Clients
Blackstone Real Estate Special Situations Advisors serves 70 clients, 38 of them pooled investment vehicles. The average client has about $1000 million with the firm.
- Business development companies1 clients2%
- Pooled investment vehicles38 clients29%
- Insurance companies30 clients67%
- OtherInvestment companies, State or municipal government entities, Corporations and other businesses1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 1 | $157,668,974 | 0.2% | $157.7M |
| Business development companies | 1 | $1,577,780,000 | 2.3% | $1.58B |
| Pooled investment vehicles | 38 | $20,548,554,258 | 29.4% | $540.8M |
| State or municipal government entities | Not reported | $382,569,428 | 0.5% | — |
| Insurance companies | 30 | $47,204,253,442 | 67.5% | $1.57B |
| Corporations and other businesses | 0 | $111,189,493 | 0.2% | — |
| Total | 70 | $69,982,015,595 | 100% | $999.7M |
- Clients
- 1
- Regulatory AUM
- $157,668,974
- Share
- 0.2%
- Avg. per client
- $157.7M
- Clients
- 1
- Regulatory AUM
- $1,577,780,000
- Share
- 2.3%
- Avg. per client
- $1.58B
- Clients
- 38
- Regulatory AUM
- $20,548,554,258
- Share
- 29.4%
- Avg. per client
- $540.8M
- Clients
- Not reported
- Regulatory AUM
- $382,569,428
- Share
- 0.5%
- Avg. per client
- —
- Clients
- 30
- Regulatory AUM
- $47,204,253,442
- Share
- 67.5%
- Avg. per client
- $1.57B
- Clients
- 0
- Regulatory AUM
- $111,189,493
- Share
- 0.2%
- Avg. per client
- —
Total
- Clients
- 70
- Regulatory AUM
- $69,982,015,595
- Share
- 100%
- Avg. per client
- $999.7M
What it does
Blackstone Real Estate Special Situations Advisors provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.
Blackstone Real Estate Special Situations Advisors advises 20 private funds.
99.8% of assets ($69.87B across 96 accounts) are managed with discretion; $111.2M across 1 account is not. 55% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Other100%
- Mid-year: 100%- other - mortgage backed securities; residential mortgage trust; commercial mortgage, single family residential, multifamily residential, retail, and office loans; end of year: 100%- other - mortgage backed securities; residential mortgage trust; commercial mortgage, single family residential, multifamily residential, retail, and office loans100%
Custodians
Blackstone Real Estate Special Situations Advisors’ client accounts are held mainly at Citibank, with 55% of managed assets, and Bank of New York Mellon, with 12%. Blackstone Real Estate Special Situations Advisors has custody of client assets.
- Bank of New York MellonBank of New York Mellon Corporation · Greenwich, CT · $8.24B12%
- CitibankCitibank · New York, NY · $38.58B55%
- All other custodians$23.17B33%
Ownership and leadership
Blackstone Holdings I L.P. owns 75% or more of Blackstone Real Estate Special Situations Advisors.
- Owns 75% or more of Blackstone Real Estate Special Situations Advisors L.L.C.
Blackstone Holdings I L.P.
Control person · since December 2007
Blackstone Holdings I/II GP LLC
General partner · Control person · since June 2007
- Owns 75% or more of Blackstone Holdings I/II GP LLC
Blackstone Inc.
Control person · since June 2007
Leadership
- Brett NewmanReal Estate Chief Financial Officer
- Brian KimGlobal Chief Operating Officer of Blackstone Real Estate Debt Strategies
- Scott MathiasChief Compliance Officer
- Timothy JohnsonGlobal Head of Blackstone Real Estate Debt Strategies
- Nadeem MeghjiGlobal Head of Real Estate
- Carey RobertsGeneral Counsel of Real Estate
Staff
- 255 employees
- 134 in advisory functions
- 22 broker-dealer reps
Fees
Blackstone Real Estate Special Situations Advisors is paid through a percentage of assets under management and performance-based fees.
Blackstone Real Estate Special Situations Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Blackstone Real Estate Special Situations Advisors has 6 offices, with 2 listed addresses across 2 states.
California · 1 listed address
- 100 Wilshire Boulevard, Suite 200, Santa Monica
New York · 1 listed address
- 345 Park Avenue, New YorkHQ
Registration details
- Legal name
- Blackstone Real Estate Special Situations Advisors L.L.C.
- Headquarters
- 345 Park Avenue, New York, NY 10154
- Phone
- 212-583-5000
- Website
- www.blackstone.com
- SEC file
- 801-68749
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Blackstone Real Estate Special Situations Advisors have?
Blackstone Real Estate Special Situations Advisors has 70 clients and manages $70 billion for them, as of September 2026. They include 38 pooled investment vehicles, 30 insurance companies and 1 investment companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 8 September 2026
What services does Blackstone Real Estate Special Situations Advisors offer?
Blackstone Real Estate Special Situations Advisors provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Blackstone Real Estate Special Situations Advisors use?
Blackstone Real Estate Special Situations Advisors’ separately managed account assets are held at Citibank (New York, NY), with $38,575,798,221 and Bank of New York Mellon Corporation (Greenwich, CT), with $8,235,309,637. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 8 September 2026
How many financial advisors does Blackstone Real Estate Special Situations Advisors have?
Blackstone Real Estate Special Situations Advisors has 0 investment adviser representatives registered with state securities authorities, out of 255 employees, and 134 perform investment advisory functions. 22 are registered representatives of a broker-dealer and 0 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Blackstone Real Estate Special Situations Advisors invest in?
At the end of its last fiscal year, Blackstone Real Estate Special Situations Advisors’ separately managed accounts held 100% mid-year: 100%- other - mortgage backed securities; residential mortgage trust; commercial mortgage, single family residential, multifamily residential, retail, and office loans; end of year: 100%- other - mortgage backed securities; residential mortgage trust; commercial mortgage, single family residential, multifamily residential, retail, and office loans. It advises 20 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Blackstone Real Estate Special Situations Advisors?
Blackstone Real Estate Special Situations Advisors is owned through a chain of holding companies by Blackstone Inc. Its direct owner is Blackstone Holdings I L.P. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 8 September 2026
How does Blackstone Real Estate Special Situations Advisors get paid?
Blackstone Real Estate Special Situations Advisors is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
