RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

The Company has entered into an amended and restated investment advisory agreement (the "Investment Advisory Agreement") with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for determining the composition of the Company's portfolio, identifying and performing due diligence on potential investments, making investment decisions for the Company, monitoring the Company's investments on an ongoing basis, and determining and executing the Company's financing and hedging strategies.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to the Company are not impaired. Pursuant to the Investment Advisory Agreement, the Adviser does not charge any advisory fees to the Company.

Administration Agreement

The Company has entered into an amended and restated administration agreement (the "Administration Agreement") with Blackstone Real Estate Special Situations Advisors L.L.C. (the "Administrator"). Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring, preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment, and office services.

In consideration for the administrative services provided pursuant to the Administration Agreement, the Administrator will be entitled to receive an administration fee (the "Administration Fee") payable, settled and paid monthly by the Company in an amount equal to the greater of (i) $41,666.67 and (ii) 1/12 of 0.1% of the Company's NAV as of the last day of the applicable month before giving effect to any accruals for the Administration Fee. From time to time, the Administrator on behalf of the Company will engage other parties to perform certain administrative duties it is obligated to provide. The fees, costs and expenses of any such service providers will be separate and distinct from the Administration Fees payable to the Administrator, and the Administrator will bear any amounts in excess of the Administration Fee. Expenses for services not covered by the Administration Agreement, including administrative expenses incurred in connection with investments, will be borne by the Company over and above the expenses of the Administration Fee.

During the three months ended March 31, 2026, the Company incurred administrative services expenses of $0.2 million.

Certain Terms of the Investment Advisory Agreement and Administration Agreement

Each of the Investment Advisory Agreement and the Administration Agreement have been approved by the Board. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an amended and restated expense support and conditional reimbursement agreement with the Adviser (the "Expense Agreement"). The Adviser may elect to pay certain of the Company's expenses on its behalf, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. The Company shall be obligated to make reimbursement payments to the Adviser, subject to certain limitations described in the Expense Agreement for a period of three years from when such payments were made by the Adviser. The Company's obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

The following table presents a summary of the expense payments and related reimbursement payments since the Company's commencement of operations ($ in thousands):

For the Month Ended	Expense Payments by Adviser		Reimbursement to Adviser		Unreimbursed Expense Payments
From commencement to December 31, 2025	$	7,049	$	—	$	7,049
January 31, 2026	383		—		383
February 28, 2026	395		—		395
March 31, 2026	630		—		630
Total	$	8,457	$	—	$	8,457

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

Affiliate Services

The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, management services and operations services, and corporate support services. The following table details the amounts incurred for affiliate service providers ($ in thousands):

	For the Three Months Ended March 31, 2026
Revantage Corporate Services, LLC(1)	$	3
BRIO Real Estate, L.L.C.(2)	230
Total	$	233

(1)Revantage Corporate Services, LLC is a portfolio company owned by Blackstone-advised investment vehicles, that provides, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis.

(2)BRIO Real Estate, LLC is a portfolio company owned by Blackstone-advised investment vehicles that provides, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis.

Other Transactions

For the three months ended March 31, 2026, the Company closed on $201.5 million of commitments across three new loans and other notes and one modification of an existing loan to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a pari passu basis.

As of March 31, 2026, the Company had closed on $1.0 billion of loan and other note commitments across fourteen loans and other notes to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a pari passu basis.

As of March 31, 2026, the Company owned investments in debt securities issued by affiliates of other Blackstone-advised vehicles with a total fair value of $16.0 million, or 6.0% of total investments of debt securities.

As of December 31, 2025, the Company owned investments in debt securities issued by affiliates of other Blackstone-advised vehicles with a total fair value of $21.0 million, or 6.0% of total investments of debt securities.