Blackstone Real Estate Income Trust, Inc., Blackstone Real Estate Debt Strategies, CPPIB Credit Investments III, Inc and Rialto Management Group Llc acquired 20% stake in Commercial Real Estate loan portfolio from Signature Bridge Bank, National Association for $1.2 billion on December 14, 2023. Post closing, Signature Bridge Bank will retain 80% stake in the loan portfolio. The Federal Deposit Insurance Corporation is acting as a receiver of Signature Bridge Bank, N.A. since the failure of Signature Bank in March, 2023. Jones Lang LaSalle served as real estate advisor to Blackstone, CPP Investments and Rialto Capital. Gibson, Dunn & Crutcher LLP; Ropes & Gray LLP; and Bilzin Sumberg Baena Price & Axelrod LLP served as legal advisors. Leor Landa, Ethan R. Goldman, Ajay B. Lele and Benjamin Milder of Davis Polk & Wardwell LLP served as legal advisor to Rialto Management Group Llc. Lee Meyerson, Michael Chao, Gregory Ressa, Anthony King, Whitney Salinas, Leanne Welds, Jennifer Levitt, Peter Gilman, Matthew Leighton, and Jonathan Goldstein of Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone Real Estate Debt Strategies and Blackstone Real Estate Income Trust.

Blackstone Real Estate Income Trust, Inc., Blackstone Real Estate Debt Strategies, CPPIB Credit Investments III, Inc and Rialto Management Group Llc completed the acquisition of 20% stake in Commercial Real Estate loan portfolio from Signature Bridge Bank, National Association on December 14, 2023.