
		Three Months Ended March 31,
	Asset Class	2025	2024
Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.(1)	n/a	$(38)	$251
EQ Management, LLC(2)	Office	575	—
LivCor, LLC(2)	Multifamily	159	—
BRE Hotels & Resorts, LLC(2)	Hospitality	489	—
		$1,185	$251

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

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


	Three Months Ended March 31,
	2025	2024
BTIG, LLC(1)	$—	$40
Gryphon Mutual Property Americas IC(2)	547	—
Blackstone Internal audit services	111	24
Total	$658	$64

(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 three months ended

March 31, 2025, there was no repurchase activity. During the three months ended March 31, 2024, we repurchased

$26.2 million of our October 2021 senior secured notes 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

three months ended March 31, 2025 and 2024, we did not sell any shares under our ATM Agreements. Our

engagements of BTIG are on terms equivalent to those of 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 three months ended March 31, 2025 and 2024, we paid $248,000 and $109,000,

respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro

rata share of other expenses. Of these amounts, $29,000 and $2,000, 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 period of the respective policies.