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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                  TO                 
Commission File Number: 000-55931

 Blackstone-PRESS-QUALITY-6312.jpg
Blackstone Real Estate Income Trust, Inc.
(Exact name of Registrant as specified in its charter)
Maryland81-0696966
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
345 Park Avenue
New York,NY10154
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 583-5000
Securities registered pursuant to Section 12(b) of the Act: None
Title of each class Trading
Symbol(s)
 Name of each exchange on which registered
     
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer Accelerated filer 
   
Non-accelerated filer Smaller reporting company 
      
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
As of August 13, 2025, the registrant had the following shares outstanding (in thousands): 1,270,281 shares of Class S common stock, 2,135,920 shares of Class I common stock, 37,544 shares of Class T common stock, 104,379 shares of Class D common stock, 3,215 shares of Class C common stock. There were no outstanding shares of Class F, Class T-2, Class S-2, and Class D-2 common stock.



TABLE OF CONTENTS
 
PART I.
ITEM 1.
 
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
 June 30, 2025December 31, 2024
Assets  
Investments in real estate, net$77,906,189 $81,457,935 
Investments in unconsolidated entities (includes $4,011,447 and $3,861,077 at fair value
    as of June 30, 2025 and December 31, 2024, respectively)
6,342,029 6,866,405 
Investments in real estate debt5,067,463 5,279,928 
Real estate loans held by consolidated securitization vehicles, at fair value11,512,832 13,616,526 
Cash and cash equivalents2,065,595 1,933,084 
Restricted cash812,075 843,810 
Other assets5,297,755 6,240,553 
Total assets$109,003,938 $116,238,241 
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net$58,153,793 $58,540,235 
Secured financings of investments in real estate debt3,585,679 3,624,698 
Senior obligations of consolidated securitization vehicles, at fair value10,346,961 12,233,141 
Unsecured revolving credit facilities and term loans2,646,923 2,501,923 
Due to affiliates985,518 682,747 
Other liabilities3,833,354 3,787,705 
Total liabilities79,552,228 81,370,449 
Commitments and contingencies  
Redeemable non-controlling interests222,399 173,662 
Equity
Common stock — Class S shares, $0.01 par value per share, 3,000,000 shares authorized; 1,276,460 and 1,339,547 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
12,765 13,395 
Common stock — Class I shares, $0.01 par value per share, 6,000,000 shares authorized; 2,103,003 and 2,165,077 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
21,030 21,651 
Common stock — Class T shares, $0.01 par value per share, 500,000 shares authorized; 38,023 and 43,941 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
380 439 
Common stock — Class D shares, $0.01 par value per share, 1,500,000 shares authorized; 132,923 and 138,946 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
1,329 1,389 
Common stock — Class C shares, $0.01 par value per share, 500,000 shares authorized; 3,062 and 2,848 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
31 28 
Additional paid-in capital40,555,177 42,781,930 
Accumulated other comprehensive income306,101 383,272 
Accumulated deficit and cumulative distributions(19,135,477)(15,848,197)
Total stockholders’ equity21,761,336 27,353,907 
Non-controlling interests attributable to third party joint ventures4,183,837 4,375,668 
Non-controlling interests attributable to BREIT OP3,284,138 2,964,555 
Total equity29,229,311 34,694,130 
Total liabilities and equity$109,003,938 $116,238,241 
See accompanying notes to condensed consolidated financial statements.
1


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues
Rental revenue$1,770,660 $1,912,544 $3,603,049 $3,875,609 
Hospitality revenue139,199 150,129 273,315 283,306 
Other revenue88,522 95,874 177,189 188,546 
Total revenues1,998,381 2,158,547 4,053,553 4,347,461 
Expenses
Rental property operating828,825 902,711 1,687,775 1,816,167 
Hospitality operating97,968 101,969 192,107 193,884 
General and administrative16,886 17,950 33,000 34,300 
Management fee166,892 180,655 335,317 367,776 
Performance participation allocation88,824 (104,966)230,999  
Impairment of investments in real estate171,113 118,044 341,371 183,758 
Depreciation and amortization808,651 889,334 1,635,750 1,802,542 
Total expenses2,179,159 2,105,697 4,456,319 4,398,427 
Other income (expense)
Income (loss) from unconsolidated entities26,991 (37,998)(738,024)(62,356)
Income from investments in real estate debt133,654 157,075 266,532 425,268 
Change in net assets of consolidated securitization vehicles38,207 41,013 70,392 116,426 
(Loss) income from interest rate derivatives(236,097)(52,637)(598,759)262,562 
Net gain on dispositions of real estate464,394 175,890 600,303 282,444 
Interest expense, net(777,766)(857,855)(1,543,562)(1,689,570)
Loss on extinguishment of debt(25,360)(21,404)(36,874)(52,052)
Other (expense) income(12,228)(38,941)(26,009)16,167 
Total other income (expense)(388,205)(634,857)(2,006,001)(701,111)
Net loss$(568,983)$(582,007)$(2,408,767)$(752,077)
Net loss attributable to non-controlling interests in third party joint ventures$40,124 $37,386 $60,252 $69,059 
Net loss attributable to non-controlling interests in BREIT OP40,381 26,122 163,400 31,506 
Net loss attributable to BREIT stockholders$(488,478)$(518,499)$(2,185,115)$(651,512)
Net loss per share of common stock — basic and diluted$(0.14)$(0.13)$(0.61)$(0.17)
Weighted-average shares of common stock outstanding, basic and diluted3,563,370 3,847,540 3,599,046 3,924,186 
 


See accompanying notes to condensed consolidated financial statements.

2


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net loss$(568,983)$(582,007)$(2,408,767)$(752,077)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net64,491 (4,787)88,098 (21,192)
Unrealized (loss) gain on derivatives(59,388)3,946 (154,843)105,299 
Unrealized (loss) gain on derivatives from unconsolidated entities(16,511)12,682 (49,812)62,067 
Other comprehensive (loss) income(11,408)11,841 (116,557)146,174 
Comprehensive loss(580,391)(570,166)(2,525,324)(605,903)
Comprehensive loss attributable to non-controlling interests in third party joint ventures50,955 35,945 94,263 41,017 
Comprehensive loss attributable to non-controlling interests in BREIT OP40,414 25,700 168,775 25,585 
Comprehensive loss attributable to BREIT stockholders$(489,022)$(508,521)$(2,262,286)$(539,301)



See accompanying notes to condensed consolidated financial statements.
3


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in thousands, except per share data)
Par ValueAccumulated
Other Comprehensive Income (loss)
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Common
Stock
Class C
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at March 31, 2025$12,994 $21,213 $407 $1,348 $29 $41,500,103 $306,645 $(18,101,064)$23,741,675 $4,283,753 $2,988,770 $31,014,198 
Common stock issued (transferred)18 190 (22)18 3 574,485 — — 574,692 — — 574,692 
Increase in accrual for offering costs, net— — — — — (343,220)— — (343,220)— — (343,220)
Distribution reinvestment71 108 3 8 — 260,542 — — 260,732 — 36,133 296,865 
Common stock/units repurchased(318)(685)(8)(45)(1)(1,455,702)— — (1,456,759)— (21,393)(1,478,152)
Amortization of compensation awards— 204 — — — 20,259 — — 20,463 — — 20,463 
Net loss ($1,168 of net loss allocated to redeemable non‑controlling interests)
— — — — — — — (488,478)(488,478)(39,584)(39,753)(567,815)
Other comprehensive loss ($160 of other comprehensive income allocated to redeemable non‑controlling interests)
— — — — — — (544)— (544)(10,991)(33)(11,568)
Distributions declared on common stock and OP units
($0.1646 gross per share/unit)
— — — — — — — (545,935)(545,935)— (46,655)(592,590)
Contributions from non-controlling interests— — — — — — — — — 24,614 367,069 391,683 
Operating distributions to non-controlling interests— — — — — — — — — (41,911)— (41,911)
Capital distributions to and redemptions of non-controlling interests— — — — — 1,270 — — 1,270 (32,044)— (30,774)
Allocation to redeemable non-controlling interests— — — — — (2,560)— — (2,560)— — (2,560)
Balance at June 30, 2025$12,765 $21,030 $380 $1,329 $31 $40,555,177 $306,101 $(19,135,477)$21,761,336 $4,183,837 $3,284,138 $29,229,311 
    
Par ValueAccumulated
Other Comprehensive Income
Accumulated
Deficit and
Cumulative
Distributions
Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
Unitholders
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Common
Stock
Class C
Additional
Paid-in
Capital
Total Stockholders’ EquityTotal
Equity
Balance at March 31, 2024$14,374 $23,127 $551 $1,513 $22 $46,358,005 $448,208 $(13,359,204)$33,486,596 $4,742,049 $2,770,015 $40,998,660 
Common stock issued (transferred)60 191 (22)14 595,448 — — 595,696 — — 595,696 
Reduction in accrual for offering costs, net— — — — — 70,126 — — 70,126 — — 70,126 
Distribution reinvestment73 115 3 8 — 282,715 — — 282,914 — 27,033 309,947 
Common stock/units repurchased(647)(1,514)(27)(92)— (3,224,549)— — (3,226,829)— (99,335)(3,326,164)
Amortization of compensation awards— 172 — — — 17,007 — — 17,179 — 2,704 19,883 
Net loss ($1,713 of net loss allocated to redeemable non‑controlling interests)
— — — — — — — (518,499)(518,499)(35,798)(25,997)(580,294)
Other comprehensive income ($12 of other comprehensive loss allocated to redeemable non‑controlling interests)
— — — — — — 9,978 — 9,978 1,462 413 11,853 
Distributions declared on common stock and OP units
($0.1653 gross per share/unit)
— — — — — — — (590,269)(590,269)— (37,683)(627,952)
Contributions from non-controlling interests— — — — — — — — — 5,613 179,922 185,535 
Operating distributions to non-controlling interests— — — — — — — — — (38,163)— (38,163)
Capital distributions to and redemptions of non-controlling interests8,989 — — 8,989 (145,641)— (136,652)
Allocation to redeemable non-controlling interests— — — — — 19,192 — — 19,192 — — 19,192 
Balance at June 30, 2024$13,860 $22,091 $505 $1,443 $27 $44,126,933 $458,186 $(14,467,972)$30,155,073 $4,529,522 $2,817,072 $37,501,667 
See accompanying notes to condensed consolidated financial statements.

4


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in thousands, except per share data)
 Par Value Accumulated
Other Comprehensive Income (Loss)
Accumulated
Deficit and
Cumulative
Distributions
 Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
 
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Common
Stock
Class C
Additional
Paid-in
Capital
Total
Stockholders'
Equity
Total
Equity
Balance at December 31, 2024$13,395 $21,651 $439 $1,389 $28 $42,781,930 $383,272 $(15,848,197)$27,353,907 $4,375,668 $2,964,555 $34,694,130 
Common stock issued (transferred)48 409 (41)26 4 1,095,806 — — 1,096,252 — — 1,096,252 
Increase in accrual for offering costs, net
— — — — — (309,441)— — (309,441)— — (309,441)
Distribution reinvestment143 220 6 16 — 527,863 — — 528,248 — 69,876 598,124 
Common stock/units repurchased(821)(1,655)(24)(102)(1)(3,578,985)— — (3,581,588)— (29,815)(3,611,403)
Amortization of compensation awards— 405 — — — 40,140 — — 40,545 — — 40,545 
Net loss ($2,055 of net loss allocated to redeemable non‑controlling interests)
— — — — — — — (2,185,115)(2,185,115)(59,369)(162,228)(2,406,712)
Other comprehensive loss ($135 of other comprehensive income allocated to redeemable non‑controlling interests)
— — — — — — (77,171)— (77,171)(34,170)(5,351)(116,692)
Distributions declared on common stock
 and OP Units ($0.3289 gross per share/unit)
— — — — — — — (1,102,165)(1,102,165)— (88,982)(1,191,147)
Contributions from non-controlling interests— — — — — — — — — 43,185 536,083 579,268 
Operating distributions to non-controlling interests— — — — — — — — — (78,203)— (78,203)
Capital distributions to and redemptions of non-controlling interests— — — — — 1,270 — — 1,270 (63,274)— (62,004)
Allocation to redeemable non-controlling interests— — — — — (3,406)— — (3,406)— — (3,406)
Balance at June 30, 2025$12,765 $21,030 $380 $1,329 $31 $40,555,177 $306,101 $(19,135,477)$21,761,336 $4,183,837 $3,284,138 $29,229,311 
 
 Par Value Accumulated
Other Comprehensive Income
Accumulated Deficit and
Cumulative
Distributions
 Non-
controlling
Interests
Attributable
to Third Party
Joint Ventures
Non-
controlling
Interests
Attributable
to BREIT OP
 
Common
Stock
Class S
Common
Stock
Class I
Common
Stock
Class T
Common
Stock
Class D
Common
Stock
Class C
Additional
Paid-in
Capital
Total
Stockholders'
Equity
Total
Equity
Balance at December 31, 2023$14,882 $24,030 $592 $1,548 $21 $48,576,100 345,975 $(12,612,581)$36,350,567 $4,709,621 $2,562,306 $43,622,494 
Common stock issued (transferred)87 363 (44)16 6 1,043,615 — — 1,044,043 — — 1,044,043 
Reduction in accrual for offering costs, net— — — — — 100,649 — — 100,649 — — 100,649 
Distribution reinvestment148 233 7 17 — 572,539 — — 572,944 — 51,732 624,676 
Common stock/units repurchased(1,257)(2,896)(50)(138)— (6,129,619)— — (6,133,960)— (109,082)(6,243,042)
Amortization of compensation awards— 361 — — — 35,701 — — 36,062 — 5,408 41,470 
Net loss ($2,600 of net loss allocated to redeemable non-controlling interests)
— — — — — — — (651,512)(651,512)(66,584)(31,381)(749,477)
Other comprehensive income ($94 of other comprehensive loss allocated to redeemable non-controlling interests)
— — — — — — 112,211 — 112,211 28,145 5,912 146,268 
Distributions declared on common stock and OP units
($0.3307 gross per share/unit)
— — — — — — — (1,203,879)(1,203,879)— (73,555)(1,277,434)
Contributions from non-controlling interests— — — — — — — — — 134,700 405,732 540,432 
Operating distributions to non-controlling interests— — — — — — — — — (73,310)— (73,310)
Capital distributions to and redemptions of non-controlling interests— — — — — (92,120)— — (92,120)(203,050)— (295,170)
Allocation to redeemable non-controlling interests— — — — — 20,068 — — 20,068 — — 20,068 
Balance at June 30, 2024$13,860 $22,091 $505 $1,443 $27 $44,126,933 $458,186 $(14,467,972)$30,155,073 $4,529,522 $2,817,072 $37,501,667 
 See accompanying notes to condensed consolidated financial statements.
5


Blackstone Real Estate Income Trust, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
 Six Months Ended June 30,
 20252024
Cash flows from operating activities:  
Net loss$(2,408,767)$(752,077)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee335,317 367,776 
Performance participation allocation230,999  
Impairment of investments in real estate341,371 183,758 
Depreciation and amortization1,635,750 1,802,542 
Net gain on dispositions of real estate(600,303)(282,444)
Loss on extinguishment of debt36,874 52,052 
Unrealized loss (gain) on fair value of financial instruments523,569 (365,470)
Loss from unconsolidated entities738,024 62,356 
Distributions of earnings from unconsolidated entities208,016 113,931 
Other items75,294 (44,531)
Change in assets and liabilities:
Decrease in other assets79,584 53,128 
Increase in due to affiliates1,214 19,746 
Decrease in other liabilities(15,365)(58,450)
Net cash provided by operating activities1,181,577 1,152,317 
Cash flows from investing activities:
Capital improvements to real estate(513,660)(529,664)
Proceeds from disposition of real estate2,947,093 2,081,578 
Investment in unconsolidated entities(540,590)(316,194)
Dispositions of and return of capital from unconsolidated entities101,635 772,571 
Purchase of investments in real estate debt(91,705)(50,078)
Proceeds from sale/repayment of investments in real estate debt395,535 1,393,750 
Proceeds from repayments of real estate loans held by consolidated securitization vehicles2,201,454 410,492 
Collateral posted under derivative contracts(1,889)(7,750)
Other investing activities(41,078)27,911 
Net cash provided by investing activities4,456,795 3,782,616 
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities5,365,475 11,654,277 
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities(5,761,826)(10,055,756)
Borrowings under secured financings of investments in real estate debt261,798 222,787 
Repayments of secured financings of investments in real estate debt(316,851)(886,810)
Borrowings under unsecured revolving credit facilities and term loans2,965,000 1,490,000 
Repayments of unsecured revolving credit facilities and term loans(2,820,000)(990,000)
Payment of deferred financing costs(99,250)(166,601)
Sales of senior obligations of consolidated securitization vehicles 70,898 
Repayments of senior obligations of consolidated securitization vehicles(1,963,927)(377,845)
Proceeds from issuance of common stock953,246 885,158 
Subscriptions received in advance124,336 98,837 
Offering costs paid(95,234)(106,775)
Distributions(576,951)(646,548)
Repurchase of common stock(3,540,847)(5,903,091)
Contributions from redeemable non-controlling interest3,876 1,002 
Distributions to and redemption of redeemable non-controlling interest(2,270)(7,329)
Redemption of affiliated service provider incentive compensation awards(8,984)(879)
Contributions from non-controlling interests207,846 7,709 
Distributions to and redemptions of non-controlling interests(249,827)(330,505)
Net cash used in financing activities(5,554,390)(5,041,471)
Net change in cash and cash equivalents and restricted cash83,982 (106,538)
Cash, cash equivalents and restricted cash, beginning of period
2,776,894 2,695,020 
Effects of foreign currency translation on cash, cash equivalents and restricted cash16,794 (1,530)
Cash, cash equivalents and restricted cash, end of period
$2,877,670 $2,586,952 
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents$2,065,595 $1,629,851 
Restricted cash812,075 957,101 
Total cash, cash equivalents and restricted cash$2,877,670 $2,586,952 
6


Non-cash investing and financing activities:  
Issuance of Class I shares for settlement of joint venture promote liability$ $43,219 
Issuance of BREIT OP units for settlement of joint venture promote liability$ $36,499 
Accrued capital expenditures and acquisition related costs$ $2,033 
Change in accrued stockholder servicing fee due to affiliate$297,042 $(208,207)
Redeemable non-controlling interest issued as settlement of performance participation allocation$45,963 $15,370 
Issuance of Class B units for payment of management fees$336,083 $372,061 
Allocation to redeemable non-controlling interest$3,406 $20,068 
Distribution reinvestment$598,124 $624,676 
Accrued repurchases$439,289 $808,612 
Conversion of equity securities to investments in unconsolidated entities$ $396,120 
Collateral used in repayment of mortgage payable$ $23,414 
Receivable for proceeds from disposition of real estate$ $1,016 
Receivable for unsettled investments in real estate debt$ $16,819 
Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net$127,634 $211,768 
Other assets$2,806 $705 
Mortgage loans, net$(56,050)$(88,722)
Other liabilities$(2,464)$(11,405)
Non-controlling interests attributable to third party joint ventures$(35,344)$(34,126)



See accompanying notes to condensed consolidated financial statements.

7


Blackstone Real Estate Income Trust, Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Organization and Business Purpose
Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) invests primarily in stabilized, income-generating commercial real estate in the United States and, to a lesser extent, outside the United States. The Company to a lesser extent invests in real estate debt investments. The Company is the sole general partner and majority limited partner of BREIT Operating Partnership L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly owned subsidiary of Blackstone Inc. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager. The Company was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
The Company registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in its primary offering and up to $12.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in March 2022 (the “Current Offering”). The Company intends to sell any combination of its Class S, I, T and D shares of its common stock, with a dollar value up to the maximum aggregate amount of the Current Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. In addition to the Current Offering, the Company is conducting private offerings of Class I and Class C shares to certain feeder or other vehicles created to hold the Company’s shares and other assets, which in turn sell interests in themselves to other investors, including non-U.S. persons, as described in the Company’s prospectus. In addition, the Company may conduct one or more private offerings of Class F shares to certain feeder or other vehicles created to hold the Company’s shares and other assets, which in turn will sell interests in themselves to other investors, as described in the Company’s prospectus. All such private offerings are or will be, as applicable, exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) and/or Regulation D or Regulation S promulgated thereunder. The Company intends to continue selling shares in the Current Offering and private offerings on a monthly basis.
As of June 30, 2025, the Company owned, in whole or in part, 4,530 properties and 62,150 single family rental homes. The Company currently operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Office, Hospitality, Retail, Data Centers, Self Storage, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as student, affordable, manufactured and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas, The Cosmopolitan of Las Vegas, and the Company’s unconsolidated investment in a Net Lease platform. Financial results by segment are reported in Note 16 — Segment Reporting.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the Company’s condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC.
The accompanying condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries, and joint ventures in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

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Principles of Consolidation
The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities (“VIEs”) whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a VIE and whether the Company is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE, and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means.
For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the non-controlling partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the non-controlling partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the non-controlling partner is also reported within non-controlling interests.
When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which the Company has not elected the fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses.
The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP.
As of June 30, 2025, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $41.8 billion and $30.3 billion, respectively, compared to $44.7 billion and $32.4 billion, respectively, as of December 31, 2024. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
Fair Value Measurements
Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:
Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.
Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.
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Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.
Valuation of assets and liabilities measured at fair value
The Company’s investments in real estate debt are reported at fair value. As of June 30, 2025 and December 31, 2024, the Company’s investments in real estate debt, directly or indirectly, consisted of commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third party pricing service providers whenever available.
In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable.
Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company generally engages third party service providers to perform valuations for such investments. The third party service provider will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value (“LTV”) ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt.
For CMBS securitizations the Company consolidates, it has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the securitizations using the fair value of such financial liabilities, which it considers more observable than the fair value of such financial assets.
The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows and discounting them back to the present value using the weighted average cost of debt. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable LTV ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value. The inputs used in determining the Company’s investments in unconsolidated entities carried at fair value are considered Level 3. The Company discloses the weighted average cost of capital, which combines the discount rate on the fair value of real estate and the weighted average cost of debt on the fair value of the indebtedness, and the exit capitalization rate as key Level 3 inputs.
The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using advice from a third party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).
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The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):
June 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Investments in real estate debt(1)
$ $3,865,305 $921,258 $4,786,563 $ $3,973,217 $1,047,742 $5,020,959 
Real estate loans held by consolidated securitization vehicles, at fair value 11,512,832  11,512,832  13,616,526  13,616,526 
Investments in unconsolidated entities  4,011,447 4,011,447   3,861,077 3,861,077 
Interest rate and foreign currency hedging derivatives(2)
 1,259,325  1,259,325  2,002,173  2,002,173 
Total$ $16,637,462 $4,932,705 $21,570,167 $ $19,591,916 $4,908,819 $24,500,735 
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value$ $10,346,961 $ $10,346,961 $ $12,233,141 $ $12,233,141 
Interest rate and foreign currency hedging derivatives(3)
 22,270  22,270  11,243  11,243 
Total$ $10,369,231 $ $10,369,231 $ $12,244,384 $ $12,244,384 
(1)Excludes $280.9 million and $259.0 million of investments measured at fair value using net asset value as a practical expedient that are not classified in the fair value hierarchy, as of June 30, 2025 and December 31, 2024, respectively.
(2)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(3)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):
Investments in
Real Estate Debt
Investments in
Unconsolidated Entities
Total
Balance as of December 31, 2024$1,047,742 $3,861,077 $4,908,819 
Purchases and contributions3,443 8,204 11,647 
Sales and repayments(139,238) (139,238)
Distributions received (80,547)(80,547)
Included in net income (loss)
Income from unconsolidated entities measured at fair value
 222,713 222,713 
Realized gain
2  2 
Unrealized gain
9,309  9,309 
Balance as of June 30, 2025$921,258 $4,011,447 $4,932,705 

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The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):
June 30, 2025
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate loans$921,258 
Yield method
Market yield
9.3%Decrease
Investments in unconsolidated entities$4,011,447 Discounted cash flow
Weighted average cost of capital
8.8%Decrease
Exit capitalization rate
5.4%Decrease

 December 31, 2024
 Fair ValueValuation TechniqueUnobservable InputsWeighted Average RateImpact to Valuation from an Increase in Input
Assets
Investments in real estate loans$1,047,742 
Yield method
Market yield
9.5%Decrease
Investments in unconsolidated entities$3,861,077 
Discounted cash flow
Weighted average cost of capital
8.2%Decrease
Exit capitalization rate
5.3%Decrease
Valuation of assets measured at fair value on a nonrecurring basis
Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable.
During the three months ended June 30, 2025, the Company recognized $125.3 million of impairment charges, which were the result of updates to the undiscounted cash flow assumptions. The cumulative fair value of such real estate investments at the time of impairment was $226.2 million, and was estimated utilizing a discounted cash flow method. The significant unobservable inputs utilized in the analysis were the discount rate (Level 3), which ranged from 7.1% to 9.3%, and the exit capitalization rate (Level 3), which ranged from 4.6% to 9.0%.
Additionally, during the three months ended June 30, 2025, the Company recognized $45.8 million of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The fair value, less estimated costs to sell, of such real estate investments at the time of impairment was $233.5 million as of June 30, 2025. The significant input utilized in the analysis was the purchase price, which is considered a Level 2 input. Refer to Note 3 for additional details of the impairments.
Valuation of liabilities not measured at fair value
As of June 30, 2025 and December 31, 2024, the fair value of the Company’s mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $0.8 billion and $0.9 billion, respectively, below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using its equity discount rate. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3.
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Stock-Based Compensation
The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of Home Partners of America (“HPA”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT, and certain employees of portfolio company service providers owned by Blackstone-advised investment vehicles. Such awards vest over time and stock-based compensation expense is recognized for these awards using a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three to four years. The vesting conditions that are based on the Company achieving certain returns, or other key performance metrics, over a stated hurdle amount are considered market conditions. The achievement of returns, or other key performance metrics, over the stated hurdle amounts, which affect the quantity of awards that vest, is considered a performance condition. If the Company determines it is probable that the performance conditions will be met, the value of the award will be amortized over the service periods, as adjusted for forfeitures. If the Company determines it is not probable that the performance conditions will be met, the value of the award is considered zero and any previous amortization will be reversed. The number of awards expected to vest is evaluated each reporting period and compensation expense is recognized for those awards for which achievement of the performance criteria is considered probable.
Refer to Note 10 for additional information on the awards issued to certain employees of portfolio companies owned by Blackstone-advised investment vehicles. The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands):
 December 31, 2024For the Six Months Ended June 30, 2025June 30, 2025
Plan YearUnrecognized Compensation CostValue of Awards Issued
Forfeiture of Unvested Awards
Amortization of Compensation Cost
Unrecognized Compensation CostRemaining Amortization Period
2022$3,107 $ $(1,250)$(1,578)$279 0.5 years
20236,070  (79)(3,285)2,706 1.3 years
202411,692  (3,072)(1,121)7,499 2.0 years
2025 16,736 (447)(2,692)13,597 2.8 years
Total$20,869 $16,736 $(4,848)$(8,676)$24,081 
Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company did not early adopt ASU 2024-03 and is still evaluating the impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company did not early adopt ASU 2023-09 and does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.


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3. Investments in Real Estate
Investments in real estate, net consisted of the following ($ in thousands):
June 30, 2025December 31, 2024
Building and building improvements$70,128,229 $72,126,536 
Land and land improvements15,964,471 16,406,385 
Furniture, fixtures and equipment2,365,153 2,389,177 
Right of use asset - operating leases(1)
1,047,413 1,050,921 
Right of use asset - financing leases(1)
72,862 72,862 
Total89,578,128 92,045,881 
Accumulated depreciation and amortization(11,671,939)(10,587,946)
Investments in real estate, net$77,906,189 $81,457,935 
(1)Refer to Note 15 for additional details on the Company’s leases.

Acquisitions

There were no acquisitions during the six months ended June 30, 2025.
Dispositions
The following tables detail the dispositions during the periods set forth below ($ in thousands):
Three Months Ended
Six Months Ended
June 30, 2025June 30, 2025
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
18$1,215,368 $174,389 37$2,047,294 $244,321 
Industrial properties42706,483 287,720 50838,772 348,942 
Hospitality properties118,480 952 118,480 952 
Retail properties115,532 1,333 344,463 6,088 
Total62$1,955,863 $464,394 91$2,949,009 $600,303 
Three Months Ended
Six Months Ended
June 30, 2024June 30, 2024
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
21$682,826 $32,825 54$1,202,800 $77,246 
Industrial properties17366,269 121,900 31692,150 185,441 
Retail properties9161,105 21,165 10187,644 19,757 
Total47$1,210,200 $175,890 95$2,082,594 $282,444 
(1)For the three months ended June 30, 2025, net gain includes gains of $474.2 million and losses of $9.8 million. For the six months ended June 30, 2025, net gain includes gains of $625.4 million and losses of $25.1 million. For the three months ended June 30, 2024, net gain includes gains of $201.0 million and losses of $25.1 million. For the six months ended June 30, 2024, net gain includes gains of $313.6 million and losses of $31.2 million.
(2)The number of properties excludes single family rental homes sold.

For the three months ended June 30, 2025, the Company disposed of four properties alongside other Blackstone-advised investment vehicles for a total sale price of $78.0 million attributable to BREIT. These transactions were conducted as either single or joint transactions alongside other Blackstone-advised investment vehicles and the terms for the Company and the other Blackstone-advised investment vehicles were substantially similar and the prices of each property were negotiated with a third-party buyer. A portion of these dispositions were structured as combined portfolio transactions where the Company and one or more other Blackstone advised investment vehicles were disposing of like-kind assets to a single buyer.
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Properties Held-for-Sale
As of June 30, 2025, 13 properties in the rental housing segment, three properties in the hospitality segment, one property in the industrial segment, one property in the retail segment and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.
The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands):
Assets:June 30, 2025
Investments in real estate, net$745,770 
Other assets3,084 
Total assets$748,854 
Liabilities:
Mortgage loans, net$436,236 
Other liabilities16,043 
Total liabilities$452,279 
Impairment
During the three months ended June 30, 2025, the Company recognized an aggregate $171.1 million of impairment charges including (i) $125.3 million related to 11 rental housing properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $45.8 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2025, the Company recognized an aggregate $341.4 million of impairment charges including (i) $272.1 million related to 18 rental housing properties, two hospitality properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $69.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.
During the three months ended June 30, 2024, the Company recognized an aggregate $118.0 million of impairment charges including (i) $75.6 million related to two student housing properties, one industrial property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $42.4 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.
During the six months ended June 30, 2024, the Company recognized an aggregate $183.8 million of impairment charges including (i) $112.1 million related to three student housing properties, two affordable housing properties, one industrial property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $71.7 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.
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4. Investments in Unconsolidated Entities
The Company holds investments in joint ventures that it accounts for under the equity method of accounting or the FVO, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. Refer to Note 2 for additional details.
The following tables detail the Company’s investments in unconsolidated entities ($ in thousands):
June 30, 2025
Investments in Unconsolidated Entities
Segment
Number of Investments
Number of PropertiesOwnership
Interest
Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers(1)
Data Centers111035.7%$1,033,559 
Rental Housing investments(2)
Rental Housing84
12.2% - 44.2%
731,626 
Industrial investments(3)
Industrial355
10.1% - 22.4%
253,747 
Hospitality investmentHospitality119630.0%209,652 
Retail investmentsRetail2850.0%85,015 
Net Lease investments(4)
Net Lease
15225.0%16,983 
Total unconsolidated entities carried at historical cost164252,330,582 
Unconsolidated entities carried at fair value:
Industrial investments(5)
Industrial112,063
12.4% - 85.0%
3,193,993 
Office investment
Office1149.0%459,905 
Rental Housing investment(6)
Rental Housing11011.6%357,549 
Total unconsolidated entities carried at
fair value
132,0744,011,447 
Total
292,499$6,342,029 
(1)Represents Company’s investment in QTS Data Centers through a joint venture formed by the Company and certain Blackstone-advised investment vehicles.
(2)The number of properties excludes 10,005 single family rental homes related to four joint ventures.
(3)Consists of $253.7 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.
(4)Consists of $17.0 million from investments in a joint venture formed by the Company and another Blackstone-advised investment vehicle.
(5)Includes $2.4 billion from investments in four joint ventures formed by the Company and certain Blackstone-advised investment vehicles.
(6)Consists of $357.5 million from investments in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 37,870 single family rental homes.



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December 31, 2024
Investments in Unconsolidated EntitiesSegmentNumber of InvestmentsNumber of PropertiesOwnership
Interest
Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers(1)
Data Centers110635.7%$1,625,457 
Rental Housing investments(2)
Rental Housing117
12.2% - 66.9%
775,401 
Industrial investments(3)
Industrial356
10.1% - 22.4%
237,825 
Hospitality investmentHospitality119630.0%276,218 
Retail investmentsRetail2850.0%89,093 
Net Lease investments(4)
Net Lease125.0%1,334 
Total unconsolidated entities carried at historical cost193733,005,328 
Unconsolidated entities at carried at fair value:
Industrial investments(5)
Industrial112,064
12.4% - 85.0%
2,987,036 
Office investmentOffice1149.0%471,959 
Rental Housing investment(6)
Rental Housing11111.6%402,082 
Total unconsolidated entities carried at
fair value
132,0763,861,077 
Total322,449$6,866,405 
(1)Represents Company’s investment in QTS Data Centers through a joint venture formed by the Company and certain Blackstone-advised investment vehicles.
(2)The number of properties excludes 10,308 single family rental homes.
(3)Consists of $237.8 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.
(4)Includes a joint venture formed by the Company and another Blackstone-advised investment vehicle. As of December 31, 2024, the joint venture had not made any investments. Book value represents the Company’s capital contribution less the company's share of start-up costs.
(5)Includes $2.2 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.
(6)On May 1, 2024, the Company alongside another Blackstone-advised investment vehicle formed a joint venture that acquired all of the outstanding common shares of Tricon Residential Inc. (“Tricon”) for a total equity transaction value of $3.5 billion. As part of the transaction, the Company converted its prior investment in common and preferred stock of Tricon to an interest in the newly formed joint venture, which is recorded under Investments in Unconsolidated Entities. As of December 31, 2024, the number of properties excludes 37,195 single family rental homes.
17


The following tables detail the Company’s income (loss) from unconsolidated entities ($ in thousands):
For the Three Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities
Segment20252024
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers$(95,910)$(8,396)
Rental Housing investmentsRental Housing(11,348)(5,268)
Industrial investmentsIndustrial(2,313)(2,145)
Hospitality investmentHospitality(2,278)(800)
Retail investmentsRetail(1,133)(579)
Net Lease investments
Net Lease(106) 
Total unconsolidated entities carried at historical cost(113,088)(17,188)
Unconsolidated entities carried at fair value:
Industrial investments
Industrial128,497 (28,308)
Rental Housing investmentsRental Housing5,933 (245)
Office investment
Office5,649 7,743 
Total unconsolidated entities carried at fair value140,079 (20,810)
Total$26,991 $(37,998)

For the Six Months Ended June 30,
BREIT Loss from Unconsolidated Entities
Segment20252024
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers$(923,380)$15,986 
Rental Housing investmentsRental Housing(25,201)(13,878)
Industrial investmentsIndustrial(5,512)(2,466)
Hospitality investmentHospitality(5,066)(5,105)
Retail investmentsRetail(2,554)(1,728)
Net Lease investments
Net Lease(397) 
Total unconsolidated entities carried at historical cost
(962,110)(7,191)
Unconsolidated entities carried at fair value:
Industrial investments
Industrial218,437 (50,810)
Data Center investments(1)
Data Centers (17,698)
Office investment
Office7,890 13,588 
Rental Housing investmentsRental Housing(2,241)(245)
Total unconsolidated entities carried at fair value
224,086 (55,165)
Total$(738,024)$(62,356)
(1)On March 27, 2024, the Company sold its remaining 8.8% interest in a digital towers joint venture for cash consideration of $531.4 million, resulting in a realized loss on sale of $17.4 million, which was primarily driven by transaction costs.
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5. Investments in Real Estate Debt
The following tables detail the Company’s investments in real estate debt ($ in thousands):
June 30, 2025
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
CMBS(4)
+4.3%
5/9/2032$3,889,646 $3,871,888 $3,666,612 
RMBS4.1%10/16/2058117,737 115,005 91,755 
Corporate bonds4.9%5/28/202856,668 56,003 54,099 
Total real estate securities8.3%12/6/20324,064,051 4,042,896 3,812,466 
Commercial real estate loans
+4.5%
10/19/2027919,484 892,832 905,733 
Other investments(5)(6)
5.7%9/21/2029287,094 275,910 349,264 
Total investments in real estate debt
8.2%
10/18/2031$5,270,629 $5,211,638 $5,067,463 
 December 31, 2024
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
CMBS(4)
+4.2%
5/1/2032$3,970,222 $3,956,637 $3,728,985 
RMBS
4.2%
7/25/2056190,626 187,552 141,767 
Corporate bonds4.9%5/30/202855,355 56,003 51,652 
Total real estate securities8.3%2/26/20334,216,203 4,200,192 3,922,404 
Commercial real estate loans
+4.6%
8/29/20271,037,985 1,044,460 1,032,821 
Other investments(5)(6)
5.7%9/21/2029287,768 276,584 324,703 
Total investments in real estate debt
8.2%
11/14/2031$5,541,956 $5,521,236 $5,279,928 

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.
(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans represent a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities.
(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.
(4)Face amount excludes interest-only securities with a notional amount of $1.8 billion as of both June 30, 2025 and December 31, 2024.
(5)Includes interests in unconsolidated joint ventures that hold investments in real estate debt.
(6)Weighted average coupon and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation.
19


The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):
 June 30, 2025December 31, 2024
Collateral(1)
Cost
Basis
Fair
Value
Percentage Based on Fair ValueCost
Basis
Fair
Value
Percentage Based on Fair Value
Industrial$1,950,928 $1,933,526 38%$1,972,592 $1,940,709 37%
Rental Housing(2)
1,753,923 1,798,962 35%1,873,616 1,850,255 35%
Net Lease884,047 886,291 17%858,605 860,465 16%
Hospitality218,395 207,890 4%332,623 322,052 6%
Office350,887 189,223 4%379,257 209,882 4%
Other24,328 23,890 1%52,257 49,900 1%
Diversified29,130 27,681 1%52,286 46,665 1%
Total$5,211,638 $5,067,463 100%$5,521,236 $5,279,928 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.
(2)Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.
The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands):
 June 30, 2025December 31, 2024
Credit Rating(1)(2)
Cost
Basis
Fair
Value
Percentage Based on Fair ValueCost
Basis
Fair
Value
Percentage Based on Fair Value
A$818 $747 %$28,200 $27,735 1%
BBB822,445 813,758 16%807,228 799,005 15%
BB728,484 706,247 14%797,219 759,361 14%
B546,270 513,266 10%576,629 523,784 9%
CCC and below132,271 42,253 1%143,548 38,704 1%
Private commercial real estate loans892,832 905,733 18%1,044,460 1,032,821 20%
Not rated(2)
2,088,518 2,085,459 41%2,123,952 2,098,518 40%
Total$5,211,638 $5,067,463 100%$5,521,236 $5,279,928 100%
(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.
(2)A represents credit ratings of A+, A, and A-, BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, B represents credit ratings of B+, B, and B-, and CCC and below represents credit ratings of CCC+ and below.
(3)As of June 30, 2025, not rated positions have a weighted-average LTV at origination of 54%, and are primarily composed of 57% industrial and 42% rental housing assets.
20


The following table details the Company’s income from investments in real estate debt ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest income$119,519 $155,392 $232,877 $334,230 
Unrealized gain40,521 30,977 81,833 125,369 
Realized loss(5,926)(27,414)(14,719)(38,350)
Total154,114 158,955 299,991 421,249 
Net realized and unrealized (loss) gain on derivatives(7,107)841 (11,282)4,961 
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt(12,214)1,404 (17,685)6,846 
Other expense(1,139)(4,125)(4,492)(7,788)
Total income from investments in real estate debt$133,654 $157,075 $266,532 $425,268 
        
The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in such real estate debt ($ in thousands):
 Fair Value
Income
   Three Months Ended June 30,Six Months Ended June 30,
 June 30, 2025December 31, 20242025202420252024
CMBS$652,674 $746,773 $19,367 $27,676 $39,776 $89,386 
Commercial real estate loans316,772 416,942 19,868 11,516 26,702 26,293 
Total$969,446 $1,163,715 $39,235 $39,192 $66,478 $115,679 
The Company acquired such CMBS from third parties on market terms negotiated by the majority third party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS.
The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company’s involvement.
As of June 30, 2025 and December 31, 2024, the Company’s investments in real estate debt also included $1.8 billion and $1.7 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three and six months ended June 30, 2025, the Company recognized $38.8 million and $76.4 million of income, respectively, related to such CMBS. During the three and six months ended June 30, 2024, the Company recognized $50.3 million and $139.0 million of income, respectively, related to such CMBS.

21


6. Consolidated Securitization Vehicles

The Company has acquired the controlling class securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Condensed Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations.
The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands):
June 30, 2025
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles197$11,085,145 $11,512,832 6.0 %8/17/2026
Senior obligations of consolidated securitization vehicles179,874,221 10,346,961 5.9 %8/22/2026
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles
17$1,210,924 $1,165,871 7.4 %7/5/2026

December 31, 2024
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles199$13,286,605 $13,616,526 6.1 %5/8/2026
Senior obligations of consolidated securitization vehicles1911,838,154 12,233,141 5.9 %5/16/2026
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles
19$1,448,451 $1,383,385 7.6 %3/1/2026

(1)The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle.
(2)Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.


22


7. Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities
The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands):
 June 30, 2025Principal Balance Outstanding
Indebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date (2)(3)
Maximum
Facility Size
June 30, 2025December 31, 2024
Fixed rate loans:     
Fixed rate mortgages(4)
3.8%3/23/2030N/A$20,980,896 $21,645,080 
Variable rate loans:
Variable rate mortgages and secured term loans+2.3%5/22/2028N/A32,907,515 32,006,218 
Variable rate secured revolving credit facilities
+1.9%4/17/2028$3,490,870 2,878,088 3,490,870 
Variable rate warehouse facilities(5)
+2.1%7/17/2028$2,785,986 1,893,431 1,929,037 
Total variable rate loans+2.3%5/22/202837,679,034 37,426,125 
Total loans secured by real estate5.5%1/17/202958,659,930 59,071,205 
(Discount) premium on assumed debt, net(92,900)(96,048)
Deferred financing costs, net
(413,237)(434,922)
Mortgage loans, secured term loans, and secured revolving credit facilities, net$58,153,793 $58,540,235 
(1)“+” means that the figure represents a spread over the relevant floating benchmark rates, primarily SOFR and similar indices for non-USD facilities, as applicable to each loan. As of June 30, 2025, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.4 billion and interest rate caps with an aggregate notional balance of $22.1 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives.
(2)Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options.
(3)The majority of the Company’s mortgages contain yield or spread maintenance provisions.
(4)Includes $246.4 million and $261.6 million of loans related to investments in affordable housing properties as of June 30, 2025 and December 31, 2024, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.
(5)Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval.

The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of June 30, 2025 ($ in thousands):
YearAmount
2025 (remaining)$259,233 
202612,030,318 
202716,517,117 
20285,689,702 
202911,403,056 
20305,185,494 
Thereafter7,575,010 
Total$58,659,930 
 
The Company repaid certain of its loans in conjunction with the sale or refinancing of the underlying properties and incurred an aggregate realized net loss on extinguishment of debt of $25.4 million and $36.9 million for the three and six months ended June 30, 2025, respectively. The Company incurred a net realized loss on extinguishment of debt of $21.4 million and $52.1 million for the three and six months ended June 30, 2024, respectively. Such losses primarily resulted from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs.
23


The Company is subject to various financial and operational covenants under certain of its mortgage loans, secured term loans, and secured revolving credit facilities. These covenants require the Company to maintain certain financial ratios, which include leverage, debt yield, and debt service coverage, among others. As of June 30, 2025 and December 31, 2024, the Company was in compliance with all of its loan covenants.
8. Secured Financings of Investments in Real Estate Debt
The Company has entered into master repurchase agreements and other financing agreements secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time to time, and may require the Company to provide additional collateral in the form of cash, securities, or other assets if the market value of such financed investments declines.
As of both June 30, 2025 and December 31, 2024, the Company’s secured financings of investments in real estate debt was $3.6 billion. As of June 30, 2025, the secured financings had a weighted average maturity date of August 19, 2026, and a weighted average interest rate of 1.6% over the relevant floating benchmark rates of the applicable financings, primarily SOFR and similar indices for non-USD facilities.
As of both June 30, 2025 and December 31, 2024, the Company had interest rate swaps outstanding with a notional value of $0.4 billion that effectively convert a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. The weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.
9. Unsecured Revolving Credit Facilities and Term Loans
The Company is party to unsecured credit facilities with multiple banks. The credit facilities have a weighted average maturity date of September 27, 2027, which may be extended for one year, and an interest rate of SOFR +2.5%. As of both June 30, 2025 and December 31, 2024, the maximum capacity of the credit facilities was $6.1 billion. As of both June 30, 2025 and December 31, 2024, the aggregate outstanding balance of borrowings under these unsecured credit facilities was $1.4 billion.
The Company is party to unsecured term loans with multiple banks. The term loans have a weighted average maturity date of December 15, 2027 and an interest rate of SOFR +2.5%. As of June 30, 2025 and December 31, 2024, the aggregate outstanding balance of the unsecured term loans was $1.2 billion and $1.1 billion, respectively.
The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (the “Affiliate Lender”). The Line of Credit expires on January 24, 2026, and may be extended for up to 12 months, subject to Affiliate Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third party lender, or, if no such rate is available, SOFR +2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Affiliate Lender’s demand, and (iii) the date on which the Adviser no longer acts as the Company’s external manager, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of June 30, 2025 and December 31, 2024, the Company had no outstanding borrowings under the Line of Credit.
24


10. Related Party and Other Transactions
Due to Affiliates
The following table details the components of due to affiliates ($ in thousands): 
June 30, 2025December 31, 2024
Accrued stockholder servicing fee$837,955 $624,579 
Performance participation allocation88,824  
Accrued management fee55,634 56,401 
Other3,105 1,767 
Total$985,518 $682,747 
Accrued Stockholder Servicing Fee
The Company accrues the full amount of the future stockholder servicing fees payable to Blackstone Securities Partners L.P., the dealer manager, a registered broker-dealer affiliated with the Adviser (the “Dealer Manager”), for Class S, Class T, and Class D shares, up to the 8.75% of gross proceeds limit, at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares as part of its continuous public offering, that provide, among other things, for the payment of the full amount of the selling commissions and dealer manager fee, and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers.
Performance Participation Allocation
The Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return. Total return is defined as distributions paid or accrued plus the change in the Company’s net asset value (“NAV”), adjusted for subscriptions and repurchases. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner only after the other unitholders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other BREIT OP unitholders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately measured on a calendar year basis and will be paid quarterly in certain classes of units of BREIT OP or cash, at the election of the Special Limited Partner. To date, the Special Limited Partner has always elected to be paid in a combination of Class I and Class B units, resulting in a non-cash expense.
At the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner is entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end performance allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end performance allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash.

25


During the three and six months ended June 30, 2025, the Company’s total return exceeded the current period hurdle amount, resulting in $88.8 million and $231.0 million, respectively, of performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2024 the Company’s total return did not exceed the year-to-date hurdle amount.

During the year ended December 31, 2024, the Company’s total return did not exceed the year-to-date hurdle amount, resulting in a Quarterly Shortfall with respect to the $105.0 million performance participation allocation recorded during the three months ended March 31, 2024 (the “2024 Shortfall Obligation”). Beginning January 1, 2025, interest on the 2024 Shortfall Obligation, net of $9.9 million of performance participation allocation previously earned by the Special Limited Partner but not paid by the Company, began accruing at a 5% annual rate, compounded quarterly. During the six months ended June 30, 2025, the Company accrued interest income of $1.1 million related to such net 2024 Shortfall Obligation. During the three months ended June 30, 2025, the Company did not record any such interest income because the 2024 Quarterly Shortfall was no longer outstanding.

The net 2024 Shortfall Obligation and related $1.1 million of interest accrued was satisfied with the $231.0 million performance participation accrual for the six months ended June 30, 2025. In April 2025, the Company issued 3.3 million units of BREIT OP to the Special Limited Partner as payment for the $46.0 million of net performance participation allocation previously accrued. The remaining $88.8 million of the performance participation allocation expense relating to the six month period ended June 30, 2025 is recorded as a liability within Due to Affiliates on the Condensed Consolidated Balance Sheets. Subsequent to June 30, 2025, the Company issued 6.4 million units of BREIT OP to the Special Limited Partner as payment for the remaining $88.8 million of performance participation allocation.
As of August 13, 2025, Blackstone owned shares of the Company and units of BREIT OP valued at an aggregate $3.8 billion. In addition, Blackstone employees, including the Company’s executive officers, owned shares of the Company and units of BREIT OP valued at an aggregate $1.3 billion.
Accrued Management Fee
The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, certain classes of shares of the Company’s common stock, or certain classes of BREIT OP units. To date, the Adviser has always elected to be paid the management fee in shares of the Company’s common stock and units of BREIT OP, resulting in a non-cash expense. During the three and six months ended June 30, 2025, the Company incurred management fees of $166.9 million and $335.3 million, respectively. During the three and six months ended June 30, 2024, the Company incurred management fees of $180.7 million, and $367.8 million, respectively.
During the six months ended June 30, 2025 and 2024, the Company issued BREIT OP units of 24.4 million and 26.3 million, respectively, to the Adviser as payment for management fees. The Company also had a payable of $55.6 million and $56.4 million related to the management fees as of June 30, 2025 and December 31, 2024, respectively. During July 2025, the Adviser was issued 4.0 million units of BREIT OP as payment for the management fees accrued as of June 30, 2025. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares previously issued as payment for management fees during the three and six months ended June 30, 2025 and 2024.
Other
As of June 30, 2025 and December 31, 2024, the Company had an outstanding balance due to the Adviser of $3.1 million and $1.8 million, respectively, related to general corporate expenses provided by unaffiliated third parties that the Adviser paid on the Company's behalf. Such expenses are reimbursed by the Company to the Adviser in the ordinary course of business.
26


Affiliate Title Service Provider
Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties, and third parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, except (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium, or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related expense offset to the Company.
During the three and six months ended June 30, 2025, the Company paid LNLS $8.9 million and $19.6 million, respectively, for title services related to certain investments. Amounts paid to LNLS were either (i) included in calculating Net Gain on Dispositions of Real Estate on the Condensed Consolidated Statements of Operations, or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities on the Condensed Consolidated Balance Sheets.
Captive Insurance Company
During the three and six months ended June 30, 2025, the Company received a net refund of $0.4 million and $0.5 million, respectively, of insurance premiums previously paid to a captive insurance company owned by us and other Blackstone-advised investment vehicles. The net refund was attributable to dispositions of real estate and represented the pro-rata unused period of the annual premiums incurred to insure such dispositions.
During the three months ended June 30, 2024, the Company did not receive a refund nor contribute capital to the captive insurance company owned by it and other Blackstone-advised investment vehicles. During the six months ended June 30, 2024, the Company received a net refund of $0.3 million related to insurance premiums previously paid to the captive insurance company.
Other Transactions
Accrued service provider expenses and incentive compensation awards
The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties, and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the Net Gain on Dispositions of Real Estate. For further details on the Company’s relationships with these service providers, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The expenses related to these providers, including incentive compensation awards, are included as a component of Rental Property Operating expense and Hospitality Operating expense, as applicable, in the Company’s Condensed Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from these arrangements.

Beginning in January 2025, the Company engaged TAH Operations LLC (“Tricon”), a portfolio company owned by certain Blackstone-advised investment vehicles, to provide, as applicable, management services, corporate support services and transaction support services for the Company’s rental housing properties.

Beginning in January 2025, the Company engaged Perform Properties LLC (“Perform Properties”), a portfolio company owned by a Blackstone-advised fund, to provide the services that ShopCore Properties TRS Management LLC and EQ Management, LLC had previously provided to the Company’s retail and office properties. Those services include management services, corporate support services and transaction support services.

Beginning in February 2025, the Company engaged Apartment Income REIT, L.P., a portfolio company owned by certain Blackstone-advised investment vehicles, to provide, as applicable, management services, corporate support services and transaction support services for the Company’s rental housing properties.
27


The following tables detail the amounts incurred for portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands):
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,
202520242025202420252024
Link Logistics Real Estate LLC$30,377 $31,578 $6,398 $5,122 $6,578 $364 
Tricon
27,264  2,083    
LivCor, LLC26,162 22,922 4,988 6,047 2,111 2,510 
Perform Properties LLC(1)
7,209 10,403 126 170 277 1,172 
Revantage(2)
7,128 7,433 2,443 2,129 15  
BRE Hotels and Resorts LLC3,337 3,177 336 315 25  
BPP MFNY Employer LLC828 895 300 334   
Apartment Income REIT, L.P.
577    20  
Longview Senior Housing, LLC320 253     
$103,202 $76,661 $16,674 $14,117 $9,026 $4,046 
Service
Provider Expenses
Amortization of
Service Provider
Incentive Compensation Awards
Capitalized Transaction
Support Services
Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
202520242025202420252024
Link Logistics Real Estate LLC$59,049 $59,110 $12,795 $11,104 $8,902 $816 
Tricon
39,022  2,083    
LivCor, LLC54,456 50,651 9,977 11,552 3,409 4,480 
Perform Properties LLC(1)
15,680 20,826 250 762 544 1,523 
Revantage(2)
16,434 11,028 4,887 4,404 15  
BRE Hotels and Resorts LLC6,349 6,324 673 824 25  
BPP MFNY Employer LLC
1,694 1,716 601 729   
Apartment Income REIT, L.P.
577    20  
Longview Senior Housing, LLC602 510     
$193,863 $150,165 $31,266 $29,375 $12,915 $6,819 
(1)Includes Shopcore Properties TRS Management LLC and EQ Management, LLC for three and six months ended June 30, 2024.
(2)Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.

As of June 30, 2025 and December 31, 2024, $34.6 million and $33.7 million, respectively, of accrued service provider expenses were outstanding and are included within Other Liabilities. See Note 11 for further details.
The Company issues incentive compensation awards to certain employees of portfolio company service providers. None of Blackstone, the Adviser, or the portfolio company service providers owned by Blackstone-advised investment vehicles receive any incentive compensation from the aforementioned arrangements.
The following table details the incentive compensation awards ($ in thousands):
 
December 31, 2024
For the Six Months Ended June 30, 2025June 30, 2025
Plan YearUnrecognized Compensation Cost Value of Awards IssuedForfeiture of Unvested AwardsAmortization of Compensation CostUnrecognized Compensation CostRemaining Amortization Period
2022$7,786 $ $ $(3,893)$3,893 0.5 years
202314,673   (4,585)10,088 1.3 years
202440,265   (10,060)30,205 2.0 years
2025 76,371  (12,728)63,643 2.8 years
 $62,724 $76,371 $ $(31,266)$107,829 

28


For the three and six months ended June 30, 2025, certain portfolio companies owned by the Company earned revenue of $1.3 million and $2.4 million, respectively, from certain other Blackstone-advised investment vehicles in relation to corporate service fees and property management services. There were no such fees for the three and six months ended June 30, 2024.
As of June 30, 2025 and December 31, 2024, the Company had a receivable of $50.9 million and $52.8 million, respectively, from certain portfolio companies owned by Blackstone-advised investment vehicles related to the prepayment of certain corporate service fees and incentive compensation awards. Such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.
29


11. Other Assets and Other Liabilities
The following table details the components of Other Assets ($ in thousands):
June 30, 2025December 31, 2024
Interest rate and foreign currency hedging derivatives$1,259,325 $2,002,173 
Straight-line rent receivable877,692 808,936 
Intangible assets, net750,840 826,900 
Held-for-sale assets748,854 753,533 
Receivables, net592,694 641,551 
Single family rental homes risk retention securities300,718 300,718 
Securities held in trust215,729 179,498 
Deferred leasing costs, net151,447 148,889 
Prepaid expenses117,872 175,167 
Deferred financing costs, net99,084 114,560 
Due from affiliate(1)
 95,024 
Other183,500 193,604 
Total$5,297,755 $6,240,553 
(1)Refer to the Performance Participation Allocation section of Note 10 for additional information.
The following table details the components of Other Liabilities ($ in thousands):
June 30, 2025December 31, 2024
Right of use lease liability - operating leases$608,230 $605,923 
Liabilities related to held-for-sale assets452,279 380,179 
Stock repurchases payable439,289 462,894 
Accounts payable and accrued expenses404,166 372,281 
Accrued interest expense326,108 338,509 
Real estate taxes payable314,544 284,392 
Financing of affordable housing development216,002 177,902 
Distribution payable200,708 202,801 
Tenant security deposits198,803 205,853 
Intangible liabilities, net154,915 178,510 
Subscriptions received in advance124,336 143,030 
Prepaid rental income118,034 179,464 
Right of use lease liability - financing leases80,106 79,493 
Accrued service provider expenses(1)
34,566 33,685 
Interest rate and foreign currency hedging derivatives22,270 11,243 
Other138,998 131,546 
Total$3,833,354 $3,787,705 
(1)Refer to the accrued service provider expenses and incentive compensation awards section of Note 10 for additional information.
30


12. Intangibles
The following tables detail the gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities ($ in thousands):
June 30, 2025
Gross Carrying Amount
Accumulated
Amortization
Total Intangible
Assets/Liabilities, net
Intangible assets
In-place lease intangibles$1,145,480 $(766,493)$378,987 
Indefinite life intangibles
94,082 — 94,082 
Above-market lease intangibles53,196 (36,267)16,929 
Other intangibles421,457 (160,615)260,842 
Total intangible assets
$1,714,215 $(963,375)$750,840 
Intangible liabilities
Below-market lease intangibles366,576 (211,661)154,915 
Total intangible liabilities
$366,576 $(211,661)$154,915 
December 31, 2024
Gross Carrying Amount
Accumulated
Amortization
Total Intangible
Assets/Liabilities, net
Intangible assets
In-place lease intangibles$1,187,182 (754,448)$432,734 
Indefinite life intangibles
94,082 — 94,082 
Above-market lease intangibles54,965 (35,086)19,879 
Other intangibles415,767 (135,562)280,205 
Total intangible assets$1,751,996 $(925,096)$826,900 
Intangible liabilities
Below-market lease intangibles386,679 (208,169)178,510 
Total intangible liabilities$386,679 $(208,169)$178,510 
The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2025 is as follows ($ in thousands):
 In-place Lease
Intangibles
Above-market
Lease Intangibles
Other IntangiblesBelow-market
Lease Intangibles
2025 (remaining)
$52,703 $2,499 $14,669 $(19,468)
202686,975 4,129 28,181 (33,748)
202764,897 2,959 26,604 (23,903)
202851,064 2,225 25,233 (18,643)
202938,450 1,736 23,091 (14,459)
203026,722 1,286 21,043 (10,736)
Thereafter58,176 2,095 122,021 (33,958)
Total
$378,987 $16,929 $260,842 $(154,915)
31


13. Derivatives
The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of Accounting Standards Codification Topic 815 - “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks.
The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.
Interest Rate Contracts
Certain of the Company’s transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate swaps and caps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The Company has the right of offset for certain derivatives, and presents them net on its condensed consolidated financial statements.

The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands):

 June 30, 2025
Interest Rate Derivatives
Number of Instruments
Notional Amount(1)
Weighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt
20$6,316,105 2.6%SOFR3.1
Derivatives not designated as hedging instruments
Interest rate caps – property debt
16222,110,445 5.8%SOFR0.8
Interest rate swaps – property debt
5526,132,921 1.4%SOFR, EURIBOR2.5
Interest rate swaps – secured financings of investments in real estate debt
9365,165 4.2%SOFR4.8
Total$48,608,531 
 December 31, 2024
Interest Rate Derivatives
Number of Instruments
Notional Amount(1)
Weighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt
20$6,316,906 2.6%SOFR3.6
Derivatives not designated as hedging instruments
Interest rate caps – property debt
15317,189,532 6.6%SOFR0.9
Interest rate swaps – property debt
5326,004,711 1.4%SOFR, EURIBOR3.0
Interest rate swaps – secured financings of investments in real estate debt
10433,915 4.1%SOFR5.4
Total$43,628,158 
(1)Includes interest rate caps presented on a net basis with an aggregate notional amount of $15.8 billion and $15.7 billion as of June 30, 2025 and December 31, 2024, respectively.





32


Foreign Currency Forward Contracts

Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. 

The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands):
 June 30, 2025December 31, 2024
Foreign Currency Forward ContractsNumber of InstrumentsNotional AmountNumber of InstrumentsNotional Amount
Buy USD / Sell EUR Forward746,119 8147,630 
Buy USD / Sell GBP Forward5£36,514 6£36,711 
Valuation and Financial Statement Impact
The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):
Fair Value of Derivatives
in an Asset Position(1)
Fair Value of Derivatives
in a Liability Position(2)
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Derivatives designated as hedging instruments
Interest rate swaps – property debt
$146,801 $295,596 $878 $ 
Total derivatives designated as hedging instruments
146,801 295,596 878  
Derivatives not designated as hedging instruments
Interest rate swaps – property debt
1,103,869 1,686,623 3,950 1,406 
Interest rate caps – property debt(3)
7,308 15,873 2,144 5,426 
Interest rate swaps – secured financings of investments in real estate debt
235 488 11,278 4,411 
Foreign currency forward contracts1,112 3,593 4,020  
Total derivatives not designated as hedging instruments
1,112,524 1,706,577 21,392 11,243 
Total interest rate and foreign currency hedging derivatives
$1,259,325 $2,002,173 $22,270 $11,243 
(1)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(2)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
(3)Includes interest rate caps presented on a net basis with an aggregate fair value of $65.5 million and $117.2 million as of June 30, 2025 and December 31, 2024, respectively.














33


The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands):
Type of Derivative
Realized/Unrealized Gain (Loss)Location of Gain (Loss) Recognized Three Months Ended June 30,
20252024
Included in Net Income (Loss)
Interest rate swap – property debt
Unrealized loss
(1)$(231,099)$(41,792)
Interest rate caps – property debtUnrealized loss(1)(4,353)(6,094)
Interest rate caps – property debt
Realized gain
(1) 31 
Interest rate swap – secured financings of investments in real estate debt
Unrealized loss
(1)
(645)(4,782)
Foreign currency forward contract
Realized (loss) gain
(2)
(6,369)801 
Foreign currency forward contractUnrealized (loss) gain
(2)
(738)40 
Total  $(243,204)$(51,796)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)
Unrealized (loss) gain (59,388)3,946 
Total$(302,592)$(47,850)
Type of Derivative
Realized/Unrealized Gain (Loss)Location of Gain (Loss) RecognizedSix Months Ended June 30,
20252024
Included in Net Loss
Interest rate swap – property debt
Unrealized (loss) gain
(1)
$(578,706)$268,419 
Interest rate caps – property debtUnrealized loss
(1)
(12,796)(16,972)
Interest rate caps – property debt
Realized (loss) gain
(1)
(18)542 
Interest rate swaps – secured financings of investments in real estate debt
Unrealized (loss) gain
(1)
(7,239)10,573 
Foreign currency forward contract
Realized (loss) gain
(2)
(4,780)799 
Foreign currency forward contract
Unrealized (loss) gain
(2)
(6,502)4,162 
Total$(610,041)$267,523 
Included in Other Comprehensive Income
Interest rate swap – property debt(3)
Unrealized (loss) gain
(154,843)105,299 
Total$(764,884)$372,822 
    
(1)Included in (Loss) Income from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations.
(2)Included in Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations.
(3)During the three and six months ended June 30, 2025, net gain of $30.3 million and $60.6 million, respectively, was reclassified from accumulated other comprehensive income into net income.

Credit-Risk Related Contingent Features
The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions.
As of June 30, 2025, the Company was in a net liability position and posted collateral of $13.2 million with one of its counterparties as required under the derivative contracts. As of December 31, 2024, the Company was in a net liability position and posted collateral of $7.8 million with one of its counterparties as required under the derivatives contracts.
34


14. Equity and Redeemable Non-controlling Interest
Authorized Capital
As of June 30, 2025, the Company had the authority to issue 12,100,000,000 shares, consisting of the following:
 Number of Shares
(in thousands)
Par Value Per Share
Preferred Stock100,000 $0.01 
Class S Shares3,000,000 $0.01 
Class I Shares6,000,000 $0.01 
Class T Shares500,000 $0.01 
Class D Shares1,500,000 $0.01 
Class C Shares500,000 $0.01 
Class F Shares500,000 $0.01 
Total12,100,000 
Common Stock
The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands):
 
Three Months Ended June 30, 2025(1)
 Class SClass IClass TClass DClass CTotal
March 31, 20251,299,418 2,121,268 40,676 134,829 2,922 3,599,113 
Common stock issued (converted)(2)
1,808 39,371 (2,133)1,815 300 41,161 
Distribution reinvestment7,021 10,845 267 799  18,932 
Common stock repurchased(31,787)(68,481)(787)(4,520)(160)(105,735)
June 30, 20251,276,460 2,103,003 38,023 132,923 3,062 3,553,471 
Six Months Ended June 30, 2025(1)
Class SClass IClass TClass DClass CTotal
December 31, 20241,339,547 2,165,077 43,941 138,946 2,848 3,690,359 
Common stock issued (converted)(2)
4,791 81,389 (4,088)2,589 399 85,080 
Distribution reinvestment14,224 22,038 553 1,593  38,408 
Common stock repurchased
(82,102)(165,501)(2,383)(10,205)(185)(260,376)
June 30, 20251,276,460 2,103,003 38,023 132,923 3,062 3,553,471 
(1)As of June 30, 2025, no Class F shares were issued and outstanding.
(2)Includes conversion of shares from Class S, Class T and Class D to Class I during the three and six months ended June 30, 2025.
The Company registered a new offering with the SEC of up to $60.0 billion in shares of our common stock, consisting of up to $48.0 billion in any combination of Class S-2, Class T-2, Class D-2 and Class I shares in our primary offering and up to $12.0 billion in any combination of Class S-2, Class T-2, Class D-2, Class I, Class S, Class T and Class D shares pursuant to our distribution reinvestment plan, which was declared effective on August 5, 2025. The prior offering was terminated concurrently with the effectiveness of the new offering. As of August 13, 2025, no shares have yet to be issued under the new offering.

Share and Unit Repurchases
The Company has adopted a Share Repurchase Plan (the “Repurchase Plan”), which is approved and administered by the Company’s board of directors, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. The Repurchase Plan will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. The Company has in the past received, and may in the future receive, repurchase requests that exceed the limits under the Repurchase Plan, and the Company has in the past repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis.
35


Should repurchase requests, in the board of directors’ judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the board of directors otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company’s board of directors may determine to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under the Repurchase Plan), or none at all. Further, the Company’s board of directors has in the past made exceptions to the limitations in the Repurchase Plan and may in the future, in certain circumstances, make exceptions to such repurchase limitations (or repurchase fewer shares than such repurchase limitations), or modify or suspend the Repurchase Plan if, in its reasonable judgement, it deems such action to be in the Company’s best interest and the best interest of its stockholders. In the event that the Company receives repurchase requests in excess of the 2% or 5% limits, then repurchase requests will be satisfied on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the Repurchase Plan, as applicable.
For the six months ended June 30, 2025, the Company repurchased 260.4 million shares of common stock and 2.2 million units of BREIT OP for a total of $3.6 billion, satisfying all repurchase requests for the six months ended June 30, 2025.
Distributions

The Company considers a variety of factors when determining its distributions, including cash flows from operations, Funds Available for Distribution, NAV, and total return, and in any case, generally intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986. Taxable income does not equal net income as calculated in accordance with GAAP.
Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV.
The following tables detail the aggregate distributions declared for each applicable class of common stock:
 Three Months Ended June 30, 2025
 Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.1646 $0.1646 $0.1646 $0.1646 
Stockholder servicing fee per share of common stock(0.0293) (0.0288)(0.0085)
Net distributions declared per share of common stock$0.1353 $0.1646 $0.1358 $0.1561 
Six Months Ended June 30, 2025
Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.3289 $0.3289 $0.3289 $0.3289 
Stockholder servicing fee per share of common stock(0.0583) (0.0573)(0.0169)
Net distributions declared per share of common stock$0.2706 $0.3289 $0.2716 $0.3120 
Redeemable Non-controlling Interest
In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets.
36


The following table details the Redeemable Non-controlling Interest activity related to the Special Limited Partner for the six months ended June 30, 2025 and 2024 ($ in thousands):
 
Six Months Ended June 30,
 20252024
Balance at the beginning of the period$15,688 $351 
Settlement of prior quarter(s) performance participation allocation
45,963 15,370 
GAAP income allocation(1,196)(124)
Distributions(185)(60)
Fair value allocation2,205 216 
Ending balance$62,475 $15,753 
In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a Redeemable Non-controlling Interest in such joint ventures. As of June 30, 2025 and December 31, 2024, $159.9 million and $158.0 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets.
The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment between Additional Paid-in Capital and Redeemable Non-controlling Interests of $2.6 million and $3.4 million, during the three and six months ended June 30, 2025, respectively, and $19.2 million and $20.1 million, during the three and six months ended June 30, 2024, respectively, to reflect their redemption value.

37


15. Leases
Lessor
The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, industrial, net lease, office, hospitality, retail, data centers and self storage properties. Leases at the Company’s industrial, office, retail and data centers properties generally include a fixed base rent, and certain leases also contain a variable rent component. The variable component of the Company’s operating leases at its industrial, office, retail and data centers properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s rental housing properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only.
Rental revenue from leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company’s net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were each operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms and the residual value of the leased assets.
Leases at the Company’s industrial, net lease, office, retail and data centers properties are generally longer term (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the consumer price index. Leases at the Company’s rental housing and self storage properties are short term, generally not greater than 12 months in length.
The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Fixed lease payments$1,637,212 $1,765,926 $3,325,392 $3,580,530 
Variable lease payments133,448 146,618 277,657 295,079 
Rental revenue$1,770,660 $1,912,544 $3,603,049 $3,875,609 
The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of June 30, 2025 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included.
YearFuture Minimum Rents
2025 (remaining)
$871,326 
20261,697,873 
20271,528,241 
20281,334,046 
20291,149,456 
2030961,773 
Thereafter14,201,413 
Total$21,744,128 
38


Lessee
Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of June 30, 2025, the Company had 89 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases was acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and certain operating leases contain renewal options.
The following table details the future lease payments due under the Company’s ground leases as of June 30, 2025 ($ in thousands):
 Operating
Leases
Financing
Leases
2025 (remaining)$20,135 $2,221 
202636,101 4,507 
202736,454 4,633 
202836,739 4,763 
202936,861 4,896 
203037,037 5,033 
Thereafter2,034,886 549,465 
Total undiscounted future lease payments2,238,213 575,518 
Difference between undiscounted cash flows and discounted cash flows(1,629,983)(495,412)
Total lease liability$608,230 $80,106 
The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of June 30, 2025, the weighted average remaining lease term of the Company’s operating leases and financing leases were 58 years and 76 years, respectively.
Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. Three of the Company’s ground leases contains a variable component based on a percentage of revenue.
The following table details the fixed and variable components of the Company’s operating leases ($ in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Fixed ground rent expense$3,393 $3,724 $7,027 $7,672 
Variable ground rent expense9,483 8,084 18,488 16,319 
Total cash portion of ground rent expense12,876 11,808 25,515 23,991 
Straight-line ground rent expense4,343 5,352 9,213 10,686 
Total operating lease costs$17,219 $17,160 $34,728 $34,677 
The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Interest on lease liabilities$1,079 $1,040 $2,166 $2,131 
Amortization of right-of-use assets309 317 613 616 
Total financing lease costs$1,388 $1,357 $2,779 $2,747 
39


16. Segment Reporting
The Company operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Office, Hospitality, Retail, Data Centers, Self Storage properties, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that GAAP Segment Income (Loss) is the key performance metric that is most consistent with the amounts included in its condensed consolidated financial statements and captures the unique operating characteristics of each segment to enable its chief operating decision maker to assess performance and allocate resources.
The following table details the total assets by segment ($ in thousands):
 June 30, 2025December 31, 2024
Rental Housing$55,816,287 $58,567,894 
Industrial17,182,149 17,771,159 
Net Lease8,005,793 8,029,195 
Office2,807,157 2,759,646 
Hospitality2,575,302 2,696,612 
Retail2,022,286 2,119,705 
Data Centers1,841,163 2,442,748 
Self Storage705,197 714,617 
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value16,566,057 18,801,660 
Other (Corporate)1,482,547 2,335,005 
Total assets$109,003,938 $116,238,241 

40


The following table details the financial results by segment for the three months ended June 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease
OfficeHospitalityRetail
Data Centers
Self
Storage
Investments in
Real Estate
Debt(1)
Total
Revenues:
Rental revenue$1,170,522 $323,289 $150,385 $43,379 $ $51,589 $13,504 $17,992 $ $1,770,660 
Hospitality revenue    139,199     139,199 
Other revenue81,944 2,311  1,925 192 907 19 1,224  88,522 
Total revenues1,252,466 325,600 150,385 45,304 139,391 52,496 13,523 19,216  1,998,381 
Expenses:
Rental property operating670,569 109,291 655 16,797  19,682 2,993 8,838  828,825 
Hospitality operating    97,968     97,968 
Total expenses670,569 109,291 655 16,797 97,968 19,682 2,993 8,838  926,793 
(Loss) Income from unconsolidated entities(5,416)126,185 (106)5,649 (2,278)(1,133)(95,910)  26,991 
Income from investments in real estate debt        133,654 133,654 
Changes in net assets of consolidated securitization vehicles        38,207 38,207 
GAAP segment income (loss)$576,481 $342,494 $149,624 $34,156 $39,145 $31,681 $(85,380)$10,378 $171,861 $1,270,440 
Depreciation and amortization$(520,797)$(162,066)$(49,556)$(21,696)$(22,989)$(19,259)$(5,546)$(6,742)$ $(808,651)
General and administrative(16,886)
Management fee(166,892)
Performance participation allocation(88,824)
Impairment of investments in real estate(171,113)
Loss from interest rate derivatives
(236,097)
Net gain on dispositions of real estate464,394 
Interest expense, net
(777,766)
Loss on extinguishment of debt(25,360)
Other expense
(12,228)
Net loss$(568,983)
Net loss attributable to non-controlling interests in third party joint ventures$40,124 
Net loss attributable to non-controlling interests in BREIT OP
40,381 
Net loss attributable to BREIT stockholders
$(488,478)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.



41


The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands):
Rental HousingIndustrialNet
Lease
OfficeHospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:
Rental revenue$1,276,380 $356,620 $150,384 $42,733 $ $55,491 $13,356 $17,580 $ $1,912,544 
Hospitality revenue    150,129     150,129 
Other revenue85,375 5,212  2,698  1,194  1,395  95,874 
Total revenues1,361,755 361,832 150,384 45,431 150,129 56,685 13,356 18,975  2,158,547 
Expenses:
Rental property operating732,169 119,108 660 15,643  23,533 2,594 9,004  902,711 
Hospitality operating    101,969     101,969 
Total expenses732,169 119,108 660 15,643 101,969 23,533 2,594 9,004  1,004,680 
(Loss) income from unconsolidated entities(5,513)(30,452) 7,743 (800)(580)(8,396)  (37,998)
Income from investments in real estate debt
        157,075 157,075 
Changes in net assets of consolidated securitization vehicles        41,013 41,013 
Income from investments in equity securities(2)
4,509         4,509 
GAAP Segment net income$628,582 $212,272 $149,724 $37,531 $47,360 $32,572 $2,366 $9,971 $198,088 $1,318,466 
Depreciation and amortization$(570,934)$(183,749)$(51,878)$(23,060)$(22,990)$(24,529)$(5,541)$(6,653)$ $(889,334)
General and administrative(17,950)
Management fee(180,655)
Performance participation allocation104,966 
Impairment of investments in real estate(118,044)
Loss from interest rate derivatives(52,637)
Net gain on dispositions of real estate175,890 
Interest expense, net
(857,855)
Loss on extinguishment of debt(21,404)
Other expense(2)
(43,450)
Net loss
$(582,007)
Net loss attributable to non-controlling interests in third party joint ventures$37,386 
Net loss attributable to non-controlling interests in BREIT OP
26,122 
Net loss attributable to BREIT stockholders
$(518,499)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
(2)Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $3.8 million of net unrealized/realized gain related to equity securities.

42


The following table details the financial results by segment for the six months ended June 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease
Office
Hospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate
Debt(1)
Total
Revenues:         
Rental revenue$2,392,227 $658,146 $300,769 $85,936 $ $103,349 $27,247 $35,375 $ $3,603,049 
Hospitality revenue    273,315     273,315 
Other revenue160,097 8,162  3,902 259 2,131 19 2,619  177,189 
Total revenues2,552,324 666,308 300,769 89,838 273,574 105,480 27,266 37,994  4,053,553 
Expenses:
Rental property operating1,361,862 229,726 1,343 31,960  40,023 6,077 16,784  1,687,775 
Hospitality operating    192,107     192,107 
Total expenses1,361,862 229,726 1,343 31,960 192,107 40,023 6,077 16,784  1,879,882 
(Loss) Income from unconsolidated entities(27,443)212,926 (397)7,890 (5,066)(2,554)(923,380)  (738,024)
Income from investments in real estate debt        266,532 266,532 
Changes in net assets of consolidated securitization vehicles        70,392 70,392 
GAAP segment income (loss)$1,163,019 $649,508 $299,029 $65,768 $76,401 $62,903 $(902,191)$21,210 $336,924 $1,772,571 
Depreciation and amortization$(1,054,756)$(328,192)$(99,111)$(42,941)$(45,953)$(40,299)$(11,092)$(13,406)$ $(1,635,750)
General and administrative(33,000)
Management fee(335,317)
Performance participation allocation(230,999)
Impairment of investments in real estate(341,371)
Loss from interest rate derivatives
(598,759)
Net gain on dispositions of real estate600,303 
Interest expense, net
(1,543,562)
Loss on extinguishment of debt(36,874)
Other expense
(26,009)
Net loss
$(2,408,767)
Net loss attributable to non-controlling interests in third party joint ventures$60,252 
Net loss attributable to non-controlling interests in BREIT OP
163,400 
Net loss attributable to BREIT stockholders
$(2,185,115)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.

43


The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands):
 Rental HousingIndustrialNet
Lease
Office
Hospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:         
Rental revenue$2,590,537 $723,678 $300,769 $85,842 $ $113,082 $26,436 $35,265 $ $3,875,609 
Hospitality revenue    283,306     283,306 
Other revenue168,805 9,042  5,137  2,690  2,872  188,546 
Total revenues2,759,342 732,720 300,769 90,979 283,306 115,772 26,436 38,137  4,347,461 
Expenses:
Rental property operating1,473,115 241,602 1,326 30,205  47,601 5,003 17,315  1,816,167 
Hospitality operating    193,884     193,884 
Total expenses1,473,115 241,602 1,326 30,205 193,884 47,601 5,003 17,315  2,010,051 
(Loss) income from unconsolidated entities(14,124)(53,276) 13,588 (5,105)(1,728)(1,711)  (62,356)
Income from investments in real estate debt        425,268 425,268 
Changes in net assets of consolidated securitization vehicles        116,426 116,426 
Income from investments in equity securities(2)
61,482         61,482 
GAAP segment income$1,333,585 $437,842 $299,443 $74,362 $84,317 $66,443 $19,722 $20,822 $541,694 $2,878,230 
Depreciation and amortization$(1,157,124)$(371,767)$(103,756)$(47,748)$(45,666)$(52,138)$(11,082)$(13,261)$ $(1,802,542)
General and administrative(34,300)
Management fee(367,776)
Impairment of investments in real estate(183,758)
Income from interest rate derivatives
262,562 
Net gain on dispositions of real estate282,444 
Interest expense, net
(1,689,570)
Loss on extinguishment of debt
(52,052)
Other expense(1)
(45,315)
Net loss$(752,077)
Net loss attributable to non-controlling interests in third party joint ventures$69,059 
Net loss attributable to non-controlling interests in BREIT OP
31,506 
Net loss attributable to BREIT stockholders$(651,512)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
(2)Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities.

17. Commitments and Contingencies
Litigation  
From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As of June 30, 2025 and December 31, 2024, the Company was not involved in any material legal proceedings.
44


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References herein to “Blackstone Real Estate Income Trust,” “BREIT,” the “Company,” “we,” “us,” or “our” refer to Blackstone Real Estate Income Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.
The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “identify” or other similar words or the negatives thereof. These may include our financial estimates and their underlying assumptions, statements about plans, objectives, intentions and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance, and statements about identified but not yet disclosed acquisitions. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our prospectus and our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or our prospectus and other filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
Website Disclosure
We use our website (www.breit.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases and SEC filings. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.
Overview
We invest primarily in stabilized, income-generating commercial real estate in the United States and to a lesser extent, outside the United States. We also, to a lesser extent, invest in real estate debt investments. We are the sole general partner and majority limited partner of BREIT Operating Partnership L.P. (“BREIT OP”), a Delaware limited partnership, and we own substantially all of our assets through BREIT OP. We are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone Inc. (“Blackstone”), a leading investment manager. We currently operate our business in nine reportable segments: Rental Housing, Industrial, Data Centers, Net Lease, Office, Hospitality, Retail, Self Storage, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable, and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas, The Cosmopolitan of Las Vegas, and our unconsolidated investment in a Net Lease platform. Unconsolidated interests are included in the respective property segment.
BREIT is a non-listed, perpetual life real estate investment trust (“REIT”) that qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

As of August 13, 2025, we had received cumulative net proceeds of $78.3 billion from the sale of 6.1 billion shares of our Class S, Class I, Class T, Class D and Class C common stock in our continuous public offering and private offerings, and units of BREIT OP. We contributed the net proceeds from the sale of shares to BREIT OP in exchange for a corresponding number of Class S, Class I, Class T, Class D and Class C units. As of August 13, 2025, there are no Class S-2, Class T-2, Class D-2 and Class F shares or Class S-2, Class T-2, Class D-2 and Class F units outstanding. BREIT OP has primarily used the net proceeds to make investments in real estate and real estate debt and for other general corporate purposes (including to fund repurchase requests under our share repurchase plan (the “Share Repurchase Plan”) from time to time) as further described below under “Investment Portfolio.” We intend to continue selling shares of our common stock on a monthly basis through our continuous public offering and private offerings.
45


Recent Developments

Earlier this year, tariff announcements in the U.S. and ongoing global trade negotiations contributed to significant uncertainty and volatility of debt and equity markets. More recently, greater clarity in the U.S. policy environment and lower market volatility have contributed to stronger real estate transaction activity. We believe commercial real estate is increasingly well-positioned for a recovery from its cyclical downturn, which is further supported by continuing low supply (including in sectors in which our portfolio is concentrated, such as multifamily) and continued improvement in the cost and availability of debt. Continued deceleration in inflation may also encourage the lowering of interest rates, which should be constructive for real estate values. Nevertheless, a resurfacing of policy-driven uncertainty or market volatility could adversely affect us, our investors, their tenants and the value of the real estate assets related to our investments.
46


Q2 2025 Highlights
Operating Results:
Declared monthly net distributions totaling $592.6 million for the three months ended June 30, 2025. The details of the average annualized distribution rates and total returns are shown in the following table:
Class SClass IClass TClass D
Average Annualized Distribution Rate(1)
3.9%4.8%4.0%4.6%
Year-to-Date Total Return, without upfront selling commissions(2)
2.6%3.1%2.6%3.0%
Year-to-Date Total Return, assuming maximum upfront selling commissions(2)
(0.8)%n/a(0.8)%1.4%
Inception-to-Date Total Return, without upfront selling commissions(2)
8.3%9.3%8.5%9.0%
Inception-to-Date Total Return, assuming maximum upfront selling commissions(2)
7.9%n/a8.0%8.8%
Investments:
Sold 18 rental housing properties, 42 industrial properties, one hospitality property, and one retail property for total net proceeds of $2.0 billion. We recognized a net realized gain of $293.3 million, net of the impairments recorded during the quarter, related to the disposition of such properties.
Capital and Financing Activity:
Raised $1.1 billion from the sale of shares of our common stock and units of BREIT OP during the three months ended June 30, 2025. Repurchased $1.5 billion of our shares and units from investors during the three months ended June 30, 2025.
Decreased financings by a net $0.8 billion during the quarter.
Current Portfolio:    
Our portfolio as of June 30, 2025 consisted of investments in real estate (95% based on fair value) and investments in real estate debt (5%).
Our 4,530 properties(3) as of June 30, 2025 consisted primarily of Rental Housing (46% based on fair value), Industrial (24%) and Data Centers (17%), and our real estate portfolio was primarily concentrated in the following regions: South (37%), West (28%) and East (20%).
Our investments in real estate debt as of June 30, 2025 consisted of a diversified portfolio of commercial mortgage-backed securities (“CMBS”), residential-backed securities (“RMBS”), mortgage and mezzanine loans, and other real estate-related debt. For further details on credit rating and underlying real estate collateral, refer to “Investment Portfolio – Investments in Real Estate Debt” below.
(1)The annualized distribution rate is calculated by averaging each of the three months’ annualized distribution, divided by the prior month’s net asset value, which is inclusive of all fees and expenses. We believe the annualized distribution rate is a useful measure of our overall investment performance.
(2)Total return is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period, and assumes any distributions are reinvested under our distribution reinvestment plan. Total return for periods greater than one year is annualized. We believe total return is a useful measure of our overall investment performance.
(3)Excludes 62,150 single family rental homes. Such single family rental homes are included in the fair value amounts.

47


Investment Portfolio
Portfolio Summary
The following chart shows the allocation of our investments between real estate and real estate debt based on fair value as of June 30, 2025:
155
Real Estate Investments
The following charts further describe the diversification of our investments in real estate based on fair value as of June 30, 2025:
303
305
(1) “Real estate investments” include wholly owned property investments, BREIT’s share of property investments held through joint ventures and equity in public and private real estate-related companies. “Real estate debt” includes BREIT’s investments in CMBS, RMBS, mortgage and mezzanine loans, and other debt secured by real estate and real estate related assets, and excludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated Generally Accepted Accounting Principles (“GAAP”) Balance Sheets. “Property Sector” weighting is measured as the asset value of real estate investments for each sector category divided by the asset value of all real estate investments, excluding the value of any third party interests in such real estate investments. “Region Concentration” represents regions as defined by the National Council of Real Estate Investment Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of our real estate properties for each regional category divided by the asset value of all real estate properties, excluding the value of any third party interests in such real estate properties. “Non-U.S.” reflects investments in Europe and Canada.
48


The following map identifies the top markets of our real estate portfolio composition based on fair value as of June 30, 2025:
BREIT Market Concentration - Jun'25 (002).jpg
The select states highlighted represent BREIT’s top three states by portfolio weighting. Portfolio weighting is measured as the asset value of real estate properties for each state divided by the total asset value of all real estate properties, excluding the value of any third party interests in such real estate investments. Sunbelt refers to ~70% concentration in the South and West regions of the U.S. as defined by NCREIF. BREIT is invested in additional states that are not highlighted above.
As of June 30, 2025, we owned, in whole or in part, a diversified portfolio of income producing assets comprising 4,530 properties and 62,150 single family rental homes concentrated in growth markets primarily focused in Rental Housing, Industrial, Data Centers and Net Lease properties, and to a lesser extent Office, Hospitality, Retail, and Self Storage properties.
49


The following table provides a summary of our portfolio by property sector as of June 30, 2025:
Sq. Feet (in
thousands)/
Units/Keys(1)(2)(3)
Average Effective
Annual Base Rent Per Leased Square Foot/Units/Keys(3)(5)
Gross Asset
Value(6)
($ in thousands)
Property Sector Revenue(7)
For the Six Months Ended June 30,
Property Sector
Number of
Properties(1)(2)
Occupancy
Rate(3)(4)
2025
($ in thousands)
2024
($ in thousands)
Rental Housing(8)
934270,423 units93%$21,564$55,475,666 $2,292,405 $2,435,339 
Industrial3,019411,491 sq. ft.92%$6.5828,298,425 862,530 912,572 
Data Centers12412,763 sq. ft.100%$15.3020,201,622 364,935 264,827 
Net Lease5415,784 sq. ft.100%N/A5,889,758 257,675 257,174 
Office145,171 sq. ft.97%$43.633,260,783 134,557 134,416 
Hospitality24433,440 keys72% $192.36/$138.75 2,869,520 328,402 324,012 
Retail628,659 sq. ft.96%$21.682,614,204 114,287 125,723 
Self Storage795,050 sq. ft.86%$14.36840,548 37,234 37,374 
Total4,53093%$119,450,526 $4,392,025 $4,491,437 
(1)Single family rental homes are included in rental housing units and are not reflected in the number of properties.
(2)Includes properties owned by unconsolidated entities.
(3)Excludes land under development related to our rental housing, industrial and data centers investments.
(4)For our industrial, net lease, data centers, retail and office investments, occupancy includes all leased square footage as of June 30, 2025. For our multifamily, student housing and affordable housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended June 30, 2025. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended June 30, 2025. For our self storage, manufactured housing and senior living investments, the occupancy rate includes occupied square footage, occupied sites and occupied units, respectively, as of June 30, 2025. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended June 30, 2025. Hospitality investments owned less than 12 months are excluded from the average occupancy rate calculation. Total occupancy is weighted by the total value of all consolidated real estate properties, excluding our hospitality investments, and any third party interests in such properties. Unconsolidated investments are excluded from occupancy rate calculations.
(5)For multifamily and rental housing properties other than manufactured housing and senior living, average effective annual base rent represents the base rent for the three months ended June 30, 2025 per leased unit, and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For manufactured housing, senior living, industrial, net lease, data centers, self storage, office, and retail properties, average effective annual base rent represents the annualized June 30, 2025 base rent per leased square foot or unit and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For hospitality properties, average effective annual base rent represents average daily rate (“ADR”) and revenue per available Room (“RevPAR”), respectively, for the 12 months ended June 30, 2025. Hospitality investments owned less than 12 months are excluded from the ADR and RevPAR calculations. Unconsolidated investments are excluded from average effective annual base rent calculations.
(6)Gross Asset Value consists of our $88.1 billion allocable share of consolidated real estate properties and our $31.3 billion allocable share of the gross real estate value held by unconsolidated entities, in each case excluding the value of any third-party interests in such real estate investments. Such amounts are measured on a fair value basis.
(7)Includes the revenues from our consolidated real estate properties and our allocable share of revenues from properties held by unconsolidated entities. The prior period has been recast to exclude the non-controlling interest's allocable share of revenue to be consistent with the current period presentation. See the Property Sector Revenue disclosure immediately following this table for certain Non-GAAP disclosures and reconciliations.
(8)Rental Housing includes multifamily and other types of rental housing such as student, affordable, manufactured and single family rental housing, as well as senior living. Rental Housing units include multifamily units, student housing units, affordable housing units, manufactured housing sites, single family rental homes and senior living units.

50


Property Sector Revenue

Property Sector Revenue is a supplemental non-GAAP measure of revenue that includes our allocable share of the revenues from all consolidated and unconsolidated properties in our portfolio, which we believe is meaningful for management, investors, and other users of our financial statements to assess the scale of our exposure to different property sectors. We define Property Sector Revenue as our allocable share of the revenues from our consolidated properties plus our allocable share of revenues from unconsolidated entities. Property Sector Revenue may not be comparable to that of other companies and should not be considered to be more relevant or accurate in evaluating our operating performance than GAAP total revenues.

The following table provides a reconciliation of GAAP total revenues to Property Sector Revenue ($ in thousands):
For the Six Months Ended June 30,
 20252024
Total revenues(1)
$4,053,553 $4,347,461 
Less: revenues allocable to non-controlling interests
(411,655)(424,249)
Allocable share of revenues from unconsolidated entities
750,127 568,225 
Property Sector Revenue$4,392,025 $4,491,437 
(1)Reflects total revenues determined in accordance with GAAP. See condensed consolidated statements of operations for details of revenue components.
51


Real Estate
The following table provides information regarding our real estate portfolio as of June 30, 2025:
Segment and Investment
Number of
Properties(1)(2)
LocationAcquisition Date
Ownership Interest(3)
Sq. Feet (in thousands)/Units/Keys(2)(4)
Occupancy Rate(4)(5)
Rental Housing:
TA Multifamily Portfolio2Palm Beach Gardens, FL & Gurnee, ILApr. 2017100%959 units95%
Emory Point1Atlanta, GAMay 2017100%750 units92%
Nevada West Multifamily3Las Vegas, NVMay 2017100%972 units94%
Mountain Gate & Trails Multifamily2Las Vegas, NVJune 2017100%539 units93%
Elysian West Multifamily1Las Vegas, NVJuly 2017100%466 units94%
Gilbert Multifamily1Gilbert, AZSept. 201790%366 units94%
ACG II Multifamily3VariousSept. 201794%740 units95%
Olympus Multifamily3Jacksonville, FLNov. 201795%1,032 units94%
Amberglen West Multifamily1Hillsboro, ORNov. 2017100%396 units94%
Aston Multifamily Portfolio3VariousVarious100%576 units94%
Talavera and Flamingo Multifamily2Las Vegas, NVDec. 2017100%674 units95%
Montair Multifamily1Thornton, CODec. 2017100%320 units89%
Signature at Kendall Multifamily2Miami, FLDec. 2017100%546 units95%
Wave Multifamily Portfolio3VariousMay 2018100%1,248 units93%
ACG III Multifamily2Gresham, OR & Turlock, CAMay 201895%475 units95%
Carroll Florida Multifamily1Jacksonville, FLMay 2018100%320 units93%
Solis at Flamingo1Las Vegas, NVJune 201895%524 units94%
Coyote Multifamily Portfolio5Phoenix, AZAug. 2018100%1,398 units94%
Avanti Apartments1Las Vegas, NVDec. 2018100%414 units94%
Gilbert Heritage Apartments1Phoenix, AZFeb. 201990%256 units95%
Roman Multifamily Portfolio9VariousFeb. 2019100%2,403 units93%
Citymark Multifamily 2-Pack1Lithia Springs, GAApr. 2019100%240 units94%
Raider Multifamily Portfolio4Las Vegas, NVVarious100%1,514 units94%
Bridge II Multifamily Portfolio4VariousVarious100%1,562 units92%
Miami Doral 2-Pack2Miami, FLMay 2019100%720 units95%
Davis Multifamily 2-Pack2Raleigh, NC & Jacksonville, FLMay 2019100%454 units93%
Slate Savannah1Savannah, GAMay 201990%272 units94%
Amara at MetroWest1Orlando, FLMay 201995%411 units92%
Edge Las Vegas1Las Vegas, NVJune 201995%296 units93%
ACG IV Multifamily2Woodland, CA & Puyallup, WAJune 201995%606 units94%
Anson at the Lakes1Charlotte, NCJune 2019100%694 units94%
Edgewater at the Cove1Oregon City, ORAug. 2019100%248 units94%
Haven 124 Multifamily1Denver, COSept. 2019100%562 units89%
Villages at McCullers Walk Multifamily1Raleigh, NCOct. 2019100%412 units95%
Canopy at Citrus Park Multifamily1Largo, FLOct. 201990%318 units93%
Ridge Multifamily Portfolio2Las Vegas, NVOct. 201990%456 units92%
Evolve at Timber Creek Multifamily1Garner, NCNov. 2019100%304 units94%
Arium Multifamily Portfolio3VariousDec. 2019100%972 units94%
Acorn Multifamily Portfolio16VariousFeb. & May 202098%6,636 units93%
Indigo West Multifamily1Orlando, FLMar. 2020100%456 units92%
Park & Market Multifamily1Raleigh, NCOct. 2020100%409 units95%
The Palmer Multifamily1Charlotte, NCOct. 202090%318 units95%
Jaguar Multifamily Portfolio5VariousNov. & Dec. 2020100%1,935 units94%
Kansas City Multifamily Portfolio1Overland Park, KSDec. 2020100%380 units96%
Cortona South Tampa Multifamily1Tampa, FLApr. 2021100%300 units93%
Rosery Multifamily Portfolio1Largo, FLApr. 2021100%224 units93%
Encore Tessera Multifamily1Phoenix, AZMay 202180%240 units95%
Acorn 2.0 Multifamily Portfolio14VariousVarious98%5,921 units92%
Vue at Centennial Multifamily1Las Vegas, NVJune 2021100%372 units94%
Charlotte Multifamily Portfolio2Charlotte, NCJune & Aug. 2021100%576 units93%
Haven by Watermark Multifamily1Denver, COJune 2021100%206 units94%
Legacy North Multifamily1Plano, TXAug. 2021100%1,675 units94%
The Brooke Multifamily1Atlanta, GAAug. 2021100%537 units92%
One Boynton Multifamily1Boynton Beach, FLAug. 2021100%494 units93%
Town Lantana Multifamily1Lantana, FLSept. 202190%360 units93%
Ring Multifamily Portfolio12VariousSept. 2021100%3,030 units94%
52


Segment and Investment
Number of
Properties(1)(2)
LocationAcquisition Date
Ownership Interest(3)
Sq. Feet (in thousands)/Units/Keys(2)(4)
Occupancy Rate(4)(5)
Villages at Pecan Grove Multifamily1Holly Springs, NCNov. 2021100%336 units95%
Cielo Morrison Multifamily Portfolio2Charlotte, NCNov. 202190%419 units95%
FiveTwo at Highland Multifamily1Austin, TXNov. 202190%390 units92%
Roman 2.0 Multifamily Portfolio18VariousDec. 2021 & Jan. 2022100%5,876 units94%
Kapilina Beach Homes Multifamily1Ewa Beach, HIDec. 2021100%1,459 units92%
SeaTac Multifamily Portfolio2Edgewood & Everett, WADec. 202190%480 units93%
Villages at Raleigh Beach Multifamily1Raleigh, NCJan. 2022100%392 units94%
Raider 2.0 Multifamily Portfolio3Las Vegas & Henderson, NVMar. & Apr. 2022100%1,390 units94%
Dallas Multifamily Portfolio2Irving & Fort Worth, TXApr. 202290%759 units94%
Carlton at Bartram Park Multifamily1Jacksonville, FLApr. 2022100%750 units94%
Overlook Multifamily Portfolio2Malden & Revere, MAApr. 2022100%1,386 units93%
Harper Place at Bees Ferry Multifamily1Charleston, SCApr. 2022100%195 units95%
Rapids Multifamily Portfolio35VariousMay 2022100%10,431 units93%
8 Spruce Street Multifamily1New York, NYMay 2022100%900 units95%
Pike Multifamily Portfolio(6)
37VariousJune 2022100%10,205 units94%
ACG V Multifamily2Stockton, CASept. 202295%449 units95%
Tricon - Multifamily(7)
10VariousMay 2024
Various(7)
2,032 units(5)
Highroads MH2Phoenix, AZApr. 201899.6%198 units97%
Evergreen Minari MH2Phoenix, AZJune 201899.6%115 units96%
Southwest MH9VariousJune 201899.6%2,164 units91%
Hidden Springs MH1Desert Hot Springs, CAJuly 201899.6%317 units87%
SVPAC MH2Phoenix, AZJuly 201899.6%233 units100%
Riverest MH1Tavares, FLDec. 201899.6%130 units96%
Angler MH Portfolio4Phoenix, AZApr. 201999.6%770 units94%
Florida MH 4-Pack4VariousApr. & July 201999.6%797 units92%
Impala MH3Phoenix & Chandler, AZJuly 201999.6%333 units96%
Clearwater MHC 2-Pack2Clearwater, FLMar. & Aug. 202099.6%207 units89%
Legacy MH Portfolio7VariousApr. 202099.6%1,896 units91%
May Manor MH1Lakeland, FLJune 202099.6%297 units78%
Royal Oaks MH1Petaluma, CANov. 202099.6%94 units100%
Southeast MH Portfolio22VariousDec. 202099.6%5,858 units93%
Redwood Village MH1Santa Rosa, CAJuly 202199.6%67 units100%
Courtly Manor MH1Hialeah, FLOct. 202199.6%525 units100%
Crescent Valley MH1Newhall, CANov. 202199.6%85 units93%
EdR Student Housing Portfolio1Athens, GASept. 201860%267 units93%
Mercury 3100 Student Housing1Orlando, FLFeb. 2021100%228 units90%
Signal Student Housing Portfolio8VariousAug. 202196%1,749 units93%
Standard at Fort Collins Student Housing1Fort Collins, CONov. 202197%237 units98%
Intel Student Housing Portfolio4Reno, NVVarious98%805 units94%
Signal 2.0 Student Housing Portfolio2Buffalo, NY & Athens, GADec. 202197%366 units92%
Robin Student Housing Portfolio6VariousMar. 202298%1,205 units85%
Legacy on Rio Student Housing1Austin, TXMar. 202297%149 units91%
Mark at Tucson Student Housing1Mountain, AZApr. 202297%154 units91%
Legacy at Baton Rouge Student Housing1Baton Rouge, LAMay 202297%300 units96%
American Campus Communities140VariousAug. 202269%33,545 units91%
Home Partners of America(8)
N/A(1)
VariousVarious
Various(8)
24,280 units94%
Tricon - Single Family Rental(9)
N/A(1)
VariousMay 2024
Various(9)
37,870 units(5)
Quebec Independent Living Portfolio5Quebec, CanadaAug. 2021 & Aug. 2022100%1,449 units96%
Ace Affordable Housing Portfolio(10)
394VariousDec. 2021
Various(10)
54,925 units92%
Florida Affordable Housing Portfolio43VariousVarious100%10,965 units96%
Palm Park Affordable Housing1Boynton Beach, FLMay 2022100%160 units96%
Wasatch 2-Pack2Spring Valley, CA & Midvale, UTOct. 2022100%350 units94%
Total Rental Housing934270,423 units
Industrial:
HS Industrial Portfolio30VariousApr. 2017100%4,903 sq. ft.96%
Southeast Industrial Portfolio2Jacksonville, FL & La Vergne, TNNov. 2017100%806 sq. ft.50%
Kraft Chicago Industrial Portfolio3Aurora, ILJan. 2018100%1,693 sq. ft.100%
Canyon Industrial Portfolio104VariousMar. 2018100%16,058 sq. ft.95%
HP Cold Storage Industrial Portfolio6VariousMay 2018100%2,259 sq. ft.100%
Meridian Industrial Portfolio48VariousNov. 2018100%7,227 sq. ft.92%
53


Segment and Investment
Number of
Properties(1)(2)
LocationAcquisition Date
Ownership Interest(3)
Sq. Feet (in thousands)/Units/Keys(2)(4)
Occupancy Rate(4)(5)
Summit Industrial Portfolio8Atlanta, GADec. 2018100%631 sq. ft.88%
4500 Westport Drive1Harrisburg, PAJan. 2019100%179 sq. ft.100%
Minneapolis Industrial Portfolio34Minneapolis, MNApr. 2019100%2,459 sq. ft.95%
Atlanta Industrial Portfolio61Atlanta, GAMay 2019100%3,779 sq. ft.97%
Patriot Park Industrial Portfolio2Durham, NCSept. 2019100%323 sq. ft.100%
Denali Industrial Portfolio13VariousSept. 2019100%3,510 sq. ft.99%
Jupiter 12 Industrial Portfolio259VariousSept. 2019100%50,171 sq. ft.94%
2201 Main Street1San Diego, CAOct. 2019100%260 sq. ft.100%
Triangle Industrial Portfolio24Greensboro, NCJan. 2020100%2,434 sq. ft.85%
Midwest Industrial Portfolio27VariousFeb. 2020100%5,941 sq. ft.78%
Pancal Industrial Portfolio8VariousFeb. & Apr. 2020100%1,867 sq. ft.95%
Diamond Industrial1Pico Rivera, CAAug. 2020100%243 sq. ft.100%
Inland Empire Industrial Portfolio2Etiwanda & Fontana, CASept. 2020100%404 sq. ft.100%
Shield Industrial Portfolio12VariousDec. 2020100%1,978 sq. ft.100%
7520 Georgetown Industrial1Indianapolis, INDec. 2020100%425 sq. ft.100%
WC Infill Industrial Portfolio(11)
18VariousJan. & Aug. 202185%3,147 sq. ft.(5)
Vault Industrial Portfolio(11)
35VariousJan. 202146%6,597 sq. ft.(5)
Chicago Infill Industrial Portfolio7VariousFeb. 2021100%1,058 sq. ft.100%
Greensboro Industrial Portfolio 19VariousApr. 2021100%2,068 sq. ft.80%
I-85 Southeast Industrial Portfolio4VariousJuly & Aug. 2021100%739 sq. ft.100%
Alaska Industrial Portfolio(11)
27Various UKJuly & Oct. 202122%8,735 sq. ft.(5)
Capstone Industrial Portfolio2Brooklyn Park, MNSept. 2021100%219 sq. ft.87%
Winston Industrial Portfolio(12)
112VariousOct. 2021
Various(12)
29,093 sq. ft.92%
Procyon Distribution Center Industrial1Las Vegas, NVOct. 2021100%122 sq. ft.45%
Northborough Industrial Portfolio2Marlborough, MAOct. 2021100%600 sq. ft.100%
Coldplay Logistics Portfolio(11)
17Various GermanyOct. 202110%1,742 sq. ft.(5)
Canyon 2.0 Industrial Portfolio89VariousNov. 202199%13,699 sq. ft.89%
Tropical Sloane Las Vegas Industrial1Las Vegas, NVNov. 2021100%171 sq. ft.100%
Explorer Industrial Portfolio(11)
324VariousNov. 202112%69,641 sq. ft.(5)
Evergreen Industrial Portfolio(11)
11Various EuropeDec. 202110%5,545 sq. ft.(5)
Maplewood Industrial13VariousDec. 2021100%2,969 sq. ft.75%
Meadowland Industrial Portfolio3Las Vegas, NVDec. 2021100%1,138 sq. ft.92%
Bulldog Industrial Portfolio7Suwanee, GADec. 2021100%512 sq. ft.99%
SLC NW Commerce Industrial3Salt Lake City, UTDec. 2021100%529 sq. ft.100%
Bluefin Industrial Portfolio(11)
68VariousDec. 202123%10,559 sq. ft.(5)
73 Business Center Industrial Portfolio1Greensboro, NCDec. 2021100%217 sq. ft.54%
Amhurst Industrial Portfolio8Waukegan, ILMar. 2022100%1,280 sq. ft.80%
Shoals Logistics Center Industrial1Austell, GAApr. 2022100%254 sq. ft.100%
Durham Commerce Center Industrial1Durham, NCApr. 2022100%132 sq. ft.100%
Mileway Industrial Portfolio(11)
1,598Various EuropeVarious15%143,175 sq. ft.(5)
Total Industrial3,019411,491 sq. ft.
Data Centers:
D.C. Powered Shell Warehouse Portfolio9Ashburn & Manassas, VAJune & Dec. 201990%1,471 sq. ft.100%
Highpoint Powered Shell Portfolio2Sterling, VAJune 2021100%434 sq. ft.100%
QTS Data Centers(11)
110VariousAug. 202135.5%10,066 sq. ft.(5)
Atlantic Powered Shell Portfolio3Sterling, VAApr. 2022100%792 sq. ft.100%
Total Data Centers12412,763 sq. ft.
Net Lease:
Bellagio Net Lease1Las Vegas, NVNov. 201949%8,507 sq. ft.100%
Cosmopolitan Net Lease1Las Vegas, NVMay 202280%6,902 sq. ft.100%
Reliant Net Lease52VariousVarious25%375 sq. ft.(5)
Total Net Lease5415,784 sq. ft.
Office:
EmeryTech Office1Emeryville, CAOct. 2019100%234 sq. ft.88%
Coleman Highline Office1San Jose, CAOct. 2020100%357 sq. ft.100%
Atlanta Tech Center Office1Atlanta, GAMay 2021100%361 sq. ft.100%
Atlantic Complex Office3Toronto, CanadaNov. 202197%259 sq. ft.99%
One Manhattan West(11)
1New York, NYMar. 202249%2,081 sq. ft.(5)
54


Segment and Investment
Number of
Properties(1)(2)
LocationAcquisition Date
Ownership Interest(3)
Sq. Feet (in thousands)/Units/Keys(2)(4)
Occupancy Rate(4)(5)
One Culver Office1Culver City, CAMar. 202290%373 sq. ft.100%
Montreal Office Portfolio2Westmount & Montreal, QCMar. 202298%412 sq. ft.95%
Atlanta Tech Center 2.0 Office1Atlanta, GAJune 2022100%318 sq. ft.100%
Pike Office Portfolio(6)
2San Antonio, TXJune 2022100%259 sq. ft.86%
Adare Office1Dublin, IrelandAug. 202275%517 sq. ft.100%
Total Office145,171 sq. ft.
Hospitality:
Hyatt Place UC Davis1Davis, CAJan. 2017100%127 keys66%
Hyatt Place San Jose Downtown1San Jose, CAJune 2017100%240 keys71%
Florida Select-Service 4-Pack1Tampa, FLJuly 2017100%113 keys82%
Hyatt House Downtown Atlanta1Atlanta, GAAug. 2017100%150 keys66%
Boston/Worcester Select-Service 3-Pack1Chelsea, MAOct. 2017100%140 keys83%
Henderson Select-Service 2-Pack2Henderson, NVMay 2018100%228 keys75%
Orlando Select-Service 2-Pack2Orlando, FLMay 2018100%254 keys84%
Corporex Select Service Portfolio1Rohnert Park, CAAug. 2018100%102 keys68%
Hampton Inn & Suites Federal Way1Seattle, WAOct. 2018100%142 keys71%
Courtyard Kona1Kailua-Kona, HIMar. 2019100%455 keys74%
Raven Select Service Portfolio13VariousJune 2019100%1,542 keys71%
Urban 2-Pack1Chicago, ILJuly 2019100%337 keys71%
Hyatt Regency Atlanta1Atlanta, GASept. 2019100%1,260 keys68%
RHW Select Service Portfolio6VariousNov. 2019100%557 keys67%
Key West Select Service Portfolio4Key West, FLOct. 2021100%519 keys80%
Sunbelt Select Service Portfolio3VariousDec. 2021100%716 keys70%
HGI Austin University Select Service1Austin, TXDec. 2021100%214 keys67%
Sleep Extended Stay Hotel Portfolio(11)
196VariousJuly 202230%24,935 keys(5)
Halo Select Service Portfolio7VariousAug. & Oct. 2022100%1,409 keys75%
Total Hospitality24433,440 keys
Retail:
Bakers Centre1Philadelphia, PAMar. 2017100%238 sq. ft.100%
Plaza Del Sol Retail1Burbank, CAOct. 2017100%167 sq. ft.99%
Vista Center1Miami, FLAug. 2018100%89 sq. ft.96%
El Paseo Simi Valley1Simi Valley, CAJune 2019100%108 sq. ft.97%
Towne Center East1Signal Hill, CASept. 2019100%163 sq. ft.99%
Plaza Pacoima1Pacoima, CAOct. 2019100%204 sq. ft.100%
Canarsie Plaza1Brooklyn, NYDec. 2019100%274 sq. ft.100%
SoCal Grocery Portfolio6VariousJan. 2020100%685 sq. ft.97%
Northeast Tower Center1Philadelphia, PAAug. 2021100%301 sq. ft.100%
Southeast Retail Portfolio(11)
6VariousOct. 202150%1,226 sq. ft.(5)
Bingo Retail Portfolio10VariousDec. 2021100%1,767 sq. ft.98%
Pike Retail Portfolio(6)(13)
31VariousJune 2022
Various(13)
3,406 sq. ft.95%
Tricon-Retail(11)
1Toronto, CanadaMay 202412%31 sq. ft.(5)
Total Retail628,659 sq. ft.
Self Storage:
East Coast Storage Portfolio20VariousAug. 201998%1,250 sq. ft.87%
Phoenix Storage 2-Pack2Phoenix, AZMar. 202098%111 sq. ft.87%
Cactus Storage Portfolio18VariousSept. & Oct. 202098%1,089 sq. ft.87%
Caltex Storage Portfolio4VariousNov. & Dec. 202098%241 sq. ft.90%
Florida Self Storage Portfolio2Cocoa & Rockledge, FLDec. 202098%158 sq. ft.84%
Pace Storage Portfolio1Pace, FLDec. 202098%72 sq. ft.83%
Flamingo Self Storage Portfolio6VariousVarious98%376 sq. ft.84%
Alpaca Self Storage Portfolio26VariousApr. 202298%1,753 sq. ft.85%
Total Self Storage795,050 sq. ft.
Total Investments in Real Estate4,530
55


(1)Rental Housing includes multifamily and other types of rental housing such as student, affordable, manufactured and single family rental housing, as well as senior living. Rental Housing units include multifamily units, student housing units, affordable housing units, manufactured housing sites, single family rental homes and senior living units. Single family rental homes are accounted for in rental housing units and are not reflected in the number of properties.
(2)Includes properties owned by unconsolidated entities.
(3)Certain of our joint venture agreements provide the seller or the other partner a profits interest based on achieving certain internal rate of return hurdles. Such investments are consolidated by us and any profits interest due to the other partners is reported within non-controlling interests.
(4)Excludes land under development related to our rental housing, industrial and data centers investments.
(5)For our industrial, net lease, data centers, retail and office investments, occupancy includes all leased square footage as of June 30, 2025. For our multifamily, student housing and affordable housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended June 30, 2025. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended June 30, 2025. For our self storage, manufactured housing and senior living investments, the occupancy rate includes occupied square footage, occupied sites and occupied units, respectively, as of June 30, 2025. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended June 30, 2025. Hospitality investments owned less than 12 months are excluded from the average occupancy rate calculation. Unconsolidated investments are excluded from occupancy rate calculations.
(6)Represents acquisition of Preferred Apartment Communities (“PAC”).
(7)Includes various ownership interests in 10 unconsolidated multifamily properties.
(8)Includes a 100% interest in 14,275 consolidated single family rental homes, a 44% interest in 8,420 unconsolidated single family rental homes, and a 12% interest in 1,585 unconsolidated single family rental homes.
(9)Includes various ownership interests in 37,870 unconsolidated single family rental homes.
(10)Includes various ownership interests in 390 consolidated affordable housing properties and four unconsolidated affordable housing properties.
(11)Investment is unconsolidated.
(12)Includes various ownership interests in 92 consolidated industrial properties and 20 unconsolidated industrial properties.
(13)Includes 30 wholly owned retail properties and a 50% interest in one unconsolidated retail property.








56


Lease Expirations
The following schedule details the expiring leases at our consolidated industrial, net lease, data centers, retail, and office properties by annualized base rent and square footage as of June 30, 2025 ($ and square feet data in thousands). The table below excludes our rental housing and self-storage properties as substantially all leases at such properties expire within 12 months:
YearNumber of
Expiring Leases
Annualized
Base Rent(1)
% of Total
Annualized Base
Rent Expiring
Square
Feet
% of Total Square
Feet Expiring
2025 (remaining)277$63,008 4%19,584 11%
2026593180,804 10%27,837 15%
2027715219,985 12%29,688 16%
2028629206,750 12%27,898 15%
2029476194,748 11%23,015 13%
2030380187,743 11%21,601 12%
203114053,109 3%6,362 3%
20328851,098 3%4,603 3%
20337835,839 2%2,645 1%
20346425,262 1%3,196 2%
Thereafter147568,878 31%15,706 9%
Total3,587$1,787,224 100%182,135 100%
(1)Annualized base rent is determined from the annualized base rent per leased square foot as of June 30, 2025 and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization.
57


Investments in Real Estate Debt
The following charts further describe the diversification of our investments in real estate debt by credit rating and collateral type, and includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and excludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated GAAP Balance Sheets, based on fair value as of June 30, 2025:
202203
(1)BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, B represents credit ratings of B+, B, and B-, and CCC and below represents credit ratings of CCC+ and below.
(2)Not rated positions have a weighted-average LTV at origination of 55% and are primarily composed of 47% industrial and 52% rental housing assets.
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The following table details our investments in real estate debt as of June 30, 2025 ($ in thousands):
 June 30, 2025
Type of Security/Loan(1)
Weighted
Average
Coupon(2)
Weighted
Average
Maturity Date(3)
Face
Amount
Cost
Basis
Fair
Value
CMBS(4)
+4.3%5/18/2033$5,100,570 $5,051,029 $4,832,483 
RMBS4.1%10/16/2058117,737 115,005 91,755 
Corporate bonds4.9%5/28/202856,668 56,003 54,099 
Total real estate securities8.3%10/17/20335,274,975 5,222,037 4,978,337 
Commercial real estate loans+4.5%10/19/2027919,484 892,832 905,733 
Other investments(5)(6)
5.7%9/21/2029287,094 275,910 349,264 
Total investments in real estate debt8.2%9/10/2032$6,481,553 $6,390,779 $6,233,334 
(1)Includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and exclude the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated GAAP Balance Sheets.
(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans are reflected as a spread over the relevant floating benchmark rates as of June 30, 2025 for purposes of the weighted averages. Weighted average coupon for CMBS does not include zero-coupon securities. As of June 30, 2025, we have interest rate swaps outstanding with a notional value of $0.4 billion that effectively convert a portion of our fixed rate investments in real estate debt to floating rates. Total weighted average coupon does not include the impact of such interest rate swaps or other derivatives.
(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.
(4)Face amount excludes interest-only securities with a notional amount of $3.7 billion as of June 30, 2025. In addition, CMBS includes zero-coupon securities of $0.2 billion as of June 30, 2025.
(5)Includes interests in unconsolidated joint ventures that hold investments in real estate debt.
(6)Weighted average coupon rate and weighted average maturity date exclude our investment in a joint venture with the Federal Deposit Insurance Corporation.
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Results of Operations
The following table sets forth information regarding our consolidated results of operations for the three months ended June 30, 2025 and 2024 ($ in thousands, except per share data):
 Three Months Ended June 30,Change
 20252024$
Revenues  
Rental revenue$1,770,660 $1,912,544 $(141,884)
Hospitality revenue139,199 150,129 (10,930)
Other revenue88,522 95,874 (7,352)
Total revenues1,998,381 2,158,547 (160,166)
Expenses
Rental property operating828,825 902,711 (73,886)
Hospitality operating97,968 101,969 (4,001)
General and administrative16,886 17,950 (1,064)
Management fee166,892 180,655 (13,763)
Performance participation allocation88,824 (104,966)193,790 
Impairment of investments in real estate171,113 118,044 53,069 
Depreciation and amortization808,651 889,334 (80,683)
Total expenses2,179,159 2,105,697 73,462 
Other income (expense)
Income (loss) from unconsolidated entities
26,991 (37,998)64,989 
Income from investments in real estate debt
133,654 157,075 (23,421)
Change in net assets of consolidated securitization vehicles38,207 41,013 (2,806)
Loss from interest rate derivatives
(236,097)(52,637)(183,460)
Net gain on dispositions of real estate464,394 175,890 288,504 
Interest expense, net(777,766)(857,855)80,089 
Loss on extinguishment of debt(25,360)(21,404)(3,956)
Other expense
(12,228)(38,941)26,713 
Total other income (expense)(388,205)(634,857)246,652 
Net loss
$(568,983)$(582,007)$13,024 
Net loss attributable to non-controlling interests in third party joint ventures
$40,124 $37,386 $2,738 
Net loss attributable to non-controlling interests in BREIT OP
40,381 26,122 14,259 
Net loss attributable to BREIT stockholders
$(488,478)$(518,499)$30,021 
Net loss per share of common stock — basic and diluted$(0.14)$(0.13)$(0.01)
Rental Revenue
During the three months ended June 30, 2025, rental revenue decreased $141.9 million as compared to the three months ended June 30, 2024. The decrease can primarily be attributed to a $179.2 million decrease in Non-Same Property revenues due to the real estate dispositions from April 1, 2024 to June 30, 2025, partially offset by a $37.3 million increase in Same Property revenues. See “Same Property NOI” section for further details of the increase in Same Property revenues.
Hospitality Revenue
During the three months ended June 30, 2025, hospitality revenue decreased $10.9 million as compared to the three months ended June 30, 2024. The decrease can primarily be attributed to a $5.8 million decrease in Same Property revenues and a $5.1 million decrease in Non-Same Property revenues due to the real estate dispositions from April 1, 2024 to June 30, 2025. See “Same Property NOI” section for further details of the decrease in Same Property revenues.

Other Revenue

During the three months ended June 30, 2025, other revenue decreased $7.4 million as compared to the three months ended June 30, 2024. The decrease can primarily be attributed to a $22.3 million decrease in Non-Same Property revenues due to the real estate dispositions we made from April 1, 2024 to June 30, 2025, partially offset by a $14.9 million increase in Same Property revenues. See “Same Property NOI” section for further details of the increase in Same Property revenues.
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Rental Property Operating Expenses
During the three months ended June 30, 2025, rental property operating expenses decreased $73.9 million as compared to the three months ended June 30, 2024. The decrease can primarily be attributed to a $96.5 million decrease in Non-Same Property operating expenses, due to the real estate dispositions we made from April 1, 2024 to June 30, 2025, partially offset by a $22.6 million increase in Same Property operating expenses. See “Same Property NOI” section for further details of the increase in Same Property operating expenses.
Hospitality Operating Expenses
During the three months ended June 30, 2025, hospitality operating expenses decreased $4.0 million as compared to the three months ended June 30, 2024. The decrease can primarily be attributed to a $3.8 million decrease in Non-Same Property operating expenses, due to the real estate dispositions we made from April 1, 2024 to June 30, 2025, in addition to a $0.2 million decrease in Same Property operating expenses. See “Same Property NOI” section for further details of the decrease in Same Property operating expenses.
General and Administrative Expenses
During the three months ended June 30, 2025, general and administrative expenses decreased $1.1 million compared to the three months ended June 30, 2024. The decrease was due to a decrease in various corporate level expenses during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Management Fee
During the three months ended June 30, 2025, the management fee decreased $13.8 million compared to the three months ended June 30, 2024. The decrease was due to a lower average NAV during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Performance Participation Allocation
During the three months ended June 30, 2025, the performance participation allocation expense increased $193.8 million compared to the three months ended June 30, 2024. The increase was primarily the result of a higher total return for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, in addition to the reversal of the previously accrued performance participation allocation during the three months ended June 30, 2024.
Impairment of Investments in Real Estate

During the three months ended June 30, 2025, impairments of investments in real estate increased $53.1 million compared to the three months ended June 30, 2024. During the three months ended June 30, 2025, we recognized an aggregate $171.1 million of impairment charges including (i) $125.3 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $45.8 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the three months ended June 30, 2024, we recognized an aggregate $118.0 million of impairment charges including (i) $75.6 million related to certain properties as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $42.4 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.
Depreciation and Amortization
During the three months ended June 30, 2025, depreciation and amortization decreased $80.7 million compared to the three months ended June 30, 2024. The decrease was primarily driven by the impact of disposition activity from April 1, 2024 through June 30, 2025.
Income (loss) from Unconsolidated Entities
During the three months ended June 30, 2025, we had a net income from unconsolidated entities of $27.0 million, primarily related to the change in the fair value of unconsolidated entities carried at fair value. During the three months ended June 30, 2024, we had a net loss from unconsolidated entities of $38.0 million primarily attributable to unrealized losses related to the change in the fair value of unconsolidated entities carried at fair value.
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Income from Investments in Real Estate Debt
During the three months ended June 30, 2025, income from investments in real estate debt decreased $23.4 million compared to the three months ended June 30, 2024. The decrease was primarily attributable to a decrease of $35.9 million in interest income as a result of sales and repayments, partially offset by an increase of $9.5 million in net unrealized/realized gains on our investments in real estate debt and related derivatives.
Change in Net Assets of Consolidated Securitization Vehicles
During the three months ended June 30, 2025, the change in net assets of consolidated securitization vehicles decreased $2.8 million compared to the three months ended June 30, 2024. The decrease was primarily attributable to a decrease of $8.3 million in interest income, partially offset by an increase of $5.5 million in net unrealized/realized gains.
Loss from Interest Rate Derivatives
During the three months ended June 30, 2025, income from interest rate derivatives decreased $183.5 million compared to the three months ended June 30, 2024. The decrease was primarily attributable to a decrease in the fair value of derivatives.
Net Gain on Dispositions of Real Estate
During the three months ended June 30, 2025, net gain on dispositions of real estate increased $288.5 million compared to the three months ended June 30, 2024. During the three months ended June 30, 2025, we recorded $464.4 million of net gains from the disposition of 42 industrial properties, 18 rental housing properties, one hospitality property, and one retail property. During the three months ended June 30, 2024, we recorded $175.9 million of net gains from the disposition of 21 rental housing properties, 17 industrial properties and nine retail properties.
Interest Expense, Net
During the three months ended June 30, 2025, net interest expense decreased $80.1 million compared to the three months ended June 30, 2024, The decrease was primarily due to lower outstanding borrowings, primarily resulting from real estate dispositions and the corresponding payoff of debt related to such dispositions from April 1, 2024 to June 30, 2025.
Loss on Extinguishment of Debt
During the three months ended June 30, 2025, loss on extinguishment of debt increased $4.0 million compared to the three months ended June 30, 2024. The increase was primarily due to the impact of refinancing and disposition activity during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Other (Expense) Income
During the three months ended June 30, 2025, other expense decreased $26.7 million compared to the three months ended June 30, 2024. The decrease was primarily due to decreases in realized losses of $34.3 million related to exchanges of certain partnership interests during the three months ended June 30, 2024.


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The following table sets forth information regarding our consolidated results of operations for the six months ended June 30, 2025 and 2024 ($ in thousands, except per share data):
 Six Months Ended June 30,Change
 20252024$
Revenues   
Rental revenue$3,603,049 $3,875,609 $(272,560)
Hospitality revenue273,315 283,306 (9,991)
Other revenue177,189 188,546 (11,357)
Total revenues4,053,553 4,347,461 (293,908)
Expenses
Rental property operating1,687,775 1,816,167 (128,392)
Hospitality operating192,107 193,884 (1,777)
General and administrative33,000 34,300 (1,300)
Management fee335,317 367,776 (32,459)
Performance participation allocation230,999 — 230,999 
Impairment of investments in real estate341,371 183,758 157,613 
Depreciation and amortization1,635,750 1,802,542 (166,792)
Total expenses4,456,319 4,398,427 57,892 
Other income (expense)
Loss from unconsolidated entities
(738,024)(62,356)(675,668)
Income from investments in real estate debt266,532 425,268 (158,736)
Change in net assets of consolidated securitization vehicles70,392 116,426 (46,034)
(Loss) income from interest rate derivatives
(598,759)262,562 (861,321)
Net gain on dispositions of real estate600,303 282,444 317,859 
Interest expense, net(1,543,562)(1,689,570)146,008 
Loss on extinguishment of debt(36,874)(52,052)15,178 
Other (expense) income
(26,009)16,167 (42,176)
Total other income (expense)(2,006,001)(701,111)(1,304,890)
Net loss$(2,408,767)$(752,077)$(1,656,690)
Net loss attributable to non-controlling interests in third party joint ventures
$60,252 $69,059 $(8,807)
Net loss attributable to non-controlling interests in BREIT OP163,400 31,506 131,894 
Net loss attributable to BREIT stockholders$(2,185,115)$(651,512)$(1,533,603)
Net loss per share of common stock — basic and diluted$(0.61)$(0.17)$(0.44)
Rental Revenue
During the six months ended June 30, 2025, rental revenue decreased $272.6 million as compared to the six months ended June 30, 2024. The decrease can primarily be attributed to a $358.3 million decrease in Non-Same Property revenues due to the real estate dispositions from April 1, 2024 to June 30, 2025, partially offset by an $85.7 million increase in Same Property revenues. See “Same Property NOI” section for further details of the increase in Same Property revenues.
Hospitality Revenue
During the six months ended June 30, 2025, hospitality revenue decreased $10.0 million as compared to the six months ended June 30, 2024. The decrease can primarily be attributed to a $9.1 million decrease in Non-Same Property revenues due to the real estate dispositions from April 1, 2024 to June 30, 2025 and a $0.9 million decrease in Same Property revenues. See “Same Property NOI” section for further details of the decrease in Same Property revenues.
Other Revenue
During the six months ended June 30, 2025, other revenue decreased $11.4 million as compared to the six months ended June 30, 2024. The decrease can primarily be attributed to a $34.2 million decrease in Non-Same Property revenues due to the real estate dispositions from April 1, 2024 to June 30, 2025, partially offset by a $22.8 million increase in Same Property revenues. See “Same Property NOI” section for further details of the increase in Same Property revenues.
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Rental Property Operating Expenses
During the six months ended June 30, 2025, rental property operating expenses decreased $128.4 million as compared to the six months ended June 30, 2024. The decrease can primarily be attributed to a $172.6 million decrease in Non-Same Property operating expenses due to the real estate dispositions from April 1, 2024 to June 30, 2025, partially offset by a $44.2 million increase in Same Property operating expenses. See “Same Property NOI” section for further details of the increase in Same Property operating expenses.
Hospitality Operating Expenses
During the six months ended June 30, 2025, hospitality operating expenses decreased $1.8 million as compared to the six months ended June 30, 2024. The decrease can primarily be attributed to a $3.1 million decrease in Non-Same Property hospitality operating expenses due to the real estate dispositions from April 1, 2024 to June 30, 2025, partially offset by a $1.3 million increase in Same Property hospitality operating expenses. See “Same Property NOI” section for further details of the increase in Same Property hospitality operating expenses.
General and Administrative Expenses
During the six months ended June 30, 2025, general and administrative expenses decreased $1.3 million compared to the six months ended June 30, 2024. The decrease was due to a decrease in various corporate level expenses during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Management Fee
During the six months ended June 30, 2025, the management fee decreased $32.5 million compared to the six months ended June 30, 2024. The decrease was due to a lower average NAV during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Performance Participation Allocation
During the six months ended June 30, 2025, the performance participation allocation expense increased $231.0 million compared to the six months ended June 30, 2024. The increase was primarily the result of a higher total return for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Impairment of Investments in Real Estate

During the six months ended June 30, 2025, impairments of investments in real estate increased $157.6 million compared to the six months ended June 30, 2024. During the six months ended June 30, 2025, we recognized an aggregate $341.4 million of impairment charges including (i) $272.1 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $69.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.
During the six months ended June 30, 2024, we recognized an aggregate $183.8 million of impairment charges including (i) $112.1 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily shorter hold period, and (ii) $71.7 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.
Depreciation and Amortization
During the six months ended June 30, 2025, depreciation and amortization decreased $166.8 million compared to the six months ended June 30, 2024. The decrease was primarily driven by the impact of disposition activity from April 1, 2024 through June 30, 2025.
Income (loss) from Unconsolidated Entities
During the six months ended June 30, 2025, we had a net loss from unconsolidated entities of $738.0 million, primarily driven by our QTS Data Centers investment, attributable to unrealized losses related to the change in the fair value of interest rate derivatives, depreciation and amortization, and one-time buyout costs. During the six months ended June 30, 2024, we had a net loss from unconsolidated entities of $62.4 million related to the change in the fair value of unconsolidated entities carried at fair value.
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Income from Investments in Real Estate Debt
During the six months ended June 30, 2025, income from investments in real estate debt decreased $158.7 million compared to the six months ended June 30, 2024. The decrease was primarily attributable to a decrease of $101.4 million in interest income as a result of sales and repayments and a decrease of $60.7 million in net unrealized/realized gains on our investments in real estate debt and related derivatives .
Change in Net Assets of Consolidated Securitization Vehicles
During the six months ended June 30, 2025, the change in net assets of consolidated securitization vehicles decreased $46.0 million compared to the six months ended June 30, 2024. The decrease was primarily attributable to a decrease of $16.0 million in interest income and an increase in net unrealized/realized losses of $30.0 million.
(Loss) Income from Interest Rate Derivatives
During the six months ended June 30, 2025, income from interest rate derivatives decreased $861.3 million compared to the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in the fair value of our derivatives.
Net Gain on Dispositions of Real Estate
During the six months ended June 30, 2025, net gain on dispositions of real estate increased $317.9 million compared to the six months ended June 30, 2024. During the six months ended June 30, 2025, we recorded $600.3 million of net gains from the disposition of 50 industrial properties, 37 rental housing properties, three retail properties and one hospitality property. During the six months ended June 30, 2024, we recorded $282.4 million of net gains from the disposition of 54 rental housing properties, 31 industrial properties, and 10 retail properties.
Interest Expense, Net
During the six months ended June 30, 2025, net interest expense decreased $146.0 million compared to the six months ended June 30, 2024. The decrease was primarily due to lower outstanding borrowings, primarily resulting from real estate dispositions from April 1, 2024 to June 30, 2025.
Loss on Extinguishment of Debt
During the six months ended June 30, 2025, loss on extinguishment of debt decreased $15.2 million compared to the six months ended June 30, 2024. The decrease was primarily due to the impact of refinancing and disposition activity during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Other (Expense) Income
During the six months ended June 30, 2025, other (expense) income decreased $42.2 million compared to the six months ended June 30, 2024. The decrease was primarily due to decreases in realized losses of $34.3 million related to exchanges of certain partnership interests during the six months ended June 30, 2024.
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Same Property NOI
Net Operating Income (“NOI”) is a supplemental non-GAAP measure of our property operating results that we believe is meaningful because it enables management to evaluate the impact of occupancy, rents, leasing activity, and other controllable property operating results at our real estate. We define NOI as operating revenues less operating expenses, which exclude (i) impairment of investments in real estate, (ii) depreciation and amortization, (iii) straight-line rental income and expense, (iv) amortization of above- and below-market lease intangibles, (v) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (vi) lease termination fees, (vii) portfolio-level corporate costs, (viii) other non-property related revenue and expense items such as (a) general and administrative expenses, (b) management fee, (c) performance participation allocation, (d) incentive compensation awards, (e) income (loss) from investments in real estate debt, (f) change in net assets of consolidated securitization vehicles, (g) income (loss) from interest rate derivatives, (h) net gain on dispositions of real estate, (i) interest expense, net, (j) loss on extinguishment of debt, (k) other income (expense), and (l) buyout costs and (ix) similar adjustments for NOI attributable to non-controlling interests and unconsolidated entities.
We evaluate our consolidated results of operations on a Same Property basis, which allows us to analyze our property operating results excluding acquisitions and dispositions during the periods under comparison. Properties in our portfolio are considered Same Property if they were owned for the full periods presented, otherwise they are considered Non-Same Property. Recently developed properties are not included in Same Property results until the properties have achieved stabilization for both full periods presented. We define stabilization for the property as the earlier of (i) achieving 90% occupancy, (ii) 12 months after receiving a certificate of occupancy, or (iii) for Data Centers, 12 months after receiving a certificate of occupancy and greater than 50% of its critical IT capacity has been built. Certain assets are excluded from Same Property results and are considered Non-Same Property, including (i) properties held-for-sale, (ii) properties that are being redeveloped, (iii) properties identified for future sale, and (iv) interests in unconsolidated entities under contract for sale with hard deposit or other factors ensuring the buyer’s performance. We do not consider our investments in the real estate debt segment or equity securities to be Same Property.
Same Property NOI assists in eliminating disparities in net income due to the acquisition, disposition, development, or redevelopment of properties during the periods presented, and therefore we believe it provides a meaningful performance measure for the comparison of the operating performance of our properties, which we believe is useful to investors. Our Same Property NOI may not be comparable to that of other companies and should not be considered to be more relevant or accurate in evaluating our operating performance than our GAAP net income (loss).

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For the three months ended June 30, 2025 and 2024, our Same Property portfolio consisted of 896 rental housing, 2,952 industrial, two net lease, 43 data centers, 241 hotel, 79 self storage, 60 retail, and 13 office properties. The following table reconciles GAAP net loss to Same Property NOI for the three months ended June 30, 2025 and 2024 ($ in thousands):
 Three Months Ended June 30,Change
 20252024$
Net loss
$(568,983)$(582,007)$13,024 
Adjustments to reconcile to Same Property NOI
General and administrative16,886 17,950 (1,064)
Management fee166,892 180,655 (13,763)
Performance participation allocation88,824 (104,966)193,790 
Impairment of investments in real estate171,113 118,044 53,069 
Depreciation and amortization808,651 889,334 (80,683)
(Income) loss from unconsolidated entities(26,991)37,998 (64,989)
Income from investments in real estate debt(133,654)(157,075)23,421 
Change in net assets of consolidated securitization vehicles(38,207)(41,013)2,806 
Loss from interest rate derivatives236,097 52,637 183,460 
Net gain on dispositions of real estate(464,394)(175,890)(288,504)
Interest expense, net777,766 857,855 (80,089)
Loss on extinguishment of debt25,360 21,404 3,956 
Other expense12,228 38,941 (26,713)
Portfolio-level corporate costs(1)
161,882 167,128 (5,246)
Incentive compensation awards(2)
17,722 17,573 149 
Lease termination fees(252)(1,055)803 
Amortization of above and below-market lease intangibles(9,164)(11,494)2,330 
Straight-line rental income and expense(34,059)(39,210)5,151 
NOI from unconsolidated entities278,341 215,063 63,278 
NOI attributable to non-controlling interests in consolidated joint ventures(113,976)(113,391)(585)
NOI attributable to BREIT stockholders1,372,082 1,388,481 (16,399)
Less: Non-Same Property NOI attributable to BREIT stockholders122,473 170,702 (48,229)
Same Property NOI attributable to BREIT stockholders$1,249,609 $1,217,779 $31,830 
(1) Portfolio-level corporate costs include accounting and tax services, legal and professional fees, treasury services, asset management fees, income and franchise taxes, casualty losses, and other non-operating expenses incurred at the portfolio level.
(2) Included in rental property operating and hospitality operating expense on our Condensed Consolidated Statements of Operations.
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The following table details the components of Same Property NOI for the three months ended June 30, 2025 and 2024 ($ in thousands):
Three Months Ended June 30,Change
 20252024$%
Revenues    
Rental revenue$1,667,240 $1,629,984 $37,256 2%
Hospitality revenue135,882 141,650 (5,768)(4)%
Other revenue70,698 55,768 14,930 27%
Total revenues1,873,820 1,827,402 46,418 3%
Expenses
Rental property operating621,970 599,327 22,643 4%
Hospitality operating88,892 89,088 (196)(1)%
Total expenses710,862 688,415 22,447 3%
Same Property NOI attributable to non-controlling interests in consolidated joint ventures
(111,348)(107,103)(4,245)4%
Consolidated Same Property NOI attributable to BREIT stockholders1,051,610 1,031,884 19,726 2%
Same Property NOI from unconsolidated entities197,999 185,895 12,104 7%
Same Property NOI attributable to BREIT stockholders$1,249,609 $1,217,779 $31,830 3%
Same Property – Rental Revenue
Same Property rental revenue increased $37.3 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was due to a $37.2 million increase in base rental revenue, a $2.8 million increase in tenant reimbursement income as a result of higher operating expenses, and a $2.7 million decrease in our bad debt reserve. Our bad debt reserve represents the amount of rental revenue we anticipate we will not be able to collect from our tenants.
The following table details the changes in base rental revenue period over period ($ in thousands):
Three Months Ended June 30,
Change
Change in Base
Rental Revenue
Change in
Occupancy Rate
Change in Average
Effective Annual
Base Rent Per Leased
Square Foot/Unit
20252024
Rental Housing$1,088,926 $1,068,443 $20,483 —%+2%
Industrial234,407 222,613 11,794 (2)%+7%
Net Lease119,992 117,639 2,353 —%+2%
Retail36,663 34,989 1,674 —%+5%
Office31,149 30,943 206 (1)%+2%
Self Storage17,144 16,715 429 —%+3%
Data Centers10,310 10,095 215 —%+2%
Total base rental revenue$1,538,591 $1,501,437 $37,154 
Same Property – Hospitality Revenue
Same Property hospitality revenue decreased $5.8 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease in hospitality revenue was primarily due to decreases in average daily rate and a decrease in food and beverage revenue at our hotels during three months ended June 30, 2025.
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Same Property – Other Revenue
Same Property other revenue increased $14.9 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily due to increased ancillary income at our rental housing properties during the three months ended June 30, 2025.
Same Property – Rental Property Operating Expenses
Same Property rental property operating expenses increased $22.6 million during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in rental property operating expenses was primarily the result of increased insurance, real estate taxes, and general operating expenses at our rental housing properties during the three months ended June 30, 2025.
Same Property – Hospitality Operating Expenses
Same Property hospitality operating expenses decreased $0.2 million during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease in hospitality operating expenses was primarily the result of decreased general operating expenses at our hotels during the three months ended June 30, 2025.
Same Property NOI from Unconsolidated Entities
Same Property NOI from unconsolidated entities increased $12.1 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase is primarily due to additional base rent associated with increased occupancy at our QTS Data Centers investment.
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For the six months ended June 30, 2025 and 2024, our Same Property portfolio consisted of 895 rental housing, 2,952 industrial, two net lease, 41 data centers, 241 hotel, 79 self storage, 60 retail, and 13 office properties. The following table reconciles GAAP net loss to Same Property NOI for the six months ended June 30, 2025 and 2024 ($ in thousands):
 Six Months Ended June 30,Change
 20252024$
Net loss
$(2,408,767)$(752,077)$(1,656,690)
Adjustments to reconcile to Same Property NOI
General and administrative33,000 34,300 (1,300)
Management fee335,317 367,776 (32,459)
Performance participation allocation230,999 — 230,999 
Impairment of investments in real estate341,371 183,758 157,613 
Depreciation and amortization1,635,750 1,802,542 (166,792)
Loss from unconsolidated entities738,024 62,356 675,668 
Income from investments in real estate debt(266,532)(425,268)158,736 
Change in net assets of consolidated securitization vehicles(70,392)(116,426)46,034 
Loss (income) from interest rate derivatives598,759 (262,562)861,321 
Net gain on dispositions of real estate(600,303)(282,444)(317,859)
Interest expense, net1,543,562 1,689,570 (146,008)
Loss on extinguishment of debt36,874 52,052 (15,178)
Other expense (income)26,009 (16,167)42,176 
Portfolio-level corporate costs(1)
330,842 326,045 4,797 
Incentive compensation awards(2)
35,059 36,703 (1,644)
Lease termination fees(2,866)(2,349)(517)
Amortization of above and below-market lease intangibles(19,287)(24,382)5,095 
Straight-line rental income and expense(68,983)(79,071)10,088 
NOI from unconsolidated entities521,210 407,144 114,066 
NOI attributable to non-controlling interests in consolidated joint ventures(241,554)(240,613)(941)
NOI attributable to BREIT stockholders2,728,092 2,760,887 (32,795)
Less: Non-Same Property NOI attributable to BREIT stockholders237,242 346,229 (108,987)
Same Property NOI attributable to BREIT stockholders$2,490,850 $2,414,658 $76,192 
(1) Portfolio-level corporate costs include accounting and tax services, legal and professional fees, treasury services, asset management fees, income and franchise taxes, casualty losses, and other non-operating expenses incurred at the portfolio level.
(2) Included in rental property operating and hospitality operating expense on our Condensed Consolidated Statements of Operations.
The following table details the components of Same Property NOI for the six months ended June 30, 2025 and 2024 ($ in thousands):
 Six Months Ended June 30,Change
 20252024$%
Revenues
Rental revenue$3,369,358 $3,283,706 $85,652 3%
Hospitality revenue267,975 268,885 (910)—%
Other revenue130,590 107,753 22,837 21%
Total revenues3,767,923 3,660,344 107,579 3%
Expenses
Rental property operating1,245,016 1,200,773 44,243 4%
Hospitality operating174,999 173,708 1,291 1%
Total expenses1,420,015 1,374,481 45,534 3%
Same Property NOI attributable to non-controlling interests in consolidated joint ventures
(234,920)(227,146)(7,774)3%
Consolidated Same Property NOI attributable to BREIT stockholders
2,112,988 2,058,717 54,271 3%
Same Property NOI from unconsolidated entities
377,862 355,941 21,921 6%
Same Property NOI attributable to BREIT stockholders$2,490,850 $2,414,658 $76,192 3%
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Same Property – Rental Revenue
Same Property rental revenue increased $85.7 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was due to a $76.3 million increase in base rental revenue and a $9.3 million increase in tenant reimbursement income as a result of higher operating expenses.
The following table details the changes in base rental revenue period over period ($ in thousands):(1)
Six Months Ended June 30,
Change
Change in Base
Rental Revenue
Change in
Occupancy Rate
Change in Average
Effective Annual
Base Rent Per Leased
Square Foot/Unit
20252024
Rental Housing$2,208,271 $2,160,542 $47,729 —%+2%
Industrial465,091 444,340 20,751 (2)%+7%
Net Lease239,637 234,938 4,699 —%+2%
Retail72,602 70,164 2,438 —%+3%
Office61,617 61,706 (89)(1)%+1%
Self Storage33,837 33,668 169 (1)%+2%
Data Centers20,555 19,976 579 —%+3%
Total base rental revenue$3,101,610 $3,025,334 $76,276 
 
(1) Excludes our investments in unconsolidated entities.
Same Property – Hospitality Revenue
Same Property hospitality revenue decreased $0.9 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease in hospitality revenue was primarily due to decreases in average daily rate and a decrease in food and beverage revenue at our hotels during the six months ended June 30, 2025.
Same Property – Other Revenue
Same Property other revenue increased $22.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to increased ancillary income at our rental housing properties during the six months ended June 30, 2025.
Same Property – Rental Property Operating Expenses
Same Property rental property operating expenses increased $44.2 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in rental property operating expenses was primarily the result of increased insurance, real estate taxes, and general operating expenses at our rental housing and industrial properties during the six months ended June 30, 2025.
Same Property – Hospitality Operating Expenses
Same Property hospitality operating expenses increased $1.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in hospitality operating expenses was primarily the result of increased general operating expenses resulting from increased occupancy at our hotels during the six months ended June 30, 2025.
Same Property NOI from Unconsolidated Entities
Same Property NOI from unconsolidated entities increased $21.9 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase is primarily due to additional base rent associated with increased occupancy at our QTS Data Centers investment.
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Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution
We believe Funds from Operations (“FFO”) is a meaningful non-GAAP supplemental measure of our operating results. Our condensed consolidated financial statements are presented using historical cost accounting which, among other things, requires depreciation of real estate investments. As a result, our operating results imply that the value of our real estate investments have decreased over time. However, we believe that the value of our real estate investments will fluctuate over time based on market conditions and, as such, depreciation under historical cost accounting may be less informative as a measure of our performance. FFO is an operating measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) that is broadly used in the REIT industry. FFO, as defined by NAREIT and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) depreciation and amortization, (ii) impairment of investments in real estate, (iii) net gains or losses from sales of real estate, (iv) net gains or losses from change in control, and (v) similar adjustments for non-controlling interests and unconsolidated entities.
We also believe that Adjusted FFO (“AFFO”) is an additional meaningful non-GAAP supplemental measure of our operating results. AFFO further adjusts FFO to reflect the performance of our portfolio by adjusting for items we believe are not directly attributable to our operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) the performance participation allocation to our Special Limited Partner or other incentive compensation awards that are based on our Net Asset Value, which includes unrealized gains and losses not recorded in GAAP net income (loss), and that are paid in shares or BREIT OP units, even if subsequently repurchased by us, (ii) gains or losses on extinguishment of debt, (iii) unrealized gains or losses in fair value of financial instruments, (iv) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (v) straight-line rental income and expense, (vi) amortization of deferred financing costs, (vii) amortization of restricted stock awards, (viii) amortization of mortgage premium/discount, (ix) organization costs, (x) severance costs, (xi) buyout costs (xii) net forfeited investment deposits, (xiii) amortization of above- and below-market lease intangibles, (xiv) gain or loss on involuntary conversion, (xv) settlement costs (xvi) amortization of non-real estate assets, and adding (xvii) proceeds from interest rate contract receivables, and (xviii) similar adjustments for non-controlling interests and unconsolidated entities.
We also believe that Funds Available for Distribution (“FAD”) is an additional meaningful non-GAAP supplemental measure of our operating results. FAD provides useful information for considering our operating results and certain other items relative to the amount of our distributions, and we believe is therefore meaningful to stockholders. FAD is calculated as AFFO adjusted for (i) management fees paid in shares or BREIT OP units, even if subsequently repurchased by us, (ii) recurring tenant improvements, leasing commissions, and other capital expenditures, (iii) stockholder servicing fees paid during the period, (iv) realized gains or losses on financial instruments, and (v) similar adjustments for non-controlling interests and unconsolidated entities. FAD is not indicative of cash available to fund our cash needs and does not represent cash flows from operating activities in accordance with GAAP, as FAD is adjusted for stockholder servicing fees and recurring tenant improvements, leasing commission, and other capital expenditures, which are not considered when determining cash flows from operations. Furthermore, FAD excludes (i) adjustments for working capital items and (ii) amortization of discounts and premiums on investments in real estate debt. Cash flows from operating activities in accordance with GAAP would generally be adjusted for such items.
FFO, AFFO, and FAD should not be considered more relevant or accurate than GAAP net income (loss) in evaluating our operating performance. In addition, FFO, AFFO, and FAD should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO, AFFO, and FAD are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. In addition, our methodology for calculating AFFO and FAD may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported AFFO and FAD may not be comparable to the AFFO and FAD reported by other companies.
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The following table presents a reconciliation of net loss attributable to BREIT stockholders and OP unitholders to FFO, AFFO and FAD attributable to BREIT stockholders and OP unitholders ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2025
2024(1)
2025
2024(1)
Net loss attributable to BREIT stockholders$(488,478)$(518,499)$(2,185,115)$(651,512)
Net loss attributable to OP unitholders
(40,381)(26,122)(163,400)(31,506)
Net loss attributable to BREIT stockholders and OP unitholders
(528,859)(544,621)(2,348,515)(683,018)
Adjustments to arrive at FFO:
Depreciation and amortization808,651 889,334 1,635,750 1,802,542 
Impairment of investments in real estate171,113 118,044 341,371 183,758 
Net gain on dispositions of real estate(464,394)(175,890)(600,303)(282,444)
Net gain on change in control(13,192)34,290 (24,180)29,587 
Allocable share of adjustments related to unconsolidated entities
104,435 59,201 214,706 164,689 
Amount attributable to non-controlling interests for above adjustments
(84,762)(78,916)(164,417)(170,042)
FFO attributable to BREIT stockholders and OP unitholders
(7,008)301,442 (945,588)1,045,072 
Adjustments to arrive at AFFO:
Performance participation allocation88,824 (104,966)230,999 — 
Incentive compensation awards20,165 19,702 39,946 41,108 
Loss on extinguishment of debt25,360 21,404 36,874 52,052 
Unrealized losses (gains) in fair value of financial instruments
186,300 121,985 518,756 (363,879)
Straight-line rental income and expense(35,910)(36,839)(65,581)(74,061)
Amortization of deferred financing costs54,814 50,595 108,306 100,017 
Amortization of restricted stock awards300 181 600 363 
Other(2)
16,418 (2,681)26,922 (8,573)
Allocable share of adjustments related to unconsolidated entities
(30,671)27,260 704,584 38,830 
Amount attributable to non-controlling interests for above adjustments
601 3,038 3,090 10,709 
AFFO attributable to BREIT stockholders and OP unitholders
319,193 401,121 658,908 841,638 
Adjustments to arrive at FAD:
Management fee166,892 180,655 335,317 367,776 
Recurring tenant improvements, leasing commissions, and other capital expenditures(3)
(174,132)(137,884)(292,311)(248,466)
Stockholder servicing fees(39,792)(44,767)(79,995)(91,266)
Realized losses (gains) on financial instruments
27,646 (54,471)36,341 (100,868)
Allocable share of adjustments related to unconsolidated entities
(24,736)(21,084)(46,592)(37,607)
Amount attributable to non-controlling interests for above adjustments
9,115 3,887 15,991 9,765 
FAD attributable to BREIT stockholders and OP unitholders
$284,186 $327,457 $627,659 $740,972 
(1)The prior period has been recast to present unconsolidated entities in a consistent manner with the current
period presentation.
(2)Other adjustments to arrive at AFFO for the three and six months ended June 30, 2025 and 2024 primarily include severance costs, organization costs, amortization of above-and-below market lease intangible, and amortization of mortgage premium/discount, and to a lesser extent amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income.
(3)Recurring tenant improvements and leasing commissions are generally related to second-generation leases and other capital expenditures required to maintain our investments. Other capital expenditures exclude projects that we believe will enhance the value of our investments.
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Net Asset Value
Our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by our Adviser in connection with our NAV calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm’s-length transaction between a willing buyer and a willing seller in possession of all material information about our investments.
The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities as described below and differs materially from the book value of our equity reflected in our financial statements. As a public company, we are required to issue financial statements based on historical cost determined in accordance with GAAP. To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares, we have adopted a model, as explained below, that adjusts the value of our assets and liabilities from historical cost to fair value generally in accordance with the GAAP principles set forth in FASB Accounting Standards Codification Topic 820, Fair Value Measurements. Our Adviser calculates the fair value of our real estate properties monthly based in part on values provided by third party independent appraisers, and such calculations are reviewed by an independent valuation advisor as further discussed below.
Because these fair value calculations involve significant professional judgment in the application of both observable and unobservable attributes, the calculated fair value of our assets may differ from their actual realizable value or future fair value. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires us to calculate NAV in a certain way. As a result, other REITs and other real estate investors may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure determined under GAAP and the valuations of, and certain adjustments made to, our assets and liabilities used in the determination of NAV differs materially from comparable historical cost amounts determined in accordance with GAAP. You should not consider NAV to be equivalent to stockholders’ equity or any other measure determined in accordance with GAAP.
The following valuation methods are used for purposes of calculating the significant components of our NAV:
Consolidated properties are initially valued at cost, which we expect to represent fair value at the time of acquisition. Subsequently, consolidated properties are primarily valued using the discounted cash flow methodology (the “Income Approach”), whereby a property’s value is calculated by discounting the estimated cash flows and the anticipated terminal value of the subject property by the assumed new buyer’s normalized weighted average cost of capital for the subject property. Consistent with industry practices, the Income Approach also incorporates subjective judgments regarding comparable rental and operating expense data, capitalization or discount rate, and projections of future rent and expenses based on appropriate evidence as well as the residual value of the asset as components in determining value. Other methodologies that may also be used to value properties include Sales Comparisons and the Replacement Cost Approaches. We believe the discount rate and exit capitalization rate are the key assumptions utilized in discounted cash flow methodology (the Income Approach). Below the tables that set forth our NAV calculation is a sensitivity analysis of the weighted average discount rates and exit capitalization rates for our property investments.
Investments in real estate debt consist of CMBS and RMBS, which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mortgage loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mortgage loans, mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurements, the Company engages third party service providers to perform valuations for such investments. The service providers will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to “Fair Value Measurements” section of Note 2 to our Condensed Consolidated Financial Statements for additional details on the Company’s investments in real estate debt.
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Mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities (collectively, “Debt”) are estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations.
The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, exit capitalization rate and multiples of comparable companies. The Company utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value.
NAV and NAV Per Share Calculation
Each share class has an undivided interest in our assets and liabilities, other than class-specific stockholder servicing fees. In accordance with the valuation guidelines, our NAV per share for each share class as of the last calendar day of each month is calculated using a process that reflects several components, including the estimated fair value of (1) each of our properties, (2) our investments in real estate debt, (3) our investments in unconsolidated entities, (4) our mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities, and (5) our other assets and liabilities.
At the end of each month, our change in NAV for each share class is calculated as follows:
Shares are issued for subscriptions received and distribution reinvestments to each respective share class, as applicable, and are effective on the first day of each month. The proceeds received through subscriptions and distribution reinvestments for each share class are additions to the prior month ending aggregate NAV for each respective share class (including OP units). Additionally, the NAV of each share class is reduced by the respective repurchases for such month. The result represents the aggregate NAV per share class effective as of the first calendar day of the current month.
Any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of shares (including OP units) based on each class’s relative percentage of the total aggregate NAV effective on the first calendar day of the current month (as described in the previous bullet). Changes in our aggregate NAV include, but are not limited to, net portfolio income from investments, interest expense, realized and unrealized net real estate and debt appreciation and depreciation, general and administrative expenses, management fee and performance participation allocation. Unrealized net real estate and debt appreciation includes any change in the fair market value of our investments in real estate, investments in real estate debt, investments in unconsolidated entities, and Debt.
Net distributions are typically declared on the last day of each month and are a reduction to the NAV of each respective share class. As a result of the allocation of stockholder servicing fees, the net distributions per share will differ by share class. The monthly stockholder servicing fee is calculated as a percentage of each applicable class of shares’ NAV (Class S, Class T, and Class D). Class I, Class C, and Class F shares are not subject to the stockholder servicing fee.
NAV per share for each class is calculated by dividing such class’s NAV at the end of each month by the number of shares outstanding for that class at the end of such month.
Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the prospectus for the Current Offering (as defined below) for further details on how our NAV is determined.
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Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, Class D, and Class C shares, as well as the partnership interests of BREIT OP held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of June 30, 2025 ($ and shares/units in thousands):
Components of NAVJune 30, 2025
Investments in real estate(1)
$99,569,813 
Investments in real estate debt6,233,333 
Investments in unconsolidated entities(2)
14,327,349 
Cash and cash equivalents2,065,597 
Restricted cash812,075 
Other assets3,152,231 
Mortgage loans, term loans, and revolving credit facilities, net(60,539,739)
Secured financings of investments in real estate debt(3,585,679)
Subscriptions received in advance(124,336)
Other liabilities(2,508,054)
Accrued performance participation allocation(88,824)
Management fee payable(55,634)
Accrued stockholder servicing fees(3)
(13,080)
Non-controlling interests in joint ventures(6,191,709)
Net Asset Value$53,053,343 
Number of outstanding shares/units(4)
3,848,160 
 
(1)Investments in real estate reflects the entire value of our consolidated real estate properties, including the $88.2 billion allocable to us and $11.4 billion allocable to third party joint venture interests in such investments as of June 30, 2025.
(2)Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of June 30, 2025, our allocable share of the gross real estate asset value held by such entities was $32.0 billion.
(3)Stockholder servicing fees only apply to Class S, Class T, and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares. As of June 30, 2025, the Company has accrued under GAAP $0.8 billion of stockholder servicing fees payable to Blackstone Securities Partners L.P., the dealer manager and a registered broker-dealer affiliated with the Adviser (the “Dealer Manager”) related to the Class S, Class T and Class D shares sold. The Dealer Manager does not retain any of these fees, all of which are retained by, or re-allowed (paid), to participating broker-dealers.
(4)As of June 30, 2025, no Class F shares were outstanding.
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of June 30, 2025 ($ and shares/units in thousands, except per share/unit data):
Per Share
Class S
Shares
Class I
Shares
Class T
Shares
Class D
Shares
Class C Shares
Third Party
Operating
Partnership (1)
Total
Net asset value$17,606,364 $29,026,172 $515,701 $1,790,353 $47,378 $4,067,375 $53,053,343 
Number of outstanding shares/units(2)
1,276,460 2,103,003 38,023 132,923 3,062 294,689 3,848,160 
NAV Per Share/Unit as of June 30, 2025
$13.7931 $13.8022 $13.5629 $13.4691 $15.4749 $13.8022 
(1)Includes the partnership interests of BREIT OP held by BREIT Special Limited Partner, Class B unitholders, and other BREIT OP interests held by parties other than the Company.
(2)As of June 30, 2025, no Class F shares were outstanding.
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The following table details the weighted average discount rate and exit capitalization rate by property type, which are the key assumptions used in the discounted cash flow valuations as of June 30, 2025:
Property TypeDiscount RateExit Capitalization Rate
Rental Housing7.3%5.4%
Industrial7.5%5.6%
Net Lease6.8%5.6%
Hospitality10.8%9.1%
Data Centers7.8%6.1%
Self Storage8.3%6.5%
Office7.8%5.6%
Retail7.9%6.4%
These assumptions are determined by our Adviser, and reviewed by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all else equal, the changes listed below would result in the following effects on our investment values: 
InputHypothetical
Change
Rental Housing Investment
Values
Industrial
Investment
Values
Net Lease
Investment
Values
Hospitality
Investment
Values
Data Center Investment ValuesSelf Storage
Investment
Values
Office
Investment
Values
Retail
Investment
Values
Discount Rate0.25% decrease+1.8%+2.0%+1.8%+1.7%+0.7%+1.8%+1.9%+1.9%
(weighted average)0.25% increase(1.8)%(1.9)%(1.8)%(1.7)%(0.5)%(1.7)%(1.8)%(1.7)%
Exit Capitalization Rate0.25% decrease+2.9%+3.4%+2.7%+1.5%+0.8%+2.2%+3.2%+2.4%
(weighted average)0.25% increase(2.7)%(3.1)%(2.5)%(1.4)%(0.7)%(2.1)%(2.9)%(2.3)%
The following table reconciles stockholders’ equity and BREIT OP partners’ capital per our Condensed Consolidated Balance Sheets to our NAV ($ in thousands):
 June 30, 2025
Stockholders’ equity$21,761,336 
Non-controlling interests attributable to BREIT OP3,284,138 
Redeemable non-controlling interest62,475 
Total BREIT stockholders’ equity and BREIT OP partners’ capital under GAAP25,107,949 
Adjustments:
Accrued stockholder servicing fees824,875 
Accrued affiliated service provider incentive compensation awards(46,141)
Accumulated depreciation and amortization under GAAP14,560,066 
Unrealized net real estate and real estate debt appreciation12,606,594 
NAV$53,053,343 
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The following details the adjustments to reconcile total GAAP stockholders’ equity of BREIT and partners’ capital of BREIT OP to our NAV:
Accrued stockholder servicing fees represent the accrual for the cost of the stockholder servicing fees for Class S, Class T, and Class D shares. Under GAAP, we accrued the full cost of the stockholder servicing fees payable over the life of each share (assuming such share remains outstanding the length of time required to pay the maximum stockholder servicing fee) as an offering cost at the time we sold the Class S, Class T, and Class D shares. Refer to Note 10 to our condensed consolidated financial statements for further details of the GAAP treatment regarding the stockholder servicing fees. For purposes of calculating NAV, we recognize the stockholder servicing fees as a reduction to NAV on a monthly basis when such fees are paid.
Under GAAP, the affiliated incentive compensation awards are valued as of grant date and compensation expense is recognized over the service period on a straight-line basis with an offset to equity, resulting in no impact to Stockholders’ Equity. For purposes of calculating NAV, we value the awards based on performance in the applicable period and deduct such value from NAV.
We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of calculating our NAV. 
Our investments in real estate are presented at their depreciated cost basis in our consolidated GAAP condensed financial statements. Additionally, Debt is presented at its amortized cost basis in our condensed consolidated GAAP financial statements. As such, any increases or decreases in the fair market value of our investments in real estate or our Debt are not included in our GAAP results. For purposes of calculating our NAV, our investments in real estate and our Debt are recorded at fair value.

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Distributions
Beginning in March 2017, we have declared monthly distributions for each class of our common stock and OP units, which are generally paid 20 days after month-end. We have paid distributions consecutively each month since that time. Each class of our common stock and OP units received the same aggregate gross distribution of $0.3289 per share/unit for the six months ended June 30, 2025. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV. As of June 30, 2025, there were no Class F shares outstanding. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share/unit and paid directly to the applicable distributor.
The following table details the total net distribution for each of our share classes and OP units for the six months ended June 30, 2025:  
 Record DateClass S
Shares
Class I
Shares
Class T
Shares
Class D
Shares
OP Units
January 31, 2025$0.0451 $0.0551 $0.0453 $0.0522 $0.0551 
February 28, 20250.0451 0.0541 0.0452 0.0515 0.0541 
March 31, 20250.0451 0.0551 0.0453 0.0522 0.0551 
April 30, 20250.0451 0.0547 0.0452 0.0519 0.0547 
May 31, 20250.0451 0.0551 0.0453 0.0522 0.0551 
June 30, 20250.0451 0.0548 0.0453 0.0520 0.0548 
Total$0.2706 $0.3289 $0.2716 $0.3120 $0.3289 
The following table summarizes our distributions declared during the six months ended June 30, 2025 and 2024 ($ in thousands):
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
AmountPercentageAmountPercentage
Distributions
Payable in cash$600,519 50%$660,596 52%
Reinvested in shares590,628 50%616,838 48%
Total distributions(1)
$1,191,147 100%$1,277,434 100%
Sources of Distributions
Cash flows from operating activities(2)
$1,181,577 99%$1,277,434 100%
Net gains from investment realizations(3)
9,570 1%— %
Indebtedness— %— %
Total sources of distributions$1,191,147 100%$1,277,434 100%
Cash flows from operating activities$1,181,577 $1,152,317 
Net gains from investment realizations(3)
$244,213 $60,336 
Funds from Operations(4)
$(945,588)$1,045,072 
Adjusted Funds from Operations(4)
$658,908 $841,638 
Funds Available for Distribution(4)
$627,659 $740,972 
(1)Excludes cash paid to third party joint venture partners classified as non-controlling interest under GAAP.
(2)Our inception to date cash flows from operating activities, along with inception to date net gains from investment realizations, have funded 100% of our distributions to BREIT stockholders and OP unitholders through June 30, 2025.
(3)Year-to-date net gains from investment realizations includes (i) net gains and losses on dispositions of real estate, (ii) net realized gains and losses on sale of investments in real estate debt and equity securities, and (iii) impairments of investments in real estate, which amounts are not included in cash flows from operating activities.
(4)Reflects amounts allocable to BREIT stockholders and OP unitholders. See “Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution” below for descriptions of FFO, AFFO, and FAD, for reconciliations of these items to GAAP net loss attributable to BREIT stockholders and OP unitholders, and for considerations on how to review these metrics.

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Liquidity and Capital Resources
Liquidity

We believe we have sufficient liquidity to operate our business, with $6.4 billion of liquidity as of August 12, 2025. When we refer to our liquidity, this includes amounts available under our undrawn revolving credit facilities of $4.8 billion as well as unrestricted cash and cash equivalents of $1.6 billion. We also expect $0.3 billion of proceeds from dispositions under contract where we have received a non-refundable deposit as of August 12, 2025. We also generate incremental liquidity through our operating cash flows, which were $1.2 billion for the six months ended June 30, 2025. We may also generate incremental liquidity through the sale of our real estate debt investments, which were carried at their estimated fair value of $6.2 billion as of June 30, 2025.

In addition, we remain moderately leveraged (49% as of June 30, 2025) and can generate additional liquidity through incurring additional indebtedness secured by our real estate and real estate debt investments, unsecured financings, and other forms of indebtedness. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and debt-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Indebtedness incurred (i) in connection with funding a deposit in advance of the closing of an investment or (ii) as other working capital advances will not be included as part of the calculation above. Our leverage ratio would be higher if the indebtedness on our real estate debt investments and pro rata share of debt within our unconsolidated investments were taken into account.
In addition to our current liquidity, we obtain incremental liquidity through the sale of shares of our common stock in our continuous public offering and private offerings, and units of BREIT OP, from which we have received cumulative net proceeds of $78.3 billion as of August 12, 2025.
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Capital Resources
As of June 30, 2025, our indebtedness included loans secured by our properties, secured financings of our investments in real estate debt, and unsecured revolving credit facilities and term loans.
The following table is a summary of our indebtedness as of June 30, 2025 ($ in thousands):
June 30, 2025Principal Balance as of
Indebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date(2)
Maximum
Facility
Size
June 30, 2025December 31, 2024
Fixed rate loans secured by our properties:
Fixed rate mortgages(3)
3.8%3/23/2030N/A$20,980,896 $21,645,080 
Variable rate loans secured by our properties:
Variable rate mortgages and term loans+2.3%5/22/2028N/A32,907,515 32,006,218 
Variable rate secured revolving credit facilities
+1.9%4/17/2028$3,490,870 2,878,088 3,490,870 
Variable rate warehouse facilities(4)
+2.1%7/17/2028$2,785,986 1,893,431 1,929,037 
Total variable rate loans+2.3%5/22/202837,679,034 37,426,125 
Total loans secured by our properties5.5%1/17/202958,659,930 59,071,205 
Secured financings of investments in real estate debt:
Secured financings of investments in real estate debt+1.6%8/19/2026N/A3,585,679 3,624,698 
Unsecured loans:
Unsecured term loans+2.5%10/28/2028 N/A 1,201,923 1,126,923 
Unsecured variable rate revolving credit facilities+2.5%8/14/2028$6,098,077 1,445,000 1,375,000 
Affiliate revolving credit facility+2.5%1/24/202675,000 — — 
Total unsecured loans$6,173,077 2,646,923 2,501,923 
Total indebtedness$64,892,532 $65,197,826 

(1)“+” refers to the relevant floating benchmark rates, primarily SOFR and similar indices for non-USD facilities, as applicable to each loan or secured financing. As of June 30, 2025, we had outstanding interest rate swaps with an aggregate notional balance of $32.8 billion and interest rate caps with an aggregate notional balance of $22.1 billion that mitigate our exposure to potential future interest rate increases under our floating-rate debt.
(2)Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options.
(3)Includes $246.4 million and $261.6 million of loans related to investments in affordable housing properties as of June 30, 2025 and December 31, 2024, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.
(4)Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.

The table above excludes consolidated senior CMBS positions owned by third parties, which are reflected in our condensed consolidated GAAP balance sheets, as these liabilities are non-recourse to us and can only be satisfied by repayment of the collateral loans underlying such securitizations.
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The following table is a summary of the impact of derivatives on our weighted average interest rate as of June 30, 2025:
June 30, 2025
Weighted average interest rate of loans secured by our properties5.5%
Impact of interest rate swaps, caps and other derivatives
(1.4)%
Net weighted average interest rate of loans secured by our properties4.1%
We registered with the Securities and Exchange Commission (the “SEC”), an offering of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in our primary offering and up to $12.0 billion in shares pursuant to our distribution reinvestment plan, which we began using to offer shares of our common stock in March 2022 (the “Current Offering”).

As of August 13, 2025, we have received cumulative net proceeds of $17.8 billion from selling an aggregate of 1.2 billion shares of our common stock in the Current Offering, including shares converted from operating partnership units by the Special Limited Partner (consisting of 460.9 million Class S shares, 599.2 million Class I shares, 22.7 million Class T shares, and 134.1 million Class D shares).
Public Offerings
We registered a new offering with the SEC of up to $60.0 billion in shares of our common stock, consisting of up to $48.0 billion in any combination of Class S-2, Class T-2, Class D-2 and Class I shares in our primary offering and up to $12.0 billion in any combination of Class S-2, Class T-2, Class D-2, Class I, Class S, Class T and Class D shares pursuant to our distribution reinvestment plan, which was declared effective on August 5, 2025. The prior offering was terminated concurrently with the effectiveness of the new offering. As of August 13, 2025, no shares have yet to be issued under the new offering.
Capital Uses
During periods when we are selling more shares than we are repurchasing, we primarily use our capital to acquire our investments, which we also fund with other capital resources. During periods when we are repurchasing more shares than we are selling, we primarily use our capital to fund repurchases. For the six months ended June 30, 2025, we fulfilled $3.6 billion of repurchases requested, including all repurchase requests received for the six months ended June 30, 2025. We continue to believe that our current liquidity position is sufficient to meet the needs of our business.
In addition, we may have other funding obligations, which we expect to satisfy with the cash flows generated from our investments and our capital resources described above. Such obligations may include distributions to our stockholders, operating expenses, capital expenditures, repayment of indebtedness, and debt service on our outstanding indebtedness. Our operating expenses include, among other things, the management fee we pay to the Adviser and the performance participation allocation that BREIT OP pays to the Special Limited Partner, both of which will impact our liquidity to the extent the Adviser or the Special Limited Partner elects to receive such payments in cash, or subsequently redeem shares or OP units previously issued to them. To date, the Adviser and the Special Limited Partner have both always elected to be paid in a combination of shares and OP units, resulting in a non-cash expense.
Cash Flows
The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands):
 Six Months Ended June 30,
 20252024
Cash flows provided by operating activities$1,181,577 $1,152,317 
Cash flows provided by investing activities4,456,795 3,782,616 
Cash flows used in financing activities(5,554,390)(5,041,471)
Net increase in cash and cash equivalents and restricted cash$83,982 $(106,538)
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There were no material changes in cash flows provided by operating activities for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Cash flows provided by investing activities increased $0.7 billion during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to (i) an increase of $0.9 billion in proceeds received from dispositions of real estate and (ii) an increase of $1.8 billion in repayments of real estate loans held by consolidated securitization vehicles. This was offset by (i) a decrease of $1.0 billion in proceeds from sales and repayments of investments in real estate debt (ii) a decrease of $0.7 billion in dispositions of and return of capital from unconsolidated entities and (iii) an increase of $0.2 billion in investments in unconsolidated entities.
Cash flows used in financing activities increased $0.5 billion for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was primarily due to (i) a net decrease in new borrowings of $1.7 billion and (ii) an increase of $1.6 billion in repayments of senior obligations of consolidated securitization vehicles. This was offset by (i) a decrease of $2.4 billion in repurchases of common stock, (ii) an increase of $0.2 billion in contributions from non‑controlling interests, (iii) a decrease of $0.1 billion in distributions to and redemptions of non-controlling interests, and (iv) an increase of $0.1 billion in proceeds from issuance of common stock.
Recent Accounting Pronouncements
See Note 2 — “Summary of Significant Accounting Policies” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for a discussion concerning recent accounting pronouncements.
Critical Accounting Estimates
Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of the financial statements in accordance with GAAP involve significant judgments and assumptions and require estimates about matters that are inherently uncertain. There have been no material changes to our Critical Accounting Policies, including significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions, which are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
We are exposed to interest rate risk with respect to our variable rate indebtedness such that an increase in interest rates would result in higher net interest expense. We seek to manage our exposure to interest rate risk by utilizing a mix of fixed and floating rate financings with staggered maturities, and through interest rate hedging agreements to fix or cap a majority of our variable rate debt. As of June 30, 2025, the outstanding principal balance of our variable rate indebtedness was $43.9 billion and consisted of mortgage loans, secured and unsecured term loans, secured and unsecured revolving credit facilities, and secured financings on investments in real estate debt.
Certain of our mortgage loans, secured and unsecured term loans, secured and unsecured revolving credit facilities, and secured financings are variable rate and indexed primarily to SOFR and similar indices for non-USD facilities, and other similar benchmark rates (collectively, the “Reference Rates”). We have executed interest rate swaps with an aggregate net notional amount of $32.8 billion and interest rate caps with an aggregate net notional balance of $22.1 billion as of June 30, 2025 to hedge the risk of increasing interest rates. For the three and six months ended June 30, 2025, an increase of 25 basis points in each of the Reference Rates would have resulted in increased interest expense of $10.6 million and $21.2 million, respectively, net of the impact of our interest rate swaps and caps. Our exposure to interest rate risk may vary in future periods as the amount and terms of our interest rate hedging agreements change over time as we implement our hedging program. See “Part I. Item 1A. Risk Factors — Risks Related to Investments in Real Estate Debt — We utilize derivatives, which involve numerous risks” and “Failure to hedge effectively against interest rate changes may materially adversely affect our results of operations and financial condition” and “Part I. Item 1A. Risk Factors — General Risk Factors — We will face risks associated with hedging transactions” for more information on risks associated with our use of derivatives and hedging transactions of our Annual Report on Form 10-K for the year ended December 31, 2024 for more information.

Investments in Real Estate Debt
As of June 30, 2025, we held $6.2 billion of investments in real estate debt, which excludes the impact of consolidating the underlying loans that serve as collateral for certain securitizations on our Condensed Consolidated Balance Sheets. Our investments in real estate debt are primarily floating-rate and indexed to the Reference Rates, and as such, exposed to interest rate risk. Our net income will increase or decrease depending on interest rate movements. While we cannot predict factors that may or may not affect interest rates, a decrease of 25 basis points in the Reference Rates would have resulted in a decrease to income from investments in real estate debt of $3.1 million and $6.2 million for the three and six months ended June 30, 2025, respectively.
We may also be exposed to market risk with respect to our investments in real estate debt due to changes in the fair value of our investments. We seek to manage our exposure to market risk with respect to our investments in real estate debt by making investments in real estate debt backed by different types of collateral and varying credit ratings. The fair value of our investments may fluctuate, therefore the amount we will realize upon any sale of our investments in real estate debt is unknown.
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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, and summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report was made under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer. Based upon this evaluation, the Company’s principal executive officer and chief financial officer have concluded that the Company’s disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is timely recorded, processed, summarized and reported and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in the Company’s “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2025, we were not involved in any material legal proceedings.
ITEM  1A. RISK FACTORS
For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A. There have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sales of Equity Securities
During the six months ended June 30, 2025, we issued equity securities that were not registered under the Securities Act. As described in Note 10 to our condensed consolidated financial statements, the Adviser is entitled to an annual management fee payable monthly in cash, shares of common stock, or BREIT OP units, in each case at the Adviser’s election. For the three months ended June 30, 2025, the Adviser elected to receive its management fee in Class B units of BREIT OP, and we issued 12.1 million Class B units of BREIT OP to the Adviser in satisfaction of the 2025 management fee through May 2025. Additionally, we issued 4.0 million Class B units of BREIT OP to the Adviser in July 2025 in satisfaction of the June 2025 management fee.
We have also sold Class I and Class C shares to feeder vehicles created primarily to hold Class I and Class C shares and offer indirect interests in such shares to non-U.S. persons. During the three months ended June 30, 2025, we received $129.6 million from selling 9.4 million unregistered Class I and Class C shares to such vehicles. Each of the foregoing transactions was exempt from the registration provisions of the Securities Act, by virtue of Section 4(a)(2) and/or Regulation D or Regulation S promulgated thereunder.
Share Repurchases
Under our Share Repurchase Plan, to the extent we choose to repurchase shares in any particular month, we will only repurchase shares as of the opening of the last calendar day of that month (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date (which will generally be equal to our prior month’s NAV per share), except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price (the “Early Repurchase Deduction”) subject to certain limited exceptions. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan.
The aggregate NAV of total repurchases of Class S shares, Class I shares, Class T shares, Class D shares, Class C and Class F shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company, but excluding any Early Repurchase Deduction applicable to the repurchased shares) is limited to no more than 2% of our aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. We have in the past received, and may in the future receive, repurchase requests that exceed the limits under our Share Repurchase Plan, and we have in the past repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis. For the six months ended June 30, 2025, we fulfilled $3.6 billion of share and unit repurchases requested, including all repurchase requests received for the six months ended June 30, 2025.
Should repurchase requests, in our board of directors’ judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should our board of directors otherwise determine that investing our liquid assets in real properties or other investments rather than repurchasing our shares is in the best interests of the Company as a whole, our board of directors may determine to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under our Share Repurchase Plan), or none at all. Further, our board of directors has in the past made exceptions to the limitations in our Share Repurchase Plan and may in the future, in certain circumstances, make exceptions to such repurchase limitations (or repurchase fewer shares than such repurchase limitations), or modify or suspend our Share Repurchase Plan if, in its reasonable judgement, it deems such action to be in our best interest and the best interest of our stockholders. In the event that we determine to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the Share Repurchase Plan, as applicable.
If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests.
87


During the three months ended June 30, 2025, we repurchased shares of our common stock in the following amounts:
Month of:Total Number
of Shares
Repurchased
Average
Price Paid
  per Share
Total Number of
Shares Repurchased
as Part of Publicly
Announced Plans
or Programs
Repurchases as a Percentage of NAV(1)
Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Program(2)
April 202545,429,621 $13.79 45,429,621 1.3 %— 
May 202528,446,928 $13.75 28,446,928 0.8 %— 
June 202531,859,523 $13.78 31,859,523 0.9 %— 
Total105,736,072 $13.78 105,736,072 3.0 %— 
(1)Represents aggregate NAV of the shares repurchased under our Share Repurchase Plan over aggregate NAV of all shares outstanding, in each case, based on the NAV as of the last calendar day of the prior month.
(2)All repurchase requests under our share repurchase plan were satisfied.

The Special Limited Partner continues to hold 4,527,527 Class I units in BREIT OP. The redemption of Class I units and Class B units and shares held by the Adviser acquired as payment of the Adviser’s management fee are not subject to our Share Repurchase Plan.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM  5. OTHER INFORMATION
None.
ITEM 6.    EXHIBITS
Exhibit Number
Exhibit Description
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
88


3.9
3.10
3.11
4.1
4.2
10.1
10.2
10.3
10.4
31.1
 
31.2
  
32.1
 
32.2
   
101.INS
 Inline XBRL Instance Document
   
101.SCH
 Inline XBRL Taxonomy Extension Schema Document
   
101.CAL
 Inline XBRL Taxonomy Extension Calculation Linkbase Document
   
101.LAB
 Inline XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE
 Inline XBRL Taxonomy Extension Presentation Linkbase Document
   
101.DEF
 Inline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  BLACKSTONE REAL ESTATE INCOME TRUST, INC.
   
August 13, 2025
/s/ Robert Harper
Date
Robert Harper
Interim Chief Executive Officer and Co-President
(Principal Executive Officer)
   
August 13, 2025 /s/ Anthony F. Marone, Jr.
Date Anthony F. Marone, Jr.
  Chief Financial Officer and Treasurer
  (Principal Financial Officer)
   
August 13, 2025 /s/ Paul Kolodziej
Date Paul Kolodziej
  
Deputy Chief Financial Officer
  (Principal Accounting Officer)
90