DEF 14A: Blackstone Secured Lending Fund Sets Date for 2024 Annual Shareholders Meeting

Blackstone Secured Lending Fund will hold its annual shareholders meeting virtually on September 12, 2024, to elect trustees and ratify the selection of its independent accounting firm.

Summary

• Blackstone Secured Lending Fund (BXSL) will hold its 2024 Annual Meeting of Shareholders virtually on September 12, 2024, at 10:00 a.m. Eastern Time.
• Shareholders of record as of July 8, 2024, are entitled to vote.
• The meeting will address the election of two trustees, Brad Marshall and Tracy Collins, for a three-year term expiring at the 2027 Annual Meeting.
• Shareholders will also vote to ratify the selection of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
• The Board of Trustees unanimously recommends voting FOR the election of the nominees and FOR the ratification of Deloitte.
• Proxy materials, including the proxy statement and the 2023 Annual Report, are available online and were made available to shareholders on or about July 11, 2024.
• Shareholders can vote online, by telephone, or by mailing in a proxy card.
• The company had 198,611,919 common shares of beneficial interest outstanding as of July 8, 2024.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The board's recommendations are positive, but the overall sentiment is driven by the procedural nature of the content.

Positives

• The Board of Trustees unanimously recommends voting FOR the election of the trustee nominees and FOR the ratification of the independent registered public accounting firm.
• The meeting will be held virtually, enabling full and equal participation by all shareholders from any place in the world at little to no cost.

Future Outlook

The document outlines the business to be conducted at the upcoming annual meeting, including the election of trustees and ratification of the independent accounting firm, setting the stage for the company's governance and financial oversight for the coming year.

Management Comments

• Brad Marshall, Trustee, Chairperson and Co-Chief Executive Officer: 'Your vote is very important to us.'
• The Board of Trustees unanimously recommends that you (i) vote FOR the election of the nominees proposed by the Board of Trustees and described in the accompanying proxy statement and (ii) vote FOR the proposal to ratify the selection of Deloitte & Touche LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2024.

Industry Context

As a Business Development Company (BDC), Blackstone Secured Lending Fund operates within a regulated framework, and this proxy statement reflects standard corporate governance practices for publicly traded companies, including shareholder voting on key matters like trustee elections and auditor ratification.

Comparison to Industry Standards

• The structure of the Board of Trustees, with a mix of independent and interested trustees, is common among BDCs.
• The virtual meeting format aligns with the trend of increasing accessibility and cost-effectiveness in shareholder engagement.
• The process for shareholder proposals and nominations adheres to SEC guidelines and company bylaws, which is standard practice.
• The disclosure of fees paid to the independent auditor and the Audit Committee's oversight responsibilities are consistent with regulatory requirements and industry best practices.

Management Changes

Related Party Transactions

• Between January 1, 2023 and June 30, 2024, the company sold loans to QIA with an aggregate par value of approximately $90 million for a total cash purchase price based on then-current fair value (at the time of each sale) of approximately $88.46 million.

Stakeholder Impact

• Shareholders have the opportunity to vote on key governance matters, influencing the direction and oversight of the company.
• The outcome of the votes will impact the composition of the Board of Trustees and the selection of the independent accounting firm, which are critical for corporate governance and financial reporting.

Next Steps

• Shareholders are encouraged to vote on the proposals outlined in the proxy statement.
• The company will hold its virtual Annual Meeting on September 12, 2024.
• The Board of Trustees will consider the outcome of the shareholder votes in its decision-making process.

Key Dates

Keywords

Annual Meeting, Shareholders, Proxy Statement, Trustees, Deloitte & Touche, Voting, Blackstone Secured Lending Fund, BXSL