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Transactions With Related Parties (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Incurred Amounts by Related Parties The following table details the amounts incurred for affiliate service provides ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.(1)
$384 $296 $945 $729 
EQ Management, LLC(2)
38 — 82 — 
LivCor, LLC(2)
— — — — 
$422 $296 $1,027 $729 
(1)Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l., portfolio companies owned by Blackstone-advised investment vehicles, provide, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis.
(2)EQ Management, LLC and LivCor, LLC provide management services and operational services, as well as a limited scope of corporate support services, to certain of our REO assets.The following table details the amounts incurred for these affiliates of our manager ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
BTIG, LLC(1)
$84 $— $124 $— 
Gryphon Mutual Property Americas IC(2)
57 — 142 — 
Internal audit services24 24 71 71 
CT Investment Management Co., LLC(3)
— — — — 
Total$165 $24 $337 $71 
(1)Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG was utilized as a broker to engage third-parties to facilitate our repurchase of our Senior Secured Notes and Convertible Notes. 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. The fees were on terms equivalent to those of other brokers under similar arrangements. During the nine months ended September 30, 2023, we did not utilize BTIG as a broker.
(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, 2024, we paid $400,000 to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. Of this amount, $30,000 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 period of the respective policies.
(3)CT Investment Management Co., LLC is the special servicer of the CLOs.