We conduct our operations as a REIT for U.S. federal income tax purposes. As market conditions evolve over time, we expect to adapt as appropriate. We are providing the address to our website solely for the information of investors. We seek to invest primarily in debt instruments relating to real estate-related assets. However, the value of certain other assets may be affected by prepayment rates. Control may be limited over certain of our loans and investments. There are increased risks involved with our construction lending activities. In addition, we may leverage individual assets at substantially higher levels. Accounting for derivatives under GAAP may be complicated. We are subject to counterparty risk associated with our hedging activities. We are externally managed and advised by our Manager, an affiliate of Blackstone. 8226; Allocation of Investment Opportunities. 8226; Obtaining Financing from Other Blackstone Vehicles. This may prejudice our ability to dispose of such securities at an opportune time. 42 Table of Contents • Service Providers. Our taxable REIT subsidiaries are subject to income tax. We are also subject to the Maryland Control Share Acquisition Act.
