
	June 30, 2025
Type of Security/Loan(1)	Weighted Average Coupon(2)	Weighted Average Maturity Date(3)	Face Amount		Cost Basis		Fair Value
CMBS(4)	+4.3%	5/9/2032	$	3,889,646	$	3,871,888	$	3,666,612
RMBS	4.1%	10/16/2058	117,737		115,005		91,755
Corporate bonds	4.9%	5/28/2028	56,668		56,003		54,099
Total real estate securities	8.3%	12/6/2032	4,064,051		4,042,896		3,812,466
Commercial real estate loans	+4.5%	10/19/2027	919,484		892,832		905,733
Other investments(5)(6)	5.7%	9/21/2029	287,094		275,910		349,264
Total investments in real estate debt	8.2%	10/18/2031	$	5,270,629	$	5,211,638	$	5,067,463


	December 31, 2024
Type of Security/Loan(1)	Weighted Average Coupon(2)	Weighted Average Maturity Date(3)	Face Amount		Cost Basis		Fair Value
CMBS(4)	+4.2%	5/1/2032	$	3,970,222	$	3,956,637	$	3,728,985
RMBS	4.2%	7/25/2056	190,626		187,552		141,767
Corporate bonds	4.9%	5/30/2028	55,355		56,003		51,652
Total real estate securities	8.3%	2/26/2033	4,216,203		4,200,192		3,922,404
Commercial real estate loans	+4.6%	8/29/2027	1,037,985		1,044,460		1,032,821
Other investments(5)(6)	5.7%	9/21/2029	287,768		276,584		324,703
Total investments in real estate debt	8.2%	11/14/2031	$	5,541,956	$	5,521,236	$	5,279,928

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.

(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans represent a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities.

(6)Weighted average coupon and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation.

The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):


	June 30, 2025					December 31, 2024
Collateral(1)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value
Industrial	$	1,950,928	$	1,933,526	38%	$	1,972,592	$	1,940,709	37%
Rental Housing(2)	1,753,923		1,798,962		35%	1,873,616		1,850,255		35%
Net Lease	884,047		886,291		17%	858,605		860,465		16%
Hospitality	218,395		207,890		4%	332,623		322,052		6%
Office	350,887		189,223		4%	379,257		209,882		4%
Other	24,328		23,890		1%	52,257		49,900		1%
Diversified	29,130		27,681		1%	52,286		46,665		1%

Total	$	5,211,638	$	5,067,463	100%	$	5,521,236	$	5,279,928	100%

(2)Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.


	June 30, 2025					December 31, 2024
Credit Rating(1)(2)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value


A	$	818	$	747	—%	$	28,200	$	27,735	1%
BBB	822,445		813,758		16%	807,228		799,005		15%
BB	728,484		706,247		14%	797,219		759,361		14%
B	546,270		513,266		10%	576,629		523,784		9%
CCC and below	132,271		42,253		1%	143,548		38,704		1%



Private commercial real estate loans	892,832		905,733		18%	1,044,460		1,032,821		20%
Not rated(2)	2,088,518		2,085,459		41%	2,123,952		2,098,518		40%
Total	$	5,211,638	$	5,067,463	100%	$	5,521,236	$	5,279,928	100%

(2)A represents credit ratings of A+, A, and A-, BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, B represents credit ratings of B+, B, and B-, and CCC and below represents credit ratings of CCC+ and below.

(3)As of June 30, 2025, not rated positions have a weighted-average LTV at origination of 54%, and are primarily composed of 57% industrial and 42% rental housing assets.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest income	$	119,519	$	155,392	$	232,877	$	334,230
Unrealized gain	40,521		30,977		81,833		125,369
Realized loss	(5,926)		(27,414)		(14,719)		(38,350)
Total	154,114		158,955		299,991		421,249
Net realized and unrealized (loss) gain on derivatives	(7,107)		841		(11,282)		4,961
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt	(12,214)		1,404		(17,685)		6,846
Other expense	(1,139)		(4,125)		(4,492)		(7,788)
Total income from investments in real estate debt	$	133,654	$	157,075	$	266,532	$	425,268

The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in such real estate debt ($ in thousands):


	Fair Value				Income

					Three Months Ended June 30,				Six Months Ended June 30,
	June 30, 2025		December 31, 2024		2025		2024		2025		2024
CMBS	$	652,674	$	746,773	$	19,367	$	27,676	$	39,776	$	89,386
Commercial real estate loans	316,772		416,942		19,868		11,516		26,702		26,293
Total	$	969,446	$	1,163,715	$	39,235	$	39,192	$	66,478	$	115,679

The Company acquired such CMBS from third parties on market terms negotiated by the majority third party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS.

The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company’s involvement.

As of June 30, 2025 and December 31, 2024, the Company’s investments in real estate debt also included $1.8 billion and $1.7 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three and six months ended June 30, 2025, the Company recognized $38.8 million and $76.4 million of income, respectively, related to such CMBS. During the three and six months ended June 30, 2024, the Company recognized $50.3 million and $139.0 million of income, respectively, related to such CMBS.