Equity and Redeemable Non-controlling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Company's Authorized Capital

As of December 31, 2023, the Company had the authority to issue 12,100,000,000 shares, consisting of the following:


	Number of Shares (in thousands)	Par Value Per Share
Preferred Stock	100,000	$	0.01
Class S Shares	3,000,000	$	0.01
Class I Shares	6,000,000	$	0.01
Class T Shares	500,000	$	0.01
Class D Shares	1,500,000	$	0.01
Class C Shares	500,000	$	0.01
Class F Shares	500,000	$	0.01
Total	12,100,000

Schedule of Company's Outstanding Shares of Common Stock

The following table details the movement in the Company’s outstanding shares of common stock(1) (in thousands):



















	Class S	Class I	Class T	Class D	Class C	Total
January 1, 2021	702,853	927,080	45,943	124,141	—	1,800,017
Common stock issued	543,534	1,221,551	11,392	164,263	—	1,940,740
Distribution reinvestment	25,157	30,601	1,360	5,111	—	62,229
Common stock repurchased	(17,196)	(92,662)	(1,408)	(2,428)	—	(113,694)
Independent directors’ restricted stock grant(2)	—	61	—	—	—	61
December 31, 2021	1,254,348	2,086,631	57,287	291,087	—	3,689,353

Common stock issued	389,405	854,023	16,849	145,677	—	1,405,954
Distribution reinvestment	31,957	51,138	1,646	8,656	—	93,397
Common stock repurchased	(78,296)	(597,103)	(3,183)	(23,992)	—	(702,574)
Independent directors’ restricted stock grant(2)	—	48	—	—	—	48
December 31, 2022	1,597,414	2,394,737	72,599	421,428	—	4,486,178

Common stock issued(3)	31,384	680,173	(7,005)	(241,511)	2,136	465,177

Distribution reinvestment	30,493	50,878	1,575	4,556	—	87,502
Common stock repurchased(4)	(171,094)	(722,878)	(7,923)	(29,679)	—	(931,574)
Independent directors’ restricted stock grant(2)	—	49	—	—	—	49
December 31, 2023	1,488,197	2,402,959	59,246	154,794	2,136	4,107,332

(1)As of December 31, 2023, no Class F shares were issued and outstanding.

(2)The independent directors’ restricted stock represents $0.1 million of the annual compensation paid to each of the independent directors for the years ended December 31, 2023, 2022 and 2021. The cost of each grant is amortized over the one-year service period for each grant.

(3)Includes conversion of shares from Class T and Class D to Class I during the year ended December 31, 2023.

(4)Includes 56.7 million Class I shares previously issued for the management fee that were exchanged for an equivalent amount of Class B units of BREIT OP during the year ended December 31, 2023.

Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock

The following table details the aggregate distributions declared for each applicable class of common stock:








	Year Ended December 31, 2023
	Class S		Class I		Class T		Class D
Aggregate gross distributions declared per share of common stock	$	0.6660	$	0.6660	$	0.6660	$	0.6660
Stockholder servicing fee per share of common stock	(0.1248)		—		(0.1228)		(0.0359)
Net distributions declared per share of common stock	$	0.5412	$	0.6660	$	0.5432	$	0.6301








	Year Ended December 31, 2022
	Class S		Class I		Class T		Class D
Aggregate gross distributions declared per share of common stock	$	0.6685	$	0.6685	$	0.6685	$	0.6685
Stockholder servicing fee per share of common stock	(0.1273)		—		(0.1254)		(0.0366)
Net distributions declared per share of common stock	$	0.5412	$	0.6685	$	0.5431	$	0.6319








	Year Ended December 31, 2021
	Class S		Class I		Class T		Class D
Aggregate gross distributions declared per share of common stock	$	0.6508	$	0.6508	$	0.6508	$	0.6508
Stockholder servicing fee per share of common stock	(0.1096)		—		(0.1081)		(0.0317)
Net distributions declared per share of common stock	$	0.5412	$	0.6508	$	0.5427	$	0.6191

Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner

The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the years ended December 31, 2023 and 2022 ($ in thousands):


	Year Ended December 31,
	2023		2022
Balance at the beginning of the year	$	344,145	$	589,900
Settlement of current year performance participation allocation	—		817,527

Repurchases	—		(26,639)
Conversion to Class I and Class B units	(278,990)		(435,238)
Conversion to Class I and Class C shares	(65,304)		(599,219)

GAAP income allocation	1,914		(5,024)
Distributions	(1,308)		(10,256)
Fair value allocation	(106)		13,094
Ending balance	$	351	$	344,145

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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