v3.26.1
Equity and Redeemable Non-controlling Interest
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity and Redeemable Non-controlling Interest Equity and Redeemable Non-controlling Interests
Authorized Capital
The Company had the authority to issue the following shares of common and preferred stock, $0.01 par value per share (in thousands):
June 30, 2026December 31, 2025
Number of Shares Authorized
Number of Shares Authorized
Class I Shares
6,000,000 6,000,000 
Class S Shares
3,000,000 3,000,000 
Class S-2 Shares2,500,000 2,500,000 
Class D Shares
1,500,000 1,500,000 
Class D-2 Shares1,400,000 1,400,000 
Class T Shares
500,000 500,000 
Class T-2 Shares400,000 400,000 
Class C Shares
500,000 500,000 
Class L Shares500,000 500,000 
Class L-2 Shares500,000 500,000 
Class F Shares
500,000 500,000 
Preferred Stock
100,000 100,000 
Total17,400,000 17,400,000 
Common Stock
The following table details the movement in the Company’s outstanding shares of common stock(1) (in thousands):
Three Months Ended June 30, 2026(1)
Class I
Class S
Class S-2
Class DClass D-2
Class T
Class T-2Class CClass LTotal
March 31, 20262,141,584 1,167,501 34,856 96,322 5,524 30,816 243 38,228 4,333 3,519,407 
Common stock issued (converted)(2)
55,488 (20,768)18,653 (1,750)2,002 (2,074)242 598 3,724 56,115 
Distribution reinvestment10,699 6,183 206 522 32 198 3 — 50 17,893 
Common stock repurchased(37,067)(19,225)(38)(2,294)(11)(640)— (38)— (59,313)
Restricted stock grants and related tax withholding, net(3)
(680)— — — — — — — — (680)
June 30, 20262,170,024 1,133,691 53,677 92,800 7,547 28,300 488 38,788 8,107 3,533,422 
Total par value as of June 30, 2026
$21,699 $11,336 $536 $928 $74 $283 $5 $388 $81 $35,330 
Six Months Ended June 30, 2026(1)
Class IClass SClass S-2Class DClass D-2Class TClass T-2Class C
Class L
Total
December 31, 20252,128,811 1,206,629 14,679 99,092 1,360 33,589 105 36,769 — 3,521,034 
Common stock issued (converted)(2)
105,656 (35,259)38,761 (2,739)6,149 (3,802)379 2,196 8,024 119,365 
Distribution reinvestment21,409 12,595 304 1,066 49 414 4 — 83 35,924 
Common stock repurchased
(91,024)(50,274)(67)(4,619)(11)(1,901)— (177)— (148,073)
Restricted stock grants and related tax withholding, net(3)
5,172 — — — — — — — — 5,172 
June 30, 20262,170,024 1,133,691 53,677 92,800 7,547 28,300 488 38,788 8,107 3,533,422 
Total par value as of June 30, 2026
$21,699 $11,336 $536 $928 $74 $283 $5 $388 $81 $35,330 
(1)As of June 30, 2026, no Class L-2 or Class F shares were issued and outstanding.
(2)Includes conversions of shares from Class S, Class D and Class T to Class I and conversions of shares from Class I to Class L, during the three and six months ended June 30, 2026.
(3)Includes restricted stock grants made to certain employees, net of shares used to satisfy tax withholding obligations and forfeitures of previously granted restricted stock awards. The cost of each grant is amortized over the applicable service period ranging from three to four years.
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. Certain stockholders are subject to certain restrictions, including a minimum holding period and certain repurchase limitations, in addition to the Company's existing monthly and quarterly limitations. 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 judgment, it deems such action to be in the Company’s best interest and the best interest of its stockholders. In the event that the Company receives repurchase requests in excess of the 2% or 5% limits, then repurchase requests will be satisfied on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the Repurchase Plan, as applicable.
For the six months ended June 30, 2026, the Company repurchased 148.1 million shares of common stock and 1.0 million units of BREIT OP for a total of $2.1 billion, satisfying all repurchase requests for the six months ended June 30, 2026.
Earnings Per Share ("EPS")
The following table details the EPS calculations during the periods set forth below ($ and shares in thousands, except per share data):
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Net loss allocable to share class
$(400,770)$(652)$(757,869)$(1,011)
Weighted average number of common shares outstanding 3,523,287 8,091 3,518,000 6,214 
Basic and diluted net loss per share
$(0.11)$(0.08)$(0.22)$(0.16)
Three Months Ended June 30, 2025(1)
Six Months Ended June 30, 2025(1)
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Net loss allocable to share class
$(488,478)$— $(2,185,115)$— 
Weighted average number of common shares outstanding
3,563,370 — 3,599,046 — 
Basic and diluted net loss per share
$(0.14)$— $(0.61)$— 
(1) For the three and six months ended June 30, 2025, no Class L shares were issued and outstanding.
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 monthly gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV.
The following tables detail the aggregate distributions declared for each applicable class of common stock:
Three Months Ended June 30, 2026
Class I
Class SClass S-2Class DClass D-2Class TClass T-2
Class L
Aggregate gross distributions declared per share of common stock$0.1659 $0.1659 $0.1659 $0.1659 $0.1659 $0.1659 $0.1659 $0.1659 
Stockholder servicing fee per share of common stock— (0.0306)(0.0306)(0.0088)(0.0088)(0.0301)(0.0301)— 
Net distributions declared per share of common stock$0.1659 $0.1353 $0.1353 $0.1571 $0.1571 $0.1358 $0.1358 $0.1659 
Six Months Ended June 30, 2026
Class IClass SClass S-2Class D
Class D-2
Class TClass T-2Class L
Aggregate gross distributions declared per share of common stock$0.3311 $0.3311 $0.3311 $0.3311 $0.3311 $0.3311 $0.3311 $0.3311 
Stockholder servicing fee per share of common stock— (0.0605)(0.0604)(0.0175)(0.0174)(0.0594)(0.0594)— 
Net distributions declared per share of common stock$0.3311 $0.2706 $0.2707 $0.3136 $0.3137 $0.2717 $0.2717 $0.3311 
Redeemable Non-controlling Interests
Certain non‑controlling interests are presented as redeemable non‑controlling interests due to redemption rights that are not solely within the control of the Company, including put options and redemption provisions that become exercisable upon specified crystallization events. As of June 30, 2026 and December 31, 2025, $111.4 million and $141.1 million, respectively, related to certain consolidated subsidiaries 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 allocation adjustments between Additional Paid-in Capital and Redeemable Non-controlling Interests of $10.4 million and $12.3 million during the three and six months ended June 30, 2026, respectively and $2.6 million and $3.4 million, during the three and six months ended June 30, 2025, respectively, to reflect the greater of their carrying value, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or their redemption value.