Investments in Unconsolidated Entities

9 Months Ended

Sep. 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):


	September 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	141	35.7%	$	1,499,352
Rental Housing investments(2)	Rental Housing	8	4	12.2% - 44.2%	664,367
Industrial investments(3)	Industrial	3	55	10.1% - 22.4%	235,458
Hospitality investment	Hospitality	1	195	30.0%	175,192

Retail investments	Retail	2	8	50.0%	88,320
Net Lease investment(4)	Net Lease	1	347	25.0%	73,092
Total unconsolidated entities carried at historical cost		16	750		2,735,781
Unconsolidated entities carried at fair value:
Industrial investments(5)	Industrial	11	2,084	12.4% - 85.0%	2,972,440

Office investment	Office	1	1	49.0%	443,042
Rental Housing investment(6)	Rental Housing	1	11	11.6%	308,540
Total unconsolidated entities carried at fair value		13	2,096		3,724,022
Total		29	2,846		$	6,459,803

(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 8,980 single family rental homes related to four joint ventures.

(3)Consists of $235.5 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Consists of $73.1 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 $308.5 million from an investment in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 40,447 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 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 September 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2026		2025
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	447,484	$	(87,322)
Retail investments	Retail	626		(393)
Net Lease investment	Net Lease	445		(123)
Industrial investments	Industrial	(695)		(1,585)
Hospitality investment	Hospitality	(1,974)		(2,643)
Rental Housing investments	Rental Housing	(10,470)		(11,875)

Total unconsolidated entities carried at historical cost		435,416		(103,941)
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	35,830		(53,364)
Office investment	Office	5,399		8,629
Rental Housing investment	Rental Housing	(1,030)		(1,116)
Total unconsolidated entities carried at fair value		40,199		(45,851)
Total		$	475,615	$	(149,792)


		Nine Months Ended September 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2026		2025
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	444,937	$	(1,010,702)
Retail investments	Retail	1,839		(2,947)
Net Lease investment	Net Lease	662		(520)
Industrial investments	Industrial	(4,179)		(7,097)
Hospitality investment	Hospitality	(6,098)		(7,709)
Rental Housing investments	Rental Housing	(33,082)		(37,076)


Total unconsolidated entities carried at historical cost		404,079		(1,066,051)
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	39,598		165,073
Office investment	Office	19,478		16,519
Rental Housing investment	Rental Housing	(4,030)		(3,357)
Total unconsolidated entities carried at fair value		55,046		178,235
Total		$	459,125	$	(887,816)