2023 Blackstone Real Estate Debt Strategies Summer Analyst
2023 Blackstone Real Estate Debt Strategies (BREDS) Summer Analyst
2023 Summer Analyst
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $881 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.
Blackstone Real Estate
Business Unit Overview:
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $279 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate assets globally and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT, invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
Blackstone's Summer Analyst Program is 10-weeks in length and will provide participants broad exposure to the Firm. The Program offers Summer Analyst's various technical training and professional development opportunities, the ability to network with professionals across all business units, and a robust mentorship experience to allow the participants to be fully immersed in the Blackstone culture.
Blackstone’s Real Estate Debt Strategies Group offers Summer Analysts the experience on a professional team whose work involves the financing of real estate-related companies, portfolios of real estate assets and individual properties worldwide. Summer Analysts at Blackstone have the opportunity to participate in all aspects of real estate investing and can expect to be staffed on a number of transactions at once. Due to the relatively small size of the professional staff, Analysts are expected to assume integral roles on deal teams. Summer Analysts are involved with the development, structuring and financing of transactions and regularly attend both internal and external meetings, negotiations, and due diligence sessions.
Blackstone is looking to hire summer analysts within their Real Estate Debt Strategies Group: BREDS-Asset Management, BREDS-Capital Markets, BREDS-Originations, BREDS-Portfolio Management, BREDS-Residential, and Blackstone Structured Finance Group, Asset Based Finance.
Please see information regarding groups below:
Real Estate Debt Strategies
Summer Analysts in the Blackstone Real Estate Debt Strategies Group have the opportunity to participate in a wide range of U.S. and European real estate debt transactions.
Summer Analyst work may include:
- New loan originations
- Acquisitions of legacy loans, CMBS, and other forms of public and private debt
- Financial analysis and modeling
- Market research
- Competitive analysis
- Developing investment committee presentations
- Assisting in the execution of transactions
- Drafting of memoranda for internal and external use
Real Estate Debt Strategies, Asset Management
BREDS asset management Summer Analysts will have the opportunity to participate in all aspects of real estate loan asset management and be staffed on a number of assignments at once. Due to the relatively small size of the professional staff, team members have the opportunity to assume integral roles on projects and deal teams.
Real Estate Debt Strategies, Capital Markets
Our real estate debt business provides creative and comprehensive financing solutions across the capital structure and risk spectrum. We originate loans and invest in debt securities underpinned by high-quality real estate.
- Assisting in the underwriting, structuring, negotiation, and closing of creative financing solutions including repurchase facilities, loan syndications, and securitizations
- Preparing presentations to analyze financial strategies and business performance
- Helping develop and manage client and banking relationships
- Work collaboratively with the larger BREDS team to finalize investments while providing input on levered returns, structures, and financing trades
- Liaising with the broader Real Estate Capital Markets team to drive business initiatives
- Analyzing and modeling new strategic initiatives and business development opportunities for the BREDS business
Real Estate Debt Strategies, Portfolio Management
This position is organizationally aligned with BREDS Portfolio Management team to successfully deliver on critical portfolio management & reporting projects. The scope of the role includes projects across all BREDS strategies (Originations, Liquids, Resi). The Portfolio Management Analyst is responsible for executing project tasks and smaller project streams assigned by the project lead and stakeholders.
- Delivering timely and accurate reporting materials to support and facilitate Portfolio Management’s oversight of the BREDS portfolio
- Interacting with internal stakeholders to coordinate and synthesize data and analytics from across the BREDS portfolio and working to automate and streamline requirements with data sourcing
- Coordinating project tasks and streams; developing and maintaining project timelines and management updates
- Documenting business requirements for reporting and process changes
- Identifying opportunities for process efficiency improvements
- Acting as a liaison between the portfolio management, investment, technology, and finance teams participating in and contributing to shared projects
- Helping others to leverage systems more effectively and establishing best practice system processes
Real Estate Debt Strategies, Residential
Blackstone Real Estate Debt Strategies (“BREDS”) was formed in 2008 and has three platforms: drawdown funds, liquids funds, and a public mortgage REIT. The BREDS Residential team oversees residential credit investments across the capital structure. We are an investor in whole loan residential mortgages as well as an active participant in securitized markets. Additionally, we are experienced in private and complicated transactions with an eye towards forming long term, scalable partnerships across the industry. Our ability to invest in a multitude of legal forms and structures enables us to find attractive absolute and relative return profiles. Due to the relatively small size of the professional staff, team members have the opportunity to assume integral roles across the investment process.
- Analyzing and modeling residential credit opportunities across a wide variety of product types including whole loans (Single Family Rental, Non-QM, Residential Transition Loans, etc.), Mortgage Servicing Rights, strategic financing/mezzanine debt transactions, and other structured credit investments
- Preparing presentations and memoranda to analyze investment opportunities, financial strategies, and business performance
- Assisting in the underwriting, onboarding, and monitoring of residential mortgage originators
- Facilitating the structuring and execution of capital markets transactions and RMBS securitizations
- Managing business risks through the execution of interest rate swaps, foreign currency forwards and treasury futures
- Analyzing and modeling new strategic initiatives and business development opportunities for the BREDS Residential business
Blackstone Structured Finance Group, Asset Based Finance
Primary responsibilities will include:
- Working with the team to perform due diligence on prospective investments within the credit space, with a focus on Structured Credit. This will include meeting with potential borrowers and their teams, industry/strategy research, and quantitative analysis
- Modeling and evaluating various types of deal structures
- Structuring and negotiating deal term sheets
- Reviewing credit agreements and other loan documentation
- Working with other members of the Investment Team to source, diligence, and underwrite investment opportunities, leveraging Blackstone’s various groups where appropriate.
- Drafting and presenting memorandums for Investment Committees
- Monitoring existing investments including tracking key risks/mitigants and continuously challenging the validity of the investment thesis
- Thinking creatively about ways to improve the team’s existing processes
Qualifications: Blackstone seeks individuals who are highly motivated, intelligent, and have demonstrated excellence in prior endeavors. In addition to strong analytical and quantitative skills, a successful candidate will have:
- A desire to work in a team environment, often under strict time constraints
- Superior financial modeling skills, with past experience modeling and evaluating transactions
- Excellent technical proficiency in Excel/VBA
- Prior experience preparing presentation materials using PowerPoint
- Strong communication skills
- Intellectual curiosity and be eager to learn
Blackstone seeks to hire individuals who work well in a team-driven working group, are highly motivated, intelligent, have sound judgment and have demonstrated excellence in prior endeavors.
The successful candidate must possess:
- Strong verbal and written communication skills
- A desire to work in a team environment with dynamic roles
- A basic knowledge of accounting and finance
- Self-motivation to find solutions independently, and humility to acknowledge limits and uncertainties
- Sincere commitment to personal and professional development
- Excellent attention to detail
- Intellectual curiosity
- Good judgment
To be considered for the 2023 Summer Analyst Program, applicants must meet the following criteria:
- Currently enrolled as an undergraduate student
- Anticipated graduation date: Fall 2023 – Spring 2024
- Resume must include expected graduation month/year and GPA
- Resume must be in PDF format
The duties and responsibilities described here are not exhaustive and additional assignments, duties, or responsibilities may be required of this position. Assignments, duties, and responsibilities may be changed at any time, with or without notice, by Blackstone in its sole discretion.
If you do not meet these criteria, please see Blackstone’s Careers website for other opportunities that may be available, including other entry level positions.