v3.26.1
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated Deficit and Cumulative Distributions
Non-controlling Interests
Non-controlling Interests
Non- controlling Interests Attributable to BREIT OP
Non-controlling Interests
Non- controlling Interests attributable to Consolidated Subsidiaries
Beginning Balance at Dec. 31, 2024 $ 34,694,130 $ 27,353,907 $ 36,902 $ 42,781,930 $ 383,272 $ (15,848,197)   $ 2,964,555 $ 4,375,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued 1,096,252 1,096,252 446 1,095,806          
Increase in accrual for offering costs, net (309,441) (309,441)   (309,441)          
Distribution reinvestment 598,124 528,248 385 527,863       69,876  
Common stock/units repurchased (3,611,403) (3,581,588) (2,603) (3,578,985)       (29,815)  
Amortization of compensation awards 40,545 40,545 405 40,140          
Net (loss) income (2,406,712) (2,185,115)       (2,185,115)   (162,228) (59,369)
Other comprehensive (loss) income (116,692) (77,171)     (77,171)     (5,351) (34,170)
Distributions declared on common stock and OP units (1,191,147) (1,102,165)       (1,102,165)   (88,982)  
Contributions from non-controlling interests 579,268             536,083 43,185
Operating distributions to non-controlling interests (78,203)               (78,203)
Capital distributions to and redemptions of non-controlling interests (62,004) 1,270   1,270         (63,274)
Allocation from redeemable non-controlling interests (3,406) (3,406)   (3,406)          
Ending Balance at Jun. 30, 2025 29,229,311 21,761,336 35,535 40,555,177 306,101 (19,135,477)   3,284,138 4,183,837
Beginning Balance at Mar. 31, 2025 31,014,198 23,741,675 35,991 41,500,103 306,645 (18,101,064)   2,988,770 4,283,753
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued 574,692 574,692 207 574,485          
Increase in accrual for offering costs, net (343,220) (343,220)   (343,220)          
Distribution reinvestment 296,865 260,732 190 260,542       36,133  
Common stock/units repurchased (1,478,152) (1,456,759) (1,057) (1,455,702)       (21,393)  
Amortization of compensation awards 20,463 20,463 204 20,259          
Net (loss) income (567,815) (488,478)       (488,478)   (39,753) (39,584)
Other comprehensive (loss) income (11,568) (544)     (544)     (33) (10,991)
Distributions declared on common stock and OP units (592,590) (545,935)       (545,935)   (46,655)  
Contributions from non-controlling interests 391,683             367,069 24,614
Operating distributions to non-controlling interests (41,911)               (41,911)
Capital distributions to and redemptions of non-controlling interests (30,774) 1,270   1,270         (32,044)
Allocation from redeemable non-controlling interests (2,560) (2,560)   (2,560)          
Ending Balance at Jun. 30, 2025 29,229,311 21,761,336 35,535 40,555,177 306,101 (19,135,477)   3,284,138 4,183,837
Beginning Balance at Dec. 31, 2025 26,527,662 19,332,084 35,210 40,302,620 307,865 (21,313,611)   3,469,765 3,725,813
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued 1,703,958 1,703,958 1,197 1,702,761          
Increase in accrual for offering costs, net (20,996) (20,996)   (20,996)          
Distribution reinvestment 602,266 511,935 356 511,579       90,331  
Common stock/units repurchased (2,122,513) (2,107,673) (1,485) (2,106,188)       (14,840)  
Amortization of compensation awards, net of tax withholding on net share settlement 18,973 18,973 52 18,921          
Net (loss) income (848,747) (758,880)       (758,880)   (74,297) (15,570)
Other comprehensive (loss) income 14,955 746     746     43 14,166
Distributions declared on common stock and OP units (1,188,572) (1,076,501)       (1,076,501)   (112,071)  
Contributions from non-controlling interests 618,803             502,924 115,879
Operating distributions to non-controlling interests (79,311)               (79,311)
Capital distributions to and redemptions of non-controlling interests (35,773) (1,754)   (1,754)         (34,019)
Allocation from redeemable non-controlling interests 12,277 12,277   12,277          
Ending Balance at Jun. 30, 2026 25,202,982 17,614,169 35,330 40,419,220 308,611 (23,148,992)   3,861,855 3,726,958
Beginning Balance at Mar. 31, 2026 25,601,171 18,324,273 35,190 40,196,387 300,520 (22,207,824)   3,585,633 3,691,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued 805,212 805,212 561 804,651          
Increase in accrual for offering costs, net (12,771) (12,771)   (12,771)          
Distribution reinvestment 303,271 256,351 179 256,172     $ 46,920    
Common stock/units repurchased (853,826) (849,542) (593) (848,949)       (4,284)  
Amortization of compensation awards, net of tax withholding on net share settlement 15,080 15,080 (7) 15,087          
Net (loss) income (464,066) (401,422)       (401,422)   (40,663) (21,981)
Other comprehensive (loss) income 17,529 8,091     8,091     702 8,736
Distributions declared on common stock and OP units (597,727) (539,746)       (539,746) $ (57,981)    
Contributions from non-controlling interests 423,233             331,528 91,705
Operating distributions to non-controlling interests (38,416)               (38,416)
Capital distributions to and redemptions of non-controlling interests (6,105) (1,754)   (1,754)         (4,351)
Allocation from redeemable non-controlling interests 10,397 10,397   10,397          
Ending Balance at Jun. 30, 2026 $ 25,202,982 $ 17,614,169 $ 35,330 $ 40,419,220 $ 308,611 $ (23,148,992)   $ 3,861,855 $ 3,726,958