The saying about the best laid plans of mice and men applies all the way up and down the economic ladder. And after a complex set of investment and owed return, Blackstone Real Estate Income Trust is getting deeper in the hole with the University of California, according to the Financial Times.

“The world’s largest alternative asset manager promised UC an 11.25 percent annual return from the property fund, called Blackstone Real Estate Income Trust, or BREIT, as part of a deal to draw $4.5 billion in new investment,” the paper wrote. “But as the fund lost value last year, Blackstone’s liability to UC has grown to $560 million.”

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Erik Sherman


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