Investments in Unconsolidated Entities

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

The Company holds investments in joint ventures that it accounts for under the equity method of accounting or the FVO, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. Refer to Note 2 for additional details.

The following tables detail the Company’s investments in unconsolidated entities ($ in thousands):


	June 30, 2026
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	130	35.7%	$	1,003,619
Rental Housing investments(2)	Rental Housing	8	4	12.2% - 44.2%	683,274
Industrial investments(3)	Industrial	3	55	10.1% - 22.4%	236,315
Hospitality investment	Hospitality	1	195	30.0%	181,876

Retail investments	Retail	2	8	50.0%	88,168
Net Lease investment(4)	Net Lease	1	305	25.0%	61,967
Total unconsolidated entities carried at historical cost		16	697		2,255,219
Unconsolidated entities carried at fair value:
Industrial investments(5)	Industrial	11	2,095	12.4% - 85.0%	2,986,263

Office investment	Office	1	1	49.0%	448,325
Rental Housing investment(6)	Rental Housing	1	12	11.6%	309,568
Total unconsolidated entities carried at fair value		13	2,108		3,744,156
Total		29	2,805		$	5,999,375

(1)Represents the 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 9,298 single family rental homes related to four joint ventures.

(3)Consists of $236.3 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Consists of $62.0 million from an investment in a joint venture formed by the Company and another Blackstone-advised investment vehicle.

(5)Includes $2.4 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(6)Consists of $309.6 million from an investment in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 40,475 single family rental homes.


	December 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	119	35.7%	$	1,027,370
Rental Housing investments(2)	Rental Housing	8	4	12.2% - 44.2%	714,801
Industrial investments(3)	Industrial	3	55	10.1% - 22.4%	244,037
Hospitality investment	Hospitality	1	195	30.0%	190,380
Retail investments	Retail	2	8	50.0%	88,986
Net Lease investment(4)	Net Lease	1	177	25.0%	35,493
Total unconsolidated entities carried at historical cost		16	558		2,301,067
Unconsolidated entities at carried at fair value:
Industrial investments(5)	Industrial	11	2,052	12.4% - 85.0%	3,075,073

Office investment	Office	1	1	49.0%	455,659
Rental Housing investment(6)	Rental Housing	1	10	11.6%	312,568
Total unconsolidated entities carried at fair value		13	2,063		3,843,300
Total		29	2,621		$	6,144,367

(1)Represents the 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 9,666 single family rental homes related to four joint ventures.

(3)Consists of $244.0 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Consists of $35.5 million from an investment in a joint venture formed by the Company and another Blackstone-advised investment vehicle.

(5)Includes $2.4 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(6)Consists of $312.6 million from an investment in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 40,469 single family rental homes.

The following tables detail the Company’s income (loss) from unconsolidated entities ($ in thousands):


		Three Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2026		2025
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	22,730	$	(95,910)
Retail investments	Retail	764		(1,133)
Net Lease investment	Net Lease	70		(106)
Hospitality investment	Hospitality	(605)		(2,278)
Industrial investments	Industrial	(2,724)		(2,313)
Rental Housing investments	Rental Housing	(11,227)		(11,348)

Total unconsolidated entities carried at historical cost		9,008		(113,088)
Unconsolidated entities carried at fair value:
Office investment	Office	8,630		5,649
Industrial investments	Industrial	7,978		128,497
Rental Housing investment	Rental Housing	56		5,933
Total unconsolidated entities carried at fair value		16,664		140,079
Total		$	25,672	$	26,991


		Six Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2026		2025
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	(2,547)	$	(923,380)
Retail investments	Retail	1,213		(2,554)
Net Lease investment	Net Lease	217		(397)
Hospitality investment	Hospitality	(4,124)		(5,066)
Industrial investments	Industrial	(3,484)		(5,512)
Rental Housing investments	Rental Housing	(22,612)		(25,201)


Total unconsolidated entities carried at historical cost		(31,337)		(962,110)
Unconsolidated entities carried at fair value:
Office investment	Office	14,079		7,890
Industrial investments	Industrial	3,768		218,437
Rental Housing investment	Rental Housing	(3,000)		(2,241)
Total unconsolidated entities carried at fair value		14,847		224,086
Total		$	(16,490)	$	(738,024)