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Net Assets | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Net Assets | Note 8. Net Assets Shares Issued The Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. On August 14, 2023, the Company completed a follow-on offering under its shelf registration statement, issuing 6,500,000 of its common shares of beneficial interest at a price to the underwriters of $26.78 per share. Net of underwriting fees, the Company received cash proceeds, before offering expenses, of $174.1 million. On August 18, 2023, the underwriters exercised, in full, their option to purchase an additional 975,000 shares of common shares, which resulted in cash proceeds, before offering expenses, of $26.1 million. The Company incurred offering expenses of $0.4 million in connection with the follow-on offering. As of December 31, 2023, the Company is party to five separate equity distribution agreements with sales agents (“Equity Distribution Agreements”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $400.0 million of its common shares of beneficial interest. Sales of common shares made pursuant to the Equity Distribution Agreements may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of the Company’s common shares, the Company’s capital needs, and the Company’s determination of the appropriate sources of funding to meet such needs. As of December 31, 2023, common shares with an aggregate sales price of $328.9 million remained available for issuance under the Equity Distribution Agreements. The following table summarizes the total common shares issued and proceeds received, for the year ended December 31, 2023, through the “at-the-market” offering program (dollars in thousands except per share amounts):
Issuances of Common Shares |  | Number of Common Shares Issued |  | Gross Proceeds |  | Placement Fees/Offering Expenses |  | Net Proceeds |  | Average Share Price (1)
“At-the-market” Offering |  | 17,144,870 |  |  | $ | 466,821 |  |  | $ | 1,297 |  |  | $ | 465,524 |  |  | $ | 27.15 |
(1) Represents the net offering price per share after deducting placement fees and commissions and offering expenses. No common shares were issued for the year ended December 31, 2022, other than those issued through the Company's dividend reinvestment program. On October 28, 2021, the Company priced its IPO, issuing 9,180,000 of its common shares of beneficial interest at a public offering price of $26.15 per share. Net of underwriting fees, the Company received cash proceeds, before offering expenses, of $230.6 million. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares, which resulted in cash proceeds, before offering expenses, of $33.8 million. The Company’s common shares began trading on the NYSE under the symbol “BXSL” on October 28, 2021. In connection with the listing of the Company’s common shares on the NYSE, the Board decided to eliminate any outstanding fractional common shares (the “Fractional Shares”), as permitted by Delaware law by rounding down the number of Fractional Shares held by each of our shareholders to the nearest whole share and paying each shareholder cash for such Fractional Shares. Prior to September 8, 2021, the Company entered into additional subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of the Company’s shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. As of September 8, 2021, all Capital Commitments in the amount of $3,926.3 million ($80.0 million from affiliates of the Adviser) had been drawn. As of December 31, 2021, the Company had received Capital Commitments totaling $3,926.3 million ($713.3 million remaining undrawn), of which $80.0 million ($8.0 million remaining undrawn) were from affiliates of the Adviser. The following table summarizes the total common shares issued and proceeds received related to the Company’s capital drawdowns and IPO for the year ended December 31, 2021 (dollars in millions except share amounts):
Common Share Issuance Date |  | Number of Common Shares Issued |  | Aggregate Proceeds
June 8, 2021 |  | 13,869,637 |  |  | $ | 357.0 |
September 8, 2021 |  | 13,723,035 |  |  | 356.3 |
November 2021 (1) |  | 10,557,000 |  |  | 264.4 |
Total |  | 38,149,672 |  |  | $ | 977.7 |
(1) Includes proceeds (net of any underwriting fees) from our initial public offering and the underwriter's exercise of the over-allotment option. Distributions The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2023 (dollars in thousands except per share amounts):
Date Declared |  | Record Date |  | Payment Date |  | Per Share Amount |  | Total Amount |
February 27, 2023 |  | March 31, 2023 |  | April 27, 2023 |  | $ | 0.7000 |  |  | $ | 112,400 |  |
May 10, 2023 |  | June 30, 2023 |  | July 27, 2023 |  | 0.7000 |  |  | 115,783 |  |
June 20, 2023 |  | September 30, 2023 |  | October 26, 2023 |  | 0.7700 |  |  | 133,552 |  |
November 8, 2023 |  | December 31, 2023 |  | January 26, 2024 |  | 0.7700 |  |  | 143,052 |  |
Total distributions |  |  |  |  |  | $ | 2.9400 |  |  | $ | 504,787 |  |
Dividend Reinvestment The Company has adopted a dividend reinvestment plan (“DRIP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board and the Company declares, a cash dividend or other distribution, then the Company’s shareholders who have not opted out of its dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Starting from the consummation of the IPO, the number of shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per common share at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed NAV per share). For example, if the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $24.00 per share, the Company will issue shares at $24.00 per share. If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $27.00 per share, the Company will issue shares at $25.65 per share (95% of the current market price). If the most recently computed NAV per share is $25.00 and the market price on the payment date of a cash dividend is $26.00 per share, the Company will issue shares at $25.00 per share. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan. Pursuant to our dividend reinvestment plan, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the Company’s DRIP during the year ended December 31, 2023 (dollars in thousands except share amounts):
Payment Date |  | DRIP Shares Value |  | DRIP Shares Issued
January 31, 2023 |  | $ | 5,132 |  |  | 208,510 |
April 27, 2023 |  | 5,439 |  |  | 213,130 |
July 27, 2023 |  | 4,635 |  |  | 172,888 |
October 26, 2023 |  | 5,445 |  |  | 205,149 |
Total distributions |  | $ | 20,651 |  |  | 799,677 |
The following table summarizes the amounts and shares issued to shareholders who have not opted out of the Company's DRIP during the year ended December 31, 2022 (dollars in thousands except share amounts):
Payment Date |  | DRIP Shares Value |  | DRIP Shares Issued
January 31, 2022 |  | $ | 11,469 |  |  | 417,379 |
May 13, 2022 |  | 16,501 |  |  | 640,829 |
August 12, 2022 |  | 11,470 |  |  | 455,148 |
November 14, 2022 |  | 12,942 |  |  | 541,489 |
Total distributions |  | $ | 52,382 |  |  | 2,054,845 |
The following table summarizes the amounts and shares issued to shareholders who have not opted out of the Company's DRIP during the year ended December 31, 2021 (dollars in thousands except share amounts):
Payment Date |  | DRIP Shares Value |  | DRIP Shares Issued
January 29, 2021 |  | $ | 11,179 |  |  | 443,639 |
May 14, 2021 |  | 8,674 |  |  | 339,398 |
August 13, 2021 |  | 9,142 |  |  | 352,656 |
November 12, 2021 |  | 9,944 |  |  | 327,082 |
Total distributions |  | $ | 38,939 |  |  | 1,462,775 |
Share Repurchase Plan On October 18, 2021, the Board approved a share repurchase plan (the “Company 10b5-1 Plan”), to acquire up to approximately $262 million (representing the net proceeds from the IPO) in the aggregate of our common shares at prices below our NAV per share over a specified period, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company 10b5-1 Plan terminated by its own terms in November 2022. In February 2023, the Board authorized a share repurchase plan, under which we may repurchase up to $250 million in the aggregate of our outstanding common shares in the open market at prices below our NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the “Company 10b-18 Plan”, and together with the Company 10b5-1 Plan, the “Share Repurchase Plans”). For the years ended December 31, 2023 and December 31, 2021, the Company did not repurchase any of its shares under the Share Repurchase Plans. The following table summarizes the shares repurchased under the Company 10b5-1 Plan during the year ended December 31, 2022 (dollars in thousands except share amounts):
Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April 1 - April 30, 2022 |  | — |  |  | $ | — |  |  | — |  |  | $ | 262,000 |
May 1 - May 31, 2022 |  | 774,558 |  |  | $ | 25.24 |  |  | 774,558 |  |  | $ | 242,447 |
June 1 - June 30, 2022 |  | 1,313,782 |  |  | $ | 24.49 |  |  | 1,313,782 |  |  | $ | 210,275 |
July 1 - July 31, 2022 |  | 2,394,113 |  |  | $ | 23.20 |  |  | 2,394,113 |  |  | $ | 154,736 |
August 1 - August 31, 2022 |  | 2,223,389 |  |  | $ | 24.22 |  |  | 2,223,389 |  |  | $ | 100,886 |
September 1 - September 30, 2022 |  | 2,251,657 |  |  | $ | 24.14 |  |  | 2,251,657 |  |  | $ | 46,527 |
October 1 - October 31, 2022 |  | 2,002,432 |  |  | $ | 23.67 |  |  | 2,002,432 |  |  | $ | — |
Total Repurchases |  | 10,959,931 |  |  |  | 10,959,931 |  |
Shareholder Transfer Restrictions For shareholders who held common shares prior to the IPO, without the consent of the Adviser: •prior to January 3, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber any common share held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares); •prior to March 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 90% of the common shares held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares); •prior to May 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 75% of the common shares held by such shareholder prior to the IPO (and any DRIP shares received with respect to such common shares); and •prior to July 1, 2022, a shareholder was not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber 50% of the common shares held by such shareholder prior to the date of the IPO (and any DRIP shares received with respect to such common shares). This means that, as a result of these transfer restrictions, without the consent of the Adviser, a shareholder who owned 100 common shares on the date of the IPO could not sell any of such shares until January 3, 2022; prior to March 1, 2022, such shareholder could only sell up to 10 of such shares; prior to May 1, 2022, such shareholder could only sell up to 25 of such shares; prior to July 1, 2022, such shareholder could only sell up to 50 of such shares; and after July 1, 2022, such shareholder could sell all of such shares. Consent by the Adviser to waive any of the foregoing transfer restrictions is subject to the consent of the representatives on behalf of the underwriters in the IPO. In addition, the Company’s trustees have agreed for a period of 180 days after the date of the IPO and the Company’s executive officers who are not trustees have agreed for a period of 180 days after the date of the IPO, not to transfer (whether by sale, gift, merger, by operation of law or otherwise) their common shares without the prior written consent of the representatives on behalf of the underwriters in the IPO, subject to certain exceptions.

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