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Transactions With Related Parties (Tables)

9 Months Ended

Sep. 30, 2025

The following table details the costs incurred for these services ($ in thousands):


		Three Months Ended September 30,		Nine Months Ended September 30,
	Asset Class	2025	2024	2025	2024
Brio Real Estate Services, LLC, Brio Real Estate (UK) Ltd., and Brio Real Estate (AUS) Pty Ltd.(1)	n/a	$1,244	$—	$2,345	$—
Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.(1)	n/a	353	384	696	945
Perform Properties, LLC(2)(3)	Office	1,903	38	2,797	82
LivCor, LLC(2)	Multifamily	46	—	322	—
BRE Hotels & Resorts, LLC(2)	Hospitality	284	—	1,153	—
LendingOne, LLC(4)	Multifamily	—	—	158	—
Total		$3,830	$422	$7,471	$1,027

(1)As applicable, provides management support, operational support, corporate support, and transaction support

services to certain of our investments directly.

(2)As applicable, provides management support, operational support, and corporate support services to certain of our

REO assets directly.

(3)Successor entity to EQ Management, LLC that provides the same services.

(4)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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
BTIG, LLC(1)	$—	$84	$—	$124
Gryphon Mutual Property Americas IC(2)	697	57	1,845	142
Blackstone internal audit services	—	24	—	71
Lexington National Land Services(3)	170	—	216	—
Blackstone Securities Partners L.P.(4)	30	—	109	—
Total	$897	$165	$2,170	$337

(1)Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged

as a broker for repurchases of our Senior Secured Notes and Convertible Notes. During the nine months ended

September 30, 2025, there was no repurchase activity. During the nine months ended September 30, 2024, we

repurchased $30.8 million and $33.8 million of our Senior Secured Notes and Convertible Notes, respectively,

utilizing BTIG as a broker. Additionally, we have engaged BTIG as a sales agent to sell shares of our class A

common stock under one of our ATM Agreements. During the nine months ended September 30, 2025 and 2024, we

did not sell any shares under our ATM Agreements. Our engagements of BTIG are on terms equivalent to those of

unaffiliated third parties under similar arrangements.

(2)In the first quarter of 2024, in order to provide insurance for our REO 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 advisory 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 paid annually and borne by us and the other Blackstone-advised

investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s

respective properties. During the nine months ended September 30, 2025 and 2024, we paid $1.4 million and

$400,000, respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes,

and our pro rata share of other expenses. Of these amounts, $86,000 and $30,000, respectively, was attributable to

the fee 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.

(3)Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or

more underwriters in issuing title policies and/or providing support services in connection with investments made by

us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-

regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated

states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as

part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii)

when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to

the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency

services and facilitating placement of title insurance with underwriters. 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.

(4)During the nine months ended September 30, 2025, Blackstone Securities Partners L.P., or BSP, an affiliate of our

Manager, was engaged as a member of the syndicate for both our B-6 Term Loan and our B-7 Term Loan. These

engagements were on terms equivalent to those of unaffiliated third parties.