v3.26.3
Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 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):
September 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 Centers114135.7%$1,499,352 
Rental Housing investments(2)
Rental Housing84
12.2% - 44.2%
664,367 
Industrial investments(3)
Industrial355
10.1% - 22.4%
235,458 
Hospitality investmentHospitality119530.0%175,192 
Retail investmentsRetail2850.0%88,320 
Net Lease investment(4)
Net Lease
134725.0%73,092 
Total unconsolidated entities carried at historical cost167502,735,781 
Unconsolidated entities carried at fair value:
Industrial investments(5)
Industrial112,084
12.4% - 85.0%
2,972,440 
Office investment
Office1149.0%443,042 
Rental Housing investment(6)
Rental Housing11111.6%308,540 
Total unconsolidated entities carried at
fair value
132,0963,724,022 
Total
292,846$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 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 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 September 30,
BREIT Income (Loss) from Unconsolidated Entities
Segment20262025
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers$447,484 $(87,322)
Retail investmentsRetail626 (393)
Net Lease investmentNet Lease445 (123)
Industrial investmentsIndustrial(695)(1,585)
Hospitality investmentHospitality(1,974)(2,643)
Rental Housing investmentsRental Housing(10,470)(11,875)
Total unconsolidated entities carried at historical cost
435,416 (103,941)
Unconsolidated entities carried at fair value:
Industrial investmentsIndustrial35,830 (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
Segment20262025
Unconsolidated entities carried at historical cost:
QTS Data CentersData Centers$444,937 $(1,010,702)
Retail investmentsRetail1,839 (2,947)
Net Lease investmentNet Lease662 (520)
Industrial investments
Industrial
(4,179)(7,097)
Hospitality investment
Hospitality
(6,098)(7,709)
Rental Housing investmentsRental Housing(33,082)(37,076)
Total unconsolidated entities carried at historical cost404,079 (1,066,051)
Unconsolidated entities carried at fair value:
Industrial investments
Industrial39,598 165,073 
Office investment
Office
19,478 16,519 
Rental Housing investmentRental Housing(4,030)(3,357)
Total unconsolidated entities carried at fair value55,046 178,235 
Total$459,125 $(887,816)