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| Blackstone Real Estate Special Situations Advisors LLC
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| CRD # | 146043 |
| SEC # | 801-68749 |
| CIK # | 0001596444 |
| AUM | 69.79 B (2026-03-30) |
| Employees | 255 (53% Investors, 9% Brokers) |
| Fees | |
| Minimum | |
| Phone | 212-583-5000 |
| Address | 345 Park Avenue New York, NY 10154 |
| Source | [IAPD] [EDGAR] [Website] [Twitter] [LinkedIn] [Instagram] |
| Total AUM ($B) |
|---|
| Fees and Compensation — Form ADV Part 2A (3/30/2026) [Brochure] |
|---|
Item 5 – Fees and Compensations made, Client operations, entity administration and registration fees and other matters pertaining to the BREDS program (and its related entities) generally. The allocation of expenses in this manner will, in certain circumstances, result in a Client or certain of its Investors bearing a greater (or lesser) portion/amount of certain expenses than if each invoice was specifically allocated with respect to an Investment, a Client or such Investors. The Adviser intends to periodically review and adjust the foregoing as it determines appropriate, from time to time, in its discretion. Blackstone Real Estate Special Situations Advisors L.L.C. |
| Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2026) [Brochure] |
|---|
Item 7 – Types of Clients Clients, a minimum euro amount, as determined in the applicable General Partner’s sole discretion. The General Partner reserves the right, in its sole discretion, to waive the minimum dollar amount. Blackstone Real Estate Special Situations Advisors L.L.C. |
| Type | Form D Funds | Date | Sold | AUM |
|---|---|---|---|---|
| RE | Blackstone Real Estate Credit Income Fund LP | [2026-03-30] | 1,640.0 M | |
| Filed 2025-11-25 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Homestead Topco LP | 2026-03-30 | 20.0 M | |
| RE | Village Topco LP | 2026-03-30 | 26.4 M | |
| RE | Blackstone Real Estate Debt Strategies - Supplemental Account C LP | 2025-03-28 | 1,037.5 M | |
| RE | Blackstone Real Estate Debt Strategies V - Gaussian LP | 2025-03-28 | 947.6 M | |
| RE | Blackstone Real Estate Debt Strategies V - C LP | 2024-03-28 | 3,521.2 M | |
| RE | Blackstone Real Estate Debt Strategies V LP | [2023-03-30] | 5,058.2 M | 3,787.9 M |
| Filed 2024-07-31 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Commission $1,000,000 · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Debt Strategies V Lux SCSP | [2023-03-30] | 5,058.2 M | 574.8 M |
| Filed 2024-07-31 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Commission $1,000,000 · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Debt Strategies IV - C LP | 2021-03-31 | 553.7 M | |
| RE | Blackstone Real Estate Debt Strategies IV - Gaussian LP | 2021-03-31 | 423.7 M | |
| HF | Blackstone CMBS Opportunity Fund LP | 2020-08-03 | 168.2 M | |
| RE | Blackstone Real Estate Debt Strategies IV LP | [2020-03-30] | 2,384.2 M | |
| Filed 2019-10-16 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Commission $1,500,000 · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Debt Strategies IV Lux SCSP | [2020-03-30] | 931.8 M | |
| Filed 2019-10-16 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Commission $1,500,000 · Revenue Decline to Disclose | ||||
| HF | Blackstone Harrington Holdings LP | 2019-02-25 | 246.1 M | |
| HF | Blackstone CMBS Fund Non-Ig LP | 2018-03-30 | ||
| RE | Blackstone Commercial Real Estate Debt Fund Cayman LP | [2018-03-30] | 35.3 M | 0.1 M |
| Filed 2011-01-27 (D) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $250,000 · Remaining Indefinite · Duration One year or less · Commission $1,059,987 · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Europe1 LP | [2018-03-30] | 24.0 M | 6.9 M |
| Filed 2009-07-16 (D) · Exemption 506 · Minimum $10,000,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Europe2 LP | [2018-03-30] | 1.4 M | 0.3 M |
| Filed 2009-07-16 (D) · Exemption 506 · Minimum $1,400,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Europe LP | [2018-03-30] | 188.6 M | 6.6 M |
| Filed 2012-03-09 (D/A) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $20,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| HF | Blackstone Residential Fund - B LP | 2018-03-29 | 31.3 M | |
| HF | Blackstone CMBS Fund Non-Ig LP | 2017-03-30 | ||
| RE | Blackstone Real Estate Debt Strategies High-Grade LP | [2017-03-30] | 440.4 M | |
| Filed 2017-02-14 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Commission $555,000 · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Debt Strategies III - Gaussian LP | 2017-03-30 | 166.0 M | |
| RE | Blackstone Real Estate Debt Strategies III - N LP | 2017-03-30 | 109.5 M | |
| RE | Blackstone Real Estate Special Situations Principal Transaction Partners LP | [2017-03-30] | 52.5 M | |
| Filed 2010-10-08 (D) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $22,500,000 · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose | ||||
| HF | Blackstone CMBS Fund - G LP | 2016-08-25 | 1,069.5 M | |
| HF | Blackstone Residential Fund - A LP | 2016-07-15 | 37.7 M | |
| HF | Blackstone Residential Operating Partnership LP | 2016-07-15 | 51.3 M | |
| RE | Blackstone Real Estate Debt Strategies II - A LP | 2016-03-30 | ||
| RE | Blackstone Real Estate Debt Strategies III LP | [2016-03-30] | 3,944.6 M | 1,246.5 M |
| Offered $3,944,617,470 · Filed 2016-08-19 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Duration One year or less · Commission $2,610,075 · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Europe Isobel NQ LP | 2016-03-30 | 27.3 M | |
| RE | Blackstone Real Estate Debt Strategies II - AC LP | 2015-03-31 | 188.2 M | |
| RE | Blackstone Real Estate Debt Strategies II - Gaussian LP | 2015-03-31 | ||
| RE | Blackstone Real Estate Debt Strategies II LP | [2013-03-28] | 1,744.7 M | |
| Filed 2013-08-28 (D/A) · Exemption 506, 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Commission $5,995,000 · Revenue Decline to Disclose | ||||
| RE | Blackstone Commercial Real Estate Debt Fund Holdings Cayman LP | [2012-03-30] | 35.3 M | 36.4 M |
| Filed 2011-01-27 (D) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $250,000 · Remaining Indefinite · Duration One year or less · Commission $1,059,987 · Revenue Decline to Disclose | ||||
| RE | Blackstone Commercial Real Estate Debt Fund LP | [2012-03-30] | 361.4 M | |
| Filed 2011-01-27 (D) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $250,000 · Remaining Indefinite · Duration One year or less · Commission $10,842,875 · Revenue Decline to Disclose | ||||
| HF | Blackstone Real Estate CMBS Master Fund Ltd | [2012-03-30] | 381.4 M | 478.4 M |
| Filed 2017-09-20 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $100,000 · Remaining Indefinite · Duration More than one year · Commission $17,907,162 · Net Assets Decline to Disclose | ||||
| RE | Blackstone Real Estate Principal Transaction Partners LP | 2012-03-30 | 10.8 M | |
| RE | Blackstone Real Estate Special Situations Europe1 LP | [2012-03-30] | 24.0 M | 8.7 M |
| Filed 2009-07-16 (D) · Exemption 506 · Minimum $10,000,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Europe2 LP | [2012-03-30] | 1.4 M | 1.4 M |
| Filed 2009-07-16 (D) · Exemption 506 · Minimum $1,400,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Europe LP | [2012-03-30] | 188.6 M | 185.8 M |
| Filed 2012-03-09 (D/A) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $20,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Fund - Gaussian LP | 2012-03-30 | ||
| RE | Blackstone Real Estate Special Situations Fund II1 LP | [2012-03-30] | 296.0 M | 8.1 M |
| Filed 2009-07-16 (D) · Exemption 506 · Minimum $10,000,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Fund II2 LP | [2012-03-30] | 70.6 M | 4.5 M |
| Filed 2009-07-16 (D) · Exemption 506 · Minimum $5,000,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose | ||||
| RE | Blackstone Real Estate Special Situations Fund II LP | [2012-03-30] | 945.3 M | 15.1 M |
| Filed 2011-02-16 (D/A) · Exemption 506, 3(c), 3(c)(1), 3(c)(7) · Minimum $80,000 · Remaining Indefinite · Duration More than one year · Commission $1,691,768 · Revenue Decline to Disclose | ||||
| HF | Blackstone Real Estate Special Situations Fund LP | [2012-03-30] | 178.2 M | 1.7 M |
| Filed 2016-03-23 (D/A) · Exemption 506(b), 3(c), 3(c)(1), 3(c)(7) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose | ||||
| HF | Blackstone Real Estate Special Situations Holdings LP | [2012-03-30] | 801.9 M | |
| Filed 2020-11-04 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Commission $1,487,500 · Net Assets Decline to Disclose | ||||
| AUM Breakdown | Accounts | AUM ($B) |
|---|---|---|
| By Client Type | ||
| (a) Individuals (other than high net worth individuals) | 0 | 0.0 |
| (b) Individuals (high net worth individuals) | 0 | 0.0 |
| (c) Banking or thrift institutions | 0 | 0.0 |
| (d) Investment companies | 1 | 0.2 |
| (e) Business development companies | 1 | 1.6 |
| (f) Pooled investment vehicles | 38 | 20.4 |
| (g) Pension and profit sharing plans | 0 | 0.0 |
| (h) Charitable organizations | 0 | 0.0 |
| (i) State or municipal government entities | 0 | 0.4 |
| (j) Other investment advisers | 0 | 0.0 |
| (k) Insurance companies | 30 | 47.2 |
| (l) Sovereign wealth funds and foreign official institutions | 0 | 0.0 |
| (m) Corporations or other businesses not listed above | 0 | 0.1 |
| (n) Other | 0 | 0.0 |
| Total | 97 | 69.8 |
| By Discretionary | ||
| Discretionary | 96 | 69.7 |
| Non-Discretionary | 1 | 0.1 |
| Total | 97 | 69.8 |
| By Non-United States Persons | ||
| Non-United States Persons | 29.8 | |
| United States Persons | 40.0 | |
| Total | 97 | 69.8 |
| Form D Directors | Role | # Filings | # Firms | 2011 - 2026 |
|---|---|---|---|---|
| Sean Flynn | Director | 165 | 41 | |
| Patrick Harrigan | Director | 135 | 40 | |
| Peter Young | Director | 116 | 22 | |
| John Finley | Executive Officer | 283 | 16 | |
| Laurence Tosi | Executive Officer | 167 | 14 | |
| Christopher Striano | Executive Officer | 234 | 13 | |
| Matthew Skurbe | Executive Officer | 146 | 13 | |
| Stephen Schwarzman | Executive Officer | 135 | 13 | |
| Hamilton James | Executive Officer | 134 | 13 | |
| Kathleen Skero | Executive Officer | 113 | 11 | |
| View All | ||||
| EDGAR Form | CIK | 2011 - 2026 |
|---|---|---|
| 3 | [0001596444] | |
| 4 | [0001596444] |
| Firm Profile (Form ADV) | |
|---|---|
| Discretionary AUM | $6.9B |
| Serves | Institutional |
| Fund Types | Hedge Fund, Real Estate |
| LEI | 549300LUY356596MV847 |
| Related People Network |
|---|
| 59 people file Form D offerings alongside this firm's people, tied to 11 other firms through shared filers. |
| Insider Transaction (Form 3/4/5) | Date | Action | Shares | Price | Value ($) |
|---|---|---|---|---|---|
|
Blackstone Private Real Estate Credit & Income Fund NONE
Common Shares of Beneficial Interest
|
2025-05-01 | Other | 100 | $0.00 | |
|
Blackstone Real Estate Income Fund II N/A
Institutional Class II Common Shares of Beneficial Interest
|
2021-11-29 | Other | 264.14 | $908.60 | 239,998 |
|
Blackstone Real Estate Income Fund N/A
Common Shares of Beneficial Interest
|
2021-11-29 | Other | 411.96 | $926.58 | 381,714 |
|
Blackstone Real Estate Income Fund II N/A
Advisor Class I Common Shares of Beneficial Interest
|
2021-11-29 | Other | 0.73 | $898.36 | 656 |
|
Blackstone Real Estate Income Fund II N/A
Advisor Class I Common Shares of Beneficial Interest
|
2021-08-23 | Other | 25.79 | $877.07 | 22,620 |
|
Blackstone Real Estate Income Fund II N/A
Institutional Class II Common Shares of Beneficial Interest
|
2021-08-23 | Other | 6,523.99 | $887.60 | 5,790,694 |
|
Blackstone Real Estate Income Fund N/A
Common Shares of Beneficial Interest
|
2021-08-23 | Other | 6,167.35 | $910.05 | 5,612,597 |
|
Blackstone Real Estate Income Fund N/A
Common Shares of Beneficial Interest
|
2021-04-26 | Other | 7,728.08 | $873.44 | 6,750,014 |
|
Blackstone Real Estate Income Fund II N/A
Advisor Class I Common Shares of Beneficial Interest
|
2021-04-26 | Other | 33.80 | $841.92 | 28,457 |
|
Blackstone Real Estate Income Fund II N/A
Institutional Class II Common Shares of Beneficial Interest
|
2021-04-26 | Other | 8,421.85 | $852.05 | 7,175,837 |
|
Blackstone Real Estate Income Fund N/A
Common Shares of Beneficial Interest
|
2021-01-22 | Other | 1,954.26 | $821.68 | 1,605,776 |
|
Blackstone Real Estate Income Fund II N/A
Advisor Class I Common Shares of Beneficial Interest
|
2021-01-22 | Other | 8.59 | $792.15 | 6,805 |
|
Blackstone Real Estate Income Fund II N/A
Institutional Class II Common Shares of Beneficial Interest
|
2021-01-22 | Other | 2,136.66 | $801.68 | 1,712,918 |
|
Blackstone Real Estate Income Fund II N/A
Institutional Class II Common Shares of Beneficial Interest
|
2014-04-01 | Buy | 12,500 | $1,000.00 | 12,500,000 |
|
Blackstone Real Estate Income Fund N/A
Common Shares of Beneficial Interest
|
2014-04-01 | Buy | 12,500 | $1,000.00 | 12,500,000 |
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|
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