v3.26.1
Investments in Unconsolidated Entities (Tables)
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investment and Income in Unconsolidated Entities
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 PropertiesOwnership
Interest		Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers(1)
Data Centers113035.7%$1,003,619 
Rental Housing investments(2)
Rental Housing84
12.2% - 44.2%
683,274 
Industrial investments(3)
Industrial355
10.1% - 22.4%
236,315 
Hospitality investmentHospitality119530.0%181,876 
Retail investmentsRetail2850.0%88,168 
Net Lease investment(4)
Net Lease
130525.0%61,967 
Total unconsolidated entities carried at historical cost166972,255,219 
Unconsolidated entities carried at fair value:
Industrial investments(5)
Industrial112,095
12.4% - 85.0%
2,986,263 
Office investment
Office1149.0%448,325 
Rental Housing investment(6)
Rental Housing11211.6%309,568 
Total unconsolidated entities carried at
fair value
132,1083,744,156 
Total
292,805$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 EntitiesSegmentNumber of InvestmentsNumber of PropertiesOwnership
Interest		Book Value
Unconsolidated entities carried at historical cost:
QTS Data Centers(1)
Data Centers111935.7%$1,027,370 
Rental Housing investments(2)
Rental Housing84
12.2% - 44.2%
714,801 
Industrial investments(3)
Industrial
355
10.1% - 22.4%
244,037 
Hospitality investmentHospitality119530.0%190,380 
Retail investmentsRetail2850.0%88,986 
Net Lease investment(4)
Net Lease117725.0%35,493 
Total unconsolidated entities carried at historical cost165582,301,067 
Unconsolidated entities at carried at fair value:
Industrial investments(5)
Industrial112,052
12.4% - 85.0%
3,075,073 
Office investmentOffice1149.0%455,659 
Rental Housing investment(6)
Rental Housing11011.6%312,568 
Total unconsolidated entities carried at
fair value
132,0633,843,300 
Total292,621$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
Segment20262025
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers$22,730 $(95,910)
Retail investmentsRetail764 (1,133)
Net Lease investmentNet Lease70 (106)
Hospitality investmentHospitality(605)(2,278)
Industrial investmentsIndustrial(2,724)(2,313)
Rental Housing investmentsRental 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 investmentsIndustrial7,978 128,497 
Rental Housing investment
Rental Housing
56 5,933 
Total unconsolidated entities carried at fair value
16,664 140,079 
Total$25,672 $26,991 
Six Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities
Segment20262025
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers$(2,547)$(923,380)
Retail investmentsRetail1,213 (2,554)
Net Lease investmentNet Lease217 (397)
Hospitality investmentHospitality(4,124)(5,066)
Industrial investmentsIndustrial(3,484)(5,512)
Rental Housing investmentsRental Housing(22,612)(25,201)
Total unconsolidated entities carried at historical cost(31,337)(962,110)
Unconsolidated entities carried at fair value:
Office investment
Office14,079 7,890 
Industrial investments
Industrial3,768 218,437 
Rental Housing investmentRental Housing(3,000)(2,241)
Total unconsolidated entities carried at fair value14,847 224,086 
Total$(16,490)$(738,024)