v3.26.3
Investments in Real Estate Debt, at Fair Value
 9 Months Ended
Sep. 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):
September 30, 2026
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount		Cost
Basis		Fair
Value
CMBS(4)
+3.5%
9/11/2040$3,231,951 $3,222,422 $3,050,799 
RMBS6.0%1/20/2064237,981 235,323 215,118 
Corporate bonds+2.6%8/15/2032488,973 482,571 476,404 
Total real estate securities6.9%1/4/20413,958,905 3,940,316 3,742,321 
Commercial real estate loans
+4.7%
3/14/2028617,876 611,669 618,043 
Other investments(5)(6)
N/AN/A97,432 97,432 99,974 
Total investments in real estate debt
7.1%
1/28/2036$4,674,213 $4,649,417 $4,460,338 
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 $44.5 million and $133.2 million as of September 30, 2026 and December 31, 2025, respectively.
(5)Includes an interest in an unconsolidated joint venture with the Federal Deposit Insurance Corporation that holds investments in real estate debt. The weighted average coupon and weighted average maturity date exclude the Company's unconsolidated joint venture investment.
(6)Includes the Company's investment in a credit contract. See Note 13 to the condensed consolidated financial statements for additional details on the Company's investment in a credit contract. The weighted average coupon and weighted average maturity date exclude the Company's investment in a credit contract.
The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):
September 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)
$1,496,340 $1,478,417 33%$1,377,438 $1,374,338 33%
Industrial1,246,503 1,246,139 28%1,580,056 1,571,783 38%
Diversified508,876 507,556 11%29,054 28,073 1%
Net Lease489,748 487,884 11%884,434 885,742 21%
Data Centers296,040 294,919 7%— — —%
Office343,068 188,519 4%349,362 192,799 5%
Hospitality86,536 75,462 2%67,048 56,730 1%
Other182,306 181,442 4%24,328 24,305 1%
Total$4,649,417 $4,460,338 100%$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):
September 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$483,507 $483,205 10%$— $— —%
AA43,134 40,486 1%— — —%
A69,586 67,938 2%12,680 10,291 —%
BBB691,253 676,792 15%796,356 788,455 19%
BB991,461 975,046 22%441,897 427,294 11%
B857,745 830,827 19%477,644 451,880 11%
CCC and below128,675 41,056 1%130,844 41,955 1%
Private commercial real estate loans611,669 618,043 14%782,348 794,147 19%
Not rated(3)
772,387 726,945 16%1,669,951 1,619,748 39%
Total$4,649,417 $4,460,338 100%$4,311,720 $4,133,770 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.
(2)"AA" includes credit ratings of AA+, AA, and AA-, "A" includes credit ratings of A+, A, and A-, "BBB" includes credit ratings of BBB+, BBB, and BBB-, "BB" includes credit ratings of BB+, BB, and BB-, "B" includes credit ratings of B+, B, and B-, and "CCC and below" includes credit ratings of CCC+ and below.
(3)As of September 30, 2026, not rated positions have a weighted-average LTV at origination of 67%, and are primarily composed of industrial (56%) and rental housing (32%) assets.
The following table details the Company’s income from investments in real estate debt ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Interest income$76,310 $106,881 $229,164 $339,758 
Unrealized (loss) gain(12,300)37,331 (3,633)119,164 
Realized loss(4,575)(2,607)(6,134)(17,326)
Total59,435 141,605 219,397 441,596 
Net realized and unrealized gain (loss) on derivatives288 1,124 1,942 (10,158)
Net realized and unrealized gain (loss) on secured financings of investments in real estate debt409 375 77 (17,310)
Other expense(34)(708)(875)(5,200)
Total income from investments in real estate debt$60,098 $142,396 $220,541 $408,928 
    
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 September 30,Nine Months Ended September 30,
September 30, 2026December 31, 20252026202520262025
CMBS$349,001 $484,935 $2,786 $19,408 $19,691 $59,184 
Commercial real estate loans
269,346 282,937 5,311 6,079 13,485 32,781 
Total$618,347 $767,872 $8,097 $25,487 $33,176 $91,965 
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 September 30, 2026 and December 31, 2025, the Company’s investments in real estate debt also included $1.9 billion and $1.6 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three and nine months ended September 30, 2026, the Company recognized $32.5 million and $69.4 million of income, respectively, related to CMBS collateralized, in part, by certain of the Company's mortgage loans. During the three and nine months ended September 30, 2025, the Company recognized $41.7 million and $118.1 million of income, respectively, related to such CMBS collateralized, in part, by certain of the Company's mortgage loans.