v3.26.1
Investments in Real Estate Debt, at Fair Value
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments in Real Estate Debt, at Fair Value Investments in Real Estate Debt, at Fair Value
The following tables detail the Company’s investments in real estate debt ($ in thousands):
June 30, 2026
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount		Cost
Basis		Fair
Value
CMBS(4)
+3.7%
2/23/2038$2,884,573 $2,879,290 $2,710,705 
RMBS5.7%3/22/2064207,549 204,703 189,896 
Corporate bonds+2.4%8/16/2031183,513 182,969 182,809 
Total real estate securities6.8%5/14/20393,275,635 3,266,962 3,083,410 
Commercial real estate loans
+4.6%
2/16/2028665,121 657,544 665,146 
Other investments(5)
N/AN/A80,607 80,607 80,122 
Total investments in real estate debt
7.0%
7/1/2034$4,021,363 $4,005,113 $3,828,678 
December 31, 2025
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount		Cost
Basis		Fair
Value
CMBS(4)
+4.4%
1/10/2033$3,301,112 $3,294,039 $3,113,235 
RMBS
4.2%
10/9/205894,799 92,483 76,668 
Corporate bonds4.9%6/9/202854,674 54,003 53,101 
Total real estate securities7.8%7/23/20333,450,585 3,440,525 3,243,004 
Commercial real estate loans
+4.6%
12/18/2027795,157 782,348 794,147 
Other investments(5)
N/AN/A88,847 88,847 96,619 
Total investments in real estate debt
7.8%
5/12/2029$4,334,589 $4,311,720 $4,133,770 

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.
(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS, corporate bonds and commercial real estate loans represent a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities.
(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.
(4)Face amount excludes interest-only securities with a notional amount of $0.1 billion and $0.1 billion as of June 30, 2026 and December 31, 2025, respectively.
(5)Includes an interest in an unconsolidated joint venture with the Federal Deposit Insurance Corporation that holds investments in real estate debt. Weighted average coupon and weighted average maturity date exclude the Company's unconsolidated joint venture investment.
The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):
June 30, 2026December 31, 2025
Collateral(1)
Cost
Basis		Fair
Value		Percentage Based on Fair ValueCost
Basis		Fair
Value		Percentage Based on Fair Value
Rental Housing(2)
$1,523,836 $1,512,140 39%$1,377,438 $1,374,338 33%
Industrial1,059,088 1,055,998 28%1,580,056 1,571,783 38%
Net Lease489,718 489,495 13%884,434 885,742 21%
Diversified329,480 328,507 9%29,054 28,073 1%
Office311,917 162,214 4%349,362 192,799 5%
Hospitality96,748 86,219 2%67,048 56,730 1%
Data Centers76,222 75,899 2%— — —%
Other118,104 118,206 3%24,328 24,305 1%
Total$4,005,113 $3,828,678 100%$4,311,720 $4,133,770 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.
(2)Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.
The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands):
June 30, 2026December 31, 2025
Credit Rating(1)(2)
Cost
Basis		Fair
Value		Percentage Based on Fair ValueCost
Basis		Fair
Value		Percentage Based on Fair Value
AAA$277,537 $277,463 7%$— $— —%
AA43,533 43,532 1%— — —%
A24,119 22,108 1%12,680 10,291 —%
BBB453,330 442,696 12%796,356 788,455 19%
BB858,316 853,295 22%441,897 427,294 11%
B600,153 574,780 15%477,644 451,880 11%
CCC and below129,256 40,810 1%130,844 41,955 1%
Private commercial real estate loans657,544 665,146 17%782,348 794,147 19%
Not rated(3)
961,325 908,848 24%1,669,951 1,619,748 39%
Total$4,005,113 $3,828,678 100%$4,311,720 $4,133,770 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.
(2)"AA" includes credit ratings of AA+, AA, and AA-, "A" includes credit ratings of A+, A, and A-, "BBB" includes credit ratings of BBB+, BBB, and BBB-, "BB" includes credit ratings of BB+, BB, and BB-, "B" includes credit ratings of B+, B, and B-, and "CCC and below" includes credit ratings of CCC+ and below.
(3)As of June 30, 2026, not rated positions have a weighted-average LTV at origination of 64%, and are primarily composed of industrial (47%) and rental housing (44%) assets.
The following table details the Company’s income from investments in real estate debt ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest income$70,827 $119,519 $152,854 $232,877 
Unrealized gain17,498 40,521 8,667 81,833 
Realized loss(5,787)(5,926)(1,559)(14,719)
Total82,538 154,114 159,962 299,991 
Net realized and unrealized gain (loss) on derivatives387 (7,107)1,654 (11,282)
Net realized and unrealized gain (loss) on secured financings of investments in real estate debt453 (12,214)(332)(17,685)
Other expense(611)(1,139)(841)(4,492)
Total income from investments in real estate debt$82,767 $133,654 $160,443 $266,532 
    
The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in such real estate debt ($ in thousands):
Fair Value
Income
Three Months Ended June 30,Six Months Ended June 30,
June 30, 2026December 31, 20252026202520262025
CMBS$375,945 $484,935 $7,591 $19,367 $16,905 $39,776 
Commercial real estate loans
290,912 282,937 7,209 19,868 8,174 26,702 
Total$666,857 $767,872 $14,800 $39,235 $25,079 $66,478 
The Company acquired such CMBS from third parties on market terms negotiated by the majority third party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS.
The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company’s involvement.
As of June 30, 2026 and December 31, 2025, the Company’s investments in real estate debt also included $1.6 billion and $1.6 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three and six months ended June 30, 2026, the Company recognized $37.0 million and $64.7 million of income, respectively, related to CMBS collateralized, in part, by certain of the Company's mortgage loans. During the three and six months ended June 30, 2025, the Company recognized $38.8 million and $76.4 million of income, respectively, related to such CMBS collateralized, in part, by certain of the Company's mortgage loans.