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Related Party and Other Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Components of Due to Affiliated Entities
The following table details the components of due to affiliates ($ in thousands): 
March 31, 2025December 31, 2024
Accrued stockholder servicing fee$544,367 $624,579 
Performance participation allocation45,963 — 
Accrued management fee55,814 56,401 
Other2,302 1,767 
Total$648,446 $682,747 
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services
The following table details the amounts incurred for portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands):
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Three Months Ended March 31,Three Months Ended March 31,Three Months Ended March 31,
202520242025202420252024
Link Logistics Real Estate LLC$28,672 $27,532 $6,397 $5,982 $2,324 $452 
LivCor, LLC28,294 27,729 4,989 5,505 1,298 1,970 
Tricon
11,758 — — — — — 
Revantage(1)
9,306 3,595 2,443 2,275 — — 
BX RE Portco(2)
8,471 10,423 124 592 267 351 
BRE Hotels and Resorts LLC3,012 3,147 337 509 — — 
BPP MFNY Employer LLC
866 821 301 395 — — 
Longview Senior Housing, LLC282 257 — — — — 
$90,661 $73,504 $14,591 $15,258 $3,889 $2,773 
(1)Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.
(2)Includes Shopcore Properties TRS Management LLC and EQ Management, LLC for three months ended March 31, 2024.
Schedule of Incentive Compensation Awards The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands):
 
December 31, 2024
For the Three Months Ended March 31, 2025March 31, 2025
Plan YearUnrecognized Compensation CostForfeiture of Unvested AwardsValue of Awards Issued
(Amortization)/Reversal of Compensation Cost
Unrecognized Compensation CostRemaining Amortization Period
2022$3,107 $(1,250)$— $(1,288)$569 0.6 years
20236,070 — — (1,615)4,455 1.2 years
202411,692 (2,798)— 135 9,029 2.2 years
2025— — 29,091 (2,422)26,669 3.0 years
Total$20,869 $(4,048)$29,091 $(5,190)$40,722 
The following table details the incentive compensation awards ($ in thousands):
 
December 31, 2024
For the Three Months Ended March 31, 2025March 31, 2025
Plan YearUnrecognized Compensation Cost Forfeiture of Unvested AwardsValue of Awards IssuedAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
2022$7,786 $— $— $(1,946)$5,840 0.8 years
202314,673 — — (2,293)12,380 1.5 years
202440,265 — — (5,030)35,235 2.2 years
2025— — 63,871 (5,322)58,549 3.0 years
 $62,724 $— $63,871 $(14,591)$112,004