee rates paid by the Company to the Adviser will not increase during the Waiver Period. Amounts waived by the Adviser are not subject to recoupment by the Adviser. The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average quarter end gross assets are 2.34x our average net assets.[6]Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.68%, which was the weighted average interest rate on our total debt outstanding as of March 31, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act.[7]The Incentive Fee consists of two components, “Income based incentive fees” and “Capital Gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated by annualizing the “Income based incentive fees” expense for the three months ended March 31, 2023, and adding the “Capital gains based incentive fees” for the three months ended March 31, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. Similar to the voluntary waiver referenced in footnote (4) above, the Adviser voluntarily waived its right to receive each component of the Incentive Fee above 15% during the Waiver Period. For a more detailed discussion of the calculation of this fee, see “Management and Other Agreement” in the accompanying prospectus.[8]Estimated.[9]Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “Management and Other Agreements — Administration Agreement” in the accompanying prospectus. We based these expenses on estimated amounts for the current fiscal year.[10]The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses.[11]Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). | |||
