Blackstone Real Estate Income Trust (BSTT) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 13, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,522,783,259
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,475,212,606
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		72,033,216
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		378,459,720

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Investments in real estate, net	$ 68,803,749	$ 66,941,653
Investments in unconsolidated entities (includes $2,340,473 and $1,613,646 at fair value    as of March 31, 2022 and December 31, 2021, respectively)	6,126,887	5,501,305
Investments in real estate debt	9,888,596	8,995,939
Cash and cash equivalents	3,824,779	989,674
Restricted cash	2,779,440	2,428,907
Other assets	6,899,249	6,450,733
Total assets	98,322,700	91,308,211
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	41,395,221	41,327,388
Secured financings of investments in real estate debt	4,558,781	4,706,632
Due to affiliates	1,951,472	1,309,447
Other liabilities	4,687,576	4,184,148
Total liabilities	52,593,050	51,527,615
Commitments and contingencies	0	0
Redeemable non-controlling interests	219,572	750,670
Equity
Additional paid-in capital	48,981,309	42,249,094
Accumulated other comprehensive loss	(32,161)	(9,569)
Accumulated deficit and cumulative distributions	(6,300,159)	(5,631,014)
Total stockholders’ equity	42,690,796	36,645,403
Non-controlling interests attributable to third party joint ventures	1,680,507	1,744,256
Non-controlling interests attributable to BREIT OP unitholders	1,138,775	640,267
Total equity	45,510,078	39,029,926
Total liabilities and equity	98,322,700	91,308,211
Class S
Equity
Common stock value	14,264	12,543
Class I
Equity
Common stock value	23,493	20,865
Class T
Equity
Common stock value	651	573
Class D
Equity
Common stock value	$ 3,399	$ 2,911

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in unconsolidated entities	$ 2,340,473	$ 1,613,646
Common stock, shares outstanding (in shares)	4,181,578,000	3,689,353,000
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)	1,426,428,000	1,254,348,000
Common stock, shares outstanding (in shares)	1,426,428,000	1,254,348,000
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)	2,350,144,000	2,086,631,000
Common stock, shares outstanding (in shares)	2,350,144,000	2,086,631,000
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)	65,057,000	57,287,000
Common stock, shares outstanding (in shares)	65,057,000	57,287,000
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)	339,949,000	291,087,000
Common stock, shares outstanding (in shares)	339,949,000	291,087,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 1,519,065	$ 733,455
Expenses
Operating expenses	670,450	293,385
General and administrative	13,106	6,960
Management fee	189,150	73,095
Performance participation allocation	411,569	143,215
Depreciation and amortization	915,051	400,387
Total expenses	2,199,326	917,042
Other income (expense)
Income from unconsolidated entities	184,225	34,682
(Loss) income from investments in real estate debt	(34,044)	239,361
Net gain on dispositions of real estate	205,262	15,430
Interest expense	(306,459)	(181,532)
Gain (loss) on extinguishment of debt	1,395	(3,416)
Other income	533,303	107,946
Total other income	583,682	212,471
Net (loss) income	(96,579)	28,884
Net loss (income) attributable to non-controlling interests in third party joint ventures	44,255	(59)
Net loss (income) attributable to non-controlling interests in BREIT OP	656	(353)
Net (loss) income attributable to BREIT stockholders	$ (51,668)	$ 28,472
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.01)	$ 0.01
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.01)	$ 0.01
Weighted-average shares of common stock outstanding, basic (in shares)	4,001,087	1,938,486
Weighted-average shares of common stock outstanding, diluted (in shares)	4,001,087	1,938,486
Rental revenue
Revenues
Total revenues	$ 1,303,720	$ 652,916
Expenses
Operating expenses	566,987	237,705
Hospitality
Revenues
Total revenues	147,245	58,143
Expenses
Operating expenses	103,463	55,680
Other revenue
Revenues
Total revenues	$ 68,100	$ 22,396

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Net (loss) income	$ (96,579)	$ 28,884
Other comprehensive (loss) income:
Foreign currency translation losses, net	(6,592)	0
Unrealized loss on derivatives from unconsolidated entities	(16,000)	0
Other comprehensive (loss) income	(22,592)	0
Comprehensive (loss) income	(119,171)	28,884
Comprehensive loss (income) attributable to non-controlling interests in third party joint ventures	44,255	(59)
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP	656	(353)
Comprehensive (loss) income attributable to BREIT stockholders	$ (74,260)	$ 28,472

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, 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	2,918,424	2,918,424	817	1,452	14	227	2,915,914
Offering costs	(107,294)	(107,294)					(107,294)
Distribution reinvestment	150,174	150,174	57	58	3	10	150,046
Common stock/units repurchased	(509,750)	(508,331)	(68)	(354)	(5)	(8)	(507,896)			(1,290)	(129)
Amortization of compensation awards	1,298	121		1			120			1,177
Net income (loss)	29,227	28,472							28,472	353	402
Other comprehensive loss	0
Distributions declared on common stock	(289,405)	(289,405)							(289,405)
Contributions from non-controlling interests	72,545									70,316	2,229
Distributions to and redemptions of non-controlling interests	(7,279)									(4,456)	(2,823)
Allocation to redeemable non-controlling interests	(2,775)	(2,775)					(2,775)
Ending Balance at Mar. 31, 2021	18,439,116	18,042,112	7,835	10,427	471	1,470	21,507,160	0	(3,485,251)	254,072	142,932
Beginning Balance at Dec. 31, 2021	39,029,926	36,645,403	12,543	20,865	573	2,911	42,249,094	(9,569)	(5,631,014)	640,267	1,744,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	8,006,275	8,006,275	1,699	3,279	78	479	8,000,740
Offering costs	(285,297)	(285,297)					(285,297)
Distribution reinvestment	307,300	307,300	74	116	4	18	307,088
Common stock/units repurchased	(1,263,606)	(1,255,434)	(52)	(807)	(4)	(9)	(1,254,562)			(8,172)
Amortization of compensation awards	9,785	4,017		40			3,977			5,768
Net income (loss)	(95,384)	(51,668)							(51,668)	(3,769)	(39,947)
Other comprehensive loss	(22,592)	(22,592)						(22,592)
Distributions declared on common stock	(617,477)	(617,477)							(617,477)
Contributions from non-controlling interests	520,996									520,160	836
Distributions to and redemptions of non-controlling interests	(44,146)	(4,029)					(4,029)			(15,479)	(24,638)
Allocation to redeemable non-controlling interests	(35,702)	(35,702)					(35,702)
Ending Balance at Mar. 31, 2022	$ 45,510,078	$ 42,690,796	$ 14,264	$ 23,493	$ 651	$ 3,399	$ 48,981,309	$ (32,161)	$ (6,300,159)	$ 1,138,775	$ 1,680,507

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ (1,195)	$ (343)
Distributions declared on common stock (in dollars per share)	$ 0.1662	$ 0.1600

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (96,579)	$ 28,884
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Management fee	189,150	73,095
Performance participation allocation	411,569	143,215
Depreciation and amortization	915,051	400,387
Net gain on dispositions of real estate	(205,262)	(15,430)
(Gain) loss on extinguishment of debt	(1,395)	3,416
Unrealized gain on changes in fair value of financial instruments	(175,457)	(316,617)
Realized (gain) loss on sale of real estate-related equity securities	(240,694)	20,363
Income from unconsolidated entities	(184,225)	(34,682)
Distributions of earnings from unconsolidated entities	69,570	15,101
Other items	17,000	(5,945)
Change in assets and liabilities:
Increase in other assets	(79,263)	(20,726)
Increase in due to affiliates	3,281	4,804
Increase (decrease) in other liabilities	77	(4,229)
Net cash provided by operating activities	622,823	291,636
Cash flows from investing activities:
Acquisitions of real estate	(2,221,780)	(362,345)
Capital improvements to real estate	(196,224)	(61,713)
Proceeds from disposition of real estate	571,225	73,922
Refunds, (pre-acquisition costs/deposits)	37,692	(6,322)
Investment in unconsolidated entities	(551,580)	(364,758)
Return of capital from unconsolidated entities	15,954	0
Purchase of investments in real estate debt	(1,483,788)	(300,888)
Proceeds from sale/repayment of investments in real estate debt	452,950	126,388
Purchase of real estate-related equity securities	(1,045,329)	(336,845)
Proceeds from sale of real estate-related equity securities	967,347	0
Net cash used in investing activities	(3,453,533)	(1,232,561)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,952,091	2,327,903
Offering costs paid	(72,157)	(30,430)
Subscriptions received in advance	1,843,583	1,230,294
Repurchase of common stock	(965,715)	(323,611)
Repurchase of management fee shares	0	(124,335)
Borrowings under mortgage notes, term loans, and secured revolving credit facilities	2,442,063	614,085
Repayments of mortgage notes, term loans, and secured revolving credit facilities	(2,699,283)	(957,247)
Borrowings under secured financings of investments in real estate debt	541,821	0
Repayments of secured financings of investments in real estate debt	(674,264)	(635,805)
Borrowings under affiliate unsecured revolving credit facility	0	60,000
Repayments of affiliate unsecured revolving credit facility	0	(60,000)
Payment of deferred financing costs	(26,514)	(13,640)
Redemption of redeemable non-controlling interest	(26,639)	(111,949)
Redemption of affiliate service provider incentive compensation awards	0	(923)
Contributions from non-controlling interests	30,644	825
Distributions to and redemptions of non-controlling interests	(47,060)	(6,623)
Distributions	(280,278)	(127,578)
Net cash provided by financing activities	6,018,292	1,840,966
Net change in cash and cash equivalents and restricted cash	3,187,582	900,041
Cash and cash equivalents and restricted cash, beginning of year	3,418,581	1,044,523
Effects of currency translation on cash, cash equivalents and restricted cash	(1,944)	0
Cash and cash equivalents and restricted cash, end of year	6,604,219	1,944,564
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	3,824,779	574,130
Restricted cash	2,779,440	1,370,434
Total cash and cash equivalents and restricted cash	6,604,219	1,944,564
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	235,772	0
Issuance of BREIT OP units as consideration for acquisitions of real estate	79,577	0
Accrued pre-acquisition costs	15	0
Accrued capital expenditures and acquisition related costs	6,326	7,009
Accrued distributions	31,865	11,914
Accrued stockholder servicing fee due to affiliate	217,595	78,094
Redeemable non-controlling interest issued as settlement of performance participation allocation	67,233	192,648
Allocation to redeemable non-controlling interest	35,702	2,775
Distribution reinvestment	307,300	150,174
Accrued common stock repurchases	393,509	87,350
Accrued common stock repurchases due to affiliate	0	27,387
Payable for unsettled investments in real estate debt	78,115	22,974
Class I Shares
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	128,205	12,246
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	434,717	68,453
Real Estate
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	32,676	2,945
Investments in Unconsolidated Entities
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	$ 0	$ 9,249

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2022
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-generating commercial real estate in the United States. To a lesser extent, the Company invests outside the U.S. and 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 registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in its primary offering and up to $12.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in March 2022 (the “Current Offering”). As of March 31, 2022, the Company had received aggregate net proceeds of $53.3 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, 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 March 31, 2022, the Company owned 3,097 properties and 23,724 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, student, affordable 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	3 Months Ended
	Mar. 31, 2022
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, 2021 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 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 March 31, 2022, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $30.2 billion and $18.6 billion, respectively, compared to $28.7 billion and $17.6 billion as of December 31, 2021. 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. The Company has elected the FVO for certain of its equity method investments while the remaining investments are presented at historical cost. Refer to Note 4 — Investments in Unconsolidated Entities for additional details on the Company’s investments in unconsolidated entities. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date. As the novel coronavirus (“COVID-19”) pandemic has evolved from its emergence in early 2020, so has its global impact. Many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. The Company believes the estimates and assumptions underlying these condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2022, 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 March 31, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of March 31, 2022 and December 31, 2021, 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. 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 March 31, 2022 (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 March 31, 2022 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. The Company’s equity securities are 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 months ended March 31, 2022, the Company recognized $334.7 million of unrealized losses, which includes the realization of $209.3 million of unrealized gains recognized in prior periods on its investments in equity securities. During the three months ended March 31, 2021, the Company recognized $82.3 million of unrealized gains on its investments in equity securities. The Company has elected the FVO for eight of its equity method investments and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the real estate assets of the equity method investments, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investment by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its equity method investment at fair value. The inputs used in determining the Company’s equity method investments carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs). The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 8,655,731 $ 1,232,865 $ 9,888,596 $ — $ 7,755,602 $ 1,240,337 $ 8,995,939 Equity securities 2,535,019 439,871 242,836 3,217,726 2,558,952 442,300 224,408 3,225,660 Investments in unconsolidated entities — — 2,340,473 2,340,473 — — 1,613,646 1,613,646 Derivatives — 839,707 — 839,707 — 41,453 — 41,453 Total $ 2,535,019 $ 9,935,309 $ 3,816,174 $ 16,286,502 $ 2,558,952 $ 8,239,355 $ 3,078,391 $ 13,876,698 Liabilities: Derivatives $ — $ 99,859 $ — $ 99,859 $ — $ 45,597 $ — $ 45,597 Total $ — $ 99,859 $ — $ 99,859 $ — $ 45,597 $ — $ 45,597 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Total Balance as of December 31, 2021 $ 1,240,337 $ 224,408 $ 1,613,646 $ 3,078,391 Purchases 1,233 — 528,862 530,095 Sales and repayments (3,430) — — (3,430) Distributions received — — (8,894) (8,894) Included in net income Income from unconsolidated entities measured at fair value — — 206,859 206,859 Realized gain included in income (loss) from investments in real estate debt 437 — — 437 Unrealized loss included in income (loss) from investments in real estate debt (5,712) — — (5,712) Unrealized gain included in other income (expense) — 18,428 — 18,428 Balance as of March 31, 2022 $ 1,232,865 $ 242,836 $ 2,340,473 $ 3,816,174 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,232,865 Discounted cash flow Market Yield 5.2% Decrease Investments in unconsolidated entities $ 1,803,051 Discounted cash flow Discount Rate 6.2% Decrease Exit Capitalization Rate 5.0% Decrease Weighted Average Cost of Capital 7.1% Decrease $ 537,422 Market comparable LTM EBITDA Multiple 14.4x Increase Equity securities $ 242,836 Market comparable Enterprise Value/ 21.1x Increase December 31, 2021 Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,240,337 Discounted cash flow Market Yield 5.2% Decrease Investments in unconsolidated entities $ 1,613,646 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.6% Decrease Weighted Average Cost of Capital 9.1% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore such assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter and when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. Valuation of liabilities not measured at fair value As of March 31, 2022, 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 $181.1 million below carrying value. As of December 31, 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 $108.6 million above carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage and Home Partners of America (“HPA”), both of which are indirect, wholly-owned subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a straight-line basis over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards issued to certain employees of Simply Self Storage and HPA ($ in thousands): March 31, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Three Months Ended March 31, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 3,425 $ — $ (520) $ 2,905 2.8 years 2022 — 33,173 (4,132) 29,041 2.7 years Total $ 3,425 $ 33,173 $ (4,652) $ 31,946 Recent Accounting Pronouncements 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 March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Building and building improvements $ 55,849,587 $ 53,954,920 Land and land improvements 15,044,365 14,652,913 Furniture, fixtures and equipment 1,097,968 963,686 Right of use asset - operating leases (1) 474,841 461,186 Right of use asset - financing leases (1) 72,862 72,862 Total 72,539,623 70,105,567 Accumulated depreciation and amortization (3,735,874) (3,163,914) Investments in real estate, net $ 68,803,749 $ 66,941,653 (1) Refer to Note 14 for additional details on the Company’s leases. Acquisitions During the three months ended March 31, 2022, the Company acquired interests in nine real estate investments for $2.5 billion, including 16 residential properties, three office properties, 11 industrial properties, and two self storage properties. The following table details the properties acquired during the year ended March 31, 2022 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units/Keys Residential properties (2) $ 1,662,228 4 16 3,731 units Office properties 699,457 2 3 808 sq. ft. Industrial properties (3) 152,897 1 11 1,280 sq. ft. Self storage properties 30,968 2 2 123 sq. ft. $ 2,545,550 9 32 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes 1,035 wholly-owned single family rental homes, that are not included in the number of properties. (3) Purchase price includes three properties classified as held for sale as of March 31, 2022. The following table details the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands): Amount Building and building improvements $ 1,912,760 Land and land improvements 457,729 Furniture, fixtures and equipment 62,397 In-place lease intangibles 134,684 Above-market lease intangibles 1,570 Below-market lease intangibles (30,707) Other 7,117 Total purchase price 2,545,550 Assumed debt (1) 235,772 Net purchase price $ 2,309,778 (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 three months ended March 31, 2022 were six six Dispositions The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended Three Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Residential properties (1) 7 $ 445,419 $ 184,031 4 $ 73,922 $ 15,430 Industrial properties 9 125,806 21,231 — — — 16 $ 571,225 $ 205,262 4 $ 73,922 $ 15,430 (1) Net proceeds and net gain include 123 single family rental homes sold during the three months ended March 31, 2022 that are not included in the number of properties. Properties Held for Sale As of March 31, 2022, one property in the Residential segment and three properties in the Industrial segment were classified as held for sale. The held for sale assets and liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: March 31, 2022 Investments in real estate, net $ 27,583 Other assets 368 Total assets $ 27,951 Liabilities: Mortgage notes, net $ 20,844 Other liabilities 643 Total liabilities $ 21,487 Impairment The Company reviews its real estate investments for impairment each quarter and when there is an event or change in circumstances that indicates an impaired value. If the GAAP depreciated cost basis of a real estate investment exceeds the expected undiscounted future cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the estimated fair value of the investment. During the three months ended March 31, 2022 and 2021 , the Company did not recognize any impairment charge.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2022
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 10,009 single family rental properties, 124 affordable housing rental properties, 533 industrial properties, 53 data center properties, six retail properties, two net lease properties and one office property. Refer to Note 2 for additional details. The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investment in Joint Venture Segment Number of Joint Ventures Ownership March 31, December 31, 2021 Unconsolidated entities at historical cost: QTS Data Centers (1) Data Centers 1 35.7% $ 1,338,874 $ 1,394,359 MGM Grand & Mandalay Bay Net Lease 1 49.9% 823,991 822,736 Residential investments Residential 130 12.2% - 52.0% 1,024,821 1,074,832 Industrial investments (2) Industrial 7 10.0% - 55.0% 502,290 497,491 Retail investments Retail 1 50.0% 96,438 98,241 Total unconsolidated entities at historical cost 140 3,786,414 3,887,659 Unconsolidated entities at fair value: Industrial investments (3) Industrial 7 7.9% - 85.0% 1,810,230 1,613,646 Office investments Office 1 49.0% 530,243 — Total unconsolidated entities at fair value 8 2,340,473 1,613,646 Total 148 $ 6,126,887 $ 5,501,305 (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”). (2) Includes $266.1 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (3) Includes $1.1 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended March 31, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership Interest 2022 2021 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (38,469) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 25,273 25,346 Residential investments Residential 12.2% - 52.0% (28,800) — Industrial investments Industrial 10.0% - 55.0% 19,551 — Retail investments Retail 50.0% (189) — Total unconsolidated entities at historical cost (22,634) 25,346 Unconsolidated entities at fair value: Industrial investments Industrial 7.9% - 85.0% 205,169 9,336 Office investments Office 49.0% 1,690 — Total unconsolidated entities at fair value 206,859 9,336 Total $ 184,225 $ 34,682

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+3.7% 6/3/2034 $ 8,084,396 $ 7,928,752 $ 7,713,748 RMBS 4.3% 8/27/2054 373,111 363,353 343,440 Corporate bonds 4.9% 3/29/2030 236,215 235,385 226,137 Total real estate securities 4.0% 2/23/2035 8,693,722 8,527,490 8,283,325 Commercial real estate loans L+4.4% 2/8/2025 1,411,685 1,438,183 1,402,175 Other investments (4) 3.7% 7/25/2029 224,528 195,916 203,096 Total investments in real estate debt 4.1% 8/10/2033 $ 10,329,935 $ 10,161,589 $ 9,888,596 December 31, 2021 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+3.6% 11/13/2033 $ 7,176,097 $ 7,090,490 $ 7,055,276 RMBS 3.9% 5/24/2061 147,170 146,023 144,691 Corporate bonds 4.8% 12/10/2028 135,950 135,952 136,469 Total real estate securities 3.7% 4/27/2034 7,459,217 7,372,465 7,336,436 Commercial real estate loans L+4.4% 1/19/2025 1,474,617 1,473,807 1,460,716 Other investments (4) 3.7% 7/25/2029 227,958 198,909 198,787 Total investments in real estate debt 3.8% 9/16/2032 $ 9,161,792 $ 9,045,181 $ 8,995,939 (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 March 31, 2022 and December 31, 2021, respectively, for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of March 31, 2022 and December 31, 2021, we had interest rate swaps outstanding with a notional value of $1.5 billion and $1.1 billion, respectively, 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. (3) Face amount excludes interest-only securities with a notional amount of $3.4 billion as of both March 31, 2022 and December 31, 2021. In addition, CMBS includes zero-coupon securities of $215.1 million and $208.8 million as of March 31, 2022 and December 31, 2021, respectively. (4) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2022 December 31, 2021 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 3,359,594 $ 3,268,452 33% $ 3,058,410 $ 3,032,995 34% Residential 2,678,131 2,639,971 27% 2,328,762 2,358,734 26% Hospitality 2,560,293 2,466,372 25% 2,233,289 2,200,285 24% Office 724,459 684,979 7% 640,145 620,512 7% Other 450,972 439,489 4% 354,579 352,105 4% Diversified 379,254 381,451 4% 403,737 405,569 5% Net Lease 8,886 7,882 —% 8,885 8,779 —% Retail — — —% 17,374 16,960 —% Total $ 10,161,589 $ 9,888,596 100% $ 9,045,181 $ 8,995,939 100% (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): March 31, 2022 December 31, 2021 Credit Rating Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AAA $ 26,304 $ 22,750 —% $ 26,192 $ 24,274 —% AA 628 1,325 —% 710 1,749 —% A 125,884 123,191 1% 127,118 125,420 1% BBB 549,911 537,270 5% 373,061 369,111 4% BB 2,122,421 2,045,884 21% 1,678,565 1,670,560 19% B 2,306,004 2,225,230 23% 1,971,282 1,940,328 22% CCC 24,338 22,728 —% 24,338 24,242 —% Private Commercial Real Estate Loans 1,538,922 1,511,111 15% 1,598,701 1,585,738 18% Not Rated (1) 3,467,177 3,399,107 35% 3,245,214 3,254,517 36% Total $ 10,161,589 $ 9,888,596 100% $ 9,045,181 $ 8,995,939 100% (1) As of March 31, 2022, Not Rated positions represent a weighted average LTV at origination of 67.5% and are comprised primarily of 54.2% industrial and 36.7% multifamily assets. The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended March 31, 2022 2021 Interest income $ 97,599 $ 43,197 Unrealized (loss) gain (224,147) 129,883 Realized gain 2,384 2,594 Total (124,164) 175,674 Income from interest rate swaps and other derivatives 83,975 50,579 Income from secured financings of investments in real estate debt (1) 15,408 13,461 Other loss (9,263) (353) Total (loss) income from investments in real estate debt $ (34,044) $ 239,361 (1) Represents unrealized and realized gains. 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 March 31, March 31, 2022 December 31, 2021 2022 2021 CMBS $ 2,794,020 $ 3,099,694 $ (22,627) $ 69,343 Commercial real estate loans 489,388 556,571 (1,139) (18,572) Total $ 3,283,408 $ 3,656,265 $ (23,766) $ 50,771 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, 2021. The terms and conditions of such affiliated real estate debt held as of March 31, 2022 are consistent with the terms described in such Note. Each investment in such CMBS by Blackstone and its affiliates (including the Company) represented a minority participation in any individual tranche. The Company acquired its minority participation interests from third-parties on market terms negotiated by the majority third-party investors. Blackstone and its affiliates (including the Company) will forgo all non-economic rights (including voting rights) in such CMBS as long as the Blackstone-advised investment vehicles either own the properties collateralizing, loans underlying, or have an interest in a different part of the capital structure related to such CMBS. As of March 31, 2022 and December 31, 2021, the Company’s investments in real estate debt also included $2.0 billion and $1.4 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage notes. During the three months ended March 31, 2022 and 2021, the Company recognized $28.7 million of loss and $7.0 million of income, respectively, related to such CMBS.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum March 31, 2022 December 31, 2021 Fixed rate loans: Fixed rate mortgages (4) 3.6% 9/25/2028 N/A $ 19,387,718 $ 19,086,525 Variable rate loans: Variable rate mortgages and term loans L+2.0% 7/13/2026 N/A 21,107,149 20,004,365 Variable rate secured revolving credit facilities N/A N/A $ 2,963,290 — 1,614,550 Variable rate warehouse facilities L+1.6% 8/6/2027 $ 1,562,500 1,075,929 794,141 Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 71,100 Total variable rate loans L+1.9% 7/31/2026 22,254,178 22,484,156 Total loans secured by real estate 3.0% 8/1/2027 41,641,896 41,570,681 Premium on assumed debt, net 65,437 68,706 Deferred financing costs, net (312,112) (311,999) Mortgage notes, term loans, and secured revolving credit facilities, net $ 41,395,221 $ 41,327,388 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR as applicable to each loan. As of March 31, 2022, we have outstanding interest rate swaps with an aggregate notional balance of $16.6 billion that mitigate our exposure to potential future interest rates increase under our floating-rate debt. (2) Weighted average maturity assumes maximum maturity date (including any extensions), where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $382.9 million and $396.3 million of loans related to our investment in affordable housing properties as of March 31, 2022 and December 31, 2021, respectively. Such loans are generally with municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of March 31, 2022 ($ in thousands): Year Amount 2022 (remaining) $ 320,648 2023 593,693 2024 3,217,858 2025 6,510,837 2026 14,534,786 2027 6,428,977 Thereafter 10,035,097 Total $ 41,641,896 The Company repaid certain of its loans in conjunction with the sale of the underlying property or a refinancing during the three months ended March 31, 2022. As such, the Company incurred a realized gain on extinguishment of debt of $1.4 million and loss of $3.4 million for the three months ended March 31, 2022 and 2021, respectively. Such gains resulted primarily from the acceleration of mortgage premiums and such losses resulted from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs. Both are recorded on the Company’s Condensed Consolidated Statements of Operations.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Secured Financings on Investments in Real Estate Debt	Secured Financings of Investments in Real Estate Debt The 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 collateral in the form of cash, securities, or other assets if the market value of the financed investments decline. The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): March 31, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,212,985 $ 6,702,854 L+1.0% 3/21/2023 Commercial real estate loans 180,859 278,244 L+1.8% 4/2/2024 Corporate bonds 86,585 126,560 L+0.9% 2/2/2023 RMBS 78,352 115,836 L+1.0% 3/20/2023 $ 4,558,781 $ 7,223,494 L+1.0% December 31, 2021 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,308,015 $ 6,604,524 L+0.9% 1/20/2023 Commercial real estate loans 224,510 345,400 L+1.8% 4/2/2022 Corporate bonds 90,578 135,355 L+0.8% 11/17/2022 RMBS 83,529 125,967 L+0.9% 12/31/2022 $ 4,706,632 $ 7,211,246 L+1.0% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities	Unsecured Revolving Credit Facilities The Company is party to an unsecured line of credit 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 March 31, 2022, the capacity of the unsecured line of credit was $2.0 billion. As of March 31, 2022, the Company had a $10.0 million letter of credit outstanding, which reduced the line of credit capacity of the unsecured credit facility. No such letter of credit was outstanding as of December 31, 2021. There were no outstanding borrowings on the line of credit as of March 31, 2022 and December 31, 2021. The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (“Lender”). The Line of Credit expires on January 22, 2023, and may be extended for up to 12 months, subject to Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third-party lender, or, if no such rate is available, LIBOR plus 2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s investment adviser, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of March 31, 2022 and December 31, 2021, the Company had no outstanding balance under the Line of Credit.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Accrued stockholder servicing fee $ 1,453,187 $ 1,235,592 Performance participation allocation 411,569 — Accrued management fee 66,688 56,607 Accrued affiliate service provider expenses 15,856 12,880 Advanced organization and offering costs 1,534 2,045 Other 2,638 2,323 Total $ 1,951,472 $ 1,309,447 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 share as part of its continuous public offering, that 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”), adjusted for subscriptions and repurchases. 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 measured on a calendar year basis and will be paid quarterly in Class I or Class B units of BREIT OP or cash, at the election of the Special Limited Partner. Effective March 4, 2022, following the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner will be entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end Performance Allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end Performance Allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash. During the three months ended March 31, 2022, the Company recognized $411.6 million of performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations. In April 2022, the Company issued 16.1 million Class I units in BREIT OP to the Special Limited Partner as payment for $237.9 million of the performance participation allocation. The remaining amount of the performance participation allocation expense is recorded as a liability within Due to Affiliates on the Condensed Consolidated Balance Sheets. At the election of the Special Limited Partner, each Class I unit is redeemable for cash or Class I shares (on a one-for-one basis). Immediately following the issuance, upon request by the Special Limited Partner, we exchanged 16.1 million Class I units for 16.1 million Class I shares. On December 31, 2021, the Company issued 96.4 million Class I units in BREIT OP to the Special Limited Partner as payment of the 2021 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2021. Also on December 31, 2021, and immediately following (i) the issuance of the Class I units and (ii) the record time for the December 2021 distributions on the Company’s Class I shares, 55.2 million Class I units in BREIT OP were exchanged for 55.2 million unregistered Class I shares in the Company. In January 2022, subsequent to the issuance of the Class I shares and Class I units, 4.7 million of such Class I units were exchanged for 4.7 million Class B units, 37.8 million of such Class I shares and 1.9 million of such Class I units were redeemed for $566.6 million, and 9.0 million of such units were exchanged for 9.0 million unregistered Class I shares in the Company. 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, 2021. 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 May 13, 2022, Blackstone and its employees, including the Company’s executive officers, owned shares of common stock of the Company and Class I and Class B units of BREIT OP in an aggregate amount of $1.5 billion (based on the NAV per share/unit as of March 31, 2022). 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 months ended March 31, 2022 and 2021, the Company incurred management fees of $189.2 million and $73.1 million, respectively. During the three months ended March 31, 2022 and 2021, the Company issued 8.4 million and 4.0 million unregistered Class I shares, respectively, to the Adviser as payment for management fees. The Company also had a payable of $66.7 million and $56.6 million related to the management fees as of March 31, 2022 and December 31, 2021, respectively. During April 2022, the Adviser was issued 4.5 million unregistered Class I shares as payment for the management fees accrued as of March 31, 2022. 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 three months ended March 31, 2021, the Adviser submitted 8.3 million Class I shares for repurchase by the Company, for a total repurchase amount of $96.9 million. The Advisor did not submit any shares for repurchase during the three months ended March 31, 2022. Accrued affiliate service provider expenses and incentive compensation awards For further details on the Company’s relationships with its affiliated service providers, see Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company issues incentive compensation awards to certain employees of affiliate portfolio company service providers that entitles them to receive an allocation of the Company’s total return over a certain hurdle amount, as determined by the Company. The vesting condition that is based on the Company achieving of certain returns over a hurdle amount is considered a market condition. The achievement of total returns over the hurdle amount, which affects the quantity of awards that vest, is considered a performance condition. If it is considered probable that the performance condition will be met, these awards are amortized over the four-year service period, as adjusted for forfeitures. As of March 31, 2022, the Company has determined it is probable that the performance condition will be met and has amortized the value of such awards over the applicable service period. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following table details the incentive compensation awards ($ in thousands): March 31, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Three Months Ended March 31, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 1,520 $ — $ (380) $ 1,140 0.8 years 2020 — — — — — 2021 37,201 — (3,010) 34,191 2.8 years 2022 — 25,000 (1,562) 23,438 3.8 years $ 38,721 $ 25,000 $ (4,952) $ 58,769 The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Provider Expenses Three Months Ended March 31, Amortization of Affiliate Service Provider Incentive Compensation Awards Three Months Ended March 31, Transaction Support Services (1) Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Link Industrial Properties L.L.C. $ 19,133 $ 16,128 $ 2,344 $ 417 $ 1,032 $ 243 LivCor, L.L.C. 13,978 10,725 2,218 382 1,691 879 BRE Hotels and Resorts LLC 3,484 2,681 191 132 — — ShopCore Properties TRS Management LLC 1,857 1,424 125 16 — 40 Revantage Corporate Services, L.L.C. 4,832 653 — — 5 — Equity Office Management, L.L.C. 422 612 74 8 — — Longview Senior Housing Advisors, LLC 428 — — — — — Total $ 44,134 $ 32,223 $ 4,952 $ 955 $ 2,728 $ 1,162 (1) During the three months ended March 31, 2022 and 2021, the Company paid the affiliate service providers $2.7 million and $1.2 million, respectively, for transaction support fees relating to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the gain (loss) on sale. 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 these arrangements. Other As of March 31, 2022 and December 31, 2021, the Adviser had advanced $2.6 million and $2.3 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Affiliate Title Service Provider During the three months ended March 31, 2022, the Company paid Lexington National Land Services $6.9 million for title services related to 20 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 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, 2021. Captive Insurance Company During the three months ended March 31, 2022, the Company contributed $4.4 million of capital to the captive insurance company for insurance premiums and its pro rata share of other expenses. Of these amounts, $0.1 million 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 $0.3 million of capital to the captive insurance company during the three months ended March 31, 2021. Of these amounts, $5 thousand was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. Other As of March 31, 2022 and December 31, 2021, the Company had a receivable of $3.0 million and $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	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Equity securities $ 3,217,726 $ 3,225,660 Real estate intangibles, net 1,303,510 1,487,436 Derivatives 839,707 41,453 Receivables, net 473,421 381,201 Straight-line rent receivable 307,270 275,200 Single family rental homes risk retention securities 183,646 233,525 Prepaid expenses 117,356 151,188 Pre-acquisition costs 115,952 153,659 Deferred leasing costs, net 98,054 84,990 Deferred financing costs, net 52,060 51,535 Held for sale assets 27,951 196,244 Other 162,596 168,642 Total $ 6,899,249 $ 6,450,733 The following table details the components of other liabilities ($ in thousands): March 31, 2022 December 31, 2021 Subscriptions received in advance $ 1,843,583 $ 1,746,910 Stock repurchases payable 393,594 100,540 Intangible liabilities, net 301,669 288,643 Accounts payable and accrued expenses 295,641 265,754 Distribution payable 222,007 190,143 Accrued interest expense 217,129 215,757 Real estate taxes payable 204,560 211,063 Securitized debt obligations, net 199,164 200,953 Right of use lease liability - operating leases 190,500 180,453 Tenant security deposits 183,948 172,308 Derivatives 99,859 45,597 Payable for unsettled investments in real estate debt 99,541 21,426 Prepaid rental income 92,279 125,250 Right of use lease liability - financing leases 76,054 75,730 Held for sale liabilities 21,487 114,377 Other 246,561 229,244 Total $ 4,687,576 $ 4,184,148

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Intangible assets In-place lease intangibles $ 1,950,226 $ 1,920,331 Indefinite life intangibles 104,182 104,182 Above-market lease intangibles 61,302 60,383 Other intangibles 75,818 69,634 Total intangible assets 2,191,528 2,154,530 Accumulated amortization In-place lease amortization (844,626) (628,163) Above-market lease amortization (25,602) (22,993) Other intangibles amortization (17,790) (15,938) Total accumulated amortization (888,018) (667,094) Intangible assets, net $ 1,303,510 $ 1,487,436 Intangible liabilities Below-market lease intangibles $ 406,162 $ 377,132 Total intangible liabilities 406,162 377,132 Accumulated amortization Below-market lease amortization (104,493) (88,489) Total accumulated amortization (104,493) (88,489) Intangible liabilities, net $ 301,669 $ 288,643 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2022 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2022 (remaining) $ 401,019 $ 8,370 $ 5,947 $ (49,468) 2023 203,366 7,106 7,435 (58,529) 2024 140,136 5,128 7,149 (49,031) 2025 103,841 3,964 7,145 (40,928) 2026 79,127 3,210 7,012 (31,825) 2027 55,812 2,268 6,610 (21,021) Thereafter 122,299 5,654 16,730 (50,867) $ 1,105,600 $ 35,700 $ 58,028 $ (301,669)

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2022
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 certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate swaps, and 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): March 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 31 $ 15,050,000 2.2% LIBOR, SOFR 7.9 Interest Rate Caps - Property debt 33 $ 14,370,196 2.0% LIBOR, SOFR 1.3 Interest Rate Swaps - Investments in real estate debt 75 $ 1,513,710 1.2% LIBOR, SOFR 4.8 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 22 $ 9,500,000 1.3% LIBOR 7.0 Interest Rate Swaps - Investments in real estate debt 54 $ 1,076,210 1.0% LIBOR 4.8 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): March 31, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 10 € 550,463 10 € 552,513 Buy USD / Sell GBP Forward 14 £ 269,462 7 £ 267,368 Buy EUR / Sell USD Forward 1 € 13,768 1 € 5,978 Buy GBP / Sell USD Forward — £ — 3 £ 15,396 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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate derivatives $ 826,499 $ 41,123 $ 82,405 $ 38,062 Foreign currency forward contracts 13,208 330 17,454 7,535 Total Derivatives $ 839,707 $ 41,453 $ 99,859 $ 45,597 (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 March 31, 2022 2021 Interest Rate Swap – Property debt Unrealized gain (1) $ 635,984 $ 17,201 Interest Rate Swap – Investments in real estate debt Realized loss (2) — (14,691) Interest Rate Swap – Investments in real estate debt Unrealized gain (2) 59,709 54,422 Foreign Currency Forward Contract Realized gain (loss) (2) 21,344 (4,478) Foreign Currency Forward Contract Unrealized gain (2) 2,922 15,326 Interest Rate Caps - Property debt Unrealized gain (3) 45,339 — $ 765,298 $ 67,780 (1) Included in Other Income in the Company's Condensed Consolidated Statements of Operations. (2) Included in (Loss) Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (3) Included in Interest Expense in the Company's Condensed Consolidated Statements of Operations. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of March 31, 2022, the Company was in a net liability position with three of its derivative counterparties and posted collateral of $41.6 million under the derivative contracts. As of December 31, 2021, the Company was in a net liability position with one of its derivative counterparties and posted collateral of $5.1 million under the derivative contract.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of March 31, 2022, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: 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 March 31, 2022 Class S Class I Class T Class D Total December 31, 2021 1,254,348 2,086,631 57,287 291,087 3,689,353 Common stock issued 169,867 332,604 7,751 47,904 558,126 Distribution reinvestment 7,434 11,560 365 1,853 21,212 Common stock repurchased (5,221) (80,651) (346) (895) (87,113) March 31, 2022 1,426,428 2,350,144 65,057 339,949 4,181,578 Share and Unit Repurchases For the three months ended March 31, 2022, the Company repurchased shares and OP units for a total of $1.3 billion. The Company had no unfulfilled repurchase requests during the three months ended March 31, 2022. 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: Three Months Ended March 31, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1662 $ 0.1662 $ 0.1662 $ 0.1662 Stockholder servicing fee per share of common stock (0.0309) — (0.0304) (0.0089) Net distributions declared per share of common stock $ 0.1353 $ 0.1662 $ 0.1358 $ 0.1573 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 three months ended March 31, 2022 and 2021 ($ in thousands): March 31, 2022 2021 Balance at the beginning of the year $ 589,900 $ 274 Settlement of prior year performance participation allocation — 192,648 Repurchases (26,639) (111,949) Conversion to Class I and Class B units (434,717) (68,453) Conversion to Class I shares (128,205) (12,246) GAAP income allocation (1) — Distributions (4) (4) Fair value allocation 18 14 Ending balance $ 352 $ 284 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 March 31, 2022 and December 31, 2021, $219.2 million and $160.8 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 (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 $35.7 million and $2.8 million, during the three months ended March 31, 2022 and 2021, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the CPI index. 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 March 31, 2022 2021 Fixed lease payments $ 1,212,538 $ 591,040 Variable lease payments 91,182 61,876 Rental revenue $ 1,303,720 $ 652,916 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 March 31, 2022 ($ 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 2022 (remaining) $ 1,055,157 2023 1,332,820 2024 1,183,141 2025 1,045,161 2026 924,148 2027 748,108 Thereafter 9,001,328 Total $ 15,289,863 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 March 31, 2022, the Company had 57 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 March 31, 2022 ($ in thousands): Operating Financing 2022 (remaining) $ 6,940 $ 3,041 2023 9,420 4,150 2024 9,528 4,266 2025 9,780 4,385 2026 9,899 4,507 2027 10,285 4,633 Thereafter 1,038,666 564,142 Total undiscounted future lease payments 1,094,518 589,124 Difference between undiscounted cash flows and discounted cash flows (904,018) (513,070) Total lease liability $ 190,500 $ 76,054 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of March 31, 2022, the weighted average remaining lease term of the Company’s operating leases and financing leases was 66 years and 79 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. 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 March 31, 2022 2021 Fixed ground rent expense $ 2,269 $ 1,021 Variable ground rent expense 5 — Total cash portion of ground rent expense 2,274 1,021 Straight-line ground rent expense 2,853 1,647 Total operating lease costs $ 5,127 $ 2,668 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended March 31, 2022 2021 Interest on lease liabilities $ 996 $ 759 Amortization of right-of-use assets 324 247 Total financing lease costs $ 1,320 $ 1,006

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Residential $ 44,541,991 $ 44,167,486 Industrial 21,284,316 20,898,801 Net Lease 5,411,744 5,219,519 Hospitality 3,080,965 3,084,271 Office 2,688,429 1,232,392 Self Storage 1,883,733 1,886,376 Data Centers 1,847,478 1,905,660 Retail 1,653,409 1,689,575 Investments in Real Estate Debt 10,349,761 9,190,352 Other (Corporate) 5,580,874 2,033,779 Total assets $ 98,322,700 $ 91,308,211 The following table details the financial results by segment for the three months ended March 31, 2022 ($ in thousands): Residential Industrial Net Data Centers Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 779,236 $ 340,768 $ 82,795 $ 8,181 $ — $ 45,207 $ 31,374 $ 16,159 $ — $ 1,303,720 Hospitality revenue — — — — 147,245 — — — — 147,245 Other revenue 54,651 6,135 — — 2,658 3,138 507 1,011 — 68,100 Total revenues 833,887 346,903 82,795 8,181 149,903 48,345 31,881 17,170 — 1,519,065 Expenses: Rental property operating 419,550 110,528 297 1,272 — 21,030 9,919 4,391 — 566,987 Hospitality operating — — — — 103,463 — — — — 103,463 Total expenses 419,550 110,528 297 1,272 103,463 21,030 9,919 4,391 — 670,450 (Loss) income from unconsolidated entities (28,800) 224,720 25,273 (38,469) — — (189) 1,690 — 184,225 Loss from investments in real estate debt — — — — — — — — (34,044) (34,044) Loss from investments in equity securities (1) (75,501) (7,496) (3,694) — — — — (14,470) — (101,161) Segment net operating income (loss) $ 310,036 $ 453,599 $ 104,077 $ (31,560) $ 46,440 $ 27,315 $ 21,773 $ (1) $ (34,044) $ 897,635 Depreciation and amortization $ (572,968) $ (208,366) $ (28,637) $ (3,557) $ (27,076) $ (31,332) $ (35,281) $ (7,834) $ — $ (915,051) General and administrative $ (13,106) Management fee (189,150) Performance participation allocation (411,569) Net gain on dispositions of real estate 205,262 Interest expense (306,459) Gain on extinguishment of debt 1,395 Other income 634,464 Net loss $ (96,579) Net loss attributable to non-controlling interests in third party joint ventures $ 44,255 Net loss attributable to non-controlling interests in BREIT OP 656 Net loss attributable to BREIT stockholders $ (51,668) (1) Included within other income on the Condensed Consolidated Statements of Operations. The following table details the financial results by segment for the three months ended March 31, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 288,453 $ 220,743 $ 82,795 $ 6,017 $ — $ 30,975 $ 14,430 $ 9,503 $ — $ 652,916 Hospitality revenue — — — — 58,143 — — — — 58,143 Other revenue 14,064 3,850 — — 1,676 1,996 757 53 — 22,396 Total revenues 302,517 224,593 82,795 6,017 59,819 32,971 15,187 9,556 — 733,455 Expenses: Rental property operating 139,941 72,823 221 1,049 — 15,708 4,909 3,054 — 237,705 Hospitality operating — — — — 55,680 — — — — 55,680 Total expenses 139,941 72,823 221 1,049 55,680 15,708 4,909 3,054 — 293,385 Income from unconsolidated entities — 9,335 25,347 — — — — — — 34,682 Income from investments in real estate debt — — — — — — — — 239,361 239,361 Income from investments in equity securities (2) 56,053 21,642 8,878 — — — — 4,538 — 91,111 Segment net operating income $ 218,629 $ 182,747 $ 116,799 $ 4,968 $ 4,139 $ 17,263 $ 10,278 $ 11,040 $ 239,361 $ 805,224 Depreciation and amortization $ (168,043) $ (129,370) $ (28,499) $ (2,525) $ (22,706) $ (37,751) $ (7,610) $ (3,883) $ — $ (400,387) General and administrative $ (6,960) Management fee (73,095) Performance participation allocation (143,215) Net gain on dispositions of real estate 15,430 Interest expense (181,532) Loss on extinguishment of debt (3,416) Other income 16,835 Net income $ 28,884 Net income attributable to non-controlling interests in third party joint ventures $ (59) Net income attributable to non-controlling interests in BREIT OP (353) Net income attributable to BREIT stockholders $ 28,472 (1) Previously included within the Industrial segment. (2) Included within other income on the Condensed Consolidated Statements of Operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, the Company was not involved in any material legal proceedings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 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 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 March 31, 2022, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $30.2 billion and $18.6 billion, respectively, compared to $28.7 billion and $17.6 billion as of December 31, 2021. 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. The Company has elected the FVO for certain of its equity method investments while the remaining investments are presented at historical cost. Refer to Note 4 — Investments in Unconsolidated Entities for additional details on the Company’s investments in unconsolidated entities.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date. As the novel coronavirus (“COVID-19”) pandemic has evolved from its emergence in early 2020, so has its global impact. Many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. The Company believes the estimates and assumptions underlying these condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2022, 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 March 31, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates.
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 March 31, 2022 and December 31, 2021, 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. 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 March 31, 2022 (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 March 31, 2022 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. The Company’s equity securities are 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 months ended March 31, 2022, the Company recognized $334.7 million of unrealized losses, which includes the realization of $209.3 million of unrealized gains recognized in prior periods on its investments in equity securities. During the three months ended March 31, 2021, the Company recognized $82.3 million of unrealized gains on its investments in equity securities. The Company has elected the FVO for eight of its equity method investments and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the real estate 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 and consist of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using 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).
Stock-Based Compensation	Stock-Based CompensationThe 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 and Home Partners of America (“HPA”), both of which are indirect, wholly-owned subsidiaries 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. The awards are subject to service periods ranging from three
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 March 31, 2022, 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)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 8,655,731 $ 1,232,865 $ 9,888,596 $ — $ 7,755,602 $ 1,240,337 $ 8,995,939 Equity securities 2,535,019 439,871 242,836 3,217,726 2,558,952 442,300 224,408 3,225,660 Investments in unconsolidated entities — — 2,340,473 2,340,473 — — 1,613,646 1,613,646 Derivatives — 839,707 — 839,707 — 41,453 — 41,453 Total $ 2,535,019 $ 9,935,309 $ 3,816,174 $ 16,286,502 $ 2,558,952 $ 8,239,355 $ 3,078,391 $ 13,876,698 Liabilities: Derivatives $ — $ 99,859 $ — $ 99,859 $ — $ 45,597 $ — $ 45,597 Total $ — $ 99,859 $ — $ 99,859 $ — $ 45,597 $ — $ 45,597
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 Equity Securities Investments in Total Balance as of December 31, 2021 $ 1,240,337 $ 224,408 $ 1,613,646 $ 3,078,391 Purchases 1,233 — 528,862 530,095 Sales and repayments (3,430) — — (3,430) Distributions received — — (8,894) (8,894) Included in net income Income from unconsolidated entities measured at fair value — — 206,859 206,859 Realized gain included in income (loss) from investments in real estate debt 437 — — 437 Unrealized loss included in income (loss) from investments in real estate debt (5,712) — — (5,712) Unrealized gain included in other income (expense) — 18,428 — 18,428 Balance as of March 31, 2022 $ 1,232,865 $ 242,836 $ 2,340,473 $ 3,816,174
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): March 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,232,865 Discounted cash flow Market Yield 5.2% Decrease Investments in unconsolidated entities $ 1,803,051 Discounted cash flow Discount Rate 6.2% Decrease Exit Capitalization Rate 5.0% Decrease Weighted Average Cost of Capital 7.1% Decrease $ 537,422 Market comparable LTM EBITDA Multiple 14.4x Increase Equity securities $ 242,836 Market comparable Enterprise Value/ 21.1x Increase December 31, 2021 Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,240,337 Discounted cash flow Market Yield 5.2% Decrease Investments in unconsolidated entities $ 1,613,646 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.6% Decrease Weighted Average Cost of Capital 9.1% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage and HPA ($ in thousands): March 31, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Three Months Ended March 31, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 3,425 $ — $ (520) $ 2,905 2.8 years 2022 — 33,173 (4,132) 29,041 2.7 years Total $ 3,425 $ 33,173 $ (4,652) $ 31,946 The following table details the incentive compensation awards ($ in thousands): March 31, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Three Months Ended March 31, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 1,520 $ — $ (380) $ 1,140 0.8 years 2020 — — — — — 2021 37,201 — (3,010) 34,191 2.8 years 2022 — 25,000 (1,562) 23,438 3.8 years $ 38,721 $ 25,000 $ (4,952) $ 58,769

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Building and building improvements $ 55,849,587 $ 53,954,920 Land and land improvements 15,044,365 14,652,913 Furniture, fixtures and equipment 1,097,968 963,686 Right of use asset - operating leases (1) 474,841 461,186 Right of use asset - financing leases (1) 72,862 72,862 Total 72,539,623 70,105,567 Accumulated depreciation and amortization (3,735,874) (3,163,914) Investments in real estate, net $ 68,803,749 $ 66,941,653 (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 year ended March 31, 2022 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units/Keys Residential properties (2) $ 1,662,228 4 16 3,731 units Office properties 699,457 2 3 808 sq. ft. Industrial properties (3) 152,897 1 11 1,280 sq. ft. Self storage properties 30,968 2 2 123 sq. ft. $ 2,545,550 9 32 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes 1,035 wholly-owned single family rental homes, that are not included in the number of properties. (3) Purchase price includes three properties classified as held for sale as of March 31, 2022.
Schedule of Purchase Price Allocation of Properties	The following table details the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands): Amount Building and building improvements $ 1,912,760 Land and land improvements 457,729 Furniture, fixtures and equipment 62,397 In-place lease intangibles 134,684 Above-market lease intangibles 1,570 Below-market lease intangibles (30,707) Other 7,117 Total purchase price 2,545,550 Assumed debt (1) 235,772 Net purchase price $ 2,309,778 (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 periods set forth below ($ in thousands): Three Months Ended Three Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Residential properties (1) 7 $ 445,419 $ 184,031 4 $ 73,922 $ 15,430 Industrial properties 9 125,806 21,231 — — — 16 $ 571,225 $ 205,262 4 $ 73,922 $ 15,430 (1) Net proceeds and net gain include 123 single family rental homes sold during the three months ended March 31, 2022 that are not included in the number of properties.
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: March 31, 2022 Investments in real estate, net $ 27,583 Other assets 368 Total assets $ 27,951 Liabilities: Mortgage notes, net $ 20,844 Other liabilities 643 Total liabilities $ 21,487

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2022
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 investments in unconsolidated entities ($ in thousands): Investment in Joint Venture Segment Number of Joint Ventures Ownership March 31, December 31, 2021 Unconsolidated entities at historical cost: QTS Data Centers (1) Data Centers 1 35.7% $ 1,338,874 $ 1,394,359 MGM Grand & Mandalay Bay Net Lease 1 49.9% 823,991 822,736 Residential investments Residential 130 12.2% - 52.0% 1,024,821 1,074,832 Industrial investments (2) Industrial 7 10.0% - 55.0% 502,290 497,491 Retail investments Retail 1 50.0% 96,438 98,241 Total unconsolidated entities at historical cost 140 3,786,414 3,887,659 Unconsolidated entities at fair value: Industrial investments (3) Industrial 7 7.9% - 85.0% 1,810,230 1,613,646 Office investments Office 1 49.0% 530,243 — Total unconsolidated entities at fair value 8 2,340,473 1,613,646 Total 148 $ 6,126,887 $ 5,501,305 (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”). (2) Includes $266.1 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (3) Includes $1.1 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended March 31, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership Interest 2022 2021 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (38,469) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 25,273 25,346 Residential investments Residential 12.2% - 52.0% (28,800) — Industrial investments Industrial 10.0% - 55.0% 19,551 — Retail investments Retail 50.0% (189) — Total unconsolidated entities at historical cost (22,634) 25,346 Unconsolidated entities at fair value: Industrial investments Industrial 7.9% - 85.0% 205,169 9,336 Office investments Office 49.0% 1,690 — Total unconsolidated entities at fair value 206,859 9,336 Total $ 184,225 $ 34,682

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): March 31, 2022 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+3.7% 6/3/2034 $ 8,084,396 $ 7,928,752 $ 7,713,748 RMBS 4.3% 8/27/2054 373,111 363,353 343,440 Corporate bonds 4.9% 3/29/2030 236,215 235,385 226,137 Total real estate securities 4.0% 2/23/2035 8,693,722 8,527,490 8,283,325 Commercial real estate loans L+4.4% 2/8/2025 1,411,685 1,438,183 1,402,175 Other investments (4) 3.7% 7/25/2029 224,528 195,916 203,096 Total investments in real estate debt 4.1% 8/10/2033 $ 10,329,935 $ 10,161,589 $ 9,888,596 December 31, 2021 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+3.6% 11/13/2033 $ 7,176,097 $ 7,090,490 $ 7,055,276 RMBS 3.9% 5/24/2061 147,170 146,023 144,691 Corporate bonds 4.8% 12/10/2028 135,950 135,952 136,469 Total real estate securities 3.7% 4/27/2034 7,459,217 7,372,465 7,336,436 Commercial real estate loans L+4.4% 1/19/2025 1,474,617 1,473,807 1,460,716 Other investments (4) 3.7% 7/25/2029 227,958 198,909 198,787 Total investments in real estate debt 3.8% 9/16/2032 $ 9,161,792 $ 9,045,181 $ 8,995,939 (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 March 31, 2022 and December 31, 2021, respectively, for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of March 31, 2022 and December 31, 2021, we had interest rate swaps outstanding with a notional value of $1.5 billion and $1.1 billion, respectively, 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. (3) Face amount excludes interest-only securities with a notional amount of $3.4 billion as of both March 31, 2022 and December 31, 2021. In addition, CMBS includes zero-coupon securities of $215.1 million and $208.8 million as of March 31, 2022 and December 31, 2021, respectively. (4) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2022 December 31, 2021 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 3,359,594 $ 3,268,452 33% $ 3,058,410 $ 3,032,995 34% Residential 2,678,131 2,639,971 27% 2,328,762 2,358,734 26% Hospitality 2,560,293 2,466,372 25% 2,233,289 2,200,285 24% Office 724,459 684,979 7% 640,145 620,512 7% Other 450,972 439,489 4% 354,579 352,105 4% Diversified 379,254 381,451 4% 403,737 405,569 5% Net Lease 8,886 7,882 —% 8,885 8,779 —% Retail — — —% 17,374 16,960 —% Total $ 10,161,589 $ 9,888,596 100% $ 9,045,181 $ 8,995,939 100% (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): March 31, 2022 December 31, 2021 Credit Rating Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AAA $ 26,304 $ 22,750 —% $ 26,192 $ 24,274 —% AA 628 1,325 —% 710 1,749 —% A 125,884 123,191 1% 127,118 125,420 1% BBB 549,911 537,270 5% 373,061 369,111 4% BB 2,122,421 2,045,884 21% 1,678,565 1,670,560 19% B 2,306,004 2,225,230 23% 1,971,282 1,940,328 22% CCC 24,338 22,728 —% 24,338 24,242 —% Private Commercial Real Estate Loans 1,538,922 1,511,111 15% 1,598,701 1,585,738 18% Not Rated (1) 3,467,177 3,399,107 35% 3,245,214 3,254,517 36% Total $ 10,161,589 $ 9,888,596 100% $ 9,045,181 $ 8,995,939 100% (1) As of March 31, 2022, Not Rated positions represent a weighted average LTV at origination of 67.5% and are comprised primarily of 54.2% industrial and 36.7% multifamily assets.
Schedule of Real Estate Investment	The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended March 31, 2022 2021 Interest income $ 97,599 $ 43,197 Unrealized (loss) gain (224,147) 129,883 Realized gain 2,384 2,594 Total (124,164) 175,674 Income from interest rate swaps and other derivatives 83,975 50,579 Income from secured financings of investments in real estate debt (1) 15,408 13,461 Other loss (9,263) (353) Total (loss) income from investments in real estate debt $ (34,044) $ 239,361 (1) Represents unrealized and realized gains.
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 March 31, March 31, 2022 December 31, 2021 2022 2021 CMBS $ 2,794,020 $ 3,099,694 $ (22,627) $ 69,343 Commercial real estate loans 489,388 556,571 (1,139) (18,572) Total $ 3,283,408 $ 3,656,265 $ (23,766) $ 50,771

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum March 31, 2022 December 31, 2021 Fixed rate loans: Fixed rate mortgages (4) 3.6% 9/25/2028 N/A $ 19,387,718 $ 19,086,525 Variable rate loans: Variable rate mortgages and term loans L+2.0% 7/13/2026 N/A 21,107,149 20,004,365 Variable rate secured revolving credit facilities N/A N/A $ 2,963,290 — 1,614,550 Variable rate warehouse facilities L+1.6% 8/6/2027 $ 1,562,500 1,075,929 794,141 Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 71,100 Total variable rate loans L+1.9% 7/31/2026 22,254,178 22,484,156 Total loans secured by real estate 3.0% 8/1/2027 41,641,896 41,570,681 Premium on assumed debt, net 65,437 68,706 Deferred financing costs, net (312,112) (311,999) Mortgage notes, term loans, and secured revolving credit facilities, net $ 41,395,221 $ 41,327,388 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR as applicable to each loan. As of March 31, 2022, we have outstanding interest rate swaps with an aggregate notional balance of $16.6 billion that mitigate our exposure to potential future interest rates increase under our floating-rate debt. (2) Weighted average maturity assumes maximum maturity date (including any extensions), where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of March 31, 2022 ($ in thousands): Year Amount 2022 (remaining) $ 320,648 2023 593,693 2024 3,217,858 2025 6,510,837 2026 14,534,786 2027 6,428,977 Thereafter 10,035,097 Total $ 41,641,896

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,212,985 $ 6,702,854 L+1.0% 3/21/2023 Commercial real estate loans 180,859 278,244 L+1.8% 4/2/2024 Corporate bonds 86,585 126,560 L+0.9% 2/2/2023 RMBS 78,352 115,836 L+1.0% 3/20/2023 $ 4,558,781 $ 7,223,494 L+1.0% December 31, 2021 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,308,015 $ 6,604,524 L+0.9% 1/20/2023 Commercial real estate loans 224,510 345,400 L+1.8% 4/2/2022 Corporate bonds 90,578 135,355 L+0.8% 11/17/2022 RMBS 83,529 125,967 L+0.9% 12/31/2022 $ 4,706,632 $ 7,211,246 L+1.0% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): March 31, 2022 December 31, 2021 Accrued stockholder servicing fee $ 1,453,187 $ 1,235,592 Performance participation allocation 411,569 — Accrued management fee 66,688 56,607 Accrued affiliate service provider expenses 15,856 12,880 Advanced organization and offering costs 1,534 2,045 Other 2,638 2,323 Total $ 1,951,472 $ 1,309,447
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage and HPA ($ in thousands): March 31, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Three Months Ended March 31, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 3,425 $ — $ (520) $ 2,905 2.8 years 2022 — 33,173 (4,132) 29,041 2.7 years Total $ 3,425 $ 33,173 $ (4,652) $ 31,946 The following table details the incentive compensation awards ($ in thousands): March 31, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Three Months Ended March 31, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 1,520 $ — $ (380) $ 1,140 0.8 years 2020 — — — — — 2021 37,201 — (3,010) 34,191 2.8 years 2022 — 25,000 (1,562) 23,438 3.8 years $ 38,721 $ 25,000 $ (4,952) $ 58,769
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 ($ in thousands): Affiliate Service Provider Expenses Three Months Ended March 31, Amortization of Affiliate Service Provider Incentive Compensation Awards Three Months Ended March 31, Transaction Support Services (1) Three Months Ended March 31, 2022 2021 2022 2021 2022 2021 Link Industrial Properties L.L.C. $ 19,133 $ 16,128 $ 2,344 $ 417 $ 1,032 $ 243 LivCor, L.L.C. 13,978 10,725 2,218 382 1,691 879 BRE Hotels and Resorts LLC 3,484 2,681 191 132 — — ShopCore Properties TRS Management LLC 1,857 1,424 125 16 — 40 Revantage Corporate Services, L.L.C. 4,832 653 — — 5 — Equity Office Management, L.L.C. 422 612 74 8 — — Longview Senior Housing Advisors, LLC 428 — — — — — Total $ 44,134 $ 32,223 $ 4,952 $ 955 $ 2,728 $ 1,162

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets and Other Liabilities [Abstract]
Summary of Components of Other Assets	The following table details the components of other assets ($ in thousands): March 31, 2022 December 31, 2021 Equity securities $ 3,217,726 $ 3,225,660 Real estate intangibles, net 1,303,510 1,487,436 Derivatives 839,707 41,453 Receivables, net 473,421 381,201 Straight-line rent receivable 307,270 275,200 Single family rental homes risk retention securities 183,646 233,525 Prepaid expenses 117,356 151,188 Pre-acquisition costs 115,952 153,659 Deferred leasing costs, net 98,054 84,990 Deferred financing costs, net 52,060 51,535 Held for sale assets 27,951 196,244 Other 162,596 168,642 Total $ 6,899,249 $ 6,450,733
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): March 31, 2022 December 31, 2021 Subscriptions received in advance $ 1,843,583 $ 1,746,910 Stock repurchases payable 393,594 100,540 Intangible liabilities, net 301,669 288,643 Accounts payable and accrued expenses 295,641 265,754 Distribution payable 222,007 190,143 Accrued interest expense 217,129 215,757 Real estate taxes payable 204,560 211,063 Securitized debt obligations, net 199,164 200,953 Right of use lease liability - operating leases 190,500 180,453 Tenant security deposits 183,948 172,308 Derivatives 99,859 45,597 Payable for unsettled investments in real estate debt 99,541 21,426 Prepaid rental income 92,279 125,250 Right of use lease liability - financing leases 76,054 75,730 Held for sale liabilities 21,487 114,377 Other 246,561 229,244 Total $ 4,687,576 $ 4,184,148

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Intangible assets In-place lease intangibles $ 1,950,226 $ 1,920,331 Indefinite life intangibles 104,182 104,182 Above-market lease intangibles 61,302 60,383 Other intangibles 75,818 69,634 Total intangible assets 2,191,528 2,154,530 Accumulated amortization In-place lease amortization (844,626) (628,163) Above-market lease amortization (25,602) (22,993) Other intangibles amortization (17,790) (15,938) Total accumulated amortization (888,018) (667,094) Intangible assets, net $ 1,303,510 $ 1,487,436 Intangible liabilities Below-market lease intangibles $ 406,162 $ 377,132 Total intangible liabilities 406,162 377,132 Accumulated amortization Below-market lease amortization (104,493) (88,489) Total accumulated amortization (104,493) (88,489) Intangible liabilities, net $ 301,669 $ 288,643
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2022 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2022 (remaining) $ 401,019 $ 8,370 $ 5,947 $ (49,468) 2023 203,366 7,106 7,435 (58,529) 2024 140,136 5,128 7,149 (49,031) 2025 103,841 3,964 7,145 (40,928) 2026 79,127 3,210 7,012 (31,825) 2027 55,812 2,268 6,610 (21,021) Thereafter 122,299 5,654 16,730 (50,867) $ 1,105,600 $ 35,700 $ 58,028 $ (301,669)

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 31 $ 15,050,000 2.2% LIBOR, SOFR 7.9 Interest Rate Caps - Property debt 33 $ 14,370,196 2.0% LIBOR, SOFR 1.3 Interest Rate Swaps - Investments in real estate debt 75 $ 1,513,710 1.2% LIBOR, SOFR 4.8 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 22 $ 9,500,000 1.3% LIBOR 7.0 Interest Rate Swaps - Investments in real estate debt 54 $ 1,076,210 1.0% LIBOR 4.8 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): March 31, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 10 € 550,463 10 € 552,513 Buy USD / Sell GBP Forward 14 £ 269,462 7 £ 267,368 Buy EUR / Sell USD Forward 1 € 13,768 1 € 5,978 Buy GBP / Sell USD Forward — £ — 3 £ 15,396
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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate derivatives $ 826,499 $ 41,123 $ 82,405 $ 38,062 Foreign currency forward contracts 13,208 330 17,454 7,535 Total Derivatives $ 839,707 $ 41,453 $ 99,859 $ 45,597 (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 March 31, 2022 2021 Interest Rate Swap – Property debt Unrealized gain (1) $ 635,984 $ 17,201 Interest Rate Swap – Investments in real estate debt Realized loss (2) — (14,691) Interest Rate Swap – Investments in real estate debt Unrealized gain (2) 59,709 54,422 Foreign Currency Forward Contract Realized gain (loss) (2) 21,344 (4,478) Foreign Currency Forward Contract Unrealized gain (2) 2,922 15,326 Interest Rate Caps - Property debt Unrealized gain (3) 45,339 — $ 765,298 $ 67,780 (1) Included in Other Income in the Company's Condensed Consolidated Statements of Operations. (2) Included in (Loss) Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (3) Included in Interest Expense in the Company's Condensed Consolidated Statements of Operations.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2022, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: 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 March 31, 2022 Class S Class I Class T Class D Total December 31, 2021 1,254,348 2,086,631 57,287 291,087 3,689,353 Common stock issued 169,867 332,604 7,751 47,904 558,126 Distribution reinvestment 7,434 11,560 365 1,853 21,212 Common stock repurchased (5,221) (80,651) (346) (895) (87,113) March 31, 2022 1,426,428 2,350,144 65,057 339,949 4,181,578
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: Three Months Ended March 31, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1662 $ 0.1662 $ 0.1662 $ 0.1662 Stockholder servicing fee per share of common stock (0.0309) — (0.0304) (0.0089) Net distributions declared per share of common stock $ 0.1353 $ 0.1662 $ 0.1358 $ 0.1573
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 three months ended March 31, 2022 and 2021 ($ in thousands): March 31, 2022 2021 Balance at the beginning of the year $ 589,900 $ 274 Settlement of prior year performance participation allocation — 192,648 Repurchases (26,639) (111,949) Conversion to Class I and Class B units (434,717) (68,453) Conversion to Class I shares (128,205) (12,246) GAAP income allocation (1) — Distributions (4) (4) Fair value allocation 18 14 Ending balance $ 352 $ 284

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Fixed lease payments $ 1,212,538 $ 591,040 Variable lease payments 91,182 61,876 Rental revenue $ 1,303,720 $ 652,916 Three Months Ended March 31, 2022 2021 Interest on lease liabilities $ 996 $ 759 Amortization of right-of-use assets 324 247 Total financing lease costs $ 1,320 $ 1,006
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 March 31, 2022 ($ 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 2022 (remaining) $ 1,055,157 2023 1,332,820 2024 1,183,141 2025 1,045,161 2026 924,148 2027 748,108 Thereafter 9,001,328 Total $ 15,289,863
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 March 31, 2022 ($ in thousands): Operating Financing 2022 (remaining) $ 6,940 $ 3,041 2023 9,420 4,150 2024 9,528 4,266 2025 9,780 4,385 2026 9,899 4,507 2027 10,285 4,633 Thereafter 1,038,666 564,142 Total undiscounted future lease payments 1,094,518 589,124 Difference between undiscounted cash flows and discounted cash flows (904,018) (513,070) Total lease liability $ 190,500 $ 76,054
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 March 31, 2022 2021 Fixed ground rent expense $ 2,269 $ 1,021 Variable ground rent expense 5 — Total cash portion of ground rent expense 2,274 1,021 Straight-line ground rent expense 2,853 1,647 Total operating lease costs $ 5,127 $ 2,668

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): March 31, 2022 December 31, 2021 Residential $ 44,541,991 $ 44,167,486 Industrial 21,284,316 20,898,801 Net Lease 5,411,744 5,219,519 Hospitality 3,080,965 3,084,271 Office 2,688,429 1,232,392 Self Storage 1,883,733 1,886,376 Data Centers 1,847,478 1,905,660 Retail 1,653,409 1,689,575 Investments in Real Estate Debt 10,349,761 9,190,352 Other (Corporate) 5,580,874 2,033,779 Total assets $ 98,322,700 $ 91,308,211 The following table details the financial results by segment for the three months ended March 31, 2022 ($ in thousands): Residential Industrial Net Data Centers Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 779,236 $ 340,768 $ 82,795 $ 8,181 $ — $ 45,207 $ 31,374 $ 16,159 $ — $ 1,303,720 Hospitality revenue — — — — 147,245 — — — — 147,245 Other revenue 54,651 6,135 — — 2,658 3,138 507 1,011 — 68,100 Total revenues 833,887 346,903 82,795 8,181 149,903 48,345 31,881 17,170 — 1,519,065 Expenses: Rental property operating 419,550 110,528 297 1,272 — 21,030 9,919 4,391 — 566,987 Hospitality operating — — — — 103,463 — — — — 103,463 Total expenses 419,550 110,528 297 1,272 103,463 21,030 9,919 4,391 — 670,450 (Loss) income from unconsolidated entities (28,800) 224,720 25,273 (38,469) — — (189) 1,690 — 184,225 Loss from investments in real estate debt — — — — — — — — (34,044) (34,044) Loss from investments in equity securities (1) (75,501) (7,496) (3,694) — — — — (14,470) — (101,161) Segment net operating income (loss) $ 310,036 $ 453,599 $ 104,077 $ (31,560) $ 46,440 $ 27,315 $ 21,773 $ (1) $ (34,044) $ 897,635 Depreciation and amortization $ (572,968) $ (208,366) $ (28,637) $ (3,557) $ (27,076) $ (31,332) $ (35,281) $ (7,834) $ — $ (915,051) General and administrative $ (13,106) Management fee (189,150) Performance participation allocation (411,569) Net gain on dispositions of real estate 205,262 Interest expense (306,459) Gain on extinguishment of debt 1,395 Other income 634,464 Net loss $ (96,579) Net loss attributable to non-controlling interests in third party joint ventures $ 44,255 Net loss attributable to non-controlling interests in BREIT OP 656 Net loss attributable to BREIT stockholders $ (51,668) (1) Included within other income on the Condensed Consolidated Statements of Operations. The following table details the financial results by segment for the three months ended March 31, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 288,453 $ 220,743 $ 82,795 $ 6,017 $ — $ 30,975 $ 14,430 $ 9,503 $ — $ 652,916 Hospitality revenue — — — — 58,143 — — — — 58,143 Other revenue 14,064 3,850 — — 1,676 1,996 757 53 — 22,396 Total revenues 302,517 224,593 82,795 6,017 59,819 32,971 15,187 9,556 — 733,455 Expenses: Rental property operating 139,941 72,823 221 1,049 — 15,708 4,909 3,054 — 237,705 Hospitality operating — — — — 55,680 — — — — 55,680 Total expenses 139,941 72,823 221 1,049 55,680 15,708 4,909 3,054 — 293,385 Income from unconsolidated entities — 9,335 25,347 — — — — — — 34,682 Income from investments in real estate debt — — — — — — — — 239,361 239,361 Income from investments in equity securities (2) 56,053 21,642 8,878 — — — — 4,538 — 91,111 Segment net operating income $ 218,629 $ 182,747 $ 116,799 $ 4,968 $ 4,139 $ 17,263 $ 10,278 $ 11,040 $ 239,361 $ 805,224 Depreciation and amortization $ (168,043) $ (129,370) $ (28,499) $ (2,525) $ (22,706) $ (37,751) $ (7,610) $ (3,883) $ — $ (400,387) General and administrative $ (6,960) Management fee (73,095) Performance participation allocation (143,215) Net gain on dispositions of real estate 15,430 Interest expense (181,532) Loss on extinguishment of debt (3,416) Other income 16,835 Net income $ 28,884 Net income attributable to non-controlling interests in third party joint ventures $ (59) Net income attributable to non-controlling interests in BREIT OP (353) Net income attributable to BREIT stockholders $ 28,472 (1) Previously included within the Industrial segment. (2) Included within other income on the Condensed Consolidated Statements of Operations.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	3 Months Ended
	Mar. 31, 2022USD ($)propertysegmentrentalHomeclass
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 53.3
Number of classes of shares | class	4
Number of owned properties | property	3,097
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	23,724
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)investment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	$ 98,322,700		$ 91,308,211
Liabilities excluding BREIT OP	52,593,050		51,527,615
Unrealized loss on investments in equity securities	(334,700)	$ 82,300
Realization of unrealized gains	$ 209,300
Number of equity method investments measured at fair value | investment	8
Minimum
Significant Of Accounting Policies [Line Items]
Award requisite service period (in years)	3 years
Maximum
Significant Of Accounting Policies [Line Items]
Award requisite service period (in years)	4 years
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	$ 181,100		108,600
VIEs
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP	30,200,000		28,700,000
Liabilities excluding BREIT OP	$ 18,600,000		$ 17,600,000

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	Mar. 31, 2022	Dec. 31, 2021
Assets:
Equity securities	$ 3,217,726	$ 3,225,660
Investments in unconsolidated entities	2,340,473	1,613,646
Derivatives	839,707	41,453
Liabilities:
Derivatives	99,859	45,597
Recurring
Assets:
Investments in real estate debt	9,888,596	8,995,939
Equity securities	3,217,726	3,225,660
Investments in unconsolidated entities	2,340,473	1,613,646
Derivatives	839,707	41,453
Total	16,286,502	13,876,698
Liabilities:
Derivatives	99,859	45,597
Total	99,859	45,597
Recurring | Level 1
Assets:
Investments in real estate debt	0	0
Equity securities	2,535,019	2,558,952
Investments in unconsolidated entities	0	0
Derivatives	0	0
Total	2,535,019	2,558,952
Liabilities:
Derivatives	0	0
Total	0	0
Recurring | Level 2
Assets:
Investments in real estate debt	8,655,731	7,755,602
Equity securities	439,871	442,300
Investments in unconsolidated entities	0	0
Derivatives	839,707	41,453
Total	9,935,309	8,239,355
Liabilities:
Derivatives	99,859	45,597
Total	99,859	45,597
Recurring | Level 3
Assets:
Investments in real estate debt	1,232,865	1,240,337
Equity securities	242,836	224,408
Investments in unconsolidated entities	2,340,473	1,613,646
Derivatives	0	0
Total	3,816,174	3,078,391
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	3 Months Ended
	Mar. 31, 2022USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 3,078,391
Purchases	530,095
Sales and repayments	(3,430)
Distributions received	(8,894)
Income from unconsolidated entities measured at fair value	206,859
Realized gain included in income (loss) from investments in real estate debt	437
Unrealized loss included in income (loss) from investments in real estate debt	(5,712)
Unrealized gain included in other income (expense)	18,428
Ending balance	3,816,174
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,240,337
Purchases	1,233
Sales and repayments	(3,430)
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized gain included in income (loss) from investments in real estate debt	437
Unrealized loss included in income (loss) from investments in real estate debt	(5,712)
Unrealized gain included in other income (expense)	0
Ending balance	1,232,865
Equity Securities
Alternate Investment [Roll Forward]
Beginning balance	224,408
Purchases	0
Sales and repayments	0
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized gain 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
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	1,613,646
Purchases	528,862
Sales and repayments	0
Distributions received	(8,894)
Income from unconsolidated entities measured at fair value	206,859
Realized gain 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	$ 2,340,473

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	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,816,174	$ 3,078,391
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,232,865	$ 1,240,337
Investments in Real Estate Debt | Discounted cash flow | Market Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,232,865
Weighted Average	0.052	0.052
Investments in Real Estate Debt | Discounted cash flow | Market Yield | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 1,240,337
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 2,340,473	$ 1,613,646
Investments in Unconsolidated Entities | Discounted cash flow | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,803,051
Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 2,340,473
Weighted Average	0.062	0.059
Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 1,613,646
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	0.050	0.046
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	0.071	0.091
Investments in Unconsolidated Entities | Valuation, Market Approach | LTM EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	14.4
Investments in Unconsolidated Entities | Valuation, Market Approach | LTM EBITDA Multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 537,422
Equity Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 224,408
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	21.1
Equity Securities | Valuation, Market Approach | Enterprise Value/ Forward EBITDA Multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 242,836	$ 224,408

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Incentive Compensation Awards Issued to Simply Self Storage and HPA Employees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 38,721
Value of Awards Issued	25,000
Amortization of Compensation Cost	(4,952)
Unrecognized Compensation Cost, ending balance	58,769
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	3,425
Value of Awards Issued	33,173
Amortization of Compensation Cost	(4,652)
Unrecognized Compensation Cost, ending balance	31,946
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	37,201
Value of Awards Issued	0
Amortization of Compensation Cost	(3,010)
Unrecognized Compensation Cost, ending balance	$ 34,191
Remaining Amortization Period	2 years 9 months 18 days
2021 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 3,425
Value of Awards Issued	0
Amortization of Compensation Cost	(520)
Unrecognized Compensation Cost, ending balance	$ 2,905
Remaining Amortization Period	2 years 9 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	25,000
Amortization of Compensation Cost	(1,562)
Unrecognized Compensation Cost, ending balance	$ 23,438
Remaining Amortization Period	3 years 9 months 18 days
2022 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	33,173
Amortization of Compensation Cost	(4,132)
Unrecognized Compensation Cost, ending balance	$ 29,041
Remaining Amortization Period	2 years 8 months 12 days

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
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
Building and building improvements	$ 55,849,587	$ 53,954,920
Land and land improvements	15,044,365	14,652,913
Furniture, fixtures and equipment	1,097,968	963,686
Right of use asset - operating leases	474,841	461,186
Right of use asset - financing leases	72,862	72,862
Total	72,539,623	70,105,567
Accumulated depreciation and amortization	(3,735,874)	(3,163,914)
Investments in real estate, net	$ 68,803,749	$ 66,941,653

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)propertyinvestment	Mar. 31, 2021USD ($)
Real Estate Properties [Line Items]
Number of real estate investments acquired | investment	9
Payments to acquire real estate | $	$ 2,500,000
Number of properties acquired	32
Impairment of investments in real estate | $	$ 0	$ 0
In-place lease intangibles
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	6 years
Above market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	6 years
Below market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles	14 years
Residential properties
Real Estate Properties [Line Items]
Number of properties acquired	16
Number of real estate properties classified as held for sale	3
Industrial properties
Real Estate Properties [Line Items]
Number of properties acquired	11
Office properties
Real Estate Properties [Line Items]
Number of properties acquired	3
Self Storage
Real Estate Properties [Line Items]
Number of properties acquired	2

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²propertyunittransaction
Real Estate Properties [Line Items]
Purchase Price | $	$ 2,545,550
Number of Transactions | transaction	9
Number of Properties	32
Residential properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 1,662,228
Number of Transactions | transaction	4
Number of Properties	16
Number of units | unit	3,731
Office properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 699,457
Number of Transactions | transaction	2
Number of Properties	3
Sq. Feet | ft²	808,000
Industrial properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 152,897
Number of Transactions | transaction	1
Number of Properties	11
Sq. Feet | ft²	1,280,000
Self Storage
Real Estate Properties [Line Items]
Purchase Price | $	$ 30,968
Number of Transactions | transaction	2
Number of Properties	2
Sq. Feet | ft²	123,000
Single Family | Home Partners of America JVs
Real Estate Properties [Line Items]
Number of Properties	1,035

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Mar. 31, 2022USD ($)
Real Estate [Abstract]
Building and building improvements	$ 1,912,760
Land and land improvements	457,729
Furniture, fixtures and equipment	62,397
In-place lease intangibles	134,684
Above-market lease intangibles	1,570
Below-market lease intangibles	(30,707)
Other	7,117
Total purchase price	2,545,550
Assumed debt	235,772
Net purchase price	$ 2,309,778

Investments in Real Estate - _4

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)propertyhome	Mar. 31, 2021USD ($)property
Real Estate Properties [Line Items]
Number of Properties | property	16	4
Net Proceeds	$ 571,225	$ 73,922
Net gain (loss) on dispositions of real estate	$ 205,262	$ 15,430
Residential properties
Real Estate Properties [Line Items]
Number of Properties | property	7	4
Net Proceeds	$ 445,419	$ 73,922
Net gain (loss) on dispositions of real estate	$ 184,031	$ 15,430
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	9	0
Net Proceeds	$ 125,806	$ 0
Net gain (loss) on dispositions of real estate	$ 21,231	$ 0
Single Family
Real Estate Properties [Line Items]
Number of Properties | home	123

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) $ in Thousands	Mar. 31, 2022USD ($)
Assets:
Investments in real estate, net	$ 27,583
Other assets	368
Total assets	27,951
Liabilities:
Mortgage notes, net	20,844
Other liabilities	643
Total liabilities	$ 21,487

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details)	Mar. 31, 2022property
Schedule of Equity Method Investments [Line Items]
Number of properties	32
Single Family Rental | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	10,009
Affordable Housing | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	124,000
Industrial | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	533
Data Centers | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	53
Retail | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	6
Net Lease | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	2
Office Property | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	1

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2022USD ($)segment	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	148
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 6,126,887	$ 5,501,305
Unconsolidated Joint Ventures, At Historical Cost
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	140
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 3,786,414	3,887,659
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	35.70%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 1,338,874	1,394,359
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	49.90%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 823,991	822,736
Residential investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	130
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 1,024,821	1,074,832
Residential investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%
Residential investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	52.00%
Industrial investments at historical cost
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	7
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 502,290	497,491
Industrial investments at historical cost | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	3
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 266,100
Industrial investments at historical cost | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%
Industrial investments at historical cost | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55.00%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	7
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 1,810,230	1,613,646
Industrial investments at fair value | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	3
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 1,100,000
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	7.90%
Industrial investments at fair value | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%
Retail Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	50.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 96,438	98,241
Office investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	49.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 530,243	0
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	8
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $	$ 2,340,473	$ 1,613,646

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 184,225	$ 34,682
Unconsolidated Joint Ventures, At Historical Cost
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (22,634)	25,346
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest	35.70%
Net Income (Loss) of Unconsolidated Joint Ventures	$ (38,469)	0
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 25,273	25,346
Residential investments
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (28,800)	0
Residential investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%
Residential investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	52.00%
Industrial investments at historical cost
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 19,551	0
Industrial investments at historical cost | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%
Industrial investments at historical cost | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55.00%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 205,169	9,336
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	7.90%
Industrial investments at fair value | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%
Retail Investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%
Net Income (Loss) of Unconsolidated Joint Ventures	$ (189)	0
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ 206,859	9,336
Office investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.00%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 1,690	$ 0

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.10%	3.80%
Face Amount	$ 10,329,935	$ 9,161,792
Cost Basis	10,161,589	9,045,181
Fair Value	9,888,596	8,995,939
Interest Rate Swaps - Investments in real estate debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 1,513,710	$ 1,076,210
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.00%	3.70%
Face Amount	$ 8,693,722	$ 7,459,217
Cost Basis	8,527,490	7,372,465
Fair Value	$ 8,283,325	$ 7,336,436
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.70%	3.60%
Face Amount	$ 8,084,396	$ 7,176,097
Cost Basis	7,928,752	7,090,490
Fair Value	$ 7,713,748	$ 7,055,276
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.30%	3.90%
Face Amount	$ 373,111	$ 147,170
Cost Basis	363,353	146,023
Fair Value	$ 343,440	$ 144,691
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.90%	4.80%
Face Amount	$ 236,215	$ 135,950
Cost Basis	235,385	135,952
Fair Value	$ 226,137	$ 136,469
Private Commercial Real Estate Loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.40%	4.40%
Face Amount	$ 1,411,685	$ 1,474,617
Cost Basis	1,438,183	1,473,807
Fair Value	$ 1,402,175	$ 1,460,716
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.70%	3.70%
Face Amount	$ 224,528	$ 227,958
Cost Basis	195,916	198,909
Fair Value	203,096	198,787
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	3,400,000	3,400,000
CMBS, zero coupon securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 215,100	$ 208,800

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	Mar. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 10,161,589	$ 9,045,181
Fair Value	$ 9,888,596	$ 8,995,939
Percentage Based on Fair Value	100.00%	100.00%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 3,359,594	$ 3,058,410
Fair Value	$ 3,268,452	$ 3,032,995
Percentage Based on Fair Value	33.00%	34.00%
Residential
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,678,131	$ 2,328,762
Fair Value	$ 2,639,971	$ 2,358,734
Percentage Based on Fair Value	27.00%	26.00%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,560,293	$ 2,233,289
Fair Value	$ 2,466,372	$ 2,200,285
Percentage Based on Fair Value	25.00%	24.00%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 724,459	$ 640,145
Fair Value	$ 684,979	$ 620,512
Percentage Based on Fair Value	7.00%	7.00%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 450,972	$ 354,579
Fair Value	$ 439,489	$ 352,105
Percentage Based on Fair Value	4.00%	4.00%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 379,254	$ 403,737
Fair Value	$ 381,451	$ 405,569
Percentage Based on Fair Value	4.00%	5.00%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 8,886	$ 8,885
Fair Value	$ 7,882	$ 8,779
Percentage Based on Fair Value	0.00%	0.00%
Retail Properties
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 0	$ 17,374
Fair Value	$ 0	$ 16,960
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	Mar. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 10,161,589	$ 9,045,181
Fair Value	$ 9,888,596	$ 8,995,939
Percentage Based on Fair Value	100.00%	100.00%
AAA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 26,304	$ 26,192
Fair Value	$ 22,750	$ 24,274
Percentage Based on Fair Value	0.00%	0.00%
AA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 628	$ 710
Fair Value	$ 1,325	$ 1,749
Percentage Based on Fair Value	0.00%	0.00%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 125,884	$ 127,118
Fair Value	$ 123,191	$ 125,420
Percentage Based on Fair Value	1.00%	1.00%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 549,911	$ 373,061
Fair Value	$ 537,270	$ 369,111
Percentage Based on Fair Value	5.00%	4.00%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,122,421	$ 1,678,565
Fair Value	$ 2,045,884	$ 1,670,560
Percentage Based on Fair Value	21.00%	19.00%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,306,004	$ 1,971,282
Fair Value	$ 2,225,230	$ 1,940,328
Percentage Based on Fair Value	23.00%	22.00%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 24,338	$ 24,338
Fair Value	$ 22,728	$ 24,242
Percentage Based on Fair Value	0.00%	0.00%
Private Commercial Real Estate Loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,538,922	$ 1,598,701
Fair Value	$ 1,511,111	$ 1,585,738
Percentage Based on Fair Value	15.00%	18.00%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 3,467,177	$ 3,245,214
Fair Value	$ 3,399,107	$ 3,254,517
Percentage Based on Fair Value	35.00%	36.00%
Weighted average LTV at origination	67.50%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	54.20%
Not Rated | Multifamily
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	36.70%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments [Abstract]
Interest income	$ 97,599	$ 43,197
Unrealized (loss) gain	(224,147)	129,883
Realized gain	2,384	2,594
Total	(124,164)	175,674
Income from interest rate swaps and other derivatives	83,975	50,579
Income from secured financings of investments in real estate debt	15,408	13,461
Other loss	(9,263)	(353)
Total (loss) income from investments in real estate debt	$ (34,044)	$ 239,361

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 9,888,596		$ 8,995,939
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,794,020		3,099,694
Income (Loss)	(22,627)	$ 69,343
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	489,388		556,571
Income (Loss)	(1,139)	(18,572)
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	3,283,408		$ 3,656,265
Income (Loss)	$ (23,766)	$ 50,771

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Investments in real estate debt	$ 10,161,589		$ 9,045,181
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	2,000,000		$ 1,400,000
Investments, income (loss)	$ (28,700)	$ 7,000

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 ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total loans secured by real estate	$ 41,641,896,000	$ 41,570,681,000
Premium on assumed debt, net	65,437,000	68,706,000
Deferred financing costs, net	(312,112,000)	(311,999,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	41,395,221,000	41,327,388,000
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 16,600,000,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate	3.00%
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 22,254,178,000	22,484,156,000
Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.90%
Affordable Housing Properties Loan
Debt Instrument [Line Items]
Total loans secured by real estate	$ 382,900,000	396,300,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 21,107,149,000	20,004,365,000
Mortgage and Term Loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.00%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 19,387,718,000	19,086,525,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate	3.60%
Mezzanine loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 71,100,000	71,100,000
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	$ 2,963,290,000
Total loans secured by real estate	0	1,614,550,000
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	1,562,500,000
Total loans secured by real estate	$ 1,075,929,000	$ 794,141,000
Warehouse facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.60%

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	Mar. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
2022 (remaining)	$ 320,648
2023	593,693
2024	3,217,858
2025	6,510,837
2026	14,534,786
2027	6,428,977
Thereafter	10,035,097
Long-term debt	$ 41,641,896	$ 41,570,681

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Gain (loss) on extinguishment of debt	$ 1,395	$ (3,416)

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	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,558,781	$ 4,706,632
Collateral Assets	$ 7,223,494	$ 7,211,246
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.00%	1.00%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,212,985	$ 4,308,015
Collateral Assets	$ 6,702,854	$ 6,604,524
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.00%	0.90%
Commercial real estate loans
Debt Instrument [Line Items]
Borrowings Outstanding	$ 180,859	$ 224,510
Collateral Assets	$ 278,244	$ 345,400
Commercial real estate loans | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.80%	1.80%
Corporate bonds
Debt Instrument [Line Items]
Borrowings Outstanding	$ 86,585	$ 90,578
Collateral Assets	$ 126,560	$ 135,355
Corporate bonds | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.90%	0.80%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 78,352	$ 83,529
Collateral Assets	$ 115,836	$ 125,967
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.00%	0.90%

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other outstanding borrowings on line of credit	$ 0	$ 0
LIBOR
Debt Instrument [Line Items]
Interest rate	2.50%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Extension period (in years)	1 year
Line of credit, capacity	$ 2,000
Line of credit amount outstanding	10
Unsecured Revolving Credit Facility | Affiliated
Debt Instrument [Line Items]
Line of credit, capacity	75
Line of credit amount outstanding	$ 0	$ 0
Unsecured Revolving Credit Facility | 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	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,951,472	$ 1,309,447
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Total components due to affiliates	1,453,187	1,235,592
Performance participation allocation
Related Party Transaction [Line Items]
Total components due to affiliates	411,569	0
Accrued management fee
Related Party Transaction [Line Items]
Total components due to affiliates	66,688	56,607
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total components due to affiliates	15,856	12,880
Advanced organization and offering costs
Related Party Transaction [Line Items]
Total components due to affiliates	1,534	2,045
Other
Related Party Transaction [Line Items]
Total components due to affiliates	$ 2,638	$ 2,323

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands	Dec. 31, 2021USD ($)shares	Apr. 30, 2022USD ($)shares	Jan. 31, 2022USD ($)shares	Jan. 31, 2021USD ($)shares	Mar. 31, 2022USD ($)investmentshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)shares
Related Party Transaction [Line Items]
Performance participation allocation | $					$ 411,569	$ 143,215
Stock redeemed, value | $			$ 566,600
Aggregate redeemable non- controlling interest shares and Class I units continue to own | $					1,500,000
Management fee | $					189,150	73,095
Total components due to affiliates | $	$ 1,309,447				$ 1,951,472		$ 1,309,447
Stock repurchased (in shares)					87,113
Stock repurchased, value | $					$ 1,263,606	509,750
Amortization period of grant (in years)					4 years
Amount contributed to captive towards insurance premium | $					$ 4,400	300
Payment for management fee | $					100	5
Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates | $	56,607				66,688		56,607
Advanced Expenses
Related Party Transaction [Line Items]
Total components due to affiliates | $	$ 2,300				$ 2,600		$ 2,300
Class I
Related Party Transaction [Line Items]
Stock exchanged (in shares)	55,200		9,000
Stock issued as payment for services (in shares)			4,700
Stock redeemed (in shares)			1,900
Stock repurchased (in shares)					80,651
Class I Units
Related Party Transaction [Line Items]
Stock exchanged (in shares)			9,000
Common Class I Shares
Related Party Transaction [Line Items]
Stock redeemed (in shares)			37,800
Common Class I Shares | Subsequent Event
Related Party Transaction [Line Items]
Stock exchanged (in shares)		16,100
Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in shares)	55,200
Stock issued as payment for services (in shares)			4,700
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)				1,100
Stock redeemed (in shares)				9,700
Stock redeemed, value | $				$ 111,900
Special Limited Partner | Subsequent Event
Related Party Transaction [Line Items]
Performance participation allocation | $		$ 237,900
Special Limited Partner | Class I
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)				15,500			96,400
Special Limited Partner | Class I | Subsequent Event
Related Party Transaction [Line Items]
Stock exchanged (in shares)		16,100
Special Limited Partner | Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in 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 | $					$ 189,200	$ 73,100
Adviser | Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates | $	$ 56,600				$ 66,700		$ 56,600
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)					8,400	4,000
Stock repurchased (in shares)						8,300
Stock repurchased, value | $						$ 96,900
Adviser | Class I | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)			4,500
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments | $					$ 6,900
Number of investments with capitalized costs | investment					20
LivCor, L.L.C.
Related Party Transaction [Line Items]
Receivable from affiliates | $	$ 3,900				$ 3,000		$ 3,900

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 38,721
Value of Awards Issued	25,000
Amortization of Compensation Cost	(4,952)
Unrecognized Compensation Cost, ending balance	58,769
2019
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	1,520
Value of Awards Issued	0
Amortization of Compensation Cost	(380)
Unrecognized Compensation Cost, ending balance	$ 1,140
Remaining Amortization Period	9 months 18 days
2020
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	0
Amortization of Compensation Cost	0
Unrecognized Compensation Cost, ending balance	0
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	37,201
Value of Awards Issued	0
Amortization of Compensation Cost	(3,010)
Unrecognized Compensation Cost, ending balance	$ 34,191
Remaining Amortization Period	2 years 9 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	25,000
Amortization of Compensation Cost	(1,562)
Unrecognized Compensation Cost, ending balance	$ 23,438
Remaining Amortization Period	3 years 9 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
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 44,134	$ 32,223
Amortization of Affiliate Service Provider Incentive Compensation	4,952	955
Capitalized Transaction Support Services	2,728	1,162
Link Industrial Properties L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	19,133	16,128
Amortization of Affiliate Service Provider Incentive Compensation	2,344	417
Capitalized Transaction Support Services	1,032	243
LivCor, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	13,978	10,725
Amortization of Affiliate Service Provider Incentive Compensation	2,218	382
Capitalized Transaction Support Services	1,691	879
BRE Hotels and Resorts LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	3,484	2,681
Amortization of Affiliate Service Provider Incentive Compensation	191	132
Capitalized Transaction Support Services	0	0
ShopCore Properties TRS Management LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	1,857	1,424
Amortization of Affiliate Service Provider Incentive Compensation	125	16
Capitalized Transaction Support Services	0	40
Revantage Corporate Services, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	4,832	653
Amortization of Affiliate Service Provider Incentive Compensation	0	0
Capitalized Transaction Support Services	5	0
Equity Office Management, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	422	612
Amortization of Affiliate Service Provider Incentive Compensation	74	8
Capitalized Transaction Support Services	0	0
Longview Senior Housing Advisors, LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	428	0
Amortization of Affiliate Service Provider Incentive Compensation	0	0
Capitalized Transaction Support Services	$ 0	$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Equity securities	$ 3,217,726	$ 3,225,660
Real estate intangibles, net	1,303,510	1,487,436
Derivatives	839,707	41,453
Receivables, net	473,421	381,201
Straight-line rent receivable	307,270	275,200
Single family rental homes risk retention securities	183,646	233,525
Prepaid expenses	117,356	151,188
Pre-acquisition costs	115,952	153,659
Deferred leasing costs, net	98,054	84,990
Deferred financing costs, net	52,060	51,535
Held for sale assets	27,951	196,244
Other	162,596	168,642
Total	$ 6,899,249	$ 6,450,733

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Subscriptions received in advance	$ 1,843,583	$ 1,746,910
Stock repurchases payable	393,594	100,540
Intangible liabilities, net	301,669	288,643
Accounts payable and accrued expenses	295,641	265,754
Distribution payable	222,007	190,143
Accrued interest expense	217,129	215,757
Real estate taxes payable	204,560	211,063
Securitized debt obligations, net	199,164	200,953
Right of use lease liability - operating leases	190,500	180,453
Tenant security deposits	183,948	172,308
Derivatives	99,859	45,597
Payable for unsettled investments in real estate debt	99,541	21,426
Prepaid rental income	92,279	125,250
Right of use lease liability - financing leases	76,054	75,730
Held for sale liabilities	21,487	114,377
Other	246,561	229,244
Other liabilities	$ 4,687,576	$ 4,184,148

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible assets
Indefinite life intangibles	$ 104,182	$ 104,182
Total intangible assets	2,191,528	2,154,530
Accumulated amortization
Total accumulated amortization	(888,018)	(667,094)
Intangible assets, net	1,303,510	1,487,436
Intangible liabilities
Below-market lease intangibles	406,162	377,132
Total intangible liabilities	406,162	377,132
Accumulated amortization
Below-market lease amortization	(104,493)	(88,489)
Total accumulated amortization	(104,493)	(88,489)
Intangible liabilities, net	301,669	288,643
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,950,226	1,920,331
Accumulated amortization
Total accumulated amortization	(844,626)	(628,163)
Intangible assets, net	1,105,600
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	61,302	60,383
Accumulated amortization
Total accumulated amortization	(25,602)	(22,993)
Intangible assets, net	35,700
Other intangibles
Intangible assets
Finite-lived intangible assets	75,818	69,634
Accumulated amortization
Total accumulated amortization	(17,790)	$ (15,938)
Intangible assets, net	$ 58,028

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lease Intangibles
Intangible assets, net	$ 1,303,510	$ 1,487,436
Below-market Lease Intangibles
2022 (remaining)	(49,468)
2023	(58,529)
2024	(49,031)
2025	(40,928)
2026	(31,825)
2027	(21,021)
Thereafter	(50,867)
Total	(301,669)
In-place Lease Intangibles
Lease Intangibles
2022 (remaining)	401,019
2023	203,366
2024	140,136
2025	103,841
2026	79,127
2027	55,812
Thereafter	122,299
Intangible assets, net	1,105,600
Above-market Lease Intangibles
Lease Intangibles
2022 (remaining)	8,370
2023	7,106
2024	5,128
2025	3,964
2026	3,210
2027	2,268
Thereafter	5,654
Intangible assets, net	35,700
Other intangibles
Lease Intangibles
2022 (remaining)	5,947
2023	7,435
2024	7,149
2025	7,145
2026	7,012
2027	6,610
Thereafter	16,730
Intangible assets, net	$ 58,028

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) - Non-designated Hedges € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)derivative	Mar. 31, 2021	Mar. 31, 2022EUR (€)derivative	Mar. 31, 2022GBP (£)derivative	Dec. 31, 2021USD ($)derivative	Dec. 31, 2021EUR (€)derivative	Dec. 31, 2021GBP (£)derivative
Interest Rate Swaps - Property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	31		31	31	22	22	22
Notional Amount | $	$ 15,050,000				$ 9,500,000
Strike	2.20%		2.20%	2.20%	1.30%	1.30%	1.30%
Weighted Average Maturity (Years)	7 years 10 months 24 days	7 years
Interest Rate Caps - Property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	33		33	33
Notional Amount | $	$ 14,370,196
Strike	2.00%		2.00%	2.00%
Weighted Average Maturity (Years)	1 year 3 months 18 days
Interest Rate Swaps - Investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	75		75	75	54	54	54
Notional Amount | $	$ 1,513,710				$ 1,076,210
Strike	1.20%		1.20%	1.20%	1.00%	1.00%	1.00%
Weighted Average Maturity (Years)	4 years 9 months 18 days	4 years 9 months 18 days
Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 550,463			€ 552,513
Number of Instruments	10		10	10	10	10	10
Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 269,462			£ 267,368
Number of Instruments	14		14	14	7	7	7
Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 13,768			€ 5,978
Number of Instruments	1		1	1	1	1	1
Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 0			£ 15,396
Number of Instruments	0		0	0	3	3	3

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 839,707	$ 41,453
Fair Value of Derivatives in a Liability Position	99,859	45,597
Interest rate derivatives
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	826,499	41,123
Fair Value of Derivatives in a Liability Position	82,405	38,062
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	13,208	330
Fair Value of Derivatives in a Liability Position	$ 17,454	$ 7,535

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
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized/unrealized gain (loss)	$ 765,298	$ 67,780
Other Income Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain	635,984	17,201
Interest rate caps - property debt, unrealized gain	45,339	0
Income From Investments In Real Estate Debt
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain	59,709	54,422
Interest rate swap - investments in real estate debt, realized loss	0	(14,691)
Foreign currency forward contract, realized gain (loss)	21,344	(4,478)
Foreign currency forward contract, unrealized gain	$ 2,922	$ 15,326

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Mar. 31, 2022USD ($)counterparty	Dec. 31, 2021USD ($)counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative counterparties | counterparty	3	1
Fair value of assets that posted collateral | $	$ 41.6	$ 5.1

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)repurchaseRequestshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Equity [Line Items]
Number of shares authorized (in shares) | shares	10,100,000,000
Common stock repurchased, value	$ 1,263,606	$ 509,750
Unfulfilled repurchase requests | repurchaseRequest	0
Non-controlling interests attributable to third party joint ventures	$ 1,680,507		$ 1,744,256
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	(35,702)	$ (2,775)
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	219,200		$ 160,800
Share Repurchase Plan
Equity [Line Items]
Common stock repurchased, value	$ 1,300,000

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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_5

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022shares
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	3,689,353
Common stock issued (in shares)	558,126
Distribution reinvestment (in shares)	21,212
Common stock repurchased (in shares)	(87,113)
Ending balance (in shares)	4,181,578
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,254,348
Common stock issued (in shares)	169,867
Distribution reinvestment (in shares)	7,434
Common stock repurchased (in shares)	(5,221)
Ending balance (in shares)	1,426,428
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,086,631
Common stock issued (in shares)	332,604
Distribution reinvestment (in shares)	11,560
Common stock repurchased (in shares)	(80,651)
Ending balance (in shares)	2,350,144
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	57,287
Common stock issued (in shares)	7,751
Distribution reinvestment (in shares)	365
Common stock repurchased (in shares)	(346)
Ending balance (in shares)	65,057
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	291,087
Common stock issued (in shares)	47,904
Distribution reinvestment (in shares)	1,853
Common stock repurchased (in shares)	(895)
Ending balance (in shares)	339,949

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
	Mar. 31, 2022	Mar. 31, 2021
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1662	$ 0.1600
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1662
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0309)
Net distributions declared per share of common stock (in dollars per share)	0.1353
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1662
Stockholder servicing fee per share of common stock (in dollars per share)	0
Net distributions declared per share of common stock (in dollars per share)	0.1662
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1662
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0304)
Net distributions declared per share of common stock (in dollars per share)	0.1358
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1662
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0089)
Net distributions declared per share of common stock (in dollars per share)	$ 0.1573

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
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	$ 750,670
Settlement of prior year performance participation allocation	67,233	$ 192,648
GAAP income allocation	1,195	343
Ending balance	219,572
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	589,900	274
Settlement of prior year performance participation allocation	0	192,648
Repurchases	(26,639)	(111,949)
Conversion to shares and units	(128,205)	(12,246)
GAAP income allocation	(1)	0
Distributions	(4)	(4)
Fair value allocation	18	14
Ending balance	352	284
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	$ (434,717)	$ (68,453)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed lease payments	$ 1,212,538	$ 591,040
Variable lease payments	91,182	61,876
Rental revenue	$ 1,303,720	$ 652,916

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2022USD ($)
Lessor, Operating Lease, Payments to be Received
2022 (remaining)	$ 1,055,157
2023	1,332,820
2024	1,183,141
2025	1,045,161
2026	924,148
2027	748,108
Thereafter	9,001,328
Total	$ 15,289,863

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2022lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	57
Number of ground leases under finance lease	3
Operating ground lease, containing renewal options	2
Operating lease, weighted average remaining lease term (in years)	66 years
Finance lease, weighted average remaining lease term (in years)	79 years
Operating ground lease containing variable components	1
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	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2021 (remaining)	$ 6,940
2023	9,420
2024	9,528
2025	9,780
2026	9,899
2027	10,285
Thereafter	1,038,666
Total undiscounted future lease payments	1,094,518
Difference between undiscounted cash flows and discounted cash flows	(904,018)
Total lease liability	190,500	$ 180,453
Financing Leases
2022 (remaining)	3,041
2023	4,150
2024	4,266
2025	4,385
2026	4,507
2027	4,633
Thereafter	564,142
Total undiscounted future lease payments	589,124
Difference between undiscounted cash flows and discounted cash flows	(513,070)
Total lease liability	$ 76,054	$ 75,730

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed ground rent expense	$ 2,269	$ 1,021
Variable ground rent expense	5	0
Total cash portion of ground rent expense	2,274	1,021
Straight-line ground rent expense	2,853	1,647
Total operating lease costs	$ 5,127	$ 2,668

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Interest on lease liabilities	$ 996	$ 759
Amortization of right-of-use assets	324	247
Total financing lease costs	$ 1,320	$ 1,006

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	9

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 98,322,700	$ 91,308,211
Residential
Segment Reporting Information [Line Items]
Total assets	44,541,991	44,167,486
Industrial
Segment Reporting Information [Line Items]
Total assets	21,284,316	20,898,801
Net Lease
Segment Reporting Information [Line Items]
Total assets	5,411,744	5,219,519
Hospitality
Segment Reporting Information [Line Items]
Total assets	3,080,965	3,084,271
Office
Segment Reporting Information [Line Items]
Total assets	2,688,429	1,232,392
Self Storage
Segment Reporting Information [Line Items]
Total assets	1,883,733	1,886,376
Data Centers
Segment Reporting Information [Line Items]
Total assets	1,847,478	1,905,660
Retail
Segment Reporting Information [Line Items]
Total assets	1,653,409	1,689,575
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	10,349,761	9,190,352
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 5,580,874	$ 2,033,779

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 1,519,065	$ 733,455
Expenses:
Total expenses	670,450	293,385
(Loss) income from unconsolidated entities	184,225	34,682
(Loss) income from investments in real estate debt	(34,044)	239,361
Loss from investments in equity securities	(101,161)	91,111
Segment net operating income (loss)	897,635	805,224
Depreciation and amortization	(915,051)	(400,387)
General and administrative	(13,106)	(6,960)
Management fee	(189,150)	(73,095)
Performance participation allocation	(411,569)	(143,215)
Net gain on dispositions of real estate	205,262	15,430
Interest expense	(306,459)	(181,532)
Gain (loss) on extinguishment of debt	1,395	(3,416)
Other income	634,464	16,835
Net (loss) income	(96,579)	28,884
Net loss (income) attributable to non-controlling interests in third party joint ventures	44,255	(59)
Net loss (income) attributable to non-controlling interests in BREIT OP	656	(353)
Net (loss) income attributable to BREIT stockholders	(51,668)	28,472
Residential
Revenues:
Total revenues	833,887	302,517
Expenses:
Total expenses	419,550	139,941
(Loss) income from unconsolidated entities	(28,800)	0
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	(75,501)	56,053
Segment net operating income (loss)	310,036	218,629
Depreciation and amortization	(572,968)	(168,043)
Industrial
Revenues:
Total revenues	346,903	224,593
Expenses:
Total expenses	110,528	72,823
(Loss) income from unconsolidated entities	224,720	9,335
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	(7,496)	21,642
Segment net operating income (loss)	453,599	182,747
Depreciation and amortization	(208,366)	(129,370)
Net Lease
Revenues:
Total revenues	82,795	82,795
Expenses:
Total expenses	297	221
(Loss) income from unconsolidated entities	25,273	25,347
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	(3,694)	8,878
Segment net operating income (loss)	104,077	116,799
Depreciation and amortization	(28,637)	(28,499)
Data Centers
Revenues:
Total revenues	8,181	6,017
Expenses:
Total expenses	1,272	1,049
(Loss) income from unconsolidated entities	(38,469)	0
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	(31,560)	4,968
Depreciation and amortization	(3,557)	(2,525)
Hospitality
Revenues:
Total revenues	149,903	59,819
Expenses:
Total expenses	103,463	55,680
(Loss) income from unconsolidated entities	0	0
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	46,440	4,139
Depreciation and amortization	(27,076)	(22,706)
Self Storage
Revenues:
Total revenues	48,345	32,971
Expenses:
Total expenses	21,030	15,708
(Loss) income from unconsolidated entities	0	0
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	27,315	17,263
Depreciation and amortization	(31,332)	(37,751)
Retail
Revenues:
Total revenues	31,881	15,187
Expenses:
Total expenses	9,919	4,909
(Loss) income from unconsolidated entities	(189)	0
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	21,773	10,278
Depreciation and amortization	(35,281)	(7,610)
Office
Revenues:
Total revenues	17,170	9,556
Expenses:
Total expenses	4,391	3,054
(Loss) income from unconsolidated entities	1,690	0
(Loss) income from investments in real estate debt	0	0
Loss from investments in equity securities	(14,470)	4,538
Segment net operating income (loss)	(1)	11,040
Depreciation and amortization	(7,834)	(3,883)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
(Loss) income from unconsolidated entities	0	0
(Loss) income from investments in real estate debt	(34,044)	239,361
Loss from investments in equity securities	0	0
Segment net operating income (loss)	(34,044)	239,361
Depreciation and amortization	0	0
Rental revenue
Revenues:
Total revenues	1,303,720	652,916
Expenses:
Total expenses	566,987	237,705
Rental revenue | Residential
Revenues:
Total revenues	779,236	288,453
Expenses:
Total expenses	419,550	139,941
Rental revenue | Industrial
Revenues:
Total revenues	340,768	220,743
Expenses:
Total expenses	110,528	72,823
Rental revenue | Net Lease
Revenues:
Total revenues	82,795	82,795
Expenses:
Total expenses	297	221
Rental revenue | Data Centers
Revenues:
Total revenues	8,181	6,017
Expenses:
Total expenses	1,272	1,049
Rental revenue | Hospitality
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Rental revenue | Self Storage
Revenues:
Total revenues	45,207	30,975
Expenses:
Total expenses	21,030	15,708
Rental revenue | Retail
Revenues:
Total revenues	31,374	14,430
Expenses:
Total expenses	9,919	4,909
Rental revenue | Office
Revenues:
Total revenues	16,159	9,503
Expenses:
Total expenses	4,391	3,054
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality
Revenues:
Total revenues	147,245	58,143
Expenses:
Total expenses	103,463	55,680
Hospitality | Residential
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Industrial
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Net Lease
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Data Centers
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Hospitality
Revenues:
Total revenues	147,245	58,143
Expenses:
Total expenses	103,463	55,680
Hospitality | Self Storage
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Retail
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Office
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Other revenue
Revenues:
Total revenues	68,100	22,396
Other revenue | Residential
Revenues:
Total revenues	54,651	14,064
Other revenue | Industrial
Revenues:
Total revenues	6,135	3,850
Other revenue | Net Lease
Revenues:
Total revenues	0	0
Other revenue | Data Centers
Revenues:
Total revenues	0	0
Other revenue | Hospitality
Revenues:
Total revenues	2,658	1,676
Other revenue | Self Storage
Revenues:
Total revenues	3,138	1,996
Other revenue | Retail
Revenues:
Total revenues	507	757
Other revenue | Office
Revenues:
Total revenues	1,011	53
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0	$ 0