BSTT 10-Q Quarterly Report March 31, 2025

BLACKSTONE REAL ESTATE INCOME TRUST, INC.

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breit-20250331

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 MARCH 31, 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 May 9, 2025, the registrant had the following shares outstanding (in thousands): 1,293,989 shares of Class S common stock, 2,113,422 shares of Class I common stock, 40,331 shares of Class T common stock, 135,094 shares of Class D common stock, 2,973 shares of Class C common stock, and 0 shares of Class F 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 March 31, 2025 and December 31, 2024	1

	Condensed Consolidated Statements of Operations for the Three Month s Ended March 31, 2025 and 2024	2

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ende d March 31, 2025 and 2024	3

	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024	4

	Condensed Consolidated Statements of Cash Flows for the Three Mont hs Ended March 31, 2025 and 2024	5

	Notes to Condensed Consolidated Financial Statements	7

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	40

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	72

ITEM 4.	CONTROLS AND PROCEDURES	73

PART II.	OTHER INFORMATION	74

ITEM 1.	LEGAL PROCEEDINGS	74

ITEM 1A.	RISK FACTORS	74

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	75

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	76

ITEM 4.	MINE SAFETY DISCLOSURES	76

ITEM 5.	OTHER INFORMATION	76

ITEM 6.	EXHIBITS	77

	SIGNATURES	78

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)


	March 31, 2025		December 31, 2024
Assets
Investments in real estate, net	$	80,145,188	$	81,457,935
Investments in unconsolidated entities (includes $ 3,896,500 and $ 3,861,077 at fair value as of March 31, 2025 and December 31, 2024, respectively)	5,983,300		6,866,405
Investments in real estate debt	5,194,969		5,279,928
Real estate loans held by consolidated securitization vehicles, at fair value	13,203,864		13,616,526
Cash and cash equivalents	1,933,723		1,933,084
Restricted cash	1,015,706		843,810
Other assets	5,454,468		6,240,553
Total assets	$	112,931,218	$	116,238,241

Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	$	58,879,573	$	58,540,235
Secured financings of investments in real estate debt	3,754,489		3,624,698
Senior obligations of consolidated securitization vehicles, at fair value	11,853,523		12,233,141
Unsecured revolving credit facilities and term loans	2,551,923		2,501,923
Due to affiliates	648,446		682,747
Other liabilities	4,051,941		3,787,705
Total liabilities	81,739,895		81,370,449

Commitments and contingencies	—		—
Redeemable non-controlling interests	177,125		173,662

Equity

Common stock — Class S shares, $ 0.01 par value per share, 3,000,000 shares authorized; 1,299,418 and 1,339,547 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	12,994		13,395
Common stock — Class I shares, $ 0.01 par value per share, 6,000,000 shares authorized; 2,121,268 and 2,165,077 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	21,213		21,651
Common stock — Class T shares, $ 0.01 par value per share, 500,000 shares authorized; 40,676 and 43,941 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	407		439
Common stock — Class D shares, $ 0.01 par value per share, 1,500,000 shares authorized; 134,829 and 138,946 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	1,348		1,389
Common stock — Class C shares, $ 0.01 par value per share, 500,000 shares authorized; 2,922 and 2,848 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	29		28

Additional paid-in capital	41,500,103		42,781,930
Accumulated other comprehensive income	306,645		383,272
Accumulated deficit and cumulative distributions	( 18,101,064 )		( 15,848,197 )
Total stockholders’ equity	23,741,675		27,353,907
Non-controlling interests attributable to third party joint ventures	4,283,753		4,375,668
Non-controlling interests attributable to BREIT OP	2,988,770		2,964,555
Total equity	31,014,198		34,694,130
Total liabilities and equity	$	112,931,218	$	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 March 31,
		2025		2024
Revenues
Rental revenue		$	1,832,389	$	1,963,065
Hospitality revenue		134,116		133,177
Other revenue		88,667		92,672
Total revenues		2,055,172		2,188,914

Expenses
Rental property operating		858,950		913,456
Hospitality operating		94,139		91,915
General and administrative		16,114		16,350
Management fee		168,425		187,121
Performance participation allocation		142,175		104,966
Impairment of investments in real estate		170,258		65,714
Depreciation and amortization		827,099		913,208
Total expenses		2,277,160		2,292,730

Other income (expense)
Loss from unconsolidated entities		( 765,015 )		( 24,358 )
Income from investments in real estate debt		132,878		268,193
Change in net assets of consolidated securitization vehicles		32,185		75,413
(Loss) income from interest rate derivatives		( 362,662 )		315,199
Net gain on dispositions of real estate		135,909		106,554

Interest expense, net		( 765,796 )		( 831,715 )
Loss on extinguishment of debt		( 11,514 )		( 30,648 )
Other (expense) income		( 13,781 )		55,108
Total other income (expense)		( 1,617,796 )		( 66,254 )
Net loss		$	( 1,839,784 )	$	( 170,070 )
Net loss attributable to non-controlling interests in third party joint ventures		$	20,128	$	31,673
Net loss attributable to non-controlling interests in BREIT OP		123,019		5,384
Net loss attributable to BREIT stockholders		$	( 1,696,637 )	$	( 133,013 )
Net loss per share of common stock — basic and diluted		$	( 0.47 )	$	( 0.03 )
Weighted-average shares of common stock outstanding, basic and diluted		3,635,118		4,000,833

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 March 31,
		2025		2024
Net loss		$	( 1,839,784 )	$	( 170,070 )
Other comprehensive income (loss):
Foreign currency translation gain (loss), net		23,607		( 16,405 )
Unrealized (loss) gain on derivatives		( 95,455 )		101,353
Unrealized (loss) gain on derivatives from unconsolidated entities		( 33,301 )		49,385
Other comprehensive (loss) income		( 105,149 )		134,333
Comprehensive loss		( 1,944,933 )		( 35,737 )
Comprehensive loss attributable to non-controlling interests in third party joint ventures		43,308		5,072
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP		128,361		( 115 )
Comprehensive loss attributable to BREIT stockholders		$	( 1,773,264 )	$	( 30,780 )

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)	30		219		( 19 )		8		1		521,321			—			—		521,560			—			—		521,560
Reduction in accrual for offering costs, net	—		—		—		—		—		33,779			—			—		33,779			—			—		33,779
Distribution reinvestment	72		112		3		8		—		267,321			—			—		267,516			—			33,743		301,259
Common stock/units repurchased	( 503 )		( 970 )		( 16 )		( 57 )		—		( 2,123,283 )			—			—		( 2,124,829 )			—			( 8,422 )		( 2,133,251 )
Amortization of compensation awards	—		201		—		—		—		19,881			—			—		20,082			—			—		20,082
Net loss ($ 887 of net loss allocated to redeemable non‑controlling interests)	—		—		—		—		—		—			—			( 1,696,637 )		( 1,696,637 )			( 19,785 )			( 122,475 )		( 1,838,897 )
Other comprehensive loss ($ 25 of other comprehensive loss allocated to redeemable non‑controlling interests)	—		—		—		—		—		—			( 76,627 )			—		( 76,627 )			( 23,179 )			( 5,318 )		( 105,124 )
Distributions declared on common stock and OP Units ($ 0.1643 gross per share/unit)	—		—		—		—		—		—			—			( 556,230 )		( 556,230 )			—			( 42,327 )		( 598,557 )
Contributions from non-controlling interests	—		—		—		—		—		—			—			—		—			18,571			169,014		187,585
Operating distributions to non-controlling interests	—		—		—		—		—		—			—			—		—			( 36,292 )			—		( 36,292 )
Capital distributions to and redemptions of non-controlling interests	—		—		—		—		—		—			—			—		—			( 31,230 )			—		( 31,230 )
Allocation to redeemable non-controlling interests	—		—		—		—		—		( 846 )			—			—		( 846 )			—			—		( 846 )
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


	Par Value												Accumulated Other Comprehensive 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, 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)	27		172		( 22 )		2		1		448,167		—		—		448,347		—		—		448,347
Reduction in accrual for offering costs, net	—		—		—		—		—		30,523		—		—		30,523		—		—		30,523
Distribution reinvestment	75		118		4		9		—		289,824		—		—		290,030		—		24,699		314,729
Common stock/units repurchased	( 610 )		( 1,382 )		( 23 )		( 46 )		—		( 2,905,070 )		—		—		( 2,907,131 )		—		( 9,747 )		( 2,916,878 )
Amortization of compensation awards	—		189		—		—		—		18,694		—		—		18,883		—		2,704		21,587
Net loss ($ 887 of net loss allocated to redeemable non-controlling interests)	—		—		—		—		—		—		—		( 133,013 )		( 133,013 )		( 30,786 )		( 5,384 )		( 169,183 )
Other comprehensive income ($ 82 of other comprehensive income allocated to redeemable non-controlling interests)	—		—		—		—		—		—		102,233		—		102,233		26,683		5,499		134,415
Distributions declared on common stock and OP units ($ 0.1654 gross per share/unit)	—		—		—		—		—		—		—		( 613,610 )		( 613,610 )		—		( 35,872 )		( 649,482 )
Contributions from non-controlling interests	—		—		—		—		—		—		—		—		—		129,087		225,810		354,897
Operating distributions to non-controlling interests	—		—		—		—		—		—		—		—		—		( 35,147 )		—		( 35,147 )
Capital distributions to and redemptions of non-controlling interests	—		—		—		—		—		( 101,109 )		—		—		( 101,109 )		( 57,409 )		—		( 158,518 )
Allocation to redeemable non-controlling interests	—		—		—		—		—		876		—		—		876		—		—		876
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

See accompanying notes to condensed consolidated financial statements.


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


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	$	( 1,839,784 )	$	( 170,070 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	168,425		187,121
Performance participation allocation	142,175		104,966
Impairment of investments in real estate	170,258		65,714
Depreciation and amortization	827,099		913,208
Net gain on dispositions of real estate	( 135,909 )		( 106,554 )
Loss on extinguishment of debt	11,514		30,648
Unrealized loss (gain) on fair value of financial instruments	336,375		( 453,383 )

Loss from unconsolidated entities	765,015		24,358
Distributions of earnings from unconsolidated entities	128,959		51,317
Other items	48,079		( 29,425 )
Change in assets and liabilities:
Decrease (increase) in other assets	13,226		( 32,542 )
Increase in due to affiliates	427		17,553
Decrease in other liabilities	( 63,405 )		( 104,423 )
Net cash provided by operating activities	572,454		498,488
Cash flows from investing activities:

Capital improvements to real estate	( 213,781 )		( 246,193 )
Proceeds from disposition of real estate	990,302		858,612

Investment in unconsolidated entities	( 81,863 )		( 141,958 )
Dispositions of and return of capital from unconsolidated entities	50,136		548,690

Purchase of investments in real estate debt	( 91,705 )		( 38,511 )
Proceeds from sale/repayment of investments in real estate debt	213,084		606,609


Proceeds from repayments of real estate loans held by consolidated securitization vehicles	435,376		300,428



Other investing activities	( 39,773 )		25,347
Net cash provided by investing activities	1,261,776		1,913,024
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	2,885,859		6,575,662
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	( 2,687,930 )		( 4,922,968 )
Borrowings under secured financings of investments in real estate debt	231,457		54,982
Repayments of secured financings of investments in real estate debt	( 116,233 )		( 209,815 )


Borrowings under unsecured revolving credit facilities and term loans	1,250,000		650,000
Repayments of unsecured revolving credit facilities and term loans	( 1,200,000 )		( 650,000 )
Payment of deferred financing costs	( 51,789 )		( 92,024 )

Repayments of senior obligations of consolidated securitization vehicles	( 396,688 )		( 273,283 )
Proceeds from issuance of common stock	379,928		292,152
Subscriptions received in advance	325,126		144,814
Offering costs paid	( 45,573 )		( 52,926 )
Distributions	( 292,590 )		( 330,172 )
Repurchase of common stock	( 1,799,379 )		( 2,684,064 )


Contributions from redeemable non-controlling interest	3,816		66
Distributions to and redemption of redeemable non-controlling interest	( 245 )		( 1,045 )
Redemption of affiliated service provider incentive compensation awards	( 6,620 )		( 756 )
Contributions from non-controlling interests	4,374		2,658
Distributions to and redemptions of non-controlling interests	( 146,828 )		( 131,374 )
Net cash used in financing activities	( 1,663,315 )		( 1,628,093 )
Net change in cash and cash equivalents and restricted cash	170,915		783,419
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	1,620		( 892 )
Cash, cash equivalents and restricted cash, end of period	$	2,949,429	$	3,477,547

Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	$	1,933,723	$	2,668,894
Restricted cash	1,015,706		808,653
Total cash, cash equivalents and restricted cash	$	2,949,429	$	3,477,547




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	$	—	$	16,136




Change in accrued stockholder servicing fee due to affiliate	$	( 38,346 )	$	( 86,447 )

Issuance of Class B units and Class I shares for payment of management fees	$	169,014	$	188,560





Allocation to redeemable non-controlling interest	$	846	$	876
Distribution reinvestment	$	301,259	$	314,729
Accrued repurchases	$	724,786	$	799,981







Receivable for proceeds from disposition of real estate	$	4,236	$	10,026










Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net	$	56,809	$	416,705
Other assets	$	174	$	5,947
Mortgage loans, net	$	( 28,425 )	$	( 174,070 )
Other liabilities	$	( 2,366 )	$	( 18,965 )
Non-controlling interests attributable to third party joint ventures	$	( 14,197 )	$	( 122,236 )

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 March 31, 2025, the Company owned, in whole or in part, 4,568 properties and 62,428 single family rental homes. The Company currently operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, 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. 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.

Certain amounts in the Company’s prior period Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. The Company aggregated certain financial statement line items into Other Investing Activities in the Company’s Condensed Consolidated Statements of Cash Flows. Such reclassifications had no effect on previously reported totals or subtotals in the Condensed Consolidated Statements of Cash Flows.

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 March 31, 2025, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $ 43.8 billion and $ 32.1 billion, respectively, compared to $ 44.7 billion and $ 32.4 billion, respectively, as of December 31, 2024. Such amounts are included on the 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 March 31, 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 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 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 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. 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):


	March 31, 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)	$	—	$	3,936,607	$	988,687	$	4,925,294	$	—	$	3,973,217	$	1,047,742	$	5,020,959
Real estate loans held by consolidated securitization vehicles, at fair value	—		13,203,864		—		13,203,864		—		13,616,526		—		13,616,526

Investments in unconsolidated entities	—		—		3,896,500		3,896,500		—		—		3,861,077		3,861,077
Interest rate and foreign currency hedging derivatives (2)	—		1,549,590		—		1,549,590		—		2,002,173		—		2,002,173

Total	$	—	$	18,690,061	$	4,885,187	$	23,575,248	$	—	$	19,591,916	$	4,908,819	$	24,500,735

Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	$	—	$	11,853,523	$	—	$	11,853,523	$	—	$	12,233,141	$	—	$	12,233,141
Interest rate and foreign currency hedging derivatives (3)	—		19,999		—		19,999		—		11,243		—		11,243

Total	$	—	$	11,873,522	$	—	$	11,873,522	$	—	$	12,244,384	$	—	$	12,244,384

(1) Excludes $ 269.7 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 March 31, 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	1,967		590		2,557
Sales and repayments	( 65,678 )		—		( 65,678 )
Distributions received	—		( 48,495 )		( 48,495 )
Included in net income (loss)
Income from unconsolidated entities measured at fair value	—		83,328		83,328

Unrealized gain	4,656		—		4,656

Balance as of March 31, 2025	$	988,687	$	3,896,500	$	4,885,187

The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

March 31, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Impact to Valuation from an Increase in Input

Assets

Investments in real estate loans

988,687

Yield method

Market yield

9.3 %

Decrease

Investments in unconsolidated entities

3,896,500

Discounted cash flow

Weighted average cost of capital

8.5 %

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 March 31, 2025, the Company recognized an aggregate $ 146.8 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 $ 380.7 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 7.0 % to 10.9 %, and the exit capitalization rate (Level 3), which ranged from 4.9 % to 9.3 %.

Additionally, during the three months ended March 31, 2025, the Company recognized an aggregate $ 23.5 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 $ 157.2 million as of March 31, 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 March 31, 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 $ 0.7 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 Three Months Ended March 31, 2025						March 31, 2025
Plan Year	Unrecognized Compensation Cost		Forfeiture of Unvested Awards		Value of Awards Issued		(Amortization)/Reversal of Compensation Cost		Unrecognized Compensation Cost		Remaining Amortization Period
2022	$	3,107	$	( 1,250 )	$	—	$	( 1,288 )	$	569	0.6 years
2023	6,070		—		—		( 1,615 )		4,455		1.2 years
2024	11,692		( 2,798 )		—		135		9,029		2.2 years
2025	—		—		29,091		( 2,422 )		26,669		3.0 years
Total	$	20,869	$	( 4,048 )	$	29,091	$	( 5,190 )	$	40,722

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):


	March 31, 2025		December 31, 2024
Building and building improvements	$	71,647,624	$	72,126,536
Land and land improvements	16,255,845		16,406,385
Furniture, fixtures and equipment	2,411,057		2,389,177
Right of use asset - operating leases (1)	1,052,029		1,050,921
Right of use asset - financing leases (1)	72,862		72,862
Total	91,439,417		92,045,881
Accumulated depreciation and amortization	( 11,294,229 )		( 10,587,946 )
Investments in real estate, net	$	80,145,188	$	81,457,935

(1) Refer to Note 15 for additional details on the Company’s leases.

Acquisitions

There were no acquisitions during the three months ended March 31, 2025.

Dispositions

The following table details the dispositions during the periods set forth below ($ in thousands):


	Three Months Ended March 31, 2025	Three Months Ended March 31, 2024
Segments			Number of Properties	Net Proceeds		Net Gain (1)		Number of Properties	Net Proceeds		Net Gain (Loss) (1)
Rental Housing properties (2)			19	$	831,926	$	69,932	33	$	519,974	$	44,421
Industrial properties			8	132,289		61,222		14	325,881		63,541
Retail properties			2	28,931		4,755		1	26,539		( 1,408 )



Total			29	$	993,146	$	135,909	48	$	872,394	$	106,554

(1) For the three months ended March 31, 2025, net gain includes gains of $ 151.2 million and losses of $ 15.3 million. For the three months ended March 31, 2024, net gain (loss) includes gains of $ 112.7 million and losses of $ 6.1 million.

(2) The number of properties excludes single family rental homes sold.

Properties Held-for-Sale

As of March 31, 2025, 10 properties in the industrial segment, four properties in the rental housing 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:	March 31, 2025
Investments in real estate, net	$	506,464
Other assets	6,629
Total assets	$	513,093

Liabilities:
Mortgage loans, net	$	190,693
Other liabilities	8,567
Total liabilities	$	199,260

Impairment

During the three months ended March 31, 2025, the Company recognized an aggregate $ 170.3 million of impairment charges including (i) $ 146.8 million related to seven rental housing properties, two hospitality 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) $ 23.5 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 March 31, 2024, the Company recognized an aggregate $ 65.7 million of impairment charges including (i) $ 36.5 million related to three rental housing 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) $ 29.2 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):


	March 31, 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	107	35.7 %	$	771,493
Rental Housing investments (2)	Rental Housing	9	5	12.2 % - 69.5 %	760,161
Hospitality investment	Hospitality	1	196	30.0 %	216,430
Industrial investments (3)	Industrial	3	55	10.1 % - 22.4 %	242,580
Retail investments	Retail	2	8	50.0 %	86,463
Net Lease investments (4)	Net Lease	1	27	25.0 %	9,673
Total unconsolidated entities carried at historical cost		17	398		2,086,800
Unconsolidated entities carried at fair value:
Industrial investments (5)	Industrial	11	2,064	12.4 % - 85.0 %	3,070,933

Office investment	Office	1	1	49.0 %	460,627
Rental Housing investment (6)	Rental Housing	1	11	11.6 %	364,940
Total unconsolidated entities carried at fair value		13	2,076		3,896,500
Total		30	2,474		$	5,983,300

(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 10,171 single family rental homes.

(3) Consists of $ 242.6 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4) Consists of $ 9.7 million from investments in a joint venture formed by the Company and another Blackstone-advised investment vehicle.

(5) Includes $ 2.3 billion from investments in four joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(6) The number of properties excludes 37,554 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
Hospitality investment	Hospitality	1	196	30.0 %	276,218
Industrial investments (3)	Industrial	3	56	10.1 % - 22.4 %	237,825
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 newly formed by the Company and another Blackstone-advised investment vehicle. As of December 31, 2024, the joint venture has not made any investments. Book value represents the Company’s capital contribution less the compnay'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 table details the Company’s loss from unconsolidated entities ($ in thousands):


		For the Three Months Ended March 31,
BREIT Loss from Unconsolidated Entities	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	( 827,470 )	$	24,382
Rental Housing investments	Rental Housing	( 13,853 )		( 8,610 )
Hospitality investment	Hospitality	( 2,788 )		( 4,305 )
Industrial investments	Industrial	( 3,199 )		( 321 )
Retail investments	Retail	( 1,421 )		( 1,149 )
Net Lease investments	Net Lease	( 291 )		—

Total unconsolidated entities carried at historical cost		( 849,022 )		9,997
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	89,940		( 22,502 )
Data Center investments (1)	Data Centers	—		( 17,698 )
Office investment	Office	2,241		5,845
Rental Housing investments	Rental Housing	( 8,174 )		—
Total unconsolidated entities carried at fair value		84,007		( 34,355 )
Total		$	( 765,015 )	$	( 24,358 )

(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):


	March 31, 2025
Type of Security/Loan (1)	Weighted Average Coupon (2)	Weighted Average Maturity Date (3)	Face Amount		Cost Basis		Fair Value
CMBS (4)	+ 4.2 %	3/7/2032	$	3,935,323	$	3,919,816	$	3,705,462
RMBS	4.2 %	2/3/2058	171,128		168,233		129,560
Corporate bonds	4.9 %	5/26/2028	55,779		56,003		52,693
Total real estate securities	8.2 %	12/29/2032	4,162,230		4,144,052		3,887,715
Commercial real estate loans	+ 4.6 %	9/24/2027	976,751		968,526		969,615
Other investments (5)(6)	5.7 %	9/21/2029	287,094		275,910		337,639
Total investments in real estate debt	8.1 %	10/20/2031	$	5,426,075	$	5,388,488	$	5,194,969


	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 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 March 31, 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):


	March 31, 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	$	2,026,395	$	2,000,043	38 %	$	1,972,592	$	1,940,709	37 %
Rental Housing (2)	1,811,091		1,821,010		35 %	1,873,616		1,850,255		35 %
Net Lease	858,504		860,079		17 %	858,605		860,465		16 %
Hospitality	244,140		231,299		4 %	332,623		322,052		6 %
Office	366,661		204,419		4 %	379,257		209,882		4 %
Other	52,529		50,610		1 %	52,257		49,900		1 %
Diversified	29,168		27,509		1 %	52,286		46,665		1 %

Total	$	5,388,488	$	5,194,969	100 %	$	5,521,236	$	5,279,928	100 %

(1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.

(2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.

The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands):


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


A	$	35,301	$	33,309	1 %	$	28,200	$	27,735	1 %
BBB	786,787		778,306		15 %	807,228		799,005		15 %
BB	779,350		748,346		14 %	797,219		759,361		14 %
B	571,863		534,642		10 %	576,629		523,784		9 %
CCC and below	155,892		46,116		1 %	143,548		38,704		1 %



Private commercial real estate loans	968,526		969,615		19 %	1,044,460		1,032,821		20 %
Not rated (2)	2,090,769		2,084,635		40 %	2,123,952		2,098,518		40 %
Total	$	5,388,488	$	5,194,969	100 %	$	5,521,236	$	5,279,928	100 %

(1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.

(2) As of March 31, 2025, not rated positions have a weighted-average loan-to-value (“LTV”) at origination of 55 %, and are primarily composed of 57 % industrial and 41 % rental housing assets.

The following table details the Company’s income from investments in real estate debt ($ in thousands):


	For the Three Months Ended March 31,
		2025		2024
Interest income		$	113,358	$	178,838
Unrealized gain		41,311		94,392
Realized loss		( 8,793 )		( 10,936 )
Total		145,876		262,294
Net realized and unrealized (loss) gain on derivatives		( 4,175 )		4,120
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt		( 5,471 )		5,442
Other expense		( 3,352 )		( 3,663 )
Total income from investments in real estate debt		$	132,878	$	268,193

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 March 31,
	March 31, 2025		December 31, 2024				2025		2024
CMBS	$	670,757	$	746,773			$	20,409	$	61,710
Commercial real estate loans	367,578		416,942				6,834		14,777
Total	$	1,038,335	$	1,163,715			$	27,243	$	76,487

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 March 31, 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 months ended March 31, 2025 and 2024, the Company recognized $ 37.6 million and $ 88.7 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):


	March 31, 2025
	Count	Principal Value		Fair Value		Wtd. Avg. Yield/Cost (1)		Wtd. Avg. Term (2)
Real estate loans held by consolidated securitization vehicles	199	$	12,851,228	$	13,203,864	5.9	%	5/26/2026
Senior obligations of consolidated securitization vehicles	19	11,441,465		11,853,523		5.7	%	6/5/2026
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	19	$	1,409,763	$	1,350,341	7.4	%	3/10/2026


	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):


	March 31, 2025				Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate (1)	Weighted Average Maturity Date (2)(3)	Maximum Facility Size		March 31, 2025		December 31, 2024
Fixed rate loans:
Fixed rate mortgages (4)	3.8 %	2/19/2030	N/A		$	21,069,972	$	21,645,080

Variable rate loans:
Variable rate mortgages and secured term loans	+ 2.3 %	3/25/2028	N/A		32,845,166		32,006,218
Variable rate warehouse facilities (5)	+ 2.1 %	7/16/2028	$	2,785,986	1,907,905		1,929,037
Variable rate secured revolving credit facilities	+ 1.9 %	4/4/2028	$	3,575,831	3,575,831		3,490,870


Total variable rate loans	+ 2.3 %	3/28/2028			38,328,902		37,426,125
Total loans secured by real estate	5.6 %	11/22/2028			59,398,874		59,071,205
(Discount) premium on assumed debt, net					( 93,728 )		( 96,048 )
Deferred financing costs, net					( 425,573 )		( 434,922 )
Mortgage loans, secured term loans, and secured revolving credit facilities, net					$	58,879,573	$	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 March 31, 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 $ 18.7 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 $ 251.3 million and $ 261.6 million of loans related to investments in affordable housing properties as of March 31, 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 March 31, 2025 ($ in thousands):


Year	Amount

2025 (remaining)	$	323,121
2026	12,656,608
2027	17,594,240
2028	5,822,453
2029	12,379,198
2030	3,635,436
Thereafter	6,987,818
Total	$	59,398,874

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 $ 11.5 million and $ 30.6 million for the three months ended March 31, 2025 and 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 March 31, 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 March 31, 2025 and December 31, 2024, the Company’s secured financings of investments in real estate debt was $ 3.8 billion and $ 3.6 billion, respectively. As of March 31, 2025, the secured financings had a weighted average maturity date of April 22, 2026, and a weighted average interest rate of 1.5 % over the relevant floating benchmark rates of the applicable financings, primarily SOFR and similar indices for non-USD facilities.

As of both March 31, 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. 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 August 20, 2027, which may be extended for one year , and an interest rate of SOFR + 2.5 %. As of both March 31, 2025 and December 31, 2024, the maximum capacity of the credit facilities was $ 6.1 billion. As of March 31, 2025 and December 31, 2024, the aggregate outstanding balance of borrowings under these unsecured credit facilities was $ 1.5 billion and $1.4 billion, respectively.

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 both March 31, 2025 and December 31, 2024, the aggregate outstanding balance of the unsecured term loans was $ 1.1 billion.

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 “Lender”). The Line of Credit expires on January 24, 2026, and may be extended for up to 12 months, subject to 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) 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 March 31, 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):


	March 31, 2025		December 31, 2024
Accrued stockholder servicing fee	$	544,367	$	624,579
Performance participation allocation	45,963		—
Accrued management fee	55,814		56,401

Other	2,302		1,767
Total	$	648,446	$	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 months ended March 31, 2025, the Company’s total return exceeded the current period hurdle amount, resulting in $ 142.2 million of performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations. During the three months ended March 31, 2024, the Company’s total return exceeded the current period hurdle amount and the 2023 loss carryforward of $ 355.7 million, resulting in $ 105.0 million of performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations.

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 three months ended March 31, 2025, the Company accrued interest income of $ 1.1 million related to such net 2024 Shortfall Obligation.

The net 2024 Shortfall Obligation and related $ 1.1 million of interest accrued was satisfied with the $ 142.2 million performance participation accrual for the three months ended March 31, 2025, resulting in a net performance participation allocation payable of $ 46.0 million as of March 31, 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 net performance participation allocation.

As of May 9, 2025, Blackstone owned shares of the Company and units of BREIT OP valued at an aggregate $ 3.5 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 months ended March 31, 2025 and 2024, the Company incurred management fees of $ 168.4 million and $ 187.1 million, respectively.

During the three months ended March 31, 2025 and 2024, the Company issued BREIT OP units of 12.3 million and 13.3 million, respectively, to the Adviser as payment for management fees. The Company also had a payable of $ 55.8 million and $ 56.4 million related to the management fees as of March 31, 2025 and December 31, 2024, respectively. During April 2025, the Adviser was issued 4.0 million units of BREIT OP as payment for the management fees accrued as of March 31, 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 months ended March 31, 2025 and 2024.

Other

As of March 31, 2025 and December 31, 2024, the Company had an outstanding balance due to the Adviser of $ 2.3 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 months ended March 31, 2025, the Company paid LNLS $ 10.7 million 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 months ended March 31, 2025 and 2024 , the Company received a net refund of $ 0.1 million and $ 0.3 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.

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 January 2025, we have engaged TAH Operations LLC (“Tricon”), a portfolio company owned by 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 January 1, 2025, the Company engaged BX RE Portco LLC (“BX RE Portco”), 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.

The following table details 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 March 31,				Three Months Ended March 31,			Three Months Ended March 31,
	2025		2024			2025		2024		2025		2024
Link Logistics Real Estate LLC	$	28,672	$	27,532		$	6,397	$	5,982	$	2,324	$	452
LivCor, LLC	28,294		27,729			4,989		5,505		1,298		1,970
Tricon	11,758		—			—		—		—		—
Revantage (1)	9,306		3,595			2,443		2,275		—		—
BX RE Portco (2)	8,471		10,423			124		592		267		351
BRE Hotels and Resorts LLC	3,012		3,147			337		509		—		—

BPP MFNY Employer LLC	866		821			301		395		—		—
Longview Senior Housing, LLC	282		257			—		—		—		—

	$	90,661	$	73,504		$	14,591	$	15,258	$	3,889	$	2,773

(1) Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.

(2) Includes Shopcore Properties TRS Management LLC and EQ Management, LLC for three months ended March 31, 2024.

As of March 31, 2025 and December 31, 2024, $ 20.2 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 Three Months Ended March 31, 2025						March 31, 2025
Plan Year	Unrecognized Compensation Cost		Forfeiture of Unvested Awards		Value of Awards Issued		Amortization of Compensation Cost		Unrecognized Compensation Cost		Remaining Amortization Period


2022	$	7,786	$	—	$	—	$	( 1,946 )	$	5,840	0.8 years
2023	14,673		—		—		( 2,293 )		12,380		1.5 years
2024	40,265		—		—		( 5,030 )		35,235		2.2 years
2025	—		—		63,871		( 5,322 )		58,549		3.0 years
	$	62,724	$	—	$	63,871	$	( 14,591 )	$	112,004

For the three months ended March 31, 2025, certain portfolio companies owned by the Company earned revenue of $ 1.1 million 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 months ended March 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company had a receivable of $ 52.9 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):


	March 31, 2025		December 31, 2024
Interest rate and foreign currency hedging derivatives	$	1,549,590	$	2,002,173
Straight-line rent receivable	843,052		808,936
Intangible assets, net	779,815		826,900
Receivables, net	634,076		641,551
Held-for-sale assets	513,093		753,533
Single family rental homes risk retention securities	300,718		300,718
Securities held in trust	216,152		179,498
Prepaid expenses	165,556		175,167
Deferred leasing costs, net	147,910		148,889
Deferred financing costs, net	109,106		114,560
Due from affiliate (1)	—		95,024




Other	195,400		193,604
Total	$	5,454,468	$	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):


	March 31, 2025		December 31, 2024
Stock repurchases payable	$	724,786	$	462,894
Right of use lease liability - operating leases	606,991		605,923
Accounts payable and accrued expenses	403,915		372,281
Accrued interest expense	339,361		338,509
Subscriptions received in advance	325,126		143,030
Real estate taxes payable	255,370		284,392
Financing of affordable housing development	216,002		177,902
Tenant security deposits	202,867		205,853
Liabilities related to held-for-sale assets	199,260		380,179
Distribution payable	198,900		202,801
Intangible liabilities, net	165,738		178,510
Prepaid rental income	153,266		179,464


Right of use lease liability - financing leases	79,797		79,493
Accrued service provider expenses (1)	20,181		33,685
Interest rate and foreign currency hedging derivatives	19,999		11,243



Other	140,382		131,546
Total	$	4,051,941	$	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 gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):


	March 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Total Intangible Assets/Liabilities, net
Intangible assets
In-place lease intangibles	$	1,169,281	$	( 767,339 )	$	401,942
Indefinite life intangibles	94,082		—		94,082
Above-market lease intangibles	53,895		( 35,589 )		18,306
Other intangibles	419,446		( 153,961 )		265,485
Total intangible assets	$	1,736,704	$	( 956,889 )	$	779,815

Intangible liabilities
Below-market lease intangibles	374,638		( 208,900 )		165,738
Total intangible liabilities	$	374,638	$	( 208,900 )	$	165,738


	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 March 31, 2025 is as follows ($ in thousands):


	In-place Lease Intangibles		Above-market Lease Intangibles		Other Intangibles		Below-market Lease Intangibles
2025 (remaining)	$	79,879	$	3,868	$	22,140	$	( 30,389 )
2026	87,035		4,189		28,190		( 33,924 )
2027	64,420		2,955		26,340		( 23,840 )
2028	50,545		2,214		24,888		( 18,583 )
2029	37,842		1,721		22,817		( 14,373 )
2030	26,149		1,274		20,675		( 10,694 )
Thereafter	56,072		2,085		120,435		( 33,935 )
Total	$	401,942	$	18,306	$	265,485	$	( 165,738 )

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):


	March 31, 2025
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike	Index	Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt	20	$	6,316,506	2.6 %	SOFR	3.4
Derivatives not designated as hedging instruments
Interest rate caps – property debt	152	18,706,922		6.5 %	SOFR	0.8
Interest rate swaps – property debt	54	26,044,132		1.4 %	SOFR, EURIBOR	2.7
Interest rate swaps – secured financings of investments in real estate debt	10	419,915		4.1 %	SOFR	5.2
Total		$	45,170,969
	December 31, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount		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

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):


	March 31, 2025			December 31, 2024
Foreign Currency Forward Contracts	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Buy USD / Sell EUR Forward	7	€	48,506	8	€	147,630
Buy USD / Sell GBP Forward	5	£	36,501	6	£	36,711
Buy EUR / Sell USD Forward	1	€	738	—	€	—

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 (1) Position				Fair Value of Derivatives in a Liability (2) Position
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Derivatives designated as hedging instruments
Interest rate swaps – property debt	$	203,090	$	295,596	$	367	$	—
Total derivatives designated as hedging instruments	203,090		295,596		367		—
Derivatives not designated as hedging instruments
Interest rate swaps – property debt	1,336,649		1,686,623		2,666		1,406
Interest rate caps - property debt (3)	8,415		15,873		2,953		5,426
Interest rate swaps – secured financings of investments in real estate debt	323		488		10,722		4,411
Foreign currency forward contracts	1,113		3,593		3,291		—
Total derivatives not designated as hedging instruments	1,346,500		1,706,577		19,632		11,243
Total interest rate and foreign currency hedging derivatives	$	1,549,590	$	2,002,173	$	19,999	$	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 $ 96.3 million and $ 117.2 million as of March 31, 2025 and December 31, 2024, respectively.

The following table details 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 March 31,
			2025		2024
Included in Net Loss
Interest rate swap – property debt	Unrealized (loss) gain	(1)	$	( 347,607 )	$	310,211

Interest rate caps – property debt	Realized (loss) gain	(1)	( 18 )		511
Interest rate caps – property debt	Unrealized loss	(1)	( 8,443 )		( 10,878 )
Interest rate swaps – secured financings of investments in real estate debt	Unrealized (loss) gain	(1)	( 6,594 )		15,355
Foreign currency forward contract	Realized gain (loss)	(2)	1,589		( 2 )
Foreign currency forward contract	Unrealized (loss) gain	(2)	( 5,764 )		4,122
Total			$	( 366,837 )	$	319,319
Included in Other Comprehensive Income
Interest rate swap – property debt (3)	Unrealized (loss) gain		( 95,455 )		101,353
Total			$	( 462,292 )	$	420,672

(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 months ended March 31, 2025 and 2024, net gain of $ 30.3 million and $ 45.6 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 March 31, 2025, the Company was in a net liability position and posted collateral of $ 10.3 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 March 31, 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 table details the movement in the Company’s outstanding shares of common stock (1) (in thousands):



















	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)	2,983	42,018	( 1,955 )	774	99	43,919

Distribution reinvestment	7,203	11,193	286	794	—	19,476
Common stock repurchased	( 50,315 )	( 97,020 )	( 1,596 )	( 5,685 )	( 25 )	( 154,641 )

March 31, 2025	1,299,418	2,121,268	40,676	134,829	2,922	3,599,113

(1) As of March 31, 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 months ended March 31, 2025.

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 three months ended March 31, 2025, the Company repurchased 154.6 million shares of common stock and 0.6 million units of BREIT OP for a total of $ 2.1 billion, satisfying all repurchase requests for the three months ended March 31, 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 table details the aggregate distributions declared for each applicable class of common stock:








	Three Months Ended March 31, 2025
	Class S		Class I		Class T		Class D
Aggregate gross distributions declared per share of common stock	$	0.1643	$	0.1643	$	0.1643	$	0.1643
Stockholder servicing fee per share of common stock	( 0.0290 )		—		( 0.0285 )		( 0.0084 )
Net distributions declared per share of common stock	$	0.1353	$	0.1643	$	0.1358	$	0.1559

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 three months ended March 31, 2025 and 2024 ($ in thousands):


	Three Months Ended March 31,
	2025		2024
Balance at the beginning of the period	$	15,688	$	351






GAAP income allocation	( 524 )		—
Distributions	( 1 )		—
Fair value allocation	820		6
Ending balance	$	15,983	$	357

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 March 31, 2025 and December 31, 2024, $ 161.1 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 $ 0.8 million and $ 0.9 million, during the three months ended March 31, 2025 and 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, data centers, self storage, retail, and office properties. Leases at the Company’s industrial, data centers, retail, and office 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, data centers, retail, and office 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, data centers, retail, and office 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 March 31,
		2025		2024
Fixed lease payments		$	1,688,180	$	1,814,604
Variable lease payments		144,209		148,461
Rental revenue		$	1,832,389	$	1,963,065

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 March 31, 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)	$	1,320,441
2026	1,685,818
2027	1,498,317
2028	1,296,381
2029	1,104,577
2030	915,965
Thereafter	14,140,717
Total	$	21,962,216

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 March 31, 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 March 31, 2025 ($ in thousands):


	Operating Leases		Financing Leases

2025 (remaining)	$	27,990	$	3,303
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	2,034,889		549,465
Total undiscounted future lease payments	2,246,071		576,600
Difference between undiscounted cash flows and discounted cash flows	( 1,639,080 )		( 496,803 )
Total lease liability	$	606,991	$	79,797

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 March 31, 2025, the weighted average remaining lease term of the Company’s operating leases and financing leases were 59 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 March 31,
		2025		2024
Fixed ground rent expense		$	3,634	$	3,948
Variable ground rent expense		9,005		8,235
Total cash portion of ground rent expense		12,639		12,183
Straight-line ground rent expense		4,870		5,334
Total operating lease costs		$	17,509	$	17,517

The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):


	Three Months Ended March 31,
		2025		2024
Interest on lease liabilities		$	1,087	$	1,091
Amortization of right-of-use assets		304		299
Total financing lease costs		$	1,391	$	1,390

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):


	March 31, 2025		December 31, 2024
Rental Housing	$	57,347,994	$	58,567,894
Industrial	17,617,765		17,771,159
Net Lease	8,018,753		8,029,195
Office	2,761,156		2,759,646
Hospitality	2,618,679		2,696,612
Retail	2,055,233		2,119,705
Data Centers	1,585,297		2,442,748
Self Storage	710,981		714,617
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value	18,303,726		18,801,660
Other (Corporate)	1,911,634		2,335,005
Total assets	$	112,931,218	$	116,238,241

The following table details the financial results by segment for the three months ended March 31, 2025 ($ in thousands):


	Rental Housing		Industrial		Net Lease		Office		Hospitality		Retail		Data Centers		Self Storage		Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	1,221,705	$	334,857	$	150,384	$	42,557	$	—	$	51,760	$	13,743	$	17,383	$	—	$	1,832,389
Hospitality revenue	—		—		—		—		134,116		—		—		—		—		134,116
Other revenue	78,153		5,851		—		1,977		67		1,224		—		1,395		—		88,667
Total revenues	1,299,858		340,708		150,384		44,534		134,183		52,984		13,743		18,778		—		2,055,172
Expenses:
Rental property operating	691,293		120,435		688		15,163		—		20,341		3,084		7,946		—		858,950
Hospitality operating	—		—		—		—		94,139		—		—		—		—		94,139
Total expenses	691,293		120,435		688		15,163		94,139		20,341		3,084		7,946		—		953,089
(Loss) Income from unconsolidated entities	( 22,027 )		86,741		( 291 )		2,241		( 2,788 )		( 1,421 )		( 827,470 )		—		—		( 765,015 )
Income from investments in real estate debt	—		—		—		—		—		—		—		—		132,878		132,878
Changes in net assets of consolidated securitization vehicles	—		—		—		—		—		—		—		—		32,185		32,185

GAAP segment income (loss)	$	586,538	$	307,014	$	149,405	$	31,612	$	37,256	$	31,222	$	( 816,811 )	$	10,832	$	165,063	$	502,131

Depreciation and amortization	$	( 533,959 )	$	( 166,126 )	$	( 49,555 )	$	( 21,245 )	$	( 22,964 )	$	( 21,040 )	$	( 5,546 )	$	( 6,664 )	$	—	$	( 827,099 )

General and administrative																			( 16,114 )
Management fee																			( 168,425 )
Performance participation allocation																			( 142,175 )
Impairment of investments in real estate																			( 170,258 )
Loss from interest rate derivatives																			( 362,662 )
Net gain on dispositions of real estate																			135,909

Interest expense, net																			( 765,796 )
Loss on extinguishment of debt																			( 11,514 )
Other expense																			( 13,781 )
Net loss																			$	( 1,839,784 )
Net loss attributable to non-controlling interests in third party joint ventures																			$	20,128
Net loss attributable to non-controlling interests in BREIT OP																			123,019
Net loss attributable to BREIT stockholders																			$	( 1,696,637 )

The following table details the financial results by segment for the three months ended March 31, 2024 ($ in thousands):


	Rental Housing		Industrial		Net Lease		Office		Hospitality		Retail		Data Centers		Self Storage		Investments in Real Estate Debt		Total
Revenues:
Rental revenue	$	1,314,157	$	367,058	$	150,384	$	43,110	$	—	$	57,591	$	13,080	$	17,685	$	—	$	1,963,065
Hospitality revenue	—		—		—		—		133,177		—		—		—		—		133,177
Other revenue	83,429		3,830		—		2,439		—		1,497		—		1,477		—		92,672
Total revenues	1,397,586		370,888		150,384		45,549		133,177		59,088		13,080		19,162		—		2,188,914
Expenses:
Rental property operating	740,945		122,493		667		14,562		—		24,069		2,409		8,311		—		913,456
Hospitality operating	—		—		—		—		91,915		—		—		—		—		91,915
Total expenses	740,945		122,493		667		14,562		91,915		24,069		2,409		8,311		—		1,005,371
(Loss) income from unconsolidated entities	( 8,611 )		( 22,823 )		—		5,845		( 4,305 )		( 1,148 )		6,684		—		—		( 24,358 )
Income from investments in real estate debt	—		—		—		—		—		—		—		—		268,193		268,193
Changes in net assets of consolidated securitization vehicles	—		—		—		—		—		—		—		—		75,413		75,413
Income from investments in equity securities (1)	56,972		—		—		—		—		—		—		—		—		56,972
GAAP segment income	$	705,002	$	225,572	$	149,717	$	36,832	$	36,957	$	33,871	$	17,355	$	10,851	$	343,606	$	1,559,763

Depreciation and amortization	$	( 586,190 )	$	( 188,018 )	$	( 51,878 )	$	( 24,688 )	$	( 22,676 )	$	( 27,609 )	$	( 5,541 )	$	( 6,608 )	$	—	$	( 913,208 )

General and administrative																			( 16,350 )
Management fee																			( 187,121 )
Impairment of investments in real estate																			( 65,714 )
Income from interest rate derivatives																			315,199
Performance participation allocation																			( 104,966 )
Net gain on dispositions of real estate																			106,554

Interest expense, net																			( 831,715 )
Loss on extinguishment of debt																			( 30,648 )
Other expense (1)																			( 1,864 )
Net loss																			$	( 170,070 )
Net loss attributable to non-controlling interests in third party joint ventures																			$	31,673
Net loss attributable to non-controlling interests in BREIT OP																			5,384
Net loss attributable to BREIT stockholders																			$	( 133,013 )

(1) Included within Other Income (Expense) on the Condensed Consolidated Statements of Operations is $ 55.0 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 March 31, 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, Net Lease, Data Centers, Hospitality, Self Storage, Retail, Office, 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. 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 May 9, 2025, we had received cumulative net proceeds of $77.5 billion from the sale of 6.0 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 May 9, 2025, there are no Class F shares or 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

Recently announced tariffs in the U.S. have contributed to significant and ongoing uncertainty and volatility of debt and equity markets. There is significant uncertainty as to the outcome of ongoing global trade negotiations, the extent of retaliatory measures taken by other countries and the ultimate impact on the U.S. and global economies. A prolonged period of policy-driven uncertainty and continued market volatility increases the likelihood of a slowdown in the U.S. and global economies and could impact the ongoing recovery in the commercial real estate market, which could adversely affect us, our investors, their tenants and the value of the real estate assets related to our investments.

At the same time, the announced tariffs are likely to increase construction costs and further reduce already constrained new supply starts, including in certain sectors in which our portfolio is concentrated, such as multifamily and industrial. This should be supportive of real estate values over time, subject to inflation continuing to subside and absent recessionary condition.

Q1 2025 Highlights

Operating Results:

• Declared monthly net distributions totaling $598.6 million for the three months ended March 31, 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%	4.7%
Year-to-Date Total Return, without upfront selling commissions (2)	1.7%	1.9%	1.7%	1.8%
Year-to-Date Total Return, assuming maximum upfront selling commissions (2)	(1.8)%	n/a	(1.8)%	0.3%
Inception-to-Date Total Return, without upfront selling commissions (2)	8.5%	9.4%	8.6%	9.2%
Inception-to-Date Total Return, assuming maximum upfront selling commissions (2)	8.0%	n/a	8.1%	9.0%

Capital and Financing Activity:

• Raised $0.8 billion from the sale of shares of our common stock and units of BREIT OP during the three months ended March 31, 2025. Repurchased $2.1 billion of our shares and units from investors during the three months ended March 31, 2025.

• Increased financings by a net $0.5 billion during the three months ended March 31, 2025.

Current Portfolio:

• Our portfolio as of March 31, 2025 consisted of investments in real estate (95% based on fair value) and investments in real estate debt (5%).

• Our 4,568 properties (3) as of March 31, 2025 consisted primarily of Rental Housing (47% based on fair value), Industrial (24%) and Data Centers (15%), and our real estate portfolio was primarily concentrated in the following regions: South (37%), West (29%) and East (20%).

• Our investments in real estate debt as of March 31, 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 62,428 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 March 31, 2025:

Real Estate Investments

The following charts further describe the diversification of our investments in real estate based on fair value as of March 31, 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 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 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 March 31, 2025:

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 March 31, 2025, we owned, in whole or in part, a diversified portfolio of income producing assets comprising 4,568 properties and 62,428 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 Self Storage, Hospitality, Retail, and Office properties.

The following table provides a summary of our portfolio by segment as of March 31, 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)		Segment Revenue (7) For the Three Months Ended March 31,
Segment	Number of Properties (1)(2)		Occupancy Rate (3)(4)				2025 ($ in thousands)		2024 ($ in thousands)
Rental Housing (8)	953	274,859 units	93%	$22,596	$	56,348,848	$	1,349,443	$	1,433,751
Industrial	3,064	414,528 sq. ft.	92%	$6.52	28,739,987		435,942		456,842
Data Centers	121	12,763 sq. ft.	100%	$15.21	18,269,925		160,029		124,218
Net Lease	29	15,561 sq. ft.	100%	N/A	5,752,637		150,454		150,384
Office	14	5,171 sq. ft.	98%	$42.61	3,233,513		69,832		70,245
Hospitality	245	33,547 keys	73%	$193.42/$140.51	2,916,088		160,380		159,990
Retail	63	8,746 sq. ft.	96%	$21.48	2,613,853		57,357		63,970
Self Storage	79	5,044 sq. ft.	84%	$14.16	840,143		18,778		19,162
Total	4,568		94%		$	118,714,994	$	2,402,215	$	2,478,562

(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 March 31, 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 March 31, 2025. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended March 31, 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 March 31, 2025. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended March 31, 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, average effective annual base rent represents the base rent for the three months ended March 31, 2025 per leased unit, and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For manufactured housing, industrial, net lease, data centers, self storage, office, and retail properties, average effective annual base rent represents the annualized March 31, 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 March 31, 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) Measured as the total fair value of real estate investments for each sector, excluding the value of any third party interests in such real estate investments.

(7) Segment revenue is determined in accordance with GAAP for the three months ended March 31, 2025 and includes our allocable share of revenues generated by unconsolidated entities.

(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.

Real Estate

The following table provides information regarding our real estate portfolio as of March 31, 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	93%
Nevada West Multifamily	3	Las Vegas, NV	May 2017	100%	972 units	93%
Mountain Gate & Trails Multifamily	2	Las Vegas, NV	June 2017	100%	539 units	95%
Elysian West Multifamily	1	Las Vegas, NV	July 2017	100%	466 units	93%
Gilbert Multifamily	2	Gilbert, AZ	Sept. 2017	90%	748 units	95%
ACG II Multifamily	3	Various	Sept. 2017	94%	740 units	94%
Olympus Multifamily	3	Jacksonville, FL	Nov. 2017	95%	1,032 units	93%
Amberglen West Multifamily	1	Hillsboro, OR	Nov. 2017	100%	396 units	93%
Aston Multifamily Portfolio	3	Various	Various	100%	576 units	93%
Talavera and Flamingo Multifamily	2	Las Vegas, NV	Dec. 2017	100%	674 units	94%
Montair Multifamily	1	Thornton, CO	Dec. 2017	100%	320 units	87%
Signature at Kendall Multifamily	2	Miami, FL	Dec. 2017	100%	546 units	94%
Wave Multifamily Portfolio	3	Various	May 2018	100%	1,248 units	92%
ACG III Multifamily	2	Gresham, OR & Turlock, CA	May 2018	95%	475 units	94%
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	6	Phoenix, AZ	Aug. 2018	100%	1,754 units	94%
Avanti Apartments	1	Las Vegas, NV	Dec. 2018	100%	414 units	93%
Gilbert Heritage Apartments	1	Phoenix, AZ	Feb. 2019	90%	256 units	96%
Roman Multifamily Portfolio	9	Various	Feb. 2019	100%	2,403 units	94%
Citymark Multifamily 2-Pack	1	Lithia Springs, GA	Apr. 2019	100%	240 units	92%
Raider Multifamily Portfolio	4	Las Vegas, NV	Various	100%	1,514 units	93%
Bridge II Multifamily Portfolio	4	Various	Various	100%	1,562 units	92%
Miami Doral 2-Pack	2	Miami, FL	May 2019	100%	720 units	96%
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	95%
Amara at MetroWest	1	Orlando, FL	May 2019	95%	411 units	94%
Edge Las Vegas	1	Las Vegas, NV	June 2019	95%	296 units	94%
ACG IV Multifamily	2	Woodland, CA & Puyallup, WA	June 2019	95%	606 units	93%
Perimeter Multifamily 3-Pack	3	Atlanta, GA	June 2019	100%	691 units	94%
Anson at the Lakes	1	Charlotte, NC	June 2019	100%	694 units	93%
Edgewater at the Cove	1	Oregon City, OR	Aug. 2019	100%	248 units	92%
Haven 124 Multifamily	1	Denver, CO	Sept. 2019	100%	562 units	90%
Villages at McCullers Walk Multifamily	1	Raleigh, NC	Oct. 2019	100%	412 units	94%
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	94%
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	92%
Indigo West Multifamily	1	Orlando, FL	Mar. 2020	100%	456 units	92%
Park & Market Multifamily	1	Raleigh, NC	Oct. 2020	100%	409 units	96%
Cortland Lex Multifamily	1	Alpharetta, GA	Oct. 2020	100%	360 units	93%
The Palmer Multifamily	1	Charlotte, NC	Oct. 2020	90%	318 units	94%
Jaguar Multifamily Portfolio	6	Various	Nov. & Dec. 2020	100%	2,375 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	92%
Encore Tessera Multifamily	1	Phoenix, AZ	May 2021	80%	240 units	95%
Acorn 2.0 Multifamily Portfolio	14	Various	Various	98%	5,921 units	93%
Vue at Centennial Multifamily	1	Las Vegas, NV	June 2021	100%	372 units	95%
Charlotte Multifamily Portfolio	2	Charlotte, NC	June & Aug. 2021	100%	576 units	94%
Haven by Watermark Multifamily	1	Denver, CO	June 2021	100%	206 units	92%
Legacy North Multifamily	1	Plano, TX	Aug. 2021	100%	1,675 units	94%
The Brooke Multifamily	1	Atlanta, GA	Aug. 2021	100%	537 units	91%
One Boynton Multifamily	1	Boynton Beach, FL	Aug. 2021	100%	494 units	93%


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)
Town Lantana Multifamily	1	Lantana, FL	Sept. 2021	90%	360 units	94%
Ring Multifamily Portfolio	12	Various	Sept. 2021	100%	3,030 units	94%
Villages at Pecan Grove Multifamily	1	Holly Springs, NC	Nov. 2021	100%	336 units	96%
Cielo Morrison Multifamily Portfolio	2	Charlotte, NC	Nov. 2021	90%	419 units	94%
FiveTwo at Highland Multifamily	1	Austin, TX	Nov. 2021	90%	390 units	95%
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	91%
SeaTac Multifamily Portfolio	2	Edgewood & Everett, WA	Dec. 2021	90%	480 units	94%
Villages at Raleigh Beach Multifamily	1	Raleigh, NC	Jan. 2022	100%	392 units	95%
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	93%
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	92%
Harper Place at Bees Ferry Multifamily	1	Charleston, SC	Apr. 2022	100%	195 units	94%
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	94%
Pike Multifamily Portfolio (6)	41	Various	June 2022	100%	11,349 units	94%
ACG V Multifamily	2	Stockton, CA	Sept. 2022	95%	449 units	96%
Tricon - Multifamily (7)	11	Various	May 2024	Various (7)	1,795 units	(5)
Highroads MH	2	Phoenix, AZ	Apr. 2018	99.6%	198 units	98%
Evergreen Minari MH	2	Phoenix, AZ	June 2018	99.6%	115 units	96%
Southwest MH	10	Various	June 2018	99.6%	2,250 units	92%
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%	799 units	92%
Impala MH	3	Phoenix & Chandler, AZ	July 2019	99.6%	333 units	97%
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	79%
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	92%
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	91%
Mercury 3100 Student Housing	1	Orlando, FL	Feb. 2021	100%	228 units	89%
Signal Student Housing Portfolio	8	Various	Aug. 2021	96%	1,749 units	92%
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	95%
Signal 2.0 Student Housing Portfolio	2	Buffalo, NY & Athens, GA	Dec. 2021	97%	366 units	92%
Robin Student Housing Portfolio	7	Various	Mar. 2022	98%	1,493 units	85%
Legacy on Rio Student Housing	1	Austin, TX	Mar. 2022	97%	149 units	90%
Mark at Tucson Student Housing	1	Mountain, AZ	Apr. 2022	97%	154 units	92%
Legacy at Baton Rouge Student Housing	1	Baton Rouge, LA	May 2022	97%	300 units	97%
American Campus Communities	140	Various	Aug. 2022	69%	33,545 units	93%
Home Partners of America (8)	N/A (1)	Various	Various	Various (8)	24,874 units	94%
Tricon - Single Family Rental (9)	N/A (1)	Various	May 2024	Various (9)	37,554 units	(5)
Quebec Independent Living Portfolio	5	Quebec, Canada	Aug. 2021 & Aug. 2022	100%	1,449 units	94%
Ace Affordable Housing Portfolio (10)	399	Various	Dec. 2021	Various (10)	55,571 units	93%
Florida Affordable Housing Portfolio	43	Various	Various	100%	10,965 units	97%
Palm Park Affordable Housing	1	Boynton Beach, FL	May 2022	100%	160 units	98%
Wasatch 2-Pack	2	Spring Valley, CA & Midvale, UT	Oct. 2022	100%	350 units	93%
Total Rental Housing	953				274,859 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	110	Various	Mar. 2018	100%	16,897 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)
HP Cold Storage Industrial Portfolio	6	Various	May 2018	100%	2,259 sq. ft.	100%
Meridian Industrial Portfolio	56	Various	Nov. 2018	100%	7,776 sq. ft.	92%
Summit Industrial Portfolio	8	Atlanta, GA	Dec. 2018	100%	631 sq. ft.	91%
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.	96%
Atlanta Industrial Portfolio	61	Atlanta, GA	May 2019	100%	3,779 sq. ft.	96%
Patriot Park Industrial Portfolio	2	Durham, NC	Sept. 2019	100%	323 sq. ft.	100%
Denali Industrial Portfolio	18	Various	Sept. 2019	100%	4,098 sq. ft.	94%
Jupiter 12 Industrial Portfolio	276	Various	Sept. 2019	100%	52,294 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.	87%
Midwest Industrial Portfolio	27	Various	Feb. 2020	100%	5,940 sq. ft.	88%
Pancal Industrial Portfolio	12	Various	Feb. & Apr. 2020	100%	2,109 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.	100%
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	93	Various	Nov. 2021	99%	13,913 sq. ft.	87%
Tropical Sloane Las Vegas Industrial	1	Las Vegas, NV	Nov. 2021	100%	171 sq. ft.	100%
Explorer Industrial Portfolio (11)	325	Various	Nov. 2021	12%	69,848 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.	74%
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.	97%
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%	10,282 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.	88%
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%	141,728 sq. ft.	(5)
Total Industrial	3,064				414,528 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)	107	Various	Aug. 2021	35.4%	10,066 sq. ft.	(5)
Atlantic Powered Shell Portfolio	3	Sterling, VA	Apr. 2022	100%	792 sq. ft.	100%
Total Data Centers	121				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	27	Various	Nov. 2019	25%	152 sq. ft.	(5)
Total Net Lease	29				15,561 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%


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)
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)
One Culver Office	1	Culver City, CA	Mar. 2022	90%	373 sq. ft.	100%
Montreal Office Portfolio	2	Westmount, QC & 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	67%
Hyatt Place San Jose Downtown	1	San Jose, CA	June 2017	100%	240 keys	73%
Florida Select-Service 4-Pack	1	Tampa, FL	July 2017	100%	113 keys	83%
Hyatt House Downtown Atlanta	1	Atlanta, GA	Aug. 2017	100%	150 keys	67%
Boston/Worcester Select-Service 3-Pack	1	Chelsea, MA	Oct. 2017	100%	140 keys	84%
Henderson Select-Service 2-Pack	2	Henderson, NV	May 2018	100%	228 keys	78%
Orlando Select-Service 2-Pack	2	Orlando, FL	May 2018	100%	254 keys	83%
Corporex Select Service Portfolio	1	Rohnert Park, CA	Aug. 2018	100%	102 keys	69%
Hampton Inn & Suites Federal Way	1	Seattle, WA	Oct. 2018	100%	142 keys	73%
Courtyard Kona	1	Kailua-Kona, HI	Mar. 2019	100%	455 keys	73%
Raven Select Service Portfolio	14	Various	June 2019	100%	1,649 keys	72%
Urban 2-Pack	1	Chicago, IL	July 2019	100%	337 keys	72%
Hyatt Regency Atlanta	1	Atlanta, GA	Sept. 2019	100%	1,260 keys	67%
RHW Select Service Portfolio	6	Various	Nov. 2019	100%	557 keys	68%
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	71%
HGI Austin University Select Service	1	Austin, TX	Dec. 2021	100%	214 keys	69%
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	245				33,547 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%	1,228 sq. ft.	(5)
Bingo Retail Portfolio	10	Various	Dec. 2021	100%	1,767 sq. ft.	97%
Pike Retail Portfolio (6)(13)	32	Various	June 2022	Various (13)	3,491 sq. ft.	95%
Tricon-Retail (11)	1	Ontario, Canada	May 2024	12%	31 sq. ft.	(5)
Total Retail	63				8,746 sq. ft.

Self Storage:
East Coast Storage Portfolio	20	Various	Aug. 2019	98%	1,250 sq. ft.	85%
Phoenix Storage 2-Pack	2	Phoenix, AZ	Mar. 2020	98%	111 sq. ft.	86%
Cactus Storage Portfolio	18	Various	Sept. & Oct. 2020	98%	1,089 sq. ft.	84%
Caltex Storage Portfolio	4	Various	Nov. & Dec. 2020	98%	241 sq. ft.	86%
Florida Self Storage Portfolio	2	Cocoa & Rockledge, FL	Dec. 2020	98%	158 sq. ft.	81%
Pace Storage Portfolio	1	Pace, FL	Dec. 2020	98%	72 sq. ft.	81%
Flamingo Self Storage Portfolio	6	Various	Various	98%	376 sq. ft.	82%
Alpaca Self Storage Portfolio	26	Various	Apr. 2022	98%	1,747 sq. ft.	84%
Total Self Storage	79				5,044 sq. ft.

Total Investments in Real Estate	4,568

(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 March 31, 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 March 31, 2025. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended March 31, 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 March 31, 2025. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended March 31, 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 11 unconsolidated multifamily properties.

(8) Includes a 100% interest in 14,703 consolidated single family rental homes, a 44% interest in 8,522 unconsolidated single family rental homes, and a 12% interest in 1,649 unconsolidated single family rental homes.

(9) Includes various ownership interests in 37,554 unconsolidated single family rental homes.

(10) Includes various ownership interests in 394 consolidated affordable housing properties and five 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 31 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 March 31, 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)	427	$	86,144	5%	24,060	13%
2026	648	193,541		11%	29,859	16%
2027	754	228,159		13%	30,882	17%
2028	637	208,944		12%	28,764	15%
2029	501	198,991		11%	23,517	13%
2030	331	165,315		9%	19,597	10%
2031	120	41,726		2%	4,737	3%
2032	80	49,470		3%	4,522	2%
2033	73	34,760		2%	2,440	1%
2034	64	25,013		1%	3,196	2%
Thereafter	132	556,415		31%	15,134	8%
Total	3,767	$	1,788,478	100%	186,708	100%

(1) Annualized base rent is determined from the annualized base rent per leased square foot as of March 31, 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, based on fair value as of March 31, 2025:

(1) 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.

(2) Not rated positions have a weighted-average LTV at origination of 56% and are primarily composed of 49% industrial and 49% rental housing assets.

The following table details our investments in real estate debt as of March 31, 2025 ($ in thousands):


	March 31, 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%	5/5/2033	$	5,345,086	$	5,294,187	$	5,055,804
RMBS	4.2%	2/3/2058	171,128		168,233		129,560
Corporate bonds	4.9%	5/26/2028	55,779		56,003		52,693
Total real estate securities	8.3%	11/27/2033	5,571,993		5,518,423		5,238,057
Commercial real estate loans	+4.6%	9/24/2027	976,751		968,526		969,615
Other investments (5)(6)	5.7%	9/21/2029	287,094		275,910		337,638
Total investments in real estate debt	8.2%	10/10/2032	$	6,835,838	$	6,762,859	$	6,545,310

(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 March 31, 2025 for purposes of the weighted averages. Weighted average coupon for CMBS does not include zero-coupon securities. As of March 31, 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 $3.9 billion as of March 31, 2025. In addition, CMBS includes zero-coupon securities of $0.2 billion as of March 31, 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 (“FDIC”).

Results of Operations

The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2025 and 2024 ($ in thousands, except per share data):


	Three Months Ended March 31,				Change
	2025		2024		$
Revenues
Rental revenue	$	1,832,389	$	1,963,065	$	(130,676)
Hospitality revenue	134,116		133,177		939
Other revenue	88,667		92,672		(4,005)
Total revenues	2,055,172		2,188,914		(133,742)
Expenses
Rental property operating	858,950		913,456		(54,506)
Hospitality operating	94,139		91,915		2,224
General and administrative	16,114		16,350		(236)
Management fee	168,425		187,121		(18,696)
Performance participation allocation	142,175		104,966		37,209
Impairment of investments in real estate	170,258		65,714		104,544
Depreciation and amortization	827,099		913,208		(86,109)
Total expenses	2,277,160		2,292,730		(15,570)
Other income (expense)
Loss from unconsolidated entities	(765,015)		(24,358)		(740,657)
Income from investments in real estate debt	132,878		268,193		(135,315)
Change in net assets of consolidated securitization vehicles	32,185		75,413		(43,228)
(Loss) income from interest rate derivatives	(362,662)		315,199		(677,861)
Net gain on dispositions of real estate	135,909		106,554		29,355

Interest expense, net	(765,796)		(831,715)		65,919
Loss on extinguishment of debt	(11,514)		(30,648)		19,134
Other (expense) income	(13,781)		55,108		(68,889)
Total other income (expense)	(1,617,796)		(66,254)		(1,551,542)
Net loss	$	(1,839,784)	$	(170,070)	$	(1,669,714)
Net loss attributable to non-controlling interests in third party joint ventures	$	20,128	$	31,673	$	(11,545)
Net loss attributable to non-controlling interests in BREIT OP	123,019		5,384		117,635
Net loss attributable to BREIT stockholders	$	(1,696,637)	$	(133,013)	$	(1,563,624)
Net loss per share of common stock — basic and diluted	$	(0.47)	$	(0.03)	$	(0.44)

Rental Revenue

During the three months ended March 31, 2025, rental revenue decreased $130.7 million as compared to the three months ended March 31, 2024. The decrease can primarily be attributed to a $179.9 million decrease in Non-Same Property revenues due to the real estate dispositions from January 1, 2024 to March 31, 2025, partially offset by a $49.2 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 March 31, 2025, hospitality revenue increased $0.9 million as compared to the three months ended March 31, 2024. The increase can primarily be attributed to a $4.5 million increase in Same Property revenues, partially offset by a $3.6 million decrease in Non-Same Property revenues due to the real estate dispositions from January 1, 2024 to March 31, 2025. See “Same Property NOI” section for further details of the increase in Same Property revenues.

Other Revenue

During the three months ended March 31, 2025, other revenue decreased $4.0 million as compared to the three months ended March 31, 2024. The decrease can primarily be attributed to a $12.2 million decrease in Non-Same Property revenues due to the real estate dispositions from January 1, 2024 to March 31, 2025, partially offset by an $8.2 million increase in Same Property revenues. See “Same Property NOI” section for further details of the decrease in Same Property revenues.

Rental Property Operating Expenses

During the three months ended March 31, 2025, rental property operating expenses decreased $54.5 million as compared to the three months ended March 31, 2024. The decrease can primarily be attributed to a $76.4 million decrease in Non-Same Property operating expenses due to the real estate dispositions from January 1, 2024 to March 31, 2025, partially offset by a $21.9 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 March 31, 2025, hospitality operating expenses increased $2.2 million as compared to the three months ended March 31, 2024. The increase can primarily be attributed to increased insurance, real estate taxes, food and beverage expense, and other operating expenses at our hotels.

General and Administrative Expenses

During the three months ended March 31, 2025, general and administrative expenses decreased $0.2 million compared to the three months ended March 31, 2024. The decrease was due to a decrease in various corporate level expenses during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Management Fee

During the three months ended March 31, 2025, the management fee decreased $18.7 million compared to the three months ended March 31, 2024. The decrease was due to a lower average NAV during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Performance Participation Allocation

During the three months ended March 31, 2025, the performance participation allocation expense increased $37.2 million compared to the three months ended March 31, 2024. The increase was primarily the result of a higher total return for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Impairment of Investments in Real Estate

During the three months ended March 31, 2025, impairments of investments in real estate increased $104.5 million compared to the three months ended March 31, 2024. During the three months ended March 31, 2025, we recognized an aggregate $170.3 million of impairment charges including (i) $146.8 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily shorter hold period, and (ii) $23.5 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 March 31, 2024, we recognized an aggregate $65.7 million of impairment charges including (i) $36.5 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $29.2 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 March 31, 2025, depreciation and amortization decreased $86.1 million compared to the three months ended March 31, 2024. The decrease was primarily driven by the impact of disposition activity from January 1, 2024 through March 31, 2025.

Loss from Unconsolidated Entities

During the three months ended March 31, 2025, we had a net loss from unconsolidated entities of $765.0 million, 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 three months ended March 31, 2024, we had a net loss from unconsolidated entities of $24.4 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 three months ended March 31, 2025 , income from investments in real estate debt decreased $135.3 million compared to the three months ended March 31, 2024 . The decrease was primarily attributable to a decrease of $65.5 million in interest income as a result of sales and repayments and decreases in net unrealized/realized gains on our investments in real estate debt and related derivatives of $73.9 million.

Change in Net Assets of Consolidated Securitization Vehicles

During the three months ended March 31, 2025, the change in net assets of consolidated securitization vehicles decreased $43.2 million compared to the three months ended March 31, 2024 . The decrease was primarily attributable to a decrease of $35.5 million in net unrealized/realized gains and decreases in interest income of $7.7 million.

(Loss) Income from Interest Rate Derivatives

During the three months ended March 31, 2025, income from interest rate derivatives decreased $677.9 million compared to the three months ended March 31, 2024. The decrease was primarily attributable to an decrease in the fair value of our derivatives.

Net Gain on Dispositions of Real Estate

During the three months ended March 31, 2025, net gain on dispositions of real estate increased $29.4 million compared to the three months ended March 31, 2024. During the three months ended March 31, 2025, we recorded $135.9 million of net gains from the disposition of 19 rental housing properties, eight industrial properties, and two retail properties. During the three months ended March 31, 2024, we recorded $106.6 million of net gains from the disposition of 33 rental housing properties, 14 industrial properties, one retail property.

Interest Expense, Net

During the three months ended March 31, 2025, net interest expense decreased $65.9 million compared to the three months ended March 31, 2024. The decrease was primarily due to lower outstanding borrowings, primarily resulting from real estate dispositions from January 1, 2024 to March 31, 2025 .

Loss on Extinguishment of Debt

During the three months ended March 31, 2025, loss on extinguishment of debt decreased $19.1 million compared to the three months ended March 31, 2024. The decrease was primarily due to the impact of refinancing and disposition activity during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Other (Expense) Income

During the three months ended March 31, 2025, other (expense) income decreased $68.9 million compared to the three months ended March 31, 2024. The decrease was primarily due to net unrealized/realized gains on our investment in equity securities of $55.0 million for the three months ended March 31, 2024, with no such unrealized/realized gains for the three months ended March 31, 2025.

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) property expenses not core to the operations of such properties, (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 March 31, 2025 and 2024, our Same Property portfolio consisted of 921 rental housing, 2,988 industrial, two net lease, 41 data centers, 245 hotel, 79 self storage, 61 retail, and 13 office properties. The following table reconciles GAAP net loss to Same Property NOI for the three months ended March 31, 2025 and 2024 ($ in thousands):


	Three Months Ended March 31,				Change
	2025		2024		$
Net loss	$	(1,839,784)	$	(170,070)	$	(1,669,714)
Adjustments to reconcile to Same Property NOI
General and administrative	16,114		16,350		(236)
Management fee	168,425		187,121		(18,696)
Performance participation allocation	142,175		104,966		37,209
Impairment of investments in real estate	170,258		65,714		104,544
Depreciation and amortization	827,099		913,208		(86,109)
Loss from unconsolidated entities	765,015		24,358		740,657
Income from investments in real estate debt	(132,878)		(268,193)		135,315
Change in net assets of consolidated securitization vehicles	(32,185)		(75,413)		43,228
Loss (income) from interest rate derivatives	362,662		(315,199)		677,861
Net gain on dispositions of real estate	(135,909)		(106,554)		(29,355)
Interest expense, net	765,796		831,715		(65,919)
Loss on extinguishment of debt	11,514		30,648		(19,134)
Other expense	13,781		(55,108)		68,889
Non-core property expenses	168,966		158,917		10,049
Incentive compensation awards (1)	17,337		19,130		(1,793)
Lease termination fees	(2,614)		(1,295)		(1,319)
Amortization of above and below-market lease intangibles	(10,123)		(12,889)		2,766
Straight-line rental income and expense	(34,924)		(39,861)		4,937
NOI from unconsolidated entities	242,869		193,979		48,890
NOI attributable to non-controlling interests in consolidated joint ventures	(127,578)		(127,222)		(356)
NOI attributable to BREIT stockholders	1,356,016		1,374,302		(18,286)
Less: Non-Same Property NOI attributable to BREIT stockholders	79,136		143,742		(64,606)
Same Property NOI attributable to BREIT stockholders	$	1,276,880	$	1,230,560	$	46,320

(1) 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 March 31, 2025 and 2024 ($ in thousands):


	Three Months Ended March 31,				Change
	2025		2024		$		%

Revenues
Rental revenue	$	1,747,341	$	1,698,157	$	49,184	3%
Hospitality revenue	134,026		129,482		4,544		4%
Other revenue	62,366		54,132		8,234		15%
Total revenues	1,943,733		1,881,771		61,962		3%

Expenses
Rental property operating	641,072		619,132		21,940		4%
Hospitality operating	88,100		86,758		1,342		2%
Total expenses	729,172		705,890		23,282		3%

Same Property NOI attributable to non-controlling interests in consolidated joint ventures	(124,622)		(121,069)		(3,553)		3%
Consolidated Same Property NOI attributable to BREIT stockholders	1,089,939		1,054,812		35,127		3%
Same Property NOI from unconsolidated entities	186,941		175,748		11,193		6%
Same Property NOI attributable to BREIT stockholders	$	1,276,880	$	1,230,560	$	46,320	4%

Same Property – Rental Revenue

Same Property rental revenue increased $49.2 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was due to a $39.9 million increase in base rental revenue, a $6.7 million increase in tenant reimbursement income as a result of higher operating expenses, and a $2.6 million decrease in our bad debt reserves. Our bad debt reserves represent 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): (1)


	Three Months Ended March 31,				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	$	1,153,441	$	1,126,036	$	27,405	(1)%	+3%
Industrial	237,903		228,349		9,554		(4)%	+8%
Net Lease	119,645		117,299		2,346		—%	+2%
Retail	36,224		35,454		770		+1%	+1%
Office	30,469		30,763		(294)		—%	(1)%
Self Storage	16,692		16,953		(261)		(2)%	+1%
Data Centers	10,245		9,881		364		—%	+4%
Total base rental revenue	$	1,604,619	$	1,564,735	$	39,884

(1) Excludes our investments in unconsolidated entities.

Same Property – Hospitality Revenue

Same Property hospitality revenue increased $4.5 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase in hospitality revenue was primarily due to increases in occupancy and average daily rate and an increase in food and beverage revenue at our hotels during the three months ended March 31, 2025.

Same Property – Other Revenue

Same Property other revenue increased $8.2 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to increased ancillary income at our rental housing and industrial properties during the three months ended March 31, 2025.

Same Property – Rental Property Operating Expenses

Same Property rental property operating expenses increased $21.9 million during the three months ended March 31, 2025 compared to the three months ended March 31, 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 three months ended March 31, 2025.

Same Property – Hospitality Operating Expenses

Same Property hospitality operating expenses increased $1.3 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase in hospitality operating expenses was primarily the result of increased operating expenses resulting from increased occupancy at our hotels during the three months ended March 31, 2025.

Same Property NOI from Unconsolidated Entities

Same Property NOI from unconsolidated entities increased $11.2 million during the three months ended March 31, 2025 compared to the three months ended March 31, 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 March 31,
		2025		2024 (1)
Net loss attributable to BREIT stockholders		$	(1,696,637)	$	(133,013)
Net loss attributable to OP unitholders		(123,019)		(5,384)
Net loss attributable to BREIT stockholders and OP unitholders		(1,819,656)		(138,397)
Adjustments to arrive at FFO:
Depreciation and amortization		827,908		913,208
Impairment of investments in real estate		170,258		65,714
Net gain on dispositions of real estate		(135,909)		(106,554)
Net gain on change in control		(10,988)		(4,703)
Allocable share of adjustments related to unconsolidated entities		110,271		105,488
Amount attributable to non-controlling interests for above adjustments		(79,655)		(91,126)
FFO attributable to BREIT stockholders and OP unitholders		(937,771)		743,630
Adjustments to arrive at AFFO:
Performance participation allocation		142,175		104,966
Incentive compensation awards		19,781		21,406
Loss on extinguishment of debt		11,514		30,648
Unrealized losses (gains) in fair value of financial instruments		332,456		(456,422)
Straight-line rental income and expense		(29,671)		(37,222)
Amortization of deferred financing costs		53,492		49,423
Amortization of restricted stock awards		300		181







Other		9,695		(7,805)
Allocable share of adjustments related to unconsolidated entities		735,255		(15,959)
Amount attributable to non-controlling interests for above adjustments		2,489		7,671
AFFO attributable to BREIT stockholders and OP unitholders		339,715		440,517
Adjustments to arrive at FAD:
Management fee		168,425		187,121
Recurring tenant improvements, leasing commissions, and other capital expenditures (2)		(118,179)		(110,581)
Stockholder servicing fees		(40,203)		(46,499)
Realized losses (gains) on financial instruments		8,695		(46,397)
Allocable share of adjustments related to unconsolidated entities		(21,856)		(16,524)
Amount attributable to non-controlling interests for above adjustments		6,876		5,878
FAD attributable to BREIT stockholders and OP unitholders		$	343,473	$	413,515

(1) The prior period has been recast to present our unconsolidated entities in a consistent manner with the current

period presentation.

(2) 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 March 31, 2025 ($ and shares/units in thousands):


Components of NAV	March 31, 2025
Investments in real estate (1)	$	101,030,213
Investments in real estate debt	6,545,311
Investments in unconsolidated entities (2)	13,336,546
Cash and cash equivalents	1,925,089
Restricted cash	1,015,706
Other assets	3,520,107
Mortgage loans, term loans, and revolving credit facilities, net	(60,946,531)
Secured financings of investments in real estate debt	(3,754,489)
Subscriptions received in advance	(325,126)
Other liabilities	(2,731,104)
Accrued performance participation allocation	(45,963)
Management fee payable	(55,814)
Accrued stockholder servicing fees (3)	(13,781)
Non-controlling interests in joint ventures	(6,233,366)
Net Asset Value	$	53,266,798
Number of outstanding shares/units (4)	3,862,878

(1) Investments in real estate reflects the entire value of our consolidated real estate properties, including the $89.6 billion allocable to us and $11.4 billion allocable to third party joint venture interests in such investments as of March 31, 2025.

(2) Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of March 31, 2025, our allocable share of the gross real estate asset value held by such entities was $29.1 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 March 31, 2025, the Company has accrued under GAAP $0.5 billion of stockholder servicing fees payable to Blackstone Securities Partners L.P., the deal 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 March 31, 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 March 31, 2025 ($ and shares/units in thousands, except per share/unit data):


NAV 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	$	17,927,306	$	29,284,625	$	551,924	$	1,816,895	$	44,701	$	3,641,347	$	53,266,798
Number of outstanding shares/units (2)	1,299,418		2,121,268		40,676		134,829		2,922		263,765		3,862,878
NAV Per Share/Unit as of March 31, 2025	$	13.7964	$	13.8052	$	13.5687	$	13.4755	$	15.2961	$	13.8052

(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 March 31, 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 March 31, 2025:


Property Type	Discount Rate	Exit Capitalization Rate
Rental Housing	7.3%	5.4%
Industrial	7.5%	5.6%
Net Lease	7.0%	5.6%
Hospitality	10.8%	9.1%
Data Centers	7.7%	6.1%
Self Storage	8.2%	6.5%
Office	7.6%	5.4%
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)%

(1.8)%

Exit Capitalization Rate

0.25% decrease

+2.9%

+3.4%

+2.7%

+1.5%

0.9%

+2.2%

+3.2%

+2.4%

(weighted average)

0.25% increase

(2.7)%

(3.1)%

(2.5)%

(1.4)%

(0.8)%

(2.1)%

(3.0)%

(2.3)%

The following table reconciles stockholders’ equity and BREIT OP partners’ capital per our Condensed Consolidated Balance Sheets to our NAV ($ in thousands):


	March 31, 2025
Stockholders’ equity	$	23,741,675
Non-controlling interests attributable to BREIT OP	2,988,770
Redeemable non-controlling interest	15,983
Total BREIT stockholders’ equity and BREIT OP partners’ capital under GAAP	26,746,428
Adjustments:
Accrued stockholder servicing fees	530,586

Accrued affiliated service provider incentive compensation awards	(23,179)
Accumulated depreciation and amortization under GAAP	14,050,340
Unrealized net real estate and real estate debt appreciation	11,962,623
NAV	$	53,266,798

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 $0.1643 per share/unit for the three months ended March 31, 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 March 31, 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 three months ended March 31, 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






Total	$	0.1353	$	0.1643	$	0.1358	$	0.1559	$	0.1643

The following table summarizes our distributions declared during the three months ended March 31, 2025 and 2024 ($ in thousands):


	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Amount		Percentage		Amount		Percentage




Distributions
Payable in cash	$	302,280	51	%	$	338,200	52	%
Reinvested in shares	296,277		49	%	311,282		48	%
Total distributions (1)	$	598,557	100	%	$	649,482	100	%
Sources of Distributions
Cash flows from operating activities (2)	$	572,454	96	%	$	649,482	100	%
Net gains from investment realizations (3)	26,103		4	%	—		—
Indebtedness	—		—		—		—
Total sources of distributions	$	598,557	100	%	$	649,482	100	%

Cash flows from operating activities	$	572,454			$	498,488

Net (losses) gains from investment realizations (3)	$	(43,142)			$	29,904
Funds from Operations (4)	$	(937,771)			$	743,630
Adjusted Funds from Operations (4)	$	339,715			$	440,517
Funds Available for Distribution (4)	$	343,473			$	413,515

(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 March 31, 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 them 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 $6.2 billion of liquidity as of May 8, 2025. When we refer to our liquidity, this includes amounts available under our undrawn revolving credit facilities of $4.4 billion as well as unrestricted cash and cash equivalents of $1.8 billion. We also expect $0.2 billion of proceeds from dispositions under contract where we have received a non-refundable deposit as of May 8, 2025. We also generate incremental liquidity through our operating cash flows, which were $0.6 billion for the three months ended March 31, 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 $6.5 billion as of March 31, 2025.

In addition, we remain moderately leveraged (49% as of March 31, 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 $77.5 billion as of May 8, 2025.

Capital Resources

As of March 31, 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 March 31, 2025 ($ in thousands):


	March 31, 2025				Principal Balance as of
Indebtedness	Weighted Average Interest Rate (1)	Weighted Average Maturity Date (2)	Maximum Facility Size		March 31, 2025		December 31, 2024
Fixed rate loans secured by our properties:
Fixed rate mortgages (3)	3.8%	2/19/2030	N/A		$	21,069,972	$	21,645,080

Variable rate loans secured by our properties:
Variable rate mortgages and term loans	+2.3%	3/25/2028	N/A		32,845,166		32,006,218
Variable rate warehouse facilities (4)	+2.1%	7/16/2028	$	2,785,986	1,907,905		1,929,037
Variable rate secured revolving credit facilities	+1.9%	4/4/2028	$	3,575,831	3,575,831		3,490,870
Total variable rate loans	+2.3%	3/28/2028			38,328,902		37,426,125
Total loans secured by our properties	5.6%	11/22/2028			59,398,874		59,071,205

Secured financings of investments in real estate debt:
Secured financings of investments in real estate debt	+1.5%	4/22/2026	N/A		3,754,489		3,624,698

Unsecured loans:
Unsecured term loans	+2.5%	10/28/2028	N/A		1,126,923		1,126,923
Unsecured variable rate revolving credit facilities	+2.5%	8/14/2028	$	6,073,077	1,425,000		1,375,000
Affiliate revolving credit facility	+2.5%	1/24/2026	75,000		—		—
Total unsecured loans			$	6,148,077	2,551,923		2,501,923

Total indebtedness					$	65,705,286	$	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 March 31, 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 $18.7 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 $251.3 million and $261.6 million of loans related to investments in affordable housing properties as of March 31, 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 March 31, 2025:


						March 31, 2025










Weighted average interest rate of loans secured by our properties						5.6%
Impact of interest rate swaps, caps and other derivatives						(1.5)%
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 May 9, 2025, we have received cumulative net proceeds of $17.1 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 436.5 million Class S shares, 562.1 million Class I shares, 21.9 million Class T shares, and 130.5 million Class D shares).

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 three months ended March 31, 2025, we fulfilled $2.1 billion of repurchases requested, including all repurchase requests received for the three months ended March 31, 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):


	Three Months Ended March 31,
	2025		2024
Cash flows provided by operating activities	$	572,454	$	498,488
Cash flows provided by investing activities	1,261,776		1,913,024
Cash flows used in financing activities	(1,663,315)		(1,628,093)
Net increase in cash and cash equivalents and restricted cash	$	170,915	$	783,419

Cash flows provided by operating activities increased $0.1 billion during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to increased cash flows from investments in unconsolidated entities.

Cash flows provided by investing activities decreased $0.7 billion during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily due to a decrease of $0.5 billion in return of capital distributions received from unconsolidated entities and a decrease of $0.3 billion in proceeds from sales and repayments of investments in real estate debt and real estate loans held by consolidated securitization vehicles. This was offset by an increase of $0.1 billion in proceeds from dispositions of real estate.

There were no material changes in cash flows used in financing activities for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

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 March 31, 2025, the outstanding principal balance of our variable rate indebtedness was $44.6 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 $18.7 billion as of March 31, 2025 to hedge the risk of increasing interest rates. For the three months ended March 31, 2025, an increase of 25 basis points in each of the Reference Rates would have resulted in increased interest expense of $4.8 million, 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 March 31, 2025, we held $6.5 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 $3.3 million for the three months ended March 31, 2025.

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 Chief Executive Officer and Chief 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 our 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 our management, including our Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our 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 our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during our most recent quarter that have materially affected, or are reasonably likely to materially affect, our 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 March 31, 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 three months ended March 31, 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 March 31, 2025, the Adviser elected to receive its management fee in Class B units of BREIT OP, and we issued 12.3 million Class B units of BREIT OP to the Adviser in satisfaction of the 2025 management fee through February 2025. Additionally, we issued 4.0 million Class B units of BREIT OP to the Adviser in April 2025 in satisfaction of the March 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 March 31, 2025, we received $127.9 million from selling 9.3 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 three months ended March 31, 2025, we fulfilled $2.1 billion of share and unit repurchases requested, including all repurchase requests received for the three months ended March 31, 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 March 31, 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)
January 2025	42,811,537	$	13.70	42,811,537	1.2	%	—
February 2025	59,282,901	$	13.74	59,282,901	1.6	%	—
March 2025	52,545,055	$	13.78	52,545,055	1.5	%	—









Total	154,639,493	$	13.74	154,639,493	4.3	%	—

(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 1,157,695 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						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).































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

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

32.1						Certification of Chief 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 Chief 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.

May 9, 2025						/s/ Wesley LePatner
Date						Wesley LePatner
						Chief Executive Officer
						(Principal Executive Officer)

May 9, 2025						/s/ Anthony F. Marone, Jr.
Date						Anthony F. Marone, Jr.
						Chief Financial Officer and Treasurer
						(Principal Financial Officer)

May 9, 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 March 31, 2025

Exhibits