v3.26.1
Transactions With Related Parties
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Transactions With Related Parties TRANSACTIONS WITH RELATED PARTIES
Our Manager
We are managed by our Manager pursuant to the Management Agreement. The current term of the Management
Agreement expires on December 19, 2026, and it will be automatically renewed for a one-year term upon such date and
each anniversary thereafter unless earlier terminated.
As of June 30, 2026 and December 31, 2025, our consolidated balance sheets included $14.6 million and $16.4 million,
respectively, of accrued management fees payable to our Manager. During the three and six months ended June 30, 2026,
we paid management fees of $14.8 million and $31.2 million, respectively, to our Manager, compared to $17.2 million and
$35.8 million, respectively, during the same periods in 2025. We did not pay any incentive fees to our Manager during the
three and six months ended June 30, 2026 and 2025. In addition, during the three and six months ended June 30, 2026, we
incurred expenses of $0.4 million and $0.8 million, respectively, that were paid by our Manager and have been or will be
reimbursed by us, compared to $0.2 million and $0.4 million, respectively, of such expenses during the same periods in
2025.
As of June 30, 2026, our Manager held 1,008,941 shares of unvested restricted class A common stock, which had an
aggregate grant date fair value of $20.5 million. These shares vest in installments over three years from the date of
issuance. During the three and six months ended June 30, 2026, we recorded non-cash expenses related to shares held by
our Manager of $3.5 million and $7.0 million, respectively, compared to $3.6 million and $7.2 million, respectively, during
the same periods in 2025. Refer to Note 17 for further details on our restricted class A common stock.
As of June 30, 2026, our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles),
Blackstone employees, and our directors held an aggregate 13,764,005 shares, or 8.2%, of our class A common stock, of
which 8,916,412 shares, or 5.3%, were held by Blackstone and its subsidiaries. Additionally, our directors held 369,548 of
deferred stock units as of June 30, 2026. Certain of the parties listed above have in the past purchased or sold shares of our
class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of
our class A common stock and/or engage in derivatives transactions related to our class A common stock. Any such
transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations
relevant to such parties.
Affiliate Services
We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide, as applicable,
management, corporate support, and transaction support services. The following table details the costs incurred (refunded)
for these services ($ in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
Primary Asset
Class
2026
2025
2026
2025
Perform Properties, LLC
Office
$1,466
$319
$3,432
$894
Brio Real Estate Services, LLC, Brio Real
Estate (UK) Ltd., and Brio Real Estate
(AUS) Pty Ltd.
n/a
1,672
1,101
3,377
1,101
BRE Hotels & Resorts, LLC
Hospitality
282
380
793
869
Revantage Corporate Services, LLC and
Revantage Global Services Europe S.à r.l.
n/a
337
381
664
343
LivCor, LLC
Multifamily
45
117
140
276
LendingOne, LLC(1)
Multifamily
—
158
—
158
Total
$3,802
$2,456
$8,406
$3,641
(1)Provides loan origination services related to certain of our investments.
During the six months ended June 30, 2026, we entered into an agreement with another Blackstone-advised investment
vehicle to fund our pro rata share of any payments required under a guaranty agreement with a lending institution. The
guaranty relates to a revolving credit facility with a portfolio company owned by Blackstone-advised investment vehicles
that provides services to us, and our participation reflects our share of the associated costs based on services rendered. As
of June 30, 2026, our maximum potential obligation under the arrangement was $0.9 million. No events through the date of
these consolidated financial statements required performance under the guaranty, and no liability was recorded as of
June 30, 2026.
We have engaged other affiliates of our Manager to provide various services. The following table details the costs incurred
for these services ($ in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Gryphon Mutual Property Americas IC(1)
$916
$601
$1,699
$1,148
Blackstone Securities Partners L.P.(2)
422
79
422
79
Lexington National Land Services(3)
37
46
134
46
Blackstone internal audit services
—
(111)
—
—
Total
$1,375
$615
$2,255
$1,273
(1)In order to provide insurance for our owned real estate assets, we became a member of Gryphon Mutual Property
Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment
vehicles. A Blackstone affiliate provides oversight and management services to Gryphon and receives fees based on
a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums
and fees paid to its manager, are borne by us and the other Blackstone-advised investment vehicles that are members
of Gryphon pro rata based on insurance premiums paid for each member’s respective properties. During the six
months ended June 30, 2026 and June 30, 2025, we paid $0.3 million and $0.8 million, respectively, to Gryphon for
insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses.
Of these amounts, $5 thousand and $31 thousand, respectively, were attributable to the fees paid to a Blackstone
affiliate to provide oversight and management services to Gryphon. The amounts included in the table above reflect
the amortization of the insurance expense over the relevant periods of the respective policies.
(2)During the six months ended June 30, 2026, Blackstone Securities Partners L.P., or BSP, an affiliate of our
Manager, was engaged as a member of the syndicate for our May 2026 Senior Secured Notes. During the six months
ended June 30, 2025, BSP was also engaged as a member of the syndicate for our B-6 Term Loan. These
engagements were on terms equivalent to those of unaffiliated third parties.
(3)Lexington National Land Services, or LNLS, is a Blackstone affiliate that (i) acts as a title agent in facilitating and
issuing title insurance, (ii) provides title support services for title insurance underwriters, (iii) in certain
circumstances, provides courtesy title settlement services and (iv) acts as escrow agent in connection with certain
investments by Blackstone-advised vehicles, including us, Blackstone-advised investment vehicles and portfolio
companies owned by Blackstone-advised investment vehicles, affiliates and related parties, and third parties,
including, in certain cases, Blackstone’s borrowers. In exchange for such services, LNLS earns fees which would
have otherwise been paid to third parties. Blackstone receives distributions from LNLS in connection with
investments made by us based on its equity interest in LNLS. In each case, there will be no related expense offset to
us.
CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager
serves as the collateral manager and benchmark agent for our FL6 and FL5 CLOs issued in the first quarter of 2026 and
2025, respectively. As of June 30, 2026, three of our assets were in special servicing under CLOs. CTIMCO and our
Manager have waived any fees that would be payable to a third party serving in such roles pursuant to the applicable
agreements, and no such fees have been paid or will become payable to CTIMCO or our Manager.
Other Transactions
During the six months ended June 30, 2026, we invested $494.2 million in four senior loans, $32.3 million in two
mezzanine loans to unaffiliated third parties, and $66.7 million in a new issuance of a debt security (see Note 6 for further
discussion) in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a
pari passu basis.
In the first quarter of 2026, Blackstone-advised investment vehicles acquired an aggregate $71.4 million participation in
our $770.8 million B-9 Term Loan. In the fourth quarter of 2025, Blackstone-advised investment vehicles acquired an
aggregate $63.0 million participation in our $700.0 million B-8 Term Loan. In the third quarter of 2025, Blackstone-
advised investment vehicles acquired an aggregate $33.0 million participation in our $453.1 million B-7 Term Loan. In the
second quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $83.9 million participation in our
$1.0 billion B-6 Term Loan, which has subsequently been repaid in full. All of these transactions were part of broad
syndications led by third-party banks, and were on terms equivalent to those of unaffiliated third parties. BSP was engaged
as a member of the syndicate for these transactions. Our engagements of BSP are on terms equivalent to those of
unaffiliated third parties. See “—Affiliate Services” for further information.
As part of broad syndications led by third-party banks, Blackstone-advised investment vehicles acquired an aggregate
$11.0 million of notes in our $1.0 billion FL6 CLO offering in the first quarter of 2026, and $75.0 million of notes in our
$1.0 billion FL5 CLO offering in the first quarter of 2025. Both of these transactions were on terms equivalent to those of
unaffiliated third parties.
In the second quarter of 2026, we entered into our Homebuilder Finance Joint Venture with an unaffiliated third-party,
alongside a Blackstone-advised investment vehicle, that concurrently acquired a $286.7 million portfolio of single family
construction loans in which we made an equity investment of $28.5 million representing our aggregate ownership interest
of 45%.
In the fourth quarter of 2025, we made a $75.0 million capital commitment at the initial closing of a fund managed by
Blackstone Real Estate Debt Strategies, or BREDS, the BREDS-advised private fund, formed to invest in Core+ real estate
debt investments in the U.S. and Canada. Blackstone affiliates, including us, do not pay management fees or carried
interest with respect to their investments in the BREDS-advised private fund. Our capital commitment represented a
minority of the total capital commitments the BREDS-advised private fund had received as of June 30, 2026. As of
June 30, 2026, the BREDS-advised private fund had not called any capital. To fund its investments, the BREDS-advised
private fund will draw down on capital commitments made by its investors, including us, on a pro rata basis.
In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised
investment vehicle that concurrently acquired a $1.4 billion portfolio of performing commercial mortgage loans in which
we made an equity investment of $57.6 million and our ownership interest was 29%. In the third quarter of 2025, our Bank
Loan Portfolio Joint Venture acquired a $606.0 million portfolio of performing commercial mortgage loans in which we
made an equity investment of $44.7 million and our ownership interest was 50%. In the fourth quarter of 2024, we entered
into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to invest in triple net lease properties.
We do not consolidate our Bank Loan Portfolio Joint Venture, our Net Lease Joint Venture, or the BREDS-advised private
fund, as we do not have a controlling financial interest. As of June 30, 2026, the aggregate value of our equity investment
in our Bank Loan Portfolio Joint Venture was $99.8 million and our ownership interest was 35%, and the aggregate value
of our equity investment in our Net Lease Joint Venture was $185.9 million and our ownership interest was 75%. As of
June 30, 2026, we had not made an equity investment in the BREDS-advised private fund. We, these joint ventures, these
Blackstone-advised investment vehicles, and other Blackstone affiliates have engaged and may in the future engage in
certain investment, financing, derivative and/or hedging arrangements related to these unconsolidated entities.
In the second quarter of 2026, one of our senior loans to a borrower controlled by Blackstone-advised investment vehicles
was modified. The terms of the modification (including, among other changes, an extension of the maturity date, a
reduction in the contractual interest rate, and a meaningful additional commitment and credit support from the borrower)
were negotiated by our third-party co-lenders. We continue to forgo all non-economic rights under the loan, including
voting rights, so long as the Blackstone-advised investment vehicles control the borrower.