Transactions With Related Parties (Tables)

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Incurred Amounts by Related Parties

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

		Three Months Ended June 30,		Six Months Ended June 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	$1,101	$—	$1,101	$—
Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.(1)	n/a	381	309	343	560
Perform Properties, LLC(2)(3)	Office	319	44	894	44
LivCor, LLC(2)	Multifamily	117	—	276	—
BRE Hotels & Resorts, LLC(2)	Hospitality	380	—	869	—
LendingOne, LLC(4)	Multifamily	158	—	158	—
Total		$2,456	$353	$3,641	$604

(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 (refunded) for these services ($ in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
BTIG, LLC(1)	$—	$—	$—	$40
Gryphon Mutual Property Americas IC(2)	601	85	1,148	85
Blackstone internal audit services	(111)	24	—	48
Lexington National Land Services(3)	46	—	46	—
Blackstone Securities Partners L.P.(4)	79	—	79	—
Total	$615	$109	$1,273	$173

(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 six months ended

June 30, 2025, there was no repurchase activity. During the six months ended June 30, 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 six

months ended June 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 six months ended June 30, 2025 and 2024, we paid $796,000 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, $31,000 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 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)In the second quarter of 2025, Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was engaged

as a member of the syndicate for our B-6 Term Loan. This engagement was on terms equivalent to those of

unaffiliated third parties.