# Blackstone Real Estate Special Situations Advisors L.L.C.

> 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.

- CRD: 146043
- Filed as: BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: September 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/146043
- AdvisorCensus page: https://advisorcensus.com/firm/blackstone-real-estate-special-situations-advisors-l-l-c-new-york-ny-146043

## Quick answers

**How is Blackstone Real Estate Special Situations Advisors L.L.C. compensated?**
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.

**Where is Blackstone Real Estate Special Situations Advisors L.L.C. located?**
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).

**Is Blackstone Real Estate Special Situations Advisors L.L.C. registered with the SEC or a state?**
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.

**How much does Blackstone Real Estate Special Situations Advisors L.L.C. manage?**
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).

**How have Blackstone Real Estate Special Situations Advisors L.L.C.'s assets and staff changed since 2021?**
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.

**What types of clients does Blackstone Real Estate Special Situations Advisors L.L.C. serve?**
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).

**Which custodians does Blackstone Real Estate Special Situations Advisors L.L.C. use?**
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.

**Does Blackstone Real Estate Special Situations Advisors L.L.C. report any disciplinary disclosures?**
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

**What changed in Blackstone Real Estate Special Situations Advisors L.L.C.'s recent Form ADV filings?**
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York Mellon Corporation
- Citibank

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.

### Regulatory assets under management (Item 5.F)
- Total: $69,982,015,595
- Discretionary: $69,870,826,102
- Non-discretionary: $111,189,493

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 1 | $157,668,974 |
| Business development companies | 1 | $1,577,780,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 38 | $20,548,554,258 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $382,569,428 |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 30 | $47,204,253,442 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | Fewer than 5 | $111,189,493 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2008 (18 years)
- Employees: 255 total, 134 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Hong Kong
- London
- Santa Monica, CA
- Singapore
- Sydney
- Toronto

### Websites listed on Form ADV (Item 1.I)
- apple.co/31Pe1Gg
- blackstone.com
- blackstone.podbean.com
- mp.weixin.qq.com/s/FtddoP2F9zDZ1QFBgOQAAA
- open.spotify.com/artist/52Eom8vQxM8Lk75ZZlf2hJ
- pandora.com/artist/blackstone/ARvlPz9Plblrlmg
- soundcloud.com/blackstone-300250613
- spoti.fi/2LJ1tHG
- Facebook @blackstone
- Instagram @blackstone
- LinkedIn @blackstonegroup
- X @blackstone
- YouTube @blackstonegroup

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $24,292,316,297 | 229 | June 7, 2021 |
| October 2022 | $50,021,601,506 | 299 | April 1, 2022 |
| October 2023 | $54,857,573,291 | 321 | September 8, 2023 |
| October 2024 | $68,505,042,218 | 285 | September 23, 2024 |
| October 2025 | $64,262,511,968 | 273 | March 28, 2025 |
| October 2026 | $69,982,015,595 | 255 | September 8, 2026 |

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.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 139 to 134.
- Added an office in Toronto.

### February 2026
- Updated its list of owners and control persons (Schedule A).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Blackstone Real Estate Special Situations Advisors L.L.C. (CRD 146043): Form ADV filing data as of October 2026.