Blackstone Credit & Insurance Announces $1 Billion Forward Flow Origination Partnership with Harvest Commercial Capital
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Key Terms
forward flow originationfinancial
A forward flow origination is a standing agreement in which a buyer commits to regularly purchase loans or receivables as they are created by a lender, creating a steady pipeline of assets sold shortly after they are originated. For investors it matters because it provides predictable deal volume and cash flow while shifting some credit and funding risk from the originator to the buyer, similar to subscribing to a weekly delivery of products rather than buying ad hoc.
first lien mortgagesfinancial
A first lien mortgage is the primary loan secured by a property that has the highest legal claim on that asset if the borrower defaults. Think of it as being first in line for repayment; everyone else with claims on the property must wait until the first lien is paid. For investors, first lien status matters because it generally lowers credit risk and increases the chance of recovering principal in foreclosure, making these loans safer but often offering lower returns than subordinated debt.
sba 504financial
SBA 504 is a U.S. government‑backed loan program that helps small businesses buy fixed assets like real estate or long‑life equipment through a mix of a bank loan, a lower‑rate, long‑term loan from a certified nonprofit lender, and a small borrower down payment. For investors, an announced SBA 504 deal signals a company is financing durable growth with cheap, fixed‑rate debt—often improving cash flow stability and showing eligibility for government‑supported lending. Think of it as a mortgage structure designed to make big, growth‑oriented purchases more affordable.
asset-based creditfinancial
Asset-based credit is a loan or line of credit that is backed by a company’s tangible assets—like inventory, accounts receivable, equipment, or real estate—so the lender can use those assets as security if the borrower can’t repay. For investors, it matters because such financing can make a company more resilient during cash squeezes but also signals that the company may have weaker unsecured borrowing options; the claim on assets affects who gets paid first in trouble, similar to a mortgage on a house.
structured investmentsfinancial
Structured investments are customized financial products that bundle conventional assets (like bonds or stocks) with built‑in rules that change how returns are paid based on market movements. They matter to investors because they can be designed to offer higher income, limited downside protection, or targeted exposure to a market outcome — like a tailored appliance that performs specific functions but only under certain settings, so cost, complexity and conditions affect real returns.
NEW YORK--(BUSINESS WIRE)--
Today, Blackstone Credit & Insurance ("BXCI") announced a forward flow origination partnership with Harvest Commercial Capital, LLC (“Harvest”), a leader in small business lending, to acquire business loans secured by first lien mortgages on owner-occupied commercial real estate. Under the terms of the partnership, BXCI has purchased an initial portfolio of loans and established a forward flow program for a total of $1 billion in loans.
Under the long-term partnership, BXCI will acquire small business loans from Harvest, including both SBA 504 and non-SBA conventional loans, providing permanent capital to expand lending to small businesses across the United States.
"We are excited to expand our asset-based credit platform by partnering with Harvest to bring much needed financing solutions to many small businesses, secured by their real estate assets,” said Aneek Mamik and Nick Menzies, Senior Managing Directors at Blackstone Credit & Insurance. "We believe their multifaceted approach to underwriting and comprehensive underlying collateral package creates a differentiated and attractive lending program.”
"Blackstone’s scale and expertise make them an ideal partner, and their commitment to Harvest validates the strength of our franchise and the critical role we play in serving America's small businesses," said Jason Raefski, Chief Financial Officer of Harvest Commercial Capital. "This capital relationship allows us to significantly expand our lending capabilities while maintaining our disciplined underwriting standards."
Harvest will continue to operate independently, maintaining its specialized expertise in SBA 504 and conventional small balance commercial loans while benefitting from Blackstone's platform and scaled insurance capital base.
BXCI’s Infrastructure and Asset Based Credit group manages over $100 billion and has over 80 investment professionals, as of September 30, 2025. The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the real economy in sectors such as physical assets and infrastructure, commercial finance, fund finance, consumer finance, and residential loans.
About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
About Harvest Commercial Capital, LLC
Harvest Commercial Capital, LLC is a Delaware limited liability company that originates, owns, sells and services first-lien small balance commercial loans backed generally by multi-purpose commercial real estate. HCC originates conventional loans and first-lien loans pursuant to the U.S. Small Business Administration’s (“SBA”) 504 loan program. HCC is majority owned by an affiliate of Medalist Partners, LP, an SEC registered investment manager with approximately $2.3 billion of net assets under management as of September 2025, that invests predominantly in securitized credit and asset-based private credit strategies. HCC was founded in February 2016 and is based in Laguna Hills, CA.
