Sometimes the market provides perfect teaching moments. On August 6, 2025, Blackstone Secured Lending Fund delivered one when it marked down its largest holding—a private credit loan to Thoma Bravo-backed software company Medallia Inc. —to approximately 87 cents on the dollar.
—to approximately 87 cents on the dollar. This single position represented 5. 37% of the fund's net assets, totaling more than $380 million at par but now valued at around $338 million—a $42 million hit from one loan.
37% of the fund's net assets, totaling more than $380 million at par but now valued at around $338 million—a $42 million hit from one loan. The markdown represents a continued decline from 94 cents two quarters ago to 89 cents last quarter.