{
  "crd_number": 146043,
  "slug": "blackstone-real-estate-special-situations-advisors-l-l-c-new-york-ny-146043",
  "primary_business_name": "BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C.",
  "legal_name": "BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C.",
  "dbas": [],
  "city": "New York",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "35620",
  "metro": {
    "cbsa_code": "35620",
    "common_name": "New York",
    "msa_name": "New York-Newark-Jersey City, NY-NJ",
    "path": "/advisors/ny/new-york"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2008-01-15",
  "years_registered": 18,
  "period": "2026-10-01",
  "filing_date": "2026-09-08",
  "carried_forward": false,
  "raum_total": 69982015595.0,
  "raum_discretionary": 69870826102.0,
  "raum_non_discretionary": 111189493.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 255,
  "advisory_employees": 134,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": 382569428.0,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 47204253442.0,
      "count": 30
    },
    "investment_companies": {
      "raum": 157668974.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": null,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 20548554258.0,
      "count": 38
    },
    "corporations_other_businesses": {
      "raum": 111189493.0,
      "count": 0,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 1577780000.0,
      "count": 1
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA"
  ],
  "websites": [
    "https://apple.co/31Pe1Gg",
    "https://blackstone.com",
    "https://blackstone.podbean.com",
    "https://facebook.com/blackstone",
    "https://instagram.com/blackstone",
    "https://linkedin.com/company/blackstonegroup",
    "https://mp.weixin.qq.com/s/FtddoP2F9zDZ1QFBgOQAAA",
    "https://open.spotify.com/artist/52Eom8vQxM8Lk75ZZlf2hJ",
    "https://pandora.com/artist/blackstone/ARvlPz9Plblrlmg",
    "https://soundcloud.com/blackstone-300250613",
    "https://spoti.fi/2LJ1tHG",
    "https://x.com/blackstone",
    "https://youtube.com/user/blackstonegroup"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/146043",
  "city_as_filed": "NEW YORK",
  "url": "https://advisorcensus.com/firm/blackstone-real-estate-special-situations-advisors-l-l-c-new-york-ny-146043",
  "display_name": "Blackstone Real Estate Special Situations Advisors L.L.C.",
  "summary": "Blackstone Real Estate Special Situations Advisors L.L.C. is an SEC-registered investment advisory firm in New York, NY, registered since 2008, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 8, 2026.",
  "citation": "AdvisorCensus. Blackstone Real Estate Special Situations Advisors L.L.C. (CRD 146043): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Blackstone Real Estate Special Situations Advisors L.L.C. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Blackstone Real Estate Special Situations Advisors L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Blackstone Real Estate Special Situations Advisors L.L.C. located?",
      "a": "Blackstone Real Estate Special Situations Advisors L.L.C.'s principal office is in New York, NY, according to its Form ADV; the October 2026 filing also lists 6 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Blackstone Real Estate Special Situations Advisors L.L.C. registered with the SEC or a state?",
      "a": "Blackstone Real Estate Special Situations Advisors L.L.C. is an SEC-registered investment advisory firm, registered since 2008. Status as filed: Approved. CRD 146043."
    },
    {
      "q": "How much does Blackstone Real Estate Special Situations Advisors L.L.C. manage?",
      "a": "Blackstone Real Estate Special Situations Advisors L.L.C. reports $69,982,015,595 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (100% discretionary)."
    },
    {
      "q": "How have Blackstone Real Estate Special Situations Advisors L.L.C.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Blackstone Real Estate Special Situations Advisors L.L.C.: Regulatory assets under management: $24,292,316,297 in the October 2021 data and $69,982,015,595 in the October 2026 data, up 188%. Total employees: 229 in October 2021 and 255 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Blackstone Real Estate Special Situations Advisors L.L.C. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (38); insurance companies (30); investment companies (1)."
    },
    {
      "q": "Which custodians does Blackstone Real Estate Special Situations Advisors L.L.C. use?",
      "a": "Blackstone Real Estate Special Situations Advisors L.L.C.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York Mellon Corporation and Citibank as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Blackstone Real Estate Special Situations Advisors L.L.C. report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/146043"
    },
    {
      "q": "What changed in Blackstone Real Estate Special Situations Advisors L.L.C.'s recent Form ADV filings?",
      "a": "In the October 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 24292316297.0,
      "total_employees": 229,
      "filing_date": "2021-06-07"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 50021601506.0,
      "total_employees": 299,
      "filing_date": "2022-04-01"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 54857573291.0,
      "total_employees": 321,
      "filing_date": "2023-09-08"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 68505042218.0,
      "total_employees": 285,
      "filing_date": "2024-09-23"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 64262511968.0,
      "total_employees": 273,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 69982015595.0,
      "total_employees": 255,
      "filing_date": "2026-09-08"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-10-01",
      "period_label": "October 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 139 to 134.",
        "Added an office in Toronto."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Bank of New York Mellon Corporation",
      "name_as_filed": "BANK OF NEW YORK MELLON CORPORATION",
      "affiliated": false
    },
    {
      "name": "Citibank",
      "name_as_filed": "CITIBANK",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/blackstone-real-estate-special-situations-advisors-l-l-c-new-york-ny-146043.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 157668974.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 1577780000.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 38,
      "fewer_than_5": false,
      "raum": 20548554258.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 382569428.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 30,
      "fewer_than_5": false,
      "raum": 47204253442.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": true,
      "raum": 111189493.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/146043",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}