On April 6, Jeff Blau, the CEO of Related Companies, the behemoth real estate developer, appeared on CNBC’s Squawk Box with Andrew Ross Sorkin to discuss the challenges Related’s retail tenants had in early April making their rent payments because of the coronavirus lockdowns.

Related, one of Manhattan’s largest real estate developers, once described as “the Harvard of real estate,” owns the swanky new $25 billion Hudson Yards development on Manhattan’s West Side and the Time Warner Center at Columbus Circle. Related is also one of the largest owners of affordable housing in the United States. In sum, according to Blau, Related controls a real estate portfolio worth just shy of $100 billion.

Stephen Ross, a longtime friend of Donald Trump’s, with an estimated net worth approaching $10 billion, according to Forbes, is the founder of Related. Ross, a tax attorney who was fired from his job at Bear Stearns in 1970, also owns 95% of the Miami Dolphins football team, controls a $5 billion investment fund, and is the largest donor—more than $350 million—to his alma mater, the University of Michigan, where the business school bears his name. The Financial Times reported in 2017 that Ross owns “more than half” of Related.

In his appearance on CNBC, Blau told Sorkin that 88% of Related residential tenants had paid their April rent, that 95% of its commercial tenants had paid the April rent, but that only 26% of Related’s retail tenants had paid the April rent. He then went off on a bit of a rant about how it was not okay for tenants not to pay rent or to write “blanket letters” to landlords, such as Related, about why they would not be paying their rent because of the coronavirus lockdowns. He said he would not accept excuses about not paying rent from tenants who were well capitalized. He then talked about how Adidas, the big athleticwear company, had suffered “public shaming” in Germany after it wrote some landlords initially that it would not pay its rent because of forced store closing, due to the spreading virus. “It’s a whole ecosystem,” Blau said. “The people that can pay need to pay. Landlords need to help out those that can’t, and then the banks need to help out those landlords that are hurt by people that couldn’t pay the rent.”

Ah, the hypocrisy. Soon after Blau’s CNBC appearance, the Financial Times, among others, reported that Equinox, the high-end health club with more 300 locations globally, would not be paying April rent. Equinox is—wait for it—owned by Related Companies, which it bought for around $500 million in 2005 and then, years later, sold minority stakes to outside investors. Equinox has a new, luxury hotel at Hudson Yards—the first of several hotels planned for Houston, Los Angeles, and Chicago in the coming years—and a swishy health club there. Equinox also owns SoulCycle, Blink Fitness (a health club designed for the non-triathlete crowd), Pure Yoga, and Precision Run, an interactive exercise experience. Not only would Equinox not be paying its rent, it also wrote letters to vendors according to Fortune, on March 18, telling them it would not be making “invoice payments until further notice.”

But there’s even more hypocrisy. In the first week of February—at virtually the top of the market—Ross, Blau, and Related Companies closed on a major capital investment into the Related Companies from Saudi Arabia’s sovereign wealth fund. The Saudis $320 billion Public Investment Fund, known as PIF, is chaired by Crown Prince Mohammed bin Salman, another Trump confidant and the man many believe is responsible for the shameless 2018 killing of journalist Jamal Khashoggi. Related is a private company and PIF is a private investment fund; neither is obligated to comment publicly on the investment—which has not previously been reported; Blau did not mention it during his CNBC appearance—and neither organization would comment to me on the record. A spokesman for the Related Companies declined to comment on the PIF investment and Kevin Foster, PIF’s New York–based head of communications, did not respond to a request for comment about the investment in Related.