SCHEDULE 13G/A: Michael Karp and Affiliates Disclose 8.9% Stake in Blackstone Secured Lending Fund

Michael Karp, along with Greenwich Venture Capital LLC and Locust Street Associates GP, LLC, has disclosed a combined beneficial ownership of 8.9% in Blackstone Secured Lending Fund.

Summary

• This document is an Amendment No. 2 to a Schedule 13G filing for Blackstone Secured Lending Fund (Issuer: BXSL).
• The filing reports beneficial ownership of Common Shares of Beneficial Interest, $0.001 par value per share.
• The reporting persons are Greenwich Venture Capital LLC, Locust Street Associates GP, LLC, and Michael Karp.
• Greenwich Venture Capital LLC and Locust Street Associates GP, LLC each report shared voting and dispositive power over 12,595,999 shares, representing 5.6% of the class.
• Michael Karp reports sole voting and dispositive power over 7,275,976 shares and shared voting and dispositive power over 12,595,999 shares, resulting in an aggregate beneficial ownership of 19,871,975 shares.
• Michael Karp's total beneficial ownership represents 8.9% of the class.
• The ownership percentages are based on 223,800,659 shares outstanding as of January 16, 2025, as reported by the Issuer.
• The filing certifies that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: Neutral. This document is a factual disclosure of beneficial ownership, not a performance report or strategic announcement. The certification explicitly states the shares were not acquired for control purposes, indicating a passive investment.

Positives

• A significant investor, Michael Karp, holds a substantial stake, which could be interpreted as a vote of confidence in Blackstone Secured Lending Fund.

Future Outlook

NA

Industry Context

This Schedule 13G filing indicates a significant passive investment by an individual and associated entities in a publicly traded lending fund. Such disclosures are standard for investors acquiring substantial stakes without seeking control, common among institutional or high-net-worth individuals seeking exposure to specific market segments like credit.

Comparison to Industry Standards

• The 8.9% stake held by Michael Karp and his affiliates is a substantial minority position, which is a common size for long-term, passive investments by significant individual or institutional investors in publicly traded funds.
• The certification that the shares were not acquired for the purpose of changing or influencing control aligns with the typical nature of a Schedule 13G filing, differentiating it from more activist positions reported on Schedule 13D.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant passive ownership, potentially signaling confidence from a notable investor in the company's long-term prospects.

Next Steps

• The reporting persons will continue to file amendments to this Schedule 13G if there are material changes to their beneficial ownership in Blackstone Secured Lending Fund.

Key Dates

Keywords

Blackstone Secured Lending Fund, BXSL, Schedule 13G, Beneficial Ownership, Michael Karp, Greenwich Venture Capital, Locust Street Associates, SEC Filing, Institutional Ownership, Investment Fund