Blackstone Credit & Insurance (BXCI) announced a $1 billion forward‑flow origination partnership with Harvest Commercial Capital, a leading small‑business lender. Under the agreement, BXCI will acquire a portfolio of SBA 504 and non‑SBA conventional loans secured by first‑lien mortgages on owner‑occupied commercial real estate, providing permanent capital that will allow BXCI to expand its lending to small businesses across the United States.
The partnership broadens BXCI’s asset‑based credit platform and creates a new source of fee‑earning and performance revenue. By combining Harvest’s underwriting expertise and extensive loan book with Blackstone’s scale and insurance‑backed capital, the deal positions BXCI to capture a larger share of the small‑business loan market, diversify its credit portfolio, and reinforce its commitment to expanding access to capital for underserved segments.
BXCI’s Infrastructure and Asset‑Based Credit group managed more than $100 billion in assets as of September 30, 2025, and Blackstone Inc. reported a total AUM of $1.2 trillion in Q1 2025. Harvest, founded in February 2016 and majority owned by an affiliate of Medalist Partners, specializes in SBA 504 and conventional small‑balance commercial loans, making it a strategic partner for a forward‑flow program that targets owner‑occupied commercial real estate.
"We’re excited to bring this forward‑flow program to our portfolio," said Aneek Mamik, Senior Managing Director at BXCI. "Harvest’s underwriting discipline and deep experience in SBA 504 lending complement our scale and insurance capital base, enabling us to serve a broader range of borrowers while maintaining rigorous underwriting standards," added Nick Menzies, also a Senior Managing Director. Harvest’s CFO Jason Raefski noted, "The partnership expands our lending capacity and allows us to continue delivering disciplined, high‑quality loans to small businesses."
The deal underscores Blackstone’s broader strategy of expanding its private‑credit business. By adding a $1 billion forward‑flow program, BXCI can generate additional fee‑earning assets under management and tap into a high‑growth niche that benefits from the SBA’s favorable terms for owner‑occupied commercial real estate. The partnership also signals Blackstone’s confidence in the resilience of the small‑business loan market and its ability to leverage insurance‑backed capital to support disciplined, high‑quality lending.
In summary, the $1 billion partnership with Harvest Commercial Capital strengthens BXCI’s asset‑based credit platform, expands fee‑earning revenue, and positions the firm to capture a larger share of the small‑business loan market while maintaining disciplined underwriting standards.
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