Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 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):

	September 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	114	35.7%	$	937,247
Rental Housing investments(2)	Rental Housing	8	4	12.2% - 44.2%	713,514
Industrial investments(3)	Industrial	3	55	10.1% - 22.4%	247,263
Hospitality investment	Hospitality	1	196	30.0%	202,749
Retail investments	Retail	2	8	50.0%	84,409
Net Lease investment(4)	Net Lease	1	115	25.0%	25,911
Total unconsolidated entities carried at historical cost		16	492		2,211,093
Unconsolidated entities carried at fair value:
Industrial investments(5)	Industrial	11	2,060	12.4% - 85.0%	3,125,943
Office investment	Office	1	1	49.0%	454,324
Rental Housing investment(6)	Rental Housing	1	10	11.6%	356,435
Total unconsolidated entities carried at fair value		13	2,071		3,936,702
Total		29	2,563		$	6,147,795

(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 9,860 single family rental homes related to four joint ventures.

(3)Consists of $247.3 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Consists of $25.9 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 $356.4 million from investments in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 38,100 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 investment(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 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 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):

		Three Months Ended September 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	(87,322)	$	(227,994)
Rental Housing investments	Rental Housing	(11,875)		(5,152)
Hospitality investment	Hospitality	(2,643)		(1,701)
Industrial investments	Industrial	(1,585)		(3,175)
Retail investments	Retail	(393)		(1,159)
Net Lease investment	Net Lease	(123)		—
Total unconsolidated entities carried at historical cost		(103,941)		(239,181)
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	(53,364)		88,417
Rental Housing investments	Rental Housing	(1,116)		82,460
Office investment	Office	8,629		(6,535)
Total unconsolidated entities carried at fair value		(45,851)		164,342
Total		$	(149,792)	$	(74,839)

		Nine Months Ended September 30,
BREIT Income (Loss) from Unconsolidated Entities	Segment	2025		2024
Unconsolidated entities carried at historical cost:
QTS Data Centers	Data Centers	$	(1,010,702)	$	(212,008)
Rental Housing investments	Rental Housing	(37,076)		(19,030)
Hospitality investment	Hospitality	(7,709)		(6,806)
Industrial investments	Industrial	(7,097)		(5,641)
Retail investments	Retail	(2,947)		(2,887)
Net Lease investment	Net Lease	(520)		—
Total unconsolidated entities carried at historical cost		(1,066,051)		(246,372)
Unconsolidated entities carried at fair value:
Industrial investments	Industrial	165,073		37,607
Office investment	Office	16,519		7,053
Rental Housing investments	Rental Housing	(3,357)		82,215
Data Center investments(1)	Data Centers	—		(17,698)
Total unconsolidated entities carried at fair value		178,235		109,177
Total		$	(887,816)	$	(137,195)

(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.