UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 10, 2023
Blackstone Secured Lending Fund
(Exact name of Registrant as specified in its charter)
| Delaware | 814-01299 | 82-7020632 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 345 Park Avenue, 31st Floor New York, New York |
10154 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 503-2100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
| Title of each class |
Trading |
Name of each exchange on which registered | ||
| Common Shares of Beneficial Interest, $0.001 par value per share | BXSL | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02. | Departure of Certain Officers; Appointment of Certain Officers. |
On January 5, 2023, the board of trustees of Blackstone Secured Lending Fund (the “Fund”) appointed Jonathan Bock to serve as Co-Chief Executive Officer of the Fund, effective as of January 10, 2023. Mr. Bock will serve alongside Brad Marshall, who will continue to serve as Chairman of the Board and Co-Chief Executive Officer of the Fund.
Mr. Bock, born 1982, is a Senior Managing Director and Global Head of Market Research for Blackstone’s credit investment platform. Prior to joining Blackstone, Jonathan was the Chief Executive Officer of Barings BDC. In addition to this role, he served as the Co-Chief Executive Officer and President of Barings Private Credit Corporation, and Chief Financial Officer of Barings Capital Investment Corporation, Barings Corporate Investors, and Barings Participation Investors. Prior to joining Barings in July 2018, Jonathan was a Managing Director and Senior Equity Analyst at Wells Fargo Securities specializing in business development companies (BDCs). He has actively followed the BDC space since 2006 and was the chief author of a leading BDC quarterly research publication: the BDC Scorecard. His research is often cited by Institutional Investor, The Wall Street Journal, Barron’s, and other prominent financial publications. He is also published in the Journal of Alternative Investments. Prior to Wells Fargo, Jonathan followed the BDC industry at Stifel Nicolaus & Company and A.G. Edwards Inc. Prior to entering sell-side research in 2006, Jonathan was an equity portfolio manager/analyst at Busey Wealth Management in Champaign, Illinois. Jonathan holds a bachelor’s degree in finance from the University of Illinois College of Business and is a member of the CFA Institute.
There are no family relationships between Mr. Bock and any director or executive officer of the Fund, and he is not a party to any transaction that is required to be reported pursuant to Item 404(a) of Regulation S-K.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit Number |
Description | |
| 99.1 | Press Release of Blackstone Inc., dated January 10, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 10, 2023 | BLACKSTONE SECURED LENDING FUND | |||||
| By: | /s/ Marisa J. Beeney | |||||
| Name: | Marisa J. Beeney | |||||
| Title: | Chief Legal Officer and Secretary | |||||
Exhibit 99.1
Blackstone Expands Leadership Team in Growing Private Credit Business
January 10, 2023 – NEW YORK – Blackstone (NYSE: BX) today announced that Brad Marshall, who has been leading the firm’s direct lending efforts for nearly 17 years, has been promoted to Global Head of Private Credit Strategies (PCS), adding to his role as Chairman and co-CEO of the firm’s two business development companies (BDCs), Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (NYSE: BXSL). Jonathan Bock, formerly the CEO of Barings BDC and a top ranked Equity Analyst at Wells Fargo, has joined the firm to serve alongside Brad as Co-CEO of the firm’s BDCs.
The new leadership roles correspond with the significant expansion of Blackstone Credit, where total assets under management have grown 135% over the past five years to $234 billion. PCS makes up approximately half of Blackstone Credit’s business today and includes the BDCs.
Dwight Scott, Global Head of Blackstone Credit, said: “Blackstone Credit and our BDCs have seen extraordinary growth over the past five years. Elevating Brad and adding Jonathan to our leadership team will help us continue to meet the strong customer demand for private credit strategies globally. Our BDC portfolios have broad exposure across sectors, comprising primarily senior secured, floating rate debt, and we believe they are well positioned for the current environment.”
Brad Marshall said: “Jonathan is a long-time friend and an exceptional thought leader in the BDC space, and I’m delighted to have his partnership as we continue to expand our business. Blackstone Credit’s tremendous growth in the last five years, when combined with the secular shift towards private credit and a very attractive market opportunity today, create a platform design that will benefit from Jonathan’s knowledge and experience.”
Jonathan Bock added: “Blackstone is a global leader in private credit and a company I’ve long admired. I’m excited to join the world-class team and help build on the successful platform they’ve created.”
Jonathan Bock Bio:
Prior to joining Blackstone, Jonathan was CEO of Barings BDC. In addition to this role, he served as Co-CEO and President of Barings Private Credit Corporation, and Chief Financial Officer of Barings Capital Investment Corporation, Barings Corporate Investors, and Barings Participation Investors. Prior to joining Barings in July 2018, Jonathan was a Managing Director and Senior Equity Analyst at Wells Fargo Securities specializing in BDCs. He has actively followed the BDC space since 2006 and was the chief author of a leading BDC quarterly research publication: the BDC Scorecard. Jonathan holds a bachelor’s degree in finance from the University of Illinois College of Business and is a member of the CFA Institute.
About Blackstone Credit:
Blackstone Credit is one of the world’s largest credit-focused asset managers, with $234 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.
Contact Info:
Kate Holderness, Blackstone
Kate.holderness@blackstone.com
646-482-8774