XML 52 R34.htm IDEA: XBRL DOCUMENT v3.25.3
Related Party and Other Transactions (Tables)
 9 Months Ended
Sep. 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): 
September 30, 2025December 31, 2024
Accrued stockholder servicing fee$770,083 $624,579 
Performance participation allocation124,029 — 
Accrued management fee55,614 56,401 
Other6,543 1,767 
Total$956,269 $682,747 
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services
The following tables detail the amounts incurred for portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands):
Service
Provider Expenses
Amortization/(Reversal) of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
202520242025202420252024
Link Logistics Real Estate LLC$33,657 $30,935 $3,326 $6,518 $3,507 $147 
Tricon
25,643 — 1,042 — 3 — 
Perform Properties LLC(1)
8,860 9,268 (141)224 528 741 
Revantage(2)
5,766 8,536 3,069 1,952 — — 
LivCor, LLC4,613 26,860 2,838 4,672 1,728 2,887 
BRE Hotels and Resorts LLC1,976 3,393 307 312 66 — 
BPP MFNY Employer LLC657 683 (87)364 — — 
Apartment Income REIT, L.P.
402 — — — — — 
Longview Senior Housing, LLC269 342 — — — — 
$81,843 $80,017 $10,354 $14,042 $5,832 $3,775 
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
202520242025202420252024
Link Logistics Real Estate LLC$92,706 $90,045 $16,121 $17,622 $12,409 $963 
Tricon
64,665 — 3,125 — 3 — 
Perform Properties LLC(1)
24,540 30,094 109 986 1,072 2,264 
Revantage(2)
22,200 19,564 7,956 6,356 15 — 
LivCor, LLC59,069 77,511 12,815 16,224 5,137 7,367 
BRE Hotels and Resorts LLC8,325 9,717 980 1,136 91 — 
BPP MFNY Employer LLC
2,351 2,399 514 1,093 — — 
Apartment Income REIT, L.P.
979 — — — 20 — 
Longview Senior Housing, LLC871 852 — — — — 
$275,706 $230,182 $41,620 $43,417 $18,747 $10,594 
(1)Includes Shopcore Properties TRS Management LLC and EQ Management, LLC for three and nine months ended September 30, 2024.
(2)Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.
Schedule of Incentive Compensation Awards The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands):
 December 31, 2024For the Nine Months Ended September 30, 2025September 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 $— $(1,467)$(1,506)$134 0.3 years
20236,070 — (613)(3,473)1,984 1.1 years
202411,692 — (3,597)(2,078)6,017 1.9 years
2025— 17,022 (863)(3,956)12,203 2.6 years
Total$20,869 $17,022 $(6,540)$(11,013)$20,338 
The following table details the incentive compensation awards ($ in thousands):
 
December 31, 2024
For the Nine Months Ended September 30, 2025September 30, 2025
Plan YearUnrecognized Compensation Cost Value of Awards IssuedForfeiture of Unvested AwardsAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
2022$7,786 $— $(86)$(5,868)$1,832 0.3 years
202314,673 — (4,591)(3,100)6,982 1.1 years
202440,265 — (2,524)(13,617)24,124 1.9 years
2025— 76,634 — (19,158)57,476 2.6 years
 $62,724 $76,634 $(7,201)$(41,743)$90,414