v3.26.3
Related Party and Other Transactions (Tables)
 9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Schedule of Components of Due to Affiliated Entities
The following table details the components of due to affiliates ($ in thousands): 
September 30, 2026December 31, 2025
Accrued stockholder servicing fee$623,313 $724,771 
Performance participation allocation163,016 — 
Accrued management fee60,562 56,818 
Accrued DST liabilities1,811 44 
Other6,645 10,108 
Total$855,347 $791,741 
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services
The following tables detail the amounts incurred for portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands):
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards		Capitalized Transaction
Support Services
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
202620252026202520262025
Link Logistics Real Estate LLC$31,665 $33,657 $6,327 $3,326 $2,671 $3,507 
TAH Operations LLC(1)
21,964 25,643 597 1,042 1,584 3 
LivCor, LLC14,156 4,613 2,723 2,838 987 1,728 
Perform Properties LLC9,784 8,860 583 (141)638 528 
Revantage(2)
7,865 5,766 2,586 3,069 — — 
Apartment Income REIT, L.P.9,044 402 1,154 — 448 — 
BRE Hotels and Resorts LLC1,935 1,976 95 307 — 66 
BPP MFNY Employer LLC685 657 346 (87)— — 
Longview Senior Housing, LLC50 269 — — — — 
Brio Real Estate, LLC27 — — — — — 
$97,175 $81,843 $14,411 $10,354 $6,328 $5,832 
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
202620252026202520262025
Link Logistics Real Estate LLC$91,529 $92,706 $19,323 $16,121 $10,269 $12,409 
TAH Operations LLC(1)
66,905 64,665 2,195 3,125 3,663 3 
LivCor, LLC50,774 59,069 10,989 12,815 3,943 5,137 
Perform Properties LLC25,355 24,540 1,282 109 2,937 1,072 
Revantage(2)
24,998 22,200 9,214 7,956 — 15 
Apartment Income REIT, L.P.18,411 979 1,738 — 1,428 20 
BRE Hotels and Resorts LLC6,158 8,325 163 980 — 91 
BPP MFNY Employer LLC1,750 2,351 882 514 — — 
Longview Senior Housing, LLC682 871 — — — — 
Brio Real Estate, LLC29 — — — — — 
$286,591 $275,706 $45,786 $41,620 $22,240 $18,747 
(1)TAH Operations LLC began providing services to the Company on February 1, 2025.
(2)Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.
Schedule of Incentive Compensation Awards The following table details the incentive compensation awards issued to certain employees of April Housing and ACC ($ in thousands):
December 31, 2025For the Nine Months Ended September 30, 2026September 30, 2026
Plan YearUnrecognized Compensation CostValue of Awards Issued
Forfeiture of Unvested Awards
Amortization of Compensation Cost
Unrecognized Compensation CostRemaining Amortization Period
2023$1,369 $— $— $(1,035)$334 0.3 year
20244,727 — (175)(2,136)2,416 1.1 years
20259,347 — (516)(3,208)5,623 1.8 years
2026— 18,014 (63)(4,480)13,471 2.6 years
Total$15,443 $18,014 $(754)$(10,859)$21,844 
The following table details the incentive compensation awards ($ in thousands):
December 31, 2025For the Nine Months Ended September 30, 2026September 30, 2026
Plan YearUnrecognized Compensation Cost Value of Awards IssuedForfeiture of Unvested AwardsAmortization of Compensation CostUnrecognized Compensation Cost
Remaining Amortization Period
2023$4,833 $— $(1,521)$(1,549)$1,763 0.3 year
202419,155 — (2,447)(6,970)9,738 1.1 years
202553,940 — (2,890)(18,542)32,508 1.9 years
2026— 74,925 — (18,725)56,200 2.6 years
Total$77,928 $74,925 $(6,858)$(45,786)$100,209