
	June 30, 2026		December 31, 2025
Building and building improvements	$	64,942,966	$	67,814,096
Land and land improvements	13,751,558		15,171,113
Furniture, fixtures and equipment	2,390,286		2,409,651
Right of use asset - operating leases(1)	1,039,403		1,039,403
Right of use asset - financing leases(1)	72,862		72,862
Total	82,197,075		86,507,125
Accumulated depreciation and amortization	(13,241,566)		(12,573,252)
Investments in real estate, net	$	68,955,509	$	73,933,873

During the six months ended June 30, 2026, the Company acquired two rental housing land parcels for a total purchase price of $10.3 million, which was allocated to land and land improvements. There were no acquisitions during the six months ended June 30, 2025.


		Three Months Ended			Six Months Ended
	June 30, 2026		June 30, 2026
Segments				Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)				20	$	932,444	$	124,326	46	$	1,813,124	$	212,440
Self Storage properties				79	852,277		177,305		79	852,277		177,305
Industrial properties				27	349,590		91,666		62	1,347,916		451,702

Office properties				—	—		—		2	39,056		792
Retail properties				—	—		—		1	34,390		13,593
Total				126	$	2,134,311	$	393,297	190	$	4,086,763	$	855,832


		Three Months Ended					Six Months Ended
	June 30, 2025		June 30, 2025
Segments		Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)

Rental Housing properties(2)		18	$	1,215,368	$	174,389	37	$	2,047,294	$	244,321

Industrial properties		42	706,483		287,720		50	838,772		348,942
Hospitality properties		1	18,480		952		1	18,480		952
Retail properties		1	15,532		1,333		3	44,463		6,088
Total		62	$	1,955,863	$	464,394	91	$	2,949,009	$	600,303

(1)For the three months ended June 30, 2026, net gain includes gains of $406.9 million and losses of $13.6 million. For the six months ended June 30, 2026, net gain includes gains of $889.5 million and losses of $33.7 million. For the three months ended June 30, 2025, net gain includes gains of $474.2 million and losses of $9.8 million. For the six months ended June 30, 2025, net gain includes gains of $625.4 million and losses of $25.1 million.

For the three and six months ended June 30, 2026, the Company disposed of 19 and 42 properties, respectively, alongside other Blackstone-advised investment vehicles for a total sale price attributable to BREIT of $211.1 million and $864.3 million, respectively. For both the three and six months ended June 30, 2025, the Company disposed of four properties alongside other Blackstone-advised investment vehicles for a total sale price attributable to BREIT of $78.0 million. These transactions were conducted as either single or joint transactions alongside other Blackstone-advised investment vehicles and the terms for the Company and the other Blackstone-advised investment vehicles were substantially similar and the prices of each property were negotiated with a third-party buyer. A portion of these dispositions were structured as combined portfolio transactions where the Company and one or more other Blackstone advised investment vehicles were disposing of like-kind assets to a single buyer.

As of June 30, 2026, 61 properties in the rental housing segment, four properties in the industrial 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.


Assets:	June 30, 2026
Investments in real estate, net	$	1,272,262
Other assets	38,847
Total assets	$	1,311,109

Liabilities:
Mortgage loans, net	$	671,277
Other liabilities	24,504
Total liabilities	$	695,781

During the three months ended June 30, 2026, the Company recognized an aggregate $99.3 million of impairment charges including (i) $80.0 million related to held and used real estate investments consisting of five rental housing properties, four 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) $19.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2026, the Company recognized an aggregate $234.5 million of impairment charges including (i) $168.4 million related to held and used real estate investments consisting of 10 rental housing properties, five hospitality properties, one office property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $66.1 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the three months ended June 30, 2025, the Company recognized an aggregate $171.1 million of impairment charges including (i) $125.3 million related to held and used real estate investments consisting of 11 rental housing properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $45.8 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2025, the Company recognized an aggregate $341.4 million of impairment charges including (i) $272.1 million related to held and used real estate investments consisting of 18 rental housing properties, two hospitality properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $69.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.