v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Total revenues $ 1,860,627 $ 1,998,381 $ 3,798,293 $ 4,053,553
Expenses        
Operating expenses 861,601 926,793 1,752,181 1,879,882
General and administrative 18,109 16,886 32,554 33,000
Management fee 176,615 166,892 348,840 335,317
Performance participation allocation 243,066 88,824 399,772 230,999
Impairment of investments in real estate 99,250 171,113 234,467 341,371
Depreciation and amortization 742,511 808,651 1,503,000 1,635,750
Total expenses 2,141,152 2,179,159 4,270,814 4,456,319
Other income (expense)        
(Loss) income from unconsolidated entities 25,672 26,991 (16,490) (738,024)
Income from investments in real estate debt 82,767 133,654 160,443 266,532
Change in net assets of consolidated securitization vehicles 9,217 38,207 26,243 70,392
Loss from interest rate derivatives (56,333) (236,097) (46,040) (598,759)
Net gain on dispositions of real estate 393,297 464,394 855,832 600,303
Interest expense, net (604,639) (777,766) (1,300,099) (1,543,562)
Loss on extinguishment of debt (24,453) (25,360) (37,330) (36,874)
Other expense (11,188) (12,228) (21,746) (26,009)
Total other income (expense) (185,660) (388,205) (379,187) (2,006,001)
Net loss (466,185) (568,983) (851,708) (2,408,767)
Net loss attributable to non-controlling interests in consolidated subsidiaries 24,100 40,124 18,531 60,252
Net loss attributable to non-controlling interests in BREIT OP 40,663 40,381 74,297 163,400
Net loss attributable to BREIT stockholders (401,422) $ (488,478) (758,880) (2,185,115)
Net loss per share of common stock — basic (in dollars per share)   $ (0.14)    
Net loss per share of common stock — diluted (in dollars per share)   $ (0.14)    
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C        
Other income (expense)        
Net loss attributable to BREIT stockholders $ (400,770) $ (488,478) $ (757,869) $ (2,185,115)
Net loss per share of common stock — basic (in dollars per share) $ (0.11) $ (0.14) $ (0.22) $ (0.61)
Net loss per share of common stock — diluted (in dollars per share) $ (0.11) $ (0.14) $ (0.22) $ (0.61)
Class L        
Other income (expense)        
Net loss attributable to BREIT stockholders $ (652) $ 0 $ (1,011) $ 0
Net loss per share of common stock — basic (in dollars per share) $ (0.08) $ 0 $ (0.16) $ 0
Net loss per share of common stock — diluted (in dollars per share) $ (0.08) $ 0 $ (0.16) $ 0
Rental revenue        
Revenues        
Total revenues $ 1,629,105 $ 1,770,660 $ 3,350,359 $ 3,603,049
Expenses        
Operating expenses 763,951 828,825 1,560,053 1,687,775
Hospitality revenue        
Revenues        
Total revenues 145,475 139,199 281,662 273,315
Expenses        
Operating expenses 97,650 97,968 192,128 192,107
Other revenue        
Revenues        
Total revenues $ 86,047 $ 88,522 $ 166,272 $ 177,189