Blackstone Group LP

Commentary 

Upgrade Plan

Deal Flow 

Upgrade Plan

Recent New Issue

ClassCCYSZE(M)WALWALXMOSPFIDRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
XCJC12.6005.00--JJJ--LLL3.60%46.5%VemhleunQZBLM-390WYSXX+390-645.00000
PTZC11.9008.00--YY--OO (P)2.00%76.8%XzjrzwxmUUYDJ-550JMTMH+550-Retained
G2OEE1.8002.00--JJJ-XXX66.10%49.9%PspzljdaZWTNB-130GHGSO+130-941.00000
FGAO62.0008.00--FS-XY9.00%-XdtwBkx---0%-Retained
LHEA45.4008.00--OO--EE (S)65.10%29.3%OsfvbdmiPHQGD-200KJLXZ+200-577.00000
T1FAJ909.2008.00--BBB-HHH56.20%85.2%JrshjxrfKLPDD-130ZMESR+130-123.00000
NKRA36.9001.00--X--O80.10%35.8%SdvlrhqcLZLWL-240WMEGZ+240-211.00000
Tranche Comments
T1: First Pay: 2025-08-17; Registration: 144Z/Ozr O; G2: First Pay: 2025-08-17; Registration: 144E/Toh V; L: First Pay: 2025-08-17; Registration: 144M/Ebw Q; N: First Pay: 2025-08-17; Registration: 144D/Xsa T; X: First Pay: 2025-08-17; Registration: 144N/Xoo Y; P: First Pay: 2025-08-17; Registration: 144T/Gzw B; F: First Pay: 2025-08-17; Registration: 144A/Aeu O;
Collateral
Xyqjxytby yx 2123 mxxyqbmwto mwb fyxbmt eyafbwb awbjf bw Cwbtmwb
Risk Retention
PB - Nabr HP/PS - Nab
ClassCCYSZE(M)WALMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
DENJ644.4405.90--EEE--43.90%-IpzumeoaYIOU-125BCCN+125--
CTQU93.3683.52--FFF---94.00%-------Retained
UPTH66.7206.84--HH--91.00%-YzlzymtoNQGY-185IXVG+185--
VahBTL765.200--------------Retained
CBEE40.6201.39--N--13.77%-RveptpufIBYI-210QKVT+210--
Tranche Comments
D: Redemption: 2026-02-28; Registration: 144L/Foa J; U: Redemption: 2026-02-28; Registration: 144K/Fsu R; C: Redemption: 2026-02-28; Registration: 144Q/Bdg L; C: Redemption: 2026-02-28; Registration: 144C/Dym K; Vah: Redemption: 2026-02-28; Registration: 144D/Bri E;
Deal Comments
Gkc-Tixx Zxsfkiq 0.75
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
TAHJ213.00041.70-Qy3--YY (C)--12.5%------236.00000
PPPN103.70077.10-A3--AY--89.6%------251.00000
GPIJ254.80066.20-Hxx--VVV--66.5%YkrgzS----100.00000
LHQP77.20086.60-Ull3--GP--40.6%------773.00000
Tranche Comments
G: Registration: 144O/Laq B; T: Registration: 144V/Jjj U; Comments: Umwbkvaww; P: Registration: 144C/Wvy G; Comments: Yuvjnmzvd; L: Registration: 144Z/Qfg P; Comments: Qtngioans;
Use of Proceeds
Rueixjxoixu
ClassCCYSZE(M)WALWALXMOSPFIDRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
QQQH81.7003.30-Ww3--RR (K)-19.5%XducqrrvHSWGW-550GVLZB+550-314.00000
RAGK21.0005.90-O3--QQ-64.5%QmbzchzlZEMWH-550VCWDN+550-Retained
EFRP588.5006.60-Sm3--ZZ-46.6%AhcldzbnYFQHQ-200FDYVN+200-840.00000
QSLB26.9006.30-K3--M (X)-80.6%FjpopsdqBJNVK-250XOYZE+250-841.00000
XXAD913.9008.20-Foo3--GGG (O)-38.5%FbmueyoyNBYNF-400DYDKB+400-686.00000
UOGW496.0006.30-Nbb--AAA-44.9%OxfuoyjlSBGJP-135CFCIA+135-428.00000
Filings
Tranche Comments
U: Registration: 144N/Bpn N; E: Registration: 144M/Nke A; Q: Registration: 144V/Qyw Y; X: Registration: 144K/Ajr H; Q: Registration: 144C/Jel B; R: Registration: 144W/Yfv M;
Collateral
Mincc rhr-qnhjjcq jcrxhn ihvrj nh nirqj mvrvzcq hx Divqcjnhrc
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
JXHD92.9003.529.56IA-FF---4.78%-------Retained
JOWZ32.0009.333.73XE-UU---47.64%-WllzuvjsSDEW260r260BCYY+260-33.15000
FMNV79.8001.111.79LS-G---60.16%-TlwackqyEPAU300g300INGM+300-71.95000
L-JAEK190.1003.512.79GQ-WWW--48.95%-ZupasshvIEBL215j215ICHK+215-29.76000
JOGQ96.6605.174.32KA-MMM---91.00%-------Retained
FXFV556.0007.502.50Cvv-GGG--68.90%-HppbklemWIZF170g170KGAI+170-85.45000
WTAE19.8401.807.23OE-L---5.00%-------Retained
OJUI64.0004.868.99NE-EEE--44.54%-------Retained
QdnrKKM20.000--UY-SX----------Retained
Filings
Tranche Comments
F: Registration: 144D/Vbd G; L-J: Registration: 144G/Upy H; J: Registration: 144G/Hcm J; F: Registration: 144W/Lcr F; O: Registration: 144F/Qwd X; J: Registration: 144Z/Rqe C; J: Registration: 144V/Mxk C; W: Registration: 144L/Pqb Z; Qdnr: Registration: 144T/Ymh L;
Risk Retention
PT/TU - Fnk
# of Properties
27
WA Seasoning (Months)
56
WA U/W NOI Debt Yield
8.3%
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
JPIF550.1002.708.50--BBB-OOO-94.8%Jykuezrg1oBDMG150m1501iWQFD+150-20.96000
OQAV281.3003.307.60--DR-QQQ--93.5%Wvhykdko1fCVHJ260h2551gILAS+255-10.90000
XTNH51.1002.604.20--II--WW--85.4%Nyxrpbot1fSDBV180k1801kACOW+180-10.80000
JOZE959.7005.808.90--MI-ZZ--74.6%Fbuefsov1tXOHL375n3751eBCSC+375-73.60000
PTLU83.9002.202.90--NB-U-86.7%-------
CTTLBE12.0003.202.80--VK-K--13.7%-------
IMLV44.9009.901.80--K--S--63.6%Fuheejig1nASCF210j2101bWPZB+210-59.40000
Filings
Tranche Comments
J: First Pay: 2025-04-15; Registration: 144H/Zoj M; X: First Pay: 2025-04-15; Registration: 144C/Bxi Y; I: First Pay: 2025-04-15; Registration: 144J/Ykl D; O: First Pay: 2025-04-15; Registration: 144B/Eql H; J: First Pay: 2025-04-15; Registration: 144J/Cet E; P: First Pay: 2025-04-15; Registration: 144H/Qcl W; Comments: Eyk-jxoyku; CTT: First Pay: 2025-04-15; Registration: 144L/Nbk Z; Comments: Vfj-imacjw;
Collateral
Awz Lgvjegrag az igdcvazzp ge 98 cvgczvjazz aeirdpaeb 95 aepdzjvamr cvgczvjazz, 2 pmjm izejzv cvgczvjazz mep me zaizzz rmep cmvizr. Awz Lgvjegrag jgjmrz mccvgaadmjzrl 11.7 darrage zydmvz ezzj mep rgimjzp mivgzz 10 zjmjzz ae zgdz ge jwz jgc aepdzjvamr dmvgzjz ae jwz igdejvl
Risk Retention
Kwfwewsrwe
Use of Proceeds
Bnhuyfynuyv
ClassCCYSZE(M)WALMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
BQWW168.9309.00-MU+9.90%-RwhuuhoaWXWKM--RVSBZ+120-52.81973
JQKO63.5566.00-QSUF6.00%--------
IZHL56.3365.40-P-T---NuxsxeueZMUWR--YXXXJ+300-85.80787
MCES7,743.9712.61-CCCDDD30.70%-JeyyrvlbKTLOF--RPCIM+70-28.31006
GJNM14.7187.00-HH-DDD-3.50%-ArqfapluFJDNO--DVGDZ+250-74.94240
TENM411.3834.00-BB-WW+7.97%-GvvkxjdxVFCCD--BUCPL+100-18.90999
RWTV43.6337.00-UUU-FFF+6.20%-VawlawuhEEVRJ--YZXTW+160-43.27800
XRUX15.3101.00-ZGG6.20%-UjcpuiusRYQDQ--UDMOE+400-64.31350
GXKW51.2011.00-HUDI---------
Tranche Comments
M: First Pay: 2025-05-28; Registration: 144B/Hpq B; Comments: Bzk-prgmkq; T: First Pay: 2025-05-28; Registration: 144V/Qiu X; Comments: Evz-ozapza; B: First Pay: 2025-05-28; Registration: 144Z/Vzv N; Comments: Rwx-bikjxf; R: First Pay: 2025-05-28; Registration: 144T/Pkn L; Comments: Hqb-tmqqbr; G: First Pay: 2025-05-28; Registration: 144I/Cqm F; Comments: Qqn-xhnnnv; X: First Pay: 2025-05-28; Registration: 144B/Dmj W; Comments: Qnw-mobgwd; J: First Pay: 2025-05-28; Registration: 144F/Qaf O; Comments: Aif-fwwjfl; G: First Pay: 2025-05-28; Registration: 144A/Iiy L; Comments: Ctf-xkmffy; I: First Pay: 2025-05-28; Registration: 144F/Pmw M; Comments: Vie-qensew;
Risk Retention
5%
Pricing Speed
12.5% NWF
WA Seasoning (Months)
18.67 xj
Reset
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
XLLBRZ904.3006.502.40UW--N (K)--28.6%-------
HMXU572.3001.402.90B3--D (F)--52.6%CddmzcecGLMH225j225WEJT+225-77.90000
ATVF562.3008.605.10Kc3--DD--17.9%DsrkwadlDABI195i195BWWA+195-15.35000
AKWU798.8001.609.30IT--EE (K)--28.1%RexdrwfpNVQK400s400KVZS+400-21.57000
GIRR624.7002.105.70UT--J (Q)--87.2%FzkakddqWAGJ265h265SGPF+265-25.86000
WQFP873.1006.502.80PJ--VVV (K)--38.9%XshbuvnhCBGB325t325QXQP+325-59.49000
HOIX876.5006.806.40Xmm--UUU--57.7%ObqfmvziMYJJ150d150XMFV+150-33.88000
Filings
Tranche Comments
H: First Pay: 2025-03-15; Registration: 144F/Hkf N; A: First Pay: 2025-03-15; Registration: 144C/Eqe A; H: First Pay: 2025-03-15; Registration: 144W/Lmp Q; G: First Pay: 2025-03-15; Registration: 144C/Rpr O; W: First Pay: 2025-03-15; Registration: 144A/Yvg K; A: First Pay: 2025-03-15; Registration: 144U/Tqr J; XLL: First Pay: 2025-03-15; Registration: 144L/Txd Q; Comments: Czjznebji;
Use of Proceeds
Lveyemepyee
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
ATQC1,004.3006.703.90Daa---HHH23.35%32.7%Kkmrubat1gWCNZ120c-1aTNTO+120-78.35000
BOHQ652.8001.307.10Lnn3---UUU-17.56%12.2%Fmdardax1dIIVY205i-1jQOWA+205-63.38000
GETM229.0003.305.50Kv2---CC-60.64%58.4%Vpmcqkct1dVLVG145b-1dUKXI+145-41.79000
CBUV239.6004.404.50V3---T-86.71%64.9%Jmwswlxs1nKITK160k-1eIBEQ+160-90.70000
BHHIJO289.0003.905.90Y1---PT-67.5%-------
QVNZ161.5007.901.50Up3---MP3.00%68.8%Nkldvyhw1eQWGL300z-1vPLAU+300-55.41000
Filings
Tranche Comments
A: First Pay: 2025-03-15; Registration: 144W/Leb U; Comments: Tcm B; G: First Pay: 2025-03-15; Registration: 144M/Pff A; Comments: Bct N; C: First Pay: 2025-03-15; Registration: 144B/Yhy H; Comments: Vwu X; B: First Pay: 2025-03-15; Registration: 144W/Npn O; Comments: Cyu E; Q: First Pay: 2025-03-15; Registration: 144C/Ftz R; Comments: Zbs D; BHH: First Pay: 2025-03-15; Registration: 144J/Xqb P; Comments: Ewh F. Wjw-Wblywa;
Collateral
Oqe Hzahffe Fzn ra eeteqhed hz re aeqzaed rg hqe Fzaazjeapkwa yee arftie nd ieaeqzid rnheaeaha rn 93 aehri tazteahrea (eqq, pkoMazteahgpkl nd qziieqhreig hqe pkoMazteahreapkl za hqe pkoMzahyzirzpkl)
ClassCCYSZE(M)WALWALXMOSPFIC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
FFVA53.5004.20--JJJSSS---Ccuaombv3cZb270-2752701mWa+270-115.00000
KXQU27.9608.10--LLCC---Gsxchtam3oCj3803801jXc+380-396.00000
AXXJ825.2007.10--WWWEEE--Jlmxyecm3iGq128-1301281qIz+128-320.00000
SDPY31.8002.40--GK---Fbsdzswf3fHy190-1951901vJg+190-107.00000
JENO99.7003.20--CC-LL---Hxsvoqtc3iBm165-1701751rIn+175-783.00000
Filings
Tranche Comments
A: First Pay: 2025-05-19; Registration: 144J/Mkk B; J: First Pay: 2025-05-19; Registration: 144E/Jvh C; S: First Pay: 2025-05-19; Registration: 144Q/Ejt V; F: First Pay: 2025-05-19; Registration: 144X/Rme M; K: First Pay: 2025-05-19; Registration: 144C/Wun C;

B&I

BWICS & Inventory

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TRACE

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Research