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Related Party and Other Transactions (Tables)
 6 Months Ended
Jun. 30, 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): 
June 30, 2025December 31, 2024
Accrued stockholder servicing fee$837,955 $624,579 
Performance participation allocation88,824 — 
Accrued management fee55,634 56,401 
Other3,105 1,767 
Total$985,518 $682,747 
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services
The following tables detail the amounts incurred for portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands):
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,
202520242025202420252024
Link Logistics Real Estate LLC$30,377 $31,578 $6,398 $5,122 $6,578 $364 
Tricon
27,264 — 2,083 — — — 
LivCor, LLC26,162 22,922 4,988 6,047 2,111 2,510 
Perform Properties LLC(1)
7,209 10,403 126 170 277 1,172 
Revantage(2)
7,128 7,433 2,443 2,129 15 — 
BRE Hotels and Resorts LLC3,337 3,177 336 315 25 — 
BPP MFNY Employer LLC828 895 300 334 — — 
Apartment Income REIT, L.P.
577 — — — 20 — 
Longview Senior Housing, LLC320 253 — — — — 
$103,202 $76,661 $16,674 $14,117 $9,026 $4,046 
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
202520242025202420252024
Link Logistics Real Estate LLC$59,049 $59,110 $12,795 $11,104 $8,902 $816 
Tricon
39,022 — 2,083 — — — 
LivCor, LLC54,456 50,651 9,977 11,552 3,409 4,480 
Perform Properties LLC(1)
15,680 20,826 250 762 544 1,523 
Revantage(2)
16,434 11,028 4,887 4,404 15 — 
BRE Hotels and Resorts LLC6,349 6,324 673 824 25 — 
BPP MFNY Employer LLC
1,694 1,716 601 729 — — 
Apartment Income REIT, L.P.
577 — — — 20 — 
Longview Senior Housing, LLC602 510 — — — — 
$193,863 $150,165 $31,266 $29,375 $12,915 $6,819 
(1)Includes Shopcore Properties TRS Management LLC and EQ Management, LLC for three and six months ended June 30, 2024.
(2)Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.
Schedule of Incentive Compensation Awards The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands):
 December 31, 2024For the Six Months Ended June 30, 2025June 30, 2025
Plan YearUnrecognized Compensation CostValue of Awards Issued
Forfeiture of Unvested Awards
Amortization of Compensation Cost
Unrecognized Compensation CostRemaining Amortization Period
2022$3,107 $— $(1,250)$(1,578)$279 0.5 years
20236,070 — (79)(3,285)2,706 1.3 years
202411,692 — (3,072)(1,121)7,499 2.0 years
2025— 16,736 (447)(2,692)13,597 2.8 years
Total$20,869 $16,736 $(4,848)$(8,676)$24,081 
The following table details the incentive compensation awards ($ in thousands):
 
December 31, 2024
For the Six Months Ended June 30, 2025June 30, 2025
Plan YearUnrecognized Compensation Cost Value of Awards IssuedForfeiture of Unvested AwardsAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
2022$7,786 $— $— $(3,893)$3,893 0.5 years
202314,673 — — (4,585)10,088 1.3 years
202440,265 — — (10,060)30,205 2.0 years
2025— 76,371 — (12,728)63,643 2.8 years
 $62,724 $76,371 $— $(31,266)$107,829