Blackstone to Buy $869 Million of Loans from First Internet Bancorp

Blackstone agreed to buy $869 million of commercial real estate loans from First Internet Bancorp for 95% of the unpaid balance. The loans are performing and are serviced by First Internet Bank. Blackstone will acquire a "portfolio of high-quality, performing commercial real estate loans." The deal is expected to close on Sept. 18 and will boost First Internet Bancorp's tangible common equity ratio.

Blackstone Inc. has agreed to purchase up to $869 million in performing commercial real estate loans from First Internet Bancorp. The loans, which are single-tenant lease financing loans, will be sold at a price of approximately 95% of the unpaid principal balance, including transaction costs First Internet Bancorp to Sell $869M in Loans to Blackstone Real Estate^[1]. The acquisition is expected to close on September 18, 2025.

The deal will benefit both parties. First Internet Bancorp will see an increase in its tangible common equity ratio by moving $550 million of deposit balances off its balance sheet. This move will also provide the bank with more flexibility and a stronger capital position Blackstone to Buy About $870 Million of Loans From Online Bank^[2]. Additionally, the reduction in loan balances and risk-weighted assets will lead to increases in regulatory capital ratios, offsetting the impact on shareholders' equity First Internet Bancorp Agrees to Sell Nearly $1 Billion of Single Tenant Lease Financing Loans to Blackstone^[3].

For Blackstone Real Estate Debt Strategies, the acquisition represents the latest addition to its portfolio of high-quality, performing commercial real estate loans. The platform, which has deployed $38 billion from January 2024 through June 2025, is pleased to acquire this latest portfolio First Internet Bancorp Agrees to Sell Nearly $1 Billion of Single Tenant Lease Financing Loans to Blackstone^[3].

The acquisition follows Blackstone's recent trend of acquiring commercial real estate loan portfolios. In the past 24 months, the firm has acquired $22 billion worth of commercial real estate loan portfolios, including an approximately 20% stake in the $17 billion Signature Bank commercial real estate debt portfolio First Internet Bancorp Agrees to Sell Nearly $1 Billion of Single Tenant Lease Financing Loans to Blackstone^[3].

First Internet Bancorp, a bank holding company with assets of $6.1 billion as of June 30, 2025, provides a range of banking services, including commercial real estate loans, construction loans, and treasury management services. The bank's common stock trades on the Nasdaq Global Select Market under the symbol "INBK" and is a component of the Russell 2000® Index First Internet Bancorp Agrees to Sell Nearly $1 Billion of Single Tenant Lease Financing Loans to Blackstone^[3].

Blackstone Real Estate Debt Strategies, the largest alternative asset manager of real estate credit with $77 billion of investor capital under management, serves institutional, insurance, and individual investors. The platform originates loans and makes debt investments across global private and public real estate credit markets First Internet Bancorp Agrees to Sell Nearly $1 Billion of Single Tenant Lease Financing Loans to Blackstone^[3].

This transaction is a strategic move for both parties, demonstrating the benefits of partnerships in the financial sector. As the deal proceeds, both companies will likely continue to explore opportunities for collaboration in the future.