system
A chat on subreddit /r/wallstreetbets
human
They claim the fund had excellent returns compared to a huge drop for publicly listed real estate investments.  Public markets have price discovery, Blackstone will quote you a price for the shares in a private fund like this. This means many investors want to withdraw their funds at the unusually good price.  Real estate is illiquid and mark to (actual) market they’re probably down like the rest of the sector.  They don’t want to sell assets below their current assessed value.  A loan in the form of preferred shares adds a lot of cash they can use to pay redemptions without selling assets at their deflated, real values.  

Why go through the trouble?  It makes you look good if you can say your funds are up while the sector is down, and they’re hoping for future revenue from future customers.  It seems silly to me how obvious the charade is.
gpt
So a Ponzi scheme with an extra step