On April 15, 2026, BX Pure Industrial Issuer Trust Canada, an Ontario special purpose trust within the Blackstone-sponsored Pure Industrial real estate platform, completed a Canadian single-borrower commercial mortgage-backed securities issuance designated Series 2026-PURE4. The trust issued $449.73 million of commercial mortgage-backed certificates collateralized by a $473.4 million floating-rate, interest-only mortgage loan secured by the borrowers' fee simple interests in 8 industrial properties in Ontario, comprising 13 industrial buildings totaling approximately 1.9 million square feet. As of February 2026, the underlying portfolio was 97.4 percent leased to 38 tenants.

The mortgage loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments. Proceeds of the loan were used to repay existing indebtedness secured by the properties and to fund closing costs of the financing. Kroll Bond Rating Agency assigned credit ratings to four classes of the certificates.

BX Pure Industrial Issuer Trust Canada is a bankruptcy-remote Ontario special purpose trust established to support the issuance of CMBS securities backed by mortgage loans on Canadian industrial real estate held within Blackstone's Pure Industrial platform. The Pure Industrial platform is the successor to the former Pure Industrial Real Estate Trust, a Canadian industrial REIT that was taken private by Blackstone in 2018. Series 2026-PURE4 follows the prior BX 2025-PURE3 issuance and is the latest in Blackstone's Canadian single-borrower industrial CMBS programme.