Blackstone Real Estate Income Trust (BSTT) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-55931
Entity Registrant Name	Blackstone Real Estate Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-0696966
Entity Address, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	583-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,185,308,733
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,877,094,046
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		56,203,721
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		273,758,489

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Investments in real estate, net	$ 43,596,089	$ 32,457,713
Investments in unconsolidated entities (includes $558,399 and $0 at fair value    as of September 30, 2021 and December 31, 2020, respectively)	4,252,882	816,220
Investments in real estate debt	6,902,995	4,566,306
Cash and cash equivalents	1,560,719	333,388
Restricted cash	2,070,369	711,135
Other assets	5,065,548	1,799,253
Total assets	63,448,602	40,684,015
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	24,966,176	19,976,161
Secured financings of investments in real estate debt	2,767,399	2,140,993
Unsecured revolving credit facilities	0	0
Due to affiliates	1,979,927	887,660
Other liabilities	3,258,061	1,465,194
Total liabilities	32,971,563	24,470,008
Commitments and contingencies	0	0
Redeemable non-controlling interests	80,838	30,056
Equity
Additional paid-in capital	34,020,582	19,059,045
Accumulated other comprehensive loss	(8,643)	0
Accumulated deficit and cumulative distributions	(4,804,187)	(3,224,318)
Total stockholders' equity	29,238,404	15,852,726
Non-controlling interests attributable to third party joint ventures	748,195	143,253
Non-controlling interests attributable to BREIT OP unitholders	409,602	187,972
Total equity	30,396,201	16,183,951
Total liabilities and equity	63,448,602	40,684,015
Class S
Equity
Common stock value	10,815	7,029
Class I
Equity
Common stock value	16,863	9,270
Class T
Equity
Common stock value	539	459
Class D
Equity
Common stock value	$ 2,435	$ 1,241

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments in unconsolidated entities	$ 558,399	$ 0
Common stock, shares outstanding (in shares)	3,065,421,000	1,800,017,000
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	1,081,497,000	702,853,000
Common stock, shares outstanding (in shares)	1,081,497,000	702,853,000
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, shares issued (in shares)	1,686,440,000	927,080,000
Common stock, shares outstanding (in shares)	1,686,440,000	927,080,000
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	53,946,000	45,943,000
Common stock, shares outstanding (in shares)	53,946,000	45,943,000
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	243,538,000	124,141,000
Common stock, shares outstanding (in shares)	243,538,000	124,141,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 979,309	$ 635,371	$ 2,522,947	$ 1,903,000
Expenses
Operating expenses	406,297	253,645	1,022,760	752,897
General and administrative	7,106	5,430	21,855	19,025
Management fee	122,866	57,619	288,144	160,544
Performance participation allocation	449,822	0	892,410	0
Impairment of investments in real estate	0	6,217	0	12,343
Depreciation and amortization	482,045	332,599	1,282,053	1,008,756
Total expenses	1,468,136	655,510	3,507,222	1,953,565
Other income (expense)
Income from unconsolidated entities	78,445	25,073	183,155	63,678
Income (loss) from investments in real estate debt	83,052	206,046	438,986	(317,212)
Net (loss) gain on dispositions of real estate	(9,586)	100,070	13,216	100,441
Interest income	41	122	136	2,102
Interest expense	(204,538)	(174,193)	(567,685)	(539,276)
Loss on extinguishment of debt	(3,372)	(5,258)	(9,545)	(6,495)
Other income (expense)	177,631	(9,252)	411,160	(29,022)
Total other income (expense)	121,673	142,608	469,423	(725,784)
Net (loss) income	(367,154)	122,469	(514,852)	(776,349)
Net loss attributable to non-controlling interests in third party joint ventures	5,472	593	5,149	1,796
Net loss (income) attributable to non-controlling interests in BREIT OP	4,393	(1,790)	6,129	10,177
Net (loss) income attributable to BREIT stockholders	$ (357,289)	$ 121,272	$ (503,574)	$ (764,376)
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.12)	$ 0.07	$ (0.21)	$ (0.49)
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.12)	$ 0.07	$ (0.21)	$ (0.49)
Weighted-average shares of common stock outstanding, basic (in shares)	2,873,453	1,651,693	2,379,158	1,545,984
Weighted-average shares of common stock outstanding, diluted (in shares)	2,873,453	1,651,693	2,379,158	1,545,984
Rental
Revenues
Total revenues	$ 808,098	$ 562,053	$ 2,141,823	$ 1,647,865
Expenses
Operating expenses	314,017	193,306	799,707	548,729
Hospitality
Revenues
Total revenues	127,507	56,038	288,310	205,291
Expenses
Operating expenses	92,280	60,339	223,053	204,168
Other revenue
Revenues
Total revenues	$ 43,704	$ 17,280	$ 92,814	$ 49,844

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Other Comprehensive Income [Abstract]
Net (loss) income	$ (367,154)	$ 122,469	$ (514,852)	$ (776,349)
Other comprehensive income (loss):
Foreign currency translation losses, net	(8,643)	0	(8,643)	0
Comprehensive (loss) income	(375,797)	122,469	(523,495)	(776,349)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	5,472	593	5,149	1,796
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP	4,393	(1,790)	6,129	10,177
Comprehensive (loss) income attributable to BREIT stockholders	$ (365,932)	$ 121,272	$ (512,217)	$ (764,376)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common StockClass S	Common StockClass I	Common StockClass T	Common StockClass D	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Non-controlling InterestsNon- controlling Interests Attributable to BREIT OP Unitholders	Non-controlling InterestsNon- controlling Interests Attributable to Third Party Joint Ventures
Beginning Balance at Dec. 31, 2019	$ 10,614,648	$ 10,305,132	$ 5,308	$ 4,743	$ 398	$ 847	$ 11,716,721	$ 0	$ (1,422,885)	$ 151,721	$ 157,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	6,974,538	6,974,538	1,555	4,278	75	282	6,968,348
Offering costs	(161,478)	(161,478)					(161,478)
Distribution reinvestment	357,195	357,195	153	140	9	24	356,869
Common stock/units repurchased	(1,148,122)	(1,146,215)	(396)	(571)	(32)	(57)	(1,145,159)			(1,907)
Amortization of compensation awards	1,269	300		3			297			969
Net income (loss)	(775,076)	(764,376)							(764,376)	(10,164)	(536)
Distributions declared on common stock	(686,495)	(686,495)							(686,495)
Contributions from non-controlling interests	72,557									61,163	11,394
Distributions to and redemptions of non-controlling interests	(38,277)	(1,946)					(1,946)			(10,380)	(25,951)
Allocation to redeemable non-controlling interests	(6,731)	(6,731)					(6,731)
Ending Balance at Sep. 30, 2020	15,204,028	14,869,924	6,620	8,593	450	1,096	17,726,921	0	(2,873,756)	191,402	142,702
Beginning Balance at Jun. 30, 2020	14,569,513	14,218,061	6,322	8,200	440	1,032	16,952,056	0	(2,749,989)	191,993	159,459
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	1,022,713	1,022,713	312	565	15	68	1,021,753
Offering costs	(35,098)	(35,098)					(35,098)
Distribution reinvestment	129,029	129,029	54	52	3	9	128,911
Common stock/units repurchased	(332,891)	(332,739)	(68)	(225)	(8)	(13)	(332,425)			(152)
Amortization of compensation awards	69	100		1			99			(31)
Net income (loss)	122,732	121,272							121,272	1,788	(328)
Distributions declared on common stock	(245,039)	(245,039)							(245,039)
Contributions from non-controlling interests	1,493									1,270	223
Distributions to and redemptions of non-controlling interests	(22,064)	(1,946)					(1,946)			(3,466)	(16,652)
Allocation to redeemable non-controlling interests	(6,429)	(6,429)					(6,429)
Ending Balance at Sep. 30, 2020	15,204,028	14,869,924	6,620	8,593	450	1,096	17,726,921	0	(2,873,756)	191,402	142,702
Beginning Balance at Dec. 31, 2020	16,183,951	15,852,726	7,029	9,270	459	1,241	19,059,045	0	(3,224,318)	187,972	143,253
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	15,970,659	15,970,659	3,741	8,010	81	1,178	15,957,649
Offering costs	(540,776)	(540,776)					(540,776)
Distribution reinvestment	535,439	535,439	183	208	10	34	535,004
Common stock/units repurchased	(958,617)	(957,038)	(138)	(629)	(11)	(18)	(956,242)			(1,450)	(129)
Amortization of compensation awards	3,445	399		4			395			3,046
Net income (loss)	(513,932)	(503,574)							(503,574)	(6,125)	(4,233)
Other comprehensive loss	(8,643)	(8,643)						(8,643)
Distributions declared on common stock	(1,076,295)	(1,076,295)							(1,076,295)
Contributions from non-controlling interests	860,403									240,412	619,991
Distributions to and redemptions of non-controlling interests	(24,940)									(14,253)	(10,687)
Allocation to redeemable non-controlling interests	(34,493)	(34,493)					(34,493)
Ending Balance at Sep. 30, 2021	30,396,201	29,238,404	10,815	16,863	539	2,435	34,020,582	(8,643)	(4,804,187)	409,602	748,195
Beginning Balance at Jun. 30, 2021	23,262,485	22,858,518	9,218	13,262	502	1,815	26,842,197	0	(4,008,476)	250,150	153,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	7,452,196	7,452,196	1,561	3,639	37	612	7,446,347
Offering costs	(249,159)	(249,159)					(249,159)
Distribution reinvestment	212,043	212,043	65	83	3	13	211,879
Common stock/units repurchased	(206,150)	(206,150)	(29)	(123)	(3)	(5)	(205,990)			0
Amortization of compensation awards	1,330	153		2			151			1,177
Net income (loss)	(366,772)	(357,289)							(357,289)	(4,391)	(5,092)
Other comprehensive loss	(8,643)	(8,643)						(8,643)
Distributions declared on common stock	(438,422)	(438,422)							(438,422)
Contributions from non-controlling interests	771,111									167,946	603,165
Distributions to and redemptions of non-controlling interests	(8,975)									(5,280)	(3,695)
Allocation to redeemable non-controlling interests	(24,843)	(24,843)					(24,843)
Ending Balance at Sep. 30, 2021	$ 30,396,201	$ 29,238,404	$ 10,815	$ 16,863	$ 539	$ 2,435	$ 34,020,582	$ (8,643)	$ (4,804,187)	$ 409,602	$ 748,195

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ (382)	$ (263)	$ (920)	$ (1,273)
Distributions declared on common stock (in dollars per share)	$ 0.1637	$ 0.1586	$ 0.4852	$ 0.4755

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (514,852)	$ (776,349)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	288,144	160,544
Performance participation allocation	892,410	0
Impairment of investments in real estate	0	12,343
Depreciation and amortization	1,282,053	1,008,756
Net gain on dispositions of real estate	(13,216)	(100,441)
Loss on extinguishment of debt	9,545	6,495
Unrealized (gain) loss on changes in fair value of financial instruments	(668,503)	484,332
Income from unconsolidated entities	(183,155)	(63,678)
Distributions from unconsolidated entities	84,315	57,856
Other items	(21,409)	(23,996)
Change in assets and liabilities:
(Increase) / decrease in other assets	(166,966)	(69,800)
Increase / (decrease) in due to affiliates	(1,109)	(1,222)
Increase / (decrease) in other liabilities	203,156	34,611
Net cash provided by operating activities	1,190,413	729,451
Cash flows from investing activities:
Acquisitions of real estate	(9,932,224)	(3,246,297)
Capital improvements to real estate	(348,139)	(230,749)
Proceeds from disposition of real estate	194,575	385,269
Pre-acquisition costs and deposits	(593,566)	(58,274)
Investment in unconsolidated entities	(3,336,486)	(808,312)
Purchase of investments in real estate debt	(3,058,345)	(1,177,967)
Proceeds from sale/repayment of investments in real estate debt	1,170,285	363,175
Purchase of real estate-related equity securities	(1,738,385)	(703,695)
Proceeds from sale of real estate-related equity securities	0	102,932
Net cash used in investing activities	(17,642,285)	(5,373,918)
Cash flows from financing activities:
Proceeds from issuance of common stock	15,183,976	6,014,033
Offering costs paid	(118,997)	(71,135)
Subscriptions received in advance	1,720,934	217,461
Repurchase of common stock	(843,042)	(996,873)
Repurchase of management fee shares	(172,230)	(112,664)
Borrowings under mortgage notes, term loans, and secured revolving credit facilities	7,614,710	6,207,729
Repayments of mortgage notes, term loans, and secured revolving credit facilities	(4,966,542)	(5,849,236)
Borrowings under secured financings of investments in real estate debt	916,684	1,898,018
Repayments of secured financings of investments in real estate debt	(275,980)	(2,616,391)
Borrowings under affiliate unsecured revolving credit facility	950,000	175,000
Repayments of affiliate unsecured revolving credit facility	(950,000)	(175,000)
Borrowings under unsecured revolving credit facilities	160,000	130,000
Repayments of unsecured revolving credit facilities	(160,000)	(130,000)
Payment of deferred financing costs	(51,696)	(41,721)
Redemption of redeemable non-controlling interest	(111,949)	(83,625)
Redemption of affiliate service provider incentive compensation awards	(1,083)	(1,755)
Contributions from non-controlling interests	637,158	22,503
Distributions to and redemptions of non-controlling interests	(19,876)	(41,202)
Distributions	(474,565)	(301,788)
Net cash provided by financing activities	19,037,502	4,243,354
Net change in cash and cash equivalents and restricted cash	2,585,630	(401,113)
Cash and cash equivalents and restricted cash, beginning of period	1,044,523	1,109,702
Effects of currency translation on cash, cash equivalents and restricted cash	935	0
Cash and cash equivalents and restricted cash, end of period	3,631,088	708,589
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,560,719	240,022
Restricted cash	2,070,369	468,567
Total cash and cash equivalents and restricted cash	3,631,088	708,589
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	2,353,084	224,123
Issuance of BREIT OP units as consideration for acquisitions of real estate	165,746	0
Recognition of financing lease liability	16,855	0
Accrued pre-acquisition costs	8,797	1,203
Accrued capital expenditures and acquisition related costs	18,276	7,168
Accrued distributions	67,264	27,754
Accrued stockholder servicing fee due to affiliate	423,471	94,245
Redeemable non-controlling interest issued as settlement of performance participation allocation	192,648	141,396
Allocation to redeemable non-controlling interest	34,493	6,731
Distribution reinvestment	535,439	357,195
Accrued common stock repurchases	75,308	71,047
Accrued common stock repurchases due to affiliate	0	18,937
Payable for unsettled investments in real estate debt	236,686	1,065
Receivable for unsettled investments in real estate debt	5,233	0
Class I Shares
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	12,246	9,228
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	68,453	48,543
Real Estate
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	51,824	257
Investments in Unconsolidated Entities
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	$ 9,435	$ 0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) invests primarily in stabilized income-oriented commercial real estate in the United States and, to a lesser extent, in real estate debt. 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 had previously registered with the Securities and Exchange Commission (the “SEC”) two offerings for up to an aggregate of $17.0 billion in shares of common stock (the “Previous Offerings”), and accepted gross offering proceeds of $16.3 billion during the period from January 1, 2017 to February 1, 2021. The Company subsequently registered a follow-on offering with the SEC of up to $24.0 billion in shares of common stock, consisting of up to $20.0 billion in shares in its primary offering and up to $4.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in February 2021 (the “Current Offering” and with the Previous Offerings, the “Offering”). As of September 30, 2021, the Company had received aggregate net proceeds of $37.4 billion from selling shares of the Company’s common stock through both the Offering and in unregistered sales. The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Current Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. The Company intends to continue selling shares on a monthly basis. As of September 30, 2021, the Company owned 1,599 properties and 20,940 single family rental homes. The Company currently operates in nine reportable segments: Residential, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. Residential includes multifamily and other types of rental housing such as manufactured housing, student housing and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”) and the unconsolidated interest in the MGM Grand and Mandalay Bay joint venture. Any additional unconsolidated interests are included in the respective property segment as further described in Note 4 – Investments in Unconsolidated Entities. Financial results by segment are reported in Note 15 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 2020 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 interest. All intercompany balances and transactions have been eliminated in consolidation. 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 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 variable interest entity (“VIE”) and whether it 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. 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. Equity method investments for which the Company has not elected a fair value option 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 fair value option (“FVO”), the Company records its share of net asset value of the Entity and any related unrealized gains and losses. BREIT OP and each of the Company’s joint ventures are considered to be either a VIE or VOE. The Company consolidates these entities, excluding certain equity method investments, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. As of September 30, 2021, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $14.9 billion and $8.5 billion, respectively, compared to $11.5 billion and $8.0 billion as of December 31, 2020. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Certain of the Company’s joint ventures are accounted for under the equity method of accounting as the requirements for consolidation are not met. As of September 30, 2021, the Company did not consolidate six of its joint ventures and accounted for these under the equity method of accounting. The Company has elected the FVO for two of its equity method investments while the remaining four are presented at historical cost. Refer to Note 4 for additional details on the Company’s investments in unconsolidated entities. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management 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 revenue and expenses during the reporting period. As of September 30, 2021, the novel coronavirus (“COVID-19”) pandemic is ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries. In 2021, the global economy has, with certain setbacks, begun reopening and wider distribution of vaccines and easing of travel restrictions appear to be encouraging greater economic activity. Nonetheless, the recovery could remain uneven, particularly given uncertainty with respect to the distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus, and the resolution of supply chain issues and other longer lasting impacts of the pandemic. As a result, the Company is still unable to predict when normal economic activity and business operations will fully resume. The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2021. However, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates. Foreign Currency In the normal course of business, the Company makes investments in real estate outside the United States ("U.S.") through subsidiaries that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Income (Loss). 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 September 30, 2021 and December 31, 2020, 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. 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 to determine the reported price. 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 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. During September 2021, the Company made an investment in an unconsolidated joint venture that holds investments in real estate debt, which is reflected at its initial investment as of September 30, 2021 (Level 2 inputs). The Company believes the transaction price provides the most observable indication of fair value as of September 30, 2021 given the timing of the investment and lack of significant changes in market conditions. Refer to Note 5 for additional details on the Company’s investments in real estate debt. The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity security is reflected at its fair value as of September 30, 2021 (Level 2 inputs). In determining the fair value, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate. The Company's investment in a private real estate company is reflected at its fair value as of September 30, 2021 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. As of September 30, 2021 and December 31, 2020, the Company’s $2.7 billion and $0.6 billion of equity securities, respectively, were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The resulting unrealized gains and losses from public and private real estate-related companies are recorded as a component of Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2021, the Company recognized $154.8 million and $379.6 million of unrealized gains, respectively, on its investments in equity securities. During the three and nine months ended September 30, 2020, the Company recognized $15.4 million of unrealized losses and $40.6 million of unrealized losses, respectively, on its investments in equity securities. The Company has elected the FVO for two of its equity method investments and therefore, reports these investments at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Income From Unconsolidated Entities on the Company’s Condensed Consolidated Statements of Operations. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the assets of the equity method investments, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investment by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions 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 equity method investment at fair value. The inputs used in determining the Company’s equity method investments carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value. As of September 30, 2021 and December 31, 2020, the Company’s derivative financial instruments consisted of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, 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): September 30, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 5,890,697 $ 1,012,298 $ 6,902,995 $ — $ 4,445,414 $ 120,892 $ 4,566,306 Equity securities 2,088,122 387,600 224,408 2,700,130 327,935 271,250 — 599,185 Investments in unconsolidated entities — — 558,399 558,399 — — — — Derivatives — 53,478 — 53,478 — — — — Total $ 2,088,122 $ 6,331,775 $ 1,795,105 $ 10,215,002 $ 327,935 $ 4,716,664 $ 120,892 $ 5,165,491 Liabilities: Derivatives $ — $ 22,860 $ — $ 22,860 $ — $ 55,536 $ — $ 55,536 Total $ — $ 22,860 $ — $ 22,860 $ — $ 55,536 $ — $ 55,536 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Equity Securities Total Balance as of December 31, 2020 $ 120,892 $ — $ — $ 120,892 Purchases 894,696 439,347 205,980 1,540,023 Distributions received — (14,130) — (14,130) Included in net income Unrealized gain included in income from unconsolidated entities — 133,182 — 133,182 Discount accretion included in income (loss) from investments in real estate debt 1,588 — — 1,588 Unrealized loss included in income (loss) from investments in real estate debt (4,878) — — (4,878) Unrealized gain included in other income (expense) — — 18,428 18,428 Balance as of September 30, 2021 $ 1,012,298 $ 558,399 $ 224,408 $ 1,795,105 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,012,298 Discounted cash flow Yield 8.0% Decrease Investments in unconsolidated entities $ 558,399 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.8% Decrease Weighted Average Cost of Capital 10.6% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase December 31, 2020 Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 120,892 Discounted cash flow Yield 10.3% Decrease Valuation of liabilities not measured at fair value As of September 30, 2021, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $130.2 million above carrying value. As of December 31, 2020, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $48.6 million above 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 an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Derivative Financial Instruments As of September 30, 2021 and December 31, 2020, all of the Company’s derivative instruments were non-designated hedges. The Company presents changes in the fair value of its non-designated hedges as a component of Income (loss) from Investments in Real Estate Debt or Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations depending on the nature of the derivative instrument. The Company has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Balance Sheets, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provide the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Derivative financial instruments are recorded as a component of either Other Assets or Other Liabilities on the Company’s Condensed Consolidated Balance Sheets at fair value. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, a wholly owned subsidiary of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a straight-line basis over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. Refer to Note 9 for additional information on the awards issued to certain employees of the affiliate portfolio companies. On January 1, 2021, the Company issued awards to certain employees of Simply Self Storage which had a grant date fair value of $3.6 million. The Simply Self Storage awards are subject to certain performance conditions and a four-year service period. As such, if the Company determines it is probable that the performance conditions will be met, the value of the award will be amortized over the four-year service period, as adjusted for forfeitures. As of September 30, 2021, the Company determined it was probable that the performance conditions will be met. During the three and nine months ended September 30, 2021, the Company recorded $0.2 million and $0.6 million, respectively, of compensation expense related to such awards, which was included as a component of Rental Property Operating Expense in the Company’s Condensed Consolidated Statements of Operations. As of September 30, 2021, the total unrecognized compensation cost relating to the Simply Self Storage awards was $2.6 million and is expected to be recognized over a period of 3.3 years from September 30, 2021. Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. In accordance with the Lease Modification Q&A, the Company has made a policy election to not account for concessions as a lease modification if the total cash flows after the lease concessions are substantially the same, or less than, the cash flows in the original lease. However, if in the future, a concession is granted that modifies the terms and significantly alters the cash flows of the original lease, the Company will account for the changes as a lease modification. The Company has granted concessions as a result of the COVID-19 pandemic to certain tenants to defer rental payments until a later date. The Company continued to recognize rental revenue for such tenants during the nine months ended September 30, 2021, while also considering any necessary bad debt reserves. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices (collectively, “IBORs”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of September 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Building and building improvements $ 35,984,871 $ 25,991,610 Land and land improvements 9,510,255 7,626,381 Furniture, fixtures and equipment 659,207 495,395 Right of use asset - operating leases (1) 114,535 114,535 Right of use asset - financing leases (1) 72,862 56,008 Total 46,341,730 34,283,929 Accumulated depreciation and amortization (2,745,641) (1,826,216) Investments in real estate, net $ 43,596,089 $ 32,457,713 (1) Refer to Note 14 for additional details on the Company’s leases. Acquisitions During the nine months ended September 30, 2021, the Company acquired interests in 32 real estate investments for $12.5 billion, which comprised 67 residential properties, 37 industrial properties, two data center properties, two self storage properties, one retail property, and one office property. The following table details the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Purchase Price (1) Residential properties (2) 21 67 25,329 units $ 11,345,228 Industrial properties 6 37 5,114 sq. ft. 614,156 Data center properties 1 2 430 sq. ft. 180,057 Self storage properties 2 2 131 sq. ft. 19,938 Retail properties 1 1 296 sq. ft. 80,312 Office properties 1 1 361 sq. ft. 251,171 32 110 $ 12,490,862 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes the 11,525 wholly-owned single family homes related to the acquisition of Home Partners of America ("HPA"), which are not included in the number of properties. Refer to Note 4 for details on the unconsolidated homes acquired in the HPA transaction. The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Amount Building and building improvements $ 9,806,490 Land and land improvements 1,972,873 Furniture, fixtures and equipment 163,743 In-place lease intangibles 266,156 Above-market lease intangibles 909 Below-market lease intangibles (13,543) Brokerage firm relationship intangibles 50,000 Trade name intangibles 40,000 Management contract intangibles 39,000 Other 165,234 Total purchase price 12,490,862 Assumed debt (1) 2,353,084 Net purchase price $ 10,137,778 (1) Refer to Note 6 for additional details on the Company’s debt, which includes mortgage notes, term loans, and secured revolving credit facilities. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles of the properties acquired during the nine months ended September 30, 2021 were three five Dispositions The following table details the dispositions during the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Loss Number of Properties Net Proceeds Net Gain Residential properties (1) 4 $ 99,598 $ (9,586) 9 $ 194,575 $ 13,216 4 $ 99,598 $ (9,586) 9 $ 194,575 $ 13,216 Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Residential properties 6 $ 246,244 $ 64,885 6 $ 246,244 $ 64,885 Hotel properties 1 134,537 35,185 1 134,537 35,185 Industrial properties — — — 1 4,488 371 7 $ 380,781 $ 100,070 8 $ 385,269 $ 100,441 (1) Net proceeds and net gain/(loss) include 111 single family rental homes sold during the three and nine months ended September 30, 2021. Properties Held for Sale As of September 30, 2021, one industrial property was classified as held for sale. There were no properties classified as held for sale as of December 31, 2020. The held for sale assets and liabilities are components of Other Assets and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: September 30, 2021 Investments in real estate, net $ 21,670 Other assets 681 Total assets $ 22,351 Liabilities: Other liabilities $ 302 Total liabilities $ 302 Impairment

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company holds investments in joint ventures that it accounts for under the equity method of accounting, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. The joint ventures include 9,526 single family rental properties, 80 industrial properties, 48 data center properties, and two net lease properties. Refer to Note 2 for additional details. The following table details the Company’s equity investment in unconsolidated entities as of September 30, 2021 and December 31, 2020 ($ in thousands): Investment in Joint Venture Segment Ownership September 30, 2021 December 31, 2020 QTS Data Centers (1) Data Centers 50.1% $ 2,012,362 $ — MGM Grand & Mandalay Bay (2) Net Lease 49.9% 821,422 816,220 Home Partners of America JVs (3) Residential 12.2% - 27.8% 593,738 — Alaska Logistics Portfolio (4) Industrial 26.7% 266,961 — Total unconsolidated entities at historical cost 3,694,483 816,220 WC Infill Industrial Portfolio Industrial 85.0% 329,457 — Vault Industrial Portfolio Industrial 46.0% 228,942 — Total unconsolidated entities at fair value 558,399 — Total $ 4,252,882 $ 816,220 (1) The Company along with certain Blackstone-managed investment vehicles formed a joint venture ("QTS Data Centers") and acquired all outstanding shares of common stock of QTS Realty Trust ("QTS"). The Company's interest in QTS Data Centers is through a consolidated joint venture, whereby the non-controlling interest is a Blackstone-managed investment vehicle. As of September 30, 2021, the Company's investment includes $577.5 million attributable to such other Blackstone-managed investment vehicles. (2) Includes $9.3 million and $9.4 million of BREIT outside basis attributable to the MGM Grand & Mandalay Bay joint venture as of September 30, 2021 and December 31, 2020, respectively. (3) Includes $315.4 million of BREIT outside basis attributable to the Home Partners of America JVs as of September 30, 2021. (4) The Company along with certain Blackstone-managed investment vehicles formed a joint venture ("Alaska Logistics Portfolio") and acquired a portfolio of logistics properties. The following table details the Company’s income from unconsolidated entities for the three and nine months ended September 30, 2021 ($ in thousands): Three Months Ended September 30, 2021 Investment in Joint Venture Ownership Total Net Income (Loss) of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT Income QTS Data Centers (1) 50.1% $ 53,073 $ (33,972) $ (17,020) $ — $ (17,020) MGM Grand & Mandalay Bay 49.9% 98,681 50,001 24,951 (37) 24,914 Home Partners of America JVs 12.2% - 27.8% 56,865 (4,634) (1,110) (7,505) (8,615) Alaska Industrial Portfolio 26.7% 20,755 796 212 — 212 WC Infill Industrial Portfolio (2) 85.0% — — — — 43,911 Vault Industrial Portfolio (2) 46.0% — — — — 35,043 Total $ 78,445 Nine Months Ended September 30, 2021 Investment in Joint Venture Ownership Total Net Income (Loss) of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT Income (Loss) from Unconsolidated Entities QTS Data Centers (1) 50.1% $ 53,073 $ (33,972) $ (17,020) $ — $ (17,020) MGM Grand & Mandalay Bay 49.9% 296,044 151,314 75,506 (110) 75,396 Home Partners of America JVs 12.2% - 27.8% 56,865 (4,634) (1,110) (7,505) (8,615) Alaska Industrial Portfolio 26.7% 20,755 796 212 — 212 WC Infill Industrial Portfolio (2) 85.0% — — — — 75,247 Vault Industrial Portfolio (2) 46.0% — — — — 57,935 Total $ 183,155 (1) BREIT Income (Loss) from Unconsolidated Entities includes $4.9 million of loss attributable to a Blackstone-managed investment vehicle for the three and nine months ended September 30, 2021. The Company reflects this amount within net loss attributable to non-controlling interests. (2) The Company elected the fair value option for these investments. Therefore, the income from unconsolidated entities represents the change in estimated fair value of the Company’s investment in such entities. The following table details the Company’s income from unconsolidated entities for the three and nine months ended September 30, 2020 ($ in thousands): Three Months Ended September 30, 2020 Investment in Joint Venture Ownership Total Net Income of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT MGM Grand & Mandalay Bay 49.9% $ 98,682 $ 50,320 $ 25,110 $ (37) $ 25,073 Nine Months Ended September 30, 2020 Investment in Joint Venture Ownership Total Net Income of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT MGM Grand & Mandalay Bay 49.9% $ 247,800 $ 127,799 $ 63,772 $ (94) $ 63,678 =

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Investments in Real Estate Debt	Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): September 30, 2021 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+2.7% 6/2/2026 $ 5,031,213 $ 4,939,962 $ 4,957,915 Corporate bonds 4.8% 12/26/2027 166,242 166,242 168,594 RMBS 3.8% 2/13/2051 103,008 102,959 103,078 Total real estate securities 3.6% 12/15/2026 5,300,463 5,209,163 5,229,587 Commercial real estate loans L+3.9% 2/12/2025 1,480,951 1,463,893 1,467,521 Other investments (4) 3.7% 7/25/2029 235,956 205,887 205,887 Total investments in real estate debt L+2.7% 8/23/2026 $ 7,017,370 $ 6,878,943 $ 6,902,995 December 31, 2020 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+2.0% 1/17/2026 $ 4,093,201 $ 3,949,824 $ 3,753,428 Corporate bonds 5.0% 5/3/2027 179,398 178,219 183,203 RMBS 4.5% 10/24/2049 22,429 22,602 22,510 Total real estate securities 3.2% 3/29/2026 4,295,028 4,150,645 3,959,141 Commercial real estate loans L+3.8% 8/8/2022 623,574 572,869 607,165 Total investments in real estate debt L+2.2% 10/3/2025 $ 4,918,602 $ 4,723,514 $ 4,566,306 (1) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, SOFR and SONIA, 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 September 30, 2021 and December 31, 2020, respectively, for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero coupon securities. As of September 30, 2021, we have interest rate swaps outstanding with a notional value of $1.1 billion that effectively converts a portion of our fixed rate investments in real estate debt to floating rates. (2) Weighted average maturity date is based on the fully extended maturity date of the instrument or, in the case of CMBS and RMBS, the underlying collateral. (3) Face amount excludes interest-only securities with a notional amount of $3.4 billion and $2.3 billion as of September 30, 2021 and December 31, 2020, respectively. In addition, CMBS includes zero coupon securities of $208.8 million and $236.1 million as of September 30, 2021 and December 31, 2020, respectively. (4) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt securities. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): September 30, 2021 December 31, 2020 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Hospitality $ 1,940,260 $ 1,927,752 27% $ 2,046,529 $ 1,904,256 42% Industrial 1,786,310 1,778,578 26% 612,884 610,504 13% Residential 1,582,301 1,627,865 24% 748,086 797,840 17% Office 673,590 657,776 10% 720,665 681,596 15% Diversified 428,523 432,214 6% 234,527 225,077 5% Other 343,588 342,279 5% 238,202 213,654 5% Net Lease 106,996 119,705 2% 105,246 117,219 3% Retail 17,375 16,826 –% 17,375 16,160 —% Total $ 6,878,943 $ 6,902,995 100% $ 4,723,514 $ 4,566,306 100% (1) Residential investments in real estate debt are collateralized by various forms of rental housing including apartments and single-family homes. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): September 30, 2021 December 31, 2020 Credit Rating Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AAA $ 25,780 $ 25,743 —% $ 10,044 $ 10,047 —% AA 668 667 —% 776 779 —% A 225,232 237,088 3% 262,097 267,023 6% BBB 409,843 410,103 6% 797,918 753,393 17% BB 1,483,674 1,493,393 22% 1,435,891 1,381,221 30% B 1,571,261 1,557,244 23% 1,186,975 1,114,977 24% CCC 35,209 36,325 1% 32,402 34,839 1% Private Commercial Real Estate Loans 1,383,802 1,386,566 20% 522,306 555,291 12% Not Rated 1,743,474 1,755,866 25% 475,105 448,736 10% Total $ 6,878,943 $ 6,902,995 100% $ 4,723,514 $ 4,566,306 100% During the three and nine months ended September 30, 2021, the Company recognized $59.4 million and $151.6 million, respectively, of interest income related to investments in real estate debt. During the three and nine months ended September 30, 2020, the Company recognized $47.2 million and $149.0 million, respectively, of interest income related to investments in real estate debt. Interest income is included as a component of Income from Investments in Real Estate Debt on the Company’s Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2021, the Company recorded a net unrealized loss of $21.4 million and a net unrealized gain of $181.3 million, respectively, related to investments in real estate debt. During the three and nine months ended September 30, 2020, the Company recorded a net unrealized gain of $186.9 million and a net unrealized loss $361.8 million, respectively, related to investments in real estate debt. Such unrealized gains and losses were recorded as a component of Income from Investments in Real Estate Debt on the Company’s Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2021, the Company recognized a net realized gain of $13.1 million and $27.7 million, respectively, due to the sale, repayment, or partial repayment of certain of the Company’s investments in real estate debt. During the three and nine months ended September 30, 2020, the Company recognized a net realized loss of $6.5 million and $11.2 million, respectively, due to the sale, repayment, or partial repayment of certain of the Company’s investments in real estate debt. The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, September 30, 2021 December 31, 2020 2021 2020 2021 2020 CMBS $ 2,623,436 $ 1,749,877 $ 4,680 $ 99,959 $ 101,626 $ (84,180) Commercial real estate loans 539,175 545,539 (7,795) 35,315 (11,895) 45,307 Total $ 3,162,611 $ 2,295,416 $ (3,115) $ 135,274 $ 89,731 $ (38,873) For additional information regarding the Company’s investments in affiliated real estate debt, see Note 5 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The terms and conditions of such affiliated real estate debt held as of September 30, 2021 are consistent with the terms described in such Note. As of September 30, 2021 and December 31, 2020, the Company’s investments in real estate debt also included $457.5 million and $179.6 million, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage notes. The Company recognized $7.0 million and $28.5 million of income related to such CMBS during the three and nine months ended September 30, 2021, respectively. The Company recognized $11.7 million of income and $7.3 million of losses related to such CMBS during the three and nine months ended September 30, 2020, respectively.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities The following table details the mortgage notes, term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): September 30, 2021 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum September 30, 2021 December 31, 2020 Fixed rate loans: Fixed rate mortgages 3.5% 8/31/2027 N/A $ 14,158,332 $ 13,124,595 Variable rate loans: Variable rate mortgages and term loans L+1.7% 9/27/2025 N/A 9,653,874 6,305,964 Variable rate secured revolving credit facilities L+1.5% 10/28/2025 $ 2,185,344 729,325 481,725 Variable rate warehouse facilities L+2.1% 9/27/2022 $ 1,875,000 484,023 — Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 202,200 Total variable rate loans L+1.8% 8/11/2025 10,938,322 6,989,889 Total loans secured by real estate 2.8% 10/8/2026 25,096,654 20,114,484 Premium on assumed debt, net 28,361 15,191 Deferred financing costs, net (158,839) (153,514) Mortgage notes, term loans, and secured revolving credit facilities, net $ 24,966,176 $ 19,976,161 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, 30-day SOFR, and one-month CDOR, as applicable to each loan. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of September 30, 2021 ($ in thousands): Year Amount 2021 (remaining) $ 399,618 2022 752,619 2023 904,478 2024 3,692,043 2025 4,661,846 2026 5,605,063 Thereafter 9,080,987 Total $ 25,096,654 During the three and nine months ended September 30, 2021 and 2020, the Company repaid certain of its loans at amounts in excess of their carrying value in conjunction with the sale of the underlying property or a refinancing. As such, the Company incurred a realized loss on extinguishment of debt of $3.4 million and $9.5 million, respectively, for the three and nine months ended September 30, 2021. The Company incurred a realized loss on extinguishment of debt of $5.3 million and $6.5 million, respectively, for the three and nine months ended September 30, 2020. Such losses result from the acceleration of related deferred financing costs, prepayment penalties, and transactions costs and are recorded on the Company’s Condensed Consolidated Statements of Operations.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	9 Months Ended
	Sep. 30, 2021
Disclosure of Repurchase Agreements [Abstract]
Secured Financings on Investments in Real Estate Debt	Secured Financings of Investments in Real Estate Debt T he Company has entered into master repurchase agreements and other financing agreements with lenders to provide additional financing capacity 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 margin in the form of cash, securities, or other forms of collateral should the market value of the pledged investments decline. The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): September 30, 2021 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 2,381,296 $ 4,118,078 L+0.9% 8/12/2022 Term Loans 236,241 363,447 L+1.8% 4/2/2022 Corporate Bonds 103,396 158,820 L+0.8% 8/13/2022 RMBS 46,466 74,030 L+0.9% 8/29/2022 $ 2,767,399 $ 4,714,375 L+1.0% December 31, 2020 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 1,733,623 $ 2,697,714 L+1.6% 6/21/2021 Term Loans 292,406 452,578 L+1.8% 3/17/2022 Corporate Bonds 111,540 138,215 L+0.8% 3/6/2021 RMBS 3,424 4,646 L+1.5% 3/30/2021 $ 2,140,993 $ 3,293,153 L+1.6% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral. (2) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, and SONIA, as applicable to each secured financing.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities	Unsecured Revolving Credit Facilities The Company is party to an unsecured revolving credit facility with multiple banks. The credit facility expires on February 22, 2024 and may be extended for one year. Interest under the credit facility is determined based on LIBOR plus 2.5%. As of September 30, 2021, the capacity of the credit facility was $1.9 billion. As of December 31, 2020, the Company had a $23.5 million letter of credit outstanding, which reduced the available capacity of the unsecured credit facility. No such letter of credit was outstanding as of September 30, 2021. There were no other outstanding borrowings on the unsecured credit facility as of September 30, 2021 and December 31, 2020. The Company also maintains a $100.0 million unsecured revolving credit facility with an affiliate of Blackstone of which there was no outstanding balance as of September 30, 2021 or December 31, 2020. For additional information regarding the affiliate credit facility, see Note 8 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates ($ in thousands): September 30, 2021 December 31, 2020 Accrued stockholder servicing fee $ 1,028,882 $ 605,411 Performance participation allocation 892,410 192,648 Accrued management fee 44,778 22,253 Accrued affiliate service provider expenses 9,004 10,151 Advanced organization and offering costs 2,557 4,090 Other 2,296 53,107 Total $ 1,979,927 $ 887,660 Accrued Stockholder Servicing Fee The Company accrues the full amount of the future stockholder servicing fees payable to Blackstone Securities Partners L.P. (the “Dealer Manager”), a registered broker dealer affiliated with the Adviser, for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance 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"). Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner only after the other unit holders 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 all other BREIT OP unit holders 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. The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I or Class B units of BREIT OP or cash, at the election of the Special Limited Partner. During the three and nine months ended September 30, 2021, the Company recognized $449.8 million and $892.4 million, respectively, of Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations as the performance hurdle was achieved as of September 30, 2021. During the three and nine months ended September 30, 2020, the Company recognized no Performance Participation Allocation expense as the performance hurdle was not achieved as of and September 30, 2020. In January 2021 , the Company issued 15.5 million Class I units and 1.1 million Class B units in BREIT OP to the Special Limited Partner as payment of the 2020 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2020. Subsequent to the issuance of the Class I units and Class B units, 9.7 million of such units were redeemed for $111.9 million, and 1.1 million of such units were exchanged for unregistered Class I shares in the Company. As of September 30, 2021, Blackstone and its employees, including the Company’s executive officers, continue to own shares of the Company and Class I and Class B units of BREIT OP worth an aggregate $534.5 million. Accrued Management Fee The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, 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, shares of the Company's common stock, or BREIT OP units. To date, the Adviser has elected to receive the management fee in shares of the Company’s common stock. During the three and nine months ended September 30, 2021, the Company incurred management fees of $122.9 million and $288.1 million, respectively. During the three and nine months ended September 30, 2020, the Company incurred management fees of $57.6 million and $160.5 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company issued 19.6 million and 13.0 million unregistered Class I shares, respectively, to the Adviser as payment for management fees. The Company also had a payable of $44.8 million and $22.3 million related to the management fees as of September 30, 2021 and December 31, 2020, respectively, which is included in Due to Affiliates on the Company’s Condensed Consolidated Balance Sheets. During October 2021, the Adviser was issued 3.3 million unregistered Class I shares as payment for the $44.8 million management fees accrued as of September 30, 2021. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. During the nine months ended September 30, 2021, the Adviser submitted 10.4 million Class I shares for repurchase, for a total repurchase amount of $121.4 million. During the nine months ended September 30, 2020, the Adviser submitted 8.4 million Class I shares for repurchase, for a total repurchase amount of $89.5 million. Accrued affiliate service provider expenses and incentive compensation awards For further details on the Company’s relationships with its affiliated service providers, see Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company issues incentive compensation awards to certain employees of affiliate portfolio company service providers that entitles them to receive an allocation of the Company’s total return over a certain hurdle amount, as determined by the Company, which is considered a performance condition. If it is considered probable that the performance condition will be met, these awards are amortized over the four-year service period, as adjusted for forfeitures. As of September 30, 2021, the Company has determined it is probable that the performance condition will be met and has amortized the value of such awards over the applicable service period. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following table details the incentive compensation awards ($ in thousands): September 30, 2021 Plan Year Unrecognized Compensation Cost as of December 31, 2020 Value of New Awards Issued Amortization of Compensation Cost for the Nine Months Ended September 30, 2021 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 3,363 $ — $ (852) $ 1,835 1.3 years 2020 — — — — — 2021 — 8,500 (1,594) 6,906 3.3 years $ 3,363 $ 8,500 $ (2,446) $ 8,741 The following table details the amounts incurred for affiliate service providers during the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Affiliate Service Provider Expenses Three Months Ended September 30, Amortization of Affiliate Service Provider Incentive Compensation Three Months Ended September 30, Capitalized Transaction Support Services Three Months Ended September 30, 2021 2020 2021 2020 2021 2020 Link Industrial Properties L.L.C. $ 16,363 $ 13,312 $ 394 $ (16) $ 458 $ 2,373 LivCor, L.L.C. 9,651 7,150 441 (5) 2,227 772 BRE Hotels and Resorts LLC 2,794 4,012 119 (9) — — ShopCore Properties TRS Management LLC 1,471 1,411 15 (1) 171 107 Revantage Corporate Services, L.L.C. 899 440 — — 1,271 — Equity Office Management, L.L.C. 418 170 7 — — — Total $ 31,596 $ 26,495 $ 976 $ (31) $ 4,127 $ 3,252 Affiliate Service Provider Expenses Nine Months Ended September 30, Amortization of Affiliate Service Provider Incentive Compensation Awards Nine Months Ended September 30, Capitalized Transaction Support Services Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 Link Industrial Properties L.L.C. $ 48,322 $ 39,334 $ 999 $ 505 $ 1,276 $ 2,926 LivCor, L.L.C. 30,569 19,474 1,138 149 4,302 2,533 BRE Hotels and Resorts LLC 8,237 11,661 246 303 — — ShopCore Properties TRS Management LLC 4,366 3,532 40 12 253 422 Revantage Corporate Services, L.L.C. 2,278 1,397 — — 1,271 — Equity Office Management, L.L.C. 1,382 465 23 — — — Total $ 95,154 $ 75,863 $ 2,446 $ 969 $ 7,102 $ 5,881 Affiliate service provider expenses and incentive compensation awards are included as a component of Rental Property Operating 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 the aforementioned arrangements. Other As of September 30, 2021, and December 31, 2020, the Company had zero and $50.8 million, respectively, of accrued repurchases of Class I shares due to the Adviser. Additionally, as of both September 30, 2021 and December 31, 2020, the Adviser had advanced $2.3 million of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Affiliate Title Service Provider During the nine months ended September 30, 2021, the Company paid Lexington National Land Services $13.8 million for title services related to 29 investments and such costs were either (i) capitalized to Investments in Real Estate or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities on the Company’s Condensed Consolidated Balance Sheets. For additional information regarding this affiliate relationship, see Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Captive Insurance Company During the three and nine months ended September 30, 2021, the Company contributed $5.3 million and $49.5 million, respectively, of capital to the captive insurance company for insurance premiums and its pro rata share of other expenses. Of these amounts, $0.1 million and $0.9 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. The capital contributed and fees paid are in place of insurance premiums and fees that would otherwise be paid to third party insurance companies. The Company contributed $28.4 million of capital to the captive insurance company during the three and nine months ended September 30, 2020. Of these amounts, $0.5 million and $0.5 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. Other As of both September 30, 2021 and December 31, 2020, the Company had a receivable of $3.9 million from LivCor, L.L.C. and such amounts are included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2021
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of other assets ($ in thousands): September 30, 2021 December 31, 2020 Equity securities $ 2,700,130 $ 599,185 Real estate intangibles, net 808,990 738,259 Pre-acquisition costs 602,603 241 Receivables, net 282,801 109,159 Straight-line rent receivable 243,228 155,108 Prepaid expenses 89,172 50,092 Single family rental homes retained risk retention securities 82,422 — Deferred leasing costs, net 69,038 49,533 Derivatives 53,478 — Held for sale assets 22,351 — Deferred financing costs, net 21,561 22,740 Other 89,774 74,936 Total $ 5,065,548 $ 1,799,253 The following table details the components of other liabilities ($ in thousands): September 30, 2021 December 31, 2020 Subscriptions received in advance $ 1,720,934 $ 508,817 Real estate taxes payable 250,154 117,362 Payable for unsettled investments in real estate debt 236,686 — Accounts payable and accrued expenses 189,536 104,866 Distribution payable 158,156 90,892 Intangible liabilities, net 117,410 128,639 Tenant security deposits 108,618 57,489 Prepaid rental income 97,806 95,165 Right of use lease liability - operating leases 86,177 85,065 Stock repurchases payable 75,308 83,350 Right of use lease liability - financing leases 74,630 57,727 Accrued interest expense 51,865 50,065 Derivatives 22,860 55,536 Held for sale liabilities 302 — Other 67,619 30,221 Total $ 3,258,061 $ 1,465,194

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Intangible assets: In-place lease intangibles $ 1,164,981 $ 1,094,561 Indefinite life intangibles 104,182 — Above-market lease intangibles 44,982 49,261 Other 61,353 32,549 Total intangible assets 1,375,498 1,176,371 Accumulated amortization: In-place lease amortization (530,163) (407,256) Above-market lease amortization (22,262) (20,291) Other (14,083) (10,565) Total accumulated amortization (566,508) (438,112) Real estate intangibles, net $ 808,990 $ 738,259 Intangible liabilities: Below-market lease intangibles $ 196,238 $ 194,158 Total intangible liabilities 196,238 194,158 Accumulated amortization: Below-market lease amortization (78,828) (65,519) Total accumulated amortization (78,828) (65,519) Intangible liabilities, net $ 117,410 $ 128,639 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2021 is as follows ($ in thousands): In-place Lease Above-market Below-market 2021 (remaining) $ 138,129 $ 1,881 $ (7,585) 2022 167,444 6,320 (27,708) 2023 91,470 4,207 (23,262) 2024 64,465 2,933 (18,695) 2025 50,402 2,299 (14,192) 2026 38,079 1,696 (10,447) Thereafter 84,829 3,384 (15,521) $ 634,818 $ 22,720 $ (117,410)

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined within ASC 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 its secured financings of investments in real estate debt in addition to certain loans secured by the Company’s real estate. The Company uses derivative financial instruments, which includes interest rate swaps, and may also include interest rate caps, options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands): September 30, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 54 $ 1,140,710 1.0% LIBOR 5.4 Interest Rate Swaps - Property debt 6 $ 1,500,000 1.1% LIBOR 6.8 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 53 $ 929,560 1.3% LIBOR 6.3 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): September 30, 2021 December 31, 2020 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 15 € 705,031 7 € 219,430 Buy USD / Sell GBP Forward 9 £ 311,988 2 £ 25,093 Buy EUR / Sell USD Forward 9 € 147,613 — € — Buy GBP / Sell USD Forward 4 £ 53,777 — £ — Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Interest rate derivatives $ 19,922 $ — $ 18,379 $ 46,144 Foreign currency forward contracts 33,556 — 4,481 9,392 Total Derivatives $ 53,478 $ — $ 22,860 $ 55,536 (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. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Three Months Ended September 30, 2021 2020 Foreign Currency Forward Contract Realized gain (loss) Income from investments in real estate debt $ 335 $ (12,541) Interest Rate Swap - Investments in real estate debt Realized loss Income from investments in real estate debt (77) — Foreign Currency Forward Contract Unrealized gain Income from investments in real estate debt 18,514 4,018 Interest Rate Swap – Investments in real estate debt Unrealized gain Income from investments in real estate debt 7,017 3,604 Interest Rate Swap – Property debt Unrealized gain Other income (expense) 7,995 — $ 33,784 $ (4,919) Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Nine Months Ended September 30, 2021 2020 Foreign Currency Forward Contract Realized loss Income from investments in real estate debt $ (8,244) $ (10,572) Interest Rate Swap - Investments in real estate debt Realized loss Income from investments in real estate debt (15,041) (1,711) Foreign Currency Forward Contract Unrealized gain (loss) Income from investments in real estate debt 38,479 (1,079) Interest Rate Swap – Investments in real estate debt Unrealized gain (loss) Income from investments in real estate debt 49,947 (59,659) Interest Rate Swap – Property debt Unrealized loss Other income (expense) (2,151) — $ 62,990 $ (73,021) 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.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of September 30, 2021, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended September 30, 2021 Class S Class I Class T Class D Total June 30, 2021 921,838 1,326,271 50,188 181,506 2,479,803 Common stock issued 156,140 364,057 3,671 61,255 585,123 Distribution reinvestment 6,488 8,280 341 1,325 16,434 Common stock repurchased (2,969) (12,224) (254) (548) (15,995) Independent directors' restricted stock grant (1) — 56 — — 56 September 30, 2021 1,081,497 1,686,440 53,946 243,538 3,065,421 Nine Months Ended September 30, 2021 Class S Class I Class T Class D Total December 31, 2020 702,853 927,080 45,943 124,141 1,800,017 Common stock issued 374,193 801,347 8,074 117,769 1,301,383 Distribution reinvestment 18,295 20,802 1,013 3,466 43,576 Common stock repurchased (13,844) (62,850) (1,084) (1,838) (79,616) Independent directors' restricted stock grant (1) — 61 — — 61 September 30, 2021 1,081,497 1,686,440 53,946 243,538 3,065,421 (1) The independent directors’ restricted stock grant for the three months ended September 30, 2021 represents $0.1 million of the annual compensation paid to each of the independent directors. The cost of the grant is amortized over the the one year service period of such grant. The independent directors’ restricted stock grant for the nine months ended September 30, 2021 represents $0.1 million of the annual compensation paid to each of the independent directors and $0.1 million of the annual compensation paid to a new independent director, which has been prorated for the period from January 2021 through August 2021. The cost of the grant is amortized over the one year service period of such grant. Share and Unit Repurchases For the three months ended September 30, 2021, the Company repurchased 16.0 million shares of common stock for a total of $206.2 million. The Company did not repurchase any BREIT OP units during the three months ended September 30, 2021. For the nine months ended September 30, 2021, the Company repurchased 79.6 million shares of common stock and 9.8 million BREIT OP units for a total of $957.0 million and $113.4 million, respectively. The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2021. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1637 $ 0.1637 $ 0.1637 $ 0.1637 Stockholder servicing fee per share of common stock (0.0284) — (0.0280) (0.0082) Net distributions declared per share of common stock $ 0.1353 $ 0.1637 $ 0.1357 $ 0.1555 Nine Months Ended September 30, 2021 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4852 $ 0.4852 $ 0.4852 $ 0.4852 Stockholder servicing fee per share of common stock (0.0793) — (0.0782) (0.0229) Net distributions declared per share of common stock $ 0.4059 $ 0.4852 $ 0.4070 $ 0.4623 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 9 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the nine months ended September 30, 2021 and 2020 ($ in thousands): September 30, 2021 September 30, 2020 Balance at the beginning of the year $ 274 $ 272 Settlement of prior year performance participation allocation 192,648 141,396 Repurchases (111,949) (83,625) Conversion to Class I and Class B units (68,453) (48,543) Conversion to Class I shares (12,246) (9,228) GAAP income allocation (4) (13) Distributions (12) (10) Fair value allocation 62 17 Ending balance $ 320 $ 266 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of September 30, 2021 and December 31, 2020, $80.5 million and $29.8 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets. The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment of $(24.8) million and $(34.5) million during the three and nine months ended September 30, 2021, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest. The Company recorded an allocation adjustment of $(6.4) million and $(6.7) million during the three and nine months ended September 30, 2020, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s residential, industrial, net lease, data centers, self storage, retail, and office properties. Leases at the Company’s industrial, data centers, retail, and office 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, retail, and office 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 residential 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 the Company’s lease at the Bellagio consists of a fixed annual rent that escalates annually throughout the term of the lease, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company assessed the classification of the Bellagio lease and determined the lease was an operating lease. The Company’s assessment included the consideration of the present value of the lease payments over the lease term and the residual value of the leased assets. Leases at the Company’s industrial, net lease, data centers, retail, and office properties are generally longer term and may contain extension and termination options at the lessee’s election. Leases at the Company’s residential and self storage properties are short term in nature, 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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease payments $ 737,811 $ 509,188 $ 1,944,920 $ 1,492,519 Variable lease payments 70,287 52,865 196,903 155,346 Rental revenue $ 808,098 $ 562,053 $ 2,141,823 $ 1,647,865 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 2021 ($ in thousands). Leases at the Company’s residential and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2021 (remaining) $ 264,974 2022 1,039,042 2023 940,377 2024 831,443 2025 740,074 2026 653,059 Thereafter 9,045,865 Total $ 13,514,834 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 September 30, 2021, the Company had 15 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were 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 two of the Company’s operating leases contain renewal options, one for an additional 99 year term and the other for an additional 10 year term. The following table details the future lease payments due under the Company’s ground leases as of September 30, 2021 ($ in thousands): Operating Financing 2021 (remaining) $ 1,061 $ 215 2022 4,093 4,038 2023 4,132 4,150 2024 4,183 4,266 2025 4,423 4,385 2026 4,530 4,507 Thereafter 595,396 568,774 Total undiscounted future lease payments 617,818 590,335 Difference between undiscounted cash flows and discounted cash flows (531,641) (515,705) Total lease liability $ 86,177 $ 74,630 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of September 30, 2021, the weighted average remaining lease term of the Company’s operating leases and financing leases was 55 and 80 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases fixed to an index or periodic fixed percentage escalations. One of the Company’s ground leases contains 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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed ground rent expense $ 1,031 $ 1,000 $ 3,078 $ 3,026 Variable ground rent expense 5 — 31 18 Total cash portion of ground rent expense 1,036 1,000 3,109 3,044 Straight-line ground rent expense 1,636 1,656 4,926 5,090 Total operating lease costs $ 2,672 $ 2,656 $ 8,035 $ 8,134 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest on lease liabilities $ 889 $ 759 $ 2,407 $ 2,233 Amortization of right-of-use assets 322 239 821 748 Total financing lease costs $ 1,211 $ 998 $ 3,228 $ 2,981

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in nine reportable segments: Residential, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, Office properties, 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 Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table details the total assets by segment ($ in thousands): September 30, 2021 December 31, 2020 Residential $ 26,559,454 $ 13,701,615 Industrial 12,849,367 11,157,856 Net Lease 5,214,446 5,199,651 Data Centers (1) 2,525,963 341,056 Hospitality 2,430,899 2,196,429 Self Storage 1,518,884 1,593,430 Retail 770,351 700,045 Office 1,010,578 447,630 Investments in Real Estate Debt 7,035,826 4,763,309 Other (Corporate) 3,532,834 582,994 Total assets $ 63,448,602 $ 40,684,015 (1) Previously included within the Industrial segment. The following table details the financial results by segment for the three months ended September 30, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 416,749 $ 235,917 $ 82,795 $ 8,128 $ — $ 36,529 $ 15,527 $ 12,453 $ — $ 808,098 Hospitality revenue — — — — 127,507 — — — — 127,507 Other revenue 36,195 1,825 — — 2,632 2,603 332 117 — 43,704 Total revenues 452,944 237,742 82,795 8,128 130,139 39,132 15,859 12,570 — 979,309 Expenses: Rental property operating 219,456 69,157 440 1,061 — 16,430 4,767 2,706 — 314,017 Hospitality operating — — — — 92,280 — — — — 92,280 Total expenses 219,456 69,157 440 1,061 92,280 16,430 4,767 2,706 — 406,297 Income from unconsolidated entities (8,615) 79,166 24,914 (17,020) — — — — — 78,445 Income from investments in real estate debt — — — — — — — — 83,052 83,052 Income (loss) from investments in equity securities 148,553 15,573 10,761 — — — — (23,046) — 151,841 Segment net operating income (loss) $ 373,426 $ 263,324 $ 118,030 $ (9,953) $ 37,859 $ 22,702 $ 11,092 $ (13,182) $ 83,052 $ 886,350 Depreciation and amortization $ (249,438) $ (133,243) $ (28,637) $ (3,878) $ (22,928) $ (30,688) $ (6,973) $ (6,260) $ — $ (482,045) General and administrative $ (7,106) Management fee (122,866) Performance participation allocation (449,822) Net loss on dispositions of real estate (9,586) Interest income 41 Interest expense (204,538) Loss on extinguishment of debt (3,372) Other income (expense) 25,790 Net loss $ (367,154) Net loss attributable to non-controlling interests in third party joint ventures $ 5,472 Net loss attributable to non-controlling interests in BREIT OP 4,393 Net loss attributable to BREIT stockholders $ (357,289) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 244,691 $ 207,541 $ 82,795 $ 5,761 $ — $ 4,541 $ 13,594 $ 3,130 $ — $ 562,053 Hospitality revenue — — — — 56,038 — — — — 56,038 Other revenue 13,026 1,479 — — 1,738 686 255 96 — 17,280 Total revenues 257,717 209,020 82,795 5,761 57,776 5,227 13,849 3,226 — 635,371 Expenses: Rental property operating 122,266 61,234 156 768 — 2,618 5,163 1,101 — 193,306 Hospitality operating — — — — 60,339 — — — — 60,339 Total expenses 122,266 61,234 156 768 60,339 2,618 5,163 1,101 — 253,645 Income from unconsolidated entities — — 25,073 — — — — — — 25,073 Income from investments in real estate debt — — — — — — — — 206,046 206,046 Income (loss) from investments in equity securities (9,030) — 6,151 — — — — (6,771) — (9,650) Segment net operating income $ 126,421 $ 147,786 $ 113,863 $ 4,993 $ (2,563) $ 2,609 $ 8,686 $ (4,646) $ 206,046 $ 603,195 Depreciation and amortization $ (133,696) $ (133,453) $ (28,667) $ (2,525) $ (22,296) $ (2,396) $ (7,978) $ (1,588) $ — $ (332,599) General and administrative $ (5,430) Management fee (57,619) Performance participation allocation — Impairment of investments in real estate (6,217) Net gain on dispositions of real estate 100,070 Interest income 122 Interest expense (174,193) Loss on extinguishment of debt (5,258) Other income (expense) 398 Net income $ 122,469 Net loss attributable to non-controlling interests in third party joint ventures $ 593 Net income attributable to non-controlling interests in BREIT OP (1,790) Net income attributable to BREIT stockholders $ 121,272 (1) Previously included within the Industrial segment. The following table details the financial results by segment for the nine months ended September 30, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 1,007,297 $ 687,164 $ 248,384 $ 20,549 $ — $ 101,177 $ 44,624 $ 32,628 $ — $ 2,141,823 Hospitality revenue — — — — 288,310 — — — — 288,310 Other revenue 68,735 7,819 — — 7,626 6,760 1,546 328 — 92,814 Total revenues 1,076,032 694,983 248,384 20,549 295,936 107,937 46,170 32,956 — 2,522,947 Expenses: Rental property operating 510,039 213,306 910 2,975 — 49,391 14,302 8,784 — 799,707 Hospitality operating — — — — 223,053 — — — — 223,053 Total expenses 510,039 213,306 910 2,975 223,053 49,391 14,302 8,784 — 1,022,760 Income from unconsolidated entities (8,615) 133,394 75,396 (17,020) — — — — — 183,155 Income from investments in real estate debt — — — — — — — — 438,986 438,986 Income (loss) from investments in equity securities 300,048 70,984 41,724 — — — — (16,164) — 396,592 Segment net operating income (loss) $ 857,426 $ 686,055 $ 364,594 $ 554 $ 72,883 $ 58,546 $ 31,868 $ 8,008 $ 438,986 $ 2,518,920 Depreciation and amortization $ (585,424) $ (396,737) $ (85,773) $ (8,928) $ (68,504) $ (100,502) $ (21,158) $ (15,027) $ — $ (1,282,053) General and administrative $ (21,855) Management fee (288,144) Performance participation allocation (892,410) Net gain on dispositions of real estate 13,216 Interest income 136 Interest expense (567,685) Loss on extinguishment of debt (9,545) Other income (expense) 14,568 Net loss $ (514,852) Net loss attributable to non-controlling interests in third party joint ventures $ 5,149 Net loss attributable to non-controlling interests in BREIT OP 6,129 Net loss attributable to BREIT stockholders $ (503,574) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 713,603 $ 607,033 $ 248,384 $ 17,249 $ — $ 12,002 $ 40,516 $ 9,078 $ — $ 1,647,865 Hospitality revenue — — — — 205,291 — — — — 205,291 Other revenue 39,118 3,477 — — 4,575 1,597 761 316 — 49,844 Total revenues 752,721 610,510 248,384 17,249 209,866 13,599 41,277 9,394 — 1,903,000 Expenses: Rental property operating 342,062 180,976 270 2,244 — 7,061 12,914 3,202 — 548,729 Hospitality operating — — — — 204,168 — — — — 204,168 Total expenses 342,062 180,976 270 2,244 204,168 7,061 12,914 3,202 — 752,897 Income from unconsolidated entities — — 63,678 — — — — — — 63,678 Loss from investments in real estate debt — — — — — — — — (317,212) (317,212) Income (loss) from investments in equity securities (14,823) 13,571 (6,046) — — — — (6,644) — (13,942) Segment net operating income $ 395,836 $ 443,105 $ 305,746 $ 15,005 $ 5,698 $ 6,538 $ 28,363 $ (452) $ (317,212) $ 882,627 Depreciation and amortization $ (406,617) $ (405,326) $ (85,862) $ (7,574) $ (67,842) $ (6,077) $ (24,787) $ (4,671) $ — $ (1,008,756) General and administrative (19,025) Management fee (160,544) Performance participation allocation — Impairment of investments in real estate (12,343) Net gain on dispositions of real estate 100,441 Interest income 2,102 Interest expense (539,276) Loss on extinguishment of debt (6,495) Other income (expense) (15,080) Net loss $ (776,349) Net loss attributable to non-controlling interests in third party joint ventures $ 1,796 Net loss attributable to non-controlling interests in BREIT OP 10,177 Net loss attributable to BREIT stockholders $ (764,376) (1) Previously included within the Industrial segment.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. As of September 30, 2021 and December 31, 2020, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions Subsequent to September 30, 2021, the Company acquired an aggregate of $3.9 billion of real estate, exclusive of closing costs, across eleven separate transactions. Subsequent to September 30, 2021, the Company acquired an aggregate of $0.8 billion of investments in unconsolidated entities. Subsequent to September 30, 2021, the Company purchased an aggregate of $1.7 billion of investments in real estate debt. Proceeds from the Issuance of Common Stock

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	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, 2020 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 interest. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	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 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 variable interest entity (“VIE”) and whether it 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. 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. Equity method investments for which the Company has not elected a fair value option 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 fair value option (“FVO”), the Company records its share of net asset value of the Entity and any related unrealized gains and losses. BREIT OP and each of the Company’s joint ventures are considered to be either a VIE or VOE. The Company consolidates these entities, excluding certain equity method investments, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management 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 revenue and expenses during the reporting period.
Foreign Currency	Foreign Currency In the normal course of business, the Company makes investments in real estate outside the United States ("U.S.") through subsidiaries that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Income (Loss).
Fair Value Measurements	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 September 30, 2021 and December 31, 2020, 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. 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 to determine the reported price. 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 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. During September 2021, the Company made an investment in an unconsolidated joint venture that holds investments in real estate debt, which is reflected at its initial investment as of September 30, 2021 (Level 2 inputs). The Company believes the transaction price provides the most observable indication of fair value as of September 30, 2021 given the timing of the investment and lack of significant changes in market conditions. Refer to Note 5 for additional details on the Company’s investments in real estate debt. The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity security is reflected at its fair value as of September 30, 2021 (Level 2 inputs). In determining the fair value, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate. The Company's investment in a private real estate company is reflected at its fair value as of September 30, 2021 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. As of September 30, 2021 and December 31, 2020, the Company’s $2.7 billion and $0.6 billion of equity securities, respectively, were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The resulting unrealized gains and losses from public and private real estate-related companies are recorded as a component of Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2021, the Company recognized $154.8 million and $379.6 million of unrealized gains, respectively, on its investments in equity securities. During the three and nine months ended September 30, 2020, the Company recognized $15.4 million of unrealized losses and $40.6 million of unrealized losses, respectively, on its investments in equity securities. The Company has elected the FVO for two of its equity method investments and therefore, reports these investments at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Income From Unconsolidated Entities on the Company’s Condensed Consolidated Statements of Operations. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the assets of the equity method investments, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investment by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions 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 equity method investment at fair value. The inputs used in determining the Company’s equity method investments carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value. As of September 30, 2021 and December 31, 2020, the Company’s derivative financial instruments consisted of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).
Derivative Financial Instruments	Derivative Financial Instruments As of September 30, 2021 and December 31, 2020, all of the Company’s derivative instruments were non-designated hedges. The Company presents changes in the fair value of its non-designated hedges as a component of Income (loss) from Investments in Real Estate Debt or Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations depending on the nature of the derivative instrument. The Company has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Balance Sheets, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provide the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Derivative financial instruments are recorded as a component of either Other Assets or Other Liabilities on the Company’s Condensed Consolidated Balance Sheets at fair value.
Stock-Based Compensation	Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, a wholly owned subsidiary of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a straight-line basis over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. In accordance with the Lease Modification Q&A, the Company has made a policy election to not account for concessions as a lease modification if the total cash flows after the lease concessions are substantially the same, or less than, the cash flows in the original lease. However, if in the future, a concession is granted that modifies the terms and significantly alters the cash flows of the original lease, the Company will account for the changes as a lease modification. The Company has granted concessions as a result of the COVID-19 pandemic to certain tenants to defer rental payments until a later date. The Company continued to recognize rental revenue for such tenants during the nine months ended September 30, 2021, while also considering any necessary bad debt reserves. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices (collectively, “IBORs”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of September 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 5,890,697 $ 1,012,298 $ 6,902,995 $ — $ 4,445,414 $ 120,892 $ 4,566,306 Equity securities 2,088,122 387,600 224,408 2,700,130 327,935 271,250 — 599,185 Investments in unconsolidated entities — — 558,399 558,399 — — — — Derivatives — 53,478 — 53,478 — — — — Total $ 2,088,122 $ 6,331,775 $ 1,795,105 $ 10,215,002 $ 327,935 $ 4,716,664 $ 120,892 $ 5,165,491 Liabilities: Derivatives $ — $ 22,860 $ — $ 22,860 $ — $ 55,536 $ — $ 55,536 Total $ — $ 22,860 $ — $ 22,860 $ — $ 55,536 $ — $ 55,536
Summary of Assets Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Equity Securities Total Balance as of December 31, 2020 $ 120,892 $ — $ — $ 120,892 Purchases 894,696 439,347 205,980 1,540,023 Distributions received — (14,130) — (14,130) Included in net income Unrealized gain included in income from unconsolidated entities — 133,182 — 133,182 Discount accretion included in income (loss) from investments in real estate debt 1,588 — — 1,588 Unrealized loss included in income (loss) from investments in real estate debt (4,878) — — (4,878) Unrealized gain included in other income (expense) — — 18,428 18,428 Balance as of September 30, 2021 $ 1,012,298 $ 558,399 $ 224,408 $ 1,795,105
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,012,298 Discounted cash flow Yield 8.0% Decrease Investments in unconsolidated entities $ 558,399 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.8% Decrease Weighted Average Cost of Capital 10.6% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase December 31, 2020 Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 120,892 Discounted cash flow Yield 10.3% Decrease

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Building and building improvements $ 35,984,871 $ 25,991,610 Land and land improvements 9,510,255 7,626,381 Furniture, fixtures and equipment 659,207 495,395 Right of use asset - operating leases (1) 114,535 114,535 Right of use asset - financing leases (1) 72,862 56,008 Total 46,341,730 34,283,929 Accumulated depreciation and amortization (2,745,641) (1,826,216) Investments in real estate, net $ 43,596,089 $ 32,457,713 (1) Refer to Note 14 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table details the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Purchase Price (1) Residential properties (2) 21 67 25,329 units $ 11,345,228 Industrial properties 6 37 5,114 sq. ft. 614,156 Data center properties 1 2 430 sq. ft. 180,057 Self storage properties 2 2 131 sq. ft. 19,938 Retail properties 1 1 296 sq. ft. 80,312 Office properties 1 1 361 sq. ft. 251,171 32 110 $ 12,490,862 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes the 11,525 wholly-owned single family homes related to the acquisition of Home Partners of America ("HPA"), which are not included in the number of properties. Refer to Note 4 for details on the unconsolidated homes acquired in the HPA transaction.
Schedule of Purchase Price Allocation of Properties	The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Amount Building and building improvements $ 9,806,490 Land and land improvements 1,972,873 Furniture, fixtures and equipment 163,743 In-place lease intangibles 266,156 Above-market lease intangibles 909 Below-market lease intangibles (13,543) Brokerage firm relationship intangibles 50,000 Trade name intangibles 40,000 Management contract intangibles 39,000 Other 165,234 Total purchase price 12,490,862 Assumed debt (1) 2,353,084 Net purchase price $ 10,137,778 (1) Refer to Note 6 for additional details on the Company’s debt, which includes mortgage notes, term loans, and secured revolving credit facilities.
Schedule of Details of Dispositions	The following table details the dispositions during the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Loss Number of Properties Net Proceeds Net Gain Residential properties (1) 4 $ 99,598 $ (9,586) 9 $ 194,575 $ 13,216 4 $ 99,598 $ (9,586) 9 $ 194,575 $ 13,216 Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Residential properties 6 $ 246,244 $ 64,885 6 $ 246,244 $ 64,885 Hotel properties 1 134,537 35,185 1 134,537 35,185 Industrial properties — — — 1 4,488 371 7 $ 380,781 $ 100,070 8 $ 385,269 $ 100,441 (1) Net proceeds and net gain/(loss) include 111 single family rental homes sold during the three and nine months ended September 30, 2021.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: September 30, 2021 Investments in real estate, net $ 21,670 Other assets 681 Total assets $ 22,351 Liabilities: Other liabilities $ 302 Total liabilities $ 302

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment and Income in Unconsolidated Entities	The following table details the Company’s equity investment in unconsolidated entities as of September 30, 2021 and December 31, 2020 ($ in thousands): Investment in Joint Venture Segment Ownership September 30, 2021 December 31, 2020 QTS Data Centers (1) Data Centers 50.1% $ 2,012,362 $ — MGM Grand & Mandalay Bay (2) Net Lease 49.9% 821,422 816,220 Home Partners of America JVs (3) Residential 12.2% - 27.8% 593,738 — Alaska Logistics Portfolio (4) Industrial 26.7% 266,961 — Total unconsolidated entities at historical cost 3,694,483 816,220 WC Infill Industrial Portfolio Industrial 85.0% 329,457 — Vault Industrial Portfolio Industrial 46.0% 228,942 — Total unconsolidated entities at fair value 558,399 — Total $ 4,252,882 $ 816,220 (1) The Company along with certain Blackstone-managed investment vehicles formed a joint venture ("QTS Data Centers") and acquired all outstanding shares of common stock of QTS Realty Trust ("QTS"). The Company's interest in QTS Data Centers is through a consolidated joint venture, whereby the non-controlling interest is a Blackstone-managed investment vehicle. As of September 30, 2021, the Company's investment includes $577.5 million attributable to such other Blackstone-managed investment vehicles. (2) Includes $9.3 million and $9.4 million of BREIT outside basis attributable to the MGM Grand & Mandalay Bay joint venture as of September 30, 2021 and December 31, 2020, respectively. (3) Includes $315.4 million of BREIT outside basis attributable to the Home Partners of America JVs as of September 30, 2021. (4) The Company along with certain Blackstone-managed investment vehicles formed a joint venture ("Alaska Logistics Portfolio") and acquired a portfolio of logistics properties. The following table details the Company’s income from unconsolidated entities for the three and nine months ended September 30, 2021 ($ in thousands): Three Months Ended September 30, 2021 Investment in Joint Venture Ownership Total Net Income (Loss) of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT Income QTS Data Centers (1) 50.1% $ 53,073 $ (33,972) $ (17,020) $ — $ (17,020) MGM Grand & Mandalay Bay 49.9% 98,681 50,001 24,951 (37) 24,914 Home Partners of America JVs 12.2% - 27.8% 56,865 (4,634) (1,110) (7,505) (8,615) Alaska Industrial Portfolio 26.7% 20,755 796 212 — 212 WC Infill Industrial Portfolio (2) 85.0% — — — — 43,911 Vault Industrial Portfolio (2) 46.0% — — — — 35,043 Total $ 78,445 Nine Months Ended September 30, 2021 Investment in Joint Venture Ownership Total Net Income (Loss) of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT Income (Loss) from Unconsolidated Entities QTS Data Centers (1) 50.1% $ 53,073 $ (33,972) $ (17,020) $ — $ (17,020) MGM Grand & Mandalay Bay 49.9% 296,044 151,314 75,506 (110) 75,396 Home Partners of America JVs 12.2% - 27.8% 56,865 (4,634) (1,110) (7,505) (8,615) Alaska Industrial Portfolio 26.7% 20,755 796 212 — 212 WC Infill Industrial Portfolio (2) 85.0% — — — — 75,247 Vault Industrial Portfolio (2) 46.0% — — — — 57,935 Total $ 183,155 (1) BREIT Income (Loss) from Unconsolidated Entities includes $4.9 million of loss attributable to a Blackstone-managed investment vehicle for the three and nine months ended September 30, 2021. The Company reflects this amount within net loss attributable to non-controlling interests. (2) The Company elected the fair value option for these investments. Therefore, the income from unconsolidated entities represents the change in estimated fair value of the Company’s investment in such entities. The following table details the Company’s income from unconsolidated entities for the three and nine months ended September 30, 2020 ($ in thousands): Three Months Ended September 30, 2020 Investment in Joint Venture Ownership Total Net Income of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT MGM Grand & Mandalay Bay 49.9% $ 98,682 $ 50,320 $ 25,110 $ (37) $ 25,073 Nine Months Ended September 30, 2020 Investment in Joint Venture Ownership Total Net Income of Unconsolidated Joint Ventures BREIT's Amortization of Outside Basis BREIT MGM Grand & Mandalay Bay 49.9% $ 247,800 $ 127,799 $ 63,772 $ (94) $ 63,678 =

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): September 30, 2021 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+2.7% 6/2/2026 $ 5,031,213 $ 4,939,962 $ 4,957,915 Corporate bonds 4.8% 12/26/2027 166,242 166,242 168,594 RMBS 3.8% 2/13/2051 103,008 102,959 103,078 Total real estate securities 3.6% 12/15/2026 5,300,463 5,209,163 5,229,587 Commercial real estate loans L+3.9% 2/12/2025 1,480,951 1,463,893 1,467,521 Other investments (4) 3.7% 7/25/2029 235,956 205,887 205,887 Total investments in real estate debt L+2.7% 8/23/2026 $ 7,017,370 $ 6,878,943 $ 6,902,995 December 31, 2020 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+2.0% 1/17/2026 $ 4,093,201 $ 3,949,824 $ 3,753,428 Corporate bonds 5.0% 5/3/2027 179,398 178,219 183,203 RMBS 4.5% 10/24/2049 22,429 22,602 22,510 Total real estate securities 3.2% 3/29/2026 4,295,028 4,150,645 3,959,141 Commercial real estate loans L+3.8% 8/8/2022 623,574 572,869 607,165 Total investments in real estate debt L+2.2% 10/3/2025 $ 4,918,602 $ 4,723,514 $ 4,566,306 (1) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, SOFR and SONIA, 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 September 30, 2021 and December 31, 2020, respectively, for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero coupon securities. As of September 30, 2021, we have interest rate swaps outstanding with a notional value of $1.1 billion that effectively converts a portion of our fixed rate investments in real estate debt to floating rates. (2) Weighted average maturity date is based on the fully extended maturity date of the instrument or, in the case of CMBS and RMBS, the underlying collateral. (3) Face amount excludes interest-only securities with a notional amount of $3.4 billion and $2.3 billion as of September 30, 2021 and December 31, 2020, respectively. In addition, CMBS includes zero coupon securities of $208.8 million and $236.1 million as of September 30, 2021 and December 31, 2020, respectively. (4) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt securities.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): September 30, 2021 December 31, 2020 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Hospitality $ 1,940,260 $ 1,927,752 27% $ 2,046,529 $ 1,904,256 42% Industrial 1,786,310 1,778,578 26% 612,884 610,504 13% Residential 1,582,301 1,627,865 24% 748,086 797,840 17% Office 673,590 657,776 10% 720,665 681,596 15% Diversified 428,523 432,214 6% 234,527 225,077 5% Other 343,588 342,279 5% 238,202 213,654 5% Net Lease 106,996 119,705 2% 105,246 117,219 3% Retail 17,375 16,826 –% 17,375 16,160 —% Total $ 6,878,943 $ 6,902,995 100% $ 4,723,514 $ 4,566,306 100% (1) Residential investments in real estate debt are collateralized by various forms of rental housing including apartments and single-family homes.
Summary of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): September 30, 2021 December 31, 2020 Credit Rating Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AAA $ 25,780 $ 25,743 —% $ 10,044 $ 10,047 —% AA 668 667 —% 776 779 —% A 225,232 237,088 3% 262,097 267,023 6% BBB 409,843 410,103 6% 797,918 753,393 17% BB 1,483,674 1,493,393 22% 1,435,891 1,381,221 30% B 1,571,261 1,557,244 23% 1,186,975 1,114,977 24% CCC 35,209 36,325 1% 32,402 34,839 1% Private Commercial Real Estate Loans 1,383,802 1,386,566 20% 522,306 555,291 12% Not Rated 1,743,474 1,755,866 25% 475,105 448,736 10% Total $ 6,878,943 $ 6,902,995 100% $ 4,723,514 $ 4,566,306 100%
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, September 30, 2021 December 31, 2020 2021 2020 2021 2020 CMBS $ 2,623,436 $ 1,749,877 $ 4,680 $ 99,959 $ 101,626 $ (84,180) Commercial real estate loans 539,175 545,539 (7,795) 35,315 (11,895) 45,307 Total $ 3,162,611 $ 2,295,416 $ (3,115) $ 135,274 $ 89,731 $ (38,873)

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table details the mortgage notes, term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): September 30, 2021 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum September 30, 2021 December 31, 2020 Fixed rate loans: Fixed rate mortgages 3.5% 8/31/2027 N/A $ 14,158,332 $ 13,124,595 Variable rate loans: Variable rate mortgages and term loans L+1.7% 9/27/2025 N/A 9,653,874 6,305,964 Variable rate secured revolving credit facilities L+1.5% 10/28/2025 $ 2,185,344 729,325 481,725 Variable rate warehouse facilities L+2.1% 9/27/2022 $ 1,875,000 484,023 — Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 202,200 Total variable rate loans L+1.8% 8/11/2025 10,938,322 6,989,889 Total loans secured by real estate 2.8% 10/8/2026 25,096,654 20,114,484 Premium on assumed debt, net 28,361 15,191 Deferred financing costs, net (158,839) (153,514) Mortgage notes, term loans, and secured revolving credit facilities, net $ 24,966,176 $ 19,976,161 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, 30-day SOFR, and one-month CDOR, as applicable to each loan. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of September 30, 2021 ($ in thousands): Year Amount 2021 (remaining) $ 399,618 2022 752,619 2023 904,478 2024 3,692,043 2025 4,661,846 2026 5,605,063 Thereafter 9,080,987 Total $ 25,096,654

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure of Repurchase Agreements [Abstract]
Summary of Secured Financings on Investments in Real Estate Debt	The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): September 30, 2021 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 2,381,296 $ 4,118,078 L+0.9% 8/12/2022 Term Loans 236,241 363,447 L+1.8% 4/2/2022 Corporate Bonds 103,396 158,820 L+0.8% 8/13/2022 RMBS 46,466 74,030 L+0.9% 8/29/2022 $ 2,767,399 $ 4,714,375 L+1.0% December 31, 2020 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 1,733,623 $ 2,697,714 L+1.6% 6/21/2021 Term Loans 292,406 452,578 L+1.8% 3/17/2022 Corporate Bonds 111,540 138,215 L+0.8% 3/6/2021 RMBS 3,424 4,646 L+1.5% 3/30/2021 $ 2,140,993 $ 3,293,153 L+1.6% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral. (2) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, and SONIA, as applicable to each secured financing.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): September 30, 2021 December 31, 2020 Accrued stockholder servicing fee $ 1,028,882 $ 605,411 Performance participation allocation 892,410 192,648 Accrued management fee 44,778 22,253 Accrued affiliate service provider expenses 9,004 10,151 Advanced organization and offering costs 2,557 4,090 Other 2,296 53,107 Total $ 1,979,927 $ 887,660
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards ($ in thousands): September 30, 2021 Plan Year Unrecognized Compensation Cost as of December 31, 2020 Value of New Awards Issued Amortization of Compensation Cost for the Nine Months Ended September 30, 2021 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 3,363 $ — $ (852) $ 1,835 1.3 years 2020 — — — — — 2021 — 8,500 (1,594) 6,906 3.3 years $ 3,363 $ 8,500 $ (2,446) $ 8,741
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services	The following table details the amounts incurred for affiliate service providers during the three and nine months ended September 30, 2021 and 2020 ($ in thousands): Affiliate Service Provider Expenses Three Months Ended September 30, Amortization of Affiliate Service Provider Incentive Compensation Three Months Ended September 30, Capitalized Transaction Support Services Three Months Ended September 30, 2021 2020 2021 2020 2021 2020 Link Industrial Properties L.L.C. $ 16,363 $ 13,312 $ 394 $ (16) $ 458 $ 2,373 LivCor, L.L.C. 9,651 7,150 441 (5) 2,227 772 BRE Hotels and Resorts LLC 2,794 4,012 119 (9) — — ShopCore Properties TRS Management LLC 1,471 1,411 15 (1) 171 107 Revantage Corporate Services, L.L.C. 899 440 — — 1,271 — Equity Office Management, L.L.C. 418 170 7 — — — Total $ 31,596 $ 26,495 $ 976 $ (31) $ 4,127 $ 3,252 Affiliate Service Provider Expenses Nine Months Ended September 30, Amortization of Affiliate Service Provider Incentive Compensation Awards Nine Months Ended September 30, Capitalized Transaction Support Services Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 Link Industrial Properties L.L.C. $ 48,322 $ 39,334 $ 999 $ 505 $ 1,276 $ 2,926 LivCor, L.L.C. 30,569 19,474 1,138 149 4,302 2,533 BRE Hotels and Resorts LLC 8,237 11,661 246 303 — — ShopCore Properties TRS Management LLC 4,366 3,532 40 12 253 422 Revantage Corporate Services, L.L.C. 2,278 1,397 — — 1,271 — Equity Office Management, L.L.C. 1,382 465 23 — — — Total $ 95,154 $ 75,863 $ 2,446 $ 969 $ 7,102 $ 5,881

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Other Assets and Other Liabilities [Abstract]
Summary of Components of Other Assets	The following table details the components of other assets ($ in thousands): September 30, 2021 December 31, 2020 Equity securities $ 2,700,130 $ 599,185 Real estate intangibles, net 808,990 738,259 Pre-acquisition costs 602,603 241 Receivables, net 282,801 109,159 Straight-line rent receivable 243,228 155,108 Prepaid expenses 89,172 50,092 Single family rental homes retained risk retention securities 82,422 — Deferred leasing costs, net 69,038 49,533 Derivatives 53,478 — Held for sale assets 22,351 — Deferred financing costs, net 21,561 22,740 Other 89,774 74,936 Total $ 5,065,548 $ 1,799,253
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): September 30, 2021 December 31, 2020 Subscriptions received in advance $ 1,720,934 $ 508,817 Real estate taxes payable 250,154 117,362 Payable for unsettled investments in real estate debt 236,686 — Accounts payable and accrued expenses 189,536 104,866 Distribution payable 158,156 90,892 Intangible liabilities, net 117,410 128,639 Tenant security deposits 108,618 57,489 Prepaid rental income 97,806 95,165 Right of use lease liability - operating leases 86,177 85,065 Stock repurchases payable 75,308 83,350 Right of use lease liability - financing leases 74,630 57,727 Accrued interest expense 51,865 50,065 Derivatives 22,860 55,536 Held for sale liabilities 302 — Other 67,619 30,221 Total $ 3,258,061 $ 1,465,194

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Intangible assets: In-place lease intangibles $ 1,164,981 $ 1,094,561 Indefinite life intangibles 104,182 — Above-market lease intangibles 44,982 49,261 Other 61,353 32,549 Total intangible assets 1,375,498 1,176,371 Accumulated amortization: In-place lease amortization (530,163) (407,256) Above-market lease amortization (22,262) (20,291) Other (14,083) (10,565) Total accumulated amortization (566,508) (438,112) Real estate intangibles, net $ 808,990 $ 738,259 Intangible liabilities: Below-market lease intangibles $ 196,238 $ 194,158 Total intangible liabilities 196,238 194,158 Accumulated amortization: Below-market lease amortization (78,828) (65,519) Total accumulated amortization (78,828) (65,519) Intangible liabilities, net $ 117,410 $ 128,639
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2021 is as follows ($ in thousands): In-place Lease Above-market Below-market 2021 (remaining) $ 138,129 $ 1,881 $ (7,585) 2022 167,444 6,320 (27,708) 2023 91,470 4,207 (23,262) 2024 64,465 2,933 (18,695) 2025 50,402 2,299 (14,192) 2026 38,079 1,696 (10,447) Thereafter 84,829 3,384 (15,521) $ 634,818 $ 22,720 $ (117,410)

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands): September 30, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 54 $ 1,140,710 1.0% LIBOR 5.4 Interest Rate Swaps - Property debt 6 $ 1,500,000 1.1% LIBOR 6.8 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 53 $ 929,560 1.3% LIBOR 6.3 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): September 30, 2021 December 31, 2020 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 15 € 705,031 7 € 219,430 Buy USD / Sell GBP Forward 9 £ 311,988 2 £ 25,093 Buy EUR / Sell USD Forward 9 € 147,613 — € — Buy GBP / Sell USD Forward 4 £ 53,777 — £ —
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Interest rate derivatives $ 19,922 $ — $ 18,379 $ 46,144 Foreign currency forward contracts 33,556 — 4,481 9,392 Total Derivatives $ 53,478 $ — $ 22,860 $ 55,536 (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.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Three Months Ended September 30, 2021 2020 Foreign Currency Forward Contract Realized gain (loss) Income from investments in real estate debt $ 335 $ (12,541) Interest Rate Swap - Investments in real estate debt Realized loss Income from investments in real estate debt (77) — Foreign Currency Forward Contract Unrealized gain Income from investments in real estate debt 18,514 4,018 Interest Rate Swap – Investments in real estate debt Unrealized gain Income from investments in real estate debt 7,017 3,604 Interest Rate Swap – Property debt Unrealized gain Other income (expense) 7,995 — $ 33,784 $ (4,919) Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Nine Months Ended September 30, 2021 2020 Foreign Currency Forward Contract Realized loss Income from investments in real estate debt $ (8,244) $ (10,572) Interest Rate Swap - Investments in real estate debt Realized loss Income from investments in real estate debt (15,041) (1,711) Foreign Currency Forward Contract Unrealized gain (loss) Income from investments in real estate debt 38,479 (1,079) Interest Rate Swap – Investments in real estate debt Unrealized gain (loss) Income from investments in real estate debt 49,947 (59,659) Interest Rate Swap – Property debt Unrealized loss Other income (expense) (2,151) — $ 62,990 $ (73,021)

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 30, 2021, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000
Schedule of Company's Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended September 30, 2021 Class S Class I Class T Class D Total June 30, 2021 921,838 1,326,271 50,188 181,506 2,479,803 Common stock issued 156,140 364,057 3,671 61,255 585,123 Distribution reinvestment 6,488 8,280 341 1,325 16,434 Common stock repurchased (2,969) (12,224) (254) (548) (15,995) Independent directors' restricted stock grant (1) — 56 — — 56 September 30, 2021 1,081,497 1,686,440 53,946 243,538 3,065,421 Nine Months Ended September 30, 2021 Class S Class I Class T Class D Total December 31, 2020 702,853 927,080 45,943 124,141 1,800,017 Common stock issued 374,193 801,347 8,074 117,769 1,301,383 Distribution reinvestment 18,295 20,802 1,013 3,466 43,576 Common stock repurchased (13,844) (62,850) (1,084) (1,838) (79,616) Independent directors' restricted stock grant (1) — 61 — — 61 September 30, 2021 1,081,497 1,686,440 53,946 243,538 3,065,421
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1637 $ 0.1637 $ 0.1637 $ 0.1637 Stockholder servicing fee per share of common stock (0.0284) — (0.0280) (0.0082) Net distributions declared per share of common stock $ 0.1353 $ 0.1637 $ 0.1357 $ 0.1555 Nine Months Ended September 30, 2021 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4852 $ 0.4852 $ 0.4852 $ 0.4852 Stockholder servicing fee per share of common stock (0.0793) — (0.0782) (0.0229) Net distributions declared per share of common stock $ 0.4059 $ 0.4852 $ 0.4070 $ 0.4623
Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the nine months ended September 30, 2021 and 2020 ($ in thousands): September 30, 2021 September 30, 2020 Balance at the beginning of the year $ 274 $ 272 Settlement of prior year performance participation allocation 192,648 141,396 Repurchases (111,949) (83,625) Conversion to Class I and Class B units (68,453) (48,543) Conversion to Class I shares (12,246) (9,228) GAAP income allocation (4) (13) Distributions (12) (10) Fair value allocation 62 17 Ending balance $ 320 $ 266

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Components of Operating Lease Income from Leases	The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease payments $ 737,811 $ 509,188 $ 1,944,920 $ 1,492,519 Variable lease payments 70,287 52,865 196,903 155,346 Rental revenue $ 808,098 $ 562,053 $ 2,141,823 $ 1,647,865 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest on lease liabilities $ 889 $ 759 $ 2,407 $ 2,233 Amortization of right-of-use assets 322 239 821 748 Total financing lease costs $ 1,211 $ 998 $ 3,228 $ 2,981
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 2021 ($ in thousands). Leases at the Company’s residential and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2021 (remaining) $ 264,974 2022 1,039,042 2023 940,377 2024 831,443 2025 740,074 2026 653,059 Thereafter 9,045,865 Total $ 13,514,834
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of September 30, 2021 ($ in thousands): Operating Financing 2021 (remaining) $ 1,061 $ 215 2022 4,093 4,038 2023 4,132 4,150 2024 4,183 4,266 2025 4,423 4,385 2026 4,530 4,507 Thereafter 595,396 568,774 Total undiscounted future lease payments 617,818 590,335 Difference between undiscounted cash flows and discounted cash flows (531,641) (515,705) Total lease liability $ 86,177 $ 74,630
Summary of Fixed and Variable Components of Operating and Financing Leases	The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed ground rent expense $ 1,031 $ 1,000 $ 3,078 $ 3,026 Variable ground rent expense 5 — 31 18 Total cash portion of ground rent expense 1,036 1,000 3,109 3,044 Straight-line ground rent expense 1,636 1,656 4,926 5,090 Total operating lease costs $ 2,672 $ 2,656 $ 8,035 $ 8,134

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): September 30, 2021 December 31, 2020 Residential $ 26,559,454 $ 13,701,615 Industrial 12,849,367 11,157,856 Net Lease 5,214,446 5,199,651 Data Centers (1) 2,525,963 341,056 Hospitality 2,430,899 2,196,429 Self Storage 1,518,884 1,593,430 Retail 770,351 700,045 Office 1,010,578 447,630 Investments in Real Estate Debt 7,035,826 4,763,309 Other (Corporate) 3,532,834 582,994 Total assets $ 63,448,602 $ 40,684,015 (1) Previously included within the Industrial segment. The following table details the financial results by segment for the three months ended September 30, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 416,749 $ 235,917 $ 82,795 $ 8,128 $ — $ 36,529 $ 15,527 $ 12,453 $ — $ 808,098 Hospitality revenue — — — — 127,507 — — — — 127,507 Other revenue 36,195 1,825 — — 2,632 2,603 332 117 — 43,704 Total revenues 452,944 237,742 82,795 8,128 130,139 39,132 15,859 12,570 — 979,309 Expenses: Rental property operating 219,456 69,157 440 1,061 — 16,430 4,767 2,706 — 314,017 Hospitality operating — — — — 92,280 — — — — 92,280 Total expenses 219,456 69,157 440 1,061 92,280 16,430 4,767 2,706 — 406,297 Income from unconsolidated entities (8,615) 79,166 24,914 (17,020) — — — — — 78,445 Income from investments in real estate debt — — — — — — — — 83,052 83,052 Income (loss) from investments in equity securities 148,553 15,573 10,761 — — — — (23,046) — 151,841 Segment net operating income (loss) $ 373,426 $ 263,324 $ 118,030 $ (9,953) $ 37,859 $ 22,702 $ 11,092 $ (13,182) $ 83,052 $ 886,350 Depreciation and amortization $ (249,438) $ (133,243) $ (28,637) $ (3,878) $ (22,928) $ (30,688) $ (6,973) $ (6,260) $ — $ (482,045) General and administrative $ (7,106) Management fee (122,866) Performance participation allocation (449,822) Net loss on dispositions of real estate (9,586) Interest income 41 Interest expense (204,538) Loss on extinguishment of debt (3,372) Other income (expense) 25,790 Net loss $ (367,154) Net loss attributable to non-controlling interests in third party joint ventures $ 5,472 Net loss attributable to non-controlling interests in BREIT OP 4,393 Net loss attributable to BREIT stockholders $ (357,289) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 244,691 $ 207,541 $ 82,795 $ 5,761 $ — $ 4,541 $ 13,594 $ 3,130 $ — $ 562,053 Hospitality revenue — — — — 56,038 — — — — 56,038 Other revenue 13,026 1,479 — — 1,738 686 255 96 — 17,280 Total revenues 257,717 209,020 82,795 5,761 57,776 5,227 13,849 3,226 — 635,371 Expenses: Rental property operating 122,266 61,234 156 768 — 2,618 5,163 1,101 — 193,306 Hospitality operating — — — — 60,339 — — — — 60,339 Total expenses 122,266 61,234 156 768 60,339 2,618 5,163 1,101 — 253,645 Income from unconsolidated entities — — 25,073 — — — — — — 25,073 Income from investments in real estate debt — — — — — — — — 206,046 206,046 Income (loss) from investments in equity securities (9,030) — 6,151 — — — — (6,771) — (9,650) Segment net operating income $ 126,421 $ 147,786 $ 113,863 $ 4,993 $ (2,563) $ 2,609 $ 8,686 $ (4,646) $ 206,046 $ 603,195 Depreciation and amortization $ (133,696) $ (133,453) $ (28,667) $ (2,525) $ (22,296) $ (2,396) $ (7,978) $ (1,588) $ — $ (332,599) General and administrative $ (5,430) Management fee (57,619) Performance participation allocation — Impairment of investments in real estate (6,217) Net gain on dispositions of real estate 100,070 Interest income 122 Interest expense (174,193) Loss on extinguishment of debt (5,258) Other income (expense) 398 Net income $ 122,469 Net loss attributable to non-controlling interests in third party joint ventures $ 593 Net income attributable to non-controlling interests in BREIT OP (1,790) Net income attributable to BREIT stockholders $ 121,272 (1) Previously included within the Industrial segment. The following table details the financial results by segment for the nine months ended September 30, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 1,007,297 $ 687,164 $ 248,384 $ 20,549 $ — $ 101,177 $ 44,624 $ 32,628 $ — $ 2,141,823 Hospitality revenue — — — — 288,310 — — — — 288,310 Other revenue 68,735 7,819 — — 7,626 6,760 1,546 328 — 92,814 Total revenues 1,076,032 694,983 248,384 20,549 295,936 107,937 46,170 32,956 — 2,522,947 Expenses: Rental property operating 510,039 213,306 910 2,975 — 49,391 14,302 8,784 — 799,707 Hospitality operating — — — — 223,053 — — — — 223,053 Total expenses 510,039 213,306 910 2,975 223,053 49,391 14,302 8,784 — 1,022,760 Income from unconsolidated entities (8,615) 133,394 75,396 (17,020) — — — — — 183,155 Income from investments in real estate debt — — — — — — — — 438,986 438,986 Income (loss) from investments in equity securities 300,048 70,984 41,724 — — — — (16,164) — 396,592 Segment net operating income (loss) $ 857,426 $ 686,055 $ 364,594 $ 554 $ 72,883 $ 58,546 $ 31,868 $ 8,008 $ 438,986 $ 2,518,920 Depreciation and amortization $ (585,424) $ (396,737) $ (85,773) $ (8,928) $ (68,504) $ (100,502) $ (21,158) $ (15,027) $ — $ (1,282,053) General and administrative $ (21,855) Management fee (288,144) Performance participation allocation (892,410) Net gain on dispositions of real estate 13,216 Interest income 136 Interest expense (567,685) Loss on extinguishment of debt (9,545) Other income (expense) 14,568 Net loss $ (514,852) Net loss attributable to non-controlling interests in third party joint ventures $ 5,149 Net loss attributable to non-controlling interests in BREIT OP 6,129 Net loss attributable to BREIT stockholders $ (503,574) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 713,603 $ 607,033 $ 248,384 $ 17,249 $ — $ 12,002 $ 40,516 $ 9,078 $ — $ 1,647,865 Hospitality revenue — — — — 205,291 — — — — 205,291 Other revenue 39,118 3,477 — — 4,575 1,597 761 316 — 49,844 Total revenues 752,721 610,510 248,384 17,249 209,866 13,599 41,277 9,394 — 1,903,000 Expenses: Rental property operating 342,062 180,976 270 2,244 — 7,061 12,914 3,202 — 548,729 Hospitality operating — — — — 204,168 — — — — 204,168 Total expenses 342,062 180,976 270 2,244 204,168 7,061 12,914 3,202 — 752,897 Income from unconsolidated entities — — 63,678 — — — — — — 63,678 Loss from investments in real estate debt — — — — — — — — (317,212) (317,212) Income (loss) from investments in equity securities (14,823) 13,571 (6,046) — — — — (6,644) — (13,942) Segment net operating income $ 395,836 $ 443,105 $ 305,746 $ 15,005 $ 5,698 $ 6,538 $ 28,363 $ (452) $ (317,212) $ 882,627 Depreciation and amortization $ (406,617) $ (405,326) $ (85,862) $ (7,574) $ (67,842) $ (6,077) $ (24,787) $ (4,671) $ — $ (1,008,756) General and administrative (19,025) Management fee (160,544) Performance participation allocation — Impairment of investments in real estate (12,343) Net gain on dispositions of real estate 100,441 Interest income 2,102 Interest expense (539,276) Loss on extinguishment of debt (6,495) Other income (expense) (15,080) Net loss $ (776,349) Net loss attributable to non-controlling interests in third party joint ventures $ 1,796 Net loss attributable to non-controlling interests in BREIT OP 10,177 Net loss attributable to BREIT stockholders $ (764,376) (1) Previously included within the Industrial segment.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	9 Months Ended	49 Months Ended
	Sep. 30, 2021USD ($)classofferingsegmentrentalHomeproperty	Jan. 31, 2021USD ($)
Organization and business activities.
Number of stock offerings | offering	2
Common stock, shares authorized, amount	$ 17
Gross proceeds from offering		$ 16.3
Aggregate net proceeds from issuance of common stock	$ 37.4
Number of classes of shares | class	4
Number of owned properties | property	1,599
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	20,940
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 24
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	20
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Jan. 01, 2021USD ($)	Sep. 30, 2021USD ($)investment	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)investment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP		$ 63,448,602		$ 63,448,602		$ 40,684,015
Liabilities excluding BREIT OP		$ 32,971,563		$ 32,971,563		24,470,008
Number of unconsolidated joint ventures | investment		6		6
Number of equity method investments measured at fair value | investment		2		2
Number of equity method investments measured at historical cost | investment		4		4
Equity securities		$ 2,700,130		$ 2,700,130		599,185
Unrealized loss on investments in equity securities		154,800	$ (15,400)	379,600	$ (40,600)
Unrecognized compensation cost		8,741		8,741		3,363
Simply Self Storage Awards
Significant Of Accounting Policies [Line Items]
Grant date fair value	$ 3,600
Awards performance condition, service period	4 years
Compensation expense		200		600
Unrecognized compensation cost		2,600		$ 2,600
Unrecognized compensation cost, period of recognition				3 years 3 months 18 days
Level 3
Significant Of Accounting Policies [Line Items]
Mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities		130,200		$ 130,200		48,600
VIEs
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP		14,900,000		14,900,000		11,500,000
Liabilities excluding BREIT OP		$ 8,500,000		$ 8,500,000		$ 8,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Equity securities	$ 2,700,130	$ 599,185
Investments in unconsolidated entities	558,399	0
Derivatives	53,478	0
Liabilities:
Derivatives	22,860	55,536
Recurring
Assets:
Investments in real estate debt	6,902,995	4,566,306
Equity securities	2,700,130	599,185
Investments in unconsolidated entities	558,399	0
Derivatives	53,478	0
Total	10,215,002	5,165,491
Liabilities:
Derivatives	22,860	55,536
Total	22,860	55,536
Recurring | Level I
Assets:
Investments in real estate debt	0	0
Equity securities	2,088,122	327,935
Investments in unconsolidated entities	0	0
Derivatives	0	0
Total	2,088,122	327,935
Liabilities:
Derivatives	0	0
Total	0	0
Recurring | Level 2
Assets:
Investments in real estate debt	5,890,697	4,445,414
Equity securities	387,600	271,250
Investments in unconsolidated entities	0	0
Derivatives	53,478	0
Total	6,331,775	4,716,664
Liabilities:
Derivatives	22,860	55,536
Total	22,860	55,536
Recurring | Level 3
Assets:
Investments in real estate debt	1,012,298	120,892
Equity securities	224,408	0
Investments in unconsolidated entities	558,399	0
Derivatives	0	0
Total	1,795,105	120,892
Liabilities:
Derivatives	0	0
Total	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 120,892
Purchases	1,540,023
Distributions received	(14,130)
Unrealized gain included in income from unconsolidated entities	133,182
Discount accretion included in income (loss) from investments in real estate debt	1,588
Unrealized loss included in income (loss) from investments in real estate debt	(4,878)
Unrealized gain included in other income (expense)	18,428
Ending balance	1,795,105
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	120,892
Purchases	894,696
Distributions received	0
Unrealized gain included in income from unconsolidated entities	0
Discount accretion included in income (loss) from investments in real estate debt	1,588
Unrealized loss included in income (loss) from investments in real estate debt	(4,878)
Unrealized gain included in other income (expense)	0
Ending balance	1,012,298
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	0
Purchases	439,347
Distributions received	(14,130)
Unrealized gain included in income from unconsolidated entities	133,182
Discount accretion included in income (loss) from investments in real estate debt	0
Unrealized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income (expense)	0
Ending balance	558,399
Equity Securities
Alternate Investment [Roll Forward]
Beginning balance	0
Purchases	205,980
Distributions received	0
Unrealized gain included in income from unconsolidated entities	0
Discount accretion included in income (loss) from investments in real estate debt	0
Unrealized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income (expense)	18,428
Ending balance	$ 224,408

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) - Level 3 $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,795,105	$ 120,892
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,012,298	120,892
Investments in Real Estate Debt | Discounted cash flow | Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,012,298	$ 120,892
Weighted Average	0.080	0.103
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 558,399	$ 0
Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 558,399
Weighted Average	0.059
Investments in Unconsolidated Entities | Discounted cash flow | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	0.048
Investments in Unconsolidated Entities | Discounted cash flow | Weighted Average Cost of Capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	0.106
Equity Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 224,408	$ 0
Equity Securities | Valuation, Market Approach | Enterprise Value/ Forward EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	21.1

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Building and building improvements	$ 35,984,871	$ 25,991,610
Land and land improvements	9,510,255	7,626,381
Furniture, fixtures and equipment	659,207	495,395
Right of use asset - operating leases	114,535	114,535
Right of use asset - financing leases	72,862	56,008
Total	46,341,730	34,283,929
Accumulated depreciation and amortization	(2,745,641)	(1,826,216)
Investments in real estate, net	$ 43,596,089	$ 32,457,713
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Investments in real estate, net	Investments in real estate, net
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Investments in real estate, net	Investments in real estate, net

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)propertyinvestment	Sep. 30, 2020USD ($)property	Dec. 31, 2020property
Real Estate Properties [Line Items]
Number of real estate investments acquired | investment			32
Payments to acquire real estate | $			$ 12,500,000
Number of properties acquired	110		110
Number of real estate properties classified as held for sale	1		1		0
Impairment of investments in real estate | $	$ 0	$ 6,217	$ 0	$ 12,343
In-place lease intangibles
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			3 years
Above market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			5 years
Below market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			13 years
Residential properties
Real Estate Properties [Line Items]
Number of properties acquired	67		67
Industrial properties
Real Estate Properties [Line Items]
Number of properties acquired	37		37
Data center properties
Real Estate Properties [Line Items]
Number of properties acquired	2		2
Self storage properties
Real Estate Properties [Line Items]
Number of properties acquired	2		2
Retail properties
Real Estate Properties [Line Items]
Number of properties acquired	1		1
Office properties
Real Estate Properties [Line Items]
Number of properties acquired	1		1
Hotel properties
Real Estate Properties [Line Items]
Number of impaired properties				2

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)ft²propertytransactionhome
Real Estate Properties [Line Items]
Number of Transactions | transaction	32
Number of Properties | property	110
Purchase Price | $	$ 12,490,862
Residential properties
Real Estate Properties [Line Items]
Number of Transactions | transaction	21
Number of Properties | property	67
Sq. Feet | ft²	25,329
Purchase Price | $	$ 11,345,228
Industrial properties
Real Estate Properties [Line Items]
Number of Transactions | transaction	6
Number of Properties | property	37
Sq. Feet | ft²	5,114,000
Purchase Price | $	$ 614,156
Data center properties
Real Estate Properties [Line Items]
Number of Transactions | transaction	1
Number of Properties | property	2
Sq. Feet | ft²	430,000
Purchase Price | $	$ 180,057
Self storage properties
Real Estate Properties [Line Items]
Number of Transactions | transaction	2
Number of Properties | property	2
Sq. Feet | ft²	131,000
Purchase Price | $	$ 19,938
Retail properties
Real Estate Properties [Line Items]
Number of Transactions | transaction	1
Number of Properties | property	1
Sq. Feet | ft²	296,000
Purchase Price | $	$ 80,312
Office properties
Real Estate Properties [Line Items]
Number of Transactions | transaction	1
Number of Properties | property	1
Sq. Feet | ft²	361,000
Purchase Price | $	$ 251,171
Single Family | Home Partners of America JVs
Real Estate Properties [Line Items]
Number of Properties | home	11,525

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Sep. 30, 2021USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 9,806,490
Land and land improvements	1,972,873
Furniture, fixtures and equipment	163,743
In-place lease intangibles	266,156
Above-market lease intangibles	909
Below-market lease intangibles	(13,543)
Other	165,234
Total purchase price	12,490,862
Assumed debt	2,353,084
Net purchase price	10,137,778
Brokerage firm relationship intangibles
Real Estate Properties [Line Items]
Indefinite-lived intangible assets	50,000
Trade name intangibles
Real Estate Properties [Line Items]
Indefinite-lived intangible assets	40,000
Management contract intangibles
Real Estate Properties [Line Items]
Indefinite-lived intangible assets	$ 39,000

Investments in Real Estate - _4

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)homeproperty	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)homeproperty	Sep. 30, 2020USD ($)property
Real Estate Properties [Line Items]
Number of Properties | property	4	7	9	8
Net Proceeds	$ 99,598	$ 380,781	$ 194,575	$ 385,269
Net Gain (Loss)	$ (9,586)	$ 100,070	$ 13,216	$ 100,441
Residential properties
Real Estate Properties [Line Items]
Number of Properties | property	4	6	9	6
Net Proceeds	$ 99,598	$ 246,244	$ 194,575	$ 246,244
Net Gain (Loss)	$ (9,586)	$ 64,885	$ 13,216	$ 64,885
Hotel properties
Real Estate Properties [Line Items]
Number of Properties | property		1		1
Net Proceeds		$ 134,537		$ 134,537
Net Gain (Loss)		$ 35,185		$ 35,185
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property		0		1
Net Proceeds		$ 0		$ 4,488
Net Gain (Loss)		$ 0		$ 371
Single Family
Real Estate Properties [Line Items]
Number of Properties | home	111		111

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) $ in Thousands	Sep. 30, 2021USD ($)
Assets:
Investments in real estate, net	$ 21,670
Other assets	681
Total assets	22,351
Liabilities:
Other liabilities	302
Total liabilities	$ 302

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details)	Sep. 30, 2021property
Schedule of Equity Method Investments [Line Items]
Number of properties	110
Residential | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	9,526
Industrial | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	80
Data Centers | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	48
Net Lease | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	2

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 4,252,882	$ 816,220
Unconsolidated Joint Ventures, At Historical Cost
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 3,694,483	816,220
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.10%
QTS Data Centers | Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.10%
Investments in unconsolidated entities	$ 2,012,362	0
QTS Data Centers, Noncontrolling Interest Ownership | Data Centers
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 577,500
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%		49.90%
MGM Grand & Mandalay Bay | Net Lease
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%
Investments in unconsolidated entities	$ 821,422	816,220
MGM Grand & Mandalay Bay | Net Lease | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 9,300	9,400
Home Partners of America JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%
Home Partners of America JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	27.80%
Home Partners of America JVs | Residential
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 593,738	0
Home Partners of America JVs | Residential | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 315,400
Alaska Logistics Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	26.70%
Alaska Logistics Portfolio | Industrial
Schedule of Equity Method Investments [Line Items]
Ownership Interest	26.70%
Investments in unconsolidated entities	$ 266,961	0
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 558,399	0
WC Infill Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%
WC Infill Industrial Portfolio | Industrial
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%
Investments in unconsolidated entities	$ 329,457	0
Vault Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	46.00%
Vault Industrial Portfolio | Industrial
Schedule of Equity Method Investments [Line Items]
Ownership Interest	46.00%
Investments in unconsolidated entities	$ 228,942	$ 0

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 979,309	$ 635,371	$ 2,522,947	$ 1,903,000
Net loss	(367,154)	122,469	(514,852)	(776,349)
Net Income (Loss) of Unconsolidated Joint Ventures	78,445	25,073	183,155	63,678
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Total revenues	53,073		53,073
Net loss	(33,972)		(33,972)
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Total revenues	98,681	98,682	296,044	247,800
Net loss	50,001	$ 50,320	151,314	$ 127,799
Home Partners of America JVs
Schedule of Equity Method Investments [Line Items]
Total revenues	56,865		56,865
Net loss	(4,634)		(4,634)
Alaska Logistics Portfolio
Schedule of Equity Method Investments [Line Items]
Total revenues	20,755		20,755
Net loss	796		796
WC Infill Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Total revenues	0		0
Net loss	0		0
Vault Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Total revenues	0		0
Net loss	$ 0		$ 0
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.10%		50.10%
Net Income (Loss) of Unconsolidated Joint Ventures	$ (17,020)		$ (17,020)
QTS Data Centers | BREIT's Share
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	(17,020)		(17,020)
QTS Data Centers | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	0		0
QTS Data Centers, Noncontrolling Interest Ownership
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (4,900)		$ (4,900)
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%	49.90%	49.90%	49.90%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 24,914	$ 25,073	$ 75,396	$ 63,678
MGM Grand & Mandalay Bay | BREIT's Share
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	24,951	25,110	75,506	63,772
MGM Grand & Mandalay Bay | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	(37)	$ (37)	(110)	$ (94)
Home Partners of America JVs
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	(8,615)		(8,615)
Home Partners of America JVs | BREIT's Share
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	(1,110)		(1,110)
Home Partners of America JVs | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (7,505)		$ (7,505)
Alaska Logistics Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	26.70%		26.70%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 212		$ 212
Alaska Logistics Portfolio | BREIT's Share
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	212		212
Alaska Logistics Portfolio | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 0		$ 0
WC Infill Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%		85.00%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 43,911		$ 75,247
WC Infill Industrial Portfolio | BREIT's Share
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	0		0
WC Infill Industrial Portfolio | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 0		$ 0
Vault Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	46.00%		46.00%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 35,043		$ 57,935
Vault Industrial Portfolio | BREIT's Share
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	0		0
Vault Industrial Portfolio | BREIT Outside Basis
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 0		$ 0

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	2.70%	2.20%
Face Amount	$ 7,017,370	$ 4,918,602
Cost Basis	6,878,943	4,723,514
Fair Value	6,902,995	4,566,306
Interest Rate Swaps - Investments in real estate debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 1,140,710	$ 929,560
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.60%	3.20%
Face Amount	$ 5,300,463	$ 4,295,028
Cost Basis	5,209,163	4,150,645
Fair Value	$ 5,229,587	$ 3,959,141
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	2.70%	2.00%
Face Amount	$ 5,031,213	$ 4,093,201
Cost Basis	4,939,962	3,949,824
Fair Value	$ 4,957,915	$ 3,753,428
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.80%	5.00%
Face Amount	$ 166,242	$ 179,398
Cost Basis	166,242	178,219
Fair Value	$ 168,594	$ 183,203
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.80%	4.50%
Face Amount	$ 103,008	$ 22,429
Cost Basis	102,959	22,602
Fair Value	$ 103,078	$ 22,510
Private Commercial Real Estate Loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.90%	3.80%
Face Amount	$ 1,480,951	$ 623,574
Cost Basis	1,463,893	572,869
Fair Value	$ 1,467,521	607,165
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.70%
Face Amount	$ 235,956
Cost Basis	205,887
Fair Value	205,887
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	3,400,000	2,300,000
CMBS, zero coupon securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 208,800	$ 236,100

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 6,878,943	$ 4,723,514
Fair Value	$ 6,902,995	$ 4,566,306
Percentage Based on Fair Value	100.00%	100.00%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,940,260	$ 2,046,529
Fair Value	$ 1,927,752	$ 1,904,256
Percentage Based on Fair Value	27.00%	42.00%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,786,310	$ 612,884
Fair Value	$ 1,778,578	$ 610,504
Percentage Based on Fair Value	26.00%	13.00%
Residential
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,582,301	$ 748,086
Fair Value	$ 1,627,865	$ 797,840
Percentage Based on Fair Value	24.00%	17.00%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 673,590	$ 720,665
Fair Value	$ 657,776	$ 681,596
Percentage Based on Fair Value	10.00%	15.00%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 428,523	$ 234,527
Fair Value	$ 432,214	$ 225,077
Percentage Based on Fair Value	6.00%	5.00%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 343,588	$ 238,202
Fair Value	$ 342,279	$ 213,654
Percentage Based on Fair Value	5.00%	5.00%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 106,996	$ 105,246
Fair Value	$ 119,705	$ 117,219
Percentage Based on Fair Value	2.00%	3.00%
Retail
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 17,375	$ 17,375
Fair Value	$ 16,826	$ 16,160
Percentage Based on Fair Value	0.00%	0.00%

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 6,878,943	$ 4,723,514
Fair Value	$ 6,902,995	$ 4,566,306
Percentage Based on Fair Value	100.00%	100.00%
AAA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 25,780	$ 10,044
Fair Value	$ 25,743	$ 10,047
Percentage Based on Fair Value	0.00%	0.00%
AA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 668	$ 776
Fair Value	$ 667	$ 779
Percentage Based on Fair Value	0.00%	0.00%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 225,232	$ 262,097
Fair Value	$ 237,088	$ 267,023
Percentage Based on Fair Value	3.00%	6.00%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 409,843	$ 797,918
Fair Value	$ 410,103	$ 753,393
Percentage Based on Fair Value	6.00%	17.00%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,483,674	$ 1,435,891
Fair Value	$ 1,493,393	$ 1,381,221
Percentage Based on Fair Value	22.00%	30.00%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,571,261	$ 1,186,975
Fair Value	$ 1,557,244	$ 1,114,977
Percentage Based on Fair Value	23.00%	24.00%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 35,209	$ 32,402
Fair Value	$ 36,325	$ 34,839
Percentage Based on Fair Value	1.00%	1.00%
Private Commercial Real Estate Loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,383,802	$ 522,306
Fair Value	$ 1,386,566	$ 555,291
Percentage Based on Fair Value	20.00%	12.00%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,743,474	$ 475,105
Fair Value	$ 1,755,866	$ 448,736
Percentage Based on Fair Value	25.00%	10.00%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 6,902,995		$ 6,902,995		$ 4,566,306
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,623,436		2,623,436		1,749,877
Income (Loss)	4,680	$ 99,959	101,626	$ (84,180)
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	539,175		539,175		545,539
Income (Loss)	(7,795)	35,315	(11,895)	45,307
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	3,162,611		3,162,611		$ 2,295,416
Income (Loss)	$ (3,115)	$ 135,274	$ 89,731	$ (38,873)

Investments in Real Estate De_7

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Marketable Securities [Line Items]
Interest income (loss)	$ 59,400	$ 47,200	$ 151,600	$ 149,000
Unrealized gain (loss) from investments in real estate debt	(21,400)	186,900	181,300	(361,800)
Realized gain (loss) from investments in real estate debt	13,100	(6,500)	27,700	(11,200)
Investments in real estate debt	6,878,943		6,878,943		$ 4,723,514
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	457,500		457,500		$ 179,600
Investments, income (loss)	$ 7,000	$ 11,700	$ 28,500	$ (7,300)

Mortgage Notes, Term Loans, a_3

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total loans secured by real estate	$ 25,096,654,000	$ 20,114,484,000
Premium on assumed debt, net	28,361,000	15,191,000
Deferred financing costs, net	(158,839,000)	(153,514,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	$ 24,966,176,000	19,976,161,000
Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.80%
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 10,938,322,000	6,989,889,000
Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.80%
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 9,653,874,000	6,305,964,000
Mortgage and Term Loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.70%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 14,158,332,000	13,124,595,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.50%
Mezzanine loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 71,100,000	202,200,000
Mezzanine loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.50%
Variable rate secured revolving credit facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 2,185,344,000
Total loans secured by real estate	$ 729,325,000	481,725,000
Variable rate secured revolving credit facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.50%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 1,875,000,000
Total loans secured by real estate	$ 484,023,000	$ 0
Warehouse facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.10%

Mortgage Notes, Term Loans, a_4

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
2021 (remaining)	$ 399,618
2022	752,619
2023	904,478
2024	3,692,043
2025	4,661,846
2026	5,605,063
Thereafter	9,080,987
Total	$ 25,096,654	$ 20,114,484

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (3,372)	$ (5,258)	$ (9,545)	$ (6,495)

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Secured Financings on Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Balance	$ 2,767,399	$ 2,140,993
Collateral Assets	$ 4,714,375	$ 3,293,153
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.00%	1.60%
CMBS
Debt Instrument [Line Items]
Outstanding Balance	$ 2,381,296	$ 1,733,623
Collateral Assets	$ 4,118,078	$ 2,697,714
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.90%	1.60%
Term Loans
Debt Instrument [Line Items]
Outstanding Balance	$ 236,241	$ 292,406
Collateral Assets	$ 363,447	$ 452,578
Term Loans | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.80%	1.80%
Corporate Bonds
Debt Instrument [Line Items]
Outstanding Balance	$ 103,396	$ 111,540
Collateral Assets	$ 158,820	$ 138,215
Corporate Bonds | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.80%	0.80%
RMBS
Debt Instrument [Line Items]
Outstanding Balance	$ 46,466	$ 3,424
Collateral Assets	$ 74,030	$ 4,646
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.90%	1.50%

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities - Additional Information (Details) - Unsecured Revolving Credit Facility - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Extension period (in years)	1 year
Line of credit, capacity	$ 1,900
Line of credit amount outstanding	0	$ 23.5
Other outstanding borrowings on line of credit	0	0
Affiliated
Debt Instrument [Line Items]
Line of credit, capacity	100
Line of credit amount outstanding	$ 0	$ 0
LIBOR
Debt Instrument [Line Items]
Interest rate	2.50%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,979,927	$ 887,660
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Total components due to affiliates	1,028,882	605,411
Performance participation allocation
Related Party Transaction [Line Items]
Total components due to affiliates	892,410	192,648
Accrued management fee
Related Party Transaction [Line Items]
Total components due to affiliates	44,778	22,253
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total components due to affiliates	9,004	10,151
Advanced organization and offering costs
Related Party Transaction [Line Items]
Total components due to affiliates	2,557	4,090
Other
Related Party Transaction [Line Items]
Total components due to affiliates	$ 2,296	$ 53,107

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2021shares	Jan. 31, 2021USD ($)shares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)investmentshares	Sep. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Performance participation allocation			$ 449,822	$ 0	$ 892,410	$ 0
Aggregate redeemable non- controlling interest shares and Class I units continue to own			534,500		534,500
Management fee			122,866	57,619	288,144	160,544
Total components due to affiliates			$ 1,979,927		$ 1,979,927		$ 887,660
Stock repurchased (in shares) | shares			15,995		79,616
Stock repurchased, value			$ 206,150	332,891	$ 958,617	1,148,122
Amortization period of grant (in years)					4 years
Amount contributed to captive towards insurance premium			5,300	28,400	$ 49,500	28,400
Payment for management fee			100	500	900	500
Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates			44,778		44,778		22,253
Advanced Expenses
Related Party Transaction [Line Items]
Total components due to affiliates			$ 2,300		$ 2,300		2,300
Class I
Related Party Transaction [Line Items]
Stock repurchased (in shares) | shares			12,224		62,850
Blackstone Advisory Partners L.P.
Related Party Transaction [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share					8.75%
Special Limited Partner
Related Party Transaction [Line Items]
Percentage of annual hurdle amount					5.00%
Related party allocation percentage of annual total return					12.50%
Percentage of management fee on NAV per annum					12.50%
Stock issued as payment for services (in shares) | shares		1,100
Stock redeemed (in shares) | shares		9,700
Stock redeemed, value		$ 111,900
Special Limited Partner | Class I
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares		15,500
Special Limited Partner | Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares		1,100
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					87.50%
Adviser
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum					1.25%
Management fee			$ 122,900	$ 57,600	$ 288,100	$ 160,500
Adviser | Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates			44,800		44,800		22,300
Adviser | Class I | Accrued Repurchases
Related Party Transaction [Line Items]
Total components due to affiliates			0		$ 0		50,800
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares					19,600	13,000
Stock repurchased (in shares) | shares					10,400	8,400
Stock repurchased, value					$ 121,400	$ 89,500
Adviser | Class I | Subsequent Event | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	3,300
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments					$ 13,800
Number of investments with capitalized costs | investment					29
LivCor, L.L.C.
Related Party Transaction [Line Items]
Receivable from affiliates			$ 3,900		$ 3,900		$ 3,900

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Related Party Transaction [Line Items]
Unrecognized Compensation Cost, beginning balance	$ 3,363
Value of New Awards Issued	8,500
Amortization of Compensation Cost	(2,446)
Unrecognized Compensation Cost, ending balance	8,741
2019
Related Party Transaction [Line Items]
Unrecognized Compensation Cost, beginning balance	3,363
Value of New Awards Issued	0
Amortization of Compensation Cost	(852)
Unrecognized Compensation Cost, ending balance	$ 1,835
Remaining Amortization Period	1 year 3 months 18 days
2020
Related Party Transaction [Line Items]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of New Awards Issued	0
Amortization of Compensation Cost	0
Unrecognized Compensation Cost, ending balance	0
2021
Related Party Transaction [Line Items]
Unrecognized Compensation Cost, beginning balance	0
Value of New Awards Issued	8,500
Amortization of Compensation Cost	(1,594)
Unrecognized Compensation Cost, ending balance	$ 6,906
Remaining Amortization Period	3 years 3 months 18 days

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 31,596	$ 26,495	$ 95,154	$ 75,863
Amortization of Affiliate Service Provider Incentive Compensation	976	(31)	2,446	969
Capitalized Transaction Support Services	4,127	3,252	7,102	5,881
Link Industrial Properties L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	16,363	13,312	48,322	39,334
Amortization of Affiliate Service Provider Incentive Compensation	394	(16)	999	505
Capitalized Transaction Support Services	458	2,373	1,276	2,926
LivCor, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	9,651	7,150	30,569	19,474
Amortization of Affiliate Service Provider Incentive Compensation	441	(5)	1,138	149
Capitalized Transaction Support Services	2,227	772	4,302	2,533
BRE Hotels and Resorts LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	2,794	4,012	8,237	11,661
Amortization of Affiliate Service Provider Incentive Compensation	119	(9)	246	303
Capitalized Transaction Support Services	0	0	0	0
ShopCore Properties TRS Management LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	1,471	1,411	4,366	3,532
Amortization of Affiliate Service Provider Incentive Compensation	15	(1)	40	12
Capitalized Transaction Support Services	171	107	253	422
Revantage Corporate Services, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	899	440	2,278	1,397
Amortization of Affiliate Service Provider Incentive Compensation	0	0	0	0
Capitalized Transaction Support Services	1,271	0	1,271	0
Equity Office Management, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	418	170	1,382	465
Amortization of Affiliate Service Provider Incentive Compensation	7	0	23	0
Capitalized Transaction Support Services	$ 0	$ 0	$ 0	$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Assets [Abstract]
Equity securities	$ 2,700,130	$ 599,185
Real estate intangibles, net	808,990	738,259
Pre-acquisition costs	602,603	241
Receivables, net	282,801	109,159
Straight-line rent receivable	243,228	155,108
Prepaid expenses	89,172	50,092
Single family rental homes retained risk retention securities	82,422	0
Deferred leasing costs, net	69,038	49,533
Derivatives	53,478	0
Held for sale assets	22,351	0
Deferred financing costs, net	21,561	22,740
Other	89,774	74,936
Total	$ 5,065,548	$ 1,799,253

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities [Abstract]
Subscriptions received in advance	$ 1,720,934	$ 508,817
Real estate taxes payable	250,154	117,362
Payable for unsettled investments in real estate debt	236,686	0
Accounts payable and accrued expenses	189,536	104,866
Distribution payable	158,156	90,892
Intangible liabilities, net	117,410	128,639
Tenant security deposits	108,618	57,489
Prepaid rental income	$ 97,806	$ 95,165
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Right of use lease liability - operating leases	$ 86,177	$ 85,065
Stock repurchases payable	$ 75,308	$ 83,350
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Right of use lease liability - financing leases	$ 74,630	$ 57,727
Accrued interest expense	51,865	50,065
Derivatives	22,860	55,536
Held for sale liabilities	302	0
Other	67,619	30,221
Other liabilities	$ 3,258,061	$ 1,465,194

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Intangible assets:
Indefinite life intangibles	$ 104,182	$ 0
Total intangible assets	1,375,498	1,176,371
Accumulated amortization:
Total accumulated amortization	(566,508)	(438,112)
Real estate intangibles, net	808,990	738,259
Intangible liabilities:
Below-market lease intangibles	196,238	194,158
Total intangible liabilities	196,238	194,158
Accumulated amortization:
Below-market lease amortization	(78,828)	(65,519)
Total accumulated amortization	(78,828)	(65,519)
Intangible liabilities, net	117,410	128,639
In-place lease intangibles
Intangible assets:
Finite-lived intangible assets	1,164,981	1,094,561
Accumulated amortization:
Total accumulated amortization	(530,163)	(407,256)
Real estate intangibles, net	634,818
Above-market lease intangibles
Intangible assets:
Finite-lived intangible assets	44,982	49,261
Accumulated amortization:
Total accumulated amortization	(22,262)	(20,291)
Real estate intangibles, net	22,720
Other
Intangible assets:
Finite-lived intangible assets	61,353	32,549
Accumulated amortization:
Total accumulated amortization	$ (14,083)	$ (10,565)

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lease Intangibles
Real estate intangibles, net	$ 808,990	$ 738,259
Below-market Lease Intangibles
2021 (remaining)	(7,585)
2022	(27,708)
2023	(23,262)
2024	(18,695)
2025	(14,192)
2026	(10,447)
Thereafter	(15,521)
Total	(117,410)
In-place Lease Intangibles
Lease Intangibles
2021 (remaining)	138,129
2022	167,444
2023	91,470
2024	64,465
2025	50,402
2026	38,079
Thereafter	84,829
Real estate intangibles, net	634,818
Above-market Lease Intangibles
Lease Intangibles
2021 (remaining)	1,881
2022	6,320
2023	4,207
2024	2,933
2025	2,299
2026	1,696
Thereafter	3,384
Real estate intangibles, net	$ 22,720

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) - Non-designated Hedges € in Thousands, £ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)derivative	Dec. 31, 2020USD ($)derivative	Sep. 30, 2021EUR (€)derivative	Sep. 30, 2021GBP (£)derivative	Dec. 31, 2020EUR (€)derivative	Dec. 31, 2020GBP (£)derivative
Interest Rate Swaps - Investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	54	53	54	54	53	53
Notional Amount | $	$ 1,140,710	$ 929,560
Strike	1.00%	1.30%	1.00%	1.00%	1.30%	1.30%
Weighted Average Maturity (Years)	5 years 4 months 24 days	6 years 3 months 18 days
Interest Rate Swaps - Property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	6		6	6
Notional Amount | $	$ 1,500,000
Strike	1.10%		1.10%	1.10%
Weighted Average Maturity (Years)	6 years 9 months 18 days
Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 705,031		€ 219,430
Number of Instruments	15	7	15	15	7	7
Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 311,988		£ 25,093
Number of Instruments	9	2	9	9	2	2
Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 147,613		€ 0
Number of Instruments	9	0	9	9	0	0
Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 53,777		£ 0
Number of Instruments	4	0	4	4	0	0

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 53,478	$ 0
Fair Value of Derivatives in a Liability Position	22,860	55,536
Interest rate derivatives
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	19,922	0
Fair Value of Derivatives in a Liability Position	18,379	46,144
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	33,556	0
Fair Value of Derivatives in a Liability Position	$ 4,481	$ 9,392

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized/unrealized gain (loss)	$ 33,784	$ (4,919)	$ 62,990	$ (73,021)
Income from investments in real estate debt
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract, realized gain (loss)	335	(12,541)	(8,244)	(10,572)
Interest rate swap - investments in real estate debt, realized loss	(77)	0	(15,041)	(1,711)
Foreign currency forward contract, unrealized gain	18,514	4,018	38,479	(1,079)
Interest rate swap - investments in real estate debt, unrealized gain (loss)	7,017	3,604	49,947	(59,659)
Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain (loss)	$ 7,995	$ 0	$ (2,151)	$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of assets that posted collateral	$ 15.6	$ 55.9

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)	100,000,000
Total, shares authorized (in shares)	10,100,000,000
Preferred stock par value (in dollars per share)	$ 0.01
Class S
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class T
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,479,803	1,800,017
Common stock issued (in shares)	585,123	1,301,383
Distribution reinvestment (in shares)	16,434	43,576
Common stock repurchased (in shares)	(15,995)	(79,616)
Independent directors' restricted stock grant (in shares)	56	61
Ending balance (in shares)	3,065,421	3,065,421
Restricted Stock | Independent Director
Common Stock, Shares Outstanding [Roll Forward]
Award requisite service period (in years)	1 year	1 year
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	921,838	702,853
Common stock issued (in shares)	156,140	374,193
Distribution reinvestment (in shares)	6,488	18,295
Common stock repurchased (in shares)	(2,969)	(13,844)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	1,081,497	1,081,497
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,326,271	927,080
Common stock issued (in shares)	364,057	801,347
Distribution reinvestment (in shares)	8,280	20,802
Common stock repurchased (in shares)	(12,224)	(62,850)
Independent directors' restricted stock grant (in shares)	56	61
Ending balance (in shares)	1,686,440	1,686,440
Independent directors' restricted stock grant, value	$ 0.1	$ 0.1
Class I | Independent Director
Common Stock, Shares Outstanding [Roll Forward]
Independent directors' restricted stock grant, value		$ 0.1
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	50,188	45,943
Common stock issued (in shares)	3,671	8,074
Distribution reinvestment (in shares)	341	1,013
Common stock repurchased (in shares)	(254)	(1,084)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	53,946	53,946
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	181,506	124,141
Common stock issued (in shares)	61,255	117,769
Distribution reinvestment (in shares)	1,325	3,466
Common stock repurchased (in shares)	(548)	(1,838)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	243,538	243,538

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Equity [Line Items]
Common stock repurchased, value	$ 206,150	$ 332,891	$ 958,617	$ 1,148,122
Non-controlling interests attributable to third party joint ventures	748,195		748,195		$ 143,253
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	(24,843)	$ (6,429)	(34,493)	$ (6,731)
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	$ 80,500		$ 80,500		$ 29,800
Share Repurchase Plan
Equity [Line Items]
Common stock repurchased (in shares)	16,000,000		79,600,000
BREIT OP units repurchased (in units)	0		9,800,000
Common stock repurchased, value	$ 206,200		$ 957,000
Stock repurchased, value in operating partnership unit	$ 0		$ 113,400

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.1637	$ 0.1586	$ 0.4852	$ 0.4755
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1637		0.4852
Stockholder servicing fee per share of common stock	(0.0284)		(0.0793)
Net distributions declared per share of common stock	0.1353		0.4059
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1637		0.4852
Stockholder servicing fee per share of common stock	0		0
Net distributions declared per share of common stock	0.1637		0.4852
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1637		0.4852
Stockholder servicing fee per share of common stock	(0.0280)		(0.0782)
Net distributions declared per share of common stock	0.1357		0.4070
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1637		0.4852
Stockholder servicing fee per share of common stock	(0.0082)		(0.0229)
Net distributions declared per share of common stock	$ 0.1555		$ 0.4623

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Redeemable Non-controlling Interest [Abstract]
Balance at the beginning of the year			$ 30,056
Settlement of prior year performance participation allocation			192,648	$ 141,396
GAAP income allocation	$ 382	$ 263	920	1,273
Ending balance	80,838		80,838
Special Limited Partner
Redeemable Non-controlling Interest [Abstract]
Balance at the beginning of the year			274	272
Settlement of prior year performance participation allocation			192,648	141,396
Repurchases			(111,949)	(83,625)
Conversion to shares and units			(12,246)	(9,228)
GAAP income allocation			(4)	(13)
Distributions			(12)	(10)
Fair value allocation			62	17
Ending balance	$ 320	$ 266	320	266
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Abstract]
Conversion to shares and units			$ (68,453)	$ (48,543)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Fixed lease payments	$ 737,811	$ 509,188	$ 1,944,920	$ 1,492,519
Variable lease payments	70,287	52,865	196,903	155,346
Rental revenue	$ 808,098	$ 562,053	$ 2,141,823	$ 1,647,865

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2021USD ($)
Lessor, Operating Lease, Payments to be Received
2021 (remaining)	$ 264,974
2022	1,039,042
2023	940,377
2024	831,443
2025	740,074
2026	653,059
Thereafter	9,045,865
Total	$ 13,514,834

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 2021lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	15
Number of ground leases under finance lease	3
Operating lease, weighted average remaining lease term (in years)	55 years
Finance lease, weighted average remaining lease term (in years)	80 years
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	5.00%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	7.00%
Ground Lease One Under Operating Lease
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	99 years
Ground Lease Two Under Operating Lease
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	10 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
2021 (remaining)	$ 1,061
2022	4,093
2023	4,132
2024	4,183
2025	4,423
2026	4,530
Thereafter	595,396
Total undiscounted future lease payments	617,818
Difference between undiscounted cash flows and discounted cash flows	(531,641)
Total lease liability	86,177	$ 85,065
Financing Leases
2021 (remaining)	215
2022	4,038
2023	4,150
2024	4,266
2025	4,385
2026	4,507
Thereafter	568,774
Total undiscounted future lease payments	590,335
Difference between undiscounted cash flows and discounted cash flows	(515,705)
Total lease liability	$ 74,630	$ 57,727

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Fixed ground rent expense	$ 1,031	$ 1,000	$ 3,078	$ 3,026
Variable ground rent expense	5	0	31	18
Total cash portion of ground rent expense	1,036	1,000	3,109	3,044
Straight-line ground rent expense	1,636	1,656	4,926	5,090
Total operating lease costs	$ 2,672	$ 2,656	$ 8,035	$ 8,134

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Interest on lease liabilities	$ 889	$ 759	$ 2,407	$ 2,233
Amortization of right-of-use assets	322	239	821	748
Total financing lease costs	$ 1,211	$ 998	$ 3,228	$ 2,981

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	9

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 63,448,602	$ 40,684,015
Residential
Segment Reporting Information [Line Items]
Total assets	26,559,454	13,701,615
Industrial
Segment Reporting Information [Line Items]
Total assets	12,849,367	11,157,856
Net Lease
Segment Reporting Information [Line Items]
Total assets	5,214,446	5,199,651
Data Centers
Segment Reporting Information [Line Items]
Total assets	2,525,963	341,056
Hospitality
Segment Reporting Information [Line Items]
Total assets	2,430,899	2,196,429
Self Storage
Segment Reporting Information [Line Items]
Total assets	1,518,884	1,593,430
Retail
Segment Reporting Information [Line Items]
Total assets	770,351	700,045
Office
Segment Reporting Information [Line Items]
Total assets	1,010,578	447,630
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	7,035,826	4,763,309
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 3,532,834	$ 582,994

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 979,309	$ 635,371	$ 2,522,947	$ 1,903,000
Expenses:
Total expenses	406,297	253,645	1,022,760	752,897
Income from unconsolidated entities	78,445	25,073	183,155	63,678
Income (loss) from investments in real estate debt	83,052	206,046	438,986	(317,212)
Income (loss) from investments in equity securities	151,841	(9,650)	396,592	(13,942)
Segment net operating income (loss)	886,350	603,195	2,518,920	882,627
Depreciation and amortization	(482,045)	(332,599)	(1,282,053)	(1,008,756)
General and administrative	(7,106)	(5,430)	(21,855)	(19,025)
Management fee	(122,866)	(57,619)	(288,144)	(160,544)
Performance participation allocation	(449,822)	0	(892,410)	0
Impairment of investments in real estate	0	(6,217)	0	(12,343)
Net loss on dispositions of real estate	(9,586)	100,070	13,216	100,441
Interest income	41	122	136	2,102
Interest expense	(204,538)	(174,193)	(567,685)	(539,276)
Loss on extinguishment of debt	(3,372)	(5,258)	(9,545)	(6,495)
Other income (expense)	25,790	398	14,568	(15,080)
Net (loss) income	(367,154)	122,469	(514,852)	(776,349)
Net loss attributable to non-controlling interests in third party joint ventures	5,472	593	5,149	1,796
Net loss (income) attributable to non-controlling interests in BREIT OP	4,393	(1,790)	6,129	10,177
Net (loss) income attributable to BREIT stockholders	(357,289)	121,272	(503,574)	(764,376)
Residential
Revenues:
Total revenues	452,944	257,717	1,076,032	752,721
Expenses:
Total expenses	219,456	122,266	510,039	342,062
Income from unconsolidated entities	(8,615)	0	(8,615)	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	148,553	(9,030)	300,048	(14,823)
Segment net operating income (loss)	373,426	126,421	857,426	395,836
Depreciation and amortization	(249,438)	(133,696)	(585,424)	(406,617)
Industrial
Revenues:
Total revenues	237,742	209,020	694,983	610,510
Expenses:
Total expenses	69,157	61,234	213,306	180,976
Income from unconsolidated entities	79,166	0	133,394	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	15,573	0	70,984	13,571
Segment net operating income (loss)	263,324	147,786	686,055	443,105
Depreciation and amortization	(133,243)	(133,453)	(396,737)	(405,326)
Net Lease
Revenues:
Total revenues	82,795	82,795	248,384	248,384
Expenses:
Total expenses	440	156	910	270
Income from unconsolidated entities	24,914	25,073	75,396	63,678
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	10,761	6,151	41,724	(6,046)
Segment net operating income (loss)	118,030	113,863	364,594	305,746
Depreciation and amortization	(28,637)	(28,667)	(85,773)	(85,862)
Data Centers
Revenues:
Total revenues	8,128	5,761	20,549	17,249
Expenses:
Total expenses	1,061	768	2,975	2,244
Income from unconsolidated entities	(17,020)	0	(17,020)	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	0	0	0	0
Segment net operating income (loss)	(9,953)	4,993	554	15,005
Depreciation and amortization	(3,878)	(2,525)	(8,928)	(7,574)
Hospitality
Revenues:
Total revenues	130,139	57,776	295,936	209,866
Expenses:
Total expenses	92,280	60,339	223,053	204,168
Income from unconsolidated entities	0	0	0	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	0	0	0	0
Segment net operating income (loss)	37,859	(2,563)	72,883	5,698
Depreciation and amortization	(22,928)	(22,296)	(68,504)	(67,842)
Self Storage
Revenues:
Total revenues	39,132	5,227	107,937	13,599
Expenses:
Total expenses	16,430	2,618	49,391	7,061
Income from unconsolidated entities	0	0	0	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	0	0	0	0
Segment net operating income (loss)	22,702	2,609	58,546	6,538
Depreciation and amortization	(30,688)	(2,396)	(100,502)	(6,077)
Retail
Revenues:
Total revenues	15,859	13,849	46,170	41,277
Expenses:
Total expenses	4,767	5,163	14,302	12,914
Income from unconsolidated entities	0	0	0	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	0	0	0	0
Segment net operating income (loss)	11,092	8,686	31,868	28,363
Depreciation and amortization	(6,973)	(7,978)	(21,158)	(24,787)
Office
Revenues:
Total revenues	12,570	3,226	32,956	9,394
Expenses:
Total expenses	2,706	1,101	8,784	3,202
Income from unconsolidated entities	0	0	0	0
Income (loss) from investments in real estate debt	0	0	0	0
Income (loss) from investments in equity securities	(23,046)	(6,771)	(16,164)	(6,644)
Segment net operating income (loss)	(13,182)	(4,646)	8,008	(452)
Depreciation and amortization	(6,260)	(1,588)	(15,027)	(4,671)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Income from unconsolidated entities	0	0	0	0
Income (loss) from investments in real estate debt	83,052	206,046	438,986	(317,212)
Income (loss) from investments in equity securities	0	0	0	0
Segment net operating income (loss)	83,052	206,046	438,986	(317,212)
Depreciation and amortization	0	0	0	0
Rental Property
Revenues:
Total revenues	808,098	562,053	2,141,823	1,647,865
Expenses:
Total expenses	314,017	193,306	799,707	548,729
Rental Property | Residential
Revenues:
Total revenues	416,749	244,691	1,007,297	713,603
Expenses:
Total expenses	219,456	122,266	510,039	342,062
Rental Property | Industrial
Revenues:
Total revenues	235,917	207,541	687,164	607,033
Expenses:
Total expenses	69,157	61,234	213,306	180,976
Rental Property | Net Lease
Revenues:
Total revenues	82,795	82,795	248,384	248,384
Expenses:
Total expenses	440	156	910	270
Rental Property | Data Centers
Revenues:
Total revenues	8,128	5,761	20,549	17,249
Expenses:
Total expenses	1,061	768	2,975	2,244
Rental Property | Hospitality
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Rental Property | Self Storage
Revenues:
Total revenues	36,529	4,541	101,177	12,002
Expenses:
Total expenses	16,430	2,618	49,391	7,061
Rental Property | Retail
Revenues:
Total revenues	15,527	13,594	44,624	40,516
Expenses:
Total expenses	4,767	5,163	14,302	12,914
Rental Property | Office
Revenues:
Total revenues	12,453	3,130	32,628	9,078
Expenses:
Total expenses	2,706	1,101	8,784	3,202
Rental Property | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Other revenue
Revenues:
Total revenues	43,704	17,280	92,814	49,844
Other revenue | Residential
Revenues:
Total revenues	36,195	13,026	68,735	39,118
Other revenue | Industrial
Revenues:
Total revenues	1,825	1,479	7,819	3,477
Other revenue | Net Lease
Revenues:
Total revenues	0	0	0	0
Other revenue | Data Centers
Revenues:
Total revenues	0	0	0	0
Other revenue | Hospitality
Revenues:
Total revenues	2,632	1,738	7,626	4,575
Other revenue | Self Storage
Revenues:
Total revenues	2,603	686	6,760	1,597
Other revenue | Retail
Revenues:
Total revenues	332	255	1,546	761
Other revenue | Office
Revenues:
Total revenues	117	96	328	316
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Hospitality
Revenues:
Total revenues	127,507	56,038	288,310	205,291
Expenses:
Total expenses	92,280	60,339	223,053	204,168
Hospitality | Residential
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Industrial
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Net Lease
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Data Centers
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Hospitality
Revenues:
Total revenues	127,507	56,038	288,310	205,291
Expenses:
Total expenses	92,280	60,339	223,053	204,168
Hospitality | Self Storage
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Retail
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Office
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	$ 0	$ 0	$ 0	$ 0

Subsequent Events - (Details)

Subsequent Events - (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 12, 2021USD ($)transaction	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Subsequent Event [Line Items]
Payments to acquire real estate		$ 12,500,000
Proceeds from issuance of common stock		$ 15,183,976	$ 6,014,033
Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate	$ 3,900,000
Number of separate transaction in real estate acquisition | transaction	11
Payments to acquire investments	$ 800,000
Aggregate payment to acquire real estate debt	1,700,000
Proceeds from issuance of common stock	$ 4,700,000