BSTT 10-Q Quarterly Report June 30, 2025

BLACKSTONE REAL ESTATE INCOME TRUST, INC.

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breit-20250630

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


☐			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 Real Estate Income Trust, Inc.

(Exact name of Registrant as specified in its charter)

Maryland

81-0696966

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

345 Park Avenue

New York,

10154

(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.	FINANCIAL INFORMATION	1

ITEM 1.	FINANCIAL STATEMENTS	1

	Condensed Consolidated Financial Statements (Unaudited):

	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	1

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024	2

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024	3

	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	6

	Notes to Condensed Consolidated Financial Statements	8

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	45

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	84

ITEM 4.	CONTROLS AND PROCEDURES	85

PART II.	OTHER INFORMATION	86

ITEM 1.	LEGAL PROCEEDINGS	86

ITEM 1A.	RISK FACTORS	86

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	87

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	88

ITEM 4.	MINE SAFETY DISCLOSURES	88

ITEM 5.	OTHER INFORMATION	88

ITEM 6.	EXHIBITS	88

	SIGNATURES	90

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, 2025		December 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 debt	5,067,463		5,279,928
Real estate loans held by consolidated securitization vehicles, at fair value	11,512,832		13,616,526
Cash and cash equivalents	2,065,595		1,933,084
Restricted cash	812,075		843,810
Other assets	5,297,755		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 debt	3,585,679		3,624,698
Senior obligations of consolidated securitization vehicles, at fair value	10,346,961		12,233,141
Unsecured revolving credit facilities and term loans	2,646,923		2,501,923
Due to affiliates	985,518		682,747
Other liabilities	3,833,354		3,787,705
Total liabilities	79,552,228		81,370,449

Commitments and contingencies	—		—
Redeemable non-controlling interests	222,399		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 capital	40,555,177		42,781,930
Accumulated other comprehensive income	306,101		383,272
Accumulated deficit and cumulative distributions	( 19,135,477 )		( 15,848,197 )
Total stockholders’ equity	21,761,336		27,353,907
Non-controlling interests attributable to third party joint ventures	4,183,837		4,375,668
Non-controlling interests attributable to BREIT OP	3,284,138		2,964,555
Total equity	29,229,311		34,694,130
Total liabilities and equity	$	109,003,938	$	116,238,241

See accompanying notes to condensed consolidated financial statements.


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,
	2025		2024		2025		2024
Revenues
Rental revenue	$	1,770,660	$	1,912,544	$	3,603,049	$	3,875,609
Hospitality revenue	139,199		150,129		273,315		283,306
Other revenue	88,522		95,874		177,189		188,546
Total revenues	1,998,381		2,158,547		4,053,553		4,347,461

Expenses
Rental property operating	828,825		902,711		1,687,775		1,816,167
Hospitality operating	97,968		101,969		192,107		193,884
General and administrative	16,886		17,950		33,000		34,300
Management fee	166,892		180,655		335,317		367,776
Performance participation allocation	88,824		( 104,966 )		230,999		—
Impairment of investments in real estate	171,113		118,044		341,371		183,758
Depreciation and amortization	808,651		889,334		1,635,750		1,802,542
Total expenses	2,179,159		2,105,697		4,456,319		4,398,427

Other income (expense)
Income (loss) from unconsolidated entities	26,991		( 37,998 )		( 738,024 )		( 62,356 )
Income from investments in real estate debt	133,654		157,075		266,532		425,268
Change in net assets of consolidated securitization vehicles	38,207		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 estate	464,394		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 OP	40,381		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 diluted	3,563,370		3,847,540		3,599,046		3,924,186

See accompanying notes to condensed consolidated financial statements.


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,
	2025		2024		2025		2024
Net loss	$	( 568,983 )	$	( 582,007 )	$	( 2,408,767 )	$	( 752,077 )
Other comprehensive income (loss):
Foreign currency translation gain (loss), net	64,491		( 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 ventures	50,955		35,945		94,263		41,017
Comprehensive loss attributable to non-controlling interests in BREIT OP	40,414		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.


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 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’ Equity								Total 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 reinvestment	71		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 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 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’ Equity						Total 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		5		595,448		—		—		595,696		—		—		595,696
Reduction in accrual for offering costs, net	—		—		—		—		—		70,126		—		—		70,126		—		—		70,126
Distribution reinvestment	73		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 interests											8,989		—		—		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.


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 reinvestment	143		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 reinvestment	148		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.


Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands)


	Six Months Ended June 30,
	2025		2024
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 fee	335,317		367,776
Performance participation allocation	230,999		—
Impairment of investments in real estate	341,371		183,758
Depreciation and amortization	1,635,750		1,802,542
Net gain on dispositions of real estate	( 600,303 )		( 282,444 )
Loss on extinguishment of debt	36,874		52,052
Unrealized loss (gain) on fair value of financial instruments	523,569		( 365,470 )

Loss from unconsolidated entities	738,024		62,356
Distributions of earnings from unconsolidated entities	208,016		113,931
Other items	75,294		( 44,531 )
Change in assets and liabilities:
Decrease in other assets	79,584		53,128
Increase in due to affiliates	1,214		19,746
Decrease in other liabilities	( 15,365 )		( 58,450 )
Net cash provided by operating activities	1,181,577		1,152,317
Cash flows from investing activities:

Capital improvements to real estate	( 513,660 )		( 529,664 )
Proceeds from disposition of real estate	2,947,093		2,081,578

Investment in unconsolidated entities	( 540,590 )		( 316,194 )
Dispositions of and return of capital from unconsolidated entities	101,635		772,571

Purchase of investments in real estate debt	( 91,705 )		( 50,078 )
Proceeds from sale/repayment of investments in real estate debt	395,535		1,393,750


Proceeds from repayments of real estate loans held by consolidated securitization vehicles	2,201,454		410,492


Collateral posted under derivative contracts	( 1,889 )		( 7,750 )
Other investing activities	( 41,078 )		27,911
Net cash provided by investing activities	4,456,795		3,782,616
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	5,365,475		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 debt	261,798		222,787
Repayments of secured financings of investments in real estate debt	( 316,851 )		( 886,810 )


Borrowings under unsecured revolving credit facilities and term loans	2,965,000		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 stock	953,246		885,158
Subscriptions received in advance	124,336		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 interest	3,876		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 interests	207,846		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 cash	83,982		( 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 cash	16,794		( 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 cash	812,075		957,101
Total cash, cash equivalents and restricted cash	$	2,877,670	$	2,586,952




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.

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.

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.

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).

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):


	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
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 contributions	3,443		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

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 Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Impact 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 Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Impact 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.

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, 2024		For the Six Months Ended June 30, 2025						June 30, 2025
Plan Year	Unrecognized Compensation Cost		Value of Awards Issued		Forfeiture of Unvested Awards		Amortization of Compensation Cost		Unrecognized Compensation Cost		Remaining Amortization Period
2022	$	3,107	$	—	$	( 1,250 )	$	( 1,578 )	$	279	0.5 years
2023	6,070		—		( 79 )		( 3,285 )		2,706		1.3 years
2024	11,692		—		( 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.

3. Investments in Real Estate

Investments in real estate, net consisted of the following ($ in thousands):


	June 30, 2025		December 31, 2024
Building and building improvements	$	70,128,229	$	72,126,536
Land and land improvements	15,964,471		16,406,385
Furniture, fixtures and equipment	2,365,153		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
Total	89,578,128		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, 2025		June 30, 2025
Segments		Number of Properties	Net Proceeds		Net Gain (1)		Number of Properties	Net Proceeds		Net Gain (1)
Rental Housing properties (2)		18	$	1,215,368	$	174,389	37	$	2,047,294	$	244,321
Industrial properties		42	706,483		287,720		50	838,772		348,942
Hospitality properties		1	18,480		952		1	18,480		952
Retail properties		1	15,532		1,333		3	44,463		6,088


Total		62	$	1,955,863	$	464,394	91	$	2,949,009	$	600,303


		Three Months Ended					Six Months Ended
	June 30, 2024		June 30, 2024
Segments		Number of Properties	Net Proceeds		Net Gain (1)		Number of Properties	Net Proceeds		Net Gain (1)

Rental Housing properties (2)		21	$	682,826	$	32,825	54	$	1,202,800	$	77,246

Industrial properties		17	366,269		121,900		31	692,150		185,441
Retail properties		9	161,105		21,165		10	187,644		19,757

Total		47	$	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.

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 assets	3,084
Total assets	$	748,854

Liabilities:
Mortgage loans, net	$	436,236
Other liabilities	16,043
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.

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 Properties	Ownership Interest	Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers (1)	Data Centers	1	110	35.7 %	$	1,033,559
Rental Housing investments (2)	Rental Housing	8	4	12.2 % - 44.2 %	731,626
Industrial investments (3)	Industrial	3	55	10.1 % - 22.4 %	253,747
Hospitality investment	Hospitality	1	196	30.0 %	209,652

Retail investments	Retail	2	8	50.0 %	85,015
Net Lease investments (4)	Net Lease	1	52	25.0 %	16,983
Total unconsolidated entities carried at historical cost		16	425		2,330,582
Unconsolidated entities carried at fair value:
Industrial investments (5)	Industrial	11	2,063	12.4 % - 85.0 %	3,193,993

Office investment	Office	1	1	49.0 %	459,905
Rental Housing investment (6)	Rental Housing	1	10	11.6 %	357,549
Total unconsolidated entities carried at fair value		13	2,074		4,011,447
Total		29	2,499		$	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.


	December 31, 2024
Investments in Unconsolidated Entities	Segment	Number of Investments	Number of Properties	Ownership Interest	Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers (1)	Data Centers	1	106	35.7 %	$	1,625,457
Rental Housing investments (2)	Rental Housing	11	7	12.2 % - 66.9 %	775,401
Industrial investments (3)	Industrial	3	56	10.1 % - 22.4 %	237,825
Hospitality investment	Hospitality	1	196	30.0 %	276,218

Retail investments	Retail	2	8	50.0 %	89,093
Net Lease investments (4)	Net Lease	1	—	25.0 %	1,334
Total unconsolidated entities carried at historical cost		19	373		3,005,328
Unconsolidated entities at carried at fair value:
Industrial investments (5)	Industrial	11	2,064	12.4 % - 85.0 %	2,987,036

Office investment	Office	1	1	49.0 %	471,959
Rental Housing investment (6)	Rental Housing	1	11	11.6 %	402,082
Total unconsolidated entities carried at fair value		13	2,076		3,861,077
Total		32	2,449		$	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.

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	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	( 95,910 )	$	( 8,396 )
Rental Housing investments	Rental Housing	( 11,348 )		( 5,268 )
Industrial investments	Industrial	( 2,313 )		( 2,145 )
Hospitality investment	Hospitality	( 2,278 )		( 800 )

Retail investments	Retail	( 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	Industrial	128,497		( 28,308 )

Rental Housing investments	Rental Housing	5,933		( 245 )
Office investment	Office	5,649		7,743
Total unconsolidated entities carried at fair value		140,079		( 20,810 )
Total		$	26,991	$	( 37,998 )


		For the Six Months Ended June 30,
BREIT Loss from Unconsolidated Entities	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	( 923,380 )	$	15,986
Rental Housing investments	Rental Housing	( 25,201 )		( 13,878 )
Industrial investments	Industrial	( 5,512 )		( 2,466 )
Hospitality investment	Hospitality	( 5,066 )		( 5,105 )
Retail investments	Retail	( 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	Industrial	218,437		( 50,810 )
Data Center investments (1)	Data Centers	—		( 17,698 )
Office investment	Office	7,890		13,588
Rental Housing investments	Rental 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.

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
RMBS	4.1 %	10/16/2058	117,737		115,005		91,755
Corporate bonds	4.9 %	5/28/2028	56,668		56,003		54,099
Total real estate securities	8.3 %	12/6/2032	4,064,051		4,042,896		3,812,466
Commercial real estate loans	+ 4.5 %	10/19/2027	919,484		892,832		905,733
Other investments (5)(6)	5.7 %	9/21/2029	287,094		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 %	7/25/2056	190,626		187,552		141,767
Corporate bonds	4.9 %	5/30/2028	55,355		56,003		51,652
Total real estate securities	8.3 %	2/26/2033	4,216,203		4,200,192		3,922,404
Commercial real estate loans	+ 4.6 %	8/29/2027	1,037,985		1,044,460		1,032,821
Other investments (5)(6)	5.7 %	9/21/2029	287,768		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.

(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.

The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):


	June 30, 2025					December 31, 2024
Collateral (1)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost 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 Lease	884,047		886,291		17 %	858,605		860,465		16 %
Hospitality	218,395		207,890		4 %	332,623		322,052		6 %
Office	350,887		189,223		4 %	379,257		209,882		4 %
Other	24,328		23,890		1 %	52,257		49,900		1 %
Diversified	29,130		27,681		1 %	52,286		46,665		1 %

Total	$	5,211,638	$	5,067,463	100 %	$	5,521,236	$	5,279,928	100 %

(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, 2025					December 31, 2024
Credit Rating (1)(2)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value


A	$	818	$	747	— %	$	28,200	$	27,735	1 %
BBB	822,445		813,758		16 %	807,228		799,005		15 %
BB	728,484		706,247		14 %	797,219		759,361		14 %
B	546,270		513,266		10 %	576,629		523,784		9 %
CCC and below	132,271		42,253		1 %	143,548		38,704		1 %



Private commercial real estate loans	892,832		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 %

(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.

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,
	2025		2024		2025		2024
Interest income	$	119,519	$	155,392	$	232,877	$	334,230
Unrealized gain	40,521		30,977		81,833		125,369
Realized loss	( 5,926 )		( 27,414 )		( 14,719 )		( 38,350 )
Total	154,114		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, 2025		December 31, 2024		2025		2024		2025		2024
CMBS	$	652,674	$	746,773	$	19,367	$	27,676	$	39,776	$	89,386
Commercial real estate loans	316,772		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.

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
	Count	Principal Value		Fair Value		Wtd. Avg. Yield/Cost (1)		Wtd. Avg. Term (2)
Real estate loans held by consolidated securitization vehicles	197	$	11,085,145	$	11,512,832	6.0	%	8/17/2026
Senior obligations of consolidated securitization vehicles	17	9,874,221		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
	Count	Principal Value		Fair Value		Wtd. Avg. Yield/Cost (1)		Wtd. Avg. Term (2)
Real estate loans held by consolidated securitization vehicles	199	$	13,286,605	$	13,616,526	6.1	%	5/8/2026
Senior obligations of consolidated securitization vehicles	19	11,838,154		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.

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, 2025				Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate (1)	Weighted Average Maturity Date (2)(3)	Maximum Facility Size		June 30, 2025		December 31, 2024
Fixed rate loans:
Fixed rate mortgages (4)	3.8 %	3/23/2030	N/A		$	20,980,896	$	21,645,080

Variable rate loans:
Variable rate mortgages and secured term loans	+ 2.3 %	5/22/2028	N/A		32,907,515		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 %	5/22/2028			37,679,034		37,426,125
Total loans secured by real estate	5.5 %	1/17/2029			58,659,930		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):


Year	Amount

2025 (remaining)	$	259,233
2026	12,030,318
2027	16,517,117
2028	5,689,702
2029	11,403,056
2030	5,185,494
Thereafter	7,575,010
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.

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.

10. Related Party and Other Transactions

Due to Affiliates

The following table details the components of due to affiliates ($ in thousands):


	June 30, 2025		December 31, 2024
Accrued stockholder servicing fee	$	837,955	$	624,579
Performance participation allocation	88,824		—
Accrued management fee	55,634		56,401

Other	3,105		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.

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.

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.

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,
	2025		2024			2025		2024		2025		2024
Link Logistics Real Estate LLC	$	30,377	$	31,578		$	6,398	$	5,122	$	6,578	$	364
Tricon	27,264		—			2,083		—		—		—
LivCor, LLC	26,162		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 LLC	3,337		3,177			336		315		25		—

BPP MFNY Employer LLC	828		895			300		334		—		—
Apartment Income REIT, L.P.	577		—			—		—		20		—
Longview Senior Housing, LLC	320		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,
	2025		2024			2025		2024		2025		2024
Link Logistics Real Estate LLC	$	59,049	$	59,110		$	12,795	$	11,104	$	8,902	$	816

Tricon	39,022		—			2,083		—		—		—
LivCor, LLC	54,456		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 LLC	6,349		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, LLC	602		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, 2025						June 30, 2025
Plan Year	Unrecognized Compensation Cost		Value of Awards Issued		Forfeiture of Unvested Awards		Amortization of Compensation Cost		Unrecognized Compensation Cost		Remaining Amortization Period


2022	$	7,786	$	—	$	—	$	( 3,893 )	$	3,893	0.5 years
2023	14,673		—		—		( 4,585 )		10,088		1.3 years
2024	40,265		—		—		( 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

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.

11. Other Assets and Other Liabilities

The following table details the components of Other Assets ($ in thousands):


	June 30, 2025		December 31, 2024
Interest rate and foreign currency hedging derivatives	$	1,259,325	$	2,002,173
Straight-line rent receivable	877,692		808,936
Intangible assets, net	750,840		826,900
Held-for-sale assets	748,854		753,533
Receivables, net	592,694		641,551
Single family rental homes risk retention securities	300,718		300,718
Securities held in trust	215,729		179,498
Deferred leasing costs, net	151,447		148,889
Prepaid expenses	117,872		175,167
Deferred financing costs, net	99,084		114,560
Due from affiliate (1)	—		95,024




Other	183,500		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, 2025		December 31, 2024
Right of use lease liability - operating leases	$	608,230	$	605,923
Liabilities related to held-for-sale assets	452,279		380,179
Stock repurchases payable	439,289		462,894
Accounts payable and accrued expenses	404,166		372,281
Accrued interest expense	326,108		338,509
Real estate taxes payable	314,544		284,392
Financing of affordable housing development	216,002		177,902
Distribution payable	200,708		202,801
Tenant security deposits	198,803		205,853
Intangible liabilities, net	154,915		178,510
Subscriptions received in advance	124,336		143,030
Prepaid rental income	118,034		179,464


Right of use lease liability - financing leases	80,106		79,493
Accrued service provider expenses (1)	34,566		33,685
Interest rate and foreign currency hedging derivatives	22,270		11,243



Other	138,998		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.

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 intangibles	53,196		( 36,267 )		16,929
Other intangibles	421,457		( 160,615 )		260,842
Total intangible assets	$	1,714,215	$	( 963,375 )	$	750,840

Intangible liabilities
Below-market lease intangibles	366,576		( 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 intangibles	54,965		( 35,086 )		19,879
Other intangibles	415,767		( 135,562 )		280,205
Total intangible assets	$	1,751,996	$	( 925,096 )	$	826,900

Intangible liabilities
Below-market lease intangibles	386,679		( 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 Intangibles		Below-market Lease Intangibles
2025 (remaining)	$	52,703	$	2,499	$	14,669	$	( 19,468 )
2026	86,975		4,129		28,181		( 33,748 )
2027	64,897		2,959		26,604		( 23,903 )
2028	51,064		2,225		25,233		( 18,643 )
2029	38,450		1,736		23,091		( 14,459 )
2030	26,722		1,286		21,043		( 10,736 )
Thereafter	58,176		2,095		122,021		( 33,958 )
Total	$	378,987	$	16,929	$	260,842	$	( 154,915 )

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 Strike	Index	Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt	20	$	6,316,105	2.6 %	SOFR	3.1
Derivatives not designated as hedging instruments
Interest rate caps – property debt	162	22,110,445		5.8 %	SOFR	0.8
Interest rate swaps – property debt	55	26,132,921		1.4 %	SOFR, EURIBOR	2.5
Interest rate swaps – secured financings of investments in real estate debt	9	365,165		4.2 %	SOFR	4.8
Total		$	48,608,531
	December 31, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount (1)		Weighted Average Strike	Index	Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt	20	$	6,316,906	2.6 %	SOFR	3.6
Derivatives not designated as hedging instruments
Interest rate caps – property debt	153	17,189,532		6.6 %	SOFR	0.9
Interest rate swaps – property debt	53	26,004,711		1.4 %	SOFR, EURIBOR	3.0
Interest rate swaps – secured financings of investments in real estate debt	10	433,915		4.1 %	SOFR	5.4
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.

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, 2025			December 31, 2024
Foreign Currency Forward Contracts	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Buy USD / Sell EUR Forward	7	€	46,119	8	€	147,630
Buy USD / Sell GBP Forward	5	£	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, 2025		December 31, 2024		June 30, 2025		December 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 contracts	1,112		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.

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,
			2025		2024
Included in Net Income (Loss)
Interest rate swap – property debt	Unrealized loss	(1)	$	( 231,099 )	$	( 41,792 )

Interest rate caps – property debt	Unrealized 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 contract	Unrealized (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) Recognized	Six Months Ended June 30,
			2025		2024
Included in Net Loss
Interest rate swap – property debt	Unrealized (loss) gain	(1)	$	( 578,706 )	$	268,419

Interest rate caps – property debt	Unrealized 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.

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 Stock	100,000	$	0.01
Class S Shares	3,000,000	$	0.01

Class I Shares	6,000,000	$	0.01
Class T Shares	500,000	$	0.01

Class D Shares	1,500,000	$	0.01

Class C Shares	500,000	$	0.01
Class F Shares	500,000	$	0.01
Total	12,100,000

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 S	Class I	Class T	Class D	Class C	Total
March 31, 2025	1,299,418	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 reinvestment	7,021	10,845	267	799	—	18,932
Common stock repurchased	( 31,787 )	( 68,481 )	( 787 )	( 4,520 )	( 160 )	( 105,735 )

June 30, 2025	1,276,460	2,103,003	38,023	132,923	3,062	3,553,471

	Six Months Ended June 30, 2025 (1)








	Class S	Class I	Class T	Class D	Class C	Total


















December 31, 2024	1,339,547	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 reinvestment	14,224	22,038	553	1,593	—	38,408
Common stock repurchased	( 82,102 )	( 165,501 )	( 2,383 )	( 10,205 )	( 185 )	( 260,376 )

June 30, 2025	1,276,460	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.

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 S		Class I		Class T		Class 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 S		Class I		Class T		Class 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.

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,
	2025		2024
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 allocation	2,205		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.

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,
	2025		2024		2025		2024
Fixed lease payments	$	1,637,212	$	1,765,926	$	3,325,392	$	3,580,530
Variable lease payments	133,448		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.


Year	Future Minimum Rents

2025 (remaining)	$	871,326
2026	1,697,873
2027	1,528,241
2028	1,334,046
2029	1,149,456
2030	961,773
Thereafter	14,201,413
Total	$	21,744,128

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
2026	36,101		4,507
2027	36,454		4,633
2028	36,739		4,763
2029	36,861		4,896
2030	37,037		5,033
Thereafter	2,034,886		549,465
Total undiscounted future lease payments	2,238,213		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,
	2025		2024		2025		2024
Fixed ground rent expense	$	3,393	$	3,724	$	7,027	$	7,672
Variable ground rent expense	9,483		8,084		18,488		16,319
Total cash portion of ground rent expense	12,876		11,808		25,515		23,991
Straight-line ground rent expense	4,343		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,
	2025		2024		2025		2024
Interest on lease liabilities	$	1,079	$	1,040	$	2,166	$	2,131
Amortization of right-of-use assets	309		317		613		616
Total financing lease costs	$	1,388	$	1,357	$	2,779	$	2,747

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, 2025		December 31, 2024
Rental Housing	$	55,816,287	$	58,567,894
Industrial	17,182,149		17,771,159
Net Lease	8,005,793		8,029,195
Office	2,807,157		2,759,646
Hospitality	2,575,302		2,696,612
Retail	2,022,286		2,119,705
Data Centers	1,841,163		2,442,748
Self Storage	705,197		714,617
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value	16,566,057		18,801,660
Other (Corporate)	1,482,547		2,335,005
Total assets	$	109,003,938	$	116,238,241

The following table details the financial results by segment for the three months ended June 30, 2025 ($ in thousands):


	Rental Housing		Industrial		Net Lease		Office		Hospitality		Retail		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 revenue	81,944		2,311		—		1,925		192		907		19		1,224		—		88,522
Total revenues	1,252,466		325,600		150,385		45,304		139,391		52,496		13,523		19,216		—		1,998,381
Expenses:
Rental property operating	670,569		109,291		655		16,797		—		19,682		2,993		8,838		—		828,825
Hospitality operating	—		—		—		—		97,968		—		—		—		—		97,968
Total expenses	670,569		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 estate																			464,394

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.

The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands):


	Rental Housing		Industrial		Net Lease		Office		Hospitality		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 revenue	85,375		5,212		—		2,698		—		1,194		—		1,395		—		95,874
Total revenues	1,361,755		361,832		150,384		45,431		150,129		56,685		13,356		18,975		—		2,158,547
Expenses:
Rental property operating	732,169		119,108		660		15,643		—		23,533		2,594		9,004		—		902,711
Hospitality operating	—		—		—		—		101,969		—		—		—		—		101,969
Total expenses	732,169		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 allocation																			104,966
Impairment of investments in real estate																			( 118,044 )
Loss from interest rate derivatives																			( 52,637 )
Net gain on dispositions of real estate																			175,890

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.

The following table details the financial results by segment for the six months ended June 30, 2025 ($ in thousands):


	Rental Housing		Industrial		Net 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 revenue	160,097		8,162		—		3,902		259		2,131		19		2,619		—		177,189
Total revenues	2,552,324		666,308		300,769		89,838		273,574		105,480		27,266		37,994		—		4,053,553
Expenses:
Rental property operating	1,361,862		229,726		1,343		31,960		—		40,023		6,077		16,784		—		1,687,775
Hospitality operating	—		—		—		—		192,107		—		—		—		—		192,107
Total expenses	1,361,862		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 estate																			600,303

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.

The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands):


	Rental Housing		Industrial		Net 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 revenue	168,805		9,042		—		5,137		—		2,690		—		2,872		—		188,546
Total revenues	2,759,342		732,720		300,769		90,979		283,306		115,772		26,436		38,137		—		4,347,461
Expenses:
Rental property operating	1,473,115		241,602		1,326		30,205		—		47,601		5,003		17,315		—		1,816,167
Hospitality operating	—		—		—		—		193,884		—		—		—		—		193,884
Total expenses	1,473,115		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 estate																			282,444

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.

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.

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.

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 S	Class I	Class T	Class 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/a	8.0%	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.

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:

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:

( 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.

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.

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)	934	270,423 units	93%	$21,564	$	55,475,666	$	2,292,405	$	2,435,339
Industrial	3,019	411,491 sq. ft.	92%	$6.58	28,298,425		862,530		912,572
Data Centers	124	12,763 sq. ft.	100%	$15.30	20,201,622		364,935		264,827
Net Lease	54	15,784 sq. ft.	100%	N/A	5,889,758		257,675		257,174
Office	14	5,171 sq. ft.	97%	$43.63	3,260,783		134,557		134,416
Hospitality	244	33,440 keys	72%	$192.36/$138.75	2,869,520		328,402		324,012
Retail	62	8,659 sq. ft.	96%	$21.68	2,614,204		114,287		125,723
Self Storage	79	5,050 sq. ft.	86%	$14.36	840,548		37,234		37,374
Total	4,530		93%		$	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.

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,
		2025		2024
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.

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)	Location	Acquisition Date	Ownership Interest (3)	Sq. Feet (in thousands)/Units/Keys (2)(4)	Occupancy Rate (4)(5)
Rental Housing:
TA Multifamily Portfolio	2	Palm Beach Gardens, FL & Gurnee, IL	Apr. 2017	100%	959 units	95%
Emory Point	1	Atlanta, GA	May 2017	100%	750 units	92%
Nevada West Multifamily	3	Las Vegas, NV	May 2017	100%	972 units	94%
Mountain Gate & Trails Multifamily	2	Las Vegas, NV	June 2017	100%	539 units	93%
Elysian West Multifamily	1	Las Vegas, NV	July 2017	100%	466 units	94%
Gilbert Multifamily	1	Gilbert, AZ	Sept. 2017	90%	366 units	94%
ACG II Multifamily	3	Various	Sept. 2017	94%	740 units	95%
Olympus Multifamily	3	Jacksonville, FL	Nov. 2017	95%	1,032 units	94%
Amberglen West Multifamily	1	Hillsboro, OR	Nov. 2017	100%	396 units	94%
Aston Multifamily Portfolio	3	Various	Various	100%	576 units	94%
Talavera and Flamingo Multifamily	2	Las Vegas, NV	Dec. 2017	100%	674 units	95%
Montair Multifamily	1	Thornton, CO	Dec. 2017	100%	320 units	89%
Signature at Kendall Multifamily	2	Miami, FL	Dec. 2017	100%	546 units	95%
Wave Multifamily Portfolio	3	Various	May 2018	100%	1,248 units	93%
ACG III Multifamily	2	Gresham, OR & Turlock, CA	May 2018	95%	475 units	95%
Carroll Florida Multifamily	1	Jacksonville, FL	May 2018	100%	320 units	93%
Solis at Flamingo	1	Las Vegas, NV	June 2018	95%	524 units	94%
Coyote Multifamily Portfolio	5	Phoenix, AZ	Aug. 2018	100%	1,398 units	94%
Avanti Apartments	1	Las Vegas, NV	Dec. 2018	100%	414 units	94%
Gilbert Heritage Apartments	1	Phoenix, AZ	Feb. 2019	90%	256 units	95%
Roman Multifamily Portfolio	9	Various	Feb. 2019	100%	2,403 units	93%
Citymark Multifamily 2-Pack	1	Lithia Springs, GA	Apr. 2019	100%	240 units	94%
Raider Multifamily Portfolio	4	Las Vegas, NV	Various	100%	1,514 units	94%
Bridge II Multifamily Portfolio	4	Various	Various	100%	1,562 units	92%
Miami Doral 2-Pack	2	Miami, FL	May 2019	100%	720 units	95%
Davis Multifamily 2-Pack	2	Raleigh, NC & Jacksonville, FL	May 2019	100%	454 units	93%
Slate Savannah	1	Savannah, GA	May 2019	90%	272 units	94%
Amara at MetroWest	1	Orlando, FL	May 2019	95%	411 units	92%
Edge Las Vegas	1	Las Vegas, NV	June 2019	95%	296 units	93%
ACG IV Multifamily	2	Woodland, CA & Puyallup, WA	June 2019	95%	606 units	94%
Anson at the Lakes	1	Charlotte, NC	June 2019	100%	694 units	94%
Edgewater at the Cove	1	Oregon City, OR	Aug. 2019	100%	248 units	94%
Haven 124 Multifamily	1	Denver, CO	Sept. 2019	100%	562 units	89%
Villages at McCullers Walk Multifamily	1	Raleigh, NC	Oct. 2019	100%	412 units	95%
Canopy at Citrus Park Multifamily	1	Largo, FL	Oct. 2019	90%	318 units	93%
Ridge Multifamily Portfolio	2	Las Vegas, NV	Oct. 2019	90%	456 units	92%
Evolve at Timber Creek Multifamily	1	Garner, NC	Nov. 2019	100%	304 units	94%
Arium Multifamily Portfolio	3	Various	Dec. 2019	100%	972 units	94%
Acorn Multifamily Portfolio	16	Various	Feb. & May 2020	98%	6,636 units	93%
Indigo West Multifamily	1	Orlando, FL	Mar. 2020	100%	456 units	92%
Park & Market Multifamily	1	Raleigh, NC	Oct. 2020	100%	409 units	95%
The Palmer Multifamily	1	Charlotte, NC	Oct. 2020	90%	318 units	95%
Jaguar Multifamily Portfolio	5	Various	Nov. & Dec. 2020	100%	1,935 units	94%
Kansas City Multifamily Portfolio	1	Overland Park, KS	Dec. 2020	100%	380 units	96%
Cortona South Tampa Multifamily	1	Tampa, FL	Apr. 2021	100%	300 units	93%
Rosery Multifamily Portfolio	1	Largo, FL	Apr. 2021	100%	224 units	93%
Encore Tessera Multifamily	1	Phoenix, AZ	May 2021	80%	240 units	95%
Acorn 2.0 Multifamily Portfolio	14	Various	Various	98%	5,921 units	92%
Vue at Centennial Multifamily	1	Las Vegas, NV	June 2021	100%	372 units	94%
Charlotte Multifamily Portfolio	2	Charlotte, NC	June & Aug. 2021	100%	576 units	93%
Haven by Watermark Multifamily	1	Denver, CO	June 2021	100%	206 units	94%
Legacy North Multifamily	1	Plano, TX	Aug. 2021	100%	1,675 units	94%
The Brooke Multifamily	1	Atlanta, GA	Aug. 2021	100%	537 units	92%
One Boynton Multifamily	1	Boynton Beach, FL	Aug. 2021	100%	494 units	93%
Town Lantana Multifamily	1	Lantana, FL	Sept. 2021	90%	360 units	93%
Ring Multifamily Portfolio	12	Various	Sept. 2021	100%	3,030 units	94%


Segment and Investment	Number of Properties (1)(2)	Location	Acquisition Date	Ownership Interest (3)	Sq. Feet (in thousands)/Units/Keys (2)(4)	Occupancy Rate (4)(5)
Villages at Pecan Grove Multifamily	1	Holly Springs, NC	Nov. 2021	100%	336 units	95%
Cielo Morrison Multifamily Portfolio	2	Charlotte, NC	Nov. 2021	90%	419 units	95%
FiveTwo at Highland Multifamily	1	Austin, TX	Nov. 2021	90%	390 units	92%
Roman 2.0 Multifamily Portfolio	18	Various	Dec. 2021 & Jan. 2022	100%	5,876 units	94%
Kapilina Beach Homes Multifamily	1	Ewa Beach, HI	Dec. 2021	100%	1,459 units	92%
SeaTac Multifamily Portfolio	2	Edgewood & Everett, WA	Dec. 2021	90%	480 units	93%
Villages at Raleigh Beach Multifamily	1	Raleigh, NC	Jan. 2022	100%	392 units	94%
Raider 2.0 Multifamily Portfolio	3	Las Vegas & Henderson, NV	Mar. & Apr. 2022	100%	1,390 units	94%
Dallas Multifamily Portfolio	2	Irving & Fort Worth, TX	Apr. 2022	90%	759 units	94%
Carlton at Bartram Park Multifamily	1	Jacksonville, FL	Apr. 2022	100%	750 units	94%
Overlook Multifamily Portfolio	2	Malden & Revere, MA	Apr. 2022	100%	1,386 units	93%
Harper Place at Bees Ferry Multifamily	1	Charleston, SC	Apr. 2022	100%	195 units	95%
Rapids Multifamily Portfolio	35	Various	May 2022	100%	10,431 units	93%
8 Spruce Street Multifamily	1	New York, NY	May 2022	100%	900 units	95%
Pike Multifamily Portfolio (6)	37	Various	June 2022	100%	10,205 units	94%
ACG V Multifamily	2	Stockton, CA	Sept. 2022	95%	449 units	95%
Tricon - Multifamily (7)	10	Various	May 2024	Various (7)	2,032 units	(5)
Highroads MH	2	Phoenix, AZ	Apr. 2018	99.6%	198 units	97%
Evergreen Minari MH	2	Phoenix, AZ	June 2018	99.6%	115 units	96%
Southwest MH	9	Various	June 2018	99.6%	2,164 units	91%
Hidden Springs MH	1	Desert Hot Springs, CA	July 2018	99.6%	317 units	87%
SVPAC MH	2	Phoenix, AZ	July 2018	99.6%	233 units	100%
Riverest MH	1	Tavares, FL	Dec. 2018	99.6%	130 units	96%
Angler MH Portfolio	4	Phoenix, AZ	Apr. 2019	99.6%	770 units	94%
Florida MH 4-Pack	4	Various	Apr. & July 2019	99.6%	797 units	92%
Impala MH	3	Phoenix & Chandler, AZ	July 2019	99.6%	333 units	96%
Clearwater MHC 2-Pack	2	Clearwater, FL	Mar. & Aug. 2020	99.6%	207 units	89%
Legacy MH Portfolio	7	Various	Apr. 2020	99.6%	1,896 units	91%
May Manor MH	1	Lakeland, FL	June 2020	99.6%	297 units	78%
Royal Oaks MH	1	Petaluma, CA	Nov. 2020	99.6%	94 units	100%
Southeast MH Portfolio	22	Various	Dec. 2020	99.6%	5,858 units	93%
Redwood Village MH	1	Santa Rosa, CA	July 2021	99.6%	67 units	100%
Courtly Manor MH	1	Hialeah, FL	Oct. 2021	99.6%	525 units	100%
Crescent Valley MH	1	Newhall, CA	Nov. 2021	99.6%	85 units	93%
EdR Student Housing Portfolio	1	Athens, GA	Sept. 2018	60%	267 units	93%
Mercury 3100 Student Housing	1	Orlando, FL	Feb. 2021	100%	228 units	90%
Signal Student Housing Portfolio	8	Various	Aug. 2021	96%	1,749 units	93%
Standard at Fort Collins Student Housing	1	Fort Collins, CO	Nov. 2021	97%	237 units	98%
Intel Student Housing Portfolio	4	Reno, NV	Various	98%	805 units	94%
Signal 2.0 Student Housing Portfolio	2	Buffalo, NY & Athens, GA	Dec. 2021	97%	366 units	92%
Robin Student Housing Portfolio	6	Various	Mar. 2022	98%	1,205 units	85%
Legacy on Rio Student Housing	1	Austin, TX	Mar. 2022	97%	149 units	91%
Mark at Tucson Student Housing	1	Mountain, AZ	Apr. 2022	97%	154 units	91%
Legacy at Baton Rouge Student Housing	1	Baton Rouge, LA	May 2022	97%	300 units	96%
American Campus Communities	140	Various	Aug. 2022	69%	33,545 units	91%
Home Partners of America (8)	N/A (1)	Various	Various	Various (8)	24,280 units	94%
Tricon - Single Family Rental (9)	N/A (1)	Various	May 2024	Various (9)	37,870 units	(5)
Quebec Independent Living Portfolio	5	Quebec, Canada	Aug. 2021 & Aug. 2022	100%	1,449 units	96%
Ace Affordable Housing Portfolio (10)	394	Various	Dec. 2021	Various (10)	54,925 units	92%
Florida Affordable Housing Portfolio	43	Various	Various	100%	10,965 units	96%
Palm Park Affordable Housing	1	Boynton Beach, FL	May 2022	100%	160 units	96%
Wasatch 2-Pack	2	Spring Valley, CA & Midvale, UT	Oct. 2022	100%	350 units	94%
Total Rental Housing	934				270,423 units

Industrial:
HS Industrial Portfolio	30	Various	Apr. 2017	100%	4,903 sq. ft.	96%
Southeast Industrial Portfolio	2	Jacksonville, FL & La Vergne, TN	Nov. 2017	100%	806 sq. ft.	50%
Kraft Chicago Industrial Portfolio	3	Aurora, IL	Jan. 2018	100%	1,693 sq. ft.	100%
Canyon Industrial Portfolio	104	Various	Mar. 2018	100%	16,058 sq. ft.	95%
HP Cold Storage Industrial Portfolio	6	Various	May 2018	100%	2,259 sq. ft.	100%
Meridian Industrial Portfolio	48	Various	Nov. 2018	100%	7,227 sq. ft.	92%


Segment and Investment	Number of Properties (1)(2)	Location	Acquisition Date	Ownership Interest (3)	Sq. Feet (in thousands)/Units/Keys (2)(4)	Occupancy Rate (4)(5)
Summit Industrial Portfolio	8	Atlanta, GA	Dec. 2018	100%	631 sq. ft.	88%
4500 Westport Drive	1	Harrisburg, PA	Jan. 2019	100%	179 sq. ft.	100%
Minneapolis Industrial Portfolio	34	Minneapolis, MN	Apr. 2019	100%	2,459 sq. ft.	95%
Atlanta Industrial Portfolio	61	Atlanta, GA	May 2019	100%	3,779 sq. ft.	97%
Patriot Park Industrial Portfolio	2	Durham, NC	Sept. 2019	100%	323 sq. ft.	100%
Denali Industrial Portfolio	13	Various	Sept. 2019	100%	3,510 sq. ft.	99%
Jupiter 12 Industrial Portfolio	259	Various	Sept. 2019	100%	50,171 sq. ft.	94%
2201 Main Street	1	San Diego, CA	Oct. 2019	100%	260 sq. ft.	100%
Triangle Industrial Portfolio	24	Greensboro, NC	Jan. 2020	100%	2,434 sq. ft.	85%
Midwest Industrial Portfolio	27	Various	Feb. 2020	100%	5,941 sq. ft.	78%
Pancal Industrial Portfolio	8	Various	Feb. & Apr. 2020	100%	1,867 sq. ft.	95%
Diamond Industrial	1	Pico Rivera, CA	Aug. 2020	100%	243 sq. ft.	100%
Inland Empire Industrial Portfolio	2	Etiwanda & Fontana, CA	Sept. 2020	100%	404 sq. ft.	100%
Shield Industrial Portfolio	12	Various	Dec. 2020	100%	1,978 sq. ft.	100%
7520 Georgetown Industrial	1	Indianapolis, IN	Dec. 2020	100%	425 sq. ft.	100%
WC Infill Industrial Portfolio (11)	18	Various	Jan. & Aug. 2021	85%	3,147 sq. ft.	(5)
Vault Industrial Portfolio (11)	35	Various	Jan. 2021	46%	6,597 sq. ft.	(5)
Chicago Infill Industrial Portfolio	7	Various	Feb. 2021	100%	1,058 sq. ft.	100%
Greensboro Industrial Portfolio	19	Various	Apr. 2021	100%	2,068 sq. ft.	80%
I-85 Southeast Industrial Portfolio	4	Various	July & Aug. 2021	100%	739 sq. ft.	100%
Alaska Industrial Portfolio (11)	27	Various UK	July & Oct. 2021	22%	8,735 sq. ft.	(5)
Capstone Industrial Portfolio	2	Brooklyn Park, MN	Sept. 2021	100%	219 sq. ft.	87%
Winston Industrial Portfolio (12)	112	Various	Oct. 2021	Various (12)	29,093 sq. ft.	92%
Procyon Distribution Center Industrial	1	Las Vegas, NV	Oct. 2021	100%	122 sq. ft.	45%
Northborough Industrial Portfolio	2	Marlborough, MA	Oct. 2021	100%	600 sq. ft.	100%
Coldplay Logistics Portfolio (11)	17	Various Germany	Oct. 2021	10%	1,742 sq. ft.	(5)
Canyon 2.0 Industrial Portfolio	89	Various	Nov. 2021	99%	13,699 sq. ft.	89%
Tropical Sloane Las Vegas Industrial	1	Las Vegas, NV	Nov. 2021	100%	171 sq. ft.	100%
Explorer Industrial Portfolio (11)	324	Various	Nov. 2021	12%	69,641 sq. ft.	(5)
Evergreen Industrial Portfolio (11)	11	Various Europe	Dec. 2021	10%	5,545 sq. ft.	(5)
Maplewood Industrial	13	Various	Dec. 2021	100%	2,969 sq. ft.	75%
Meadowland Industrial Portfolio	3	Las Vegas, NV	Dec. 2021	100%	1,138 sq. ft.	92%
Bulldog Industrial Portfolio	7	Suwanee, GA	Dec. 2021	100%	512 sq. ft.	99%
SLC NW Commerce Industrial	3	Salt Lake City, UT	Dec. 2021	100%	529 sq. ft.	100%
Bluefin Industrial Portfolio (11)	68	Various	Dec. 2021	23%	10,559 sq. ft.	(5)
73 Business Center Industrial Portfolio	1	Greensboro, NC	Dec. 2021	100%	217 sq. ft.	54%
Amhurst Industrial Portfolio	8	Waukegan, IL	Mar. 2022	100%	1,280 sq. ft.	80%
Shoals Logistics Center Industrial	1	Austell, GA	Apr. 2022	100%	254 sq. ft.	100%
Durham Commerce Center Industrial	1	Durham, NC	Apr. 2022	100%	132 sq. ft.	100%
Mileway Industrial Portfolio (11)	1,598	Various Europe	Various	15%	143,175 sq. ft.	(5)
Total Industrial	3,019				411,491 sq. ft.

Data Centers:
D.C. Powered Shell Warehouse Portfolio	9	Ashburn & Manassas, VA	June & Dec. 2019	90%	1,471 sq. ft.	100%
Highpoint Powered Shell Portfolio	2	Sterling, VA	June 2021	100%	434 sq. ft.	100%
QTS Data Centers (11)	110	Various	Aug. 2021	35.5%	10,066 sq. ft.	(5)
Atlantic Powered Shell Portfolio	3	Sterling, VA	Apr. 2022	100%	792 sq. ft.	100%
Total Data Centers	124				12,763 sq. ft.

Net Lease:
Bellagio Net Lease	1	Las Vegas, NV	Nov. 2019	49%	8,507 sq. ft.	100%
Cosmopolitan Net Lease	1	Las Vegas, NV	May 2022	80%	6,902 sq. ft.	100%
Reliant Net Lease	52	Various	Various	25%	375 sq. ft.	(5)
Total Net Lease	54				15,784 sq. ft.

Office:
EmeryTech Office	1	Emeryville, CA	Oct. 2019	100%	234 sq. ft.	88%
Coleman Highline Office	1	San Jose, CA	Oct. 2020	100%	357 sq. ft.	100%
Atlanta Tech Center Office	1	Atlanta, GA	May 2021	100%	361 sq. ft.	100%
Atlantic Complex Office	3	Toronto, Canada	Nov. 2021	97%	259 sq. ft.	99%
One Manhattan West (11)	1	New York, NY	Mar. 2022	49%	2,081 sq. ft.	(5)


Segment and Investment	Number of Properties (1)(2)	Location	Acquisition Date	Ownership Interest (3)	Sq. Feet (in thousands)/Units/Keys (2)(4)	Occupancy Rate (4)(5)
One Culver Office	1	Culver City, CA	Mar. 2022	90%	373 sq. ft.	100%
Montreal Office Portfolio	2	Westmount & Montreal, QC	Mar. 2022	98%	412 sq. ft.	95%
Atlanta Tech Center 2.0 Office	1	Atlanta, GA	June 2022	100%	318 sq. ft.	100%
Pike Office Portfolio (6)	2	San Antonio, TX	June 2022	100%	259 sq. ft.	86%
Adare Office	1	Dublin, Ireland	Aug. 2022	75%	517 sq. ft.	100%
Total Office	14				5,171 sq. ft.

Hospitality:
Hyatt Place UC Davis	1	Davis, CA	Jan. 2017	100%	127 keys	66%
Hyatt Place San Jose Downtown	1	San Jose, CA	June 2017	100%	240 keys	71%
Florida Select-Service 4-Pack	1	Tampa, FL	July 2017	100%	113 keys	82%
Hyatt House Downtown Atlanta	1	Atlanta, GA	Aug. 2017	100%	150 keys	66%
Boston/Worcester Select-Service 3-Pack	1	Chelsea, MA	Oct. 2017	100%	140 keys	83%
Henderson Select-Service 2-Pack	2	Henderson, NV	May 2018	100%	228 keys	75%
Orlando Select-Service 2-Pack	2	Orlando, FL	May 2018	100%	254 keys	84%
Corporex Select Service Portfolio	1	Rohnert Park, CA	Aug. 2018	100%	102 keys	68%
Hampton Inn & Suites Federal Way	1	Seattle, WA	Oct. 2018	100%	142 keys	71%
Courtyard Kona	1	Kailua-Kona, HI	Mar. 2019	100%	455 keys	74%
Raven Select Service Portfolio	13	Various	June 2019	100%	1,542 keys	71%
Urban 2-Pack	1	Chicago, IL	July 2019	100%	337 keys	71%
Hyatt Regency Atlanta	1	Atlanta, GA	Sept. 2019	100%	1,260 keys	68%
RHW Select Service Portfolio	6	Various	Nov. 2019	100%	557 keys	67%
Key West Select Service Portfolio	4	Key West, FL	Oct. 2021	100%	519 keys	80%
Sunbelt Select Service Portfolio	3	Various	Dec. 2021	100%	716 keys	70%
HGI Austin University Select Service	1	Austin, TX	Dec. 2021	100%	214 keys	67%
Sleep Extended Stay Hotel Portfolio (11)	196	Various	July 2022	30%	24,935 keys	(5)
Halo Select Service Portfolio	7	Various	Aug. & Oct. 2022	100%	1,409 keys	75%
Total Hospitality	244				33,440 keys

Retail:
Bakers Centre	1	Philadelphia, PA	Mar. 2017	100%	238 sq. ft.	100%
Plaza Del Sol Retail	1	Burbank, CA	Oct. 2017	100%	167 sq. ft.	99%
Vista Center	1	Miami, FL	Aug. 2018	100%	89 sq. ft.	96%
El Paseo Simi Valley	1	Simi Valley, CA	June 2019	100%	108 sq. ft.	97%
Towne Center East	1	Signal Hill, CA	Sept. 2019	100%	163 sq. ft.	99%
Plaza Pacoima	1	Pacoima, CA	Oct. 2019	100%	204 sq. ft.	100%
Canarsie Plaza	1	Brooklyn, NY	Dec. 2019	100%	274 sq. ft.	100%
SoCal Grocery Portfolio	6	Various	Jan. 2020	100%	685 sq. ft.	97%
Northeast Tower Center	1	Philadelphia, PA	Aug. 2021	100%	301 sq. ft.	100%
Southeast Retail Portfolio (11)	6	Various	Oct. 2021	50%	1,226 sq. ft.	(5)
Bingo Retail Portfolio	10	Various	Dec. 2021	100%	1,767 sq. ft.	98%
Pike Retail Portfolio (6)(13)	31	Various	June 2022	Various (13)	3,406 sq. ft.	95%
Tricon-Retail (11)	1	Toronto, Canada	May 2024	12%	31 sq. ft.	(5)
Total Retail	62				8,659 sq. ft.

Self Storage:
East Coast Storage Portfolio	20	Various	Aug. 2019	98%	1,250 sq. ft.	87%
Phoenix Storage 2-Pack	2	Phoenix, AZ	Mar. 2020	98%	111 sq. ft.	87%
Cactus Storage Portfolio	18	Various	Sept. & Oct. 2020	98%	1,089 sq. ft.	87%
Caltex Storage Portfolio	4	Various	Nov. & Dec. 2020	98%	241 sq. ft.	90%
Florida Self Storage Portfolio	2	Cocoa & Rockledge, FL	Dec. 2020	98%	158 sq. ft.	84%
Pace Storage Portfolio	1	Pace, FL	Dec. 2020	98%	72 sq. ft.	83%
Flamingo Self Storage Portfolio	6	Various	Various	98%	376 sq. ft.	84%
Alpaca Self Storage Portfolio	26	Various	Apr. 2022	98%	1,753 sq. ft.	85%
Total Self Storage	79				5,050 sq. ft.

Total Investments in Real Estate	4,530

(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.

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:


Year	Number 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%
2026	593	180,804		10%	27,837	15%
2027	715	219,985		12%	29,688	16%
2028	629	206,750		12%	27,898	15%
2029	476	194,748		11%	23,015	13%
2030	380	187,743		11%	21,601	12%
2031	140	53,109		3%	6,362	3%
2032	88	51,098		3%	4,603	3%
2033	78	35,839		2%	2,645	1%
2034	64	25,262		1%	3,196	2%
Thereafter	147	568,878		31%	15,706	9%
Total	3,587	$	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.

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:

(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.

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
RMBS	4.1%	10/16/2058	117,737		115,005		91,755
Corporate bonds	4.9%	5/28/2028	56,668		56,003		54,099
Total real estate securities	8.3%	10/17/2033	5,274,975		5,222,037		4,978,337
Commercial real estate loans	+4.5%	10/19/2027	919,484		892,832		905,733
Other investments (5)(6)	5.7%	9/21/2029	287,094		275,910		349,264
Total investments in real estate debt	8.2%	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.

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
	2025		2024		$
Revenues
Rental revenue	$	1,770,660	$	1,912,544	$	(141,884)
Hospitality revenue	139,199		150,129		(10,930)
Other revenue	88,522		95,874		(7,352)
Total revenues	1,998,381		2,158,547		(160,166)
Expenses
Rental property operating	828,825		902,711		(73,886)
Hospitality operating	97,968		101,969		(4,001)
General and administrative	16,886		17,950		(1,064)
Management fee	166,892		180,655		(13,763)
Performance participation allocation	88,824		(104,966)		193,790
Impairment of investments in real estate	171,113		118,044		53,069
Depreciation and amortization	808,651		889,334		(80,683)
Total expenses	2,179,159		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 vehicles	38,207		41,013		(2,806)
Loss from interest rate derivatives	(236,097)		(52,637)		(183,460)
Net gain on dispositions of real estate	464,394		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.

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 entit ies 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.

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 de crease 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.

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
	2025		2024		$
Revenues
Rental revenue	$	3,603,049	$	3,875,609	$	(272,560)
Hospitality revenue	273,315		283,306		(9,991)
Other revenue	177,189		188,546		(11,357)
Total revenues	4,053,553		4,347,461		(293,908)
Expenses
Rental property operating	1,687,775		1,816,167		(128,392)
Hospitality operating	192,107		193,884		(1,777)
General and administrative	33,000		34,300		(1,300)
Management fee	335,317		367,776		(32,459)
Performance participation allocation	230,999		—		230,999
Impairment of investments in real estate	341,371		183,758		157,613
Depreciation and amortization	1,635,750		1,802,542		(166,792)
Total expenses	4,456,319		4,398,427		57,892
Other income (expense)
Loss from unconsolidated entities	(738,024)		(62,356)		(675,668)
Income from investments in real estate 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 derivatives	(598,759)		262,562		(861,321)
Net gain on dispositions of real estate	600,303		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 OP	163,400		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.

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.

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.

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).

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
	2025		2024		$
Net loss	$	(568,983)	$	(582,007)	$	13,024
Adjustments to reconcile to Same Property NOI
General and administrative	16,886		17,950		(1,064)
Management fee	166,892		180,655		(13,763)
Performance participation allocation	88,824		(104,966)		193,790
Impairment of investments in real estate	171,113		118,044		53,069
Depreciation and amortization	808,651		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 derivatives	236,097		52,637		183,460
Net gain on dispositions of real estate	(464,394)		(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)
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 entities	278,341		215,063		63,278
NOI attributable to non-controlling interests in consolidated joint ventures	(113,976)		(113,391)		(585)
NOI attributable to BREIT stockholders	1,372,082		1,388,481		(16,399)
Less: Non-Same Property NOI attributable to BREIT stockholders	122,473		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.

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
	2025		2024		$		%
Revenues
Rental revenue	$	1,667,240	$	1,629,984	$	37,256	2%
Hospitality revenue	135,882		141,650		(5,768)		(4)%
Other revenue	70,698		55,768		14,930		27%
Total revenues	1,873,820		1,827,402		46,418		3%

Expenses
Rental property operating	621,970		599,327		22,643		4%
Hospitality operating	88,892		89,088		(196)		(1)%
Total expenses	710,862		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 stockholders	1,051,610		1,031,884		19,726		2%
Same Property NOI from unconsolidated entities	197,999		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
	2025		2024
Rental Housing	$	1,088,926	$	1,068,443	$	20,483	—%	+2%
Industrial	234,407		222,613		11,794		(2)%	+7%
Net Lease	119,992		117,639		2,353		—%	+2%
Retail	36,663		34,989		1,674		—%	+5%
Office	31,149		30,943		206		(1)%	+2%
Self Storage	17,144		16,715		429		—%	+3%
Data Centers	10,310		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.

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.

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
	2025		2024		$
Net loss	$	(2,408,767)	$	(752,077)	$	(1,656,690)
Adjustments to reconcile to Same Property NOI
General and administrative	33,000		34,300		(1,300)
Management fee	335,317		367,776		(32,459)
Performance participation allocation	230,999		—		230,999
Impairment of investments in real estate	341,371		183,758		157,613
Depreciation and amortization	1,635,750		1,802,542		(166,792)
Loss from unconsolidated entities	738,024		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 derivatives	598,759		(262,562)		861,321
Net gain on dispositions of real estate	(600,303)		(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
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 entities	521,210		407,144		114,066
NOI attributable to non-controlling interests in consolidated joint ventures	(241,554)		(240,613)		(941)
NOI attributable to BREIT stockholders	2,728,092		2,760,887		(32,795)
Less: Non-Same Property NOI attributable to BREIT stockholders	237,242		346,229		(108,987)
Same Property NOI attributable to BREIT stockholders	$	2,490,850	$	2,414,658	$	76,192

(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
	2025		2024		$		%

Revenues
Rental revenue	$	3,369,358	$	3,283,706	$	85,652	3%
Hospitality revenue	267,975		268,885		(910)		—%
Other revenue	130,590		107,753		22,837		21%
Total revenues	3,767,923		3,660,344		107,579		3%

Expenses
Rental property operating	1,245,016		1,200,773		44,243		4%
Hospitality operating	174,999		173,708		1,291		1%
Total expenses	1,420,015		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%

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
	2025		2024
Rental Housing	$	2,208,271	$	2,160,542	$	47,729	—%	+2%
Industrial	465,091		444,340		20,751		(2)%	+7%
Net Lease	239,637		234,938		4,699		—%	+2%
Retail	72,602		70,164		2,438		—%	+3%
Office	61,617		61,706		(89)		(1)%	+1%
Self Storage	33,837		33,668		169		(1)%	+2%
Data Centers	20,555		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.

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.

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 amortization	808,651		889,334		1,635,750		1,802,542
Impairment of investments in real estate	171,113		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 allocation	88,824		(104,966)		230,999		—
Incentive compensation awards	20,165		19,702		39,946		41,108
Loss on extinguishment of debt	25,360		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 costs	54,814		50,595		108,306		100,017
Amortization of restricted stock awards	300		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 fee	166,892		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.

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.

• 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.

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 NAV	June 30, 2025
Investments in real estate (1)	$	99,569,813
Investments in real estate debt	6,233,333
Investments in unconsolidated entities (2)	14,327,349
Cash and cash equivalents	2,065,597
Restricted cash	812,075
Other assets	3,152,231
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.

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 Type	Discount Rate	Exit Capitalization Rate
Rental Housing	7.3%	5.4%
Industrial	7.5%	5.6%
Net Lease	6.8%	5.6%
Hospitality	10.8%	9.1%
Data Centers	7.8%	6.1%
Self Storage	8.3%	6.5%
Office	7.8%	5.6%
Retail	7.9%	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:

Input

Hypothetical
Change

Rental Housing Investment
Values

Industrial
Investment
Values

Net Lease
Investment
Values

Hospitality
Investment
Values

Data Center Investment Values

Self Storage
Investment
Values

Office
Investment
Values

Retail
Investment
Values

Discount Rate

0.25% decrease

+1.8%

+2.0%

+1.8%

+1.7%

+0.7%

+1.8%

+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 Rate

0.25% 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 OP	3,284,138
Redeemable non-controlling interest	62,475
Total BREIT stockholders’ equity and BREIT OP partners’ capital under GAAP	25,107,949
Adjustments:
Accrued stockholder servicing fees	824,875

Accrued affiliated service provider incentive compensation awards	(46,141)
Accumulated depreciation and amortization under GAAP	14,560,066
Unrealized net real estate and real estate debt appreciation	12,606,594
NAV	$	53,053,343

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.

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 Date	Class 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, 2025	0.0451		0.0541		0.0452		0.0515		0.0541
March 31, 2025	0.0451		0.0551		0.0453		0.0522		0.0551
April 30, 2025	0.0451		0.0547		0.0452		0.0519		0.0547
May 31, 2025	0.0451		0.0551		0.0453		0.0522		0.0551
June 30, 2025	0.0451		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, 2025				Six Months Ended June 30, 2024
	Amount		Percentage		Amount		Percentage




Distributions
Payable in cash	$	600,519	50	%	$	660,596	52	%
Reinvested in shares	590,628		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.

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.

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, 2025				Principal Balance as of
Indebtedness	Weighted Average Interest Rate (1)	Weighted Average Maturity Date (2)	Maximum Facility Size		June 30, 2025		December 31, 2024
Fixed rate loans secured by our properties:
Fixed rate mortgages (3)	3.8%	3/23/2030	N/A		$	20,980,896	$	21,645,080

Variable rate loans secured by our properties:
Variable rate mortgages and term loans	+2.3%	5/22/2028	N/A		32,907,515		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%	5/22/2028			37,679,034		37,426,125
Total loans secured by our properties	5.5%	1/17/2029			58,659,930		59,071,205

Secured financings of investments in real estate debt:
Secured financings of investments in real estate debt	+1.6%	8/19/2026	N/A		3,585,679		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%	1/24/2026	75,000		—		—
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.

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 properties						5.5%
Impact of interest rate swaps, caps and other derivatives						(1.4)%
Net weighted average interest rate of loans secured by our properties						4.1%

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,
	2025		2024
Cash flows provided by operating activities	$	1,181,577	$	1,152,317
Cash flows provided by investing activities	4,456,795		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)

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.

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.

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.

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.

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.

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 2025	45,429,621	$	13.79	45,429,621	1.3	%	—
May 2025	28,446,928	$	13.75	28,446,928	0.8	%	—
June 2025	31,859,523	$	13.78	31,859,523	0.9	%	—









Total	105,736,072	$	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						Second Articles of Amendment and Restatement of the Company (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on July 27, 2017 and incorporated herein by reference)

3.2						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated August 15, 2019 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on August 16, 2019 and incorporated herein by reference)

3.3						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated March 27, 2020 (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 15, 2020 and incorporated herein by reference)

3.4						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated December 30, 2022 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on January 6, 2023 and incorporated herein by reference)

3.5						Articles Supplementary Designating Class C Common Stock of Blackstone Real Estate Income Trust, Inc., dated December 30, 2022 (filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on January 6, 2023 and incorporated herein by reference)

3.6						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated May 12, 2023 (filed as Exhibit 3.2 to the Registrant’s Post-Effective Amendment No. 7 to its Registration Statement on Form S-11 filed on May 15, 2023 and incorporated herein by reference)

3.7						Certificate of Correction of Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated May 11, 2023 (filed as Exhibit 3.1 to the Registrant’s Post-Effective Amendment No. 7 to its Registration Statement on Form S-11 filed on May 15, 2023 and incorporated herein by reference)

3.8						Articles Supplementary of Blackstone Real Estate Income Trust, Inc., dated May 12, 2023 (filed as Exhibit 3.3 to the Registrant’s Post-Effective Amendment No. 7 to its Registration Statement on Form S-11 filed on May 15, 2023 and incorporated herein by reference)


3.9						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated July 18, 2025 (filed as Exhibit 3.10 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)

3.10						Articles Supplementary of Blackstone Real Estate Income Trust, Inc., dated July 18, 2025 (filed as Exhibit 3.11 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)

3.11						Amended and Restated Bylaws of Blackstone Real Estate Income Trust, Inc. (filed as Exhibit 3.2 to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form S-11 filed on August 30, 2016 and incorporated herein by reference).

4.1						Share Repurchase Plan, effective as of July 18, 2025 (filed as Exhibit 4.1 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)

4.2						Second Amended and Restated Distribution Reinvestment Plan, dated July 18, 2025 (filed as Exhibit 4.2 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)





10.1						Fifth Amended and Restated Advisory Agreement, dated July 18, 2025 (filed as Exhibit 10.1 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)

10.2						Fifth Amended and Restated Limited Partnership Agreement, dated July 18, 2025 (filed as Exhibit 10.2 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)

10.3						Second Amended and Restated Dealer Manager Agreement, dated July 18, 2025 (filed as Exhibit 1.1 to the Registrant's Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)

10.4						Form of Selected Dealer Agreement (filed as Exhibit 1.2 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)















31.1						Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of Principal Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1						Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2						Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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

104						Cover 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.

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)

TABLE OF CONTENTS

Part I. Financial Information Item 1. Financial Statements Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

BSTT 10-Q Quarter ended June 30, 2025

Exhibits