Transactions With Related Parties (Tables)

6 Months Ended

Jun. 30, 2026

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.

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.