Blackstone Real Estate Income Trust (BSTT) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 12, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
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		1,575,756,064
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,776,774,467
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		69,375,679
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		167,298,938
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,798,206

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Investments in real estate, net	$ 97,177,003	$ 98,149,492
Investments in unconsolidated entities (includes $5,032,399 and $4,947,251 at fair value as of March 31, 2023 and December 31, 2022, respectively)	8,581,171	9,369,402
Investments in real estate debt	7,820,403	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,948,146	17,030,387
Cash and cash equivalents	2,368,212	1,281,292
Restricted cash	820,302	973,200
Other assets	6,984,579	7,881,948
Total assets	140,699,816	142,687,424
Liabilities and Equity
Mortgage notes, secured term loans, and secured revolving credit facilities, net	62,105,875	64,962,703
Secured financings of investments in real estate debt	4,876,746	4,966,685
Senior obligations of consolidated securitization vehicles, at fair value	15,214,633	15,288,598
Unsecured revolving credit facilities and term loans	1,126,923	1,126,923
Due to affiliates	1,281,375	1,676,308
Other liabilities	4,250,000	3,912,033
Total liabilities	88,855,552	91,933,250
Commitments and contingencies	0	0
Redeemable non-controlling interests	236,874	553,423
Equity
Additional paid-in capital	55,971,090	53,212,494
Accumulated other comprehensive income	231,651	393,928
Accumulated deficit and cumulative distributions	(10,516,519)	(9,196,019)
Total stockholders’ equity	45,732,704	44,455,264
Non-controlling interests attributable to third party joint ventures	4,209,810	4,278,895
Non-controlling interests attributable to BREIT OP unitholders	1,664,876	1,466,592
Total equity	51,607,390	50,200,751
Total liabilities and equity	$ 140,699,816	$ 142,687,424
Common stock, shares outstanding (in shares)	4,648,205,000	4,486,178,000
Class S
Equity
Common stock value	$ 15,824	$ 15,974
Common stock, shares issued (in shares)	1,582,436,000	1,597,414,000
Common stock, shares outstanding (in shares)	1,582,436,000	1,597,414,000
Class I
Equity
Common stock value	$ 28,274	$ 23,947
Common stock, shares issued (in shares)	2,827,354,000	2,394,737,000
Common stock, shares outstanding (in shares)	2,827,354,000	2,394,737,000
Class T
Equity
Common stock value	$ 705	$ 726
Common stock, shares issued (in shares)	70,538,000	72,599,000
Common stock, shares outstanding (in shares)	70,538,000	72,599,000
Class D
Equity
Common stock value	$ 1,668	$ 4,214
Common stock, shares issued (in shares)	166,792,000	421,428,000
Common stock, shares outstanding (in shares)	166,792,000	421,428,000
Class C
Equity
Common stock value	$ 11	$ 0
Common stock, shares issued (in shares)	1,085,000	0
Common stock, shares outstanding (in shares)	1,085,000	0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments in unconsolidated entities	$ 5,032,399	$ 4,947,251
Common stock, shares outstanding (in shares)	4,648,205,000	4,486,178,000
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)	1,582,436,000	1,597,414,000
Common stock, shares outstanding (in shares)	1,582,436,000	1,597,414,000
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)	2,827,354,000	2,394,737,000
Common stock, shares outstanding (in shares)	2,827,354,000	2,394,737,000
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)	70,538,000	72,599,000
Common stock, shares outstanding (in shares)	70,538,000	72,599,000
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)	166,792,000	421,428,000
Common stock, shares outstanding (in shares)	166,792,000	421,428,000
Class C
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)	1,085,000	0
Common stock, shares outstanding (in shares)	1,085,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 2,287,940	$ 1,519,065
Expenses
Operating expenses	1,026,012	670,450
General and administrative	17,176	13,106
Management fee	221,138	189,150
Performance participation allocation	0	411,569
Impairment of investments in real estate	12,499	0
Depreciation and amortization	999,385	915,051
Total expenses	2,276,210	2,199,326
Other income (expense)
Income from unconsolidated entities	444,658	184,225
Income (loss) from investments in real estate debt	153,471	(18,370)
Change in net assets of consolidated securitization vehicles	29,254	(15,674)
(Loss) income from interest rate derivatives	(620,250)	675,790
Net gain on dispositions of real estate	121,003	205,262
Interest expense	(800,009)	(346,259)
(Loss) gain on extinguishment of debt	(5,258)	1,395
Other expense	(27,060)	(102,687)
Total other (expense) income	(704,191)	583,682
Net loss	(692,461)	(96,579)
Net loss attributable to non-controlling interests in third party joint ventures	74,358	44,255
Net loss attributable to non-controlling interests in BREIT OP unit holders	17,048	656
Net loss attributable to BREIT stockholders	$ (601,055)	$ (51,668)
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.13)	$ (0.01)
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.13)	$ (0.01)
Weighted-average shares of common stock outstanding, basic (in shares)	4,662,301	4,001,087
Weighted-average shares of common stock outstanding, diluted (in shares)	4,662,301	4,001,087
Rental revenue
Revenues
Total revenues	$ 1,988,065	$ 1,303,720
Expenses
Operating expenses	892,189	566,987
Hospitality
Revenues
Total revenues	201,221	147,245
Expenses
Operating expenses	133,823	103,463
Other revenue
Revenues
Total revenues	$ 98,654	$ 68,100

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (692,461)	$ (96,579)
Other comprehensive loss:
Foreign currency translation gains (losses), net	10,465	(6,592)
Unrealized loss on derivatives	(151,255)	0
Unrealized loss on derivatives from unconsolidated entities	(57,231)	(16,000)
Other comprehensive loss	(198,021)	(22,592)
Comprehensive loss	(890,482)	(119,171)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	106,221	44,255
Comprehensive loss attributable to non-controlling interests in BREIT OP unit holders	20,929	656
Comprehensive loss attributable to BREIT stockholders	$ (763,332)	$ (74,260)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Class S	Common Stock Class I	Common Stock Class T	Common Stock Class D	Common Stock Class C	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit and Cumulative Distributions	Non-controlling Interests Non- controlling Interests Attributable to BREIT OP Unitholders	Non-controlling Interests Non- controlling Interests Attributable to Third Party Joint Ventures
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 (transferred)	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)	0
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 income (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
Beginning Balance at Dec. 31, 2022	50,200,751	44,455,264	15,974	23,947	726	4,214	$ 0	53,212,494	393,928	(9,196,019)	1,466,592	4,278,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	5,438,212	5,438,212	113	5,913	(7)	(2,450)	11	5,434,632
Reduction in accrual for offering costs, net	336,413	336,413						336,413
Distribution reinvestment	344,650	344,650	79	128	4	22		344,417
Common stock/units repurchased	(3,388,903)	(3,342,919)	(342)	(1,787)	(18)	(118)		(3,340,654)			(45,984)
Amortization of compensation awards	9,412	7,298		73				7,225			2,114
Net income (loss)	(692,897)	(601,055)								(601,055)	(18,746)	(73,096)
Other comprehensive loss	(198,256)	(162,277)							(162,277)		(4,106)	(31,873)
Other comprehensive income (loss)	(198,021)
Distributions declared on common stock	(719,445)	(719,445)								(719,445)
Contributions from non-controlling interests	377,281										287,349	89,932
Distributions to and redemptions of non-controlling interests	(70,857)	5,534						5,534			(22,343)	(54,048)
Allocation to redeemable non-controlling interests	(28,971)	(28,971)						(28,971)
Ending Balance at Mar. 31, 2023	$ 51,607,390	$ 45,732,704	$ 15,824	$ 28,274	$ 705	$ 1,668	$ 11	$ 55,971,090	$ 231,651	$ (10,516,519)	$ 1,664,876	$ 4,209,810

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ 436
Other comprehensive loss allocated to redeemable non-controlling interests	$ 235
Distributions declared on common stock (in dollars per share) | $ / shares	$ 0.1663

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (692,461)	$ (96,579)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	221,138	189,150
Performance participation allocation	0	411,569
Impairment of investments in real estate	12,499	0
Depreciation and amortization	999,385	915,051
Net gain on dispositions of real estate	(121,003)	(205,262)
Loss (gain) on extinguishment of debt	5,258	(1,395)
Unrealized loss (gain) on fair value of financial instruments	635,715	(175,457)
Realized gain on sale of real estate-related equity securities	0	(240,694)
Income from unconsolidated entities	(444,658)	(184,225)
Distributions of earnings from unconsolidated entities	28,385	69,570
Other items	85,909	17,000
Change in assets and liabilities:
(Increase) decrease in other assets	(89,240)	(79,263)
Increase in due to affiliates	1,943	3,281
Increase (decrease) in other liabilities	(77,023)	77
Net cash provided by operating activities	565,847	622,823
Cash flows from investing activities:
Acquisitions of real estate	(34,795)	(2,221,780)
Capital improvements to real estate	(350,472)	(196,224)
Proceeds from disposition of real estate	773,552	571,225
Refunds of pre-acquisition costs/deposits	12,959	37,692
Investment in unconsolidated entities	(161,132)	(551,580)
Dispositions of and return of capital from unconsolidated entities	1,261,299	15,954
Purchase of investments in real estate debt	(81,141)	(1,414,261)
Proceeds from consolidation of previously unconsolidated entities	16,550	0
Proceeds from sale/repayment of investments in real estate debt	295,944	412,323
Purchase of real estate-related equity securities	(376)	(1,045,329)
Proceeds from sale of real estate-related equity securities	0	967,347
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	53,233	444,831
Payments on settlement of derivative contracts	(2,803)	0
Collateral posted under derivative contracts	(3,848)	0
Net cash provided by (used in) investing activities	1,778,970	(2,979,802)
Cash flows from financing activities:
Proceeds from issuance of common stock	4,941,929	5,952,091
Offering costs paid	(61,255)	(72,157)
Subscriptions received in advance	137,687	1,843,583
Repurchase of common stock	(2,827,722)	(965,715)
Borrowings under mortgage notes, secured term loans, and secured revolving credit facilities	822,020	2,442,063
Repayments of mortgage notes, secured term loans, and secured revolving credit facilities	(3,792,768)	(2,699,283)
Borrowings under secured financings of investments in real estate debt	58,801	541,821
Repayments of secured financings of investments in real estate debt	(154,623)	(674,264)
Payment of deferred financing costs	(42,457)	(26,514)
Contributions from redeemable non-controlling interest	50	0
Distributions to and redemption of redeemable non-controlling interest	(1,877)	(26,639)
Redemption of affiliate service provider incentive compensation awards	(38)	0
Contributions from non-controlling interests	7,564	30,644
Distributions to and redemptions of non-controlling interests	(82,141)	(47,060)
Distributions	(365,054)	(280,278)
Repayments of senior obligations of consolidated securitization vehicles	(50,858)	(473,731)
Net cash (used in) provided by financing activities	(1,410,742)	5,544,561
Net change in cash and cash equivalents and restricted cash	934,075	3,187,582
Cash, cash equivalents and restricted cash, beginning of year	2,254,492	3,418,581
Effects of foreign currency translation on cash, cash equivalents and restricted cash	(53)	(1,944)
Cash, cash equivalents and restricted cash, end of year	3,188,514	6,604,219
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	2,368,212	3,824,779
Restricted cash	820,302	2,779,440
Total cash, cash equivalents and restricted cash	3,188,514	6,604,219
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	0	235,772
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	6,757	32,676
Issuance of BREIT OP units as consideration for acquisitions of real estate and purchases of non-controlling interests	0	79,577
Accrued pre-acquisition costs	0	15
Accrued capital expenditures and acquisition related costs	0	6,326
Accrued distributions	10,529	31,865
Decrease in accrued stockholder servicing fee due to affiliate	398,094	0
Accrued stockholder servicing fee due to affiliate	0	217,595
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	67,233
Issuance of class I shares for payment of management fee	219,860	179,068
Allocation to redeemable non-controlling interest	28,971	35,702
Distribution reinvestment	344,650	307,300
Accrued common stock repurchases	694,720	393,509
Receivable for proceeds from disposition of real estate	1,373	0
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	6,709	0
Consolidation of securitization vehicles	0	427,771
Increases (Decreases) in assets and liabilities resulting from consolidation of previously unconsolidated entities:
Investments in real estate, net	252,808	0
Other assets	(9,132)	0
Mortgage notes, net	101,494	0
Other liabilities	21,190	0
Non-controlling interests attributable to third party joint ventures	84,387	0
Class C
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	65,313	128,205
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 278,990	$ 434,717

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2023
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 and, to a lesser extent, outside the United States. The Company to a lesser extent invests in real estate debt investments. The Company is the sole general partner and majority limited partner of BREIT Operating Partnership L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly-owned subsidiary of Blackstone Inc. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager. The Company was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in 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, 2023, the Company had received aggregate net proceeds of $72.0 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. 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, 2023, the Company owned 5,113 properties and 28,616 single family rental homes. The Company currently operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”) and The Cosmopolitan of Las Vegas (the “Cosmopolitan”). Financial results by segment are reported in Note 16 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, 2022 filed with the SEC. The accompanying condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries, and joint ventures in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in interest expense of $39.8 million for the three months ended March 31, 2022 have been reclassified to income from interest rate derivatives to conform to the current period presentation. Additionally, certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in other income (expense) of $636.0 million for the three months ended March 31, 2022 have been reclassified to income from interest rate derivatives to conform to the current period presentation. 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. Investments in unconsolidated entities 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 investments in unconsolidated entities, 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. The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP. As of March 31, 2023, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $51.8 billion and $37.7 billion, respectively, compared to $52.1 billion and $37.8 billion as of December 31, 2022. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Adjustment to Prior Period Financial Statements In connection with the preparation of the Company’s condensed consolidated financial statements for the period ended June 30, 2022, the Company determined that it should have consolidated certain securitization vehicles in previously issued financial statements. These consolidations result from certain subordinate securities that the Company owns in CMBS securitizations (such securities, “Controlling Class Securities”) as part of its portfolio of investments in real estate debt. These Controlling Class Securities typically give the Company the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Under GAAP, the presence of such rights, along with the obligation to absorb losses and receive benefits from the ownership of the Controlling Class Securities, require the Company to consolidate these securitizations, which are considered VIEs. See Principles of Consolidation section above for further discussion of VIEs. As discussed further below, consolidation of these securitizations results in (i) a gross presentation of the Company’s Condensed Consolidated Balance Sheets, (ii) the reclassification of the change in net assets of the securitization vehicles on the Company’s Condensed Consolidated Statements of Operations, and (iii) the gross presentation of securitization vehicles on the Company's Condensed Consolidated Statements of Cash Flows, but has no impact on the economic exposure or performance of the Company. The consolidation of these securitizations results in the inclusion of the underlying collateral loans as assets on the Company’s Condensed Consolidated Balance Sheets and the inclusion of the senior CMBS positions owned by third-parties as liabilities on the Company’s Condensed Consolidated Balance Sheets. Additionally, the change in net assets of the consolidated securitization vehicles during a given period is presented separately on the Company’s Condensed Consolidated Statements of Operations, whereas it was previously included in income from investments in real estate debt. The Company’s Condensed Consolidated Statements of Cash Flows includes the consolidation of the securitization vehicles as a non-cash item, the subsequent repayments of consolidated loans and related CMBS positions are presented on a gross basis, and the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles are reclassed from investing activities to financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows. Further, the assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. Accordingly, while consolidation of the securitizations increases the gross presentation of the Company’s Condensed Consolidated Balance Sheets, it does not change the economic exposure or performance of the Company, which remains limited to that of the actual CMBS securities that it holds directly and not the consolidated securitized loans. The following tables detail the immaterial adjustments to the Company’s previously issued condensed consolidated financial statements to reflect the consolidation of these securitizations at such time, which presentation is comparable to the Company’s condensed consolidated financial statements as of March 31, 2023. The following table details the adjustments to the Company's Condensed Consolidated Statements of Operations ($ in thousands): Three Months Ended March 31, 2022 As Reported Adjustment As Adjusted Other income (expense) Loss from investments in real estate debt $ (34,044) $ 15,674 $ (18,370) Change in net assets of consolidated securitization vehicles — (15,674) (15,674) Total other income (expense) 583,682 — 583,682 Net Loss $ (96,579) $ — $ (96,579) The following table details the adjustments to the Company's Condensed Consolidated Statements of Cash Flows ($ in thousands): Three Months Ended March 31, 2022 As Reported Adjustment As Adjusted Cash flows from investing activities: Purchase of investments in real estate debt $ (1,483,788) $ 69,527 $ (1,414,261) Proceeds from sale/repayment of investments in real estate debt 452,950 (40,627) 412,323 Proceeds from paydowns of real estate loans held by consolidated securitization vehicles — 444,831 444,831 Net cash used in investing activities (3,453,533) 473,731 (2,979,802) Cash flows from financing activities: Repayment of senior obligations of consolidated securitization vehicles — (473,731) (473,731) Net cash provided by financing activities $ 6,018,292 $ (473,731) $ 5,544,561 Non-cash investing and financing activities: Consolidation of securitization vehicles $ — $ 427,771 $ 427,771 Deconsolidation of securitization vehicles $ — $ — $ — Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of March 31, 2023 and December 31, 2022, 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 has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets. 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, 2023 (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, 2023 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. As of both March 31, 2023 and December 31, 2022, the Company’s $0.5 billion of equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The resulting unrealized and realized gains and losses from investments in equity securities of public and private real estate-related companies are recorded as a component of Other Expense on the Company’s Condensed Consolidated Statements of Operations. During the three months ended March 31, 2023 and March 31, 2022, the Company recognized $3.7 million of net unrealized loss and $125.4 million of net unrealized/realized loss, respectively, on its investments in equity securities. The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, exit capitalization rate and multiples of comparable companies. The Company determines the fair value of the indebtedness of the investments in unconsolidated entities by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, 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 investments in unconsolidated entities at fair value. The inputs used in determining the Company’s investments in unconsolidated entities carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value. As of March 31, 2023 and December 31, 2022, the Company’s derivative financial instruments consisted of foreign currency and interest rate contracts. The fair values of the Company's foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs). The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 6,355,326 $ 1,465,077 $ 7,820,403 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,948,146 — 16,948,146 — 17,030,387 — 17,030,387 Equity securities 53,152 249,199 224,408 526,759 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — — 5,032,399 5,032,399 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 2,249,220 — 2,249,220 — 3,033,595 — 3,033,595 Total $ 53,152 $ 25,801,891 $ 6,721,884 $ 32,576,927 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 15,214,633 $ — $ 15,214,633 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 50,162 — 50,162 — 50,557 — 50,557 Total $ — $ 15,264,795 $ — $ 15,264,795 $ — $ 15,339,155 $ — $ 15,339,155 (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 Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Total Assets Balance as of December 31, 2022 $ 1,541,183 $ 224,408 $ 4,947,251 $ 6,712,842 Purchases and contributions 17,775 — 17,975 35,750 Sales and repayments (111,131) — — (111,131) Distributions received — — (8,747) (8,747) Included in net income Income from unconsolidated entities measured at fair value — — 75,920 75,920 Realized income included in income (loss) from investments in real estate debt 583 — — 583 Unrealized gain included in income (loss) from investments in real estate debt 16,667 — — 16,667 Balance as of March 31, 2023 $ 1,465,077 $ 224,408 $ 5,032,399 $ 6,721,884 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, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,465,077 Yield Method Market Yield 10.1% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 18.5x Increase Investments in unconsolidated entities $ 4,493,715 Discounted cash flow Discount Rate 6.8% Decrease Exit Capitalization Rate 5.1% Decrease Weighted Average Cost of Capital 8.8% Decrease $ 538,684 Market comparable LTM EBITDA Multiple 10.8x Increase December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,541,183 Yield Method Market Yield 9.6% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 18.5x Increase Investments in unconsolidated entities $ 4,399,935 Discounted cash flow Discount Rate 6.8% Decrease Exit Capitalization Rate 4.9% Decrease Weighted Average Cost of Capital 8.3% Decrease $ 547,316 Market comparable LTM EBITDA Multiple 10.8x 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 measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. During the three months ended March 31, 2023, the Company recognized an impairment of $12.5 million related to its held-for-sale real estate investments. The fair value of such held-for-sale real estate investments as of March 31, 2023 was $36.9 million and was primarily based on the sale price per the binding executed contracts, which are considered a Level 2 input. Refer to Note 3 for additional details of the impairments. Valuation of liabilities not measured at fair value As of both March 31, 2023 and December 31, 2022, the fair value of the Company’s mortgage notes, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $1.4 billion below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), and April Housing, all of which are indirect, wholly-owned subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA and April Housing ($ in thousands): December 31, 2022 For the Three Months Ended March 31, 2023 March 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 2,042 $ — $ — $ (259) $ 1,783 1.8 years 2022 20,811 (456) — (2,245) 18,110 2.5 years 2023 — — 5,090 (318) 4,772 3.8 years Total $ 22,853 $ (456) $ 5,090 $ (2,822) $ 24,665 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,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the market transition from LIBOR, and certain other floating rate benchmark indices, or 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. In December 2022, the FASB issued ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, 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, 2023, 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, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2023 December 31, 2022 Building and building improvements $ 81,703,592 $ 81,914,789 Land and land improvements 18,574,859 18,635,672 Furniture, fixtures and equipment 2,344,943 2,301,683 Right of use asset - operating leases (1) 1,101,370 1,090,782 Right of use asset - financing leases (1) 72,861 72,872 Total 103,797,625 104,015,798 Accumulated depreciation and amortization (6,620,622) (5,866,306) Investments in real estate, net $ 97,177,003 $ 98,149,492 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions During the three months ended March 31, 2023, the Company acquired 94 wholly-owned single family rental homes for a total purchase price of $34.8 million. The Company allocated $24.9 million to building and building improvements and $9.9 million to land and land improvements. During the three months ended March 31, 2023, there were no acquired intangibles. Dispositions The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 42 $ 653,770 $ 105,788 7 $ 445,419 $ 184,031 Industrial properties 4 9,217 1,605 9 125,806 21,231 Retail properties 1 14,384 2,650 — — — Hospitality properties 5 97,554 10,960 — — — 52 $ 774,925 $ 121,003 16 $ 571,225 $ 205,262 (1) Net gain includes losses of $30.8 million on 19 rental housing properties, $3.3 million on one hospitality property, and $0.5 million on three industrial properties sold during the three months ended March 31, 2023. For the three months ended March 31, 2022, net gain included losses of $2.3 million on five industrial properties sold. (2) Net proceeds and net gain include 185 single family rental homes sold that are not included in the number of properties during the three months ended March 31, 2023. Net proceeds and net gain include 123 single family rental homes sold that are not included in the number of properties during the three months ended March 31, 2022. Properties Held-for-Sale As of March 31, 2023, 17 properties in the Rental Housing segment and one property in the Retail segment were classified as held-for-sale. The held-for-sale assets and liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: March 31, 2023 Investments in real estate, net $ 383,767 Other assets 8,496 Total assets $ 392,263 Liabilities: Mortgage notes, net $ 208,752 Other liabilities 9,613 Total liabilities $ 218,365 Impairment During the three months ended March 31, 2023, the Company recognized an aggregate of $12.5 million of impairment charges related to certain held-for-sale real estate investments where their carrying amount exceeded their fair value, less estimated closing costs. The Company did not recognize any impairment charges related to held-for-sale real estate investments during the three months ended March 31, 2022. The Company did not recognize any impairment charges on properties held and used during the three months ended March 31, 2023 and 2022.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2023
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. Refer to Note 2 for additional details. The following tables detail the Company’s investments in unconsolidated entities ($ in thousands): March 31, 2023 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 67 35.7% $ 1,701,553 Rental Housing investments (2) Rental Housing 63 58 12.2% - 52.0% 1,199,027 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 240,979 Retail investments Retail 2 7 50.0% 95,595 Hospitality investment Hospitality 1 196 30.0% 311,618 Total unconsolidated entities carried at historical cost 70 384 3,548,772 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 12 2,128 7.9% - 85.0% 3,835,981 Office investments Office 1 1 49.0% 501,054 Data Center investments (5) Data Centers 1 N/A 12.4% 695,364 Total unconsolidated entities carried at fair value 14 2,129 5,032,399 Total 84 2,513 $ 8,581,171 (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 10,703 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $241.0 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.9 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $695.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. December 31, 2022 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 62 35.7% $ 1,657,778 MGM Grand & Mandalay Bay Net Lease 1 2 49.9% 834,148 Rental Housing investments (2) Rental Housing 92 87 12.2% - 52.0% 1,275,365 Industrial investments (3) Industrial 3 56 10.0% - 55.0% 242,883 Retail investments Retail 2 7 50.0% 97,971 Hospitality investment Hospitality 1 196 30.0% 314,006 Total unconsolidated entities carried at historical cost 100 410 4,422,151 Unconsolidated entities at carried at fair value: Industrial investments (4) Industrial 12 2,135 7.9% - 85.0% 3,751,864 Office investments Office 1 1 49.0% 520,976 Data Center investments (5) Data Centers 1 N/A 12.4% 674,411 Total unconsolidated entities carried at fair value 14 2,136 4,947,251 Total 114 2,546 $ 9,369,402 (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 10,767 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $242.9 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.8 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $674.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended March 31, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers 35.7% $ (43,570) $ (38,469) MGM Grand & Mandalay Bay (1) Net Lease 49.9% 432,528 25,273 Rental Housing investments Rental Housing 12.2% - 52.0% (12,500) (28,800) Industrial investments Industrial 10.1% - 22.4% (4,298) 19,551 Retail investments Retail 50.0% (1,230) (189) Hospitality investment Hospitality 30.0% (2,388) — Total unconsolidated entities carried at historical cost 368,542 (22,634) Unconsolidated entities carried at fair value: Industrial investments Industrial 7.9% - 85.0% 92,593 205,169 Office investments Office 49.0% (19,930) 1,690 Data Center investments Data Centers 12.4% 3,453 — Total unconsolidated entities carried at fair value 76,116 206,859 Total $ 444,658 $ 184,225

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2023
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, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +3.9% 10/27/2032 $ 6,386,687 $ 6,385,165 $ 5,831,097 RMBS +4.4% 3/30/2053 404,802 393,439 302,994 Corporate bonds 5.0% 4/8/2031 107,946 118,691 104,236 Total real estate securities 7.8% 10/15/2033 6,899,435 6,897,295 6,238,327 Commercial real estate loans +5.6% 7/23/2026 1,407,539 1,418,945 1,407,198 Other investments (5) 5.7% 9/21/2029 205,305 179,142 174,878 Total investments in real estate debt 8.1% 5/24/2032 $ 8,512,279 $ 8,495,382 $ 7,820,403 December 31, 2022 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +3.9% 12/10/2032 $ 6,474,823 $ 6,473,296 $ 5,943,403 RMBS +4.4% 1/21/2053 404,953 393,511 292,516 Corporate bonds 4.9% 3/17/2031 115,980 126,052 105,558 Total real estate securities 7.0% 11/4/2033 6,995,756 6,992,859 6,341,477 Commercial real estate loans +5.5% 7/17/2026 1,489,296 1,499,691 1,483,358 Other investments (5) 5.7% 9/21/2029 209,746 183,017 176,868 Total investments in real estate debt 7.4% 5/25/2032 $ 8,694,798 $ 8,675,567 $ 8,001,703 (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) The symbol “+” refers to the relevant floating benchmark rates, which include USD 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 for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of March 31, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $1.4 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates. Total weighted average coupon does not include the impact of such interest rate swaps or other derivatives. (3) Weighted average maturity date is based on the fully extended maturity date of the instrument. (4) Face amount excludes interest-only securities with a notional amount of $1.1 billion as of both March 31, 2023 and December 31, 2022. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,727,882 $ 2,533,247 33% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 2,035,063 1,869,787 24% 2,119,282 1,940,795 24% Hospitality 1,738,205 1,639,085 21% 1,884,353 1,768,090 22% Net Lease 983,523 943,152 12% 983,374 947,368 12% Office 551,744 412,401 5% 552,016 439,938 5% Other 365,061 340,608 4% 360,903 339,609 4% Diversified 93,904 82,123 1% 94,340 82,311 1% Total $ 8,495,382 $ 7,820,403 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): March 31, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A $ 91,795 $ 86,715 1% $ 91,809 $ 86,055 1% BBB 1,075,691 1,023,017 13% 1,077,419 1,024,908 13% BB 1,826,016 1,626,826 21% 1,858,101 1,659,281 21% B 1,518,574 1,343,155 17% 1,609,017 1,424,940 18% CCC 67,905 55,157 1% 40,486 33,225 —% Private commercial real estate loans 1,598,087 1,582,076 20% 1,682,708 1,660,226 21% Not rated (2) 2,317,314 2,103,457 27% 2,316,027 2,113,068 26% Total $ 8,495,382 $ 7,820,403 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) As of March 31, 2023, not rated positions have a weighted-average LTV at origination of 64.2%, are primarily composed of 63.4% industrial and 27.4% rental housing assets, and include interest-only securities with a fair value of $15.5 million. The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended March 31, 2023 2022 Interest income $ 173,746 $ 73,812 Unrealized gain (loss) 3,040 (184,685) Realized (loss) gain (1,023) 2,383 Total 175,763 (108,490) Net realized and unrealized (loss) gain on interest rate swaps and other derivatives (25,444) 83,975 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (5,883) 10,821 Other gain (loss) 9,035 (4,676) Total income (loss) from investments in real estate debt $ 153,471 $ (18,370) The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended March 31, March 31, 2023 December 31, 2022 2023 2022 CMBS $ 1,651,182 $ 1,683,765 $ 23,897 $ (22,627) Commercial real estate loans 830,275 835,846 35,086 (1,139) Total $ 2,481,457 $ 2,519,611 $ 58,983 $ (23,766) The Company acquired such affiliated CMBS from third-parties on market terms negotiated by the majority third-party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS. The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company's involvement. As of March 31, 2023 and December 31, 2022, the Company’s investments in real estate debt also included $2.0 billion and $1.9 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage notes. During the three months ended March 31, 2023 and 2022, the Company recognized $37.8 million of gain and $28.7 million of loss, respectively, related to such CMBS.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Consolidated Securitization Vehicles	Consolidated Securitization Vehicles The Company has acquired the Controlling Class Securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Condensed Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): March 31, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,474,208 $ 16,948,146 5.6% 3/21/2025 Senior obligations of consolidated securitization vehicles 22 15,514,813 15,214,633 5.5% 9/24/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,959,395 $ 1,733,513 7.1% 4/24/2025 December 31, 2022 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,527,441 $ 17,030,387 5.1 % 3/24/2025 Senior obligations of consolidated securitization vehicles 22 15,565,671 15,288,598 4.9 % 10/18/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,961,770 $ 1,741,789 6.6 % 5/06/2025 (1) The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle. (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

Mortgage Notes, Secured Term Lo

Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities	Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities The following table details the mortgage notes, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): March 31, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum March 31, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 1/22/2029 N/A $ 25,022,235 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.4% 2/18/2027 N/A 34,074,275 34,141,570 Variable rate secured revolving credit facilities (5) —% — $ 4,195,100 — 2,608,778 Variable rate warehouse facilities (6) +1.9% 9/26/2025 $ 4,420,893 3,663,431 3,728,340 Total variable rate loans +2.3% 12/30/2026 37,737,706 40,478,688 Total loans secured by real estate 5.8% 10/26/2027 62,759,941 65,631,049 (Discount) premium on assumed debt, net (121,545) (121,435) Deferred financing costs, net (532,521) (546,911) Mortgage notes, secured term loans, and secured revolving credit facilities, net $ 62,105,875 $ 64,962,703 (1) “+” 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, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.2 billion and interest rate caps with an aggregate notional balance of $15.3 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. The net weighted average interest rate including the impact of derivatives is 4.3%. (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 $357.3 million and $364.5 million of loans related to investments in affordable housing properties as of March 31, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. (6) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval. The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of March 31, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 487,894 2024 3,762,761 2025 9,029,812 2026 15,988,748 2027 18,458,578 2028 3,644,150 Thereafter 11,387,998 Total $ 62,759,941 The Company repaid certain of its loans in conjunction with the sale or refinancing of the underlying properties and incurred an aggregate realized net loss on extinguishment of debt of $5.3 million and net gain on extinguishment of debt of $1.4 million for the three months ended March 31, 2023 and 2022, respectively. Such gains primarily resulted from the acceleration of mortgage premiums and such losses primarily resulted from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2023
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 secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time, and may require the Company to provide additional collateral in the form of cash, securities, or other assets if the market value of such financed investments decline. The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): March 31, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,424,635 $ 7,265,468 +1.3% 3/7/2024 RMBS 219,131 304,989 +1.2% 2/12/2024 Commercial real estate loans 159,477 244,791 +1.9% 3/23/2024 Corporate bonds 73,503 104,236 +1.2% 2/9/2024 $ 4,876,746 $ 7,919,484 +1.3% December 31, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,482,728 $ 7,447,672 +1.3% 12/27/2023 Commercial real estate loans 220,694 294,337 +1.1% 11/18/2023 Corporate bonds 163,547 259,224 +1.9% 3/23/2024 RMBS 99,716 137,084 +1.1% 10/5/2023 $ 4,966,685 $ 8,138,317 +1.3% (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 and Term Loans	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities and Term Loans	Unsecured Revolving Credit Facilities and Term Loans The Company is party to unsecured credit facilities with multiple banks. The credit facilities have a weighted average maturity date of November 29, 2024, which may be extended for one year, and an interest rate of SOFR +2.5%. As of both March 31, 2023 and December 31, 2022, the maximum capacity of the credit facilities was $5.6 billion. There were no outstanding borrowings under its unsecured credit facilities as of March 31, 2023 and December 31, 2022. The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (the “Lender”). The Line of Credit expires on January 24, 2024, 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, SOFR +2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s external manager, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of March 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under the Line of Credit. The Company is party to unsecured term loans with multiple banks. The term loans have a weighted average maturity date of January 30, 2026 and an interest rate of SOFR +2.5%. As of both March 31, 2023 and December 31, 2022, the aggregate outstanding balance of the unsecured term loans was $1.1 billion.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Accrued stockholder servicing fee $ 1,190,084 $ 1,588,178 Performance participation allocation — — Accrued management fee 72,922 71,644 Accrued affiliate service provider expenses 16,831 14,975 Other 1,538 1,511 Total $ 1,281,375 $ 1,676,308 Accrued Stockholder Servicing Fee The Company accrues the full amount of the future stockholder servicing fees payable to Blackstone Securities Partners L.P. (the “Dealer Manager”), a registered broker dealer affiliated with the Adviser, for Class S, Class T, and Class D shares, up to the 8.75% of gross proceeds limit, at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares 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. To date, the Special Limited Partner has always elected to be paid in a combination of Class I and Class B units, resulting in a non-cash expense. 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 has been 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, 2023, the Company did not recognize any performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations. For the year ended December 31, 2022, the full year performance participation allocation was less than the previously distributed Quarterly Allocations resulting in a Quarterly Shortfall amount of $74.9 million. Such Quarterly Shortfall amount is recorded as a receivable from the Special Limited Partner and included as a component of Other Assets on the Company's Condensed Consolidated Balance Sheets. Beginning January 1, 2023, interest on the Quarterly Shortfall will accrue at a 5% annual rate, compounded quarterly. During the three months ended March 31, 2023, the Company accrued interest income of $1.0 million related to such Quarterly Shortfall amount. As of May 12, 2023, Blackstone and its employees, including the Company’s executive officers, owned $1.9 billion and $1.4 billion, respectively, shares of common stock of the Company and units of BREIT OP. 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, certain classes of shares of the Company’s common stock, or certain classes of BREIT OP units. To date, the Adviser has elected to receive the management fee in shares of the Company’s common stock, resulting in a non-cash expense. During the three months ended March 31, 2023 and 2022 the Company incurred management fees of $221.1 million and $189.2 million, respectively. During the three months ended March 31, 2023 and 2022, the Company issued 10.0 million and 8.4 million unregistered Class I shares, respectively, to the Adviser as payment for management fees. The Company also had a payable of $72.9 million and $71.6 million related to the management fees as of March 31, 2023 and December 31, 2022, respectively. During April 2023, the Adviser was issued 5.0 million unregistered Class I shares as payment for the management fees accrued as of March 31, 2023. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares previously issued as payment for management fees during the three months ended March 31, 2023 and 2022. Accrued affiliate service provider expenses and incentive compensation awards The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties, and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the gain (loss) on sale. For further details on the Company’s relationships with its affiliated service providers, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 30,950 $ 19,133 $ 1,629 $ 2,344 $ 280 $ 1,032 LivCor, LLC 25,951 13,978 1,798 2,218 2,325 1,691 ShopCore Properties TRS Management LLC 8,843 1,857 94 125 337 — Revantage Corporate Services, LLC 5,732 4,832 37 — — 5 BRE Hotels and Resorts LLC 4,245 3,484 87 191 — — Equity Office Management, LLC 1,323 422 46 74 29 — Beam Living 568 — 14 — — — Longview Senior Housing Advisors, LLC 473 428 — — — — Total $ 78,085 $ 44,134 $ 3,705 $ 4,952 $ 2,971 $ 2,728 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. The Company issues incentive compensation awards to certain employees of portfolio company service providers. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Three Months Ended March 31, 2023 March 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 23,161 $ (1,390) $ — $ (2,114) $ 19,657 1.8 years 2022 24,889 (1,609) — (1,970) 21,310 2.5 years 2023 — — 37,138 (2,321) 34,817 3.8 years $ 48,050 $ (2,999) $ 37,138 $ (6,405) $ 75,784 Other As of both March 31, 2023 and December 31, 2022, the Adviser had advanced $1.5 million of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such expenses are reimbursed by the Company to the Advisor in the ordinary course. Affiliate Title Service Provider Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related expense offset to the Company. During the three months ended March 31, 2023, the Company paid LNLS $1.2 million for title services related to 19 investments and such costs were either (i) included in calculating net gain on dispositions of real estate on the Condensed Consolidated Statements of Operations or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities on the Condensed Consolidated Balance Sheets. Captive Insurance Company During the three months ended March 31, 2023, the Company received a refund of $0.2 million of insurance premiums previously paid to the captive insurance company. The refund was attributable to dispositions of real estate and represented the pro-rata unused period of the annual premiums for such dispositions. Other As of March 31, 2023 and December 31, 2022, the Company had a receivable of $8.3 million and $6.0 million, respectively, from LivCor and such amount is 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, 2023
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, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives $ 2,249,220 $ 3,033,595 Real estate intangibles, net 1,475,607 1,624,212 Receivables, net 792,282 821,309 Straight-line rent receivable 528,850 454,989 Equity securities 526,759 530,119 Held-for-sale assets 392,263 380,267 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 132,748 146,568 Deferred leasing costs, net 131,234 121,230 Deferred financing costs, net 105,083 103,049 Due from affiliate (1) 74,857 74,857 Other 274,958 291,035 Total $ 6,984,579 $ 7,881,948 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. The following table details the components of other liabilities ($ in thousands): March 31, 2023 December 31, 2022 Stock repurchases payable $ 694,720 $ 151,959 Right of use lease liability - operating leases 641,907 638,830 Accounts payable and accrued expenses 451,544 470,335 Accrued interest expense 413,238 395,459 Intangible liabilities, net 312,183 330,432 Real estate taxes payable 291,766 350,757 Distribution payable 248,826 238,297 Tenant security deposits 238,302 237,891 Held-for-sale liabilities 218,365 275,052 Prepaid rental income 176,665 188,450 Subscriptions received in advance 137,687 208,632 Securitized debt obligations, net 79,494 123,628 Right of use lease liability - financing leases 77,326 77,008 Interest rate and foreign currency hedging derivatives 50,162 50,557 Other 217,815 174,746 Total $ 4,250,000 $ 3,912,033

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,997,119 $ 2,022,087 Indefinite life intangibles 193,182 193,182 Above-market lease intangibles 67,223 71,952 Other intangibles 371,868 371,631 Total intangible assets 2,629,392 2,658,852 Accumulated amortization In-place lease amortization (1,075,639) (971,988) Above-market lease amortization (30,077) (31,419) Other intangibles amortization (48,069) (31,233) Total accumulated amortization (1,153,785) (1,034,640) Intangible assets, net $ 1,475,607 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 473,732 $ 476,186 Total intangible liabilities 473,732 476,186 Accumulated amortization Below-market lease amortization (161,549) (145,754) Total accumulated amortization (161,549) (145,754) Intangible liabilities, net $ 312,183 $ 330,432 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2023 (remaining) $ 260,218 $ 6,841 $ 29,634 $ (53,868) 2024 170,342 7,773 36,079 (58,558) 2025 129,185 6,463 33,500 (48,287) 2026 98,061 4,934 32,203 (37,820) 2027 69,856 3,455 29,990 (26,694) 2028 54,259 2,495 28,740 (20,144) Thereafter 139,559 5,185 133,653 (66,812) $ 921,480 $ 37,146 $ 323,799 $ (312,183)

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
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. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of 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 caps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The Company has the right of offset for certain derivatives, and presents them net on the financial statements. The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands): March 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 20 $ 7,227,214 2.6% LIBOR, SOFR 5.9 Derivatives not designated as hedging instruments Interest rate caps - property debt 140 15,332,921 4.4% LIBOR, SOFR 0.8 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 7.0 Interest rate swaps - investments in real estate debt 60 1,367,960 1.4% LIBOR, SOFR 3.9 Total $ 41,716,481 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 20 $ 7,417,852 2.6% LIBOR, SOFR 6.1 Derivatives not designated as hedging instruments Interest rate caps - property debt 135 14,147,947 4.1% LIBOR, SOFR 0.8 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 7.3 Interest rate swaps - investments in real estate debt 61 1,392,960 1.4% LIBOR, SOFR 4.1 Total $ 40,556,507 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, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 9 € 150,449 14 € 160,206 Buy USD / Sell GBP Forward 9 £ 53,519 12 £ 132,563 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, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 251,278 $ 409,260 $ — $ — Total derivatives designated as hedging instruments 251,278 409,260 — — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 147,167 183,392 28,392 36,173 Interest rate swaps - property debt 1,742,461 2,310,511 17,153 — Interest rate swaps - investments in real estate debt 108,264 130,181 — — Foreign currency forward contracts 50 251 4,617 14,384 Total derivatives not designated as hedging instruments 1,997,942 2,624,335 50,162 50,557 Total interest rate and foreign currency hedging derivatives $ 2,249,220 $ 3,033,595 $ 50,162 $ 50,557 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. (3) Includes interest rate caps with fair value of $190.0 million and $237.7 million presented on a net basis as of March 31, 2023 and December 31, 2022, respectively. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended March 31, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (557,680) $ 635,984 Interest rate caps – property debt Unrealized (loss) gain (1) (62,570) 45,339 Interest rate swap – investments in real estate debt Realized gain (2) 2,035 — Interest rate swap – investments in real estate debt Unrealized (loss) gain (2) (21,911) 59,709 Foreign currency forward contract Realized (loss) gain (2) (15,134) 21,344 Foreign currency forward contract Unrealized gain (2) 9,566 2,922 Total $ (645,694) $ 765,298 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized loss (151,255) — Total $ (796,949) $ 765,298 (1) Included in Income from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations. (2) Included in Income (Loss) from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (3) During the year ended March 31, 2023, $32.8 million of net gain was reclassified from accumulated other comprehensive income into net income. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of March 31, 2023, the Company posted collateral of $39.1 million with two of its counterparties as required under the derivative contracts. As of December 31, 2022, the Company was in a net liability position with two of its derivative counterparties and posted collateral of $47.6 million under the derivative contract.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of March 31, 2023, the Company had the authority to issue 10,600,000,000 shares, consisting of the following: Number of Shares Par Value Per Share 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 Class C Shares 500,000 $ 0.01 Total 10,600,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended March 31, 2023 Class S Class I Class T Class D Class C Total December 31, 2022 1,597,414 2,394,737 72,599 421,428 — 4,486,178 Common stock issued (transferred) (1) 11,300 598,503 (652) (245,069) 1,082 365,164 Distribution reinvestment 7,878 12,843 422 2,221 3 23,367 Common stock repurchased (34,156) (178,729) (1,831) (11,788) — (226,504) March 31, 2023 1,582,436 2,827,354 70,538 166,792 1,085 4,648,205 (1) Includes transfer of shares from Class T and Class D to Class I during the three months ended March 31, 2023. As of January 1, 2023, the Regents of the University of California (“UC Investments”), subscribed for an aggregate 268.9 million Class I shares for a total purchase price of $4.0 billion. The investment was made at the Company’s January 1, 2023 public offering price with fees and terms consistent with existing stockholders. In connection with this investment, a subsidiary of Blackstone entered into a long-term strategic venture with UC Investments. Blackstone contributed $1.0 billion of its current holdings in the Company as part of the strategic venture, which provides a waterfall structure with UC Investments receiving a 11.25% minimum annualized net return on its investment in the Company (supported by a pledge of Blackstone’s contribution) and upside from its investment. In exchange, Blackstone will be entitled to receive an incremental 5% cash promote payment from UC Investments on any returns received in excess of the specified minimum, in addition to the existing management and incentive fees borne by all holders of Class I shares of the Company. The pledge will also extend to any appreciation and dividends received by Blackstone in respect of the contributed $1.0 billion. After January 2028, the parties have the option to request repurchase of their investments ratably over two years (a minimum average 6-year hold). On March 1, 2023, UC Investments subscribed for an additional 33.9 million Class I shares for a total purchase price of $500.0 million. This investment was made at the Company’s March 1, 2023 public offering price with fees and terms consistent with existing stockholders. Blackstone contributed an incremental $125.0 million of its current holdings in the Company on the same terms described above. Share and Unit Repurchases The Company has adopted a Share Repurchase Plan (the “Repurchase Plan”), which is approved and administered by the Company's board of directors, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. The Repurchase Plan will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. In the event that the Company receives repurchase requests in excess of the 2% or 5% limits, then repurchase requests will be satisfied on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions. Should repurchase requests, in the board of directors' judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the board of directors otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under the share repurchase plan), or none at all. Further, the Company’s board of directors may make exceptions to, modify, or suspend the Company’s share repurchase plan (including to make exceptions to the repurchase limitations, or repurchase less shares than such repurchase limitations) if it deems such action to be in the Company’s best interest and the best interest of its stockholders. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable. For the three months ended March 31, 2023, the Company repurchased 226.5 million shares of common stock and 3.1 million BREIT OP units for a total of $3.4 billion. During the months ended January 31, 2023, February 28, 2023, and March 31, 2023, the Company received repurchase requests that exceeded the applicable repurchase limits under the Company's share repurchase plan. For the months ended January 31, 2023, February 28, 2023, and March 31, 2023, in accordance with the share repurchase plan, the Company fulfilled repurchases equal to 2.0%, 2.0% and 1.0% of NAV, or 25%, 35% and 15% of repurchase requests, respectively. 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, 2023 Class S Class I Class T Class D Class C Aggregate gross distributions declared per share of common stock $ 0.1663 $ 0.1663 $ 0.1663 $ 0.1663 $ — Stockholder servicing fee per share of common stock (0.0310) — (0.0305) (0.0089) — Net distributions declared per share of common stock $ 0.1353 $ 0.1663 $ 0.1358 $ 0.1574 $ — Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 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, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Repurchases — (26,639) Conversion to Class I and Class B units (278,990) (434,717) Conversion to Class I and Class C shares (65,313) (128,205) GAAP income allocation 2,212 (1) Distributions (1,300) (4) Fair value allocation (404) 18 Ending balance $ 350 $ 352 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, 2023 and December 31, 2022, $236.5 million and $209.3 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, 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 rental housing properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only. Rental revenue from leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company's net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were each operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms and the residual value of the leased assets. Leases at the Company’s industrial, 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 rental housing 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, 2023 2022 Fixed lease payments $ 1,867,526 $ 1,212,538 Variable lease payments 120,539 91,182 Rental revenue $ 1,988,065 $ 1,303,720 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, 2023 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2023 (remaining) $ 1,358,634 2024 1,735,852 2025 1,601,300 2026 1,452,965 2027 1,249,556 2028 1,047,625 Thereafter 15,847,751 Total $ 24,293,683 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, 2023, the Company had 98 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 certain operating leases contain renewal options. The following table details the future lease payments due under the Company’s ground leases as of March 31, 2023 ($ in thousands): Operating Financing 2023 (remaining) $ 28,493 $ 3,126 2024 37,073 4,266 2025 37,690 4,385 2026 37,855 4,507 2027 38,253 4,633 2028 38,605 4,763 Thereafter 2,574,814 559,379 Total undiscounted future lease payments 2,792,783 585,059 Difference between undiscounted cash flows and discounted cash flows (2,150,876) (507,733) Total lease liability $ 641,907 $ 77,326 The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of March 31, 2023, the weighted average remaining lease term of the Company’s operating leases and financing leases was 61 years and 78 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. Three of the Company’s ground leases 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, 2023 2022 Fixed ground rent expense $ 4,028 $ 2,269 Variable ground rent expense 5,994 5 Total cash portion of ground rent expense 10,022 2,274 Straight-line ground rent expense 5,403 2,853 Total operating lease costs $ 15,425 $ 5,127 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended March 31, 2023 2022 Interest on lease liabilities $ 1,024 $ 996 Amortization of right-of-use assets 319 324 Total financing lease costs $ 1,343 $ 1,320

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in nine reportable segments: Rental Housing, 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, 2023 December 31, 2022 Rental Housing $ 67,376,578 $ 68,464,413 Industrial 21,577,742 21,624,736 Net Lease 8,177,295 9,011,326 Hospitality 3,728,551 3,768,473 Office 3,249,468 3,293,163 Data Centers 3,262,678 3,203,585 Retail 2,691,102 2,722,839 Self Storage 2,232,879 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 25,017,445 25,363,546 Other (Corporate) 3,386,078 2,987,992 Total assets $ 140,699,816 $ 142,687,424 The following table details the financial results by segment for the three months ended March 31, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,311,977 $ 349,593 $ 150,384 $ — $ 48,288 $ 12,727 $ 60,422 $ 54,674 $ — $ 1,988,065 Hospitality revenue — — — 201,221 — — — — — 201,221 Other revenue 83,853 7,113 — 3,162 1,877 — 1,161 1,488 — 98,654 Total revenues 1,395,830 356,706 150,384 204,383 50,165 12,727 61,583 56,162 — 2,287,940 Expenses: Rental property operating 707,804 117,061 470 — 13,839 2,214 25,330 25,471 — 892,189 Hospitality operating — — — 133,823 — — — — — 133,823 Total expenses 707,804 117,061 470 133,823 13,839 2,214 25,330 25,471 — 1,026,012 (Loss) income from unconsolidated entities (12,500) 88,295 432,528 (2,388) (19,930) (40,117) (1,230) — — 444,658 Income from investments in real estate debt — — — — — — — — 153,471 153,471 Changes in net assets of consolidated securitization vehicles — — — — — — — — 29,254 29,254 Income from investments in equity securities (1) 10 — — — — — — — — 10 Segment net operating income (loss) $ 675,536 $ 327,940 $ 582,442 $ 68,172 $ 16,396 $ (29,604) $ 35,023 $ 30,691 $ 182,725 $ 1,889,321 Depreciation and amortization $ (635,341) $ (191,276) $ (51,878) $ (32,848) $ (24,933) $ (5,553) $ (39,006) $ (18,550) $ — $ (999,385) General and administrative $ (17,176) Management fee (221,138) Impairment of investments in real estate (12,499) Loss from interest rate derivatives (620,250) Net gain on dispositions of real estate 121,003 Interest expense (800,009) Loss on extinguishment of debt (5,258) Other expense (27,070) Net loss $ (692,461) Net loss attributable to non-controlling interests in third party joint ventures $ 74,358 Net loss attributable to non-controlling interests in BREIT OP 17,048 Net loss attributable to BREIT stockholders $ (601,055) (1) Included within other expense on the Condensed Consolidated Statements of Operations is $3.7 million net unrealized loss related to such equity securities. The following table details the financial results by segment for the three months ended March 31, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 779,236 $ 340,768 $ 82,795 $ — $ 16,159 $ 8,181 $ 31,374 $ 45,207 $ — $ 1,303,720 Hospitality revenue — — — 147,245 — — — — — 147,245 Other revenue 54,651 6,135 — 2,658 1,011 — 507 3,138 — 68,100 Total revenues 833,887 346,903 82,795 149,903 17,170 8,181 31,881 48,345 — 1,519,065 Expenses: Rental property operating 419,550 110,528 297 — 4,391 1,272 9,919 21,030 — 566,987 Hospitality operating — — — 103,463 — — — — — 103,463 Total expenses 419,550 110,528 297 103,463 4,391 1,272 9,919 21,030 — 670,450 (Loss) Income from unconsolidated entities (28,800) 224,720 25,273 — 1,690 (38,469) (189) — — 184,225 Loss from investments in real estate debt — — — — — — — — (18,370) (18,370) Changes in net assets of consolidated securitization vehicles — — — — — — — — (15,674) (15,674) 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 $ 46,440 $ (1) $ (31,560) $ 21,773 $ 27,315 $ (34,044) $ 897,635 Depreciation and amortization $ (572,968) $ (208,366) $ (28,637) $ (27,076) $ (7,834) $ (3,557) $ (35,281) $ (31,332) $ — $ (915,051) General and administrative $ (13,106) Management fee (189,150) Performance participation allocation (411,569) Income from interest rate derivatives 675,790 Net gain on dispositions of real estate 205,262 Interest expense (346,259) Gain on extinguishment of debt 1,395 Other expense (1,526) 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 expense on the Condensed Consolidated Statements of Operations is $125.4 million net unrealized/realized loss related to such equity securities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, 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, 2023
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, 2022 filed with the SEC.
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. Investments in unconsolidated entities 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 investments in unconsolidated entities, 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. The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
Fair Value Measurements	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, 2023 and December 31, 2022, 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 has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets. 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, 2023 (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, 2023 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. As of both March 31, 2023 and December 31, 2022, the Company’s $0.5 billion of equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The resulting unrealized and realized gains and losses from investments in equity securities of public and private real estate-related companies are recorded as a component of Other Expense on the Company’s Condensed Consolidated Statements of Operations. During the three months ended March 31, 2023 and March 31, 2022, the Company recognized $3.7 million of net unrealized loss and $125.4 million of net unrealized/realized loss, respectively, on its investments in equity securities. The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, exit capitalization rate and multiples of comparable companies. The Company determines the fair value of the indebtedness of the investments in unconsolidated entities by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, 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 investments in unconsolidated entities at fair value. The inputs used in determining the Company’s investments in unconsolidated entities carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value. As of March 31, 2023 and December 31, 2022, the Company’s derivative financial instruments consisted of foreign currency and interest rate contracts. The fair values of the Company's foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).
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, Home Partners of America (“HPA”), and April Housing, all 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 graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three
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,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the market transition from LIBOR, and certain other floating rate benchmark indices, or 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. In December 2022, the FASB issued ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, 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, 2023, 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, 2023
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table details the adjustments to the Company's Condensed Consolidated Statements of Operations ($ in thousands): Three Months Ended March 31, 2022 As Reported Adjustment As Adjusted Other income (expense) Loss from investments in real estate debt $ (34,044) $ 15,674 $ (18,370) Change in net assets of consolidated securitization vehicles — (15,674) (15,674) Total other income (expense) 583,682 — 583,682 Net Loss $ (96,579) $ — $ (96,579) The following table details the adjustments to the Company's Condensed Consolidated Statements of Cash Flows ($ in thousands): Three Months Ended March 31, 2022 As Reported Adjustment As Adjusted Cash flows from investing activities: Purchase of investments in real estate debt $ (1,483,788) $ 69,527 $ (1,414,261) Proceeds from sale/repayment of investments in real estate debt 452,950 (40,627) 412,323 Proceeds from paydowns of real estate loans held by consolidated securitization vehicles — 444,831 444,831 Net cash used in investing activities (3,453,533) 473,731 (2,979,802) Cash flows from financing activities: Repayment of senior obligations of consolidated securitization vehicles — (473,731) (473,731) Net cash provided by financing activities $ 6,018,292 $ (473,731) $ 5,544,561 Non-cash investing and financing activities: Consolidation of securitization vehicles $ — $ 427,771 $ 427,771 Deconsolidation of securitization vehicles $ — $ — $ —
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, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 6,355,326 $ 1,465,077 $ 7,820,403 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,948,146 — 16,948,146 — 17,030,387 — 17,030,387 Equity securities 53,152 249,199 224,408 526,759 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — — 5,032,399 5,032,399 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 2,249,220 — 2,249,220 — 3,033,595 — 3,033,595 Total $ 53,152 $ 25,801,891 $ 6,721,884 $ 32,576,927 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 15,214,633 $ — $ 15,214,633 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 50,162 — 50,162 — 50,557 — 50,557 Total $ — $ 15,264,795 $ — $ 15,264,795 $ — $ 15,339,155 $ — $ 15,339,155 (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.
Assets 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 using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Total Assets Balance as of December 31, 2022 $ 1,541,183 $ 224,408 $ 4,947,251 $ 6,712,842 Purchases and contributions 17,775 — 17,975 35,750 Sales and repayments (111,131) — — (111,131) Distributions received — — (8,747) (8,747) Included in net income Income from unconsolidated entities measured at fair value — — 75,920 75,920 Realized income included in income (loss) from investments in real estate debt 583 — — 583 Unrealized gain included in income (loss) from investments in real estate debt 16,667 — — 16,667 Balance as of March 31, 2023 $ 1,465,077 $ 224,408 $ 5,032,399 $ 6,721,884
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, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,465,077 Yield Method Market Yield 10.1% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 18.5x Increase Investments in unconsolidated entities $ 4,493,715 Discounted cash flow Discount Rate 6.8% Decrease Exit Capitalization Rate 5.1% Decrease Weighted Average Cost of Capital 8.8% Decrease $ 538,684 Market comparable LTM EBITDA Multiple 10.8x Increase December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,541,183 Yield Method Market Yield 9.6% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 18.5x Increase Investments in unconsolidated entities $ 4,399,935 Discounted cash flow Discount Rate 6.8% Decrease Exit Capitalization Rate 4.9% Decrease Weighted Average Cost of Capital 8.3% Decrease $ 547,316 Market comparable LTM EBITDA Multiple 10.8x Increase
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA and April Housing ($ in thousands): December 31, 2022 For the Three Months Ended March 31, 2023 March 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 2,042 $ — $ — $ (259) $ 1,783 1.8 years 2022 20,811 (456) — (2,245) 18,110 2.5 years 2023 — — 5,090 (318) 4,772 3.8 years Total $ 22,853 $ (456) $ 5,090 $ (2,822) $ 24,665 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Three Months Ended March 31, 2023 March 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 23,161 $ (1,390) $ — $ (2,114) $ 19,657 1.8 years 2022 24,889 (1,609) — (1,970) 21,310 2.5 years 2023 — — 37,138 (2,321) 34,817 3.8 years $ 48,050 $ (2,999) $ 37,138 $ (6,405) $ 75,784

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2023 December 31, 2022 Building and building improvements $ 81,703,592 $ 81,914,789 Land and land improvements 18,574,859 18,635,672 Furniture, fixtures and equipment 2,344,943 2,301,683 Right of use asset - operating leases (1) 1,101,370 1,090,782 Right of use asset - financing leases (1) 72,861 72,872 Total 103,797,625 104,015,798 Accumulated depreciation and amortization (6,620,622) (5,866,306) Investments in real estate, net $ 97,177,003 $ 98,149,492 (1) Refer to Note 15 for additional details on the Company’s leases.
Schedule of Details of Dispositions	The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 42 $ 653,770 $ 105,788 7 $ 445,419 $ 184,031 Industrial properties 4 9,217 1,605 9 125,806 21,231 Retail properties 1 14,384 2,650 — — — Hospitality properties 5 97,554 10,960 — — — 52 $ 774,925 $ 121,003 16 $ 571,225 $ 205,262 (1) Net gain includes losses of $30.8 million on 19 rental housing properties, $3.3 million on one hospitality property, and $0.5 million on three industrial properties sold during the three months ended March 31, 2023. For the three months ended March 31, 2022, net gain included losses of $2.3 million on five industrial properties sold. (2) Net proceeds and net gain include 185 single family rental homes sold that are not included in the number of properties during the three months ended March 31, 2023. Net proceeds and net gain include 123 single family rental homes sold that are not included in the number of properties during the three months ended March 31, 2022.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: March 31, 2023 Investments in real estate, net $ 383,767 Other assets 8,496 Total assets $ 392,263 Liabilities: Mortgage notes, net $ 208,752 Other liabilities 9,613 Total liabilities $ 218,365

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment and Income in Unconsolidated Entities	The following tables detail the Company’s investments in unconsolidated entities ($ in thousands): March 31, 2023 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 67 35.7% $ 1,701,553 Rental Housing investments (2) Rental Housing 63 58 12.2% - 52.0% 1,199,027 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 240,979 Retail investments Retail 2 7 50.0% 95,595 Hospitality investment Hospitality 1 196 30.0% 311,618 Total unconsolidated entities carried at historical cost 70 384 3,548,772 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 12 2,128 7.9% - 85.0% 3,835,981 Office investments Office 1 1 49.0% 501,054 Data Center investments (5) Data Centers 1 N/A 12.4% 695,364 Total unconsolidated entities carried at fair value 14 2,129 5,032,399 Total 84 2,513 $ 8,581,171 (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 10,703 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $241.0 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.9 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $695.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. December 31, 2022 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 62 35.7% $ 1,657,778 MGM Grand & Mandalay Bay Net Lease 1 2 49.9% 834,148 Rental Housing investments (2) Rental Housing 92 87 12.2% - 52.0% 1,275,365 Industrial investments (3) Industrial 3 56 10.0% - 55.0% 242,883 Retail investments Retail 2 7 50.0% 97,971 Hospitality investment Hospitality 1 196 30.0% 314,006 Total unconsolidated entities carried at historical cost 100 410 4,422,151 Unconsolidated entities at carried at fair value: Industrial investments (4) Industrial 12 2,135 7.9% - 85.0% 3,751,864 Office investments Office 1 1 49.0% 520,976 Data Center investments (5) Data Centers 1 N/A 12.4% 674,411 Total unconsolidated entities carried at fair value 14 2,136 4,947,251 Total 114 2,546 $ 9,369,402 (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 10,767 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $242.9 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.8 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $674.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended March 31, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers 35.7% $ (43,570) $ (38,469) MGM Grand & Mandalay Bay (1) Net Lease 49.9% 432,528 25,273 Rental Housing investments Rental Housing 12.2% - 52.0% (12,500) (28,800) Industrial investments Industrial 10.1% - 22.4% (4,298) 19,551 Retail investments Retail 50.0% (1,230) (189) Hospitality investment Hospitality 30.0% (2,388) — Total unconsolidated entities carried at historical cost 368,542 (22,634) Unconsolidated entities carried at fair value: Industrial investments Industrial 7.9% - 85.0% 92,593 205,169 Office investments Office 49.0% (19,930) 1,690 Data Center investments Data Centers 12.4% 3,453 — Total unconsolidated entities carried at fair value 76,116 206,859 Total $ 444,658 $ 184,225

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +3.9% 10/27/2032 $ 6,386,687 $ 6,385,165 $ 5,831,097 RMBS +4.4% 3/30/2053 404,802 393,439 302,994 Corporate bonds 5.0% 4/8/2031 107,946 118,691 104,236 Total real estate securities 7.8% 10/15/2033 6,899,435 6,897,295 6,238,327 Commercial real estate loans +5.6% 7/23/2026 1,407,539 1,418,945 1,407,198 Other investments (5) 5.7% 9/21/2029 205,305 179,142 174,878 Total investments in real estate debt 8.1% 5/24/2032 $ 8,512,279 $ 8,495,382 $ 7,820,403 December 31, 2022 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +3.9% 12/10/2032 $ 6,474,823 $ 6,473,296 $ 5,943,403 RMBS +4.4% 1/21/2053 404,953 393,511 292,516 Corporate bonds 4.9% 3/17/2031 115,980 126,052 105,558 Total real estate securities 7.0% 11/4/2033 6,995,756 6,992,859 6,341,477 Commercial real estate loans +5.5% 7/17/2026 1,489,296 1,499,691 1,483,358 Other investments (5) 5.7% 9/21/2029 209,746 183,017 176,868 Total investments in real estate debt 7.4% 5/25/2032 $ 8,694,798 $ 8,675,567 $ 8,001,703 (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) The symbol “+” refers to the relevant floating benchmark rates, which include USD 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 for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of March 31, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $1.4 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates. Total weighted average coupon does not include the impact of such interest rate swaps or other derivatives. (3) Weighted average maturity date is based on the fully extended maturity date of the instrument. (4) Face amount excludes interest-only securities with a notional amount of $1.1 billion as of both March 31, 2023 and December 31, 2022. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,727,882 $ 2,533,247 33% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 2,035,063 1,869,787 24% 2,119,282 1,940,795 24% Hospitality 1,738,205 1,639,085 21% 1,884,353 1,768,090 22% Net Lease 983,523 943,152 12% 983,374 947,368 12% Office 551,744 412,401 5% 552,016 439,938 5% Other 365,061 340,608 4% 360,903 339,609 4% Diversified 93,904 82,123 1% 94,340 82,311 1% Total $ 8,495,382 $ 7,820,403 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental 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, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A $ 91,795 $ 86,715 1% $ 91,809 $ 86,055 1% BBB 1,075,691 1,023,017 13% 1,077,419 1,024,908 13% BB 1,826,016 1,626,826 21% 1,858,101 1,659,281 21% B 1,518,574 1,343,155 17% 1,609,017 1,424,940 18% CCC 67,905 55,157 1% 40,486 33,225 —% Private commercial real estate loans 1,598,087 1,582,076 20% 1,682,708 1,660,226 21% Not rated (2) 2,317,314 2,103,457 27% 2,316,027 2,113,068 26% Total $ 8,495,382 $ 7,820,403 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) As of March 31, 2023, not rated positions have a weighted-average LTV at origination of 64.2%, are primarily composed of 63.4% industrial and 27.4% rental housing assets, and include interest-only securities with a fair value of $15.5 million.
Schedule of Real Estate Investment	The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended March 31, 2023 2022 Interest income $ 173,746 $ 73,812 Unrealized gain (loss) 3,040 (184,685) Realized (loss) gain (1,023) 2,383 Total 175,763 (108,490) Net realized and unrealized (loss) gain on interest rate swaps and other derivatives (25,444) 83,975 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (5,883) 10,821 Other gain (loss) 9,035 (4,676) Total income (loss) from investments in real estate debt $ 153,471 $ (18,370)
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, 2023 December 31, 2022 2023 2022 CMBS $ 1,651,182 $ 1,683,765 $ 23,897 $ (22,627) Commercial real estate loans 830,275 835,846 35,086 (1,139) Total $ 2,481,457 $ 2,519,611 $ 58,983 $ (23,766)

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Loans Held by the Consolidated Securitization Vehicles and the Related Senior Obligations of Consolidated Securitization Vehicles	The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): March 31, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,474,208 $ 16,948,146 5.6% 3/21/2025 Senior obligations of consolidated securitization vehicles 22 15,514,813 15,214,633 5.5% 9/24/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,959,395 $ 1,733,513 7.1% 4/24/2025 December 31, 2022 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,527,441 $ 17,030,387 5.1 % 3/24/2025 Senior obligations of consolidated securitization vehicles 22 15,565,671 15,288,598 4.9 % 10/18/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,961,770 $ 1,741,789 6.6 % 5/06/2025 (1) The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle. (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

Mortgage Notes, Secured Term _2

Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table details the mortgage notes, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): March 31, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum March 31, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 1/22/2029 N/A $ 25,022,235 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.4% 2/18/2027 N/A 34,074,275 34,141,570 Variable rate secured revolving credit facilities (5) —% — $ 4,195,100 — 2,608,778 Variable rate warehouse facilities (6) +1.9% 9/26/2025 $ 4,420,893 3,663,431 3,728,340 Total variable rate loans +2.3% 12/30/2026 37,737,706 40,478,688 Total loans secured by real estate 5.8% 10/26/2027 62,759,941 65,631,049 (Discount) premium on assumed debt, net (121,545) (121,435) Deferred financing costs, net (532,521) (546,911) Mortgage notes, secured term loans, and secured revolving credit facilities, net $ 62,105,875 $ 64,962,703 (1) “+” 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, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.2 billion and interest rate caps with an aggregate notional balance of $15.3 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. The net weighted average interest rate including the impact of derivatives is 4.3%. (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 $357.3 million and $364.5 million of loans related to investments in affordable housing properties as of March 31, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. (6) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of March 31, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 487,894 2024 3,762,761 2025 9,029,812 2026 15,988,748 2027 18,458,578 2028 3,644,150 Thereafter 11,387,998 Total $ 62,759,941

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,424,635 $ 7,265,468 +1.3% 3/7/2024 RMBS 219,131 304,989 +1.2% 2/12/2024 Commercial real estate loans 159,477 244,791 +1.9% 3/23/2024 Corporate bonds 73,503 104,236 +1.2% 2/9/2024 $ 4,876,746 $ 7,919,484 +1.3% December 31, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,482,728 $ 7,447,672 +1.3% 12/27/2023 Commercial real estate loans 220,694 294,337 +1.1% 11/18/2023 Corporate bonds 163,547 259,224 +1.9% 3/23/2024 RMBS 99,716 137,084 +1.1% 10/5/2023 $ 4,966,685 $ 8,138,317 +1.3% (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, 2023
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, 2023 December 31, 2022 Accrued stockholder servicing fee $ 1,190,084 $ 1,588,178 Performance participation allocation — — Accrued management fee 72,922 71,644 Accrued affiliate service provider expenses 16,831 14,975 Other 1,538 1,511 Total $ 1,281,375 $ 1,676,308
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 Amortization of Capitalized Transaction Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 30,950 $ 19,133 $ 1,629 $ 2,344 $ 280 $ 1,032 LivCor, LLC 25,951 13,978 1,798 2,218 2,325 1,691 ShopCore Properties TRS Management LLC 8,843 1,857 94 125 337 — Revantage Corporate Services, LLC 5,732 4,832 37 — — 5 BRE Hotels and Resorts LLC 4,245 3,484 87 191 — — Equity Office Management, LLC 1,323 422 46 74 29 — Beam Living 568 — 14 — — — Longview Senior Housing Advisors, LLC 473 428 — — — — Total $ 78,085 $ 44,134 $ 3,705 $ 4,952 $ 2,971 $ 2,728
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA and April Housing ($ in thousands): December 31, 2022 For the Three Months Ended March 31, 2023 March 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 2,042 $ — $ — $ (259) $ 1,783 1.8 years 2022 20,811 (456) — (2,245) 18,110 2.5 years 2023 — — 5,090 (318) 4,772 3.8 years Total $ 22,853 $ (456) $ 5,090 $ (2,822) $ 24,665 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Three Months Ended March 31, 2023 March 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 23,161 $ (1,390) $ — $ (2,114) $ 19,657 1.8 years 2022 24,889 (1,609) — (1,970) 21,310 2.5 years 2023 — — 37,138 (2,321) 34,817 3.8 years $ 48,050 $ (2,999) $ 37,138 $ (6,405) $ 75,784

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives $ 2,249,220 $ 3,033,595 Real estate intangibles, net 1,475,607 1,624,212 Receivables, net 792,282 821,309 Straight-line rent receivable 528,850 454,989 Equity securities 526,759 530,119 Held-for-sale assets 392,263 380,267 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 132,748 146,568 Deferred leasing costs, net 131,234 121,230 Deferred financing costs, net 105,083 103,049 Due from affiliate (1) 74,857 74,857 Other 274,958 291,035 Total $ 6,984,579 $ 7,881,948 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information.
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): March 31, 2023 December 31, 2022 Stock repurchases payable $ 694,720 $ 151,959 Right of use lease liability - operating leases 641,907 638,830 Accounts payable and accrued expenses 451,544 470,335 Accrued interest expense 413,238 395,459 Intangible liabilities, net 312,183 330,432 Real estate taxes payable 291,766 350,757 Distribution payable 248,826 238,297 Tenant security deposits 238,302 237,891 Held-for-sale liabilities 218,365 275,052 Prepaid rental income 176,665 188,450 Subscriptions received in advance 137,687 208,632 Securitized debt obligations, net 79,494 123,628 Right of use lease liability - financing leases 77,326 77,008 Interest rate and foreign currency hedging derivatives 50,162 50,557 Other 217,815 174,746 Total $ 4,250,000 $ 3,912,033

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,997,119 $ 2,022,087 Indefinite life intangibles 193,182 193,182 Above-market lease intangibles 67,223 71,952 Other intangibles 371,868 371,631 Total intangible assets 2,629,392 2,658,852 Accumulated amortization In-place lease amortization (1,075,639) (971,988) Above-market lease amortization (30,077) (31,419) Other intangibles amortization (48,069) (31,233) Total accumulated amortization (1,153,785) (1,034,640) Intangible assets, net $ 1,475,607 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 473,732 $ 476,186 Total intangible liabilities 473,732 476,186 Accumulated amortization Below-market lease amortization (161,549) (145,754) Total accumulated amortization (161,549) (145,754) Intangible liabilities, net $ 312,183 $ 330,432
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, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2023 (remaining) $ 260,218 $ 6,841 $ 29,634 $ (53,868) 2024 170,342 7,773 36,079 (58,558) 2025 129,185 6,463 33,500 (48,287) 2026 98,061 4,934 32,203 (37,820) 2027 69,856 3,455 29,990 (26,694) 2028 54,259 2,495 28,740 (20,144) Thereafter 139,559 5,185 133,653 (66,812) $ 921,480 $ 37,146 $ 323,799 $ (312,183)

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands): March 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 20 $ 7,227,214 2.6% LIBOR, SOFR 5.9 Derivatives not designated as hedging instruments Interest rate caps - property debt 140 15,332,921 4.4% LIBOR, SOFR 0.8 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 7.0 Interest rate swaps - investments in real estate debt 60 1,367,960 1.4% LIBOR, SOFR 3.9 Total $ 41,716,481 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 20 $ 7,417,852 2.6% LIBOR, SOFR 6.1 Derivatives not designated as hedging instruments Interest rate caps - property debt 135 14,147,947 4.1% LIBOR, SOFR 0.8 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 7.3 Interest rate swaps - investments in real estate debt 61 1,392,960 1.4% LIBOR, SOFR 4.1 Total $ 40,556,507 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, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 9 € 150,449 14 € 160,206 Buy USD / Sell GBP Forward 9 £ 53,519 12 £ 132,563
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, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 251,278 $ 409,260 $ — $ — Total derivatives designated as hedging instruments 251,278 409,260 — — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 147,167 183,392 28,392 36,173 Interest rate swaps - property debt 1,742,461 2,310,511 17,153 — Interest rate swaps - investments in real estate debt 108,264 130,181 — — Foreign currency forward contracts 50 251 4,617 14,384 Total derivatives not designated as hedging instruments 1,997,942 2,624,335 50,162 50,557 Total interest rate and foreign currency hedging derivatives $ 2,249,220 $ 3,033,595 $ 50,162 $ 50,557 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. (3) Includes interest rate caps with fair value of $190.0 million and $237.7 million presented on a net basis as of March 31, 2023 and December 31, 2022, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended March 31, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (557,680) $ 635,984 Interest rate caps – property debt Unrealized (loss) gain (1) (62,570) 45,339 Interest rate swap – investments in real estate debt Realized gain (2) 2,035 — Interest rate swap – investments in real estate debt Unrealized (loss) gain (2) (21,911) 59,709 Foreign currency forward contract Realized (loss) gain (2) (15,134) 21,344 Foreign currency forward contract Unrealized gain (2) 9,566 2,922 Total $ (645,694) $ 765,298 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized loss (151,255) — Total $ (796,949) $ 765,298 (1) Included in Income from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations. (2) Included in Income (Loss) from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (3) During the year ended March 31, 2023, $32.8 million of net gain was reclassified from accumulated other comprehensive income into net income.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2023, the Company had the authority to issue 10,600,000,000 shares, consisting of the following: Number of Shares Par Value Per Share 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 Class C Shares 500,000 $ 0.01 Total 10,600,000
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, 2023 Class S Class I Class T Class D Class C Total December 31, 2022 1,597,414 2,394,737 72,599 421,428 — 4,486,178 Common stock issued (transferred) (1) 11,300 598,503 (652) (245,069) 1,082 365,164 Distribution reinvestment 7,878 12,843 422 2,221 3 23,367 Common stock repurchased (34,156) (178,729) (1,831) (11,788) — (226,504) March 31, 2023 1,582,436 2,827,354 70,538 166,792 1,085 4,648,205 (1) Includes transfer of shares from Class T and Class D to Class I during the three months ended March 31, 2023.
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, 2023 Class S Class I Class T Class D Class C Aggregate gross distributions declared per share of common stock $ 0.1663 $ 0.1663 $ 0.1663 $ 0.1663 $ — Stockholder servicing fee per share of common stock (0.0310) — (0.0305) (0.0089) — Net distributions declared per share of common stock $ 0.1353 $ 0.1663 $ 0.1358 $ 0.1574 $ —
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, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Repurchases — (26,639) Conversion to Class I and Class B units (278,990) (434,717) Conversion to Class I and Class C shares (65,313) (128,205) GAAP income allocation 2,212 (1) Distributions (1,300) (4) Fair value allocation (404) 18 Ending balance $ 350 $ 352

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Fixed lease payments $ 1,867,526 $ 1,212,538 Variable lease payments 120,539 91,182 Rental revenue $ 1,988,065 $ 1,303,720 Three Months Ended March 31, 2023 2022 Interest on lease liabilities $ 1,024 $ 996 Amortization of right-of-use assets 319 324 Total financing lease costs $ 1,343 $ 1,320
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, 2023 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2023 (remaining) $ 1,358,634 2024 1,735,852 2025 1,601,300 2026 1,452,965 2027 1,249,556 2028 1,047,625 Thereafter 15,847,751 Total $ 24,293,683
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, 2023 ($ in thousands): Operating Financing 2023 (remaining) $ 28,493 $ 3,126 2024 37,073 4,266 2025 37,690 4,385 2026 37,855 4,507 2027 38,253 4,633 2028 38,605 4,763 Thereafter 2,574,814 559,379 Total undiscounted future lease payments 2,792,783 585,059 Difference between undiscounted cash flows and discounted cash flows (2,150,876) (507,733) Total lease liability $ 641,907 $ 77,326
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, 2023 2022 Fixed ground rent expense $ 4,028 $ 2,269 Variable ground rent expense 5,994 5 Total cash portion of ground rent expense 10,022 2,274 Straight-line ground rent expense 5,403 2,853 Total operating lease costs $ 15,425 $ 5,127

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Rental Housing $ 67,376,578 $ 68,464,413 Industrial 21,577,742 21,624,736 Net Lease 8,177,295 9,011,326 Hospitality 3,728,551 3,768,473 Office 3,249,468 3,293,163 Data Centers 3,262,678 3,203,585 Retail 2,691,102 2,722,839 Self Storage 2,232,879 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 25,017,445 25,363,546 Other (Corporate) 3,386,078 2,987,992 Total assets $ 140,699,816 $ 142,687,424 The following table details the financial results by segment for the three months ended March 31, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,311,977 $ 349,593 $ 150,384 $ — $ 48,288 $ 12,727 $ 60,422 $ 54,674 $ — $ 1,988,065 Hospitality revenue — — — 201,221 — — — — — 201,221 Other revenue 83,853 7,113 — 3,162 1,877 — 1,161 1,488 — 98,654 Total revenues 1,395,830 356,706 150,384 204,383 50,165 12,727 61,583 56,162 — 2,287,940 Expenses: Rental property operating 707,804 117,061 470 — 13,839 2,214 25,330 25,471 — 892,189 Hospitality operating — — — 133,823 — — — — — 133,823 Total expenses 707,804 117,061 470 133,823 13,839 2,214 25,330 25,471 — 1,026,012 (Loss) income from unconsolidated entities (12,500) 88,295 432,528 (2,388) (19,930) (40,117) (1,230) — — 444,658 Income from investments in real estate debt — — — — — — — — 153,471 153,471 Changes in net assets of consolidated securitization vehicles — — — — — — — — 29,254 29,254 Income from investments in equity securities (1) 10 — — — — — — — — 10 Segment net operating income (loss) $ 675,536 $ 327,940 $ 582,442 $ 68,172 $ 16,396 $ (29,604) $ 35,023 $ 30,691 $ 182,725 $ 1,889,321 Depreciation and amortization $ (635,341) $ (191,276) $ (51,878) $ (32,848) $ (24,933) $ (5,553) $ (39,006) $ (18,550) $ — $ (999,385) General and administrative $ (17,176) Management fee (221,138) Impairment of investments in real estate (12,499) Loss from interest rate derivatives (620,250) Net gain on dispositions of real estate 121,003 Interest expense (800,009) Loss on extinguishment of debt (5,258) Other expense (27,070) Net loss $ (692,461) Net loss attributable to non-controlling interests in third party joint ventures $ 74,358 Net loss attributable to non-controlling interests in BREIT OP 17,048 Net loss attributable to BREIT stockholders $ (601,055) (1) Included within other expense on the Condensed Consolidated Statements of Operations is $3.7 million net unrealized loss related to such equity securities. The following table details the financial results by segment for the three months ended March 31, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 779,236 $ 340,768 $ 82,795 $ — $ 16,159 $ 8,181 $ 31,374 $ 45,207 $ — $ 1,303,720 Hospitality revenue — — — 147,245 — — — — — 147,245 Other revenue 54,651 6,135 — 2,658 1,011 — 507 3,138 — 68,100 Total revenues 833,887 346,903 82,795 149,903 17,170 8,181 31,881 48,345 — 1,519,065 Expenses: Rental property operating 419,550 110,528 297 — 4,391 1,272 9,919 21,030 — 566,987 Hospitality operating — — — 103,463 — — — — — 103,463 Total expenses 419,550 110,528 297 103,463 4,391 1,272 9,919 21,030 — 670,450 (Loss) Income from unconsolidated entities (28,800) 224,720 25,273 — 1,690 (38,469) (189) — — 184,225 Loss from investments in real estate debt — — — — — — — — (18,370) (18,370) Changes in net assets of consolidated securitization vehicles — — — — — — — — (15,674) (15,674) 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 $ 46,440 $ (1) $ (31,560) $ 21,773 $ 27,315 $ (34,044) $ 897,635 Depreciation and amortization $ (572,968) $ (208,366) $ (28,637) $ (27,076) $ (7,834) $ (3,557) $ (35,281) $ (31,332) $ — $ (915,051) General and administrative $ (13,106) Management fee (189,150) Performance participation allocation (411,569) Income from interest rate derivatives 675,790 Net gain on dispositions of real estate 205,262 Interest expense (346,259) Gain on extinguishment of debt 1,395 Other expense (1,526) 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 expense on the Condensed Consolidated Statements of Operations is $125.4 million net unrealized/realized loss related to such equity securities.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($) rentalHome segment property class
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 72
Number of classes of shares | class	4
Number of owned properties | property	5,113
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	28,616
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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Of Accounting Policies [Line Items]
Interest expense	$ (800,009)	$ (346,259)
(Loss) income from interest rate derivatives	(620,250)	675,790
Total assets	140,699,816		$ 142,687,424
Total liabilities	88,855,552		91,933,250
Equity securities	526,759		530,119
Net realized and unrealized loss on equity securities	3,700	125,400
Real estate, held-for-sale	36,900
Impairment of properties held for sale	12,500	0
Other expense	$ 27,060	102,687
Revision of Prior Period, Reclassification, Adjustment | Reclassification from Interest Expense
Significant Of Accounting Policies [Line Items]
Interest expense		39,800
(Loss) income from interest rate derivatives		39,800
Revision of Prior Period, Reclassification, Adjustment | Reclassification from Other Income (Expense)
Significant Of Accounting Policies [Line Items]
(Loss) income from interest rate derivatives		636,000
Other expense		$ 636,000
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	$ 1,400,000		1,400,000
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	51,800,000		52,100,000
Total liabilities	$ 37,700,000		$ 37,800,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Adjustments to the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other income (expense)
Loss from investments in real estate debt	$ 153,471	$ (18,370)
Change in net assets of consolidated securitization vehicles	29,254	(15,674)
Total other income (expense)	(704,191)	583,682
Net loss	$ (692,461)	(96,579)
As Reported
Other income (expense)
Loss from investments in real estate debt		(34,044)
Change in net assets of consolidated securitization vehicles		0
Total other income (expense)		583,682
Net loss		(96,579)
Adjustment
Other income (expense)
Loss from investments in real estate debt		15,674
Change in net assets of consolidated securitization vehicles		(15,674)
Total other income (expense)		0
Net loss		$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adjustments to the Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from investing activities:
Purchase of investments in real estate debt	$ (81,141)	$ (1,414,261)
Proceeds from sale/repayment of investments in real estate debt	295,944	412,323
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	53,233	444,831
Net cash used in investing activities	1,778,970	(2,979,802)
Cash flows from financing activities:
Repayments of senior obligations of consolidated securitization vehicles	(50,858)	(473,731)
Net cash provided by financing activities	(1,410,742)	5,544,561
Non-cash investing and financing activities:
Consolidation of securitization vehicles	$ 0	427,771
Deconsolidation of securitization vehicles		0
As Reported
Cash flows from investing activities:
Purchase of investments in real estate debt		(1,483,788)
Proceeds from sale/repayment of investments in real estate debt		452,950
Proceeds from repayments of real estate loans held by consolidated securitization vehicles		0
Net cash used in investing activities		(3,453,533)
Cash flows from financing activities:
Repayments of senior obligations of consolidated securitization vehicles		0
Net cash provided by financing activities		6,018,292
Non-cash investing and financing activities:
Consolidation of securitization vehicles		0
Deconsolidation of securitization vehicles		0
Adjustment
Cash flows from investing activities:
Purchase of investments in real estate debt		69,527
Proceeds from sale/repayment of investments in real estate debt		(40,627)
Proceeds from repayments of real estate loans held by consolidated securitization vehicles		444,831
Net cash used in investing activities		473,731
Cash flows from financing activities:
Repayments of senior obligations of consolidated securitization vehicles		(473,731)
Net cash provided by financing activities		(473,731)
Non-cash investing and financing activities:
Consolidation of securitization vehicles		427,771
Deconsolidation of securitization vehicles		$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Investments in real estate debt	$ 7,820,403	$ 8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,948,146	17,030,387
Equity securities	526,759	530,119
Investments in unconsolidated entities	5,032,399	4,947,251
Interest rate and foreign currency hedging derivatives	2,249,220	3,033,595
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,214,633	15,288,598
Interest rate and foreign currency hedging derivatives	50,162	50,557
Recurring
Assets:
Investments in real estate debt	7,820,403	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,948,146	17,030,387
Equity securities	526,759	530,119
Investments in unconsolidated entities	5,032,399	4,947,251
Interest rate and foreign currency hedging derivatives	2,249,220	3,033,595
Total	32,576,927	33,543,055
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,214,633	15,288,598
Interest rate and foreign currency hedging derivatives	50,162	50,557
Total	15,264,795	15,339,155
Recurring | Level 1
Assets:
Investments in real estate debt	0	0
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	53,152	52,512
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	53,152	52,512
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	0	0
Recurring | Level 2
Assets:
Investments in real estate debt	6,355,326	6,460,520
Real estate loans held by consolidated securitization vehicles, at fair value	16,948,146	17,030,387
Equity securities	249,199	253,199
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	2,249,220	3,033,595
Total	25,801,891	26,777,701
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,214,633	15,288,598
Interest rate and foreign currency hedging derivatives	50,162	50,557
Total	15,264,795	15,339,155
Recurring | Level 3
Assets:
Investments in real estate debt	1,465,077	1,541,183
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	224,408	224,408
Investments in unconsolidated entities	5,032,399	4,947,251
Interest rate and foreign currency hedging derivatives	0	0
Total	6,721,884	6,712,842
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	$ 0	$ 0

Summary of Significant Accoun_8

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, 2023 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 6,712,842
Purchases and contributions	35,750
Sales and repayments	(111,131)
Distributions received	(8,747)
Income from unconsolidated entities measured at fair value	75,920
Realized loss included in income (loss) from investments in real estate debt	583
Unrealized gain included in income (loss) from investments in real estate debt	16,667
Ending balance	6,721,884
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,541,183
Purchases and contributions	17,775
Sales and repayments	(111,131)
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	583
Unrealized gain included in income (loss) from investments in real estate debt	16,667
Ending balance	1,465,077
Equity Securities
Alternate Investment [Roll Forward]
Beginning balance	224,408
Purchases and contributions	0
Sales and repayments	0
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in income (loss) from investments in real estate debt	0
Ending balance	224,408
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	4,947,251
Purchases and contributions	17,975
Sales and repayments	0
Distributions received	(8,747)
Income from unconsolidated entities measured at fair value	75,920
Realized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in income (loss) from investments in real estate debt	0
Ending balance	$ 5,032,399

Summary of Significant Accoun_9

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, 2023 USD ($)	Dec. 31, 2022 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 6,721,884	$ 6,712,842
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,465,077	1,541,183
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		$ 1,541,183
Investments in Real Estate Debt | Yield Method | Market Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.101	0.096
Equity Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 224,408	$ 224,408
Equity Securities | Market comparable | Enterprise Value/ Stabilized EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	18.5	18.5
Equity Securities | Market comparable | Enterprise Value/ Stabilized EBITDA Multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 224,408
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,032,399	$ 4,947,251
Investments in Unconsolidated Entities | Discounted cash flow | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,493,715
Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.068	0.068
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		$ 4,399,935
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 Rate	0.051	0.049
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 Rate	0.088	0.083
Investments in Unconsolidated Entities | Market comparable | LTM EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	10.8	10.8
Investments in Unconsolidated Entities | Market comparable | LTM EBITDA Multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 538,684	$ 547,316

Summary of Significant Accou_10

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, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(2,999)
Value of Awards Issued	37,138
Amortization of Compensation Cost	(6,405)
Unrecognized Compensation Cost, ending balance	75,784
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	22,853
Forfeiture of unvested awards	(456)
Value of Awards Issued	5,090
Amortization of Compensation Cost	(2,822)
Unrecognized Compensation Cost, ending balance	24,665
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,161
Forfeiture of unvested awards	(1,390)
Value of Awards Issued	0
Amortization of Compensation Cost	(2,114)
Unrecognized Compensation Cost, ending balance	$ 19,657
Remaining Amortization Period	1 year 9 months 18 days
2021 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 2,042
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(259)
Unrecognized Compensation Cost, ending balance	$ 1,783
Remaining Amortization Period	1 year 9 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 24,889
Forfeiture of unvested awards	(1,609)
Value of Awards Issued	0
Amortization of Compensation Cost	(1,970)
Unrecognized Compensation Cost, ending balance	$ 21,310
Remaining Amortization Period	2 years 6 months
2022 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 20,811
Forfeiture of unvested awards	(456)
Value of Awards Issued	0
Amortization of Compensation Cost	(2,245)
Unrecognized Compensation Cost, ending balance	$ 18,110
Remaining Amortization Period	2 years 6 months
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	37,138
Amortization of Compensation Cost	(2,321)
Unrecognized Compensation Cost, ending balance	$ 34,817
Remaining Amortization Period	3 years 9 months 18 days
2023 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	5,090
Amortization of Compensation Cost	(318)
Unrecognized Compensation Cost, ending balance	$ 4,772
Remaining Amortization Period	3 years 9 months 18 days

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	$ 81,703,592	$ 81,914,789
Land and land improvements	18,574,859	18,635,672
Furniture, fixtures and equipment	2,344,943	2,301,683
Right of use asset - operating leases	1,101,370	1,090,782
Right of use asset - financing leases	72,861	72,872
Total	103,797,625	104,015,798
Accumulated depreciation and amortization	(6,620,622)	(5,866,306)
Investments in real estate, net	$ 97,177,003	$ 98,149,492

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 segment
Real Estate Properties [Line Items]
Number of Properties | segment	2,513		2,546
Payments to acquire intangible assets	$ 0
Impairment of properties held for sale	12,500	$ 0
Impairment of investments in real estate	0	$ 0
Rental Housing Properties:
Real Estate Properties [Line Items]
Purchase Price	34,800
Building and building improvements	24,900
Land and land improvements	$ 9,900
Number of real estate properties classified as held for sale | property	17
Acquired Properties
Real Estate Properties [Line Items]
Number of Properties | segment	94
Retail Properties:
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | property	1

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 property	Mar. 31, 2023 USD ($)	Mar. 31, 2023 home	Mar. 31, 2022 property	Mar. 31, 2022 USD ($)	Mar. 31, 2022 home
Real Estate Properties [Line Items]
Number of Properties | property	52			16
Net Proceeds		$ 774,925			$ 571,225
Net Gain		121,003			205,262
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties	42		19	7
Net Proceeds		653,770			445,419
Net Gain		105,788			184,031
Losses included in net gain on disposition of assets		30,800
Industrial properties
Real Estate Properties [Line Items]
Number of Properties	4		3	9		5
Net Proceeds		9,217			125,806
Net Gain		1,605			21,231
Losses included in net gain on disposition of assets		500			2,300
Retail Properties:
Real Estate Properties [Line Items]
Number of Properties | property	1			0
Net Proceeds		14,384			0
Net Gain		2,650			0
Hospitality
Real Estate Properties [Line Items]
Number of Properties | property	5			0
Net Proceeds		97,554			0
Net Gain		10,960			$ 0
Single Family
Real Estate Properties [Line Items]
Number of Properties | home			185			123
Hospitality Properties:
Real Estate Properties [Line Items]
Number of Properties | home			1
Losses included in net gain on disposition of assets		$ 3,300

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Investments in real estate, net	$ 383,767
Other assets	8,496
Total assets	392,263
Liabilities:
Mortgage notes, net	208,752
Other liabilities	9,613
Total liabilities	$ 218,365	$ 275,052

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment jointVenture property	Jan. 09, 2023	Dec. 31, 2022 USD ($) jointVenture segment property
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	84		114
Number of Properties	2,513		2,546
Book Value | $	$ 8,581,171		$ 9,369,402
Total unconsolidated entities at historical cost
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	70		100
Number of Properties	384		410
Book Value | $	$ 3,548,772		$ 4,422,151
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1		1
Number of Properties	67		62
Ownership Interest	35.70%		35.70%
Book Value | $	$ 1,701,553		$ 1,657,778
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures			1
Number of Properties			2
Ownership Interest	49.90%	49.90%	49.90%
Book Value | $			$ 834,148
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	63		92
Number of Properties	58		87
Book Value | $	$ 1,199,027		$ 1,275,365
Rental Housing Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%		12.20%
Rental Housing Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	52%		52%
Single Family Rental Home
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	10,703		10,767
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3		3
Number of Properties	56		56
Book Value | $	$ 240,979		$ 242,883
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3		3
Book Value | $	$ 241,000		$ 242,900
Industrial investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.10%		10%
Industrial investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	22.40%		55%
Retail investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	2		2
Number of Properties	7		7
Ownership Interest	50%		50%
Book Value | $	$ 95,595		$ 97,971
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1		1
Number of Properties	196		196
Ownership Interest	30%		30%
Book Value | $	$ 311,618		$ 314,006
Total unconsolidated entities at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	14		14
Number of Properties	2,129		2,136
Book Value | $	$ 5,032,399		$ 4,947,251
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	12		12
Number of Properties	2,128		2,135
Book Value | $	$ 3,835,981		$ 3,751,864
Industrial investments at fair value | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	4		4
Book Value | $	$ 2,900,000		$ 2,800,000
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%
Office investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1		1
Number of Properties	1		1
Ownership Interest	49%		49%
Book Value | $	$ 501,054		$ 520,976
Data Center investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1		1
Ownership Interest	12.40%		12.40%
Book Value | $	$ 695,364		$ 674,411
Data Center investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Book Value | $	$ 695,400		$ 674,400

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 09, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 444,658	$ 184,225
Distributions of earnings from unconsolidated entities		28,385	69,570
Total unconsolidated entities at historical cost
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 368,542	(22,634)
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest		35.70%		35.70%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (43,570)	(38,469)
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%	49.90%		49.90%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 432,528	25,273
Proceeds from sale of investment	$ 1,300,000
Gain on sale	$ 430,400
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ (12,500)	(28,800)
Rental Housing Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		12.20%		12.20%
Rental Housing Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		52%		52%
Industrial investments
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ (4,298)	19,551
Industrial investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		10.10%		10%
Industrial investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		22.40%		55%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 92,593	205,169
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%
Retail investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest		50%		50%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (1,230)	(189)
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Ownership Interest		30%		30%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (2,388)	0
Total unconsolidated entities at fair value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 76,116	206,859
Office investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest		49%		49%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (19,930)	1,690
Data Center investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest		12.40%		12.40%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 3,453	$ 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, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.10%	7.40%
Face Amount	$ 8,512,279	$ 8,694,798
Cost Basis	8,495,382	8,675,567
Fair Value	7,820,403	8,001,703
Notional Amount	41,716,481	40,556,507
Interest Rate Swaps Investments In Real Estate Debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 1,367,960	$ 1,392,960
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	7.80%	7%
Face Amount	$ 6,899,435	$ 6,995,756
Cost Basis	6,897,295	6,992,859
Fair Value	$ 6,238,327	$ 6,341,477
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.90%	3.90%
Face Amount	$ 6,386,687	$ 6,474,823
Cost Basis	6,385,165	6,473,296
Fair Value	$ 5,831,097	$ 5,943,403
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	440%	4.90%
Face Amount	$ 404,802	$ 115,980
Cost Basis	393,439	126,052
Fair Value	$ 302,994	$ 105,558
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5%	440%
Face Amount	$ 107,946	$ 404,953
Cost Basis	118,691	393,511
Fair Value	$ 104,236	$ 292,516
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.60%	5.50%
Face Amount	$ 1,407,539	$ 1,489,296
Cost Basis	1,418,945	1,499,691
Fair Value	$ 1,407,198	$ 1,483,358
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 205,305	$ 209,746
Cost Basis	179,142	183,017
Fair Value	174,878	176,868
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 1,100,000	$ 1,100,000

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, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 8,495,382	$ 8,675,567
Fair Value	$ 7,820,403	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 15,500
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	2,727,882	$ 2,681,299
Fair Value	$ 2,533,247	$ 2,483,592
Percentage Based on Fair Value	33%	32%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,035,063	$ 2,119,282
Fair Value	$ 1,869,787	$ 1,940,795
Percentage Based on Fair Value	24%	24%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,738,205	$ 1,884,353
Fair Value	$ 1,639,085	$ 1,768,090
Percentage Based on Fair Value	21%	22%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 983,523	$ 983,374
Fair Value	$ 943,152	$ 947,368
Percentage Based on Fair Value	12%	12%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 551,744	$ 552,016
Fair Value	$ 412,401	$ 439,938
Percentage Based on Fair Value	5%	5%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 365,061	$ 360,903
Fair Value	$ 340,608	$ 339,609
Percentage Based on Fair Value	4%	4%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 93,904	$ 94,340
Fair Value	$ 82,123	$ 82,311
Percentage Based on Fair Value	1%	1%

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, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 8,495,382	$ 8,675,567
Fair Value	$ 7,820,403	$ 8,001,703
Percentage Based on Fair Value	100%	100%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 91,795	$ 91,809
Fair Value	$ 86,715	$ 86,055
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,075,691	$ 1,077,419
Fair Value	$ 1,023,017	$ 1,024,908
Percentage Based on Fair Value	13%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,826,016	$ 1,858,101
Fair Value	$ 1,626,826	$ 1,659,281
Percentage Based on Fair Value	21%	21%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,518,574	$ 1,609,017
Fair Value	$ 1,343,155	$ 1,424,940
Percentage Based on Fair Value	17%	18%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 67,905	$ 40,486
Fair Value	$ 55,157	$ 33,225
Percentage Based on Fair Value	1%	0%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,598,087	$ 1,682,708
Fair Value	$ 1,582,076	$ 1,660,226
Percentage Based on Fair Value	20%	21%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,317,314	$ 2,316,027
Fair Value	$ 2,103,457	$ 2,113,068
Percentage Based on Fair Value	27%	26%
Weighted average LTV at origination	64.20%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	63.40%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	27.40%

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, 2023	Mar. 31, 2022
Investments [Abstract]
Interest income	$ 173,746	$ 73,812
Unrealized gain (loss)	3,040	(184,685)
Realized (loss) gain	(1,023)	2,383
Total	175,763	(108,490)
Net realized and unrealized loss on equity securities	(25,444)	83,975
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt	(5,883)	10,821
Other gain (loss)	9,035	(4,676)
Total income (loss) from investments in real estate debt	$ 153,471	$ (18,370)

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, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 7,820,403		$ 8,001,703
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,651,182		1,683,765
Income (Loss)	23,897	$ (22,627)
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	830,275		835,846
Income (Loss)	35,086	(1,139)
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,481,457		$ 2,519,611
Income (Loss)	$ 58,983	$ (23,766)

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Marketable Securities [Line Items]
Investments in real estate debt	$ 8,495,382		$ 8,675,567
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	2,000,000		$ 1,900,000
Investments, income (loss)	$ 37,800	$ (28,700)

Consolidated Securitization V_3

Consolidated Securitization Vehicles (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Transfers and Servicing [Abstract]
Real estate loans held by consolidated securitization vehicles, count | loan	292	292
Senior obligations of consolidated securitization vehicles, count | loan	22	22
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, count | loan	22,000	22,000
Real estate loans held by consolidated securitization vehicles, at principal value	$ 17,474,208	$ 17,527,441
Senior obligations of consolidated securitization vehicles, at principal value	15,514,813	15,565,671
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,959,395	1,961,770
Real estate loans held by consolidated securitization vehicles, at fair value	16,948,146	17,030,387
Senior obligations of consolidated securitization vehicles, at fair value	15,214,633	15,288,598
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,733,513	$ 1,741,789
Real estate loans held by consolidated securitization vehicles, weighted average yield	5.60%	5.10%
Senior obligations of consolidated securitization vehicles, weighted average cost	5.50%	4.90%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	7.10%	6.60%

Mortgage Notes, Secured Term _3

Mortgage Notes, Secured 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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total loans secured by real estate	$ 62,759,941,000	$ 65,631,049,000
(Discount) premium on assumed debt, net	(121,545,000)	(121,435,000)
Deferred financing costs, net	(532,521,000)	(546,911,000)
Mortgage notes, secured term loans, and secured revolving credit facilities, net	62,105,875,000	64,962,703,000
Outstanding interest rate swaps	$ 41,716,481,000	40,556,507,000
Weighted average interest rate, including derivative impact	4.30%
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 32,200,000,000
Interest Rate Caps Property Debt
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 15,300,000,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	5.80%
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 37,737,706,000	40,478,688,000
Total variable rate loans | Weighted Average | One-Month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.30%
Affordable Housing Properties Loan
Debt Instrument [Line Items]
Total loans secured by real estate	$ 357,300,000	364,500,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 34,074,275,000	34,141,570,000
Mortgage and Term Loans | Total variable rate loans | Weighted Average | One-Month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.40%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 25,022,235,000	25,152,361,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	3.70%
Secured Revolving Credit Facility | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,195,100,000
Total loans secured by real estate	$ 0	2,608,778,000
Secured Revolving Credit Facility | Total variable rate loans | Weighted Average | One-Month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate, variable	0%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,420,893,000
Total loans secured by real estate	$ 3,663,431,000	$ 3,728,340,000
Warehouse facilities | Total variable rate loans | Weighted Average | One-Month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate, variable	1.90%

Mortgage Notes, Secured Term _4

Mortgage Notes, Secured 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, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2023 (remaining)	$ 487,894
2024	3,762,761
2025	9,029,812
2026	15,988,748
2027	18,458,578
2028	3,644,150
Thereafter	11,387,998
Total	$ 62,759,941	$ 65,631,049

Mortgage Notes, Secured Term _5

Mortgage Notes, Secured Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
(Loss) gain on extinguishment of debt	$ (5,258)	$ 1,395

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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,876,746	$ 4,966,685
Total assets	140,699,816	142,687,424
Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 7,919,484	$ 8,138,317
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.30%	1.30%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,424,635	$ 4,482,728
CMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 7,265,468	$ 7,447,672
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.30%	1.30%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 219,131	$ 99,716
RMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 304,989	$ 137,084
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.20%	1.10%
Commercial real estate loans
Debt Instrument [Line Items]
Borrowings Outstanding	$ 159,477	$ 220,694
Commercial real estate loans | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 244,791	$ 294,337
Commercial real estate loans | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.90%	1.10%
Corporate bonds
Debt Instrument [Line Items]
Borrowings Outstanding	$ 73,503	$ 163,547
Corporate bonds | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 104,236	$ 259,224
Corporate bonds | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.20%	1.90%

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities and Term Loans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
SOFR
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	$ 5,600	$ 5,600
Line of credit amount outstanding	0	0
Unsecured Revolving Credit Facility | Unsercured Term Loan
Debt Instrument [Line Items]
Unsecured term loan	$ 1,100	1,100
Unsecured Revolving Credit Facility | Affiliated
Debt Instrument [Line Items]
Extension period (in years)	12 months
Line of credit, capacity	$ 75
Line of credit amount outstanding	$ 0	$ 0
Unsecured Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Interest rate	2.50%
Unsecured Revolving Credit Facility | SOFR | Unsercured Term Loan
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, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,281,375	$ 1,676,308
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Total components due to affiliates	1,190,084	1,588,178
Performance participation allocation
Related Party Transaction [Line Items]
Total components due to affiliates	0	0
Accrued management fee
Related Party Transaction [Line Items]
Total components due to affiliates	72,922	71,644
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total components due to affiliates	16,831	14,975
Other
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,538	$ 1,511

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2023 shares	Mar. 31, 2023 USD ($) investment shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	May 12, 2023 USD ($)	Jan. 01, 2023
Related Party Transaction [Line Items]
Performance participation allocation		$ 0	$ 411,569
Performance participation allocation shortfall		0		$ 74,900
Management fee		221,138	189,150
Total components due to affiliates		$ 1,281,375		1,676,308
Stock repurchased (in shares) | shares		226,504
Common stock/units repurchased		$ (3,388,903)	(1,263,606)
Amount contributed to captive towards insurance premium		(200)
Receivable from affiliates		$ 74,857		74,857
Minimum
Related Party Transaction [Line Items]
Award requisite service period (in years)		3 years
Maximum
Related Party Transaction [Line Items]
Award requisite service period (in years)		4 years
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent					$ 1,900,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent					$ 1,400,000
Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates		$ 72,922		71,644
Advanced Expenses
Related Party Transaction [Line Items]
Total components due to affiliates		$ 1,500		1,500
Class I
Related Party Transaction [Line Items]
Stock repurchased (in shares) | shares		178,729
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%
Related party allocation percentage of annual total return		12.50%
Percentage of management fee on NAV per annum		12.50%
Interest accrued on quarterly shortfall						5%
Accrued interest related to Quarterly Shortall		$ 1,000
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		$ 221,100	$ 189,200
Adviser | Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates		$ 72,900		71,600
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares		10,000	8,400
Adviser | Class I | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	5,000
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments		$ 1,200
Number of investments with capitalized costs | investment		19
LivCor, LLC
Related Party Transaction [Line Items]
Receivable from affiliates		$ 8,300		$ 6,000
Affiliated | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction		$ 3,705	$ 4,952

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - Affiliated - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 78,085	$ 44,134
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	3,705	4,952
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	2,971	2,728
Link Industrial Properties LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	30,950	19,133
Link Industrial Properties LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	1,629	2,344
Link Industrial Properties LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	280	1,032
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	25,951	13,978
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	1,798	2,218
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	2,325	1,691
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	5,732	4,832
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	37	0
Revantage Corporate Services, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	5
BRE Hotels and Resorts LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	4,245	3,484
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	87	191
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	8,843	1,857
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	94	125
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	337	0
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	568	0
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	14	0
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0
Equity Office Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	1,323	422
Equity Office Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	46	74
Equity Office Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	29	0
Longview Senior Housing Advisors, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	473	428
Longview Senior Housing Advisors, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0
Longview Senior Housing Advisors, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	$ 0	$ 0

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(2,999)
Value of Awards Issued	37,138
Amortization of Compensation Cost	(6,405)
Unrecognized Compensation Cost, ending balance	75,784
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,161
Forfeiture of unvested awards	(1,390)
Value of Awards Issued	0
Amortization of Compensation Cost	(2,114)
Unrecognized Compensation Cost, ending balance	$ 19,657
Remaining Amortization Period	1 year 9 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 24,889
Forfeiture of unvested awards	(1,609)
Value of Awards Issued	0
Amortization of Compensation Cost	(1,970)
Unrecognized Compensation Cost, ending balance	$ 21,310
Remaining Amortization Period	2 years 6 months
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	37,138
Amortization of Compensation Cost	(2,321)
Unrecognized Compensation Cost, ending balance	$ 34,817
Remaining Amortization Period	3 years 9 months 18 days

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Interest rate and foreign currency hedging derivatives	$ 2,249,220	$ 3,033,595
Real estate intangibles, net	1,475,607	1,624,212
Receivables, net	792,282	821,309
Straight-line rent receivable	528,850	454,989
Equity securities	526,759	530,119
Held-for-sale assets	392,263	380,267
Single family rental homes risk retention securities	300,718	300,718
Prepaid expenses	132,748	146,568
Deferred leasing costs, net	131,234	121,230
Deferred financing costs, net	105,083	103,049
Receivable from affiliates	74,857	74,857
Other	274,958	291,035
Total	$ 6,984,579	$ 7,881,948

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Stock repurchases payable	$ 694,720	$ 151,959
Right of use lease liability - operating leases	641,907	638,830
Accounts payable and accrued expenses	451,544	470,335
Accrued interest expense	413,238	395,459
Intangible liabilities, net	312,183	330,432
Real estate taxes payable	291,766	350,757
Distribution payable	248,826	238,297
Tenant security deposits	238,302	237,891
Held-for-sale liabilities	218,365	275,052
Prepaid rental income	176,665	188,450
Subscriptions received in advance	137,687	208,632
Securitized debt obligations, net	79,494	123,628
Right of use lease liability - financing leases	77,326	77,008
Interest rate and foreign currency hedging derivatives	50,162	50,557
Other	217,815	174,746
Other liabilities	$ 4,250,000	$ 3,912,033
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

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible assets
Indefinite life intangibles	$ 193,182	$ 193,182
Total intangible assets	2,629,392	2,658,852
Accumulated amortization
Total accumulated amortization	(1,153,785)	(1,034,640)
Intangible assets, net	1,475,607	1,624,212
Intangible liabilities
Below-market lease intangibles	473,732	476,186
Total intangible liabilities	473,732	476,186
Accumulated amortization
Below-market lease amortization	(161,549)	(145,754)
Total accumulated amortization	(161,549)	(145,754)
Intangible liabilities, net	312,183	330,432
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,997,119	2,022,087
Accumulated amortization
Total accumulated amortization	(1,075,639)	(971,988)
Intangible assets, net	921,480
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	67,223	71,952
Accumulated amortization
Total accumulated amortization	(30,077)	(31,419)
Intangible assets, net	37,146
Other intangibles
Intangible assets
Finite-lived intangible assets	371,868	371,631
Accumulated amortization
Total accumulated amortization	(48,069)	$ (31,233)
Intangible assets, net	$ 323,799

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lease Intangibles
Intangible assets, net	$ 1,475,607	$ 1,624,212
Below-market Lease Intangibles
2023 (remaining)	(53,868)
2024	(58,558)
2025	(48,287)
2026	(37,820)
2027	(26,694)
2028	(20,144)
Thereafter	(66,812)
Total	312,183
In-place Lease Intangibles
Lease Intangibles
2023 (remaining)	260,218
2024	170,342
2025	129,185
2026	98,061
2027	69,856
2028	54,259
Thereafter	139,559
Intangible assets, net	921,480
Above-market Lease Intangibles
Lease Intangibles
2023 (remaining)	6,841
2024	7,773
2025	6,463
2026	4,934
2027	3,455
2028	2,495
Thereafter	5,185
Intangible assets, net	37,146
Other intangibles
Lease Intangibles
2023 (remaining)	29,634
2024	36,079
2025	33,500
2026	32,203
2027	29,990
2028	28,740
Thereafter	133,653
Intangible assets, net	$ 323,799

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative	Mar. 31, 2023 EUR (€) derivative	Mar. 31, 2023 GBP (£) derivative	Dec. 31, 2022 EUR (€) derivative	Dec. 31, 2022 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 41,716,481	$ 40,556,507
Interest Rate Caps Property Debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 15,300,000
Designated as Hedging Instrument | Interest Rate Swaps Property Debt
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	20	20	20	20	20	20
Notional Amount | $	$ 7,227,214	$ 7,417,852
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	5 years 10 months 24 days	6 years 1 month 6 days
Non-designated Hedges | Interest Rate Swaps Property Debt
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	50	50	50	50	50	50
Notional Amount | $	$ 25,015,600	$ 25,015,600
Weighted Average Strike	2%	2%	2%	2%	2%	2%
Weighted Average Maturity (Years)	7 years	7 years 3 months 18 days
Non-designated Hedges | Interest Rate Caps Property Debt
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	140	135	140	140	135	135
Notional Amount | $	$ 15,332,921	$ 14,147,947
Weighted Average Strike	4.40%	4.10%	4.40%	4.40%	4.10%	4.10%
Weighted Average Maturity (Years)	9 months 18 days	9 months 18 days
Non-designated Hedges | Interest Rate Swaps Investments In Real Estate Debt
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	60	61	60	60	61	61
Notional Amount | $	$ 1,367,960	$ 1,392,960
Weighted Average Strike	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%
Weighted Average Maturity (Years)	3 years 10 months 24 days	4 years 1 month 6 days
Non-designated Hedges | Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 150,449		€ 160,206
Number of Instruments | derivative	9	14	9	9	14	14
Non-designated Hedges | Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 53,519		£ 132,563
Number of Instruments | derivative	9	12	9	9	12	12

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 2,249,220	$ 3,033,595
Fair Value of Derivatives in a Liability Position	50,162	50,557
Interest rate cap	190,000	237,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	251,278	409,260
Fair Value of Derivatives in a Liability Position	0	0
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,997,942	2,624,335
Fair Value of Derivatives in a Liability Position	50,162	50,557
Interest Rate Swaps Property Debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	251,278	409,260
Fair Value of Derivatives in a Liability Position	0	0
Interest Rate Swaps Property Debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,742,461	2,310,511
Fair Value of Derivatives in a Liability Position	17,153	0
Interest Rate Caps Property Debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	147,167	183,392
Fair Value of Derivatives in a Liability Position	28,392	36,173
Interest Rate Swaps Investments In Real Estate Debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	108,264	130,181
Fair Value of Derivatives in a Liability Position	0	0
Foreign currency forward contracts | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	50	251
Fair Value of Derivatives in a Liability Position	$ 4,617	$ 14,384

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, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Realized/unrealized gain (loss)	$ (645,694)	$ 765,298
Unrealized loss on derivatives	(151,255)	0
Total	(796,949)	765,298
Gain reclassified to earnings	32,800
Interest Rate Swaps Property Debt
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain	(557,680)	635,984
Unrealized loss on derivatives	(151,255)	0
Interest Rate Caps Property Debt
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate caps - property debt, unrealized gain	(62,570)	45,339
Income From Investments In Real Estate Debt
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain	(21,911)	59,709
Interest rate swap - investments in real estate debt, realized loss	2,035	0
Foreign Currency Forward Contract
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract, realized gain (loss)	(15,134)	21,344
Foreign currency forward contract, unrealized gain	$ 9,566	$ 2,922

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative counterparties | counterparty	2	2
Fair value of assets that posted collateral | $	$ 39.1	$ 47.6

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)	100,000,000
Total, shares authorized (in shares)	10,600,000,000
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
Class C
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Details)	3 Months Ended
	Mar. 31, 2023 shares
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	4,486,178,000
Common stock issued (transferred)	365,164,000
Distribution reinvestment (in shares)	23,367,000
Common stock repurchased (in shares)	(226,504,000)
Ending balance (in shares)	4,648,205,000
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,597,414,000
Common stock issued (transferred)	11,300,000
Distribution reinvestment (in shares)	7,878,000
Common stock repurchased (in shares)	(34,156,000)
Ending balance (in shares)	1,582,436,000
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,394,737,000
Common stock issued (transferred)	598,503,000
Distribution reinvestment (in shares)	12,843,000
Common stock repurchased (in shares)	(178,729,000)
Ending balance (in shares)	2,827,354,000
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	72,599,000
Common stock issued (transferred)	(652,000)
Distribution reinvestment (in shares)	422,000
Common stock repurchased (in shares)	(1,831,000)
Ending balance (in shares)	70,538,000
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	421,428,000
Common stock issued (transferred)	(245,069,000)
Distribution reinvestment (in shares)	2,221,000
Common stock repurchased (in shares)	(11,788,000)
Ending balance (in shares)	166,792,000
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	0
Common stock issued (transferred)	1,082,000
Distribution reinvestment (in shares)	3,000
Common stock repurchased (in shares)	0
Ending balance (in shares)	1,085,000

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions			1 Months Ended			3 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2028	Dec. 31, 2022
Equity [Line Items]
Common stock repurchased, value						$ 3,388,903	$ 1,263,606
Non-controlling interests attributable to third party joint ventures			$ 4,209,810			4,209,810			$ 4,278,895
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest						(28,971)	$ (35,702)
UC Investments
Equity [Line Items]
Payments to acquire strategic venture	$ 125,000	$ 1,000,000
Total annualized return		11.25%
Cash payment received on investment returns		5%
UC Investments | Forecast
Equity [Line Items]
Option to repurchase, period								2 years
Minimum average hold								6 years
Class I | UC Investments | Private Placement
Equity [Line Items]
Strategic venture, shares purchased (in shares)	33.9	268.9
Strategic venture, shares purchased, value	$ 500,000	$ 4,000,000
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures			$ 236,500			$ 236,500			$ 209,300
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent						2%
Quarterly maximum percent						5%
Common stock repurchased during period (in shares)						226.5
BREIT OP units repurchased (in units)						3.1
Common stock repurchased, value						$ 3,400,000
Requests fulfilled, percent of NAV			1%	2%	2%
Requests fulfilled percent			15%	35%	25%

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, 2023	Mar. 31, 2022
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1663	$ 0.1662
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1663
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0310)
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)	0.1663
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)	0.1663
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1663
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0305)
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)	0.1663
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)	0.1574
Class C
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0
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

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, 2023	Mar. 31, 2022
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	$ 553,423
GAAP income allocation	(436)	$ 1,195
Ending balance	236,874
Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	(65,313)	(128,205)
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	344,145	589,900
Repurchases	0	(26,639)
GAAP income allocation	2,212	(1)
Distributions	(1,300)	(4)
Fair value allocation	(404)	18
Ending balance	350	352
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	(278,990)	(434,717)
Special Limited Partner | Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	$ (65,313)	$ (128,205)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed lease payments	$ 1,867,526	$ 1,212,538
Variable lease payments	$ 120,539	$ 91,182
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues
Rental revenue	$ 1,988,065	$ 1,303,720

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Lessor, Operating Lease, Payments to be Received
2023 (remaining)	$ 1,358,634
2024	1,735,852
2025	1,601,300
2026	1,452,965
2027	1,249,556
2028	1,047,625
Thereafter	15,847,751
Total	$ 24,293,683

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2023 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	98
Number of ground leases under finance lease	3
Operating lease, weighted average remaining lease term (in years)	61 years
Finance lease, weighted average remaining lease term (in years)	78 years
Operating ground lease containing variable components	3
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	5%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	7%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (remaining)	$ 28,493
2024	37,073
2025	37,690
2026	37,855
2027	38,253
2028	38,605
Thereafter	2,574,814
Total undiscounted future lease payments	2,792,783
Difference between undiscounted cash flows and discounted cash flows	(2,150,876)
Total lease liability	641,907	$ 638,830
Financing Leases
2023 (remaining)	3,126
2024	4,266
2025	4,385
2026	4,507
2027	4,633
2028	4,763
Thereafter	559,379
Total undiscounted future lease payments	585,059
Difference between undiscounted cash flows and discounted cash flows	(507,733)
Total lease liability	$ 77,326	$ 77,008

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, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed ground rent expense	$ 4,028	$ 2,269
Variable ground rent expense	5,994	5
Total cash portion of ground rent expense	10,022	2,274
Straight-line ground rent expense	5,403	2,853
Total operating lease costs	$ 15,425	$ 5,127

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, 2023	Mar. 31, 2022
Leases [Abstract]
Interest on lease liabilities	$ 1,024	$ 996
Amortization of right-of-use assets	319	324
Total financing lease costs	$ 1,343	$ 1,320

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 segment
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, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 140,699,816	$ 142,687,424
Rental Housing
Segment Reporting Information [Line Items]
Total assets	67,376,578	68,464,413
Industrial
Segment Reporting Information [Line Items]
Total assets	21,577,742	21,624,736
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,177,295	9,011,326
Hospitality
Segment Reporting Information [Line Items]
Total assets	3,728,551	3,768,473
Office
Segment Reporting Information [Line Items]
Total assets	3,249,468	3,293,163
Data Centers
Segment Reporting Information [Line Items]
Total assets	3,262,678	3,203,585
Retail
Segment Reporting Information [Line Items]
Total assets	2,691,102	2,722,839
Self Storage
Segment Reporting Information [Line Items]
Total assets	2,232,879	2,247,351
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	25,017,445	25,363,546
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 3,386,078	$ 2,987,992

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 2,287,940	$ 1,519,065
Expenses:
Total expenses	1,026,012	670,450
Income from unconsolidated entities	444,658	184,225
Income (loss) from investments in real estate debt	153,471	(18,370)
Change in net assets of consolidated securitization vehicles	29,254	(15,674)
Loss from investments in equity securities	10	(101,161)
Segment net operating income (loss)	1,889,321	897,635
Depreciation and amortization	(999,385)	(915,051)
General and administrative	(17,176)	(13,106)
Management fee	(221,138)	(189,150)
Performance participation allocation	0	(411,569)
Impairment of investments in real estate	12,499	0
(Loss) income from interest rate derivatives	(620,250)	675,790
Net gain on dispositions of real estate	121,003	205,262
Interest expense	(800,009)	(346,259)
(Loss) gain on extinguishment of debt	(5,258)	1,395
Other expense	(27,070)	(1,526)
Net loss	(692,461)	(96,579)
Net loss attributable to non-controlling interests in third party joint ventures	74,358	44,255
Net loss attributable to non-controlling interests in BREIT OP unit holders	17,048	656
Net loss attributable to BREIT stockholders	(601,055)	(51,668)
Net realized and unrealized gain (loss) on equity securities	(3,700)	(125,400)
Rental Housing
Revenues:
Total revenues	1,395,830	833,887
Expenses:
Total expenses	707,804	419,550
Income from unconsolidated entities	(12,500)	(28,800)
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	10	(75,501)
Segment net operating income (loss)	675,536	310,036
Depreciation and amortization	(635,341)	(572,968)
Industrial
Revenues:
Total revenues	356,706	346,903
Expenses:
Total expenses	117,061	110,528
Income from unconsolidated entities	88,295	224,720
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	(7,496)
Segment net operating income (loss)	327,940	453,599
Depreciation and amortization	(191,276)	(208,366)
Net Lease
Revenues:
Total revenues	150,384	82,795
Expenses:
Total expenses	470	297
Income from unconsolidated entities	432,528	25,273
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	(3,694)
Segment net operating income (loss)	582,442	104,077
Depreciation and amortization	(51,878)	(28,637)
Data Centers
Revenues:
Total revenues	12,727	8,181
Expenses:
Total expenses	2,214	1,272
Income from unconsolidated entities	(40,117)	(38,469)
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	(29,604)	(31,560)
Depreciation and amortization	(5,553)	(3,557)
Hospitality
Revenues:
Total revenues	204,383	149,903
Expenses:
Total expenses	133,823	103,463
Income from unconsolidated entities	(2,388)	0
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	68,172	46,440
Depreciation and amortization	(32,848)	(27,076)
Self Storage
Revenues:
Total revenues	56,162	48,345
Expenses:
Total expenses	25,471	21,030
Income from unconsolidated entities	0	0
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	30,691	27,315
Depreciation and amortization	(18,550)	(31,332)
Retail
Revenues:
Total revenues	61,583	31,881
Expenses:
Total expenses	25,330	9,919
Income from unconsolidated entities	(1,230)	(189)
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
Segment net operating income (loss)	35,023	21,773
Depreciation and amortization	(39,006)	(35,281)
Office
Revenues:
Total revenues	50,165	17,170
Expenses:
Total expenses	13,839	4,391
Income from unconsolidated entities	(19,930)	1,690
Income (loss) from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	(14,470)
Segment net operating income (loss)	16,396	(1)
Depreciation and amortization	(24,933)	(7,834)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Income from unconsolidated entities	0	0
Income (loss) from investments in real estate debt	153,471	(18,370)
Loss from investments in equity securities	0	0
Segment net operating income (loss)	182,725	(34,044)
Depreciation and amortization	0	0
Rental revenue
Revenues:
Total revenues	1,988,065	1,303,720
Expenses:
Total expenses	892,189	566,987
Rental revenue | Rental Housing
Revenues:
Total revenues	1,311,977	779,236
Expenses:
Total expenses	707,804	419,550
Rental revenue | Industrial
Revenues:
Total revenues	349,593	340,768
Expenses:
Total expenses	117,061	110,528
Rental revenue | Net Lease
Revenues:
Total revenues	150,384	82,795
Expenses:
Total expenses	470	297
Rental revenue | Data Centers
Revenues:
Total revenues	12,727	8,181
Expenses:
Total expenses	2,214	1,272
Rental revenue | Hospitality
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Rental revenue | Self Storage
Revenues:
Total revenues	54,674	45,207
Expenses:
Total expenses	25,471	21,030
Rental revenue | Retail
Revenues:
Total revenues	60,422	31,374
Expenses:
Total expenses	25,330	9,919
Rental revenue | Office
Revenues:
Total revenues	48,288	16,159
Expenses:
Total expenses	13,839	4,391
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality
Revenues:
Total revenues	201,221	147,245
Expenses:
Total expenses	133,823	103,463
Hospitality | Rental Housing
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	201,221	147,245
Expenses:
Total expenses	133,823	103,463
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	98,654	68,100
Other revenue | Rental Housing
Revenues:
Total revenues	83,853	54,651
Other revenue | Industrial
Revenues:
Total revenues	7,113	6,135
Other revenue | Net Lease
Revenues:
Total revenues	0	0
Other revenue | Data Centers
Revenues:
Total revenues	0	0
Other revenue | Hospitality
Revenues:
Total revenues	3,162	2,658
Other revenue | Self Storage
Revenues:
Total revenues	1,488	3,138
Other revenue | Retail
Revenues:
Total revenues	1,161	507
Other revenue | Office
Revenues:
Total revenues	1,877	1,011
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0	$ 0