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Equity and Redeemable Non-controlling Interest
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity and Redeemable Non-controlling Interest Equity and Redeemable Non-controlling Interest
Authorized Capital
As of June 30, 2025, 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 Stock100,000 $0.01 
Class S Shares3,000,000 $0.01 
Class I Shares6,000,000 $0.01 
Class T Shares500,000 $0.01 
Class D Shares1,500,000 $0.01 
Class C Shares500,000 $0.01 
Class F Shares500,000 $0.01 
Total12,100,000 
Common Stock
The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands):
 
Three Months Ended June 30, 2025(1)
 Class SClass IClass TClass DClass CTotal
March 31, 20251,299,418 2,121,268 40,676 134,829 2,922 3,599,113 
Common stock issued (converted)(2)
1,808 39,371 (2,133)1,815 300 41,161 
Distribution reinvestment7,021 10,845 267 799 — 18,932 
Common stock repurchased(31,787)(68,481)(787)(4,520)(160)(105,735)
June 30, 20251,276,460 2,103,003 38,023 132,923 3,062 3,553,471 
Six Months Ended June 30, 2025(1)
Class SClass IClass TClass DClass CTotal
December 31, 20241,339,547 2,165,077 43,941 138,946 2,848 3,690,359 
Common stock issued (converted)(2)
4,791 81,389 (4,088)2,589 399 85,080 
Distribution reinvestment14,224 22,038 553 1,593 — 38,408 
Common stock repurchased
(82,102)(165,501)(2,383)(10,205)(185)(260,376)
June 30, 20251,276,460 2,103,003 38,023 132,923 3,062 3,553,471 
(1)As of June 30, 2025, no Class F shares were issued and outstanding.
(2)Includes conversion of shares from Class S, Class T and Class D to Class I during the three and six months ended June 30, 2025.
The Company registered a new offering with the SEC of up to $60.0 billion in shares of our common stock, consisting of up to $48.0 billion in any combination of Class S-2, Class T-2, Class D-2 and Class I shares in our primary offering and up to $12.0 billion in any combination of Class S-2, Class T-2, Class D-2, Class I, Class S, Class T and Class D shares pursuant to our distribution reinvestment plan, which was declared effective on August 5, 2025. The prior offering was terminated concurrently with the effectiveness of the new offering. As of August 13, 2025, no shares have yet to be issued under the new offering.

Share and Unit Repurchases
The Company has adopted a Share Repurchase Plan (the “Repurchase Plan”), which is approved and administered by the Company’s board of directors, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. The Repurchase Plan will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. The Company has in the past received, and may in the future receive, repurchase requests that exceed the limits under the Repurchase Plan, and the Company has in the past repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis.
Should repurchase requests, in the board of directors’ judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the board of directors otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company’s board of directors may determine to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under the Repurchase Plan), or none at all. Further, the Company’s board of directors has in the past made exceptions to the limitations in the Repurchase Plan and may in the future, in certain circumstances, make exceptions to such repurchase limitations (or repurchase fewer shares than such repurchase limitations), or modify or suspend the Repurchase Plan if, in its reasonable judgement, it deems such action to be in the Company’s best interest and the best interest of its stockholders. In the event that the Company receives repurchase requests in excess of the 2% or 5% limits, then repurchase requests will be satisfied on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the Repurchase Plan, as applicable.
For the six months ended June 30, 2025, the Company repurchased 260.4 million shares of common stock and 2.2 million units of BREIT OP for a total of $3.6 billion, satisfying all repurchase requests for the six months ended June 30, 2025.
Distributions

The Company considers a variety of factors when determining its distributions, including cash flows from operations, Funds Available for Distribution, NAV, and total return, and in any case, generally intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986. Taxable income does not equal net income as calculated in accordance with GAAP.
Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV.
The following tables detail the aggregate distributions declared for each applicable class of common stock:
 Three Months Ended June 30, 2025
 Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.1646 $0.1646 $0.1646 $0.1646 
Stockholder servicing fee per share of common stock(0.0293)— (0.0288)(0.0085)
Net distributions declared per share of common stock$0.1353 $0.1646 $0.1358 $0.1561 
Six Months Ended June 30, 2025
Class SClass IClass TClass D
Aggregate gross distributions declared per share of common stock$0.3289 $0.3289 $0.3289 $0.3289 
Stockholder servicing fee per share of common stock(0.0583)— (0.0573)(0.0169)
Net distributions declared per share of common stock$0.2706 $0.3289 $0.2716 $0.3120 
Redeemable Non-controlling Interest
In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets.
The following table details the Redeemable Non-controlling Interest activity related to the Special Limited Partner for the six months ended June 30, 2025 and 2024 ($ in thousands):
 
Six Months Ended June 30,
 20252024
Balance at the beginning of the period$15,688 $351 
Settlement of prior quarter(s) performance participation allocation
45,963 15,370 
GAAP income allocation(1,196)(124)
Distributions(185)(60)
Fair value allocation2,205 216 
Ending balance$62,475 $15,753 
In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a Redeemable Non-controlling Interest in such joint ventures. As of June 30, 2025 and December 31, 2024, $159.9 million and $158.0 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets.
The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment between Additional Paid-in Capital and Redeemable Non-controlling Interests of $2.6 million and $3.4 million, during the three and six months ended June 30, 2025, respectively, and $19.2 million and $20.1 million, during the three and six months ended June 30, 2024, respectively, to reflect their redemption value.