UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 000-55931

Blackstone Real Estate Income Trust, Inc.

(Exact name of Registrant as specified in its charter)

Maryland

81-0696966

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

345 Park Avenue

New York,

NY

10154

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 583-5000

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 7, 2026, the registrant had the following shares outstanding (in thousands): 2,192,529 shares of Class I common stock, 1,122,454 shares of Class S common stock, 63,361 shares of Class S-2 common stock, 90,499 shares of Class D common stock, 7,937 shares of Class D-2 common stock, 27,554 shares of Class T common stock, 574 shares of Class T-2 common stock, 39,062 shares of Class C common stock, 14,303 shares of Class L common stock, 0 shares of Class L-2 common stock, and 0 shares of Class F common stock.

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TABLE OF CONTENTS

PART I.			FINANCIAL INFORMATION			1
ITEM 1.			FINANCIAL STATEMENTS			1
			Condensed Consolidated Financial Statements (Unaudited):
			Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025			1
			Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025			2
			Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025			3
			Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2026 and 2025			4
			Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025			6
			Notes to Condensed Consolidated Financial Statements			8
ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			48
ITEM 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			86
ITEM 4.			CONTROLS AND PROCEDURES			87
PART II.			OTHER INFORMATION			88
ITEM 1.			LEGAL PROCEEDINGS			88
ITEM 1A.			RISK FACTORS			88
ITEM 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			89
ITEM 3.			DEFAULTS UPON SENIOR SECURITIES			90
ITEM 4.			MINE SAFETY DISCLOSURES			90
ITEM 5.			OTHER INFORMATION			90
ITEM 6.			EXHIBITS			90
			SIGNATURES			92

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except per share data)

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			June 30, 2026						December 31, 2025
Assets
Investments in real estate, net			$	68,955,509					$	73,933,873
Investments in unconsolidated entities (includes $3,744,156 and $3,843,300 at fair value as of June 30, 2026 and December 31, 2025, respectively)			5,999,375						6,144,367
Investments in real estate debt, at fair value			3,828,678						4,133,770
Real estate loans held by consolidated securitization vehicles, at fair value			4,095,346						6,975,460
Cash and cash equivalents			1,405,134						1,605,053
Restricted cash			835,097						739,986
Other assets			5,634,718						5,070,999
Total assets			$	90,753,857					$	98,603,508
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net			$	52,525,971					$	55,540,761
Secured financings of investments in real estate debt			2,655,650						2,921,671
Senior obligations of consolidated securitization vehicles, at fair value			3,544,320						6,284,112
Unsecured revolving credit facilities and term loans			1,526,923						2,451,923
Due to affiliates			967,524						791,741
Other liabilities			4,219,094						3,944,536
Total liabilities			65,439,482						71,934,744
Commitments and contingencies			—						—
Redeemable non-controlling interests			111,393						141,102
Equity
Common stock, $0.01 par value per share			35,330						35,210
Additional paid-in capital			40,419,220						40,302,620
Accumulated other comprehensive income			308,611						307,865
Accumulated deficit and cumulative distributions			(23,148,992)						(21,313,611)
Total stockholders’ equity			17,614,169						19,332,084
Non-controlling interests attributable to consolidated subsidiaries			3,726,958						3,725,813
Non-controlling interests attributable to BREIT OP			3,861,855						3,469,765
Total equity			25,202,982						26,527,662
Total liabilities and equity			$	90,753,857					$	98,603,508

See accompanying notes to condensed consolidated financial statements.

1

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Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data)

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			Three Months Ended June 30,																					Six Months Ended June 30,
			2026						2025															2026						2025
Revenues
Rental revenue			$	1,629,105					$	1,770,660														$	3,350,359					$	3,603,049
Hospitality revenue			145,475						139,199															281,662						273,315
Other revenue			86,047						88,522															166,272						177,189
Total revenues			1,860,627						1,998,381															3,798,293						4,053,553
Expenses
Rental property operating			763,951						828,825															1,560,053						1,687,775
Hospitality operating			97,650						97,968															192,128						192,107
General and administrative			18,109						16,886															32,554						33,000
Management fee			176,615						166,892															348,840						335,317
Performance participation allocation			243,066						88,824															399,772						230,999
Impairment of investments in real estate			99,250						171,113															234,467						341,371
Depreciation and amortization			742,511						808,651															1,503,000						1,635,750
Total expenses			2,141,152						2,179,159															4,270,814						4,456,319
Other income (expense)
Income (loss) from unconsolidated entities			25,672						26,991															(16,490)						(738,024)
Income from investments in real estate debt			82,767						133,654															160,443						266,532
Change in net assets of consolidated securitization vehicles			9,217						38,207															26,243						70,392
Loss from interest rate derivatives			(56,333)						(236,097)															(46,040)						(598,759)
Net gain on dispositions of real estate			393,297						464,394															855,832						600,303
Interest expense, net			(604,639)						(777,766)															(1,300,099)						(1,543,562)
Loss on extinguishment of debt			(24,453)						(25,360)															(37,330)						(36,874)
Other expense			(11,188)						(12,228)															(21,746)						(26,009)
Total other income (expense)			(185,660)						(388,205)															(379,187)						(2,006,001)
Net loss			$	(466,185)					$	(568,983)														$	(851,708)					$	(2,408,767)
Net loss attributable to non-controlling interests in consolidated subsidiaries			$	24,100					$	40,124														$	18,531					$	60,252
Net loss attributable to non-controlling interests in BREIT OP			40,663						40,381															74,297						163,400
Net loss attributable to BREIT stockholders			$	(401,422)					$	(488,478)														$	(758,880)					$	(2,185,115)
Net loss per share of common stock — basic and diluted
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C			$	(0.11)					$	(0.14)														$	(0.22)					$	(0.61)
Class L			$	(0.08)					$	—														$	(0.16)					$	—

See accompanying notes to condensed consolidated financial statements.

2

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Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (in thousands)

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			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net loss			$	(466,185)					$	(568,983)					$	(851,708)					$	(2,408,767)
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net			(7,615)						64,491						(25,815)						88,098
Unrealized gain (loss) on derivatives			29,593						(59,388)						50,471						(154,843)
Unrealized loss on derivatives from unconsolidated entities			(4,500)						(16,511)						(9,790)						(49,812)
Other comprehensive income (loss)			17,478						(11,408)						14,866						(116,557)
Comprehensive loss			(448,707)						(580,391)						(836,842)						(2,525,324)
Comprehensive loss attributable to non-controlling interests in consolidated subsidiaries			15,415						50,955						4,454						94,263
Comprehensive loss attributable to non-controlling interests in BREIT OP			39,961						40,414						74,254						168,775
Comprehensive loss attributable to BREIT stockholders			$	(393,331)					$	(489,022)					$	(758,134)					$	(2,262,286)

See accompanying notes to condensed consolidated financial statements.

3

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Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Statements of Changes in Equity (Unaudited) (in thousands, except per share data)

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																																																			Additional Paid-in Capital						Accumulated Other Comprehensive Income						Accumulated Deficit and Cumulative Distributions						Total Stockholders’ Equity						Non- controlling Interests Attributable to Consolidated Subsidiaries						Non- controlling Interests Attributable to BREIT OP						Total Equity
																																													Common Stock
Balance at March 31, 2026																																													$	35,190					$	40,196,387					$	300,520					$	(22,207,824)					$	18,324,273					$	3,691,265					$	3,585,633					$	25,601,171
Common stock issued																																													561						804,651						—						—						805,212						—						—						805,212
Increase in accrual for offering costs, net																																													—						(12,771)						—						—						(12,771)						—						—						(12,771)
Distribution reinvestment																																													179						256,172						—						—						256,351						—						46,920						303,271
Common stock/units repurchased																																													(593)						(848,949)						—						—						(849,542)						—						(4,284)						(853,826)
Amortization of compensation awards, net of tax withholding on net share settlement																																													(7)						15,087						—						—						15,080						—						—						15,080
Net loss ($2,119 of net loss allocated to redeemable non‑controlling interests)																																													—						—						—						(401,422)						(401,422)						(21,981)						(40,663)						(464,066)
Other comprehensive income ($51 of other comprehensive loss allocated to redeemable non‑controlling interests)																																													—						—						8,091						—						8,091						8,736						702						17,529
Distributions declared on common stock and OP units ($0.1659 gross per share/unit)																																													—						—						—						(539,746)						(539,746)						—						(57,981)						(597,727)
Contributions from non-controlling interests																																													—						—						—						—						—						91,705						331,528						423,233
Operating distributions to non-controlling interests																																													—						—						—						—						—						(38,416)						—						(38,416)
Capital distributions to and redemptions of non-controlling interests																																													—						(1,754)						—						—						(1,754)						(4,351)						—						(6,105)
Allocation from redeemable non-controlling interests																																													—						10,397						—						—						10,397						—						—						10,397
Balance at June 30, 2026																																													$	35,330					$	40,419,220					$	308,611					$	(23,148,992)					$	17,614,169					$	3,726,958					$	3,861,855					$	25,202,982

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																																													Additional Paid-in Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit and Cumulative Distributions						Total Stockholders’ Equity						Non- controlling Interests Attributable to Consolidated Subsidiaries						Non- controlling Interests Attributable to BREIT OP						Total Equity
																																							Common Stock
Balance at March 31, 2025																																							$	35,991					$	41,500,103					$	306,645					$	(18,101,064)					$	23,741,675					$	4,283,753					$	2,988,770					$	31,014,198
Common stock issued																																							207						574,485						—						—						574,692						—						—						574,692
Increase in accrual for offering costs, net																																							—						(343,220)						—						—						(343,220)						—						—						(343,220)
Distribution reinvestment																																							190						260,542						—						—						260,732						—						36,133						296,865
Common stock/units repurchased																																							(1,057)						(1,455,702)						—						—						(1,456,759)						—						(21,393)						(1,478,152)
Amortization of compensation awards																																							204						20,259						—						—						20,463						—						—						20,463
Net loss ($1,168 of net loss allocated to redeemable non‑controlling interests)																																							—						—						—						(488,478)						(488,478)						(39,584)						(39,753)						(567,815)
Other comprehensive loss ($160 of other comprehensive income allocated to redeemable non‑controlling interests)																																							—						—						(544)						—						(544)						(10,991)						(33)						(11,568)
Distributions declared on common stock and OP units ($0.1646 gross per share/unit)																																							—						—						—						(545,935)						(545,935)						—						(46,655)						(592,590)
Contributions from non-controlling interests																																							—						—						—						—						—						24,614						367,069						391,683
Operating distributions to non-controlling interests																																							—						—						—						—						—						(41,911)						—						(41,911)
Capital distributions to and redemptions of non-controlling interests																																							—						1,270						—						—						1,270						(32,044)						—						(30,774)
Allocation to redeemable non-controlling interests																																							—						(2,560)						—						—						(2,560)						—						—						(2,560)
Balance at Balance at June 30, 2025																																							$	35,535					$	40,555,177					$	306,101					$	(19,135,477)					$	21,761,336					$	4,183,837					$	3,284,138					$	29,229,311

See accompanying notes to condensed consolidated financial statements.

4

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Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Statements of Changes in Equity (Unaudited) (in thousands, except per share data)

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																																																			Additional Paid-in Capital						Accumulated Other Comprehensive Income						Accumulated Deficit and Cumulative Distributions						Total Stockholders' Equity						Non- controlling Interests Attributable to Consolidated Subsidiaries						Non- controlling Interests Attributable to BREIT OP						Total Equity
																																													Common Stock
Balance at December 31, 2025																																													$	35,210					$	40,302,620					$	307,865					$	(21,313,611)					$	19,332,084					$	3,725,813					$	3,469,765					$	26,527,662
Common stock issued																																													1,197						1,702,761						—						—						1,703,958						—						—						1,703,958
Increase in accrual for offering costs, net																																													—						(20,996)						—						—						(20,996)						—						—						(20,996)
Distribution reinvestment																																													356						511,579						—						—						511,935						—						90,331						602,266
Common stock/units repurchased																																													(1,485)						(2,106,188)						—						—						(2,107,673)						—						(14,840)						(2,122,513)
Amortization of compensation awards, net of tax withholding on net share settlement																																													52						18,921						—						—						18,973						—						—						18,973
Net loss ($2,961 of net loss allocated to redeemable non‑controlling interests)																																													—						—						—						(758,880)						(758,880)						(15,570)						(74,297)						(848,747)
Other comprehensive income ($89 of other comprehensive loss allocated to redeemable non‑controlling interests)																																													—						—						746						—						746						14,166						43						14,955
Distributions declared on common stock and OP Units ($0.3311 gross per share/unit)																																													—						—						—						(1,076,501)						(1,076,501)						—						(112,071)						(1,188,572)
Contributions from non-controlling interests																																													—						—						—						—						—						115,879						502,924						618,803
Operating distributions to non-controlling interests																																													—						—						—						—						—						(79,311)						—						(79,311)
Capital distributions to and redemptions of non-controlling interests																																													—						(1,754)						—						—						(1,754)						(34,019)						—						(35,773)
Allocation from redeemable non-controlling interests																																													—						12,277						—						—						12,277						—						—						12,277
Balance at June 30, 2026																																													$	35,330					$	40,419,220					$	308,611					$	(23,148,992)					$	17,614,169					$	3,726,958					$	3,861,855					$	25,202,982

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																					Additional Paid-in Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit and Cumulative Distributions						Total Stockholders' Equity						Non- controlling Interests Attributable to Consolidated Subsidiaries						Non- controlling Interests Attributable to BREIT OP						Total Equity
																																																												Common Stock
Balance at December 31, 2024																																							$	36,902					$	42,781,930					$	383,272					$	(15,848,197)					$	27,353,907					$	4,375,668					$	2,964,555					$	34,694,130
Common stock issued																																							446						1,095,806						—						—						1,096,252						—						—						1,096,252
Increase in accrual for offering costs, net																																							—						(309,441)						—						—						(309,441)						—						—						(309,441)
Distribution reinvestment																																							385						527,863						—						—						528,248						—						69,876						598,124
Common stock/units repurchased																																							(2,603)						(3,578,985)						—						—						(3,581,588)						—						(29,815)						(3,611,403)
Amortization of compensation awards																																							405						40,140						—						—						40,545						—						—						40,545
Net loss ($2,055 of net loss allocated to redeemable non-controlling interests)																																							—						—						—						(2,185,115)						(2,185,115)						(59,369)						(162,228)						(2,406,712)
Other comprehensive loss ($135 of other comprehensive income allocated to redeemable non-controlling interests)																																							—						—						(77,171)						—						(77,171)						(34,170)						(5,351)						(116,692)
Distributions declared on common stock and OP units ($0.3289 gross per share/unit)																																							—						—						—						(1,102,165)						(1,102,165)						—						(88,982)						(1,191,147)
Contributions from non-controlling interests																																							—						—						—						—						—						43,185						536,083						579,268
Operating distributions to non-controlling interests																																							—						—						—						—						—						(78,203)						—						(78,203)
Capital distributions to and redemptions of non-controlling interests																																							—						1,270						—						—						1,270						(63,274)						—						(62,004)
Allocation to redeemable non-controlling interests																																							—						(3,406)						—						—						(3,406)						—						—						(3,406)
Balance at Balance at June 30, 2025																																							$	35,535					$	40,555,177					$	306,101					$	(19,135,477)					$	21,761,336					$	4,183,837					$	3,284,138					$	29,229,311

See accompanying notes to condensed consolidated financial statements.

5

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Blackstone Real Estate Income Trust, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands)

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			Six Months Ended June 30,
			2026						2025
Cash flows from operating activities:
Net loss			$	(851,708)					$	(2,408,767)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee			348,840						335,317
Performance participation allocation			399,772						230,999
Impairment of investments in real estate			234,467						341,371
Depreciation and amortization			1,503,000						1,635,750
Net gain on dispositions of real estate			(855,832)						(600,303)
Loss on extinguishment of debt			37,330						36,874
Unrealized loss on financial instruments			38,318						523,569
Loss from unconsolidated entities			16,490						738,024
Distributions of earnings from unconsolidated entities			275,234						208,016
Other items			56,914						75,294
Change in assets and liabilities:
Decrease in other assets			65,328						79,584
(Decrease) increase in due to affiliates			(1,749)						1,214
Decrease in other liabilities			(52,516)						(15,365)
Net cash provided by operating activities			1,213,888						1,181,577
Cash flows from investing activities:
Acquisitions of real estate			(10,275)						—
Capital improvements to real estate			(561,993)						(513,660)
Proceeds from disposition of real estate			4,075,966						2,947,093
Investment in unconsolidated entities			(306,331)						(540,590)
Dispositions of and return of capital from unconsolidated entities			134,684						101,635
Purchase of investments in real estate debt			(1,804,391)						(91,705)
Proceeds from sale/repayment of investments in real estate debt			2,012,347						395,535
Proceeds from repayments of real estate loans held by consolidated securitization vehicles			3,650,754						2,201,454
Collateral released (posted) under derivative contracts			723						(1,889)
Other investing activities			(55,246)						(41,078)
Net cash provided by investing activities			7,136,238						4,456,795
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities			10,883,334						5,365,475
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities			(13,656,336)						(5,761,826)
Borrowings under secured financings of investments in real estate debt			1,290,533						261,798
Repayments of secured financings of investments in real estate debt			(1,557,494)						(316,851)
Borrowings under unsecured revolving credit facilities and term loans			1,035,000						2,965,000
Repayments of unsecured revolving credit facilities and term loans			(1,960,000)						(2,820,000)
Payment of deferred financing costs			(127,250)						(99,250)
Sales of senior obligations of consolidated securitization vehicles			20,066						—
Repayments of senior obligations of consolidated securitization vehicles			(3,222,182)						(1,963,927)
Proceeds from issuance of common stock			1,558,445						953,246
Subscriptions received in advance			198,315						124,336
Offering costs paid			(90,217)						(95,234)
Distributions			(559,979)						(576,951)
Repurchase of common stock			(2,169,729)						(3,527,096)
Payment of withholding taxes upon delivery of equity based awards			(18,850)						(13,751)
Contributions from redeemable non-controlling interests			6,651						3,876
Distributions to and redemption of redeemable non-controlling interests			(20,899)						(2,270)
Redemption of affiliated service provider incentive compensation awards			(2,858)						(8,984)
Contributions from non-controlling interests			116,076						207,846
Distributions to and redemptions of non-controlling interests			(177,636)						(249,827)
Net cash used in financing activities			(8,455,010)						(5,554,390)
Net change in cash and cash equivalents and restricted cash			(104,884)						83,982
Cash, cash equivalents and restricted cash, beginning of period			2,345,039						2,776,894
Effects of foreign currency translation on cash, cash equivalents and restricted cash			76						16,794
Cash, cash equivalents and restricted cash, end of period			$	2,240,231					$	2,877,670
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents			$	1,405,134					$	2,065,595
Restricted cash			835,097						812,075
Total cash, cash equivalents and restricted cash			$	2,240,231					$	2,877,670

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Non-cash investing and financing activities:
Change in accrued stockholder servicing fee due to affiliate			$	11,302					$	297,042
Issuance of Class B BREIT OP units for payment of management fees			346,221						336,083
Issuance of Class B BREIT OP units for settlement of performance participation allocation			156,706						—
Redeemable non-controlling interest issued as settlement of performance participation allocation			—						45,963
Allocation to redeemable non-controlling interests			12,277						3,406
Distribution reinvestment			602,266						598,124
Conversion of BREIT OP units to Class I shares			1,278						—
Accrued repurchases			288,465						439,289
Investment in single family rental homes risk retention securities			34,125						—
Receivable for proceeds from dispositions of real estate			10,159						—
Payable for unsettled purchases of investments in real estate debt			214,130						—
Mortgage loan and other liabilities assumed by purchaser in connection with real estate disposition			20,578						—
Consolidation of securitization vehicles			991,100						—
Increases in assets and liabilities resulting from change in control transactions:
Investments in real estate, net			—						127,634
Other assets			—						2,806
Mortgage loans, net			—						(56,050)
Other liabilities			—						(2,464)
Non-controlling interests attributable to consolidated subsidiaries			—						(35,344)

See accompanying notes to condensed consolidated financial statements.

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Blackstone Real Estate Income Trust, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Organization and Business Purpose

Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) invests primarily in stabilized, income-generating commercial real estate in the United States and, to a lesser extent, outside the United States. The Company to a lesser extent invests in real estate debt investments. The Company is the sole general partner and majority limited partner of BREIT Operating Partnership L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly owned subsidiary of Blackstone Inc. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager. The Company was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.

The Company registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in any combination of Class I, Class S-2, Class D-2, and Class T-2 shares in its primary offering and up to $12.0 billion in any combination of Class I, Class S, Class S-2, Class D, Class D-2, Class T and Class T-2 shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in September 2025 (the “Current Offering”). The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. Class S, D, and T shares of the Company's common stock are only available to existing holders of such classes pursuant to the Company’s distribution reinvestment plan. In addition to the Current Offering, the Company is conducting private offerings of Class I, Class C and Class F shares to certain feeder or other vehicles that hold the Company’s shares and other assets, which in turn sell interests in themselves to other investors as described in the Company’s prospectus. Further, the Company is conducting private offerings of Class I, Class S-2, Class D-2, Class T-2, Class L, and Class L-2 shares to certain accredited investors through certain participating broker dealers. All such private offerings are or will be, as applicable, exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) and/or Regulation D or Regulation S promulgated thereunder. The Company intends to continue selling shares in the Current Offering and private offerings on a monthly basis.

As of June 30, 2026, the Company owned, in whole or in part, 4,530 properties and 63,081 single family rental homes. The Company currently operates in eight reportable segments: Rental Housing, Industrial, Data Centers, Net Lease, Office, Hospitality, Retail, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as student, affordable, manufactured and single family rental housing. Net Lease includes the real estate assets of The Bellagio Las Vegas, The Cosmopolitan of Las Vegas, and the Company’s unconsolidated investment in a Net Lease platform. Financial results by segment are reported in Note 16 — Segment Reporting.

The Company previously had nine reportable segments. In May 2026, the Company completed the disposition of all properties in its Self Storage segment. The Company determined that the disposition did not represent a strategic shift that has had, or is expected to have, a major effect on the Company’s operations or financial results, and therefore, did not meet the criteria to be classified as discontinued operations. Accordingly, the results of the Self Storage segment are included in continuing operations for all periods presented.

In November 2025, the Company, through BREIT OP, commenced a program (the “DST Program”) to issue and sell beneficial interests (“DST Interests”) in specific Delaware statutory trusts (the “DSTs”) holding real properties (the “DST Properties”) through private offerings (the “DST Program”). These private offerings are exempt from registration under the Securities Act. As of June 30, 2026, $111.2 million in net offering proceeds were raised through the DST Program, which are included in Non-controlling Interests Attributable to Consolidated Subsidiaries on the Condensed Consolidated Balance Sheets.

Under the DST Program, each DST Property may be sourced from our real properties or acquired from third parties, will be held in a separate DST, and will be leased by the DST to a wholly-owned subsidiary of BREIT OP under a master lease agreement. In accordance with the master lease, we are responsible for subleasing the DST Properties and for covering all costs associated with operating the underlying DST Properties. Each master lease agreement will be guaranteed by BREIT OP, which will retain a fair market value purchase option (the “FMV Option”), giving BREIT OP the right, but not the obligation, to acquire the DST Interests in the applicable DST from the DST investors any time during a defined period in exchange for BREIT OP units or, in certain cases, a combination of BREIT OP units and cash. After a one-year holding period, investors who acquire BREIT OP units pursuant to the FMV Option have a right to cause BREIT OP to redeem all or a portion of their OP units for, at our sole discretion, shares of our common stock, cash, or a combination of both.

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2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the Company’s condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC.

The accompanying condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries, and joint ventures in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

Certain amounts in the Company's prior period Condensed Consolidated Statements of Changes in Equity have been reclassified to conform to the current period presentation. The Company aggregated the par value of each share class previously reported as separate financial statement line items into a single financial statement line item for par value of all share classes. Such reclassifications had no effect on previously reported totals or subtotals in the Condensed Consolidated Statements of Equity.

Additionally, certain amounts in the Company's prior period Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. Specifically, payments of withholding taxes upon the delivery of equity‑based awards, which were previously included in proceeds from the issuance of common stock, are now presented separately. Such reclassifications had no effect on previously reported totals or subtotals in the Condensed Consolidated Statements of Cash Flows.

Principles of Consolidation

The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities (“VIEs”) whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a VIE and whether the Company is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE, and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means.

For consolidated subsidiaries, the non-controlling interest’s share of the assets, liabilities, and operations is included in non-controlling interests as equity of the Company. The non-controlling interest is generally computed as the non-controlling interest's ownership percentage. Certain of the subsidiaries formed by the Company provide the non-controlling interest a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the non-controlling interest is also reported within non-controlling interests.

The Company considers the DSTs to be VIEs due to the master lease structure, the FMV Option, and the guarantee of the master lease payments by BREIT OP. The Company determined it was the primary beneficiary of the DSTs and has consolidated them in the Company's Condensed Consolidated Financial Statements. All of the rental revenues and operating property expenses of the DST Properties are included in their respective line items on the Company's Condensed Consolidated Statements of Operations. The DST Interests are presented as Non-controlling Interests Attributable to Consolidated Subsidiaries on the Company's Condensed Consolidated Balance Sheets and are allocated their share of the DST Properties' income or loss based on the master lease payments they receive. The DST Interest's share of income and loss is reported in the Company's Condensed Consolidated Statements of Operations as Net Loss Attributable to Non-controlling Interests in Consolidated Subsidiaries. Amounts paid to the investors of each DST, which are based on the guaranteed master lease payments, may be greater or less than the net amount of the revenues and expenses from the underlying DST Properties, and may fluctuate over time.

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When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which the Company has not elected the fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses.

The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP.

As of June 30, 2026, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $31.7 billion and $22.3 billion, respectively, compared to $36.1 billion and $26.3 billion, respectively, as of December 31, 2025. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.

Fair Value Measurements

Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

Valuation of assets and liabilities measured at fair value

The Company’s investments in real estate debt are reported at fair value. As of June 30, 2026 and December 31, 2025, the Company’s investments in real estate debt, directly or indirectly, consisted of commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third party pricing service providers whenever available.

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In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable.

Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company generally engages third party service providers to perform valuations for such investments. The third party service provider will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value (“LTV”) ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt.

For CMBS securitizations the Company consolidates, it has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the securitizations using the fair value of such financial liabilities, which it considers more observable than the fair value of such financial assets.

The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows and discounting them back to the present value using the weighted average cost of debt. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable LTV ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value. The inputs used in determining the Company’s investments in unconsolidated entities carried at fair value are considered Level 3. The Company discloses the weighted average cost of capital, which combines the discount rate on the fair value of real estate and the weighted average cost of debt on the fair value of the indebtedness, and the exit capitalization rate as key Level 3 inputs.

The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The Company determines the fair values of its foreign currency and interest rate contracts by utilizing a third party derivative specialist. The fair values for foreign currency and interest rate contracts were based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):

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			June 30, 2026																								December 31, 2025
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Investments in real estate debt, at fair value(1)			$	—					$	3,101,124					$	647,432					$	3,748,556					$	—					$	3,282,457					$	754,693					$	4,037,150
Real estate loans held by consolidated securitization vehicles, at fair value			—						4,095,346						—						4,095,346						—						6,975,460						—						6,975,460
Investments in unconsolidated entities			—						—						3,744,156						3,744,156						—						—						3,843,300						3,843,300
Interest rate and foreign currency hedging derivatives(2)			—						956,855						—						956,855						—						960,328						—						960,328
Total			$	—					$	8,153,325					$	4,391,588					$	12,544,913					$	—					$	11,218,245					$	4,597,993					$	15,816,238
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value			$	—					$	3,544,320					$	—					$	3,544,320					$	—					$	6,284,112					$	—					$	6,284,112
Interest rate and foreign currency hedging derivatives(3)			—						16,420						—						16,420						—						24,274						—						24,274
Total			$	—					$	3,560,740					$	—					$	3,560,740					$	—					$	6,308,386					$	—					$	6,308,386

(1)Excludes $80.1 million and $96.6 million of investments measured at fair value using net asset value as a practical expedient that are not classified in the fair value hierarchy, as of June 30, 2026 and December 31, 2025, respectively.

(2)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.

(3)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.

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The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

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			Investments in Real Estate Debt, at Fair Value												Investments in Unconsolidated Entities												Total
Balance as of December 31, 2025			$	754,693											$	3,843,300											$	4,597,993
Purchases and contributions			—												321												321
Sales and repayments			(108,954)												—												(108,954)
Distributions received			—												(114,312)												(114,312)
Included in net income (loss)
Income from unconsolidated entities measured at fair value			—												14,847												14,847
Realized gain			53												—												53
Unrealized gain			1,640												—												1,640
Balance as of June 30, 2026			$	647,432											$	3,744,156											$	4,391,588

The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

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June 30, 2026

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Impact to Valuation from an Increase in Input

Assets

Investments in real estate debt

$

647,432

Yield method

Market yield

8.8%

Decrease

Investments in unconsolidated entities

$

3,744,156

Discounted cash flow

Weighted average cost of capital

8.7%

Decrease

Exit capitalization rate

5.5%

Decrease

December 31, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Weighted Average Rate

Impact to Valuation from an Increase in Input

Assets

Investments in real estate debt

$

754,693

Yield method

Market yield

9.0%

Decrease

Investments in unconsolidated entities

$

3,843,300

Discounted cash flow

Weighted average cost of capital

9.0%

Decrease

Exit capitalization rate

5.5%

Decrease

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Valuation of assets measured at fair value on a nonrecurring basis

Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates the carrying amount of the real estate may not be recoverable. If the GAAP depreciated cost basis of a real estate investment exceeds the undiscounted cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the fair value of the investment. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results.

During the three months ended June 30, 2026, the Company recognized $80.0 million of impairment charges related to held and used real estate investments, which were the result of updates to the undiscounted cash flow assumptions. The cumulative fair value of such real estate investments at the time of impairment was $95.7 million, and was estimated utilizing a discounted cash flow method. The significant unobservable inputs utilized in the analysis were the discount rate (Level 3), which ranged from 7.2% to 11.4%, and the exit capitalization rate (Level 3), which ranged from 4.9% to 10.5%.

Additionally, during the three months ended June 30, 2026, the Company recognized $19.3 million, of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The fair value, less estimated costs to sell, of such real estate investments at the time of impairment was $173.7 million as of June 30, 2026. The significant input utilized in the analysis was the purchase price, which is considered a Level 2 input. Refer to Note 3 for additional details of the impairments.

Valuation of liabilities not measured at fair value

As of both June 30, 2026 and December 31, 2025, the fair value of the Company’s mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $0.5 billion below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using its equity discount rate. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The significant inputs used in determining the fair value of the Company’s indebtedness are considered Level 3.

Earnings Per Share

Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock receive the same gross distribution per share. All classes of common stock are allocated net income or loss before management fees and performance participation allocation at the same rate per share, and are then adjusted to reflect class‑specific management fees and performance participation allocations.

The restricted stock grants of Class I shares held by our directors and incentive compensation awards of Class I shares to certain employees of portfolio company service providers and certain employees of indirect, wholly-owned subsidiaries of BREIT are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants and incentive compensation awards on basic and diluted earnings per common share (“EPS”) has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants and incentive compensation awards based on dividends declared and the restricted stocks’ and incentive compensation awards' participation rights in undistributed earnings. As of June 30, 2026 and 2025, the effects of using the two-class method for these restricted stock grants and incentive compensation awards were not material to the Company's condensed consolidated financial statements.

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Stock-Based Compensation

The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of April Housing and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT, and certain employees of portfolio company service providers owned by Blackstone-advised investment vehicles. Such awards vest over time and stock-based compensation expense is recognized for these awards using a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three to four years. The vesting conditions that are based on the Company achieving certain returns, or other key performance metrics, over a stated hurdle amount are considered market conditions. The achievement of returns, or other key performance metrics, over the stated hurdle amounts, which affect the quantity of awards that vest, is considered a performance condition. If the Company determines it is probable that the performance conditions will be met, the value of the award will be amortized over the service periods, as adjusted for forfeitures. If the Company determines it is not probable that the performance conditions will be met, the value of the award is considered zero and any previous amortization will be reversed. The number of awards expected to vest is evaluated each reporting period and compensation expense is recognized for those awards for which achievement of the performance criteria is considered probable.

Refer to Note 10 for additional information on the awards issued to certain employees of portfolio companies owned by Blackstone-advised investment vehicles. The following table details the incentive compensation awards issued to certain employees of April Housing and ACC ($ in thousands):

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						December 31, 2025						For the Six Months Ended June 30, 2026																		June 30, 2026
Plan Year						Unrecognized Compensation Cost						Value of Awards Issued						Forfeiture of Unvested Awards						Amortization of Compensation Cost						Unrecognized Compensation Cost						Remaining Amortization Period
2023						$	1,369					$	—					$	—					$	(702)					$	667					0.5 year
2024						4,727						—						(175)						(1,416)						3,136						1.3 years
2025						9,347						—						(516)						(2,081)						6,750						2.0 years
2026						—						16,452						(63)						(2,742)						13,647						2.8 years
Total						$	15,443					$	16,452					$	(754)					$	(6,941)					$	24,200

Recent Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements,” which amends the guidance in ASC 270, Interim Reporting. The update enhances interim disclosure requirements by clarifying the information that must be presented in quarterly periods, including improved transparency regarding significant events, accounting policy updates, and material developments that occur between annual reporting dates. ASU 2025-11 also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 15, 2027, and early adoption is permitted. The Company did not early adopt ASU 2025-11 and is still evaluating the impact on its condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements,” which amends the guidance in ASC 815, Derivatives and Hedging. The update refines certain hedge accounting requirements, including clarifications to the designation and documentation criteria for hedge relationships, improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency into an entity’s risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. The Company did not early adopt ASU 2025-09 and is still evaluating the impact on its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company did not early adopt ASU 2024-03 and is still evaluating the impact on its condensed consolidated financial statements.

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3. Investments in Real Estate

Investments in real estate, net consisted of the following ($ in thousands):

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			June 30, 2026						December 31, 2025
Building and building improvements			$	64,942,966					$	67,814,096
Land and land improvements			13,751,558						15,171,113
Furniture, fixtures and equipment			2,390,286						2,409,651
Right of use asset - operating leases(1)			1,039,403						1,039,403
Right of use asset - financing leases(1)			72,862						72,862
Total			82,197,075						86,507,125
Accumulated depreciation and amortization			(13,241,566)						(12,573,252)
Investments in real estate, net			$	68,955,509					$	73,933,873

(1)Refer to Note 15 for additional details on the Company’s leases.

Acquisitions

During the six months ended June 30, 2026, the Company acquired two rental housing land parcels for a total purchase price of $10.3 million, which was allocated to land and land improvements. There were no acquisitions during the six months ended June 30, 2025.

Dispositions

The following tables detail the dispositions during the periods set forth below ($ in thousands):

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																														Three Months Ended																		Six Months Ended
																		June 30, 2026																		June 30, 2026
Segments																																										Number of Properties						Net Proceeds						Net Gain(1)						Number of Properties						Net Proceeds						Net Gain(1)
Rental Housing properties(2)																																										20						$	932,444					$	124,326					46						$	1,813,124					$	212,440
Self Storage properties																																										79						852,277						177,305						79						852,277						177,305
Industrial properties																																										27						349,590						91,666						62						1,347,916						451,702
Office properties																																										—						—						—						2						39,056						792
Retail properties																																										—						—						—						1						34,390						13,593
Total																																										126						$	2,134,311					$	393,297					190						$	4,086,763					$	855,832

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																								Three Months Ended																		Six Months Ended
												June 30, 2025																		June 30, 2025
Segments																								Number of Properties						Net Proceeds						Net Gain(1)						Number of Properties						Net Proceeds						Net Gain(1)
Rental Housing properties(2)																								18						$	1,215,368					$	174,389					37						$	2,047,294					$	244,321
Industrial properties																								42						706,483						287,720						50						838,772						348,942
Hospitality properties																								1						18,480						952						1						18,480						952
Retail properties																								1						15,532						1,333						3						44,463						6,088
Total																								62						$	1,955,863					$	464,394					91						$	2,949,009					$	600,303

(1)For the three months ended June 30, 2026, net gain includes gains of $406.9 million and losses of $13.6 million. For the six months ended June 30, 2026, net gain includes gains of $889.5 million and losses of $33.7 million. For the three months ended June 30, 2025, net gain includes gains of $474.2 million and losses of $9.8 million. For the six months ended June 30, 2025, net gain includes gains of $625.4 million and losses of $25.1 million.

(2)The number of properties excludes single family rental homes sold.

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For the three and six months ended June 30, 2026, the Company disposed of 19 and 42 properties, respectively, alongside other Blackstone-advised investment vehicles for a total sale price attributable to BREIT of $211.1 million and $864.3 million, respectively. For both the three and six months ended June 30, 2025, the Company disposed of four properties alongside other Blackstone-advised investment vehicles for a total sale price attributable to BREIT of $78.0 million. These transactions were conducted as either single or joint transactions alongside other Blackstone-advised investment vehicles and the terms for the Company and the other Blackstone-advised investment vehicles were substantially similar and the prices of each property were negotiated with a third-party buyer. A portion of these dispositions were structured as combined portfolio transactions where the Company and one or more other Blackstone advised investment vehicles were disposing of like-kind assets to a single buyer.

Properties Held-for-Sale

As of June 30, 2026, 61 properties in the rental housing segment, four properties in the industrial segment and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.

The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands):

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Assets:			June 30, 2026
Investments in real estate, net			$	1,272,262
Other assets			38,847
Total assets			$	1,311,109
Liabilities:
Mortgage loans, net			$	671,277
Other liabilities			24,504
Total liabilities			$	695,781

Impairment

During the three months ended June 30, 2026, the Company recognized an aggregate $99.3 million of impairment charges including (i) $80.0 million related to held and used real estate investments consisting of five rental housing properties, four hospitality properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $19.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2026, the Company recognized an aggregate $234.5 million of impairment charges including (i) $168.4 million related to held and used real estate investments consisting of 10 rental housing properties, five hospitality properties, one office property, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $66.1 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the three months ended June 30, 2025, the Company recognized an aggregate $171.1 million of impairment charges including (i) $125.3 million related to held and used real estate investments consisting of 11 rental housing properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $45.8 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2025, the Company recognized an aggregate $341.4 million of impairment charges including (i) $272.1 million related to held and used real estate investments consisting of 18 rental housing properties, two hospitality properties, two industrial properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $69.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

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4. Investments in Unconsolidated Entities

The Company holds investments in joint ventures that it accounts for under the equity method of accounting or the FVO, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. Refer to Note 2 for additional details.

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

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						June 30, 2026
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												130						35.7%						$	1,003,619
Rental Housing investments(2)						Rental Housing						8												4						12.2% - 44.2%						683,274
Industrial investments(3)						Industrial						3												55						10.1% - 22.4%						236,315
Hospitality investment						Hospitality						1												195						30.0%						181,876
Retail investments						Retail						2												8						50.0%						88,168
Net Lease investment(4)						Net Lease						1												305						25.0%						61,967
Total unconsolidated entities carried at historical cost												16												697												2,255,219
Unconsolidated entities carried at fair value:
Industrial investments(5)						Industrial						11												2,095						12.4% - 85.0%						2,986,263
Office investment						Office						1												1						49.0%						448,325
Rental Housing investment(6)						Rental Housing						1												12						11.6%						309,568
Total unconsolidated entities carried at fair value												13												2,108												3,744,156
Total												29												2,805												$	5,999,375

(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 9,298 single family rental homes related to four joint ventures.

(3)Consists of $236.3 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles.

(4)Consists of $62.0 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 $309.6 million from an investment in a joint venture formed by the Company and another Blackstone-advised investment vehicle. The number of properties excludes 40,475 single family rental homes.

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						December 31, 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						119						35.7%						$	1,027,370
Rental Housing investments(2)						Rental Housing						8						4						12.2% - 44.2%						714,801
Industrial investments(3)						Industrial						3						55						10.1% - 22.4%						244,037
Hospitality investment						Hospitality						1						195						30.0%						190,380
Retail investments						Retail						2						8						50.0%						88,986
Net Lease investment(4)						Net Lease						1						177						25.0%						35,493
Total unconsolidated entities carried at historical cost												16						558												2,301,067
Unconsolidated entities at carried at fair value:
Industrial investments(5)						Industrial						11						2,052						12.4% - 85.0%						3,075,073
Office investment						Office						1						1						49.0%						455,659
Rental Housing investment(6)						Rental Housing						1						10						11.6%						312,568
Total unconsolidated entities carried at fair value												13						2,063												3,843,300
Total												29						2,621												$	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.

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

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																		Three Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities						Segment												2026						2025
Unconsolidated entities carried at historical cost:
QTS Data Centers						Data Centers												$	22,730					$	(95,910)
Retail investments						Retail												764						(1,133)
Net Lease investment						Net Lease												70						(106)
Hospitality investment						Hospitality												(605)						(2,278)
Industrial investments						Industrial												(2,724)						(2,313)
Rental Housing investments						Rental Housing												(11,227)						(11,348)
Total unconsolidated entities carried at historical cost																		9,008						(113,088)
Unconsolidated entities carried at fair value:
Office investment						Office												8,630						5,649
Industrial investments						Industrial												7,978						128,497
Rental Housing investment						Rental Housing												56						5,933
Total unconsolidated entities carried at fair value																		16,664						140,079
Total																		$	25,672					$	26,991

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												Six Months Ended June 30,
BREIT Income (Loss) from Unconsolidated Entities						Segment						2026						2025
Unconsolidated entities carried at historical cost:
QTS Data Centers						Data Centers						$	(2,547)					$	(923,380)
Retail investments						Retail						1,213						(2,554)
Net Lease investment						Net Lease						217						(397)
Hospitality investment						Hospitality						(4,124)						(5,066)
Industrial investments						Industrial						(3,484)						(5,512)
Rental Housing investments						Rental Housing						(22,612)						(25,201)
Total unconsolidated entities carried at historical cost												(31,337)						(962,110)
Unconsolidated entities carried at fair value:
Office investment						Office						14,079						7,890
Industrial investments						Industrial						3,768						218,437
Rental Housing investment						Rental Housing						(3,000)						(2,241)
Total unconsolidated entities carried at fair value												14,847						224,086
Total												$	(16,490)					$	(738,024)

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5. Investments in Real Estate Debt, at Fair Value

The following tables detail the Company’s investments in real estate debt ($ in thousands):

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						June 30, 2026
Type of Security/Loan(1)						Weighted Average Coupon(2)						Weighted Average Maturity Date(3)						Face Amount						Cost Basis						Fair Value
CMBS(4)						+3.7%						2/23/2038						$	2,884,573					$	2,879,290					$	2,710,705
RMBS						5.7%						3/22/2064						207,549						204,703						189,896
Corporate bonds						+2.4%						8/16/2031						183,513						182,969						182,809
Total real estate securities						6.8%						5/14/2039						3,275,635						3,266,962						3,083,410
Commercial real estate loans						+4.6%						2/16/2028						665,121						657,544						665,146
Other investments(5)						N/A						N/A						80,607						80,607						80,122
Total investments in real estate debt						7.0%						7/1/2034						$	4,021,363					$	4,005,113					$	3,828,678

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						December 31, 2025
Type of Security/Loan(1)						Weighted Average Coupon(2)						Weighted Average Maturity Date(3)						Face Amount						Cost Basis						Fair Value
CMBS(4)						+4.4%						1/10/2033						$	3,301,112					$	3,294,039					$	3,113,235
RMBS						4.2%						10/9/2058						94,799						92,483						76,668
Corporate bonds						4.9%						6/9/2028						54,674						54,003						53,101
Total real estate securities						7.8%						7/23/2033						3,450,585						3,440,525						3,243,004
Commercial real estate loans						+4.6%						12/18/2027						795,157						782,348						794,147
Other investments(5)						N/A						N/A						88,847						88,847						96,619
Total investments in real estate debt						7.8%						5/12/2029						$	4,334,589					$	4,311,720					$	4,133,770

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.

(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS, corporate bonds and commercial real estate loans represent a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.

(4)Face amount excludes interest-only securities with a notional amount of $0.1 billion and $0.1 billion as of June 30, 2026 and December 31, 2025, respectively.

(5)Includes an interest in an unconsolidated joint venture with the Federal Deposit Insurance Corporation that holds investments in real estate debt. Weighted average coupon and weighted average maturity date exclude the Company's unconsolidated joint venture investment.

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The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):

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												June 30, 2026																								December 31, 2025
Collateral(1)												Cost Basis						Fair Value						Percentage Based on Fair Value												Cost Basis						Fair Value						Percentage Based on Fair Value
Rental Housing(2)												$	1,523,836					$	1,512,140					39%												$	1,377,438					$	1,374,338					33%
Industrial												1,059,088						1,055,998						28%												1,580,056						1,571,783						38%
Net Lease												489,718						489,495						13%												884,434						885,742						21%
Diversified												329,480						328,507						9%												29,054						28,073						1%
Office												311,917						162,214						4%												349,362						192,799						5%
Hospitality												96,748						86,219						2%												67,048						56,730						1%
Data Centers												76,222						75,899						2%												—						—						—%
Other												118,104						118,206						3%												24,328						24,305						1%
Total												$	4,005,113					$	3,828,678					100%												$	4,311,720					$	4,133,770					100%

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.

(2)Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.

The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands):

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						June 30, 2026																								December 31, 2025
Credit Rating(1)(2)						Cost Basis						Fair Value						Percentage Based on Fair Value												Cost Basis						Fair Value						Percentage Based on Fair Value
AAA						$	277,537					$	277,463					7%												$	—					$	—					—%
AA						43,533						43,532						1%												—						—						—%
A						24,119						22,108						1%												12,680						10,291						—%
BBB						453,330						442,696						12%												796,356						788,455						19%
BB						858,316						853,295						22%												441,897						427,294						11%
B						600,153						574,780						15%												477,644						451,880						11%
CCC and below						129,256						40,810						1%												130,844						41,955						1%
Private commercial real estate loans						657,544						665,146						17%												782,348						794,147						19%
Not rated(3)						961,325						908,848						24%												1,669,951						1,619,748						39%
Total						$	4,005,113					$	3,828,678					100%												$	4,311,720					$	4,133,770					100%

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated financial statements. The underlying collateral loans and the senior CMBS positions owned by third parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements for additional information.

(2)"AA" includes credit ratings of AA+, AA, and AA-, "A" includes credit ratings of A+, A, and A-, "BBB" includes credit ratings of BBB+, BBB, and BBB-, "BB" includes credit ratings of BB+, BB, and BB-, "B" includes credit ratings of B+, B, and B-, and "CCC and below" includes credit ratings of CCC+ and below.

(3)As of June 30, 2026, not rated positions have a weighted-average LTV at origination of 64%, and are primarily composed of industrial (47%) and rental housing (44%) assets.

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The following table details the Company’s income from investments in real estate debt ($ in thousands):

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			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Interest income			$	70,827					$	119,519					$	152,854					$	232,877
Unrealized gain			17,498						40,521						8,667						81,833
Realized loss			(5,787)						(5,926)						(1,559)						(14,719)
Total			82,538						154,114						159,962						299,991
Net realized and unrealized gain (loss) on derivatives			387						(7,107)						1,654						(11,282)
Net realized and unrealized gain (loss) on secured financings of investments in real estate debt			453						(12,214)						(332)						(17,685)
Other expense			(611)						(1,139)						(841)						(4,492)
Total income from investments in real estate debt			$	82,767					$	133,654					$	160,443					$	266,532

The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in such real estate debt ($ in thousands):

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			Fair Value												Income
															Three Months Ended June 30,												Six Months Ended June 30,
			June 30, 2026						December 31, 2025						2026						2025						2026						2025
CMBS			$	375,945					$	484,935					$	7,591					$	19,367					$	16,905					$	39,776
Commercial real estate loans			290,912						282,937						7,209						19,868						8,174						26,702
Total			$	666,857					$	767,872					$	14,800					$	39,235					$	25,079					$	66,478

The Company acquired such CMBS from third parties on market terms negotiated by the majority third party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS.

The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company’s involvement.

As of June 30, 2026 and December 31, 2025, the Company’s investments in real estate debt also included $1.6 billion and $1.6 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three and six months ended June 30, 2026, the Company recognized $37.0 million and $64.7 million of income, respectively, related to CMBS collateralized, in part, by certain of the Company's mortgage loans. During the three and six months ended June 30, 2025, the Company recognized $38.8 million and $76.4 million of income, respectively, related to such CMBS collateralized, in part, by certain of the Company's mortgage loans.

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6. Consolidated Securitization Vehicles

The Company has acquired the controlling class securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Condensed Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations.

The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands):

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			June 30, 2026
			Count						Principal Value						Fair Value						Wtd. Avg. Yield/Cost(1)						Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles			76						$	4,114,632					$	4,095,346					5.3		%				11/9/2027
Senior obligations of consolidated securitization vehicles			9						3,557,976						3,544,320						5.0		%				11/2/2027
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles			9						$	556,656					$	551,026					7.3		%				12/23/2027

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			December 31, 2025
			Count						Principal Value						Fair Value						Wtd. Avg. Yield/Cost(1)						Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles			89						$	6,476,456					$	6,975,460					6.2		%				2/21/2027
Senior obligations of consolidated securitization vehicles			11						5,769,088						6,284,112						6.0		%				3/03/2027
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles			11						$	707,368					$	691,348					8.0		%				12/6/2026

(1)The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle.

(2)Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

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7. Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities, Net

The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands):

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						June 30, 2026																		Principal Balance Outstanding
Indebtedness						Weighted Average Interest Rate(1)						Weighted Average Maturity Date (2)(3)						Maximum Facility Size						June 30, 2026						December 31, 2025
Fixed rate loans:
Fixed rate mortgages(4)						4.0%						10/13/2030						N/A						$	18,906,997					$	20,763,325
Variable rate loans:
Variable rate mortgages and secured term loans						+2.0%						10/22/2029						N/A						29,467,245						30,964,083
Variable rate secured revolving credit facilities						+1.8%						2/1/2029						$	2,651,845					2,651,845						2,666,334
Variable rate warehouse facilities(5)						+2.0%						11/26/2028						$	2,385,986					1,942,122						1,580,141
Total variable rate loans						+2.0%						9/12/2029												34,061,212						35,210,558
Total loans secured by real estate						5.0%						2/1/2030												52,968,209						55,973,883
(Discount) premium on assumed debt, net																								(72,007)						(78,845)
Deferred financing costs, net																								(370,231)						(354,277)
Mortgage loans, secured term loans, and secured revolving credit facilities, net																								$	52,525,971					$	55,540,761

(1)“+” means that the figure represents a spread over the relevant floating benchmark rates, primarily SOFR and similar indices for non-USD facilities, as applicable to each loan. As of June 30, 2026, the Company had outstanding interest rate swaps with an aggregate notional balance of $26.2 billion and interest rate caps with an aggregate notional balance of $19.8 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives.

(2)Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options.

(3)The majority of the Company’s mortgages contain yield or spread maintenance provisions.

(4)Includes $174.8 million and $201.9 million of loans related to investments in affordable housing properties as of June 30, 2026 and December 31, 2025, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.

(5)Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval.

The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of June 30, 2026 ($ in thousands):

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Year						Amount
2026 (remaining)						$	5,844,538
2027						7,602,716
2028						4,052,175
2029						12,437,523
2030						4,661,472
2031						10,760,785
Thereafter						7,609,000
Total						$	52,968,209

The Company repaid certain of its loans in conjunction with the sale or refinancing of the underlying properties and incurred an aggregate realized net loss on extinguishment of debt of $24.5 million and $37.3 million for the three and six months ended June 30, 2026, respectively. The Company incurred realized net loss on extinguishment of debt of $25.4 million and $36.9 million for the three and six months ended June 30, 2025, respectively. Such losses primarily resulted from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs.

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The Company is subject to various financial and operational covenants under certain of its mortgage loans, secured term loans, and secured revolving credit facilities. These covenants require the Company to maintain certain financial ratios, which include leverage, debt yield, and debt service coverage, among others. As of June 30, 2026 and December 31, 2025, the Company was in compliance with all of its loan covenants.

8. Secured Financings of Investments in Real Estate Debt

The Company has entered into master repurchase agreements and other financing agreements secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time to time, and may require the Company to provide additional collateral in the form of cash, securities, or other assets if the market value of such financed investments declines.

As of June 30, 2026 and December 31, 2025, the Company’s secured financings of investments in real estate debt was $2.7 billion and $2.9 billion, respectively. As of June 30, 2026, the secured financings had a weighted average maturity date of June 15, 2027, and a weighted average interest rate of 1.3% over the relevant floating benchmark rates of the applicable financings, primarily SOFR and similar indices for non-USD facilities.

As of June 30, 2026 and December 31, 2025, the Company had interest rate swaps outstanding with a notional value of $0.5 billion and $0.3 billion, respectively, that effectively convert a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. The weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.

9. Unsecured Revolving Credit Facilities and Term Loans

The Company is party to unsecured credit facilities with multiple banks. The credit facilities have a weighted average maturity date of September 8, 2028, which assumes the exercise of a one-year extension option at the Company's sole discretion, and an interest rate of SOFR +2.5%. As of June 30, 2026 and December 31, 2025, the maximum capacity of the credit facilities was $6.3 billion and $6.2 billion, respectively. As of June 30, 2026 and December 31, 2025, the aggregate outstanding balance of borrowings under these unsecured credit facilities was $0.1 billion and $1.2 billion, respectively.

The Company is party to unsecured term loans with multiple banks. The term loans have a weighted average maturity date of February 21, 2029 and an interest rate of SOFR +2.5%. As of June 30, 2026 and December 31, 2025, the aggregate outstanding balance of the unsecured term loans was $1.4 billion and $1.3 billion, respectively.

The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (the “Affiliate Lender”). The Line of Credit expires on December 15, 2026, and may be extended for up to 12 months, subject to Affiliate Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third party lender, or, if no such rate is available, SOFR +2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Affiliate Lender’s demand, and (iii) the date on which the Adviser no longer acts as the Company’s external manager, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of June 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under the Line of Credit.

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10. Related Party and Other Transactions

Due to Affiliates

The following table details the components of due to affiliates ($ in thousands):

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			June 30, 2026						December 31, 2025
Accrued stockholder servicing fee			$	656,169					$	724,771
Performance participation allocation			243,066						—
Accrued management fee			59,437						56,818
Other			8,852						10,152
Total			$	967,524					$	791,741

Accrued Stockholder Servicing Fee

The Company accrues for future stockholder servicing fees payable to Blackstone Securities Partners L.P., the dealer manager, a registered broker-dealer affiliated with the Adviser (the “Dealer Manager”) at the time such shares are sold. For Class S-2, Class D-2, and Class T-2 shares, the Company accrues the future stockholder servicing fees based on the estimated life of the shares held by stockholders of such share classes. For Class S, Class D, and Class T shares, the Company accrues the full amount, up to the applicable 8.75% fee limitation. The Dealer Manager has entered, and may in the future enter, into agreements with the selected dealers distributing the Company’s shares as part of its continuous public and private offerings, that provide, among other things, for the payment of the full amount of the selling commissions and dealer manager fee, and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers.

Performance Participation Allocation

The Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return. Total return is defined as distributions paid or accrued plus the change in the Company’s net asset value (“NAV”), adjusted for subscriptions and repurchases. Under the BREIT OP agreement, the annual total return with regard to Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C units will be allocated solely to the Special Limited Partner only after such BREIT OP unitholders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and such BREIT OP unitholders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return of such BREIT OP unitholders. Under the BREIT OP agreement, the annual total return with regard to Class L and Class L-2 units will be allocated solely to the Special Limited Partner only after such BREIT OP unitholders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and such BREIT OP unitholders is equal to 10% and 90%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 10% of the annual total return of such BREIT OP unitholders. The allocation of the performance participation interest is ultimately measured on a calendar year basis and will be paid quarterly in certain classes of units of BREIT OP or cash, at the election of the Special Limited Partner. To date, the Special Limited Partner has always elected to be paid in units of BREIT OP, resulting in a non-cash expense.

At the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner is entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end performance allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end performance allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash.

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During the three and six months ended June 30, 2026, the Company’s total return exceeded the current period hurdle amount, resulting in $243.1 million and $399.8 million, respectively, of Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Company’s total return exceeded the current period hurdle amount, resulting in $88.8 million and $231.0 million, respectively, of performance participation allocation expense.

During the year ended December 31, 2024, the Company’s total return did not exceed the year-to-date hurdle amount, resulting in a Quarterly Shortfall with respect to the $105.0 million performance participation allocation recorded during the three months ended March 31, 2024 (the “2024 Shortfall Obligation”). Beginning January 1, 2025, interest on the 2024 Shortfall Obligation, net of $9.9 million of performance participation allocation previously earned by the Special Limited Partner but not paid by the Company, began accruing at a 5% annual rate, compounded quarterly. During the three months ended March 31, 2025, the Company accrued interest income of $1.1 million related to such net 2024 Shortfall Obligations. The net 2024 Shortfall Obligation and related $1.1 million of interest accrued was satisfied with the $142.2 million performance participation accrual for the three months ended March 31, 2025.

During the three months ended June 30, 2026, the Company issued 10.9 million units of BREIT OP to the Special Limited Partner as payment for the $156.7 million of net performance participation allocation previously accrued. The remaining $243.1 million of the performance participation allocation expense relating to the six month period ended June 30, 2026 is recorded as a liability within Due to Affiliates on the Condensed Consolidated Balance Sheets. Subsequent to June 30, 2026, the Company issued 16.7 million units of BREIT OP to the Special Limited Partner as payment for the remaining $243.1 million of performance participation allocation.

Blackstone did not submit any repurchase requests for shares or units previously issued as payment for the performance participation allocation during the three and six months ended June 30, 2026 and 2025.

As of August 7, 2026, Blackstone owned shares of the Company and units of BREIT OP valued at an aggregate $5.6 billion. In addition, Blackstone employees, including the Company’s executive officers, owned shares of the Company and units of BREIT OP valued at an aggregate $1.3 billion.

Accrued Management Fee

The Adviser is entitled to an annual management fee equal to (i) 1.25% of the NAV of the Company attributable to Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C shares, corresponding BREIT OP units and Class B units, (ii) 1.0% of the NAV of the Company attributable to Class L shares and Class L units, and (iii) 0.85% of the NAV of the Company attributable to Class L-2 shares and Class L-2 units, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, certain classes of shares of the Company’s common stock, or certain classes of BREIT OP units. To date, the Adviser has always elected to be paid the management fee in shares of the Company’s common stock and units of BREIT OP, resulting in a non-cash expense. During the three and six months ended June 30, 2026, the Company incurred management fees of $176.6 million and $348.8 million, respectively. During the three and six months ended June 30, 2025, the Company incurred management fees of $166.9 million and $335.3 million, respectively.

During the three and six months ended June 30, 2026, the Company issued BREIT OP units of 12.2 million and 24.3 million, respectively, to the Adviser as payment for management fees. The Company also had a payable of $59.4 million and $56.8 million related to the management fees as of June 30, 2026 and December 31, 2025, respectively. During July 2026, the Adviser was issued 4.1 million units of BREIT OP as payment for the management fees accrued as of June 30, 2026. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares or units previously issued as payment for management fees during the three and six months ended June 30, 2026 and 2025.

Other

As of June 30, 2026 and December 31, 2025, the Company had an outstanding balance due to the Adviser of $8.9 million and $10.2 million, respectively, primarily related to general corporate expenses provided by unaffiliated third parties that the Adviser paid on the Company's behalf. Such expenses are reimbursed by the Company to the Adviser in the ordinary course of business.

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DST Program

The Adviser provides asset management services to the DSTs and is entitled to an asset management fee equal to 1.0% of the gross rents received by the DSTs under their respective master lease agreements. During the three and six months ended June 30, 2026, the Company incurred asset management fees of $34 thousand and $52 thousand, respectively, which are included in Other Expense on the Company's Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2025, no asset management fees were incurred.

The Dealer Manager is entitled to receive an investor servicing fee from the DST Investors, equal to up to 0.85% per annum of the aggregate net asset value of the DST Properties underlying certain DST Interests in the applicable DST Offering. The Company accrues the future investor servicing fee payable to the Dealer Manager based on the estimated life of the DST Interests at the time such DST Interests are sold. As of June 30, 2026 and December 31, 2025, the Company had accrued $468 thousand and $15 thousand, respectively, of investor servicing fees related to DST Interests sold and recorded such amount as a component of Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. The Dealer Manager does not retain any of these fees, all of which are retained by, or re-allowed (paid), to participating broker-dealers.

The Dealer Manager is also entitled to receive an upfront selling commission of up to 3.5% of the amount of gross proceeds paid for DST Interests. As of June 30, 2026 and December 31, 2025, the Company recorded $386 thousand and $29 thousand, respectively, of upfront selling commissions and are included within the Other line of the Due to Affiliates table above. The upfront selling commissions are included as a reduction to offering proceeds in Contributions from Non-controlling Interests Attributable to Consolidated Subsidiaries on the Company’s Condensed Consolidated Statements of Changes in Equity. As of June 30, 2026 and December 31, 2025, $25 thousand and $15 thousand, respectively, was outstanding and included as a component of Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. The Dealer Manager does not retain any of these fees, all of which are retained by, or re-allowed (paid), to participating broker-dealers.

Affiliate Title Service Provider

Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties, and third parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, except (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium, or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related expense offset to the Company.

During the three and six months ended June 30, 2026, the Company paid LNLS $14.3 million and $23.1 million, respectively, for title services related to certain investments. Amounts paid to LNLS were either (i) included in calculating Net Gain on Dispositions of Real Estate on the Condensed Consolidated Statements of Operations, or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities, Net on the Condensed Consolidated Balance Sheets.

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Captive Insurance Company

During the three months ended June 30, 2026, the Company contributed $0.3 million of capital to the captive insurance company owned by it and other Blackstone-advised investment vehicles (the "Captive"). Of this amount, less than $0.1 million was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the Captive.

During the six months ended June 30, 2026, the Company received a net refund of $0.3 million of insurance premiums previously paid to the Captive. The net refund was attributable to dispositions of real estate and represented the pro-rata unused period of the annual premiums incurred to insure such dispositions.

During the three and six months ended June 30, 2025, the Company received a net refund of $0.4 million and $0.5 million, respectively, of insurance premiums previously paid to the Captive. The net refund was attributable to dispositions of real estate and represented the pro-rata unused period of the annual premiums incurred to insure such dispositions.

Other Transactions

Accrued service provider expenses, incentive compensation awards, and guaranty

The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties, and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions, capital expenditures and dispositions, and such costs were either (i) capitalized to Investments in Real Estate, Net on the Company's Condensed Consolidated Balance Sheets or (ii) included as part of the Net Gain on Dispositions of Real Estate in the Company's Consolidated Statements of Operations. For further details on the Company’s relationships with these service providers, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The expenses related to these providers, including incentive compensation awards, are included as a component of Rental Property Operating expense and Hospitality Operating expense, as applicable, in the Company’s Condensed Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from these arrangements.

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The following tables detail the amounts incurred for portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands):

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						Service Provider Expenses																		Amortization of Service Provider Incentive Compensation Awards																		Capitalized Transaction Support Services
						Three Months Ended June 30,															Three Months Ended June 30,												Three Months Ended June 30,
						2026						2025												2026						2025												2026						2025
			Link Logistics Real Estate LLC			$	28,520					$	30,377											$	5,975					$	6,398											$	2,710					$	6,578
			TAH Operations LLC(1)			20,316						27,264												473						2,083												2,079						—
			LivCor, LLC			13,982						26,162												3,831						4,988												1,424						2,111
			Revantage(2)			8,549						7,128												3,245						2,443												—						15
			Apartment Income REIT, L.P.			7,691						577												292						—												600						20
			Perform Properties LLC			7,517						7,209												563						126												759						277
			BRE Hotels and Resorts LLC			1,842						3,337												23						336												—						25
			BPP MFNY Employer LLC			560						828												253						300												—						—
			Longview Senior Housing, LLC			486						320												—						—												—						—
			Brio Real Estate, LLC			23						—												—						—												—						—
						$	89,486					$	103,202											$	14,655					$	16,674											$	7,572					$	9,026
						Service Provider Expenses															Amortization of Service Provider Incentive Compensation Awards												Capitalized Transaction Support Services
						Six Months Ended June 30,															Six Months Ended June 30,												Six Months Ended June 30,
						2026						2025												2026						2025												2026						2025
			Link Logistics Real Estate LLC			$	59,864					$	59,049											$	12,996					$	12,795											$	7,598					$	8,902
			TAH Operations LLC(1)			44,941						39,022												1,598						2,083												2,079						—
			LivCor, LLC			36,618						54,456												8,266						9,977												2,956						3,409
			Revantage(2)			17,133						16,434												6,628						4,887												—						15
			Perform Properties LLC			15,571						15,680												699						250												2,299						544
			Apartment Income REIT, L.P.			9,367						577												584						—												980						20
			BRE Hotels and Resorts LLC			4,223						6,349												68						673												—						25
			BPP MFNY Employer LLC			1,065						1,694												536						601												—						—
			Longview Senior Housing, LLC			632						602												—						—												—						—
			Brio Real Estate, LLC			2						—												—						—												—						—
						$	189,416					$	193,863											$	31,375					$	31,266											$	15,912					$	12,915

(1)TAH Operations LLC began providing services to the Company on February 1, 2025.

(2)Includes Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l.

As of June 30, 2026 and December 31, 2025, $33.7 million and $39.5 million, respectively, of service provider expenses were accrued and are included within Other Liabilities.

The Company issues incentive compensation awards to certain employees of portfolio company service providers. None of Blackstone, the Adviser, or the portfolio company service providers owned by Blackstone-advised investment vehicles receive any incentive compensation from the aforementioned arrangements.

The following table details the incentive compensation awards ($ in thousands):

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						December 31, 2025						For the Six Months Ended June 30, 2026																		June 30, 2026
Plan Year						Unrecognized Compensation Cost						Value of Awards Issued						Forfeiture of Unvested Awards						Amortization of Compensation Cost						Unrecognized Compensation Cost						Remaining Amortization Period
2023						$	4,833					$	—					$	(774)					$	(1,691)					$	2,368					0.5 year
2024						19,155						—						(2,247)						(4,245)						12,663						1.3 years
2025						53,940						—						(1,230)						(12,870)						39,840						2.0 years
2026						—						75,432						—						(12,569)						62,863						2.8 years
Total						$	77,928					$	75,432					$	(4,251)					$	(31,375)					$	117,734

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For the three and six months ended June 30, 2026, certain portfolio companies owned by the Company earned revenue of $3.3 million and $6.7 million, respectively, from certain other Blackstone-advised investment vehicles in relation to management services and corporate support services. For the three and six months ended June 30, 2025, certain portfolio companies owned by the Company earned revenue of $1.3 million and $2.4 million, respectively, from certain other Blackstone-advised investment vehicles in relation to corporate service fees and property management services.

As of June 30, 2026 and December 31, 2025, the Company had a receivable of $50.9 million and $50.9 million, respectively, from certain portfolio companies owned by Blackstone-advised investment vehicles related to the prepayment of certain corporate service fees and incentive compensation awards. Such amounts are included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.

In March 2026, the Company entered into an agreement with another Blackstone-advised investment vehicle to fund its pro rata share of any payments required under a guaranty agreement with a lending institution. The guaranty relates to a revolving credit facility with a portfolio company that provides services to the Company, and the Company's participation reflects its share of the associated costs based on services rendered. As of June 30, 2026, the Company’s maximum potential obligation under the arrangement was $8.0 million. No events through the date of these condensed consolidated financial statements required performance under the guaranty, and no liability was recorded as of June 30, 2026.

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11. Other Assets and Other Liabilities

The following table details the components of Other Assets ($ in thousands):

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			June 30, 2026						December 31, 2025
Held-for-sale assets			$	1,311,109					$	700,831
Straight-line rent receivable			1,014,250						934,741
Interest rate and foreign currency hedging derivatives			956,855						960,328
Intangible assets, net			576,414						662,789
Securities held in trust			462,611						392,142
Single family rental homes risk retention securities			378,604						344,479
Receivables, net			373,133						448,551
Deferred leasing costs, net			167,901						163,285
Prepaid expenses			120,300						169,976
Deferred financing costs, net			68,847						83,345
Receivable from service providers(1)			50,935						50,935
Other			153,759						159,597
Total			$	5,634,718					$	5,070,999

The following table details the components of Other Liabilities ($ in thousands):

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			June 30, 2026						December 31, 2025
Liabilities related to held-for-sale assets			$	695,781					$	509,025
Right of use lease liability - operating leases			608,566						606,302
Financing of affordable housing development			457,532						388,282
Accounts payable and accrued expenses			363,254						366,400
Real estate taxes payable			294,808						267,891
Stock repurchases payable			288,465						374,933
Accrued interest expense			270,595						290,807
Payable for unsettled investments in real estate debt			214,130						—
Distribution payable			203,469						200,415
Subscriptions received in advance			198,315						142,397
Tenant security deposits			182,711						187,290
Prepaid rental income			114,858						218,058
Intangible liabilities, net			108,107						126,182
Right of use lease liability - financing leases			81,277						80,683
Accrued service provider expenses(2)			33,670						39,458
Interest rate and foreign currency hedging derivatives			16,420						24,274
Other			87,136						122,139
Total			$	4,219,094					$	3,944,536

(1)Refer to the other transactions section of Note 10 for additional information.

(2)Refer to the accrued service provider expenses and incentive compensation awards section of Note 10 for additional information.

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12. Intangibles

The following tables detail the gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities ($ in thousands):

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			June 30, 2026
			Gross Carrying Amount						Accumulated Amortization						Total Intangible Assets/Liabilities, net
Intangible assets
In-place lease intangibles			$	975,316					$	(714,813)					$	260,503
Indefinite life intangibles			94,082						—						94,082
Above-market lease intangibles			46,644						(35,720)						10,924
Other intangibles			395,036						(184,131)						210,905
Total intangible assets			$	1,511,078					$	(934,664)					$	576,414
Intangible liabilities
Below-market lease intangibles			316,433						(208,326)						108,107
Total intangible liabilities			$	316,433					$	(208,326)					$	108,107

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			December 31, 2025
			Gross Carrying Amount						Accumulated Amortization						Total Intangible Assets/Liabilities, net
Intangible assets
In-place lease intangibles			$	1,027,067					$	(720,761)					$	306,306
Indefinite life intangibles			94,082						—						94,082
Above-market lease intangibles			49,196						(35,473)						13,723
Other intangibles			424,753						(176,075)						248,678
Total intangible assets			$	1,595,098					$	(932,309)					$	662,789
Intangible liabilities
Below-market lease intangibles			329,982						(203,800)						126,182
Total intangible liabilities			$	329,982					$	(203,800)					$	126,182

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2026 is as follows ($ in thousands):

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			In-place Lease Intangibles						Above-market Lease Intangibles						Other Intangibles						Below-market Lease Intangibles
2026 (remaining)			$	34,661					$	1,556					$	12,692					$	(13,575)
2027			58,985						2,607						24,323						(21,534)
2028			47,222						2,148						23,094						(17,013)
2029			36,903						1,793						20,762						(13,375)
2030			26,007						1,315						18,289						(10,177)
2031			16,706						717						13,987						(7,567)
Thereafter			40,019						788						97,758						(24,866)
Total			$	260,503					$	10,924					$	210,905					$	(108,107)

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13. Derivatives

The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of Accounting Standards Codification Topic 815 - “Derivatives and Hedging”. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.

Interest Rate Contracts

Certain of the Company’s transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate swaps and caps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The Company has the right of offset for certain derivatives, and presents them net on its condensed consolidated financial statements.

The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands):

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						June 30, 2026
Interest Rate Derivatives						Number of Instruments						Notional Amount						Weighted Average Strike						Index						Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt						14						$	5,826,428					2.6%						SOFR						2.6
Derivatives not designated as hedging instruments
Interest rate caps – property debt(1)						144						19,817,359						5.5%						SOFR						0.8
Interest rate swaps – property debt						41						20,349,049						1.6%						SOFR, EURIBOR						1.9
Interest rate swaps – secured financings of investments in real estate debt						42						480,515						4.0%						SOFR						3.8
Total derivatives not designated as hedging instruments												$	40,646,923
						December 31, 2025
Interest Rate Derivatives						Number of Instruments						Notional Amount						Weighted Average Strike						Index						Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt						23						$	6,658,597					2.6%						SOFR						2.9
Derivatives not designated as hedging instruments
Interest rate caps – property debt(1)						138						19,774,088						5.8%						SOFR						0.6
Interest rate swaps – property debt						57						26,163,606						1.7%						SOFR, EURIBOR						2.2
Interest rate swaps – secured financings of investments in real estate debt						8						258,315						4.2%						SOFR						4.4
Total derivatives not designated as hedging instruments												$	46,196,009

(1)Includes interest rate caps presented on a net basis with an aggregate notional amount of $10.3 billion and $7.9 billion as of June 30, 2026 and December 31, 2025, respectively.

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Foreign Currency Forward Contracts

Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands):

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						June 30, 2026												December 31, 2025
Foreign Currency Forward Contracts						Number of Instruments						Notional Amount						Number of Instruments						Notional Amount
Buy USD / Sell EUR Forward						3						€	29,224					6						€	47,163
Buy USD / Sell GBP Forward						2						£	1,311					1						£	1,180
Buy EUR / Sell USD Forward						—						€	—					1						€	66

Valuation and Financial Statement Impact

The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):

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			Fair Value of Derivatives in an Asset Position(1)												Fair Value of Derivatives in a Liability Position(2)
			June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025
Derivatives designated as hedging instruments
Interest rate swaps – property debt			$	164,112					$	118,808					$	—					$	748
Total derivatives designated as hedging instruments			164,112						118,808						—						748
Derivatives not designated as hedging instruments
Interest rate swaps – property debt			767,954						827,557						84						3,728
Interest rate caps – property debt(3)			23,040						12,642						12,721						10,854
Interest rate swaps – secured financings of investments in real estate debt			1,695						201						3,615						7,764
Foreign currency forward contracts			54						1,120						—						1,180
Total derivatives not designated as hedging instruments			792,743						841,520						16,420						23,526
Total derivatives			$	956,855					$	960,328					$	16,420					$	24,274

(1)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.

(2)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.

(3)Includes interest rate caps presented on a net basis with an aggregate fair value of $51.8 million and $25.3 million as of June 30, 2026 and December 31, 2025, respectively.

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The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands):

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Type of Derivative						Realized/Unrealized Gain (Loss)						Location of Gain (Loss) Recognized						Three Months Ended June 30,
																		2026						2025
Included in Net Income (Loss)
Interest rate swap – property debt						Unrealized loss						(1)						$	(57,773)					$	(231,099)
Interest rate caps – property debt						Unrealized loss						(1)						(2,683)						(4,353)
Interest rate swap – secured financings of investments in real estate debt						Unrealized gain (loss)						(1)						4,123						(645)
Foreign currency forward contract						Realized gain (loss)						(2)						564						(6,369)
Foreign currency forward contract						Unrealized loss						(2)						(177)						(738)
Total																		$	(55,946)					$	(243,204)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)						Unrealized gain (loss)												29,593						(59,388)
Total																		$	(26,353)					$	(302,592)
Type of Derivative						Realized/Unrealized Gain (Loss)						Location of Gain (Loss) Recognized						Six Months Ended June 30,
																		2026						2025
Included in Net Loss
Interest rate swap – property debt						Unrealized loss						(1)						$	(51,705)					$	(578,706)
Interest rate swap – property debt						Realized loss						(1)						(1,618)						—
Interest rate caps – property debt						Unrealized gain (loss)						(1)						1,147						(12,796)
Interest rate caps – property debt						Realized loss						(1)						—						(18)
Interest rate swaps – secured financings of investments in real estate debt						Unrealized gain (loss)						(1)						6,136						(7,239)
Foreign currency forward contract						Realized gain (loss)						(2)						1,542						(4,780)
Foreign currency forward contract						Unrealized gain (loss)						(2)						112						(6,502)
Total																		$	(44,386)					$	(610,041)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)						Unrealized gain (loss)												50,471						(154,843)
Total																		$	6,085					$	(764,884)

(1)Included in Loss from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations.

(2)Included in Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations.

(3)During the three and six months ended June 30, 2026, net gain of $18.2 million and $37.8 million respectively, was reclassified from accumulated other comprehensive income into net income.

Credit-Risk Related Contingent Features

The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions.

As of June 30, 2026, the Company was in a net liability position and posted collateral of $3.7 million with one of its counterparties as required under the interest rate derivative contracts. As of December 31, 2025, the Company was in a net liability position and posted collateral of $14.9 million with one of its counterparties as required under the interest rate derivatives contracts.

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14. Equity and Redeemable Non-controlling Interests

Authorized Capital

The Company had the authority to issue the following shares of common and preferred stock, $0.01 par value per share (in thousands):

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						June 30, 2026						December 31, 2025
						Number of Shares Authorized						Number of Shares Authorized
Class I Shares						6,000,000						6,000,000
Class S Shares						3,000,000						3,000,000
Class S-2 Shares						2,500,000						2,500,000
Class D Shares						1,500,000						1,500,000
Class D-2 Shares						1,400,000						1,400,000
Class T Shares						500,000						500,000
Class T-2 Shares						400,000						400,000
Class C Shares						500,000						500,000
Class L Shares						500,000						500,000
Class L-2 Shares						500,000						500,000
Class F Shares						500,000						500,000
Preferred Stock						100,000						100,000
Total						17,400,000						17,400,000

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Common Stock

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

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			Three Months Ended June 30, 2026(1)
			Class I						Class S						Class S-2						Class D						Class D-2						Class T						Class T-2						Class C						Class L						Total
March 31, 2026			2,141,584						1,167,501						34,856						96,322						5,524						30,816						243						38,228						4,333						3,519,407
Common stock issued (converted)(2)			55,488						(20,768)						18,653						(1,750)						2,002						(2,074)						242						598						3,724						56,115
Distribution reinvestment			10,699						6,183						206						522						32						198						3						—						50						17,893
Common stock repurchased			(37,067)						(19,225)						(38)						(2,294)						(11)						(640)						—						(38)						—						(59,313)
Restricted stock grants and related tax withholding, net(3)			(680)						—						—						—						—						—						—						—						—						(680)
June 30, 2026			2,170,024						1,133,691						53,677						92,800						7,547						28,300						488						38,788						8,107						3,533,422
Total par value as of June 30, 2026			$	21,699					$	11,336					$	536					$	928					$	74					$	283					$	5					$	388					$	81					$	35,330
			Six Months Ended June 30, 2026(1)
			Class I						Class S						Class S-2						Class D						Class D-2						Class T						Class T-2						Class C						Class L						Total
December 31, 2025			2,128,811						1,206,629						14,679						99,092						1,360						33,589						105						36,769						—						3,521,034
Common stock issued (converted)(2)			105,656						(35,259)						38,761						(2,739)						6,149						(3,802)						379						2,196						8,024						119,365
Distribution reinvestment			21,409						12,595						304						1,066						49						414						4						—						83						35,924
Common stock repurchased			(91,024)						(50,274)						(67)						(4,619)						(11)						(1,901)						—						(177)						—						(148,073)
Restricted stock grants and related tax withholding, net(3)			5,172						—						—						—						—						—						—						—						—						5,172
June 30, 2026			2,170,024						1,133,691						53,677						92,800						7,547						28,300						488						38,788						8,107						3,533,422
Total par value as of June 30, 2026			$	21,699					$	11,336					$	536					$	928					$	74					$	283					$	5					$	388					$	81					$	35,330

(1)As of June 30, 2026, no Class L-2 or Class F shares were issued and outstanding.

(2)Includes conversions of shares from Class S, Class D and Class T to Class I and conversions of shares from Class I to Class L, during the three and six months ended June 30, 2026.

(3)Includes restricted stock grants made to certain employees, net of shares used to satisfy tax withholding obligations and forfeitures of previously granted restricted stock awards. The cost of each grant is amortized over the applicable service period ranging from three to four years.

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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. Certain stockholders are subject to certain restrictions, including a minimum holding period and certain repurchase limitations, in addition to the Company's existing monthly and quarterly limitations. 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 judgment, 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, 2026, the Company repurchased 148.1 million shares of common stock and 1.0 million units of BREIT OP for a total of $2.1 billion, satisfying all repurchase requests for the six months ended June 30, 2026.

Earnings Per Share ("EPS")

The following table details the EPS calculations during the periods set forth below ($ and shares in thousands, except per share data):

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			Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
			Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C						Class L						Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C						Class L
Net loss allocable to share class			$	(400,770)					$	(652)					$	(757,869)					$	(1,011)
Weighted average number of common shares outstanding			3,523,287						8,091						3,518,000						6,214
Basic and diluted net loss per share			$	(0.11)					$	(0.08)					$	(0.22)					$	(0.16)
			Three Months Ended June 30, 2025(1)												Six Months Ended June 30, 2025(1)
			Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C						Class L						Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C						Class L
Net loss allocable to share class			$	(488,478)					$	—					$	(2,185,115)					$	—
Weighted average number of common shares outstanding			3,563,370						—						3,599,046						—
Basic and diluted net loss per share			$	(0.14)					$	—					$	(0.61)					$	—

(1) For the three and six months ended June 30, 2025, no Class L shares were issued and outstanding.

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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 monthly 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:

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			Three Months Ended June 30, 2026
			Class I						Class S						Class S-2						Class D						Class D-2						Class T						Class T-2						Class L
Aggregate gross distributions declared per share of common stock			$	0.1659					$	0.1659					$	0.1659					$	0.1659					$	0.1659					$	0.1659					$	0.1659					$	0.1659
Stockholder servicing fee per share of common stock			—						(0.0306)						(0.0306)						(0.0088)						(0.0088)						(0.0301)						(0.0301)						—
Net distributions declared per share of common stock			$	0.1659					$	0.1353					$	0.1353					$	0.1571					$	0.1571					$	0.1358					$	0.1358					$	0.1659
			Six Months Ended June 30, 2026
			Class I						Class S						Class S-2						Class D						Class D-2						Class T						Class T-2						Class L
Aggregate gross distributions declared per share of common stock			$	0.3311					$	0.3311					$	0.3311					$	0.3311					$	0.3311					$	0.3311					$	0.3311					$	0.3311
Stockholder servicing fee per share of common stock			—						(0.0605)						(0.0604)						(0.0175)						(0.0174)						(0.0594)						(0.0594)						—
Net distributions declared per share of common stock			$	0.3311					$	0.2706					$	0.2707					$	0.3136					$	0.3137					$	0.2717					$	0.2717					$	0.3311

Redeemable Non-controlling Interests

Certain non‑controlling interests are presented as redeemable non‑controlling interests due to redemption rights that are not solely within the control of the Company, including put options and redemption provisions that become exercisable upon specified crystallization events. As of June 30, 2026 and December 31, 2025, $111.4 million and $141.1 million, respectively, related to certain consolidated subsidiaries 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 allocation adjustments between Additional Paid-in Capital and Redeemable Non-controlling Interests of $10.4 million and $12.3 million during the three and six months ended June 30, 2026, respectively and $2.6 million and $3.4 million, during the three and six months ended June 30, 2025, respectively, to reflect the greater of their carrying value, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or their redemption value.

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15. Leases

Lessor

The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, industrial, data centers, net lease, office and retail properties. The Company's rental revenue also includes rent earned from operating leases at the Company's self storage properties prior to their sale in May 2026. Leases at the Company’s industrial, data centers, office and retail properties generally include a fixed base rent, and certain leases also contain a variable rent component. The variable component of the Company’s operating leases at its industrial, data centers, office and retail properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s rental housing properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only.

Rental revenue from leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company’s net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were each operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms and the residual value of the leased assets.

Leases at the Company’s industrial, data centers, net lease, office and retail properties are generally longer term (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the consumer price index. Leases at the Company’s rental housing properties are short term, generally not greater than 12 months in length.

The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):

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			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Fixed lease payments			$	1,504,457					$	1,637,212					$	3,086,130					$	3,325,392
Variable lease payments			124,648						133,448						264,229						277,657
Rental revenue			$	1,629,105					$	1,770,660					$	3,350,359					$	3,603,049

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, data centers, net lease, retail, and office properties as of June 30, 2026 ($ in thousands). Leases at the Company’s rental housing properties are short term, generally 12 months or less, and are therefore not included.

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Year						Future Minimum Rents
2026 (remaining)						$	842,294
2027						1,624,579
2028						1,482,817
2029						1,305,682
2030						1,132,601
2031						650,424
Thereafter						13,947,775
Total						$	20,986,172

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Lessee

Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of June 30, 2026, the Company had 86 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases was acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and certain operating leases contain renewal options.

The following table details the future lease payments due under the Company’s ground leases as of June 30, 2026 ($ in thousands):

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			Operating Leases						Financing Leases
2026 (remaining)			$	20,182					$	2,283
2027			36,454						4,633
2028			36,739						4,763
2029			36,861						4,896
2030			37,037						5,033
2031			37,065						5,173
Thereafter			1,997,821						544,292
Total undiscounted future lease payments			2,202,159						571,073
Difference between undiscounted cash flows and discounted cash flows			(1,593,593)						(489,796)
Total lease liability			$	608,566					$	81,277

The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of June 30, 2026, the weighted average remaining lease term of the Company’s operating leases and financing leases were 58 years and 75 years, respectively.

Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. Three of the Company’s ground leases contain a variable component based on a percentage of revenue.

The following table details the fixed and variable components of the Company’s operating leases ($ in thousands):

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			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Fixed ground rent expense			$	3,406					$	3,393					$	6,971					$	7,027
Variable ground rent expense			10,302						9,483						20,040						18,488
Total cash portion of ground rent expense			13,708						12,876						27,011						25,515
Straight-line ground rent expense			4,375						4,343						8,473						9,213
Total operating lease costs			$	18,083					$	17,219					$	35,484					$	34,728

The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):

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			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Interest on lease liabilities			$	1,125					$	1,079					$	2,246					$	2,166
Amortization of right-of-use assets			337						309						673						613
Total financing lease costs			$	1,462					$	1,388					$	2,919					$	2,779

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16. Segment Reporting

The Company operates in eight reportable segments: Rental Housing, Industrial, Net Lease, Office, Hospitality, Retail, Data Centers, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that GAAP Segment Income (Loss) is the key performance metric that is most consistent with the amounts included in its condensed consolidated financial statements and captures the unique operating characteristics of each segment to enable its chief operating decision maker to assess performance and allocate resources.

Prior to May 2026, the Company operated in nine reportable segments, including Self Storage. Following the sale of all remaining Self Storage properties in May 2026, the segment was removed from reportable segments, with results included in continuing operations for all periods presented. Please refer to Note 1 for additional information.

The following table details the total assets by segment ($ in thousands):

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			June 30, 2026						December 31, 2025
Rental Housing			$	50,336,887					$	52,515,012
Industrial			14,741,883						15,895,162
Net Lease			7,973,242						7,983,266
Office			2,598,518						2,771,839
Hospitality			2,323,393						2,409,014
Retail			1,912,199						1,960,373
Data Centers			1,796,237						1,827,636
Self Storage (1)			—						691,931
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value			7,800,346						11,039,213
Other (Corporate)			1,271,152						1,510,062
Total assets			$	90,753,857					$	98,603,508

(1) During the three months ended June 30, 2026, the Company exited the self storage segment as a result of the sale of all remaining properties in May of 2026.

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The following table details the financial results by segment for the three months ended June 30, 2026 ($ in thousands):

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			Rental Housing						Industrial						Net Lease						Office						Hospitality						Retail						Data Centers						Self Storage(1)						Investments in Real Estate Debt(2)						Total
Revenues:
Rental revenue			$	1,066,971					$	298,853					$	150,385					$	40,697					$	—					$	48,910					$	15,579					$	7,710					$	—					$	1,629,105
Hospitality revenue			—						—						—						—						145,475						—						—						—						—						145,475
Other revenue			76,942						2,962						1,323						2,364						—						1,034						7						1,415						—						86,047
Total revenues			1,143,913						301,815						151,708						43,061						145,475						49,944						15,586						9,125						—						1,860,627
Expenses:
Rental property operating			615,363						103,977						1,942						14,822						—						20,788						3,562						3,497						—						763,951
Hospitality operating			—						—						—						—						97,650						—						—						—						—						97,650
Total expenses			615,363						103,977						1,942						14,822						97,650						20,788						3,562						3,497						—						861,601
(Loss) income from unconsolidated entities			(11,172)						5,255						70						8,630						(605)						764						22,730						—						—						25,672
Income from investments in real estate debt			—						—						—						—						—						—						—						—						82,767						82,767
Changes in net assets of consolidated securitization vehicles			—						—						—						—						—						—						—						—						9,217						9,217
GAAP segment income			$	517,378					$	203,093					$	149,836					$	36,869					$	47,220					$	29,920					$	34,754					$	5,628					$	91,984					$	1,116,682
Depreciation and amortization			$	(484,746)					$	(140,540)					$	(49,556)					$	(20,163)					$	(22,548)					$	(16,733)					$	(5,484)					$	(2,741)					$	—					$	(742,511)
General and administrative																																																									(18,109)
Management fee																																																									(176,615)
Performance participation allocation																																																									(243,066)
Impairment of investments in real estate																																																									(99,250)
Loss from interest rate derivatives																																																									(56,333)
Net gain on dispositions of real estate																																																									393,297
Interest expense, net																																																									(604,639)
Loss on extinguishment of debt																																																									(24,453)
Other expense																																																									(11,188)
Net loss																																																									$	(466,185)
Net loss attributable to non-controlling interests in consolidated subsidiaries																																																									$	24,100
Net loss attributable to non-controlling interests in BREIT OP																																																									40,663
Net loss attributable to BREIT stockholders																																																									$	(401,422)

(1)Includes the financial results for the Self Storage properties through disposition in May 2026.

(2)Includes real estate loans held by consolidated securitization vehicles, at fair value.

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The following table details the financial results by segment for the three months ended June 30, 2025 ($ in thousands):

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			Rental Housing						Industrial						Net Lease						Office						Hospitality						Retail						Data Centers						Self Storage						Investments in Real Estate Debt(1)						Total
Revenues:
Rental revenue			$	1,170,522					$	323,289					$	150,385					$	43,379					$	—					$	51,589					$	13,504					$	17,992					$	—					$	1,770,660
Hospitality revenue			—						—						—						—						139,199						—						—						—						—						139,199
Other revenue			81,944						2,311						—						1,925						192						907						19						1,224						—						88,522
Total revenues			1,252,466						325,600						150,385						45,304						139,391						52,496						13,523						19,216						—						1,998,381
Expenses:
Rental property operating			670,569						109,291						655						16,797						—						19,682						2,993						8,838						—						828,825
Hospitality operating			—						—						—						—						97,968						—						—						—						—						97,968
Total expenses			670,569						109,291						655						16,797						97,968						19,682						2,993						8,838						—						926,793
(Loss) income from unconsolidated entities			(5,416)						126,185						(106)						5,649						(2,278)						(1,133)						(95,910)						—						—						26,991
Income from investments in real estate debt			—						—						—						—						—						—						—						—						133,654						133,654
Changes in net assets of consolidated securitization vehicles			—						—						—						—						—						—						—						—						38,207						38,207
GAAP segment income (loss)			$	576,481					$	342,494					$	149,624					$	34,156					$	39,145					$	31,681					$	(85,380)					$	10,378					$	171,861					$	1,270,440
Depreciation and amortization			$	(520,797)					$	(162,066)					$	(49,556)					$	(21,696)					$	(22,989)					$	(19,259)					$	(5,546)					$	(6,742)					$	—					$	(808,651)
General and administrative																																																									(16,886)
Management fee																																																									(166,892)
Performance participation allocation																																																									(88,824)
Impairment of investments in real estate																																																									(171,113)
Loss from interest rate derivatives																																																									(236,097)
Net gain on dispositions of real estate																																																									464,394
Interest expense, net																																																									(777,766)
Loss on extinguishment of debt																																																									(25,360)
Other expense																																																									(12,228)
Net loss																																																									$	(568,983)
Net loss attributable to non-controlling interests in consolidated subsidiaries																																																									$	40,124
Net loss attributable to non-controlling interests in BREIT OP																																																									40,381
Net loss attributable to BREIT stockholders																																																									$	(488,478)

(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.

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The following table details the financial results by segment for the six months ended June 30, 2026 ($ in thousands):

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			Rental Housing						Industrial						Net Lease						Office						Hospitality						Retail						Data Centers						Self Storage(1)						Investments in Real Estate Debt(2)						Total
Revenues:
Rental revenue			$	2,195,056					$	615,277					$	300,769					$	82,216					$	—					$	100,429					$	31,397					$	25,215					$	—					$	3,350,359
Hospitality revenue			—						—						—						—						281,662						—						—						—						—						281,662
Other revenue			148,049						6,193						2,790						4,710						—						1,896						7						2,627						—						166,272
Total revenues			2,343,105						621,470						303,559						86,926						281,662						102,325						31,404						27,842						—						3,798,293
Expenses:
Rental property operating			1,238,668						225,428						4,019						29,286						—						43,250						7,239						12,163						—						1,560,053
Hospitality operating			—						—						—						—						192,128						—						—						—						—						192,128
Total expenses			1,238,668						225,428						4,019						29,286						192,128						43,250						7,239						12,163						—						1,752,181
(Loss) income from unconsolidated entities			(25,612)						284						217						14,079						(4,124)						1,213						(2,547)						—						—						(16,490)
Income from investments in real estate debt			—						—						—						—						—						—						—						—						160,443						160,443
Changes in net assets of consolidated securitization vehicles			—						—						—						—						—						—						—						—						26,243						26,243
GAAP segment income			$	1,078,825					$	396,326					$	299,757					$	71,719					$	85,410					$	60,288					$	21,618					$	15,679					$	186,686					$	2,216,308
Depreciation and amortization			$	(979,760)					$	(284,115)					$	(99,111)					$	(40,801)					$	(44,569)					$	(33,897)					$	(11,133)					$	(9,614)					$	—					$	(1,503,000)
General and administrative																																																									(32,554)
Management fee																																																									(348,840)
Performance participation allocation																																																									(399,772)
Impairment of investments in real estate																																																									(234,467)
Loss from interest rate derivatives																																																									(46,040)
Net gain on dispositions of real estate																																																									855,832
Interest expense, net																																																									(1,300,099)
Loss on extinguishment of debt																																																									(37,330)
Other expense																																																									(21,746)
Net loss																																																									$	(851,708)
Net loss attributable to non-controlling interests in consolidated subsidiaries																																																									$	18,531
Net loss attributable to non-controlling interests in BREIT OP																																																									74,297
Net loss attributable to BREIT stockholders																																																									$	(758,880)

(1)Includes the financial results for the Self Storage properties through disposition in May 2026.

(2)Includes real estate loans held by consolidated securitization vehicles, at fair value.

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The following table details the financial results by segment for the six months ended June 30, 2025 ($ in thousands):

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			Rental Housing						Industrial						Net Lease						Office						Hospitality						Retail						Data Centers						Self Storage						Investments in Real Estate Debt(1)						Total
Revenues:
Rental revenue			$	2,392,227					$	658,146					$	300,769					$	85,936					$	—					$	103,349					$	27,247					$	35,375					$	—					$	3,603,049
Hospitality revenue			—						—						—						—						273,315						—						—						—						—						273,315
Other revenue			160,097						8,162						—						3,902						259						2,131						19						2,619						—						177,189
Total revenues			2,552,324						666,308						300,769						89,838						273,574						105,480						27,266						37,994						—						4,053,553
Expenses:
Rental property operating			1,361,862						229,726						1,343						31,960						—						40,023						6,077						16,784						—						1,687,775
Hospitality operating			—						—						—						—						192,107						—						—						—						—						192,107
Total expenses			1,361,862						229,726						1,343						31,960						192,107						40,023						6,077						16,784						—						1,879,882
(Loss) income from unconsolidated entities			(27,443)						212,926						(397)						7,890						(5,066)						(2,554)						(923,380)						—						—						(738,024)
Income from investments in real estate debt			—						—						—						—						—						—						—						—						266,532						266,532
Changes in net assets of consolidated securitization vehicles			—						—						—						—						—						—						—						—						70,392						70,392
GAAP segment income (loss)			$	1,163,019					$	649,508					$	299,029					$	65,768					$	76,401					$	62,903					$	(902,191)					$	21,210					$	336,924					$	1,772,571
Depreciation and amortization			$	(1,054,756)					$	(328,192)					$	(99,111)					$	(42,941)					$	(45,953)					$	(40,299)					$	(11,092)					$	(13,406)					$	—					$	(1,635,750)
General and administrative																																																									(33,000)
Management fee																																																									(335,317)
Performance participation allocation																																																									(230,999)
Impairment of investments in real estate																																																									(341,371)
Loss from interest rate derivatives																																																									(598,759)
Net gain on dispositions of real estate																																																									600,303
Interest expense, net																																																									(1,543,562)
Loss on extinguishment of debt																																																									(36,874)
Other expense																																																									(26,009)
Net loss																																																									$	(2,408,767)
Net loss attributable to non-controlling interests in consolidated subsidiaries																																																									$	60,252
Net loss attributable to non-controlling interests in BREIT OP																																																									163,400
Net loss attributable to BREIT stockholders																																																									$	(2,185,115)

(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.

17. Commitments and Contingencies

Litigation

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As of June 30, 2026 and December 31, 2025, the Company was not involved in any material legal proceedings.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References herein to “Blackstone Real Estate Income Trust,” “BREIT,” the “Company,” “we,” “us,” or “our” refer to Blackstone Real Estate Income Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “identify” or other similar words or the negatives thereof. These may include our financial estimates and their underlying assumptions, statements about plans, objectives, intentions and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance, and statements about identified but not yet disclosed acquisitions. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our prospectus and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or our prospectus and other filings). Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Website Disclosure

We use our website (www.breit.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases and SEC filings. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

Overview

We invest primarily in stabilized, income-generating commercial real estate in the United States and to a lesser extent, outside the United States. We also, to a lesser extent, invest in real estate debt investments. We are the sole general partner and majority limited partner of BREIT Operating Partnership L.P. (“BREIT OP”), a Delaware limited partnership, and we own substantially all of our assets through BREIT OP. We are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone Inc. (“Blackstone”), a leading investment manager. We currently operate our business in eight reportable segments: Rental Housing, Industrial, Data Centers, Net Lease, Office, Hospitality, Retail, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable, and single family rental housing. Net Lease includes the real estate assets of The Bellagio Las Vegas, The Cosmopolitan of Las Vegas, and our unconsolidated investment in a Net Lease platform. Unconsolidated interests are included in the respective property segment.

We previously had nine reportable segments. In May 2026, we completed the disposition of all properties in the Self Storage segment. We determined that the disposition did not represent a strategic shift that has had, or is expected to have, a major effect on our operations or financial results, and therefore, did not meet the criteria to be classified as discontinued operations. Accordingly, the results of the Self Storage segment are included in continuing operations for all periods presented.

BREIT is a non-listed, perpetual life real estate investment trust (“REIT”) that qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

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As of August 7, 2026, we had received cumulative net proceeds of $82.4 billion from the sale of 6.4 billion shares of our Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, Class C, and Class L common stock in our continuous public offering and private offerings, and units of BREIT OP. We contributed the net proceeds from the sale of shares to BREIT OP in exchange for a corresponding number of Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, Class C, and Class L units. As of August 7, 2026, there are no Class L-2 shares, Class F shares, Class L-2 units or Class F units outstanding. BREIT OP has primarily used the net proceeds to make investments in real estate and real estate debt and for other general corporate purposes (including to fund repurchase requests under our share repurchase plan (the “Share Repurchase Plan”) from time to time) as further described below under “Investment Portfolio.” We intend to continue selling shares of our common stock on a monthly basis through our continuous public offering and private offerings.

In November 2025, BREIT and BREIT OP commenced the DST Program to issue and sell DST Interests in DSTs holding DST Properties through private offerings. These DST Interests will be issued and sold to “accredited investors” as that term is defined under Regulation D promulgated by the SEC under the Securities Act in private placements exempt from registration pursuant to Section 4(a)(2) of the Securities Act (the “DST Offerings”). As of June 30, 2026, $111.2 million in net offering proceeds were raised through the DST Program, which are included in Non-controlling Interests Attributable to Consolidated Subsidiaries on the Condensed Consolidated Balance Sheets.

Under the DST Program, each DST Property may be sourced from our real properties or acquired from third parties, will be held in a separate DST, and will be leased by the DST to a wholly-owned subsidiary of BREIT OP under a master lease agreement. In accordance with the master lease, we are responsible for subleasing the DST Properties and for covering all costs associated with operating the underlying DST Properties. Each master lease agreement will be guaranteed by BREIT OP, which will retain the FMV Option, giving BREIT OP the right, but not the obligation, to acquire the DST Interests in the applicable DST from the DST investors any time during a defined period in exchange for BREIT OP units or, in certain cases, a combination of BREIT OP units and cash. After a one-year holding period, investors who acquire BREIT OP units pursuant to the FMV Option have a right to cause BREIT OP to redeem all or a portion of their OP units for, at our sole discretion, shares of our common stock, cash, or a combination of both.

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Q2 2026 Highlights

Operating Results:

•Declared monthly net distributions totaling $597.7 million for the three months ended June 30, 2026. The details of the average annualized distribution rates and total returns are shown in the following table:

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						Class I						Class S						Class S-2						Class D						Class D-2						Class T						Class T-2						Class L						Class C
Average Annualized Distribution Rate(1)						4.6%						3.8%						3.8%						4.5%						4.5%						3.8%						3.8%						4.6%						N/A
Year-to-Date Total Return, without upfront selling commissions(2)						5.2%						4.7%						5.2%						5.0%						5.7%						4.7%						4.9%						5.5%						5.2%
Year-to-Date Total Return, assuming maximum upfront selling commissions(2)						N/A						1.2%						1.6%						3.4%						4.2%						1.2%						1.4%						N/A						N/A
Inception-to-Date Total Return, without upfront selling commissions(2)						9.4%						8.4%						N/A						9.1%						N/A						8.6%						N/A						N/A						4.1%
Inception-to-Date Total Return, assuming maximum upfront selling commissions(2)						N/A						8.0%						N/A						8.9%						N/A						8.1%						N/A						N/A						N/A

Investments:

•Sold 20 rental housing properties(3), 79 self storage properties and 27 industrial properties, for total net proceeds of $2.1 billion. We recognized a net realized gain of $294.0 million related to the disposition of such properties, net of the impairments recorded during the quarter. The sale of 79 self storage properties, for net proceeds of $852.3 million, represents our exit from the self storage segment.

•During the three months ended June 30, 2026, deployed $3.3 billion (at BREIT’s share) into the development of data centers through our QTS platform. These data center developments are 100% pre-leased, in substantially all cases to investment grade tenants.

•Acquired 48 net lease properties for a total purchase price of $44.3 million (at BREIT's share) through our Reliant Net Lease Platform.

Capital and Financing Activity:

•Raised $1.1 billion from the sale of shares of our common stock and units of BREIT OP during the three months ended June 30, 2026. Repurchased $0.9 billion of our shares and units from investors during the three months ended June 30, 2026.

•Raised $0.1 billion in net offering proceeds through the DST Program during the three months ended June 30, 2026.

•Decreased financings by a net $2.1 billion during the three months ended June 30, 2026.

Current Portfolio:

•Our portfolio as of June 30, 2026 consisted of investments in real estate (97% based on fair value) and investments in real estate debt (3%).

•Our 4,530 properties(4) as of June 30, 2026 consisted primarily of Rental Housing (42% based on fair value), Data Centers (27%) and Industrial (20%), and our real estate portfolio was primarily concentrated in the following regions: South (35%), West (28%) and East (20%).

•Our investments in real estate debt as of June 30, 2026 consisted of a diversified portfolio of commercial mortgage-backed securities (“CMBS”), residential-backed securities (“RMBS”), mortgage and mezzanine loans, and other real estate-related debt. For further details on credit rating and underlying real estate collateral, refer to “Investment Portfolio – Investments in Real Estate Debt” below.

(1)The annualized distribution rate is calculated by averaging each of the three months’ annualized distribution rates, which are calculated as the net distribution per share, divided by the prior month’s net asset value per share. We believe the annualized distribution rate is a useful measure of our overall investment performance. Class C is an accumulating share class whereby its share of income will accrete into its NAV instead of receiving a distribution. Therefore, no annualized distribution rate is presented above for Class C shares.

(2)Total return is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period, and assumes any distributions are reinvested under our distribution reinvestment plan. Total return for periods greater than one year is annualized. We began selling Class S-2, D-2 and T-2 shares on September 1, 2025. Class L shares were first outstanding as of January 1, 2026. Inception-to-date total returns for Class S-2, D-2, T-2, and Class L shares will be disclosed once these shares have been outstanding for more than one year. We believe total return is a useful measure of our overall investment performance.

(3)Excludes the number of single family rental homes sold.

(4)Excludes 63,081 single family rental homes. Such single family rental homes are included in the fair value amounts.

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Investment Portfolio

Portfolio Summary

The following chart shows the allocation of our investments between real estate and real estate debt based on fair value as of June 30, 2026:

Real Estate Investments

The following charts further describe the diversification of our investments in real estate based on fair value as of June 30, 2026:

(1) “Real estate investments” include wholly owned property investments, BREIT’s share of property investments held through joint ventures and equity in public and private real estate-related companies. “Real estate debt” includes BREIT’s investments in CMBS, RMBS, mortgage and mezzanine loans, and other debt secured by real estate and real estate related assets, and excludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Condensed Consolidated Generally Accepted Accounting Principles (“GAAP”) Balance Sheets. “Property Sector” weighting is measured as the asset value of real estate investments for each sector category divided by the asset value of all real estate investments, excluding the value of any third party interests in such real estate investments. “Region Concentration” represents regions as defined by the National Council of Real Estate Investment Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of our real estate properties for each regional category divided by the asset value of all real estate properties, excluding the value of any third party interests in such real estate properties. “Non-U.S.” reflects investments in Europe and Canada.

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The following map identifies the top markets of our real estate portfolio composition based on fair value as of June 30, 2026:

The select states highlighted represent BREIT’s top three states by portfolio weighting. Portfolio weighting is measured as the asset value of real estate properties for each state divided by the total asset value of all real estate properties, excluding the value of any third party interests in such real estate investments. Sunbelt refers to ~65% concentration in the South and West regions of the U.S. as defined by NCREIF. BREIT is invested in additional states that are not highlighted above.

As of June 30, 2026, we owned, in whole or in part, a diversified portfolio of income producing assets comprising 4,530 properties and 63,081 single family rental homes concentrated in growth markets primarily focused in Rental Housing, Industrial, Data Centers properties, and to a lesser extent Net Lease, Office, Hospitality, and Retail properties.

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The following table provides a summary of our portfolio by property sector as of June 30, 2026:

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												Sq. Feet (in thousands)/ Units/Keys(1)(2)(3)												Average Effective Annual Base Rent Per Leased Square Foot/Units/Keys(3)(5)						Gross Asset Value(6) ($ in thousands)						Property Sector Revenue(7) For the Six Months Ended June 30,
Property Sector						Number of Properties(1)(2)												Occupancy Rate(3)(4)																		2026 ($ in thousands)						2025 ($ in thousands)
Rental Housing(8)						815						246,877 units						93%						$23,435						$	51,124,049					$	2,091,488					$	2,292,405
Data Centers						144						23,042 sq. ft.						100%						$17.01						33,757,746						727,982						364,935
Industrial						2,950						391,956 sq. ft.						92%						$7.11						25,869,265						829,680						862,530
Net Lease						307						17,897 sq. ft.						100%						N/A						6,492,217						274,980						257,675
Office						12						4,918 sq. ft.						96%						$46.71						3,151,152						132,367						134,557
Retail						60						8,351 sq. ft.						96%						$22.63						2,616,465						111,730						114,287
Hospitality						242						33,056 keys						73%						$191.82/$140.33						2,528,368						337,988						328,402
Self Storage(9)						—						—						—						—						—						27,285						37,234
Total						4,530												94%												$	125,539,262					$	4,533,500					$	4,392,025

(1)Single family rental homes are included in rental housing units and are not reflected in the number of properties.

(2)Includes properties owned by unconsolidated entities.

(3)Excludes land under development related to our rental housing, industrial and data center investments.

(4)For our data centers, industrial, net lease, office and retail investments, occupancy includes all leased square footage as of June 30, 2026. For our multifamily, student housing and affordable housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended June 30, 2026. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended June 30, 2026. For our manufactured housing investments, the occupancy rate includes occupied sites as of June 30, 2026. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended June 30, 2026. Hospitality investments owned less than 12 months are excluded from the average occupancy rate calculation. Total occupancy is weighted by the total value of all consolidated real estate properties, excluding our hospitality investments, and any third party interests in such properties. Unconsolidated investments are excluded from occupancy rate calculations.

(5)For multifamily and rental housing properties other than manufactured housing, average effective annual base rent represents the base rent for the three months ended June 30, 2026 per leased unit, and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For manufactured housing, data centers, industrial, net lease, office, and retail properties, average effective annual base rent represents the annualized June 30, 2026 base rent per leased square foot or unit and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. For hospitality properties, average effective annual base rent represents average daily rate (“ADR”) and revenue per available Room (“RevPAR”), respectively, for the 12 months ended June 30, 2026. Hospitality investments owned less than 12 months are excluded from the ADR and RevPAR calculations. Unconsolidated investments are excluded from average effective annual base rent calculations.

(6)Gross Asset Value consists of our $81.2 billion allocable share of consolidated real estate properties and our $44.3 billion allocable share of the gross real estate value held by unconsolidated entities, in each case excluding the value of any third-party interests in such real estate investments. Such amounts are measured on a fair value basis.

(7)Includes the revenues from our consolidated real estate properties and our allocable share of revenues from properties held by unconsolidated entities. See the Property Sector Revenue disclosure immediately following this table for certain Non-GAAP disclosures and reconciliations.

(8)Rental Housing includes multifamily and other types of rental housing such as student, affordable, manufactured and single family rental housing. Rental Housing units include multifamily units, student housing units, affordable housing units, manufactured housing sites and single family rental homes.

(9)During the three months ended June 30, 2026, the Company exited the self storage segment as a result of the sale of all remaining properties in May 2026. Property Sector Revenue for the six months ended June 30, 2026 includes activity through the date of sale.

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Property Sector Revenue

Property Sector Revenue is a supplemental non-GAAP measure of revenue that includes our allocable share of the revenues from all consolidated and unconsolidated properties in our portfolio, which we believe is meaningful for management, investors, and other users of our financial statements to assess the scale of our exposure to different property sectors. We define Property Sector Revenue as our allocable share of the revenues from our consolidated properties plus our allocable share of revenues from unconsolidated entities. Property Sector Revenue may not be comparable to that of other companies and should not be considered to be more relevant or accurate in evaluating our operating performance than GAAP total revenues.

The following table provides a reconciliation of GAAP total revenues to Property Sector Revenue ($ in thousands):

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									Six Months Ended June 30,
															2026						2025
Total revenues(1)															$	3,798,293					$	4,053,553
Less: revenues allocable to non-controlling interests															(397,822)						(411,655)
Allocable share of revenues from unconsolidated entities															1,133,029						750,127
Property Sector Revenue															$	4,533,500					$	4,392,025

(1)Reflects total revenues determined in accordance with GAAP. See Condensed Consolidated Statements of Operations for details of revenue components.

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Real Estate

The following table provides information regarding our real estate portfolio as of June 30, 2026:

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Segment and Investment						Number of Properties(1)(2)						Location						Acquisition Date						Ownership Interest(3)						Sq. Feet (in thousands)/Units/Keys(1)(2)(4)						Occupancy Rate(4)(5)
Rental Housing:
TA Multifamily Portfolio						1						Gurnee, IL						Apr. 2017						100%						483 units						94%
Emory Point						1						Atlanta, GA						May 2017						100%						750 units						92%
Nevada West Multifamily						3						Las Vegas, NV						May 2017						100%						972 units						91%
Mountain Gate & Trails Multifamily						2						Las Vegas, NV						June 2017						100%						539 units						92%
Elysian West Multifamily						1						Las Vegas, NV						July 2017						100%						466 units						94%
ACG II Multifamily						3						Various						Sept. 2017						94%						740 units						95%
Olympus Multifamily						1						Jacksonville, FL						Nov. 2017						95%						480 units						93%
Amberglen West Multifamily						1						Hillsboro, OR						Nov. 2017						100%						396 units						93%
Aston Multifamily Portfolio						2						Boerne, TX & Louisville, KY						Various						100%						288 units						93%
Talavera and Flamingo Multifamily						2						Las Vegas, NV						Dec. 2017						100%						674 units						93%
Montair Multifamily						1						Thornton, CO						Dec. 2017						100%						320 units						92%
Signature at Kendall Multifamily						2						Miami, FL						Dec. 2017						100%						546 units						93%
Wave Multifamily Portfolio						3						Various						May 2018						100%						1,248 units						92%
ACG III Multifamily						2						Gresham, OR & Turlock, CA						May 2018						95%						475 units						95%
Carroll Florida Multifamily						1						Jacksonville, FL						May 2018						100%						320 units						94%
Solis at Flamingo						1						Las Vegas, NV						June 2018						95%						524 units						93%
Coyote Multifamily Portfolio						4						Phoenix, AZ						Aug. 2018						100%						1,016 units						94%
Avanti Apartments						1						Las Vegas, NV						Dec. 2018						100%						414 units						92%
Gilbert Heritage Apartments						1						Phoenix, AZ						Feb. 2019						90%						256 units						93%
Roman Multifamily Portfolio						9						Various						Feb. 2019						100%						2,403 units						93%
Citymark Multifamily 2-Pack						1						Lithia Springs, GA						Apr. 2019						100%						240 units						95%
Raider Multifamily Portfolio						4						Las Vegas, NV						Various						100%						1,514 units						92%
Bridge II Multifamily Portfolio						4						Various						Various						100%						1,562 units						94%
Miami Doral 2-Pack						2						Miami, FL						May 2019						100%						720 units						96%
Davis Multifamily 2-Pack						2						Raleigh, NC & Jacksonville, FL						May 2019						100%						454 units						93%
Slate Savannah						1						Savannah, GA						May 2019						90%						272 units						90%
Amara at MetroWest						1						Orlando, FL						May 2019						95%						411 units						90%
Edge Las Vegas						1						Las Vegas, NV						June 2019						95%						296 units						92%
ACG IV Multifamily						2						Woodland, CA & Puyallup, WA						June 2019						95%						606 units						93%
Anson at the Lakes						1						Charlotte, NC						June 2019						100%						694 units						87%
Edgewater at the Cove						1						Oregon City, OR						Aug. 2019						100%						248 units						94%
Haven 124 Multifamily						1						Denver, CO						Sept. 2019						100%						562 units						84%
Villages at McCullers Walk Multifamily						1						Raleigh, NC						Oct. 2019						100%						412 units						93%
Canopy at Citrus Park Multifamily						1						Largo, FL						Oct. 2019						90%						318 units						94%
Ridge Multifamily Portfolio						2						Las Vegas, NV						Oct. 2019						90%						456 units						91%
Evolve at Timber Creek Multifamily						1						Garner, NC						Nov. 2019						100%						304 units						93%
Arium Multifamily Portfolio						2						Ocoee & Oviedo, FL						Dec. 2019						100%						700 units						92%
Acorn Multifamily Portfolio						14						Various						Feb. & May 2020						98%						5,964 units						91%
Indigo West Multifamily						1						Orlando, FL						Mar. 2020						100%						456 units						89%
Park & Market Multifamily						1						Raleigh, NC						Oct. 2020						100%						409 units						91%
The Palmer Multifamily						1						Charlotte, NC						Oct. 2020						90%						318 units						94%
Jaguar Multifamily Portfolio						4						Various						Nov. & Dec. 2020						100%						1,671 units						92%
Cortona South Tampa Multifamily						1						Tampa, FL						Apr. 2021						100%						300 units						92%
Rosery Multifamily Portfolio						1						Largo, FL						Apr. 2021						100%						224 units						92%
Encore Tessera Multifamily						1						Phoenix, AZ						May 2021						80%						240 units						92%
Acorn 2.0 Multifamily Portfolio						13						Various						Various						98%						5,509 units						92%
Vue at Centennial Multifamily(14)						1						Las Vegas, NV						June 2021						42%						372 units						94%
Haven by Watermark Multifamily						1						Denver, CO						June 2021						100%						206 units						86%
Legacy North Multifamily						1						Plano, TX						Aug. 2021						100%						1,675 units						91%
The Brooke Multifamily						1						Atlanta, GA						Aug. 2021						100%						537 units						94%
One Boynton Multifamily						1						Boynton Beach, FL						Aug. 2021						100%						494 units						93%
Town Lantana Multifamily						1						Lantana, FL						Sept. 2021						90%						360 units						95%
Ring Multifamily Portfolio						12						Various						Sept. 2021						100%						3,030 units						94%
Villages at Pecan Grove Multifamily						1						Holly Springs, NC						Nov. 2021						100%						336 units						94%
Cielo Morrison Multifamily Portfolio						2						Charlotte, NC						Nov. 2021						90%						419 units						95%
FiveTwo at Highland Multifamily						1						Austin, TX						Nov. 2021						90%						390 units						92%

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Roman 2.0 Multifamily Portfolio						17						Various						Dec. 2021 & Jan. 2022						100%						5,580 units						93%
Kapilina Beach Homes Multifamily						1						Ewa Beach, HI						Dec. 2021						100%						1,459 units						92%
SeaTac Multifamily Portfolio						2						Edgewood & Everett, WA						Dec. 2021						90%						480 units						95%
Villages at Raleigh Beach Multifamily						1						Raleigh, NC						Jan. 2022						100%						392 units						93%
Raider 2.0 Multifamily Portfolio						3						Las Vegas & Henderson, NV						Mar. & Apr. 2022						100%						1,390 units						94%
Dallas Multifamily Portfolio						2						Irving & Fort Worth, TX						Apr. 2022						90%						759 units						94%
Carlton at Bartram Park Multifamily						1						Jacksonville, FL						Apr. 2022						100%						750 units						92%
Overlook Multifamily Portfolio						2						Malden & Revere, MA						Apr. 2022						100%						1,386 units						93%
Harper Place at Bees Ferry Multifamily						1						Charleston, SC						Apr. 2022						100%						195 units						91%
Rapids Multifamily Portfolio						29						Various						May 2022						100%						8,526 units						93%
8 Spruce Street Multifamily						1						New York, NY						May 2022						100%						900 units						95%
Pike Multifamily Portfolio(6)(14)						31						Various						June 2022						Various(14)						8,632 units						93%
ACG V Multifamily						2						Stockton, CA						Sept. 2022						95%						449 units						95%
Tricon - Multifamily(7)						12						Various						May 2024						Various(7)						1,745 units						(5)
Highroads MH						1						Phoenix, AZ						Apr. 2018						99.6%						86 units						100%
Southwest MH						6						Various						June 2018						99.6%						1,645 units						88%
SVPAC MH						2						Phoenix, AZ						July 2018						99.6%						233 units						98%
Riverest MH						1						Tavares, FL						Dec. 2018						99.6%						130 units						100%
Florida MH 4-Pack						4						Various						Apr. & July 2019						99.6%						799 units						91%
Clearwater MHC 2-Pack						2						Clearwater, FL						Mar. & Aug. 2020						99.6%						207 units						88%
Legacy MH Portfolio						5						Various						Apr. 2020						99.6%						1,387 units						88%
May Manor MH						1						Lakeland, FL						June 2020						99.6%						297 units						75%
Southeast MH Portfolio						17						Various						Dec. 2020						99.6%						4,945 units						94%
Courtly Manor MH						1						Hialeah, FL						Oct. 2021						99.6%						525 units						100%
EdR Student Housing Portfolio						1						Athens, GA						Sept. 2018						60%						266 units						89%
Mercury 3100 Student Housing						1						Orlando, FL						Feb. 2021						100%						228 units						92%
Signal Student Housing Portfolio						6						Various						Aug. 2021						96%						1,487 units						91%
Standard at Fort Collins Student Housing						1						Fort Collins, CO						Nov. 2021						97%						237 units						90%
Intel Student Housing Portfolio						4						Reno, NV						Various						98%						808 units						90%
Signal 2.0 Student Housing Portfolio						2						Buffalo, NY & Athens, GA						Dec. 2021						97%						366 units						96%
Robin Student Housing Portfolio						5						Various						Mar. 2022						98%						1,137 units						87%
Legacy on Rio Student Housing						1						Austin, TX						Mar. 2022						97%						144 units						94%
Mark at Tucson Student Housing						1						Mountain, AZ						Apr. 2022						97%						154 units						78%
Legacy at Baton Rouge Student Housing						1						Baton Rouge, LA						May 2022						97%						300 units						97%
American Campus Communities						144						Various						Aug. 2022						69%						31,132 units						87%
Home Partners of America(8)						N/A(1)						Various						Various						Various(8)						22,606 units						98%
Tricon - Single Family Rental(9)						N/A(1)						Various						May 2024						Various(9)						40,475 units						(5)
Ace Affordable Housing Portfolio(10)						329						Various						Dec. 2021						Various(10)						47,340 units						92%
Florida Affordable Housing Portfolio						42						Various						Various						100%						10,801 units						94%
Palm Park Affordable Housing						1						Boynton Beach, FL						May 2022						100%						160 units						97%
Wasatch 2-Pack						2						Spring Valley, CA & Midvale, UT						Oct. 2022						100%						350 units						91%
Total Rental Housing						815																								246,877 units
Data Centers:
D.C. Powered Shell Warehouse Portfolio						9						Ashburn & Manassas, VA						June & Dec. 2019						90%						1,471 sq. ft.						100%
Highpoint Powered Shell Portfolio						2						Sterling, VA						June 2021						100%						434 sq. ft.						100%
QTS Data Centers(11)						130						Various						Aug. 2021						35.4%						20,345 sq. ft.						(5)
Atlantic Powered Shell Portfolio						3						Sterling, VA						Apr. 2022						100%						792 sq. ft.						100%
Total Data Centers						144																								23,042 sq. ft.
Industrial:
HS Industrial Portfolio						39						Various						Apr. 2017						100%						4,228 sq. ft.						97%
Southeast Industrial Portfolio						2						Jacksonville, FL & La Vergne, TN						Nov. 2017						100%						806 sq. ft.						50%
Kraft Chicago Industrial Portfolio						3						Aurora, IL						Jan. 2018						100%						1,695 sq. ft.						69%
Canyon Industrial Portfolio(14)						86						Various						Mar. 2018						Various(14)						14,127 sq. ft.						93%
HP Cold Storage Industrial Portfolio						6						Various						May 2018						100%						2,259 sq. ft.						100%
Meridian Industrial Portfolio						29						Various						Nov. 2018						100%						4,455 sq. ft.						85%
Summit Industrial Portfolio						6						Atlanta, GA						Dec. 2018						100%						440 sq. ft.						90%
4500 Westport Drive						1						Harrisburg, PA						Jan. 2019						100%						179 sq. ft.						100%
Minneapolis Industrial Portfolio						33						Minneapolis, MN						Apr. 2019						100%						2,341 sq. ft.						95%
Atlanta Industrial Portfolio						60						Atlanta, GA						May 2019						100%						3,738 sq. ft.						90%
Patriot Park Industrial Portfolio						2						Durham, NC						Sept. 2019						100%						323 sq. ft.						93%
Denali Industrial Portfolio						13						Various						Sept. 2019						100%						3,510 sq. ft.						100%
Jupiter 12 Industrial Portfolio(14)						220						Various						Sept. 2019						Various(14)						39,538 sq. ft.						93%

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2201 Main Street						1						San Diego, CA						Oct. 2019						100%						260 sq. ft.						100%
Triangle Industrial Portfolio						24						Greensboro, NC						Jan. 2020						100%						2,554 sq. ft.						82%
Midwest Industrial Portfolio						24						Various						Feb. 2020						100%						5,539 sq. ft.						77%
Pancal Industrial Portfolio						8						Various						Feb. & Apr. 2020						100%						1,867 sq. ft.						92%
Diamond Industrial						1						Pico Rivera, CA						Aug. 2020						100%						243 sq. ft.						100%
Inland Empire Industrial Portfolio						2						Etiwanda & Fontana, CA						Sept. 2020						100%						404 sq. ft.						100%
Shield Industrial Portfolio						8						Various						Dec. 2020						100%						1,384 sq. ft.						100%
7520 Georgetown Industrial						1						Indianapolis, IN						Dec. 2020						100%						425 sq. ft.						100%
WC Infill Industrial Portfolio(11)						21						Various						Jan. & Aug. 2021						85%						2,064 sq. ft.						(5)
Vault Industrial Portfolio(11)						48						Various						Jan. 2021						46%						6,597 sq. ft.						(5)
Chicago Infill Industrial Portfolio						6						Various						Feb. 2021						100%						1,041 sq. ft.						100%
Greensboro Industrial Portfolio						19						Various						Apr. 2021						100%						2,068 sq. ft.						74%
I-85 Southeast Industrial Portfolio						4						Various						July & Aug. 2021						100%						739 sq. ft.						72%
Alaska Industrial Portfolio(11)						27						Various UK						July & Oct. 2021						22%						8,735 sq. ft.						(5)
Capstone Industrial Portfolio						2						Brooklyn Park, MN						Sept. 2021						100%						219 sq. ft.						100%
Winston Industrial Portfolio(12)						106						Various						Oct. 2021						Various(12)						26,215 sq. ft.						97%
Procyon Distribution Center Industrial						1						Las Vegas, NV						Oct. 2021						100%						122 sq. ft.						100%
Northborough Industrial Portfolio						2						Marlborough, MA						Oct. 2021						100%						600 sq. ft.						100%
Coldplay Logistics Portfolio(11)						17						Various Germany						Oct. 2021						10%						1,742 sq. ft.						(5)
Canyon 2.0 Industrial Portfolio						78						Various						Nov. 2021						99%						12,725 sq. ft.						90%
Tropical Sloane Las Vegas Industrial						1						Las Vegas, NV						Nov. 2021						100%						171 sq. ft.						100%
Explorer Industrial Portfolio(11)						324						Various						Nov. 2021						12%						69,641 sq. ft.						(5)
Evergreen Industrial Portfolio(11)						11						Various Europe						Dec. 2021						10%						5,548 sq. ft.						(5)
Maplewood Industrial						6						Various						Dec. 2021						100%						1,850 sq. ft.						95%
Meadowland Industrial Portfolio						3						Las Vegas, NV						Dec. 2021						100%						1,138 sq. ft.						92%
Bulldog Industrial Portfolio						7						Suwanee, GA						Dec. 2021						100%						512 sq. ft.						95%
SLC NW Commerce Industrial						3						Salt Lake City, UT						Dec. 2021						100%						529 sq. ft.						100%
Bluefin Industrial Portfolio(11)						70						Various						Dec. 2021						23%						10,811 sq. ft.						(5)
73 Business Center Industrial Portfolio						1						Greensboro, NC						Dec. 2021						100%						217 sq. ft.						100%
Amhurst Industrial Portfolio						9						Waukegan, IL						Mar. 2022						100%						1,280 sq. ft.						96%
Shoals Logistics Center Industrial						1						Austell, GA						Apr. 2022						100%						254 sq. ft.						100%
Durham Commerce Center Industrial						1						Durham, NC						Apr. 2022						100%						132 sq. ft.						100%
Mileway Industrial Portfolio(11)						1,613						Various Europe						Various						15%						146,691 sq. ft.						(5)
Total Industrial						2,950																								391,956 sq. ft.
Net Lease:
Bellagio Net Lease						1						Las Vegas, NV						Nov. 2019						49%						8,507 sq. ft.						100%
Cosmopolitan Net Lease						1						Las Vegas, NV						May 2022						80%						6,902 sq. ft.						100%
Reliant Net Lease(11)						305						Various						Various						25%						2,488 sq. ft.						(5)
Total Net Lease						307																								17,897 sq. ft.
Office:
EmeryTech Office						1						Emeryville, CA						Oct. 2019						100%						234 sq. ft.						64%
Coleman Highline Office						1						San Jose, CA						Oct. 2020						100%						357 sq. ft.						100%
Atlanta Tech Center Office						1						Atlanta, GA						May 2021						100%						361 sq. ft.						100%
Atlantic Complex Office						3						Toronto, Canada						Nov. 2021						97%						259 sq. ft.						100%
One Manhattan West(11)						1						New York, NY						Mar. 2022						49%						2,086 sq. ft.						(5)
One Culver Office						1						Culver City, CA						Mar. 2022						90%						374 sq. ft.						100%
Montreal Office Portfolio						2						Westmount & Montreal, QC						Mar. 2022						98%						412 sq. ft.						94%
Atlanta Tech Center 2.0 Office						1						Atlanta, GA						June 2022						100%						318 sq. ft.						100%
Adare Office						1						Dublin, Ireland						Aug. 2022						75%						517 sq. ft.						100%
Total Office						12																								4,918 sq. ft.
Hospitality:
Hyatt Place UC Davis						1						Davis, CA						Jan. 2017						100%						127 keys						65%
Hyatt Place San Jose Downtown						1						San Jose, CA						June 2017						100%						240 keys						74%
Florida Select-Service 4-Pack						1						Tampa, FL						July 2017						100%						113 keys						82%
Hyatt House Downtown Atlanta						1						Atlanta, GA						Aug. 2017						100%						150 keys						70%
Boston/Worcester Select-Service 3-Pack						1						Chelsea, MA						Oct. 2017						100%						140 keys						75%
Henderson Select-Service 2-Pack						2						Henderson, NV						May 2018						100%						228 keys						73%
Orlando Select-Service 2-Pack						2						Orlando, FL						May 2018						100%						254 keys						82%
Corporex Select Service Portfolio						1						Rohnert Park, CA						Aug. 2018						100%						102 keys						76%
Hampton Inn & Suites Federal Way						1						Seattle, WA						Oct. 2018						100%						142 keys						75%
Courtyard Kona						1						Kailua-Kona, HI						Mar. 2019						100%						455 keys						74%

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Raven Select Service Portfolio						10						Various						June 2019						100%						1,291 keys						74%
Urban 2-Pack						1						Chicago, IL						July 2019						100%						337 keys						69%
Hyatt Regency Atlanta						1						Atlanta, GA						Sept. 2019						100%						1,260 keys						65%
RHW Select Service Portfolio						6						Colorado Springs, CO						Nov. 2019						100%						557 keys						71%
Key West Select Service Portfolio						6						Key West, FL						Oct. 2021						100%						519 keys						82%
Sunbelt Select Service Portfolio						3						Various						Dec. 2021						100%						716 keys						71%
HGI Austin University Select Service						1						Austin, TX						Dec. 2021						100%						214 keys						68%
Sleep Extended Stay Hotel Portfolio(11)						195						Various						July 2022						30%						24,802 keys						(5)
Halo Select Service Portfolio						7						Various						Aug. & Oct. 2022						100%						1,409 keys						78%
Total Hospitality						242																								33,056 keys
Retail:
Bakers Centre						1						Philadelphia, PA						Mar. 2017						100%						238 sq. ft.						100%
Plaza Del Sol Retail						1						Burbank, CA						Oct. 2017						100%						167 sq. ft.						98%
Vista Center						1						Miami, FL						Aug. 2018						100%						89 sq. ft.						99%
El Paseo Simi Valley						1						Simi Valley, CA						June 2019						100%						108 sq. ft.						97%
Towne Center East						1						Signal Hill, CA						Sept. 2019						100%						163 sq. ft.						99%
Plaza Pacoima						1						Pacoima, CA						Oct. 2019						100%						204 sq. ft.						100%
Canarsie Plaza						1						Brooklyn, NY						Dec. 2019						100%						274 sq. ft.						100%
SoCal Grocery Portfolio						6						Various						Jan. 2020						100%						685 sq. ft.						96%
Northeast Tower Center						1						Philadelphia, PA						Aug. 2021						100%						301 sq. ft.						99%
Southeast Retail Portfolio(11)						6						Various						Oct. 2021						50%						1,228 sq. ft.						(5)
Bingo Retail Portfolio						10						Various						Dec. 2021						100%						1,767 sq. ft.						98%
Pike Retail Portfolio(6)(13)						29						Various						June 2022						Various(13)						3,096 sq. ft.						96%
Tricon-Retail(11)						1						Toronto, Canada						May 2024						12%						31 sq. ft.						(5)
Total Retail						60																								8,351 sq. ft.
Total Investments in Real Estate						4,530

(1)Rental Housing includes multifamily and other types of rental housing such as student, affordable, manufactured and single family rental housing. Rental Housing units include multifamily units, student housing units, affordable housing units, manufactured housing sites and single family rental homes. Single family rental homes are accounted for in rental housing units and are not reflected in the number of properties.

(2)Includes properties owned by unconsolidated entities.

(3)Certain of our joint venture agreements provide the seller or the other partner a profits interest based on achieving certain internal rate of return hurdles. Such investments are consolidated by us and any profits interest due to the other partners is reported within non-controlling interests.

(4)Excludes land under development related to our rental housing, industrial and data centers investments.

(5)For our data centers, industrial, net lease, office and retail investments, occupancy includes all leased square footage as of June 30, 2026. For our multifamily, student housing and affordable housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended June 30, 2026. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended June 30, 2026. For our manufactured housing investments, the occupancy rate includes occupied sites as of June 30, 2026. The average occupancy rate for our hospitality investments includes paid occupied rooms for the 12 months ended June 30, 2026. Hospitality investments owned less than 12 months are excluded from the average occupancy rate calculation. Unconsolidated investments are excluded from occupancy rate calculations.

(6)Represents Preferred Apartment Communities.

(7)Includes various ownership interests in 12 unconsolidated multifamily properties.

(8)Includes a 100% interest in 13,308 consolidated single family rental homes, a 44% interest in 8,002 unconsolidated single family rental homes, and a 12% interest in 1,296 unconsolidated single family rental homes.

(9)Includes various ownership interests in 40,475 unconsolidated single family rental homes.

(10)Includes various ownership interests in 325 consolidated affordable housing properties and four unconsolidated affordable housing properties.

(11)Investment is unconsolidated.

(12)Includes various ownership interests in 87 consolidated industrial properties and 19 unconsolidated industrial properties.

(13)Includes 28 wholly owned retail properties and a 50% interest in one unconsolidated retail property.

(14)Includes properties held by DSTs as of June 30, 2026.

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Lease Expirations

The following schedule details the expiring leases at our consolidated data centers, industrial, net lease, office and retail properties by annualized base rent and square footage as of June 30, 2026 ($ and square feet data in thousands). The table below excludes our rental housing properties as substantially all leases at such properties expire within 12 months:

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Year						Number of Expiring Leases						Annualized Base Rent(1)						% of Total Annualized Base Rent Expiring						Square Feet						% of Total Square Feet Expiring
2026 (remaining)						267						$	57,850					3%						18,116						12%
2027						624						187,231						11%						24,175						15%
2028						584						199,095						12%						24,990						16%
2029						494						201,886						12%						22,425						14%
2030						403						193,704						11%						19,353						12%
2031						344						132,078						8%						15,433						10%
2032						110						66,034						4%						6,324						4%
2033						106						50,687						3%						4,746						3%
2034						57						22,060						1%						2,776						2%
2035						64						23,857						1%						1,873						1%
Thereafter						132						581,377						34%						17,383						11%
Total						3,185						$	1,715,859					100%						157,594						100%

(1)Annualized base rent is determined from the annualized base rent per leased square foot as of June 30, 2026 and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization.

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Investments in Real Estate Debt

The following charts further describe the diversification of our investments in real estate debt by credit rating and collateral type, and includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and excludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Consolidated GAAP Balance Sheets, based on fair value as of June 30, 2026:

(1)"AA" represents credit ratings of AA+, AA, and AA-, "A" represents credit ratings of A+, A, and A-, "BBB" represents credit ratings of BBB+, BBB, and BBB-, "BB" represents credit ratings of BB+, BB, and BB-, "B" represents credit ratings of B+, B, and B-, and "CCC" and below represents credit ratings of CCC+ and below.

(2)Not rated positions have a weighted-average LTV at origination of 64% and are primarily composed of industrial (51%) and rental housing (42%) assets.

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The following table details our investments in real estate debt as of June 30, 2026 ($ in thousands):

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						June 30, 2026
Type of Security/Loan(1)						Weighted Average Coupon(2)						Weighted Average Maturity Date(3)						Face Amount						Cost Basis						Fair Value
CMBS(4)						+3.7%						4/5/2038						$	3,441,229					$	3,431,378					$	3,261,731
RMBS						5.7%						3/22/2064						207,549						204,703						189,896
Corporate bonds						+2.4%						8/16/2031						183,513						182,969						182,809
Total real estate securities						6.9%						4/14/2039						3,832,291						3,819,050						3,634,436
Commercial real estate loans						+4.6%						2/16/2028						665,121						657,544						665,146
Other investments(5)						N/A						N/A						80,607						80,607						80,122
Total investments in real estate debt						7.1%						1/15/2035						$	4,578,019					$	4,557,201					$	4,379,704

(1)Includes our investments in CMBS, RMBS, mortgage loans, and other debt secured by real estate assets, and excludes the impact of consolidating the loans that serve as collateral for certain of our debt securities on our Consolidated GAAP Balance Sheets.

(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans are reflected as a spread over the relevant floating benchmark rates as of June 30, 2026 for purposes of the weighted averages. Weighted average coupon for CMBS does not include zero-coupon securities. As of June 30, 2026, we have interest rate swaps outstanding with a notional value of $0.5 billion that effectively convert a portion of our fixed rate investments in real estate debt to floating rates. Total weighted average coupon does not include the impact of such interest rate swaps or other derivatives.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.

(4)Face amount excludes interest-only securities with a notional amount of $0.2 billion as of June 30, 2026. In addition, CMBS includes zero-coupon securities of less than $0.1 billion as of June 30, 2026.

(5)Represents an investment in an unconsolidated joint venture with the Federal Deposit Insurance Corporation that holds investments in real estate debt. Weighted average coupon and weighted average maturity date excludes this joint venture.

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Results of Operations

The following table sets forth information regarding our consolidated results of operations for the three months ended June 30, 2026 and 2025 ($ in thousands, except per share data):

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			Three Months Ended June 30,												Change
			2026						2025						$
Revenues
Rental revenue			$	1,629,105					$	1,770,660					$	(141,555)
Hospitality revenue			145,475						139,199						6,276
Other revenue			86,047						88,522						(2,475)
Total revenues			1,860,627						1,998,381						(137,754)
Expenses
Rental property operating			763,951						828,825						(64,874)
Hospitality operating			97,650						97,968						(318)
General and administrative			18,109						16,886						1,223
Management fee			176,615						166,892						9,723
Performance participation allocation			243,066						88,824						154,242
Impairment of investments in real estate			99,250						171,113						(71,863)
Depreciation and amortization			742,511						808,651						(66,140)
Total expenses			2,141,152						2,179,159						(38,007)
Other income (expense)
Income from unconsolidated entities			25,672						26,991						(1,319)
Income from investments in real estate debt			82,767						133,654						(50,887)
Change in net assets of consolidated securitization vehicles			9,217						38,207						(28,990)
Loss from interest rate derivatives			(56,333)						(236,097)						179,764
Net gain on dispositions of real estate			393,297						464,394						(71,097)
Interest expense, net			(604,639)						(777,766)						173,127
Loss on extinguishment of debt			(24,453)						(25,360)						907
Other expense			(11,188)						(12,228)						1,040
Total other income (expense)			(185,660)						(388,205)						202,545
Net loss			$	(466,185)					$	(568,983)					$	102,798
Net loss attributable to non-controlling interests in consolidated subsidiaries			$	24,100					$	40,124					$	(16,024)
Net loss attributable to non-controlling interests in BREIT OP			40,663						40,381						282
Net loss attributable to BREIT stockholders			$	(401,422)					$	(488,478)					$	87,056

Rental Revenue

During the three months ended June 30, 2026, rental revenue decreased $141.6 million as compared to the three months ended June 30, 2025. The decrease can primarily be attributed to a $166.6 million decrease in Non-Same Property revenues due to the real estate dispositions we made from April 1, 2025 to June 30, 2026, partially offset by a $25.0 million increase in Same Property revenues. See “Same Property NOI” section for further details of the increase in Same Property revenues.

Hospitality Revenue

During the three months ended June 30, 2026, hospitality revenue increased $6.3 million as compared to the three months ended June 30, 2025. The increase can primarily be attributed to a $9.5 million increase in Same Property revenues, partially offset by a $3.2 million decrease in Non-Same Property revenues due to the real estate dispositions we made from April 1, 2025 to June 30, 2026. See “Same Property NOI” section for further details of the increase in Same Property revenues.

Other Revenue

During the three months ended June 30, 2026, other revenue decreased $2.5 million as compared to the three months ended June 30, 2025. The decrease can primarily be attributed to a $1.9 million decrease in Same Property revenues and a $0.6 million decrease in Non-Same Property revenues due to the real estate dispositions we made from April 1, 2025 to June 30, 2026. See “Same Property NOI” section for further details of the decrease in Same Property revenues.

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Rental Property Operating Expenses

During the three months ended June 30, 2026, rental property operating expenses decreased $64.9 million as compared to the three months ended June 30, 2025. The decrease can primarily be attributed to a $68.3 million decrease in Non-Same Property operating expenses, due to the real estate dispositions we made from April 1, 2025 to June 30, 2026, partially offset by a $3.4 million increase in Same Property operating expenses. See “Same Property NOI” section for further details of the increase in Same Property operating expenses.

Hospitality Operating Expenses

During the three months ended June 30, 2026, hospitality operating expenses decreased $0.3 million as compared to the three months ended June 30, 2025. The decrease can primarily be attributed to a $5.4 million decrease in Non-Same Property operating expenses, due to the real estate dispositions we made from April 1, 2025 to June 30, 2026, partially offset by a $5.1 million increase in Same Property operating expenses. See “Same Property NOI” section for further details of the increase in Same Property operating expenses.

General and Administrative Expenses

During the three months ended June 30, 2026, general and administrative expenses increased $1.2 million compared to the three months ended June 30, 2025. The increase was due to increases in various corporate level expenses during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Management Fee

During the three months ended June 30, 2026, the management fee increased $9.7 million compared to the three months ended June 30, 2025. The increase was due to a higher average NAV during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Performance Participation Allocation

During the three months ended June 30, 2026, the performance participation allocation expense increased $154.2 million compared to the three months ended June 30, 2025. The increase was the result of a higher total return for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Impairment of Investments in Real Estate

During the three months ended June 30, 2026, impairments of investments in real estate decreased $71.9 million compared to the three months ended June 30, 2025. During the three months ended June 30, 2026, we recognized an aggregate $99.3 million of impairment charges including (i) $80.0 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $19.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the three months ended June 30, 2025, we recognized an aggregate $171.1 million of impairment charges including (i) $125.3 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $45.8 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

Depreciation and Amortization

During the three months ended June 30, 2026, depreciation and amortization decreased $66.1 million compared to the three months ended June 30, 2025. The decrease was primarily driven by the impact of disposition activity from April 1, 2025 through June 30, 2026.

Income from Unconsolidated Entities

During the three months ended June 30, 2026, income from unconsolidated entities decreased $1.3 million compared to the three months ended June 30, 2025. The decrease was primarily driven by decreases in unrealized gains in the fair value of unconsolidated entities carried at fair value of $99.7 million and increases in interest expense of $56.8 million, offset by increases in the fair value of interest rate derivatives of $152.0 million.

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Income from Investments in Real Estate Debt

During the three months ended June 30, 2026, income from investments in real estate debt decreased $50.9 million compared to the three months ended June 30, 2025. The decrease was primarily attributable to a decrease of $48.7 million in interest income as a result of sales and repayments of loans and other investments in real estate debt.

Change in Net Assets of Consolidated Securitization Vehicles

During the three months ended June 30, 2026, the change in net assets of consolidated securitization vehicles decreased $29.0 million compared to the three months ended June 30, 2025. The decrease was primarily attributable to a decrease of $20.1 million in net unrealized/realized losses and a decrease of $8.9 million in interest income as a result of sales of our investments in such securitization vehicles and repayments of the underlying loans within such securitization vehicles.

Loss from Interest Rate Derivatives

During the three months ended June 30, 2026, the loss from interest rate derivatives decreased $179.8 million compared to the three months ended June 30, 2025. The decrease was primarily attributable to a decrease in net unrealized losses in fair value of interest rate derivatives.

Net Gain on Dispositions of Real Estate

During the three months ended June 30, 2026, net gain on dispositions of real estate decreased $71.1 million compared to the three months ended June 30, 2025. During the three months ended June 30, 2026, we recorded $393.3 million of net gains from the disposition of 20 rental housing properties, 79 self storage properties and 27 industrial properties. During the three months ended June 30, 2025, we recorded $464.4 million of net gains from the disposition of 18 rental housing properties, 42 industrial properties, one hospitality property and one retail property.

Interest Expense, Net

During the three months ended June 30, 2026, net interest expense decreased $173.1 million compared to the three months ended June 30, 2025. The decrease was primarily due to lower outstanding borrowings, primarily resulting from real estate dispositions and the corresponding payoff of debt related to such dispositions from April 1, 2025 to June 30, 2026.

Loss on Extinguishment of Debt

During the three months ended June 30, 2026, loss on extinguishment of debt decreased $0.9 million compared to the three months ended June 30, 2025. The decrease was primarily due to the impact of refinancing and disposition activity during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Other Expense

During the three months ended June 30, 2026, other expense decreased $1.0 million compared to the three months ended June 30, 2025. The decrease was primarily due to a decrease in portfolio-level corporate costs.

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Results of Operations

The following table sets forth information regarding our consolidated results of operations for the six months ended June 30, 2026 and 2025 ($ in thousands, except per share data):

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			Six Months Ended June 30,												Change
			2026						2025						$
Revenues
Rental revenue			$	3,350,359					$	3,603,049					$	(252,690)
Hospitality revenue			281,662						273,315						8,347
Other revenue			166,272						177,189						(10,917)
Total revenues			3,798,293						4,053,553						(255,260)
Expenses
Rental property operating			1,560,053						1,687,775						(127,722)
Hospitality operating			192,128						192,107						21
General and administrative			32,554						33,000						(446)
Management fee			348,840						335,317						13,523
Performance participation allocation			399,772						230,999						168,773
Impairment of investments in real estate			234,467						341,371						(106,904)
Depreciation and amortization			1,503,000						1,635,750						(132,750)
Total expenses			4,270,814						4,456,319						(185,505)
Other income (expense)
Loss from unconsolidated entities			(16,490)						(738,024)						721,534
Income from investments in real estate debt			160,443						266,532						(106,089)
Change in net assets of consolidated securitization vehicles			26,243						70,392						(44,149)
Loss from interest rate derivatives			(46,040)						(598,759)						552,719
Net gain on dispositions of real estate			855,832						600,303						255,529
Interest expense, net			(1,300,099)						(1,543,562)						243,463
Loss on extinguishment of debt			(37,330)						(36,874)						(456)
Other expense			(21,746)						(26,009)						4,263
Total other income (expense)			(379,187)						(2,006,001)						1,626,814
Net loss			$	(851,708)					$	(2,408,767)					$	1,557,059
Net loss attributable to non-controlling interests in consolidated subsidiaries			$	18,531					$	60,252					$	(41,721)
Net loss attributable to non-controlling interests in BREIT OP			74,297						163,400						(89,103)
Net loss attributable to BREIT stockholders			$	(758,880)					$	(2,185,115)					$	1,426,235

Rental Revenue

During the six months ended June 30, 2026, rental revenue decreased $252.7 million as compared to the six months ended June 30, 2025. The decrease can primarily be attributed to a $301.1 million decrease in Non-Same Property revenues due to the real estate dispositions we made from January 1, 2025 to June 30, 2026, partially offset by a $48.4 million increase in Same Property revenues. See “Same Property NOI” section for further details of the increase in Same Property revenues.

Hospitality Revenue

During the six months ended June 30, 2026, hospitality revenue increased $8.3 million as compared to the six months ended June 30, 2025. The increase can primarily be attributed to a $13.6 million increase in Same Property revenues, partially offset by a $5.3 million decrease in Non-Same Property revenues due to the real estate dispositions we made from January 1, 2025 to June 30, 2026. See “Same Property NOI” section for further details of the increase in Same Property revenues.

Other Revenue

During the six months ended June 30, 2026, other revenue decreased $10.9 million as compared to the six months ended June 30, 2025. The decrease can primarily be attributed to a $10.4 million decrease in Non-Same Property revenues due to the real estate dispositions we made from January 1, 2025 to June 30, 2026 and a $0.5 million decrease in Same Property revenues. See “Same Property NOI” section for further details of the decrease in Same Property revenues.

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Rental Property Operating Expenses

During the six months ended June 30, 2026, rental property operating expenses decreased $127.7 million as compared to the six months ended June 30, 2025. The decrease can primarily be attributed to a $141.1 million decrease in Non-Same Property operating expenses due to the real estate dispositions we made from January 1, 2025 to June 30, 2026, partially offset by a $13.4 million increase in Same Property operating expenses. See “Same Property NOI” section for further details of the increase in Same Property operating expenses.

Hospitality Operating Expenses

During the six months ended June 30, 2026, hospitality operating expenses increased $21.0 thousand as compared to the six months ended June 30, 2025. The increase can primarily be attributed to a $9.9 million increase in Same Property hospitality operating expenses, partially offset by a $9.9 million decrease in Non-Same Property hospitality operating expenses due to the real estate dispositions we made from January 1, 2025 to June 30, 2026. See “Same Property NOI” section for further details of the increase in Same Property hospitality operating expenses.

General and Administrative Expenses

During the six months ended June 30, 2026, general and administrative expenses decreased $0.4 million compared to the six months ended June 30, 2025. The decrease was due to a decrease in various corporate level expenses during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Management Fee

During the six months ended June 30, 2026, the management fee increased $13.5 million compared to the six months ended June 30, 2025. The increase was due to a higher average NAV during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Performance Participation Allocation

During the six months ended June 30, 2026, the performance participation allocation expense increased $168.8 million compared to the six months ended June 30, 2025. The increase was the result of a higher total return for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Impairment of Investments in Real Estate

During the six months ended June 30, 2026, impairments of investments in real estate decreased $106.9 million compared to the six months ended June 30, 2025. During the six months ended June 30, 2026, we recognized an aggregate $234.5 million of impairment charges including (i) $168.4 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, and (ii) $66.1 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the six months ended June 30, 2025, we recognized an aggregate $341.4 million of impairment charges including (i) $272.1 million related to certain properties as a result of updates to the undiscounted cash flow assumptions, primarily to account for a shorter hold period, and (ii) $69.3 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

Depreciation and Amortization

During the six months ended June 30, 2026, depreciation and amortization decreased $132.8 million compared to the six months ended June 30, 2025. The decrease was primarily driven by the impact of disposition activity from January 1, 2025 through June 30, 2026.

Loss from Unconsolidated Entities

During the six months ended June 30, 2026, we had a net loss from unconsolidated entities of $16.5 million, primarily driven by interest, depreciation and amortization at such unconsolidated entities. During the six months ended June 30, 2025, we had a net loss from unconsolidated entities of $738.0 million, driven by our QTS Data Centers investment, attributable to unrealized losses related to the change in the fair value of interest rate derivatives, depreciation and amortization, and one-time buyout costs.

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Income from Investments in Real Estate Debt

During the six months ended June 30, 2026, income from investments in real estate debt decreased $106.1 million compared to the six months ended June 30, 2025. The decrease was primarily attributable to a decrease of $80.0 million in interest income as a result of sales and repayments of loans and other investments in real estate debt and a decrease of $29.7 million in net unrealized/realized gains on our investments in real estate debt and related derivatives.

Change in Net Assets of Consolidated Securitization Vehicles

During the six months ended June 30, 2026, the change in net assets of consolidated securitization vehicles decreased $44.1 million compared to the six months ended June 30, 2025. The decrease was primarily attributable to a decrease of $37.3 million in interest income as a result of sales of our investments in such securitization vehicles and repayments of the underlying loans with such securitization vehicles and a decrease in net unrealized/realized gains of $6.8 million.

Loss from Interest Rate Derivatives

During the six months ended June 30, 2026, loss from interest rate derivatives decreased $552.7 million compared to the six months ended June 30, 2025. The decrease was primarily attributable to an increase in the fair value of our interest rate derivatives.

Net Gain on Dispositions of Real Estate

During the six months ended June 30, 2026, net gain on dispositions of real estate increased $255.5 million compared to the six months ended June 30, 2025. During the six months ended June 30, 2026, we recorded $855.8 million of net gains from the disposition of 46 rental housing properties, 79 self storage properties, 62 industrial properties, two office properties, and one retail property. During the six months ended June 30, 2025, we recorded $600.3 million of net gains from the disposition of 37 rental housing properties, 50 industrial properties, one hospitality property and three retail properties.

Interest Expense, Net

During the six months ended June 30, 2026, net interest expense decreased $243.5 million compared to the six months ended June 30, 2025. The decrease was primarily due to lower outstanding borrowings, primarily resulting from real estate dispositions from January 1, 2025 to June 30, 2026.

Loss on Extinguishment of Debt

During the six months ended June 30, 2026, loss on extinguishment of debt increased $0.5 million compared to the six months ended June 30, 2025. The increase was primarily due to the impact of refinancing and disposition activity during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Other Expense

During the six months ended June 30, 2026, other expense decreased $4.3 million compared to the six months ended June 30, 2025. The decrease was primarily due to decreases in portfolio-level corporate costs.

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Same Property NOI

Net Operating Income (“NOI”) is a supplemental non-GAAP measure of our property operating results that we believe is meaningful because it enables management to evaluate the impact of occupancy, rents, leasing activity, and other controllable property operating results at our real estate. We define NOI as operating revenues less operating expenses, which exclude (i) impairment of investments in real estate, (ii) depreciation and amortization, (iii) straight-line rental income and expense, (iv) amortization of above- and below-market lease intangibles, (v) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (vi) lease termination fees, (vii) portfolio-level corporate costs, (viii) other non-property related revenue and expense items such as (a) general and administrative expenses, (b) management fee, (c) performance participation allocation, (d) incentive compensation awards, (e) income (loss) from investments in real estate debt, (f) change in net assets of consolidated securitization vehicles, (g) income (loss) from interest rate derivatives, (h) net gain on dispositions of real estate, (i) interest expense, net, (j) loss on extinguishment of debt, (k) other income (expense), and (l) buyout costs and (ix) similar adjustments for NOI attributable to non-controlling interests and unconsolidated entities.

We evaluate our consolidated results of operations on a Same Property basis, which allows us to analyze our property operating results excluding acquisitions and dispositions during the periods under comparison. Properties in our portfolio are considered Same Property if they were owned for the full periods presented, otherwise they are considered Non-Same Property. Recently developed properties are not included in Same Property results until the properties have achieved stabilization for both full periods presented. We define stabilization for a property as the earlier of (i) achieving 90% occupancy, (ii) 12 months after receiving a certificate of occupancy, or (iii) for Data Centers, 12 months after receiving a certificate of occupancy and greater than 50% of its critical IT capacity has been built. Certain assets are excluded from Same Property results and are considered Non-Same Property, including (i) properties held-for-sale, (ii) properties that are being redeveloped, (iii) properties identified for future sale, and (iv) interests in unconsolidated entities under contract for sale with a hard deposit or other factors ensuring the buyer’s performance. We do not consider our investments in the real estate debt segment to be Same Property.

Same Property NOI assists in eliminating disparities in net income due to the acquisition, disposition, development, or redevelopment of properties during the periods presented, and therefore we believe it provides a meaningful performance measure for the comparison of the operating performance of our properties, which we believe is useful to investors. Our Same Property NOI may not be comparable to that of other companies and should not be considered to be more relevant or accurate in evaluating our operating performance than our GAAP net income (loss).

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For the three months ended June 30, 2026 and 2025, our Same Property portfolio consisted of 676 rental housing, 2,864 industrial, 27 net lease, 53 data center, 240 hospitality, 59 retail, and 11 office properties. The following table reconciles GAAP net loss to Same Property NOI for the three months ended June 30, 2026 and 2025 ($ in thousands):

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			Three Months Ended June 30,												Change
			2026						2025						$
Net loss			$	(466,185)					$	(568,983)					$	102,798
Adjustments to reconcile to Same Property NOI
General and administrative			18,109						16,886						1,223
Management fee			176,615						166,892						9,723
Performance participation allocation			243,066						88,824						154,242
Impairment of investments in real estate			99,250						171,113						(71,863)
Depreciation and amortization			742,511						808,651						(66,140)
Income from unconsolidated entities			(25,672)						(26,991)						1,319
Income from investments in real estate debt			(82,767)						(133,654)						50,887
Change in net assets of consolidated securitization vehicles			(9,217)						(38,207)						28,990
Loss from interest rate derivatives			56,333						236,097						(179,764)
Net gain on dispositions of real estate			(393,297)						(464,394)						71,097
Interest expense, net			604,639						777,766						(173,127)
Loss on extinguishment of debt			24,453						25,360						(907)
Other expense			11,188						12,228						(1,040)
Portfolio-level corporate costs(1)			158,626						161,882						(3,256)
Incentive compensation awards(2)			14,910						17,722						(2,812)
Lease termination fees			20						(252)						272
Amortization of above and below-market lease intangibles			(6,635)						(9,164)						2,529
Straight-line rental income and expense			(34,844)						(34,059)						(785)
NOI from unconsolidated entities			344,360						278,341						66,019
NOI attributable to non-controlling interests in consolidated joint ventures			(113,409)						(113,976)						567
NOI attributable to BREIT stockholders			1,362,054						1,372,082						(10,028)
Less: Non-Same Property NOI attributable to BREIT stockholders			148,714						194,750						(46,036)
Same Property NOI attributable to BREIT stockholders			$	1,213,340					$	1,177,332					$	36,008

(1) Portfolio-level corporate costs include accounting and tax services, legal and professional fees, treasury services, asset management fees, income and franchise taxes, casualty losses, and other non-operating expenses incurred at the portfolio level.

(2) Included in rental property operating and hospitality operating expense on our Condensed Consolidated Statements of Operations.

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The following table details the components of Same Property NOI for the three months ended June 30, 2026 and 2025 ($ in thousands):

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						Three Months Ended June 30,												Change
						2026						2025						$						%
Revenues
Rental revenue						$	1,503,031					$	1,478,044					$	24,987					2%
Hospitality revenue						145,430						135,882						9,548						7%
Other revenue						58,927						60,786						(1,859)						(3)%
Total revenues						1,707,388						1,674,712						32,676						2%
Expenses
Rental property operating						540,377						536,999						3,378						1%
Hospitality operating						93,949						88,892						5,057						6%
Total expenses						634,326						625,891						8,435						1%
Same Property NOI attributable to non-controlling interests in consolidated joint ventures						(110,753)						(108,830)						(1,923)						2%
Consolidated Same Property NOI attributable to BREIT stockholders						962,309						939,991						22,318						2%
Same Property NOI from unconsolidated entities						251,031						237,341						13,690						6%
Same Property NOI attributable to BREIT stockholders						$	1,213,340					$	1,177,332					$	36,008					3%

Same Property – Rental Revenue

Same Property rental revenue increased $25.0 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was due to a $19.6 million increase in base rental revenue, a $4.9 million increase in tenant reimbursement income as a result of higher operating expenses, and a $0.5 million decrease in our bad debt reserve. Our bad debt reserve represents the amount of rental revenue we anticipate we will not be able to collect from our tenants.

The following table details the changes in base rental revenue period over period ($ in thousands):

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			Three Months Ended June 30,												Change
															Change in Base Rental Revenue						Change in Occupancy Rate						Change in Average Effective Annual Base Rent Per Leased Square Foot/Unit
			2026						2025
Rental Housing			$	967,260					$	965,756					$	1,504					(1)%						+1%
Industrial			214,553						200,883						13,670						+1%						+6%
Net Lease			122,392						119,992						2,400						—%						+2%
Retail			36,545						36,070						475						—%						+1%
Office			30,564						29,851						713						—%						+2%
Data Centers			11,152						10,310						842						—%						+8%
Total base rental revenue			$	1,382,466					$	1,362,862					$	19,604

Same Property – Hospitality Revenue

Same Property hospitality revenue increased $9.5 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in hospitality revenue was primarily due to increases in average daily rate and occupancy and an increase in food and beverage revenue at our hotels during three months ended June 30, 2026.

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Same Property – Other Revenue

Same Property other revenue decreased $1.9 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily due to decreased ancillary and other income at our rental housing properties during the three months ended June 30, 2026.

Same Property – Rental Property Operating Expenses

Same Property rental property operating expenses increased $3.4 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in rental property operating expenses was primarily the result of increased real estate taxes, insurance, and general operating expenses at our rental housing and industrial properties during the three months ended June 30, 2026.

Same Property – Hospitality Operating Expenses

Same Property hospitality operating expenses increased $5.1 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in hospitality operating expenses was primarily the result of increased general operating expenses at our hotels during the three months ended June 30, 2026.

Same Property NOI from Unconsolidated Entities

Same Property NOI from unconsolidated entities increased $13.7 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily due to additional base rent associated with increased occupancy at our QTS Data Centers investment.

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For the six months ended June 30, 2026 and 2025, our Same Property portfolio consisted of 676 rental housing, 2,861 industrial, 53 data center, two net lease, 240 hospitality, 59 retail, and 11 office properties. The following table reconciles GAAP net loss to Same Property NOI for the six months ended June 30, 2026 and 2025 ($ in thousands):

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			Six Months Ended June 30,												Change
			2026						2025						$
Net loss			$	(851,708)					$	(2,408,767)					$	1,557,059
Adjustments to reconcile to Same Property NOI
General and administrative			32,554						33,000						(446)
Management fee			348,840						335,317						13,523
Performance participation allocation			399,772						230,999						168,773
Impairment of investments in real estate			234,467						341,371						(106,904)
Depreciation and amortization			1,503,000						1,635,750						(132,750)
Loss from unconsolidated entities			16,490						738,024						(721,534)
Income from investments in real estate debt			(160,443)						(266,532)						106,089
Change in net assets of consolidated securitization vehicles			(26,243)						(70,392)						44,149
Loss from interest rate derivatives			46,040						598,759						(552,719)
Net gain on dispositions of real estate			(855,832)						(600,303)						(255,529)
Interest expense, net			1,300,099						1,543,562						(243,463)
Loss on extinguishment of debt			37,330						36,874						456
Other expense			21,746						26,009						(4,263)
Portfolio-level corporate costs(1)			316,338						330,842						(14,504)
Incentive compensation awards(2)			31,686						35,059						(3,373)
Lease termination fees			(182)						(2,866)						2,684
Amortization of above and below-market lease intangibles			(14,172)						(19,287)						5,115
Straight-line rental income and expense			(70,825)						(68,983)						(1,842)
NOI from unconsolidated entities			690,398						521,210						169,188
NOI attributable to non-controlling interests in consolidated subsidiaries			(241,308)						(241,554)						246
NOI attributable to BREIT stockholders			2,758,047						2,728,092						29,955
Less: Non-Same Property NOI attributable to BREIT stockholders			334,816						375,496						(40,680)
Same Property NOI attributable to BREIT stockholders			$	2,423,231					$	2,352,596					$	70,635

(1) Portfolio-level corporate costs include accounting and tax services, legal and professional fees, treasury services, asset management fees, income and franchise taxes, casualty losses, and other non-operating expenses incurred at the portfolio level.

(2) Included in rental property operating and hospitality operating expense on our Condensed Consolidated Statements of Operations.

The following table details the components of Same Property NOI for the six months ended June 30, 2026 and 2025 ($ in thousands):

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						Six Months Ended June 30,												Change
						2026						2025						$						%
Revenues
Rental revenue						$	3,038,755					$	2,990,381					$	48,374					2%
Hospitality revenue						281,533						267,976						13,557						5%
Other revenue						113,041						113,560						(519)						—%
Total revenues						3,433,329						3,371,917						61,412						2%
Expenses
Rental property operating						1,091,987						1,078,628						13,359						1%
Hospitality operating						184,881						174,999						9,882						6%
Total expenses						1,276,868						1,253,627						23,241						2%
Same Property NOI attributable to non-controlling interests in consolidated subsidiaries						(234,526)						(229,918)						(4,608)						2%
Consolidated Same Property NOI attributable to BREIT stockholders						1,921,935						1,888,372						33,563						2%
Same Property NOI from unconsolidated entities						501,296						464,224						37,072						8%
Same Property NOI attributable to BREIT stockholders						$	2,423,231					$	2,352,596					$	70,635					3%

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Same Property – Rental Revenue

Same Property rental revenue increased $48.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was due to a $36.6 million increase in base rental revenue, a $9.6 million increase in tenant reimbursement income as a result of higher operating expenses, and a $2.2 million decrease in our bad debt reserve. Our bad debt reserve represents the amount of rental revenue we anticipate we will not be able to collect from our tenants.

The following table details the changes in base rental revenue period over period ($ in thousands):(1)

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			Six Months Ended June 30,												Change
															Change in Base Rental Revenue						Change in Occupancy Rate						Change in Average Effective Annual Base Rent Per Leased Square Foot/Unit
			2026						2025
Rental Housing			$	1,962,417					$	1,962,682					$	(265)					(1)%						+1%
Industrial			425,145						398,510						26,635						+1%						+6%
Net Lease			244,429						239,637						4,792						—%						+2%
Retail			73,710						71,419						2,291						—%						+3%
Office			61,131						59,065						2,066						—%						+3%
Data Centers			21,615						20,555						1,060						—%						+5%
Total base rental revenue			$	2,788,447					$	2,751,868					$	36,579

(1) Excludes our investments in unconsolidated entities.

Same Property – Hospitality Revenue

Same Property hospitality revenue increased $13.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in hospitality revenue was primarily due to increases in average daily rate and occupancy and an increase in food and beverage revenue at our hotels during the six months ended June 30, 2026.

Same Property – Other Revenue

Same Property other revenue decreased $0.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily due to decreased ancillary income at our rental housing properties during the six months ended June 30, 2026.

Same Property – Rental Property Operating Expenses

Same Property rental property operating expenses increased $13.4 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in rental property operating expenses was primarily the result of increased real estate taxes, insurance, and general operating expenses at our rental housing and industrial properties during the six months ended June 30, 2026.

Same Property – Hospitality Operating Expenses

Same Property hospitality operating expenses increased $9.9 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in hospitality operating expenses was primarily the result of increased real estate taxes, insurance, food and beverage expense, and other operating expenses at our hotels during the six months ended June 30, 2026.

Same Property NOI from Unconsolidated Entities

Same Property NOI from unconsolidated entities increased $37.1 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase is primarily due to additional base rent associated with increased occupancy at our QTS Data Centers investment.

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Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution

We believe Funds from Operations (“FFO”) is a meaningful non-GAAP supplemental measure of our operating results. Our condensed consolidated financial statements are presented using historical cost accounting which, among other things, requires depreciation of real estate investments. As a result, our operating results imply that the value of our real estate investments have decreased over time. However, we believe that the value of our real estate investments will fluctuate over time based on market conditions and, as such, depreciation under historical cost accounting may be less informative as a measure of our performance. FFO is an operating measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) that is broadly used in the REIT industry. FFO, as defined by NAREIT and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) depreciation and amortization, (ii) impairment of investments in real estate, (iii) net gains or losses from sales of real estate, (iv) net gains or losses from change in control, and (v) similar adjustments for non-controlling interests and unconsolidated entities.

We also believe that Adjusted FFO (“AFFO”) is an additional meaningful non-GAAP supplemental measure of our operating results. AFFO further adjusts FFO to reflect the performance of our portfolio by adjusting for items we believe are not directly attributable to our operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) the performance participation allocation to our Special Limited Partner or other incentive compensation awards that are based on our Net Asset Value, which includes unrealized gains and losses not recorded in GAAP net income (loss), and that are paid in shares or BREIT OP units, even if subsequently repurchased by us, (ii) gains or losses on extinguishment of debt, (iii) unrealized gains or losses on investments in real estate debt and other investments, (iv) unrealized gains or losses on derivatives, (v) amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income, (vi) straight-line rental income and expense, (vii) amortization of deferred financing costs, (viii) amortization of restricted stock awards, (ix) amortization of mortgage premium/discount, (x) organization costs, (xi) severance costs, (xii) buyout costs, (xiii) net forfeited investment deposits, (xiv) amortization of above- and below-market lease intangibles, (xv) gain or loss on involuntary conversion, (xvi) settlement costs, (xvii) amortization of non-real estate assets, and adding (xviii) proceeds from interest rate contract receivables, and (xix) similar adjustments for non-controlling interests and unconsolidated entities.

We also believe that Funds Available for Distribution (“FAD”) is an additional meaningful non-GAAP supplemental measure of our operating results. FAD provides useful information for considering our operating results and certain other items relative to the amount of our distributions, and we believe is therefore meaningful to stockholders. FAD is calculated as AFFO adjusted for (i) management fees paid in shares or BREIT OP units, even if subsequently repurchased by us, (ii) recurring tenant improvements, leasing commissions, and other capital expenditures, (iii) stockholder servicing fees paid during the period, (iv) realized gains or losses on investments in real estate debt and other investments, and (v) similar adjustments for non-controlling interests and unconsolidated entities. FAD is not indicative of cash available to fund our cash needs and does not represent cash flows from operating activities in accordance with GAAP, as FAD is adjusted for stockholder servicing fees and recurring tenant improvements, leasing commissions, and other capital expenditures, which are not considered when determining cash flows from operations. Furthermore, FAD excludes (i) adjustments for working capital items and (ii) amortization of discounts and premiums on investments in real estate debt. Cash flows from operating activities in accordance with GAAP would generally be adjusted for such items.

FFO, AFFO, and FAD should not be considered more relevant or accurate than GAAP net income (loss) in evaluating our operating performance. In addition, FFO, AFFO, and FAD should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO, AFFO, and FAD are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. In addition, our methodology for calculating AFFO and FAD may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported AFFO and FAD may not be comparable to the AFFO and FAD reported by other companies.

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The following table presents a reconciliation of net loss attributable to BREIT stockholders and OP unitholders to FFO, AFFO and FAD attributable to BREIT stockholders and OP unitholders ($ in thousands):

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			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net loss attributable to BREIT stockholders			$	(401,422)					$	(488,478)					$	(758,880)					$	(2,185,115)
Net loss attributable to OP unitholders			(40,663)						(40,381)						(74,297)						(163,400)
Net loss attributable to BREIT stockholders and OP unitholders			(442,085)						(528,859)						(833,177)						(2,348,515)
Adjustments to arrive at FFO:
Depreciation and amortization			742,511						808,651						1,503,000						1,635,750
Impairment of investments in real estate			99,250						171,113						234,467						341,371
Net gain on dispositions of real estate			(393,297)						(464,394)						(855,832)						(600,303)
Net gain on change in control			3,619						(13,192)						3,323						(24,180)
Allocable share of adjustments related to unconsolidated entities			188,128						104,435						355,918						214,706
Amount attributable to non-controlling interests for above adjustments			(76,324)						(84,762)						(138,096)						(164,417)
FFO attributable to BREIT stockholders and OP unitholders			121,802						(7,008)						269,603						(945,588)
Adjustments to arrive at AFFO:
Performance participation allocation			243,066						88,824						399,772						230,999
Incentive compensation awards			16,872						20,165						37,029						39,946
Loss on extinguishment of debt			24,453						25,360						37,330						36,874
Unrealized gains on investments in real estate debt and other investments(1)			(19,746)						(52,551)						(13,397)						(90,515)
Unrealized losses on derivatives(1)			58,912						238,851						50,353						609,271
Straight-line rental income and expense			(39,794)						(35,910)						(80,269)						(65,581)
Amortization of deferred financing costs			42,631						54,814						92,560						108,306
Amortization of restricted stock awards			300						300						600						600
Other(2)			(591)						16,418						(2,296)						26,922
Allocable share of adjustments related to unconsolidated entities			(67,936)						(30,671)						(66,519)						704,584
Amount attributable to non-controlling interests for above adjustments			1,243						601						3,174						3,090
AFFO attributable to BREIT stockholders and OP unitholders			381,212						319,193						727,940						658,908
Adjustments to arrive at FAD:
Management fee			176,615						166,892						348,840						335,317
Recurring tenant improvements, leasing commissions, and other capital expenditures(3)			(157,037)						(174,132)						(279,435)						(292,311)
Stockholder servicing fees			(38,298)						(39,792)						(76,124)						(79,995)
Realized losses on investments in real estate debt and other investments			5,782						27,646						232						36,341
Allocable share of adjustments related to unconsolidated entities			(27,133)						(24,736)						(57,705)						(46,592)
Amount attributable to non-controlling interests for above adjustments			8,129						9,115						12,939						15,991
FAD attributable to BREIT stockholders and OP unitholders			$	349,270					$	284,186					$	676,687					$	627,659

(1)The prior period has been recast to present unrealized gains on investments in real estate debt and other investments and unrealized losses on derivatives in a consistent manner with the current period presentation.

(2)Other adjustments to arrive at AFFO for the three and six months ended June 30, 2026 and 2025 primarily include severance costs, organization costs, amortization of above-and-below market lease intangibles, and amortization of mortgage premium/discount, and to a lesser extent, amortization of accumulated unrealized gains on derivatives previously recognized in other comprehensive income.

(3)Recurring tenant improvements and leasing commissions are generally related to second-generation leases and other capital expenditures required to maintain our investments. Other capital expenditures exclude projects that we believe will enhance the value of our investments.

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Net Asset Value

Our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by our Adviser in connection with our NAV calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm’s-length transaction between a willing buyer and a willing seller in possession of all material information about our investments.

The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities as described below and differs materially from the book value of our equity reflected in our financial statements. As a public company, we are required to issue financial statements based on historical cost determined in accordance with GAAP. To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares, we have adopted a model, as explained below, that adjusts the value of our assets and liabilities from historical cost to fair value generally in accordance with the GAAP principles set forth in FASB Accounting Standards Codification Topic 820, Fair Value Measurements. Our Adviser calculates the fair value of our real estate properties monthly based in part on values provided by third party independent appraisers, and such calculations are reviewed by an independent valuation advisor as further discussed below.

Because these fair value calculations involve significant professional judgment in the application of both observable and unobservable attributes, the calculated fair value of our assets may differ from their actual realizable value or future fair value. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires us to calculate NAV in a certain way. As a result, other REITs and other real estate investors may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure determined under GAAP and the valuations of, and certain adjustments made to, our assets and liabilities used in the determination of NAV differs materially from comparable historical cost amounts determined in accordance with GAAP. You should not consider NAV to be equivalent to stockholders’ equity or any other measure determined in accordance with GAAP.

The following valuation methods are used for purposes of calculating the significant components of our NAV:

•Consolidated properties are initially valued at cost, which we expect to represent fair value at the time of acquisition. Subsequently, consolidated properties are primarily valued using the discounted cash flow methodology (the “Income Approach”), whereby a property’s value is calculated by discounting the estimated cash flows and the anticipated terminal value of the subject property by the assumed new buyer’s normalized weighted average cost of capital for the subject property. Consistent with industry practices, the Income Approach also incorporates subjective judgments regarding comparable rental and operating expense data, capitalization or discount rate, and projections of future rent and expenses based on appropriate evidence as well as the residual value of the asset as components in determining value. Other methodologies that may also be used to value properties include Sales Comparisons and the Replacement Cost Approaches. We believe the discount rate and exit capitalization rate are the key assumptions utilized in discounted cash flow methodology (the Income Approach). Below the tables that set forth our NAV calculation is a sensitivity analysis of the weighted average discount rates and exit capitalization rates for our property investments.

•Investments in real estate debt consist of CMBS and RMBS, which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mortgage loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mortgage loans, mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurements, the Company engages third party service providers to perform valuations for such investments. The service providers will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to the “Fair Value Measurements” section of Note 2 to our condensed consolidated financial statements for additional details on the Company’s investments in real estate debt.

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•The values of our mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities (collectively, “Debt”) are estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations.

•The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, exit capitalization rate and multiples of comparable companies. The Company utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value.

NAV and NAV Per Share Calculation

Each share class has an undivided interest in our assets and liabilities, other than class-specific liabilities (including the management fee paid to the Adviser, stockholder servicing fees paid to the Dealer Manager and the performance participation allocation paid to the Special Limited Partner). In accordance with the valuation guidelines, our NAV per share for each share class as of the last calendar day of each month is calculated using a process that reflects several components, including the estimated fair value of (1) each of our properties (including the DST Properties), (2) our investments in real estate debt, (3) our investments in unconsolidated entities, (4) our mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities, and (5) our other assets and liabilities.

At the end of each month, our change in NAV for each share class is calculated as follows:

•Shares are issued for subscriptions received and distribution reinvestments to each respective share class, as applicable, and are effective on the first day of each month. The proceeds received through subscriptions and distribution reinvestments for each share class are additions to the prior month ending aggregate NAV for each respective share class (including OP units). Additionally, the NAV of each share class is reduced by the respective repurchases for such month. The result represents the aggregate NAV per share class effective as of the first calendar day of the current month.

•Any change in our aggregate NAV (whether an increase or decrease), excluding management fees paid to the Adviser and the performance participation allocation paid to the Special Limited Partner, is allocated among each class of shares (including OP units) based on each class’s relative percentage of the previous aggregate NAV adjusted for issuances of shares that were effective on the first calendar day of such month and repurchases that were effective on the last calendar day of such month. For the purposes of allocating any change in our aggregate NAV, Class S will be combined with Class S-2, Class T will be combined with T-2, and Class D will be combined with D-2 when allocating changes on a relative percentage of the aggregate NAV. Changes in our aggregate NAV include, but are not limited to, accruals of our net portfolio income, interest expense, distributions, unrealized/realized gains and losses on assets, any applicable organization and offering costs and any expense reimbursements, debt appreciation and depreciation and general and administrative expenses. Unrealized net real estate and debt appreciation includes any change in the fair market value of our investments in real estate, investments in real estate debt, investments in unconsolidated entities, and Debt.

•For each applicable class of shares, the management fee is calculated as a percentage of the aggregate NAV for such class of shares and any accrued performance participation allocation is calculated as a percentage of Total Return, subject to a Hurdle amount and a High Water mark, with a Catch-Up (each term as defined in the prospectus), with respect to such class of shares.

•Net distributions are typically declared on the last day of each month and are a reduction to the NAV of each respective share class. As a result of the allocation of stockholder servicing fees, the net distributions per share will differ by share class. The monthly stockholder servicing fee is calculated as a percentage of each applicable class of shares’ NAV (Class S, Class S-2, Class D, Class D-2, Class T, and Class T-2). Class I, Class C, Class L, Class L-2, and Class F shares are not subject to the stockholder servicing fee.

•NAV per share for each class is calculated by dividing such class’s NAV at the end of each month by the number of shares outstanding for that class at the end of such month.

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Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the prospectus for the Current Offering (as defined below) for further details on how our NAV is determined.

Our total NAV presented in the following tables includes the NAV of our Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, Class C shares, and Class L shares, as well as the partnership interests of BREIT OP held by parties other than the Company. The following table provides a breakdown of the major components of our NAV as of June 30, 2026 ($ and shares/units in thousands):

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Components of NAV						June 30, 2026
Investments in real estate(1)						$	92,221,975
Investments in real estate debt						4,379,704
Investments in unconsolidated entities(2)						20,545,135
Cash and cash equivalents						1,405,134
Restricted cash						835,097
Other assets						3,149,786
Mortgage loans, term loans, and revolving credit facilities, net						(54,215,726)
Secured financings of investments in real estate debt						(2,655,650)
Subscriptions received in advance						(198,315)
Other liabilities						(2,660,688)
Accrued performance participation allocation						(243,066)
Management fee payable						(59,437)
Accrued stockholder servicing fees(3)						(12,666)
Non-controlling interests in consolidated subsidiaries(4)						(5,923,526)
Net Asset Value						$	56,567,757
Number of outstanding shares/units(5)						3,891,652

(1)Investments in real estate reflects the entire value of our consolidated real estate properties, including the $81.2 billion allocable to us and $11.0 billion allocable to third party joint venture interests in such investments as of June 30, 2026.

(2)Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of June 30, 2026, our allocable share of the gross real estate asset value held by such entities was $44.3 billion.

(3)Stockholder servicing fees only apply to Class S, Class S-2, Class D, Class D-2, Class T, and Class T-2 shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue (i) the full amount, up to the applicable 8.75% fee limitation, for Class S, Class D and Class T shares and (ii) the future stockholder servicing fees based on the estimated life of the shares held by stockholders for Class S-2, Class D-2 and Class T-2 as an offering cost, in each case, at the time we sell the applicable shares. As of June 30, 2026, the Company has accrued under GAAP $0.7 billion of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class S-2, Class D, Class D-2, Class T, and Class T-2 shares sold. The Dealer Manager does not retain any of these fees, all of which are retained by, or re-allowed (paid), to participating broker-dealers.

(4)Includes $111.2 million of net offering proceeds raised through the DST Program as of June 30, 2026.

(5)As of June 30, 2026, no Class L-2 or Class F shares were outstanding.

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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of June 30, 2026 ($ and shares/units in thousands, except per share/unit data):

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Share Class						Net asset value						Number of outstanding shares/units(1)						NAV Per Share/Unit as of June 30, 2026
Class I Shares						$	31,520,822					2,170,024						$	14.5256
Class S Shares						16,453,691						1,133,691						14.5134
Class S-2 Shares						779,030						53,677						14.5134
Class D Shares						1,313,357						92,800						14.1525
Class D-2 Shares						106,807						7,547						14.1525
Class T Shares						403,621						28,300						14.2621
Class T-2 Shares						6,959						488						14.2621
Class C Shares						661,893						38,788						17.0646
Class L Shares						118,090						8,107						14.5658
Third Party Operating Partnership(2)						5,203,487						358,230						14.5256
Total						$	56,567,757					3,891,652

(1)As of June 30, 2026, no Class L-2 or Class F shares were outstanding.

(2)Includes the partnership interests of BREIT OP held by BREIT Special Limited Partner, Class B unitholders, and other BREIT OP interests held by parties other than the Company.

The following table details the weighted average discount rate and exit capitalization rate by property type, which are the key assumptions used in the discounted cash flow valuations as of June 30, 2026:

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Property Type						Discount Rate						Exit Capitalization Rate
Rental Housing						7.2%						5.4%
Industrial						7.5%						5.5%
Net Lease						6.6%						5.5%
Hospitality						10.8%						9.0%
Data Centers						8.6%						6.4%
Office						7.8%						5.7%
Retail						7.9%						6.3%

These assumptions are determined by our Adviser, and reviewed by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all else equal, the changes listed below would result in the following effects on our investment values:

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Input

Hypothetical Change

Rental Housing Investment Values

Industrial Investment Values

Net Lease Investment Values

Hospitality Investment Values

Data Center Investment Values

Office Investment Values

Retail Investment Values

Discount Rate

0.25% decrease

+1.8%

+2.0%

+1.8%

+1.7%

+0.9%

+1.9%

+1.9%

(weighted average)

0.25% increase

(1.8)%

(1.9)%

(1.8)%

(1.7)%

(0.7)%

(1.9)%

(1.7)%

Exit Capitalization Rate

0.25% decrease

+2.9%

+3.4%

+2.7%

+1.5%

+1.0%

+3.2%

+2.4%

(weighted average)

0.25% increase

(2.6)%

(3.1)%

(2.5)%

(1.4)%

(0.9)%

(2.9)%

(2.2)%

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The following table reconciles stockholders’ equity and BREIT OP partners’ capital per our Condensed Consolidated Balance Sheets to our NAV ($ in thousands):

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			June 30, 2026
Stockholders’ equity			$	17,614,169
Non-controlling interests attributable to BREIT OP			3,861,855
Total BREIT stockholders’ equity and BREIT OP partners’ capital under GAAP			21,476,024
Adjustments:
Accrued stockholder servicing fees			643,503
Accrued affiliated service provider incentive compensation awards			(45,074)
Accumulated depreciation and amortization under GAAP			16,352,219
Unrealized net real estate and real estate debt appreciation			18,141,085
NAV			$	56,567,757

The following details the adjustments to reconcile total GAAP stockholders’ equity of BREIT and partners’ capital of BREIT OP to our NAV:

–Accrued stockholder servicing fees represent the accrual for the cost of the stockholder servicing fees for Class S, Class S-2, Class D, Class D-2, Class T, and Class T-2 shares. Under GAAP, we accrue (i) the full amount, up to the applicable 8.75% fee limitation, for Class S, Class D and Class T shares and (ii) the future stockholder servicing fees based on the estimated life of the shares held by stockholders for Class S-2, Class D-2 and Class T-2 shares, in each case, as an offering cost at the time we sell the applicable share. Refer to Note 10 to our condensed consolidated financial statements for further details of the GAAP treatment regarding the stockholder servicing fees. For purposes of calculating NAV, we recognize the stockholder servicing fees as a reduction to NAV on a monthly basis when such fees are paid.

–Under GAAP, the affiliated incentive compensation awards are valued as of grant date and compensation expense is recognized over the service period on a straight-line basis with an offset to equity, resulting in no impact to Stockholders’ Equity. For purposes of calculating NAV, we value the awards based on performance in the applicable period and deduct such value from NAV.

–We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization are not recorded for purposes of calculating our NAV.

–Our investments in real estate are presented at their depreciated cost basis in our condensed consolidated GAAP financial statements. Additionally, Debt is presented at its amortized cost basis in our condensed consolidated GAAP financial statements. As such, any increases or decreases in the fair market value of our investments in real estate or our Debt are not included in our GAAP results. For purposes of calculating our NAV, our investments in real estate and our Debt are recorded at fair value.

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Distributions

Beginning in March 2017, we have declared monthly distributions for each class of our common stock and OP units, which are generally paid 20 days after month-end. We have paid distributions consecutively each month since that time. Each class of our common stock and OP units received the same aggregate gross distribution of $0.3311 per share/unit for the six months ended June 30, 2026. 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. As of June 30, 2026, there were no Class L-2 shares or Class F shares outstanding. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share/unit and paid directly to the applicable distributor.

The following table details the total net distribution for each of our share classes and OP units for the six months ended June 30, 2026:

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Record Date						Class I Shares						Class S Shares						Class S-2 Shares						Class D Shares						Class D-2 Shares						Class T Shares						Class T-2 Shares						Class L Shares						OP Units
January 31, 2026						$	0.0554					$	0.0451					$	0.0452					$	0.0524					$	0.0525					$	0.0453					$	0.0453					$	0.0554					$	0.0554
February 28, 2026						0.0544						0.0451						0.0451						0.0517						0.0517						0.0453						0.0453						0.0544						0.0544
March 31, 2026						0.0554						0.0451						0.0451						0.0524						0.0524						0.0453						0.0453						0.0554						0.0554
April 30, 2026						0.0551						0.0451						0.0451						0.0522						0.0522						0.0453						0.0453						0.0551						0.0551
May 31, 2026						0.0555						0.0451						0.0451						0.0525						0.0525						0.0452						0.0452						0.0555						0.0555
June 30, 2026						0.0553						0.0451						0.0451						0.0524						0.0524						0.0453						0.0453						0.0553						0.0553
Total						$	0.3311					$	0.2706					$	0.2707					$	0.3136					$	0.3137					$	0.2717					$	0.2717					$	0.3311					$	0.3311

The following table summarizes our distributions declared during the six months ended June 30, 2026 and 2025 ($ in thousands):

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			Six Months Ended June 30, 2026												Six Months Ended June 30, 2025
			Amount						Percentage						Amount						Percentage
Distributions
Payable in cash			$	587,965					49		%				$	600,519					50		%
Reinvested in shares			600,607						51		%				590,628						50		%
Total distributions(1)			$	1,188,572					100		%				$	1,191,147					100		%
Sources of Distributions
Cash flows from operating activities(2)			$	1,188,572					100		%				$	1,181,577					99		%
Net gains from investment realizations(3)			—						—		%				9,570						1		%
Indebtedness			—						—		%				—						—		%
Total sources of distributions			$	1,188,572					100		%				$	1,191,147					100		%
Cash flows from operating activities			$	1,213,888											$	1,181,577
Net gains from investment realizations(3)			$	619,806											$	244,213
Funds from Operations(4)			$	269,603											$	(945,588)
Adjusted Funds from Operations(4)			$	727,940											$	658,908
Funds Available for Distribution(4)			$	676,687											$	627,659

(1)Excludes cash paid to third party joint venture partners of consolidated subsidiaries classified as non-controlling interests under GAAP.

(2)Our inception to date cash flows from operating activities, along with inception to date net gains from investment realizations, have funded 100% of our distributions to BREIT stockholders and OP unitholders through June 30, 2026.

(3)Year-to-date net gains from investment realizations includes (i) net gains and losses on dispositions of real estate, (ii) net realized gains and losses on sale of investments in real estate debt, and (iii) impairments of investments in real estate, which amounts are not included in cash flows from operating activities.

(4)Reflects amounts allocable to BREIT stockholders and OP unitholders. See “Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution” below for descriptions of FFO, AFFO, and FAD, for reconciliations of these items to GAAP net loss attributable to BREIT stockholders and OP unitholders, and for considerations on how to review these metrics.

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Liquidity and Capital Resources

Liquidity

We believe we have sufficient liquidity to operate our business, with $8.6 billion of liquidity as of August 6, 2026. When we refer to our liquidity, this includes amounts available under our undrawn revolving credit facilities of $7.4 billion as well as unrestricted cash and cash equivalents of $1.2 billion. We also expect $0.6 billion of net proceeds from dispositions under contract where we have received a non-refundable deposit as of August 6, 2026. We also generate incremental liquidity through our operating cash flows, which were $1.2 billion for the six months ended June 30, 2026. We may also generate incremental liquidity through the sale of our real estate debt investments, which were carried at their estimated fair value of $4.4 billion as of June 30, 2026.

In addition, we remain moderately leveraged (44% as of June 30, 2026) and can generate additional liquidity through incurring additional indebtedness secured by our real estate and real estate debt investments, unsecured financings, and other forms of indebtedness. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and debt-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Indebtedness incurred (i) in connection with funding a deposit in advance of the closing of an investment or (ii) as other working capital advances will not be included as part of the calculation above. Our leverage ratio would be higher if the indebtedness on our real estate debt investments and pro rata share of debt within our unconsolidated investments were taken into account.

In addition to our current liquidity, we obtain incremental liquidity through the sale of shares of our common stock in our continuous public offering and private offerings, and units of BREIT OP, from which we have received cumulative net proceeds of $82.4 billion as of August 6, 2026.

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Capital Resources

As of June 30, 2026, our indebtedness included loans secured by our properties, secured financings of our investments in real estate debt, and unsecured revolving credit facilities and term loans.

The following table is a summary of our indebtedness as of June 30, 2026 ($ in thousands):

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						June 30, 2026																		Principal Balance as of
Indebtedness						Weighted Average Interest Rate(1)						Weighted Average Maturity Date(2)						Maximum Facility Size						June 30, 2026						December 31, 2025
Fixed rate loans secured by our properties:
Fixed rate mortgages(3)						4.0%						10/13/2030						N/A						$	18,906,997					$	20,763,325
Variable rate loans secured by our properties:
Variable rate mortgages and term loans						+2.0%						10/22/2029						N/A						29,467,245						30,964,083
Variable rate secured revolving credit facilities						+1.8%						2/1/2029						$	2,651,845					2,651,845						2,666,334
Variable rate warehouse facilities(4)						+2.0%						11/26/2028						$	2,385,986					1,942,122						1,580,141
Total variable rate loans						+2.0%						9/12/2029												34,061,212						35,210,558
Total loans secured by our properties						5.0%						2/1/2030												52,968,209						55,973,883
Secured financings of investments in real estate debt:
Secured financings of investments in real estate debt						+1.3%						6/15/2027						N/A						2,655,650						2,921,671
Unsecured loans:
Unsecured term loans						+2.5%						2/21/2029						N/A						1,426,923						1,276,923
Unsecured variable rate revolving credit facilities						+2.5%						9/8/2028						$	6,341,577					100,000						1,175,000
Affiliate revolving credit facility						+2.5%						12/15/2026						75,000						—						—
Total unsecured loans																		$	6,416,577					1,526,923						2,451,923
Total indebtedness																								$	57,150,782					$	61,347,477

(1)“+” refers to the relevant floating benchmark rates, primarily SOFR and similar indices for non-USD facilities, as applicable to each loan or secured financing. As of June 30, 2026, we had outstanding interest rate swaps with an aggregate notional balance of $26.7 billion and interest rate caps with an aggregate notional balance of $19.8 billion that mitigate our exposure to potential future interest rate increases under our floating-rate debt.

(2)Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options.

(3)Includes $174.8 million and $201.9 million of loans related to investments in affordable housing properties as of June 30, 2026 and December 31, 2025, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.

(4)Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.

The table above excludes consolidated senior CMBS positions owned by third parties, which are reflected in our condensed consolidated GAAP balance sheets, as these liabilities are non-recourse to us and can only be satisfied by repayment of the collateral loans underlying such securitizations.

The following table is a summary of the impact of interest rate derivatives on our weighted average interest rate as of June 30, 2026:

Weighted average interest rate of loans secured by our properties						5.0%
Impact of interest rate swaps, caps and other interest rate derivatives						(0.9)%
Net weighted average interest rate of loans secured by our properties						4.1%

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Public and Private Offerings

For the six months ended June 30, 2026, we have received proceeds of $2.3 billion from the sale of shares of common stock in our continuous public and private offerings, and units of BREIT OP.

We registered with the Securities and Exchange Commission (the “SEC”), an offering of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in any combination of Class I, Class S-2, Class T-2 and Class D-2 shares in our primary offering and up to $12.0 billion in any combination of Class I, Class S, Class S-2, Class T, Class T-2, Class D and Class D-2 shares pursuant to our distribution reinvestment plan, which we began using to offer shares of our common stock in September 2025 (the “Current Offering”).

As of August 7, 2026, we have received cumulative net proceeds of $2.7 billion from selling an aggregate of 194.4 million shares of our common stock in the Current Offering (consisting of 122.9 million Class I shares, 18.6 million Class S shares, 41.5 million Class S-2 shares, 2.2 million Class D shares, 7.9 million Class D-2 shares, 0.7 million Class T shares, and 0.6 million Class T-2 shares).

Additionally, we have and may continue to conduct private offerings of Class I, Class S-2, Class T-2, Class D-2, Class C, Class L, and Class L-2 shares to accredited investors or other vehicles that hold our shares and other assets, as described in our prospectus. All such private offerings are or will be exempt from the registration provisions of the Securities Act.

Capital Uses

During periods when we are selling more shares than we are repurchasing, we primarily use our capital to acquire our investments, which we also fund with other capital resources. During periods when we are repurchasing more shares than we are selling, we primarily use our capital to fund repurchases. For the six months ended June 30, 2026, we fulfilled $2.1 billion of repurchases requested, which represents all repurchase requests received for the six months ended June 30, 2026. We continue to believe that our current liquidity position is sufficient to meet the needs of our business.

In addition, we may have other funding obligations, which we expect to satisfy with the cash flows generated from our investments and our capital resources described above. Such obligations may include distributions to our stockholders, operating expenses, capital expenditures, repayment of indebtedness, and debt service on our outstanding indebtedness. Our operating expenses include, among other things, the management fee we pay to the Adviser and the performance participation allocation that BREIT OP pays to the Special Limited Partner, both of which will impact our liquidity to the extent the Adviser or the Special Limited Partner elects to receive such payments in cash, or subsequently redeem shares or OP units previously issued to them. To date, the Adviser and the Special Limited Partner have both always elected to be paid in a combination of shares and OP units, resulting in a non-cash expense.

Contractual Obligations

The following table aggregates our contractual obligations and commitments with payments due subsequent to June 30, 2026 ($ in thousands):

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Obligations						Total						Less than 1 year						1-3 years						3-5 years						More than 5 years
Indebtedness(1)						$	65,717,907					$	13,412,006					$	19,315,308					$	23,864,133					$	9,126,460
Ground leases						2,773,232						40,759						83,011						85,609						2,563,853
Total						$	68,491,139					$	13,452,765					$	19,398,319					$	23,949,742					$	11,690,313

(1)The allocation of our indebtedness includes both principal and interest payments based on the fully extended maturity date and interest rates in effect at June 30, 2026. The table above excludes consolidated senior CMBS positions owned by third parties, as these liabilities are non-recourse to us and can only be satisfied by repayment of the collateral loans underlying such securitizations.

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Cash Flows

The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands):

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						Six Months Ended June 30,
						2026						2025
Cash flows provided by operating activities						$	1,213,888					$	1,181,577
Cash flows provided by investing activities						7,136,238						4,456,795
Cash flows used in financing activities						(8,455,010)						(5,554,390)
Net (decrease) increase in cash and cash equivalents and restricted cash						$	(104,884)					$	83,982

Cash flows provided by operating activities increased $32.3 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was primarily due to increased cash flows from distributions of earnings from unconsolidated entities.

Cash flows provided by investing activities increased $2.7 billion during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was primarily due to (i) an increase of $1.6 billion in proceeds from sales and repayments of investments in real estate debt, (ii) an increase of $1.4 billion in repayments of real estate loans held by consolidated securitization vehicles, (iii) an increase of $1.1 billion in proceeds from disposition of real estate and (iv) a decrease of $0.2 billion in investment in unconsolidated entities. This was partially offset by an increase of $1.7 billion in purchases of investments in real estate debt.

Cash flows used in financing activities increased $2.9 billion for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was primarily due to a net increase in the repayment of borrowings of $3.7 billion and an increase of $1.3 billion in repayments of senior obligations of consolidated securitization vehicles. This was offset by a decrease of $1.4 billion in repurchases of common stock and an increase of $0.6 billion in proceeds from issuance of common stock.

Recent Accounting Pronouncements

See Note 2 — “Summary of Significant Accounting Policies” to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning recent accounting pronouncements.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and require estimates about matters that are inherently uncertain. There have been no material changes to our Critical Accounting Policies, including significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions, which are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

We are exposed to interest rate risk with respect to our variable rate indebtedness such that an increase in interest rates would result in higher net interest expense. We seek to manage our exposure to interest rate risk by utilizing a mix of fixed and floating rate financings with staggered maturities, and through interest rate hedging agreements to fix or cap a majority of our variable rate debt. As of June 30, 2026, the outstanding principal balance of our variable rate indebtedness was $38.2 billion and consisted of mortgage loans, secured and unsecured term loans, secured and unsecured revolving credit facilities, and secured financings on investments in real estate debt.

Certain of our mortgage loans, secured and unsecured term loans, secured and unsecured revolving credit facilities, and secured financings are variable rate and indexed primarily to SOFR and similar indices for non-USD facilities, and other similar benchmark rates (collectively, the “Reference Rates”). We have executed interest rate swaps with an aggregate net notional amount of $26.7 billion and interest rate caps with an aggregate net notional balance of $19.8 billion as of June 30, 2026 to hedge the risk of increasing interest rates. For the three and six months ended June 30, 2026, an increase of 25 basis points in each of the Reference Rates would have resulted in increased interest expense of $7.1 million and $14.2 million, respectively, net of the impact of our interest rate swaps and caps. Our exposure to interest rate risk may vary in future periods as the amount and terms of our interest rate hedging agreements change over time as we implement our hedging program. See “Part I. Item 1A. Risk Factors — Risks Related to Investments in Real Estate Debt — We utilize derivatives, which involve numerous risks” and “Failure to hedge effectively against interest rate changes may materially adversely affect our results of operations and financial condition” and “Part I. Item 1A. Risk Factors — General Risk Factors — We will face risks associated with hedging transactions” of our Annual Report on Form 10-K for more information on risks associated with our use of interest rate derivatives and hedging transactions.

Investments in Real Estate Debt, at Fair Value

As of June 30, 2026, we held $4.4 billion of investments in real estate debt, which excludes the impact of consolidating the underlying loans that serve as collateral for certain securitizations on our Condensed Consolidated Balance Sheets. Our investments in real estate debt are primarily floating-rate and indexed to the Reference Rates, and as such, exposed to interest rate risk. Our net income will increase or decrease depending on interest rate movements. While we cannot predict factors that may or may not affect interest rates, a decrease of 25 basis points in the Reference Rates would have resulted in a decrease to income from investments in real estate debt of $2.1 million and $4.1 million for the three and six months ended June 30, 2026.

We may also be exposed to market risk with respect to our investments in real estate debt due to changes in the fair value of our investments. We seek to manage our exposure to market risk with respect to our investments in real estate debt by making investments in real estate debt backed by different types of collateral and varying credit ratings. The fair value of our investments may fluctuate, therefore the amount we will realize upon any sale of our investments in real estate debt is unknown.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, and summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report was made under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer. Based upon this evaluation, the Company’s principal executive officer and chief financial officer have concluded that the Company’s disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is timely recorded, processed, summarized and reported and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2026, we were not involved in any material legal proceedings.

ITEM 1A. RISK FACTORS

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A. There have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

During the six months ended June 30, 2026, we issued equity securities that were not registered under the Securities Act. As described in Note 10 to our condensed consolidated financial statements, the Adviser is entitled to an annual management fee payable monthly in cash, shares of common stock, or BREIT OP units, in each case at the Adviser’s election. For the three months ended June 30, 2026, the Adviser elected to receive its management fee in Class B units of BREIT OP, and we issued 12.2 million Class B units of BREIT OP to the Adviser in satisfaction of the management fees through May 2026. Additionally, we issued 4.1 million Class B units of BREIT OP to the Adviser in July 2026 in satisfaction of the June 2026 management fee.

The Special Limited Partner is entitled to a quarterly performance participation allocation, less any performance participation allocation received with respect to prior quarters in that year. During the three months ended June 30, 2026, we issued 10.9 million Class B units of BREIT OP to the Special Limited Partner as payment of the performance participation allocation earned by the Special Limited Partner during the three months ended March 31, 2026. Additionally, we issued 16.7 million Class B units of BREIT OP to the Special Limited Partner in July 2026 in satisfaction of the performance participation allocation earned by the Special Limited Partner during the three months ended June 30, 2026.

We have also sold Class I and Class C shares to feeder vehicles created primarily to hold Class I and Class C shares and offer indirect interests in such shares to other investors. During the three months ended June 30, 2026, we received $114.1 million from selling 8.0 million unregistered Class I shares and $10.0 million from selling 0.6 million unregistered Class C shares to such vehicles, in each case, including shares issued pursuant to the Company's distribution reinvestment plan.

We have also sold Class I and Class S-2 shares to certain accredited investors through certain participating broker-dealers. During the three months ended June 30, 2026, we received $96.2 million from selling 6.7 million unregistered Class I shares and $137.9 million from selling 9.7 million unregistered Class S-2 shares, in each case, including shares issued pursuant to the Company's distribution reinvestment plan.

During the three months ended June 30, 2026, we have also issued 3.3 million Class S and D shares for $47.7 million, pursuant to the Company's distribution reinvestment plan to certain investors that previously purchased shares in the public offering and are clients of certain participating broker-dealers.

Each of the foregoing transactions was exempt from the registration provisions of the Securities Act, by virtue of Section 4(a)(2) and/or Regulation D or Regulation S promulgated thereunder.

Share Repurchases

Under our Share Repurchase Plan, to the extent we choose to repurchase shares in any particular month, we will only repurchase shares as of the opening of the last calendar day of that month (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date (which will generally be equal to our prior month’s NAV per share), except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price (the “Early Repurchase Deduction”) subject to certain limited exceptions. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan.

The aggregate NAV of total repurchases of all share classes, excluding OP units held by investors other than the Company, (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company, but excluding any Early Repurchase Deduction applicable to the repurchased shares) is limited to no more than 2% of our aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders 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. Certain stockholders are subject to certain restrictions, including a minimum holding period and certain repurchase limitations, in addition to the Company's existing monthly and quarterly limitations. We have in the past received, and may in the future receive, repurchase requests that exceed the limits under our Share Repurchase Plan, and we have in the past repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis. For the six months ended June 30, 2026, we fulfilled $2.1 billion of share and unit repurchases requested, which represents all repurchase requests received for the six months ended June 30, 2026.

Should repurchase requests, in our board of directors’ judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should our board of directors otherwise determine that investing our liquid assets in real properties or other investments rather than repurchasing our shares is in the best interests of the Company as a whole, our board of directors may determine to repurchase fewer shares than have been requested to be repurchased

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(including relative to the 2% monthly limit and 5% quarterly limit under our Share Repurchase Plan), or none at all. Further, our board of directors has in the past made exceptions to the limitations in our Share 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 our Share Repurchase Plan if, in its reasonable judgment, it deems such action to be in our best interest and the best interest of our stockholders. In the event that we determine to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis after we have 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 Share Repurchase Plan, as applicable.

If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests.

During the three months ended June 30, 2026, we repurchased shares of our common stock in the following amounts:

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Month of:						Total Number of Shares Repurchased						Average Price Paid per Share						Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs						Repurchases as a Percentage of NAV(1)						Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Program(2)
April 2026						19,336,546						$	14.23					19,336,546						0.6		%				—
May 2026						19,961,735						$	14.33					19,961,735						0.6		%				—
June 2026						20,015,049						$	14.40					20,015,049						0.6		%				—
Total						59,313,330						$	14.32					59,313,330						1.8		%				—

(1)Represents aggregate NAV of the shares repurchased under our Share Repurchase Plan over aggregate NAV of all shares outstanding, in each case, based on the NAV as of the last calendar day of the prior month.

(2)All repurchase requests under our share repurchase plan were satisfied.

As of June 30, 2026, Blackstone owned shares of the Company and units of BREIT OP valued at an aggregate $5.3 billion. Blackstone did not submit any repurchase requests for shares or units previously issued as payment for management fees or the performance participation allocation during the three months ended June 30, 2026.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number						Exhibit Description
3.1						Second Articles of Amendment and Restatement of the Company (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on July 27, 2017 and incorporated herein by reference)
3.2						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated August 15, 2019 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on August 16, 2019 and incorporated herein by reference)
3.3						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated March 27, 2020 (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 15, 2020 and incorporated herein by reference)
3.4						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated December 30, 2022 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on January 6, 2023 and incorporated herein by reference)

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3.5						Articles Supplementary Designating Class C Common Stock of Blackstone Real Estate Income Trust, Inc., dated December 30, 2022 (filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on January 6, 2023 and incorporated herein by reference)
3.6						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated May 12, 2023 (filed as Exhibit 3.2 to the Registrant’s Post-Effective Amendment No. 7 to its Registration Statement on Form S-11 filed on May 15, 2023 and incorporated herein by reference)
3.7						Certificate of Correction of Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated May 11, 2023 (filed as Exhibit 3.1 to the Registrant’s Post-Effective Amendment No. 7 to its Registration Statement on Form S-11 filed on May 15, 2023 and incorporated herein by reference)
3.8						Articles Supplementary of Blackstone Real Estate Income Trust, Inc., dated May 12, 2023 (filed as Exhibit 3.3 to the Registrant’s Post-Effective Amendment No. 7 to its Registration Statement on Form S-11 filed on May 15, 2023 and incorporated herein by reference)
3.9						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated July 18, 2025 (filed as Exhibit 3.10 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)
3.10						Articles Supplementary of Blackstone Real Estate Income Trust, Inc., dated July 18, 2025 (filed as Exhibit 3.11 to the Registrant’s Registration Statement on Form S-11 filed on July 18, 2025 and incorporated herein by reference)
3.11						Articles of Amendment of Blackstone Real Estate Income Trust, Inc., dated November 3, 2025 (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on November 3, 2025 and incorporated herein by reference)
3.12						Articles Supplementary of Blackstone Real Estate Income Trust, Inc., dated November 3, 2025 (filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on November 3, 2025 and incorporated herein by reference)
3.13						Amended and Restated Bylaws of Blackstone Real Estate Income Trust, Inc., (filed as Exhibit 3.2 to Pre-Effective Amendment No. 1 to Registrant’s Registration Statement on Form S-11 filed on August 30, 2016 and incorporated herein by reference)
31.1						Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Principal Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2						Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						BLACKSTONE REAL ESTATE INCOME TRUST, INC.
August 7, 2026						/s/ Katharine A. Keenan
Date						Katharine A. Keenan
						Chief Executive Officer
						(Principal Executive Officer)
August 7, 2026						/s/ Paul Kolodziej
Date						Paul Kolodziej
						Chief Financial Officer and Treasurer
						(Principal Financial Officer and Principal Accounting Officer)

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