9AT: BLACKSTONE PROPERTY ADVISORS L.P.

other names

BLACKSTONE PROPERTY ADVISORS L.P.
BX REIT ADVISORS L.L.C. (RELYING ADVISER)

Adviser Profile

As of Date	10/01/2025
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm
Number of Employees	651 -8%
of those in investment advisory functions	434 -3%
Registration	SEC, Approved, 05/13/2015

AUM^*	73,620,371,498 -13%
of that, discretionary	55,724,517,898 -15%
Private Fund GAV^*	55,923,831,946 -6%
Avg Account Size	1,098,811,515 -15%
SMA’s	Yes
Private Funds	79 25
Contact Info	212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- State or municipal government entities

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count24	GAV$35,979,441,511
Fund TypePrivate Equity Fund	Count9	GAV$
Fund TypeReal Estate Fund	Count43	GAV$19,944,390,435
Fund TypeOther Private Fund	Count3	GAV$

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser VISION BRAZIL INVESTMENTS	Hedge Fund13.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund134.2m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV147.2m	AUM-	#Funds13
Adviser PGIM PRIVATE ALTERNATIVES (UK) LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund284.2m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV284.2m	AUM4.4b	#Funds4
Adviser TISHMAN CAPITAL PARTNERS	Hedge Fund343.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund271.4m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV615.4m	AUM971.9m	#Funds7
Adviser BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C.	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund19.2b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV20.8b	AUM64.3b	#Funds47
Adviser ARES COMMERCIAL REAL ESTATE MANAGEMENT LLC	Hedge Fund5.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.6b	AUM27.1b	#Funds5
Adviser MENLO EQUITIES	Hedge Fund1.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund699.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.5b	AUM4.5b	#Funds5
Adviser CITYVIEW MANAGEMENT SERVICES, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.1b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund76.2m	Total Private Fund GAV1.2b	AUM1.1b	#Funds9
Adviser SAG HARBOR CAPITAL MANAGEMENT, LLC	Hedge Fund442.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund13.0m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV455.2m	AUM455.2m	#Funds2
Adviser GEM REALTY CAPITAL	Hedge Fund1.0b	Liquidity Fund-	Private Equity Fund2.0b	Real Estate Fund3.5b	Securitized Asset Fund-	Venture Capital Fund30.0m	Other Fund-	Total Private Fund GAV6.6b	AUM6.2b	#Funds18
Adviser ABR CAPITAL PARTNERS, LLC	Hedge Fund26.8m	Liquidity Fund-	Private Equity Fund50.0m	Real Estate Fund935.4m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.0b	AUM397.9m	#Funds25

Brochure Summary

Overview

11 Overview of the Firm The Adviser, directly or indirectly through its subsidiaries, provides investment advisory services to its Clients, and Affiliates of the Adviser generally serve as General Partner of each Client. The Adviser’s Clients primarily make core+ real estate and/or real estate related Investments, including for certain Clients, investments which are substantially stabilized, income generating real estate, and public and private real estate-related debt providing income. The ultimate parent of the Adviser is Blackstone. Please see the structure chart below. Blackstone is a global alternative investment manager with Investment Vehicles focused on real estate, private equity, hedge fund solutions, credit, infrastructure, secondary funds of funds and multi-asset class strategies. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information.
12 As of December 31, 2023, the Adviser had regulatory assets under management of approximately $59.7 billion on a discretionary basis and approximately $18.5 billion on a non-discretionary basis. Please note that these figures are unaudited estimates.
Description of Advisory Services The

Adviser serves as investment adviser to its Clients pursuant to the Advisory Agreements. The Adviser performs the following services, among others, for its Clients: 1. Identifies and analyzes investment opportunities; 2. Makes investment recommendations to the General Partner of each Client, as applicable; 3. Participates in the monitoring and evaluation of Investments; and 4. Provides other related services in connection with the implementation of the investment program of each Client, including, without limitation, arranging for and coordinating the services of other professionals and consultants.
The Adviser tailors its advisory services to the particular needs of each Client. However, the specific needs of the individual Investors in a Client (i.e., limited partner investors) are not the basis for recommendations by the Adviser. Investment advice is provided directly to the Client, not individually to the respective Investors in the Client. The Adviser also provides specific portfolio management services to certain Investment Vehicles managed by an affiliated alternative investment fund manager for the purposes of AIFMD, through a series of delegation agreements.

BLACKSTONE PROPERTY ADVISORS L.P.

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