Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2025

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):

	June 30, 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	110	35.7%	$	1,033,559
Rental Housing investments(2)	Rental Housing	8	4	12.2% - 44.2%	731,626
Industrial investments(3)	Industrial	3	55	10.1% - 22.4%	253,747
Hospitality investment	Hospitality	1	196	30.0%	209,652
Retail investments	Retail	2	8	50.0%	85,015
Net Lease investments(4)	Net Lease	1	52	25.0%	16,983
Total unconsolidated entities carried at historical cost		16	425		2,330,582
Unconsolidated entities carried at fair value:
Industrial investments(5)	Industrial	11	2,063	12.4% - 85.0%	3,193,993
Office investment	Office	1	1	49.0%	459,905
Rental Housing investment(6)	Rental Housing	1	10	11.6%	357,549
Total unconsolidated entities carried at fair value		13	2,074		4,011,447
Total		29	2,499		$	6,342,029

(1)Represents 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 10,005 single family rental homes related to four joint ventures.

(3)Consists of $253.7 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Consists of $17.0 million from investments in a joint venture formed by the Company and another Blackstone-advised investment vehicle.

(5)Includes $2.4 billion from investments in four joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(6)Consists of $357.5 million from investments in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 37,870 single family rental homes.

	December 31, 2024
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	106	35.7%	$	1,625,457
Rental Housing investments(2)	Rental Housing	11	7	12.2% - 66.9%	775,401
Industrial investments(3)	Industrial	3	56	10.1% - 22.4%	237,825
Hospitality investment	Hospitality	1	196	30.0%	276,218
Retail investments	Retail	2	8	50.0%	89,093
Net Lease investments(4)	Net Lease	1	—	25.0%	1,334
Total unconsolidated entities carried at historical cost		19	373		3,005,328
Unconsolidated entities at carried at fair value:
Industrial investments(5)	Industrial	11	2,064	12.4% - 85.0%	2,987,036
Office investment	Office	1	1	49.0%	471,959
Rental Housing investment(6)	Rental Housing	1	11	11.6%	402,082
Total unconsolidated entities carried at fair value		13	2,076		3,861,077
Total		32	2,449		$	6,866,405

(1)Represents 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 10,308 single family rental homes.

(3)Consists of $237.8 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Includes a joint venture formed by the Company and another Blackstone-advised investment vehicle. As of December 31, 2024, the joint venture had not made any investments. Book value represents the Company’s capital contribution less the company's share of start-up costs.

(5)Includes $2.2 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(6)On May 1, 2024, the Company alongside another Blackstone-advised investment vehicle formed a joint venture that acquired all of the outstanding common shares of Tricon Residential Inc. (“Tricon”) for a total equity transaction value of $3.5 billion. As part of the transaction, the Company converted its prior investment in common and preferred stock of Tricon to an interest in the newly formed joint venture, which is recorded under Investments in Unconsolidated Entities. As of December 31, 2024, the number of properties excludes 37,195 single family rental homes.

The following tables detail the Company’s income (loss) from unconsolidated entities ($ in thousands):

		For the Three Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	(95,910)	$	(8,396)
Rental Housing investments	Rental Housing	(11,348)		(5,268)
Industrial investments	Industrial	(2,313)		(2,145)
Hospitality investment	Hospitality	(2,278)		(800)
Retail investments	Retail	(1,133)		(579)
Net Lease investments	Net Lease	(106)		—
Total unconsolidated entities carried at historical cost		(113,088)		(17,188)
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	128,497		(28,308)
Rental Housing investments	Rental Housing	5,933		(245)
Office investment	Office	5,649		7,743
Total unconsolidated entities carried at fair value		140,079		(20,810)
Total		$	26,991	$	(37,998)

		For the Six Months Ended June 30,
BREIT Loss from Unconsolidated Entities	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	(923,380)	$	15,986
Rental Housing investments	Rental Housing	(25,201)		(13,878)
Industrial investments	Industrial	(5,512)		(2,466)
Hospitality investment	Hospitality	(5,066)		(5,105)
Retail investments	Retail	(2,554)		(1,728)
Net Lease investments	Net Lease	(397)		—
Total unconsolidated entities carried at historical cost		(962,110)		(7,191)
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	218,437		(50,810)
Data Center investments(1)	Data Centers	—		(17,698)
Office investment	Office	7,890		13,588
Rental Housing investments	Rental Housing	(2,241)		(245)
Total unconsolidated entities carried at fair value		224,086		(55,165)
Total		$	(738,024)	$	(62,356)

(1)On March 27, 2024, the Company sold its remaining 8.8% interest in a digital towers joint venture for cash consideration of $531.4 million, resulting in a realized loss on sale of $17.4 million, which was primarily driven by transaction costs.