Blackstone Real Estate Income Trust (BSTT) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,549,455,576
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,592,886,614
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		65,689,377
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		162,079,325
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,035,492
Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Investments in real estate, net	$ 94,964,245	$ 98,149,492
Investments in unconsolidated entities (includes $4,564,515 and $4,947,251 at fair value as of June 30, 2023 and December 31, 2022, respectively)	8,123,293	9,369,402
Investments in real estate debt	7,574,239	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,968,906	17,030,387
Cash and cash equivalents	1,866,185	1,281,292
Restricted cash	789,952	973,200
Other assets	7,759,804	7,881,948
Total assets	138,046,624	142,687,424
Liabilities and Equity
Mortgage notes, secured term loans, and secured revolving credit facilities, net	61,627,431	64,962,703
Secured financings of investments in real estate debt	4,741,658	4,966,685
Senior obligations of consolidated securitization vehicles, at fair value	15,293,379	15,288,598
Unsecured revolving credit facilities and term loans	1,126,923	1,126,923
Total liabilities	88,382,610	91,933,250
Commitments and contingencies	0	0
Redeemable non-controlling interests	227,722	553,423
Equity
Additional paid-in capital	53,737,893	53,212,494
Accumulated other comprehensive income	429,613	393,928
Accumulated deficit and cumulative distributions	(10,461,657)	(9,196,019)
Total stockholders’ equity	43,750,766	44,455,264
Non-controlling interests attributable to third party joint ventures	4,167,173	4,278,895
Non-controlling interests attributable to BREIT OP unitholders	1,518,353	1,466,592
Total equity	49,436,292	50,200,751
Total liabilities and equity	138,046,624	142,687,424
Related Party
Liabilities and Equity
Other liabilities	1,182,918	1,676,308
Nonrelated Party
Liabilities and Equity
Other liabilities	4,410,301	3,912,033
Class S
Equity
Common stock value	15,577	15,974
Class I
Equity
Common stock value	27,017	23,947
Class T
Equity
Common stock value	665	726
Class D
Equity
Common stock value	1,638	4,214
Class C
Equity
Common stock value	$ 20	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments in unconsolidated entities	$ 4,564,515	$ 4,947,251
Common stock, shares outstanding (in shares)	4,491,656,000	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)	1,557,725,000	1,597,414,000
Common stock, shares outstanding (in shares)	1,557,725,000	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)	2,701,636,000	2,394,737,000
Common stock, shares outstanding (in shares)	2,701,636,000	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)	66,486,000	72,599,000
Common stock, shares outstanding (in shares)	66,486,000	72,599,000
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	163,774,000	421,428,000
Common stock, shares outstanding (in shares)	163,774,000	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)	2,035,000	0
Common stock, shares outstanding (in shares)	2,035,000	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 2,273,055	$ 1,723,001	$ 4,560,995	$ 3,242,066
Expenses
Operating expenses	1,044,599	785,411	2,070,611	1,455,861
General and administrative	17,122	11,753	34,298	24,859
Management fee	213,365	212,628	434,503	401,778
Performance participation allocation	0	211,597	0	623,166
Impairment of investments in real estate	105,216	0	117,715	0
Depreciation and amortization	987,636	958,349	1,987,021	1,873,400
Total expenses	2,367,938	2,179,738	4,644,148	4,379,064
Other income (expense)
Income (loss) from unconsolidated entities	89,966	(59,714)	534,624	124,511
Income (loss) from investments in real estate debt	251,278	(141,381)	404,749	(159,750)
Change in net assets of consolidated securitization vehicles	62,685	(43,934)	91,939	(59,609)
Income (loss) from interest rate derivatives	536,236	632,846	(84,014)	1,308,636
Net gain on dispositions of real estate	668,824	217,152	789,827	422,414
Interest expense	(813,391)	(434,529)	(1,613,400)	(780,788)
Loss on extinguishment of debt	(3,283)	(8,794)	(8,541)	(7,399)
Other income (expense)	11,518	(322,817)	(15,542)	(425,504)
Total other income (expense)	803,833	(161,171)	99,642	422,511
Net income (loss)	708,950	(617,908)	16,489	(714,487)
Net loss attributable to non-controlling interests in third party joint ventures	69,255	37,284	143,613	81,539
Net (income) loss attributable to non-controlling interests in BREIT OP unit holders	(23,271)	11,614	(6,223)	12,270
Net income (loss) attributable to BREIT stockholders	$ 754,934	$ (569,010)	$ 153,879	$ (620,678)
Net (loss) income per share of common stock — basic (in dollars per share)	$ 0.17	$ (0.13)	$ 0.03	$ (0.15)
Net (loss) income per share of common stock — diluted (in dollars per share)	$ 0.17	$ (0.13)	$ 0.03	$ (0.15)
Weighted-average shares of common stock outstanding, basic (in shares)	4,529,016	4,383,507	4,595,291	4,193,353
Weighted-average shares of common stock outstanding, diluted (in shares)	4,529,016	4,383,507	4,595,291	4,193,353
Rental revenue
Revenues
Total revenues	$ 1,944,641	$ 1,449,093	$ 3,932,706	$ 2,752,813
Expenses
Operating expenses	897,010	649,599	1,789,199	1,216,586
Hospitality
Revenues
Total revenues	217,744	197,652	418,965	344,897
Expenses
Operating expenses	147,589	135,812	281,412	239,275
Other revenue
Revenues
Total revenues	$ 110,670	$ 76,256	$ 209,324	$ 144,356

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ 708,950	$ (617,908)	$ 16,489	$ (714,487)
Other comprehensive income (loss):
Foreign currency translation gains (losses), net	15,123	(34,417)	25,588	(41,009)
Unrealized gain on derivatives	172,012	0	20,757	0
Unrealized gain (loss) on derivatives from unconsolidated entities	55,020	42,882	(2,211)	26,882
Other comprehensive income (loss)	242,155	8,465	44,134	(14,127)
Comprehensive income (loss)	951,105	(609,443)	60,623	(728,614)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	30,734	37,284	136,955	81,539
Comprehensive (income) loss attributable to non-controlling interests in BREIT OP unit holders	(28,943)	11,614	(8,014)	12,270
Comprehensive income (loss) attributable to BREIT stockholders	$ 952,896	$ (560,545)	$ 189,564	$ (634,805)

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 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)	14,327,089	14,327,089	2,974	5,620	154	991		14,317,350
Offering costs	(506,758)	(506,758)						(506,758)
Distribution reinvestment	655,415	655,415	154	245	8	39		654,969
Common stock/units repurchased	(4,146,056)	(4,128,340)	(233)	(2,504)	(13)	(47)		(4,125,543)			(17,716)
Amortization of compensation awards	19,685	9,600		96				9,504			10,085
Net income (loss)	(709,965)	(620,678)								(620,678)	(16,354)	(72,933)
Other comprehensive income (loss)	(14,127)	(14,127)							(14,127)
Distributions declared on common stock	(1,296,768)	(1,296,768)								(1,296,768)
Contributions from non-controlling interests	1,027,665										802,463	225,202
Distributions to and redemptions of non-controlling interests	(98,138)	67,748						67,748			(34,349)	(131,537)
Allocation to redeemable non-controlling interests	(46,343)	(46,343)						(46,343)
Ending Balance at Jun. 30, 2022	48,241,625	45,092,241	15,438	24,322	722	3,894		52,620,021	(23,696)	(7,548,460)	1,384,396	1,764,988
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	6,320,813	6,320,813	1,275	2,342	76	512		6,316,608
Offering costs	(221,460)	(221,460)						(221,460)
Distribution reinvestment	348,115	348,115	80	129	4	21		347,881
Common stock/units repurchased	(2,882,451)	(2,872,907)	(181)	(1,698)	(9)	(38)		(2,870,981)			(9,544)
Amortization of compensation awards	10,717	5,583		56				5,527			5,134
Net income (loss)	(614,582)	(569,010)								(569,010)	(12,586)	(32,986)
Other comprehensive income (loss)	8,465	8,465							8,465
Distributions declared on common stock	(679,291)	(679,291)								(679,291)
Contributions from non-controlling interests	506,669										282,302	224,367
Distributions to and redemptions of non-controlling interests	(54,808)	71,777						71,777			(19,685)	(106,900)
Allocation to redeemable non-controlling interests	(10,640)	(10,640)						(10,640)
Ending Balance at Jun. 30, 2022	48,241,625	45,092,241	15,438	24,322	722	3,894		52,620,021	(23,696)	(7,548,460)	1,384,396	1,764,988
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
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
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)	6,105,780	6,105,780	202	6,193	(29)	(2,415)	20	6,101,809
Reduction in accrual for offering costs, net	370,193	370,193						370,193
Distribution reinvestment	675,465	675,465	156	266	8	30		675,005
Common stock/units repurchased	(6,828,085)	(6,615,652)	(755)	(3,526)	(40)	(191)		(6,611,140)			(212,433)
Amortization of compensation awards	18,638	13,716		137				13,579			4,922
Net income (loss)	17,252	153,879								153,879	4,529	(141,156)
Other comprehensive loss	43,831	35,685							35,685		1,566	6,580
Other comprehensive income (loss)	44,134
Distributions declared on common stock	(1,419,517)	(1,419,517)								(1,419,517)
Contributions from non-controlling interests	426,188										297,336	128,852
Distributions to and redemptions of non-controlling interests	(152,572)	(2,415)						(2,415)			(44,159)	(105,998)
Allocation to redeemable non-controlling interests	(21,632)	(21,632)						(21,632)
Ending Balance at Jun. 30, 2023	49,436,292	43,750,766	15,577	27,017	665	1,638	20	53,737,893	429,613	(10,461,657)	1,518,353	4,167,173
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	667,568	667,568	89	280	(22)	35	9	667,177
Reduction in accrual for offering costs, net	33,780	33,780						33,780
Distribution reinvestment	330,815	330,815	77	138	4	8		330,588
Common stock/units repurchased	(3,439,182)	(3,272,733)	(413)	(1,739)	(22)	(73)		(3,270,486)			(166,449)
Amortization of compensation awards	9,226	6,418		64				6,354			2,808
Net income (loss)	710,149	754,934								754,934	23,275	(68,060)
Other comprehensive loss	242,087	197,962							197,962		5,672	38,453
Other comprehensive income (loss)	242,155
Distributions declared on common stock	(700,072)	(700,072)								(700,072)
Contributions from non-controlling interests	48,907										9,987	38,920
Distributions to and redemptions of non-controlling interests	(81,715)	(7,949)						(7,949)			(21,816)	(51,950)
Allocation to redeemable non-controlling interests	7,339	7,339						7,339
Ending Balance at Jun. 30, 2023	$ 49,436,292	$ 43,750,766	$ 15,577	$ 27,017	$ 665	$ 1,638	$ 20	$ 53,737,893	$ 429,613	$ (10,461,657)	$ 1,518,353	$ 4,167,173

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ (1,199)	$ (763)
Other comprehensive loss allocated to redeemable non-controlling interests	$ 68	$ 303
Distributions declared on common stock (in dollars per share)	$ 0.1664	$ 0.3327

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 16,489	$ (714,487)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	434,503	401,778
Performance participation allocation	0	623,166
Impairment of investments in real estate	117,715	0
Depreciation and amortization	1,987,021	1,873,400
Net gain on dispositions of real estate	(789,827)	(422,414)
Loss on extinguishment of debt	8,541	7,399
Unrealized loss (gain) on fair value of financial instruments	23,711	(11,723)
Realized gain on sale of real estate-related equity securities	0	(345,615)
Income from unconsolidated entities	(534,624)	(124,511)
Distributions of earnings from unconsolidated entities	157,088	116,584
Other items	140,298	(35,826)
Change in assets and liabilities:
Increase in other assets	(73,289)	(203,382)
(Decrease) increase in due to affiliates	(2,464)	6,102
Increase in other liabilities	20,888	179,825
Net cash provided by operating activities	1,506,050	1,350,296
Cash flows from investing activities:
Acquisitions of real estate	(36,667)	(16,170,481)
Capital improvements to real estate	(698,398)	(437,775)
Proceeds from disposition of real estate	2,872,916	1,236,089
Refunds of pre-acquisition costs/deposits	13,230	41,376
Investment in unconsolidated entities	(270,045)	(2,835,351)
Dispositions of and return of capital from unconsolidated entities	1,811,738	18,056
Proceeds from consolidation of previously unconsolidated entities	20,863	0
Purchase of investments in real estate debt	(122,827)	(4,235,040)
Proceeds from sale/repayment of investments in real estate debt	607,718	1,617,660
Purchase of real estate-related equity securities	(376)	(1,195,329)
Proceeds from sale of real estate-related equity securities	0	3,163,322
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	113,417	1,053,400
(Payments on) proceeds from settlement of derivative contracts	(4,473)	73,309
Collateral released (posted) under derivative contracts	10,295	(16,111)
Net cash provided by (used in) investing activities	4,317,391	(17,686,875)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,394,423	12,064,697
Offering costs paid	(118,884)	(144,572)
Subscriptions received in advance	107,215	1,006,346
Repurchase of common stock	(6,139,742)	(2,942,412)
Borrowings under mortgage notes, secured term loans, and secured revolving credit facilities	2,369,075	15,726,691
Repayments of mortgage notes, secured term loans, and secured revolving credit facilities	(5,688,534)	(7,723,172)
Borrowings under secured financings of investments in real estate debt	176,678	1,785,858
Repayments of secured financings of investments in real estate debt	(410,331)	(1,056,483)
Payment of deferred financing costs	(44,350)	(179,503)
Contributions from redeemable non-controlling interest	173	0
Distributions to and redemption of redeemable non-controlling interest	(2,637)	(26,639)
Redemption of affiliate service provider incentive compensation awards	(141)	0
Contributions from non-controlling interests	19,220	412,822
Distributions to and redemptions of non-controlling interests	(312,637)	(118,759)
Distributions	(743,629)	(599,378)
Sales of senior obligations of consolidated securitization vehicles	77,528	66,656
Repayments of senior obligations of consolidated securitization vehicles	(105,193)	(993,622)
Net cash (used in) provided by financing activities	(5,421,766)	17,278,530
Net change in cash and cash equivalents and restricted cash	401,675	941,951
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	(30)	(6,395)
Cash, cash equivalents and restricted cash, end of year	2,656,137	4,354,137
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	1,866,185	2,294,725
Restricted cash	789,952	2,059,412
Total cash, cash equivalents and restricted cash	2,656,137	4,354,137
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	0	3,698,779
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	1,295	76,162
Issuance of BREIT OP units as consideration for acquisitions of real estate and purchases of non-controlling interests	0	203,700
Accrued pre-acquisition costs	0	15
Accrued capital expenditures and acquisition related costs	2,287	25,408
Accrued distributions	574	45,808
Change in accrued stockholder servicing fee due to affiliate	(490,124)	367,248
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	237,924
Issuance of class I shares for payment of management fee	435,305	386,477
Allocation to redeemable non-controlling interest	21,632	46,343
Distribution reinvestment	675,465	655,415
Accrued common stock repurchases	654,248	1,290,632
Receivable for unsettled investments in real estate debt	4,311	87,313
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	6,707	71,777
Consolidation of securitization vehicles	0	2,348,079
Increases (Decreases) in assets and liabilities resulting from consolidation of previously unconsolidated entities:
Investments in real estate, net	335,092	0
Other assets	(9,031)	0
Mortgage notes, net	(126,208)	0
Other liabilities	(22,444)	0
Non-controlling interests attributable to third party joint ventures	(109,568)	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	6 Months Ended
	Jun. 30, 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 June 30, 2023, the Company had received aggregate net proceeds of $72.8 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 its Class S, I, T and D 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 June 30, 2023, the Company owned 5,065 properties and 28,594 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	6 Months Ended
	Jun. 30, 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 $18.8 million and $58.6 million for the three and six months ended June 30, 2022, respectively, 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 $0.6 billion and $1.3 billion for the three and six months ended June 30, 2022, respectively, 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. 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 also reported within non-controlling interests. 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. The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP. As of June 30, 2023, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $51.0 billion and $37.3 billion, respectively, compared to $52.1 billion and $37.8 billion, respectively, as of December 31, 2022. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. 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 June 30, 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 generally engages third party service providers to perform valuations for such investments. The service provider will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value 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). In determining the fair value of its preferred equity security, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate (Level 2 inputs). To determine the fair value of an investment in a private real estate company, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics (Level 3 inputs). As of both June 30, 2023 and December 31, 2022, the Company’s 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 Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2023, the Company recognized $27.1 million and $23.4 million of net unrealized gains, respectively, on its investments in equity securities. During the three and six months ended June 30, 2022, the Company recognized $327.4 million and $452.5 million, respectively, of net unrealized/realized losses 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 utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value. 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 and consist of foreign currency and interest rate contracts. The fair values of the Company's foreign currency and interest rate contracts were estimated using 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): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 6,150,448 $ 1,423,791 $ 7,574,239 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,968,906 — 16,968,906 — 17,030,387 — 17,030,387 Equity securities (1) 60,157 268,999 224,408 553,564 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — — 4,564,515 4,564,515 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 2,895,335 — 2,895,335 — 3,033,595 — 3,033,595 Total $ 60,157 $ 26,283,688 $ 6,212,714 $ 32,556,559 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 15,293,379 $ — $ 15,293,379 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 32,817 — 32,817 — 50,557 — 50,557 Total $ — $ 15,326,196 $ — $ 15,326,196 $ — $ 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 34,758 — 18,987 53,745 Sales and repayments (180,240) — (546,960) (727,200) Distributions received — — (26,733) (26,733) Included in net income Income from unconsolidated entities measured at fair value — — 171,970 171,970 Realized income included in income from investments in real estate debt 1,242 — — 1,242 Unrealized gain included in income from investments in real estate debt 26,848 — — 26,848 Balance as of June 30, 2023 $ 1,423,791 $ 224,408 $ 4,564,515 $ 6,212,714 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,423,791 Yield Method Market Yield 10.4% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 18.5x Increase Investments in unconsolidated entities $ 3,869,169 Discounted cash flow Discount Rate 6.9% Decrease Exit Capitalization Rate 5.1% Decrease Weighted Average Cost of Capital 8.9% Decrease $ 695,346 Discounted cash flow Discount Rate 11.0% Decrease Exit Multiple 22.0x 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 both the three and six months ended June 30, 2023, the Company recognized an impairment of $105.2 million related predominantly to one office property and to a lesser extent affordable housing properties. The impairment was the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments in the near term. The fair value of such real estate investments was $211.4 million as of June 30, 2023, and was estimated utilizing a discounted cash flow method. The significant unobservable inputs utilized in the analysis were the discount rate (Level 3), which ranged from 6.8% to 9.4%, and the exit capitalization rate (Level 3), which ranged from 5.2% to 11.9%. 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 June 30, 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 $1.4 billion below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA, April Housing and ACC ($ in thousands): December 31, 2022 For the Six Months Ended June 30, 2023 June 30, 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 $ — $ — $ (519) $ 1,523 1.5 years 2022 20,811 (1,166) — (4,231) 15,414 2.3 years 2023 — — 16,915 (2,259) 14,656 3.0 years Total $ 22,853 $ (1,166) $ 16,915 $ (7,009) $ 31,593 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. During the three months ended June 30, 2023, the Company adopted ASU 2020-04. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2023 December 31, 2022 Building and building improvements $ 80,346,691 $ 81,914,789 Land and land improvements 18,308,060 18,635,672 Furniture, fixtures and equipment 2,292,247 2,301,683 Right of use asset - operating leases (1) 1,098,923 1,090,782 Right of use asset - financing leases (1) 72,862 72,872 Total 102,118,783 104,015,798 Accumulated depreciation and amortization (7,154,538) (5,866,306) Investments in real estate, net $ 94,964,245 $ 98,149,492 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions During the six months ended June 30, 2023, the Company acquired 98 wholly-owned single family rental homes as well as a rental housing land parcel for a total purchase price of $36.6 million. The Company allocated $25.9 million to building and building improvements and $10.7 million to land and land improvements. During the six months ended June 30, 2023, there were no acquired intangibles. Dispositions The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 31 $ 766,034 $ 290,272 73 $ 1,419,804 $ 396,060 Hospitality properties 2 817,083 300,151 7 914,637 311,111 Industrial properties 8 424,808 73,958 12 434,025 75,563 Retail properties 3 90,066 4,443 4 104,450 7,093 Total 44 $ 2,097,991 $ 668,824 96 $ 2,872,916 $ 789,827 Three Months Ended Six Months Ended June 30, 2022 Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 15 $ 325,757 $ 84,335 22 $ 771,176 $ 268,366 Industrial properties 26 339,107 132,817 35 464,913 154,048 Total 41 $ 664,864 $ 217,152 57 $ 1,236,089 $ 422,414 (1) For the three months ended June 30, 2023, net gain includes gains of $678.3 million and losses of $9.5 million. For the six months ended June 30, 2023, net gain includes gains of $833.9 million and losses of $44.1 million. For the three months ended June 30, 2022, net gain includes gains of $226.8 million and losses of $9.6 million. For the six months ended June 30, 2022, net gain includes gains of $443.8 million and losses of $21.4 million. (2) The number of properties excludes 53 and 238 single family rental homes sold during the three and six months ended June 30, 2023, respectively. The number of properties excludes 162 and 285 single family rental homes sold during the three and six months ended June 30, 2022, respectively. Properties Held-for-Sale As of June 30, 2023, 16 properties in the Rental Housing segment and seven properties in the Hospitality segment were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: June 30, 2023 Investments in real estate, net $ 662,704 Other assets 7,366 Total assets $ 670,070 Liabilities: Mortgage notes, net $ 425,759 Other liabilities 16,100 Total liabilities $ 441,859 Impairment During the six months ended June 30, 2023, the Company recognized the following impairments in the aggregate amount of $117.7 million: • During the three months ended June 30, 2023, the Company recognized an impairment of $105.2 million related predominantly to one office property and to a lesser extent affordable housing properties. The impairment was the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments in the near term. • During the three months ended March 31, 2023, the Company recognized an impairment of $12.5 million 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 during the three or six months ended June 30, 2022.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 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): June 30, 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 70 35.7% $ 1,751,686 Rental Housing investments (2) Rental Housing 56 51 12.2% - 52.0% 1,152,863 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 245,797 Retail investments Retail 2 7 50.0% 95,740 Hospitality investment Hospitality 1 196 30.0% 312,692 Total unconsolidated entities carried at historical cost 63 380 3,558,778 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,123 12.4% - 85.0% 3,370,757 Office investments Office 1 1 49.0% 498,412 Data Center investments (5) Data Centers 1 N/A 12.4% 695,346 Total unconsolidated entities carried at fair value 13 2,124 4,564,515 Total 76 2,504 $ 8,123,293 (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 10,728 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $245.8 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.4 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $695.3 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 June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (4,949) $ (47,347) MGM Grand & Mandalay Bay Net Lease 49.9% — 25,100 Rental Housing investments Rental Housing 12.2% - 52.0% (2,647) (28,398) Industrial investments Industrial 10.1% - 22.4% (1,637) (901) Retail investments Retail 50.0% 855 330 Hospitality investment Hospitality 30.0% 1,674 — Total unconsolidated entities at historical cost (6,704) (51,216) Unconsolidated entities at fair value: Industrial investments (1) Industrial 7.9% - 85.0% 90,851 (24,266) Office investments Office 49.0% 5,837 15,096 Data Center investments Data Centers 12.4% (18) 672 Total unconsolidated entities at fair value 96,670 (8,498) Total $ 89,966 $ (59,714) (1) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. For the Six Months Ended June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers 35.7% $ (48,519) $ (85,816) MGM Grand & Mandalay Bay (1) Net Lease 49.9% 432,528 50,374 Rental Housing investments Rental Housing 12.2% - 52.0% (15,147) (57,198) Industrial investments Industrial 10.1% - 22.4% (5,935) (662) Retail investments Retail 50.0% (375) 141 Hospitality investment Hospitality 30.0% (714) — Total unconsolidated entities carried at historical cost 361,838 (93,161) Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 7.9% - 85.0% 183,444 200,214 Office investments Office 49.0% (14,093) 16,786 Data Center investments Data Centers 12.4% 3,435 672 Total unconsolidated entities carried at fair value 172,786 217,672 Total $ 534,624 $ 124,511 (1) On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million.

Investments in Real Estate Debt

Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 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): June 30, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 10/11/2032 $ 6,158,769 $ 6,158,172 $ 5,666,417 RMBS +4.5% 7/6/2055 382,997 371,707 279,581 Corporate bonds 4.9% 9/18/2031 91,561 102,839 89,971 Total real estate securities 8.4% 10/25/2033 6,633,327 6,632,718 6,035,969 Commercial real estate loans +5.7% 7/16/2026 1,366,845 1,378,248 1,369,139 Other investments (5) 5.7% 9/21/2029 200,345 174,815 169,131 Total investments in real estate debt 8.6% 5/29/2032 $ 8,200,517 $ 8,185,781 $ 7,574,239 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 June 30, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.9 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 $0.6 billion and $1.1 billion as of June 30, 2023 and December 31, 2022, respectively. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): June 30, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,686,522 $ 2,529,381 34% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 2,015,185 1,854,537 25% 2,119,282 1,940,795 24% Hospitality 1,596,069 1,521,687 20% 1,884,353 1,768,090 22% Net Lease 974,749 945,642 12% 983,374 947,368 12% Office 498,462 336,088 4% 552,016 439,938 5% Other 320,962 305,851 4% 360,903 339,609 4% Diversified 93,832 81,053 1% 94,340 82,311 1% Total $ 8,185,781 $ 7,574,239 100% $ 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): June 30, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A $ 91,760 $ 88,131 1% $ 91,809 $ 86,055 1% BBB 1,041,745 992,130 13% 1,077,419 1,024,908 13% BB 1,693,378 1,517,550 20% 1,858,101 1,659,281 21% B 1,421,025 1,261,327 17% 1,609,017 1,424,940 18% CCC 78,372 59,639 1% 40,486 33,225 —% Private commercial real estate loans 1,553,063 1,538,270 20% 1,682,708 1,660,226 21% Not rated (2) 2,306,438 2,117,192 28% 2,316,027 2,113,068 26% Total $ 8,185,781 $ 7,574,239 100% $ 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 June 30, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 64% industrial and 27% rental housing assets, and include interest-only securities with a fair value of $10.4 million. The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest income $ 181,279 $ 169,544 $ 355,025 $ 282,817 Unrealized gain (loss) 64,322 (328,144) 67,362 (552,290) Realized (loss) gain (16,335) (90,528) (17,358) (88,144) Total 229,266 (249,128) 405,029 (357,617) Net realized and unrealized (loss) gain on interest rate swaps and other derivatives 18,158 86,816 (7,286) 170,791 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (2,743) 27,523 (8,626) 38,343 Other gain (loss) 6,597 (6,592) 15,632 (11,267) Total income (loss) from investments in real estate debt $ 251,278 $ (141,381) $ 404,749 $ (159,750) 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 June 30, Six Months Ended June 30, June 30, 2023 December 31, 2022 2023 2022 2023 2022 CMBS $ 1,620,242 $ 1,683,765 $ 50,691 $ (108,148) $ 74,588 $ (130,775) Commercial real estate loans 764,745 835,846 33,097 (10,390) 68,183 (11,529) Total $ 2,384,987 $ 2,519,611 $ 83,788 $ (118,538) $ 142,771 $ (142,304) 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 June 30, 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. The Company recognized $83.3 million and $121.1 million of income related to such CMBS during the three and six months ended June 30, 2023, respectively. The Company recognized $47.8 million and $76.5 million of losses related to such CMBS during the three and six months ended June 30, 2022, respectively.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	6 Months Ended
	Jun. 30, 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): June 30, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,414,024 $ 16,968,906 6.0 % 3/20/2025 Senior obligations of consolidated securitization vehicles 22 15,545,037 15,293,379 5.9 % 9/25/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,868,987 $ 1,675,527 7.6 % 4/10/2025 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 % 5/6/2025 (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	6 Months Ended
	Jun. 30, 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): June 30, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum June 30, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 1/19/2029 N/A $ 24,451,340 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.4% 2/27/2027 N/A 33,597,507 34,141,570 Variable rate secured revolving credit facilities (5) +1.6% 8/9/2025 $ 3,901,900 565,207 2,608,778 Variable rate warehouse facilities (6) +2.0% 9/27/2025 $ 4,388,249 3,620,786 3,728,340 Total variable rate loans +2.3% 12/31/2026 37,783,500 40,478,688 Total loans secured by real estate 6.0% 10/22/2027 62,234,840 65,631,049 (Discount) premium on assumed debt, net (116,086) (121,435) Deferred financing costs, net (491,323) (546,911) Mortgage notes, secured term loans, and secured revolving credit facilities, net $ 61,627,431 $ 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 June 30, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.3 billion and interest rate caps with an aggregate notional balance of $15.5 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 $343.4 million and $364.5 million of loans related to investments in affordable housing properties as of June 30, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. (6) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval. The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of June 30, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 235,168 2024 3,885,772 2025 8,845,826 2026 16,071,333 2027 18,413,105 2028 3,586,371 Thereafter 11,197,265 Total $ 62,234,840 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 $3.3 million and $8.5 million, respectively, for the three and six months ended June 30, 2023. The Company incurred a net realized loss on extinguishment of debt of $8.8 million and $7.4 million for the three and six months ended June 30, 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 of Investmen

Secured Financings of Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2023
Disclosure of Repurchase Agreements [Abstract]
Secured Financings of 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): June 30, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,318,573 $ 7,051,119 +1.4% 7/22/2024 RMBS 201,843 281,531 +1.2% 5/21/2024 Commercial real estate loans 153,038 235,786 +1.9% 3/22/2024 Corporate bonds 68,204 95,548 +1.2% 5/8/2024 $ 4,741,658 $ 7,663,984 +1.4% 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, the aggregate outstanding balance of the unsecured term loans was $1.1 billion.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Accrued stockholder servicing fee $ 1,098,054 $ 1,588,178 Performance participation allocation — — Accrued management fee 70,843 71,644 Accrued affiliate service provider expenses 12,526 14,975 Other 1,495 1,511 Total $ 1,182,918 $ 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 and six months ended June 30, 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 began accruing at a 5% annual rate, compounded quarterly. During the three and six months ended June 30, 2023, the Company accrued interest income of $0.9 million and $1.9 million, respectively, related to such Quarterly Shortfall amount. As of August 11, 2023, Blackstone and its employees, including the Company’s executive officers, owned $2.1 billion and $1.5 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. As of June 30, 2023, 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 and six months ended June 30, 2023, the Company incurred management fees of $213.4 million and $434.5 million, respectively. During the three and six months ended June 30, 2022, the Company incurred management fees of $212.6 million and $401.8 million, respectively. During the six months ended June 30, 2023 and 2022, the Company issued 24.8 million and 22.3 million unregistered Class I shares, respectively, to the Adviser as payment for management fees. The Company also had a payable of $70.8 million and $71.6 million related to the management fees as of June 30, 2023 and December 31, 2022, respectively. During July 2023, the Adviser was issued 4.8 million units as payment for the management fees accrued as of June 30, 2023. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares previously issued as payment for management fees during the six months ended June 30, 2023 and 2022. Accrued affiliate service provider expenses and incentive compensation awards The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties, and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the gain (loss) on sale. For further details on the Company’s relationships with its affiliated service providers, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 30,381 $ 24,753 $ 2,075 $ 2,344 $ 400 $ 1,206 LivCor, LLC 24,247 21,115 2,247 2,218 3,097 1,623 ShopCore Properties TRS Management LLC 7,622 4,309 146 125 328 1,209 Revantage Corporate Services, LLC 6,475 6,098 57 — — — BRE Hotels and Resorts LLC 4,878 4,897 176 372 — — Equity Office Management, LLC 1,028 593 60 74 — 230 Beam Living 614 — 124 — — 59 Longview Senior Housing Advisors, LLC 609 442 — — — — Total $ 75,854 $ 62,207 $ 4,885 $ 5,133 $ 3,825 $ 4,327 Affiliate Service Amortization of Capitalized Transaction Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 61,331 $ 43,886 $ 3,704 $ 4,688 $ 680 $ 2,238 LivCor, LLC 50,198 35,093 4,045 4,435 5,422 3,314 ShopCore Properties TRS Management LLC 16,465 6,166 240 250 665 1,213 Revantage Corporate Services, LLC 12,207 10,930 94 — — — BRE Hotels and Resorts LLC 9,123 8,381 263 563 — — Equity Office Management, LLC 2,351 1,015 106 149 29 230 Beam Living 1,182 — 138 — — 59 Longview Senior Housing Advisors, LLC 1,082 870 — — — — Total $ 153,939 $ 106,341 $ 8,590 $ 10,085 $ 6,796 $ 7,054 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. three The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Six Months Ended June 30, 2023 June 30, 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) $ — $ (4,922) $ 16,849 1.5 years 2022 24,889 (1,609) — (4,407) 18,873 2.3 years 2023 — — 15,560 (1,945) 13,615 3.5 years $ 48,050 $ (2,999) $ 15,560 $ (11,274) $ 49,337 Other As of both June 30, 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 six months ended June 30, 2023, the Company paid LNLS $5.1 million for title services related to 34 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 and six months ended June 30, 2023, the Company contributed $3.5 million and $3.3 million, respectively, of capital to the captive insurance company for insurance premiums and its pro rata share of other expenses. Of these amounts, $0.1 million was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. The capital contributed and fees paid are in place of insurance premiums and fees that would otherwise be paid to third party insurance companies. Included in the $3.3 million for the six months ended June 30, 2023 is a $0.2 million refund of insurance premiums that the Company 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 insurance premiums for such dispositions. Other As of June 30, 2023 and December 31, 2022, the Company had a receivable of $1.3 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	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives $ 2,895,335 $ 3,033,595 Real estate intangibles, net 1,314,677 1,624,212 Receivables, net 797,527 821,309 Held-for-sale assets 670,070 380,267 Straight-line rent receivable 574,184 454,989 Equity securities 553,564 530,119 Single family rental homes risk retention securities 300,718 300,718 Deferred leasing costs, net 132,402 121,230 Prepaid expenses 95,903 146,568 Deferred financing costs, net 91,381 103,049 Due from affiliate (1) 76,013 74,857 Other 258,030 291,035 Total $ 7,759,804 $ 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): June 30, 2023 December 31, 2022 Stock repurchases payable $ 654,248 $ 151,959 Right of use lease liability - operating leases 643,328 638,830 Accounts payable and accrued expenses 469,239 470,335 Liabilities related to held-for-sale assets 441,859 275,052 Accrued interest expense 408,726 395,459 Real estate taxes payable 375,086 350,757 Intangible liabilities, net 292,405 330,432 Tenant security deposits 240,160 237,891 Distribution payable 238,871 238,297 Prepaid rental income 140,998 188,450 Subscriptions received in advance 107,215 208,632 Right of use lease liability - financing leases 77,646 77,008 Securitized debt obligations, net 60,469 123,628 Interest rate and foreign currency hedging derivatives 32,817 50,557 Other 227,234 174,746 Total $ 4,410,301 $ 3,912,033

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,811,371 $ 2,022,087 Indefinite life intangibles 188,182 193,182 Above-market lease intangibles 64,524 71,952 Other intangibles 372,916 371,631 Total intangible assets 2,436,993 2,658,852 Accumulated amortization In-place lease amortization (1,033,762) (971,988) Above-market lease amortization (30,547) (31,419) Other intangibles amortization (58,007) (31,233) Total accumulated amortization (1,122,316) (1,034,640) Intangible assets, net $ 1,314,677 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 467,733 $ 476,186 Total intangible liabilities 467,733 476,186 Accumulated amortization Below-market lease amortization (175,328) (145,754) Total accumulated amortization (175,328) (145,754) Intangible liabilities, net $ 292,405 $ 330,432 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2023 (remaining) $ 126,372 $ 4,225 $ 19,906 $ (33,464) 2024 169,044 7,514 36,351 (57,984) 2025 128,236 6,289 33,768 (47,979) 2026 97,478 4,867 32,516 (37,878) 2027 70,794 3,393 30,452 (27,119) 2028 53,612 2,418 28,453 (20,531) Thereafter 132,073 5,271 133,463 (67,450) $ 777,609 $ 33,977 $ 314,909 $ (292,405)

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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): June 30, 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 21 $ 7,332,004 2.6% LIBOR, SOFR 5.6 Derivatives not designated as hedging instruments Interest rate caps - property debt 140 15,526,286 4.4% LIBOR, SOFR 0.6 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 6.8 Interest rate swaps - investments in real estate debt 31 887,565 2.2% LIBOR, SOFR 5.4 Total $ 41,429,451 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): June 30, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 9 € 144,324 14 € 160,206 Buy USD / Sell GBP Forward 11 £56,428 12 £ 132,563 Buy EUR / Sell USD Forward 1 € 2,000 — € — 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 423,194 $ 409,260 $ — $ — Total derivatives designated as hedging instruments 423,194 409,260 — — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 133,945 183,392 28,630 36,173 Interest rate swaps - property debt 2,277,582 2,310,511 — — Interest rate swaps - investments in real estate debt 60,602 130,181 — — Foreign currency forward contracts 12 251 4,187 14,384 Total derivatives not designated as hedging instruments 2,472,141 2,624,335 32,817 50,557 Total interest rate and foreign currency hedging derivatives $ 2,895,335 $ 3,033,595 $ 32,817 $ 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 presented on a net basis with an aggregate fair value of $217.4 million and $237.7 million as of June 30, 2023 and December 31, 2022, respectively. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended June 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized gain (1) $ 546,438 $ 614,075 Interest rate caps – property debt Unrealized (loss) gain (1) (10,202) 18,765 Interest rate swap – investments in real estate debt Realized gain (2) 67,370 10,326 Interest rate swap – investments in real estate debt Unrealized (loss) gain (2) (47,662) 21,500 Foreign currency forward contract Realized (loss) gain (2) (1,960) 41,639 Foreign currency forward contract Unrealized gain (2) 411 13,351 554,395 719,656 Included in Other Comprehensive Income Interest rate swap – property debt Unrealized gain 172,012 — Total $ 726,407 $ 719,656 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Six Months Ended June 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (11,242) $ 1,250,065 Interest rate caps – property debt Unrealized (loss) gain (1) (72,772) 64,104 Interest rate swap – investments in real estate debt Realized gain (2) 69,405 10,326 Interest rate swap – investments in real estate debt Unrealized (loss) gain (2) (69,573) 81,209 Foreign currency forward contract Realized (loss) gain (2) (17,094) 62,983 Foreign currency forward contract Unrealized gain (2) 9,977 16,273 Total $ (91,299) $ 1,484,960 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain 20,757 — Total $ (70,542) $ 1,484,960 (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 three and six months ended June 30, 2023, net gain of $42.5 million and $75.3 million, respectively, was reclassified from accumulated other comprehensive income into net income. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of June 30, 2023, the Company posted collateral of $24.7 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	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of June 30, 2023, the Company had the authority to issue 12,100,000,000 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 1,500,000 $ 0.01 Class C Shares 500,000 $ 0.01 Class F Shares 500,000 $ 0.01 Total 12,100,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2023 Class S Class I Class T Class D Class C Total March 31, 2023 1,582,436 2,827,354 70,538 166,792 1,085 4,648,205 Common stock issued (converted) (1) 8,913 34,414 (2,261) 3,506 953 45,525 Distribution reinvestment 7,745 13,780 405 788 (3) 22,715 Common stock repurchased (41,369) (173,912) (2,196) (7,312) — (224,789) June 30, 2023 1,557,725 2,701,636 66,486 163,774 2,035 4,491,656 Six Months Ended June 30, 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 (converted) (2) 20,213 632,917 (2,913) (241,563) 2,035 410,689 Distribution reinvestment 15,623 26,623 827 3,009 — 46,082 Common stock repurchased (75,525) (352,641) (4,027) (19,100) — (451,293) June 30, 2023 1,557,725 2,701,636 66,486 163,774 2,035 4,491,656 (1) Includes conversion of shares from Class T to Class I during the three months ended June 30, 2023. (2) Includes conversion of shares from Class T and Class D to Class I during the six months ended June 30, 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) and any such request will be subject to the terms of our share repurchase plan, as defined below, or policy with Respect to Repurchase of Adviser Class I Shares, dated as of March 10, 2021, as applicable. 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 Repurchase Plan), or none at all. Further, the Company’s board of directors may make exceptions to, modify, or suspend the Company’s 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 Repurchase Plan, as applicable. For the three months ended June 30, 2023, the Company repurchased 224.8 million shares of common stock and 11.4 million BREIT OP units for a total of $3.4 billion. For the six months ended June 30, 2023, the Company repurchased 451.3 million shares of common stock and 14.5 million BREIT OP units for a total of $6.8 billion. During the months ended April 30, 2023, May 31, 2023, and June 30, 2023, the Company received repurchase requests that exceeded the applicable repurchase limits under the Company’s Repurchase Plan. For the months ended April 30, 2023, May 31, 2023, and June 30, 2023, in accordance with the Repurchase Plan, the Company fulfilled repurchases equal to 2.0%, 2.0% and 1.0% of NAV, or 29%, 30% and 17% of repurchase requests, respectively. 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 Repurchase Plan. For the months ended January 31, 2023, February 28, 2023, and March 31, 2023, in accordance with the 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. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV. The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended June 30, 2023 Class S Class I Class T Class D Class C Aggregate gross distributions declared per share of common stock $ 0.1664 $ 0.1664 $ 0.1664 $ 0.1664 $ — Stockholder servicing fee per share of common stock (0.0311) — (0.0305) (0.0090) — Net distributions declared per share of common stock $ 0.1353 $ 0.1664 $ 0.1359 $ 0.1574 $ — Six Months Ended June 30, 2023 Class S Class I Class T Class D Class C Aggregate gross distributions declared per share of common stock $ 0.3327 $ 0.3327 $ 0.3327 $ 0.3327 $ — Stockholder servicing fee per share of common stock (0.0621) — (0.0610) (0.0179) — Net distributions declared per share of common stock $ 0.2706 $ 0.3327 $ 0.2717 $ 0.3148 $ — 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 six months ended June 30, 2023 and 2022 ($ in thousands): Six Months Ended June 30, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Settlement of current year performance participation allocation — 237,924 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 1,919 (1,852) Distributions (1,300) (2,690) Fair value allocation (104) 7,125 Ending balance $ 357 $ 240,846 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 June 30, 2023 and December 31, 2022, $227.4 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. The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment between Additional Paid-in Capital and Redeemable Non-controlling Interest of $7.3 million and $21.6 million during the three and six months ended June 30, 2023, respectively, and $10.6 million and $46.3 million during the three and six months ended June 30, 2022, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease payments $ 1,826,835 $ 1,358,425 $ 3,694,361 $ 2,570,963 Variable lease payments 117,806 90,668 238,345 181,850 Rental revenue $ 1,944,641 $ 1,449,093 $ 3,932,706 $ 2,752,813 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 June 30, 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) $ 909,480 2024 1,779,384 2025 1,651,722 2026 1,500,612 2027 1,288,147 2028 1,075,149 Thereafter 15,783,417 Total $ 23,987,911 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of June 30, 2023, the Company had 97 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 June 30, 2023 ($ in thousands): Operating Financing 2023 (remaining) $ 20,437 $ 2,102 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 2,574,603 559,374 Total undiscounted future lease payments 2,784,516 584,030 Difference between undiscounted cash flows and discounted cash flows (2,141,188) (506,384) Total lease liability $ 643,328 $ 77,646 The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed ground rent expense $ 3,820 $ 2,264 $ 7,848 $ 4,533 Variable ground rent expense 6,831 5 12,825 10 Total cash portion of ground rent expense 10,651 2,269 20,673 4,543 Straight-line ground rent expense 5,520 3,217 10,923 6,070 Total operating lease costs $ 16,171 $ 5,486 $ 31,596 $ 10,613 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest on lease liabilities $ 1,024 $ 997 $ 2,048 $ 1,993 Amortization of right-of-use assets 320 330 639 654 Total financing lease costs $ 1,344 $ 1,327 $ 2,687 $ 2,647

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingThe 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): June 30, 2023 December 31, 2022 Rental Housing $ 66,569,846 $ 68,464,413 Industrial 20,657,415 21,624,736 Net Lease 8,167,042 9,011,326 Data Centers 3,305,255 3,203,585 Office 3,157,434 3,293,163 Hospitality 3,133,896 3,768,473 Retail 2,564,830 2,722,839 Self Storage 2,223,127 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 24,798,641 25,363,546 Other (Corporate) 3,469,138 2,987,992 Total assets $ 138,046,624 $ 142,687,424 The following table details the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,268,987 $ 351,188 $ 150,385 $ — $ 48,001 $ 12,959 $ 57,449 $ 55,672 $ — $ 1,944,641 Hospitality revenue — — — 217,744 — — — — — 217,744 Other revenue 91,833 5,917 — 4,524 1,904 — 1,086 5,406 — 110,670 Total revenues 1,360,820 357,105 150,385 222,268 49,905 12,959 58,535 61,078 — 2,273,055 Expenses: Rental property operating 717,790 107,869 774 — 14,362 2,524 23,969 29,710 12 897,010 Hospitality operating — — — 147,589 — — — — — 147,589 Total expenses 717,790 107,869 774 147,589 14,362 2,524 23,969 29,710 12 1,044,599 (Loss) income from unconsolidated entities (2,647) 89,214 — 1,674 5,837 (4,967) 855 — — 89,966 Income from investments in real estate debt — — — — — — — — 251,278 251,278 Changes in net assets of consolidated securitization vehicles — — — — — — — — 62,685 62,685 Income from investments in equity securities (1) 30,927 — — — — — — — — 30,927 Segment net operating income $ 671,310 $ 338,450 $ 149,611 $ 76,353 $ 41,380 $ 5,468 $ 35,421 $ 31,368 $ 313,951 $ 1,663,312 Depreciation and amortization $ (628,409) $ (193,248) $ (51,878) $ (32,185) $ (24,971) $ (5,470) $ (34,197) $ (17,278) $ — $ (987,636) General and administrative $ (17,122) Management fee (213,365) Impairment of investments in real estate (105,216) Income from interest rate derivatives 536,236 Net gain on dispositions of real estate 668,824 Interest expense (813,391) Loss on extinguishment of debt (3,283) Other expense (19,409) Net income $ 708,950 Net loss attributable to non-controlling interests in third party joint ventures $ 69,255 Net income attributable to non-controlling interests in BREIT OP (23,271) Net income attributable to BREIT stockholders $ 754,934 (1) Included within other expense on the Condensed Consolidated Statements of Operations is $27.1 million of net unrealized gain related to equity securities. The following table details the financial results by segment for the three months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 864,047 $ 338,790 $ 116,226 $ — $ 28,916 $ 11,247 $ 35,587 $ 54,280 $ — $ 1,449,093 Hospitality revenue — — — 197,652 — — — — — 197,652 Other revenue 59,580 6,235 — 4,376 1,194 — 600 4,271 — 76,256 Total revenues 923,627 345,025 116,226 202,028 30,110 11,247 36,187 58,551 — 1,723,001 Expenses: Rental property operating 487,712 110,709 310 2 8,442 1,890 13,874 26,660 — 649,599 Hospitality operating — — — 135,812 — — — — — 135,812 Total expenses 487,712 110,709 310 135,814 8,442 1,890 13,874 26,660 — 785,411 (Loss) Income from unconsolidated entities (28,398) (25,167) 25,100 — 15,096 (46,675) 330 — — (59,714) Loss from investments in real estate debt — — — — — — — — (141,381) (141,381) Changes in net assets of consolidated securitization vehicles — — — — — — — — (43,934) (43,934) Loss from investments in equity securities (1) (207,182) (49,129) 31,028 — (93,139) — — — — (318,422) Segment net operating income (loss) $ 200,335 $ 160,020 $ 172,044 $ 66,214 $ (56,375) $ (37,318) $ 22,643 $ 31,891 $ (185,315) $ 374,139 Depreciation and amortization $ (602,376) $ (204,705) $ (40,253) $ (27,758) $ (15,239) $ (3,557) $ (30,792) $ (33,669) $ — $ (958,349) General and administrative $ (11,753) Management fee (212,628) Performance participation allocation (211,597) Income from interest rate derivatives 632,846 Net gain on dispositions of real estate 217,152 Interest expense (434,529) Gain on extinguishment of debt (8,794) Other expense (4,395) Net loss $ (617,908) Net loss attributable to non-controlling interests in third party joint ventures $ 37,284 Net loss attributable to non-controlling interests in BREIT OP 11,614 Net loss attributable to BREIT stockholders $ (569,010) (1) Included within other expense on the Condensed Consolidated Statements of Operations is $327.4 million of net unrealized/realized loss related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,580,964 $ 700,781 $ 300,769 $ — $ 96,289 $ 25,686 $ 117,871 $ 110,346 $ — $ 3,932,706 Hospitality revenue — — — 418,965 — — — — — 418,965 Other revenue 175,686 13,030 — 7,686 3,781 — 2,247 6,894 — 209,324 Total revenues 2,756,650 713,811 300,769 426,651 100,070 25,686 120,118 117,240 — 4,560,995 Expenses: Rental property operating 1,425,594 224,930 1,244 — 28,201 4,738 49,299 55,181 12 1,789,199 Hospitality operating — — — 281,412 — — — — — 281,412 Total expenses 1,425,594 224,930 1,244 281,412 28,201 4,738 49,299 55,181 12 2,070,611 (Loss) income from unconsolidated entities (15,147) 177,509 432,528 (714) (14,093) (45,084) (375) — — 534,624 Income from investments in real estate debt — — — — — — — — 404,749 404,749 Changes in net assets of consolidated securitization vehicles — — — — — — — — 91,939 91,939 Income from investments in equity securities (1) 30,937 — — — — — — — — 30,937 Segment net operating income (loss) $ 1,346,846 $ 666,390 $ 732,053 $ 144,525 $ 57,776 $ (24,136) $ 70,444 $ 62,059 $ 496,676 $ 3,552,633 Depreciation and amortization $ (1,263,750) $ (384,524) $ (103,756) $ (65,033) $ (49,904) $ (11,023) $ (73,203) $ (35,828) $ — $ (1,987,021) General and administrative $ (34,298) Management fee (434,503) Impairment of investments in real estate (117,715) Loss from interest rate derivatives (84,014) Net gain on dispositions of real estate 789,827 Interest expense (1,613,400) Loss on extinguishment of debt (8,541) Other expense (46,479) Net income $ 16,489 Net loss attributable to non-controlling interests in third party joint ventures $ 143,613 Net income attributable to non-controlling interests in BREIT OP (6,223) Net income attributable to BREIT stockholders $ 153,879 (1) Included within other expense on the Condensed Consolidated Statements of Operations is $23.4 million of net unrealized gain related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,643,284 $ 679,558 $ 199,021 $ — $ 45,075 $ 19,428 $ 66,960 $ 99,487 $ — $ 2,752,813 Hospitality revenue — — — 344,897 — — — — — 344,897 Other revenue 114,229 12,370 — 7,035 2,205 — 1,107 7,410 — 144,356 Total revenues 1,757,513 691,928 199,021 351,932 47,280 19,428 68,067 106,897 — 3,242,066 Expenses: Rental property operating 907,264 221,238 606 — 12,832 3,162 23,793 47,691 — 1,216,586 Hospitality operating — — — 239,275 — — — — — 239,275 Total expenses 907,264 221,238 606 239,275 12,832 3,162 23,793 47,691 — 1,455,861 (Loss) Income from unconsolidated entities (57,198) 199,552 50,374 — 16,786 (85,144) 141 — — 124,511 Loss from investments in real estate debt — — — — — — — — (159,750) (159,750) Changes in net assets of consolidated securitization vehicles — — — — — — — — (59,609) (59,609) (Loss) income from investments in equity securities (1) (282,683) (56,625) 27,334 — (107,609) — — — — (419,583) Segment net operating income (loss) $ 510,368 $ 613,617 $ 276,123 $ 112,657 $ (56,375) $ (68,878) $ 44,415 $ 59,206 $ (219,359) $ 1,271,774 Depreciation and amortization $ (1,175,344) $ (413,071) $ (68,890) $ (54,834) $ (23,073) $ (7,114) $ (66,073) $ (65,001) $ — $ (1,873,400) General and administrative $ (24,859) Management fee (401,778) Performance participation allocation (623,166) Income from interest rate derivatives 1,308,636 Net gain on dispositions of real estate 422,414 Interest expense (780,788) Gain on extinguishment of debt (7,399) Other expense (5,921) Net loss $ (714,487) Net loss attributable to non-controlling interests in third party joint ventures $ 81,539 Net loss attributable to non-controlling interests in BREIT OP 12,270 Net loss attributable to BREIT stockholders $ (620,678) (1) Included within other expense on the Condensed Consolidated Statements of Operations is $452.5 million of unrealized/realized loss related to equity securities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Simply Self Storage Disposition On July 24, 2023, Public Storage, a publicly-traded REIT, and the Company announced an agreement for Public Storage to acquire Simply Self Storage from BREIT for $2.2 billion. The disposition is expected to close in the third quarter of 2023, subject to the satisfaction of customary closing conditions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 754,934	$ (569,010)	$ 153,879	$ (620,678)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. 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 also reported within non-controlling interests. 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. 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 June 30, 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 generally engages third party service providers to perform valuations for such investments. The service provider will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value 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). In determining the fair value of its preferred equity security, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate (Level 2 inputs). To determine the fair value of an investment in a private real estate company, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics (Level 3 inputs). As of both June 30, 2023 and December 31, 2022, the Company’s 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 Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2023, the Company recognized $27.1 million and $23.4 million of net unrealized gains, respectively, on its investments in equity securities. During the three and six months ended June 30, 2022, the Company recognized $327.4 million and $452.5 million, respectively, of net unrealized/realized losses 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 utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows required by the debt agreements and discounting them back to the present value using weighted average cost of capital. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its investments in unconsolidated entities at fair value. The inputs used in determining the Company’s investments in unconsolidated entities carried at fair value are considered Level 3.
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”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated 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. During the three months ended June 30, 2023, the Company adopted ASU 2020-04. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 6,150,448 $ 1,423,791 $ 7,574,239 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,968,906 — 16,968,906 — 17,030,387 — 17,030,387 Equity securities (1) 60,157 268,999 224,408 553,564 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — — 4,564,515 4,564,515 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 2,895,335 — 2,895,335 — 3,033,595 — 3,033,595 Total $ 60,157 $ 26,283,688 $ 6,212,714 $ 32,556,559 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 15,293,379 $ — $ 15,293,379 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 32,817 — 32,817 — 50,557 — 50,557 Total $ — $ 15,326,196 $ — $ 15,326,196 $ — $ 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 34,758 — 18,987 53,745 Sales and repayments (180,240) — (546,960) (727,200) Distributions received — — (26,733) (26,733) Included in net income Income from unconsolidated entities measured at fair value — — 171,970 171,970 Realized income included in income from investments in real estate debt 1,242 — — 1,242 Unrealized gain included in income from investments in real estate debt 26,848 — — 26,848 Balance as of June 30, 2023 $ 1,423,791 $ 224,408 $ 4,564,515 $ 6,212,714
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): June 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,423,791 Yield Method Market Yield 10.4% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 18.5x Increase Investments in unconsolidated entities $ 3,869,169 Discounted cash flow Discount Rate 6.9% Decrease Exit Capitalization Rate 5.1% Decrease Weighted Average Cost of Capital 8.9% Decrease $ 695,346 Discounted cash flow Discount Rate 11.0% Decrease Exit Multiple 22.0x 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, April Housing and ACC ($ in thousands): December 31, 2022 For the Six Months Ended June 30, 2023 June 30, 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 $ — $ — $ (519) $ 1,523 1.5 years 2022 20,811 (1,166) — (4,231) 15,414 2.3 years 2023 — — 16,915 (2,259) 14,656 3.0 years Total $ 22,853 $ (1,166) $ 16,915 $ (7,009) $ 31,593 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Six Months Ended June 30, 2023 June 30, 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) $ — $ (4,922) $ 16,849 1.5 years 2022 24,889 (1,609) — (4,407) 18,873 2.3 years 2023 — — 15,560 (1,945) 13,615 3.5 years $ 48,050 $ (2,999) $ 15,560 $ (11,274) $ 49,337

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2023 December 31, 2022 Building and building improvements $ 80,346,691 $ 81,914,789 Land and land improvements 18,308,060 18,635,672 Furniture, fixtures and equipment 2,292,247 2,301,683 Right of use asset - operating leases (1) 1,098,923 1,090,782 Right of use asset - financing leases (1) 72,862 72,872 Total 102,118,783 104,015,798 Accumulated depreciation and amortization (7,154,538) (5,866,306) Investments in real estate, net $ 94,964,245 $ 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 Six Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 31 $ 766,034 $ 290,272 73 $ 1,419,804 $ 396,060 Hospitality properties 2 817,083 300,151 7 914,637 311,111 Industrial properties 8 424,808 73,958 12 434,025 75,563 Retail properties 3 90,066 4,443 4 104,450 7,093 Total 44 $ 2,097,991 $ 668,824 96 $ 2,872,916 $ 789,827 Three Months Ended Six Months Ended June 30, 2022 Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 15 $ 325,757 $ 84,335 22 $ 771,176 $ 268,366 Industrial properties 26 339,107 132,817 35 464,913 154,048 Total 41 $ 664,864 $ 217,152 57 $ 1,236,089 $ 422,414 (1) For the three months ended June 30, 2023, net gain includes gains of $678.3 million and losses of $9.5 million. For the six months ended June 30, 2023, net gain includes gains of $833.9 million and losses of $44.1 million. For the three months ended June 30, 2022, net gain includes gains of $226.8 million and losses of $9.6 million. For the six months ended June 30, 2022, net gain includes gains of $443.8 million and losses of $21.4 million. (2) The number of properties excludes 53 and 238 single family rental homes sold during the three and six months ended June 30, 2023, respectively. The number of properties excludes 162 and 285 single family rental homes sold during the three and six months ended June 30, 2022, respectively.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: June 30, 2023 Investments in real estate, net $ 662,704 Other assets 7,366 Total assets $ 670,070 Liabilities: Mortgage notes, net $ 425,759 Other liabilities 16,100 Total liabilities $ 441,859

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 70 35.7% $ 1,751,686 Rental Housing investments (2) Rental Housing 56 51 12.2% - 52.0% 1,152,863 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 245,797 Retail investments Retail 2 7 50.0% 95,740 Hospitality investment Hospitality 1 196 30.0% 312,692 Total unconsolidated entities carried at historical cost 63 380 3,558,778 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,123 12.4% - 85.0% 3,370,757 Office investments Office 1 1 49.0% 498,412 Data Center investments (5) Data Centers 1 N/A 12.4% 695,346 Total unconsolidated entities carried at fair value 13 2,124 4,564,515 Total 76 2,504 $ 8,123,293 (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 10,728 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $245.8 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.4 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $695.3 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 June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (4,949) $ (47,347) MGM Grand & Mandalay Bay Net Lease 49.9% — 25,100 Rental Housing investments Rental Housing 12.2% - 52.0% (2,647) (28,398) Industrial investments Industrial 10.1% - 22.4% (1,637) (901) Retail investments Retail 50.0% 855 330 Hospitality investment Hospitality 30.0% 1,674 — Total unconsolidated entities at historical cost (6,704) (51,216) Unconsolidated entities at fair value: Industrial investments (1) Industrial 7.9% - 85.0% 90,851 (24,266) Office investments Office 49.0% 5,837 15,096 Data Center investments Data Centers 12.4% (18) 672 Total unconsolidated entities at fair value 96,670 (8,498) Total $ 89,966 $ (59,714) (1) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. For the Six Months Ended June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers 35.7% $ (48,519) $ (85,816) MGM Grand & Mandalay Bay (1) Net Lease 49.9% 432,528 50,374 Rental Housing investments Rental Housing 12.2% - 52.0% (15,147) (57,198) Industrial investments Industrial 10.1% - 22.4% (5,935) (662) Retail investments Retail 50.0% (375) 141 Hospitality investment Hospitality 30.0% (714) — Total unconsolidated entities carried at historical cost 361,838 (93,161) Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 7.9% - 85.0% 183,444 200,214 Office investments Office 49.0% (14,093) 16,786 Data Center investments Data Centers 12.4% 3,435 672 Total unconsolidated entities carried at fair value 172,786 217,672 Total $ 534,624 $ 124,511 (1) On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million.

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): June 30, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 10/11/2032 $ 6,158,769 $ 6,158,172 $ 5,666,417 RMBS +4.5% 7/6/2055 382,997 371,707 279,581 Corporate bonds 4.9% 9/18/2031 91,561 102,839 89,971 Total real estate securities 8.4% 10/25/2033 6,633,327 6,632,718 6,035,969 Commercial real estate loans +5.7% 7/16/2026 1,366,845 1,378,248 1,369,139 Other investments (5) 5.7% 9/21/2029 200,345 174,815 169,131 Total investments in real estate debt 8.6% 5/29/2032 $ 8,200,517 $ 8,185,781 $ 7,574,239 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 June 30, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.9 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 $0.6 billion and $1.1 billion as of June 30, 2023 and December 31, 2022, respectively. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): June 30, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,686,522 $ 2,529,381 34% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 2,015,185 1,854,537 25% 2,119,282 1,940,795 24% Hospitality 1,596,069 1,521,687 20% 1,884,353 1,768,090 22% Net Lease 974,749 945,642 12% 983,374 947,368 12% Office 498,462 336,088 4% 552,016 439,938 5% Other 320,962 305,851 4% 360,903 339,609 4% Diversified 93,832 81,053 1% 94,340 82,311 1% Total $ 8,185,781 $ 7,574,239 100% $ 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): June 30, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A $ 91,760 $ 88,131 1% $ 91,809 $ 86,055 1% BBB 1,041,745 992,130 13% 1,077,419 1,024,908 13% BB 1,693,378 1,517,550 20% 1,858,101 1,659,281 21% B 1,421,025 1,261,327 17% 1,609,017 1,424,940 18% CCC 78,372 59,639 1% 40,486 33,225 —% Private commercial real estate loans 1,553,063 1,538,270 20% 1,682,708 1,660,226 21% Not rated (2) 2,306,438 2,117,192 28% 2,316,027 2,113,068 26% Total $ 8,185,781 $ 7,574,239 100% $ 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 June 30, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 64% industrial and 27% rental housing assets, and include interest-only securities with a fair value of $10.4 million.
Schedule of Real Estate Investment	The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest income $ 181,279 $ 169,544 $ 355,025 $ 282,817 Unrealized gain (loss) 64,322 (328,144) 67,362 (552,290) Realized (loss) gain (16,335) (90,528) (17,358) (88,144) Total 229,266 (249,128) 405,029 (357,617) Net realized and unrealized (loss) gain on interest rate swaps and other derivatives 18,158 86,816 (7,286) 170,791 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (2,743) 27,523 (8,626) 38,343 Other gain (loss) 6,597 (6,592) 15,632 (11,267) Total income (loss) from investments in real estate debt $ 251,278 $ (141,381) $ 404,749 $ (159,750)
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 June 30, Six Months Ended June 30, June 30, 2023 December 31, 2022 2023 2022 2023 2022 CMBS $ 1,620,242 $ 1,683,765 $ 50,691 $ (108,148) $ 74,588 $ (130,775) Commercial real estate loans 764,745 835,846 33,097 (10,390) 68,183 (11,529) Total $ 2,384,987 $ 2,519,611 $ 83,788 $ (118,538) $ 142,771 $ (142,304)

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,414,024 $ 16,968,906 6.0 % 3/20/2025 Senior obligations of consolidated securitization vehicles 22 15,545,037 15,293,379 5.9 % 9/25/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,868,987 $ 1,675,527 7.6 % 4/10/2025 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 % 5/6/2025 (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)	6 Months Ended
	Jun. 30, 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): June 30, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum June 30, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 1/19/2029 N/A $ 24,451,340 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.4% 2/27/2027 N/A 33,597,507 34,141,570 Variable rate secured revolving credit facilities (5) +1.6% 8/9/2025 $ 3,901,900 565,207 2,608,778 Variable rate warehouse facilities (6) +2.0% 9/27/2025 $ 4,388,249 3,620,786 3,728,340 Total variable rate loans +2.3% 12/31/2026 37,783,500 40,478,688 Total loans secured by real estate 6.0% 10/22/2027 62,234,840 65,631,049 (Discount) premium on assumed debt, net (116,086) (121,435) Deferred financing costs, net (491,323) (546,911) Mortgage notes, secured term loans, and secured revolving credit facilities, net $ 61,627,431 $ 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 June 30, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.3 billion and interest rate caps with an aggregate notional balance of $15.5 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 $343.4 million and $364.5 million of loans related to investments in affordable housing properties as of June 30, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. (6) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of June 30, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 235,168 2024 3,885,772 2025 8,845,826 2026 16,071,333 2027 18,413,105 2028 3,586,371 Thereafter 11,197,265 Total $ 62,234,840

Secured Financings of Investm_2

Secured Financings of Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,318,573 $ 7,051,119 +1.4% 7/22/2024 RMBS 201,843 281,531 +1.2% 5/21/2024 Commercial real estate loans 153,038 235,786 +1.9% 3/22/2024 Corporate bonds 68,204 95,548 +1.2% 5/8/2024 $ 4,741,658 $ 7,663,984 +1.4% 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)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): June 30, 2023 December 31, 2022 Accrued stockholder servicing fee $ 1,098,054 $ 1,588,178 Performance participation allocation — — Accrued management fee 70,843 71,644 Accrued affiliate service provider expenses 12,526 14,975 Other 1,495 1,511 Total $ 1,182,918 $ 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 June 30, Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 30,381 $ 24,753 $ 2,075 $ 2,344 $ 400 $ 1,206 LivCor, LLC 24,247 21,115 2,247 2,218 3,097 1,623 ShopCore Properties TRS Management LLC 7,622 4,309 146 125 328 1,209 Revantage Corporate Services, LLC 6,475 6,098 57 — — — BRE Hotels and Resorts LLC 4,878 4,897 176 372 — — Equity Office Management, LLC 1,028 593 60 74 — 230 Beam Living 614 — 124 — — 59 Longview Senior Housing Advisors, LLC 609 442 — — — — Total $ 75,854 $ 62,207 $ 4,885 $ 5,133 $ 3,825 $ 4,327 Affiliate Service Amortization of Capitalized Transaction Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 61,331 $ 43,886 $ 3,704 $ 4,688 $ 680 $ 2,238 LivCor, LLC 50,198 35,093 4,045 4,435 5,422 3,314 ShopCore Properties TRS Management LLC 16,465 6,166 240 250 665 1,213 Revantage Corporate Services, LLC 12,207 10,930 94 — — — BRE Hotels and Resorts LLC 9,123 8,381 263 563 — — Equity Office Management, LLC 2,351 1,015 106 149 29 230 Beam Living 1,182 — 138 — — 59 Longview Senior Housing Advisors, LLC 1,082 870 — — — — Total $ 153,939 $ 106,341 $ 8,590 $ 10,085 $ 6,796 $ 7,054
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA, April Housing and ACC ($ in thousands): December 31, 2022 For the Six Months Ended June 30, 2023 June 30, 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 $ — $ — $ (519) $ 1,523 1.5 years 2022 20,811 (1,166) — (4,231) 15,414 2.3 years 2023 — — 16,915 (2,259) 14,656 3.0 years Total $ 22,853 $ (1,166) $ 16,915 $ (7,009) $ 31,593 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Six Months Ended June 30, 2023 June 30, 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) $ — $ (4,922) $ 16,849 1.5 years 2022 24,889 (1,609) — (4,407) 18,873 2.3 years 2023 — — 15,560 (1,945) 13,615 3.5 years $ 48,050 $ (2,999) $ 15,560 $ (11,274) $ 49,337

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets and Other Liabilities [Abstract]
Summary of Components of Other Assets	The following table details the components of other assets ($ in thousands): June 30, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives $ 2,895,335 $ 3,033,595 Real estate intangibles, net 1,314,677 1,624,212 Receivables, net 797,527 821,309 Held-for-sale assets 670,070 380,267 Straight-line rent receivable 574,184 454,989 Equity securities 553,564 530,119 Single family rental homes risk retention securities 300,718 300,718 Deferred leasing costs, net 132,402 121,230 Prepaid expenses 95,903 146,568 Deferred financing costs, net 91,381 103,049 Due from affiliate (1) 76,013 74,857 Other 258,030 291,035 Total $ 7,759,804 $ 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): June 30, 2023 December 31, 2022 Stock repurchases payable $ 654,248 $ 151,959 Right of use lease liability - operating leases 643,328 638,830 Accounts payable and accrued expenses 469,239 470,335 Liabilities related to held-for-sale assets 441,859 275,052 Accrued interest expense 408,726 395,459 Real estate taxes payable 375,086 350,757 Intangible liabilities, net 292,405 330,432 Tenant security deposits 240,160 237,891 Distribution payable 238,871 238,297 Prepaid rental income 140,998 188,450 Subscriptions received in advance 107,215 208,632 Right of use lease liability - financing leases 77,646 77,008 Securitized debt obligations, net 60,469 123,628 Interest rate and foreign currency hedging derivatives 32,817 50,557 Other 227,234 174,746 Total $ 4,410,301 $ 3,912,033

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,811,371 $ 2,022,087 Indefinite life intangibles 188,182 193,182 Above-market lease intangibles 64,524 71,952 Other intangibles 372,916 371,631 Total intangible assets 2,436,993 2,658,852 Accumulated amortization In-place lease amortization (1,033,762) (971,988) Above-market lease amortization (30,547) (31,419) Other intangibles amortization (58,007) (31,233) Total accumulated amortization (1,122,316) (1,034,640) Intangible assets, net $ 1,314,677 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 467,733 $ 476,186 Total intangible liabilities 467,733 476,186 Accumulated amortization Below-market lease amortization (175,328) (145,754) Total accumulated amortization (175,328) (145,754) Intangible liabilities, net $ 292,405 $ 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 June 30, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2023 (remaining) $ 126,372 $ 4,225 $ 19,906 $ (33,464) 2024 169,044 7,514 36,351 (57,984) 2025 128,236 6,289 33,768 (47,979) 2026 97,478 4,867 32,516 (37,878) 2027 70,794 3,393 30,452 (27,119) 2028 53,612 2,418 28,453 (20,531) Thereafter 132,073 5,271 133,463 (67,450) $ 777,609 $ 33,977 $ 314,909 $ (292,405)

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 21 $ 7,332,004 2.6% LIBOR, SOFR 5.6 Derivatives not designated as hedging instruments Interest rate caps - property debt 140 15,526,286 4.4% LIBOR, SOFR 0.6 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 6.8 Interest rate swaps - investments in real estate debt 31 887,565 2.2% LIBOR, SOFR 5.4 Total $ 41,429,451 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): June 30, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 9 € 144,324 14 € 160,206 Buy USD / Sell GBP Forward 11 £56,428 12 £ 132,563 Buy EUR / Sell USD Forward 1 € 2,000 — € —
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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 423,194 $ 409,260 $ — $ — Total derivatives designated as hedging instruments 423,194 409,260 — — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 133,945 183,392 28,630 36,173 Interest rate swaps - property debt 2,277,582 2,310,511 — — Interest rate swaps - investments in real estate debt 60,602 130,181 — — Foreign currency forward contracts 12 251 4,187 14,384 Total derivatives not designated as hedging instruments 2,472,141 2,624,335 32,817 50,557 Total interest rate and foreign currency hedging derivatives $ 2,895,335 $ 3,033,595 $ 32,817 $ 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 presented on a net basis with an aggregate fair value of $217.4 million and $237.7 million as of June 30, 2023 and December 31, 2022, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended June 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized gain (1) $ 546,438 $ 614,075 Interest rate caps – property debt Unrealized (loss) gain (1) (10,202) 18,765 Interest rate swap – investments in real estate debt Realized gain (2) 67,370 10,326 Interest rate swap – investments in real estate debt Unrealized (loss) gain (2) (47,662) 21,500 Foreign currency forward contract Realized (loss) gain (2) (1,960) 41,639 Foreign currency forward contract Unrealized gain (2) 411 13,351 554,395 719,656 Included in Other Comprehensive Income Interest rate swap – property debt Unrealized gain 172,012 — Total $ 726,407 $ 719,656 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Six Months Ended June 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (11,242) $ 1,250,065 Interest rate caps – property debt Unrealized (loss) gain (1) (72,772) 64,104 Interest rate swap – investments in real estate debt Realized gain (2) 69,405 10,326 Interest rate swap – investments in real estate debt Unrealized (loss) gain (2) (69,573) 81,209 Foreign currency forward contract Realized (loss) gain (2) (17,094) 62,983 Foreign currency forward contract Unrealized gain (2) 9,977 16,273 Total $ (91,299) $ 1,484,960 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain 20,757 — Total $ (70,542) $ 1,484,960 (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 three and six months ended June 30, 2023, net gain of $42.5 million and $75.3 million, respectively, was reclassified from accumulated other comprehensive income into net income.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 2023, the Company had the authority to issue 12,100,000,000 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 1,500,000 $ 0.01 Class C Shares 500,000 $ 0.01 Class F Shares 500,000 $ 0.01 Total 12,100,000
Schedule of Company's Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2023 Class S Class I Class T Class D Class C Total March 31, 2023 1,582,436 2,827,354 70,538 166,792 1,085 4,648,205 Common stock issued (converted) (1) 8,913 34,414 (2,261) 3,506 953 45,525 Distribution reinvestment 7,745 13,780 405 788 (3) 22,715 Common stock repurchased (41,369) (173,912) (2,196) (7,312) — (224,789) June 30, 2023 1,557,725 2,701,636 66,486 163,774 2,035 4,491,656 Six Months Ended June 30, 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 (converted) (2) 20,213 632,917 (2,913) (241,563) 2,035 410,689 Distribution reinvestment 15,623 26,623 827 3,009 — 46,082 Common stock repurchased (75,525) (352,641) (4,027) (19,100) — (451,293) June 30, 2023 1,557,725 2,701,636 66,486 163,774 2,035 4,491,656 (1) Includes conversion of shares from Class T to Class I during the three months ended June 30, 2023. (2) Includes conversion of shares from Class T and Class D to Class I during the six months ended June 30, 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 June 30, 2023 Class S Class I Class T Class D Class C Aggregate gross distributions declared per share of common stock $ 0.1664 $ 0.1664 $ 0.1664 $ 0.1664 $ — Stockholder servicing fee per share of common stock (0.0311) — (0.0305) (0.0090) — Net distributions declared per share of common stock $ 0.1353 $ 0.1664 $ 0.1359 $ 0.1574 $ — Six Months Ended June 30, 2023 Class S Class I Class T Class D Class C Aggregate gross distributions declared per share of common stock $ 0.3327 $ 0.3327 $ 0.3327 $ 0.3327 $ — Stockholder servicing fee per share of common stock (0.0621) — (0.0610) (0.0179) — Net distributions declared per share of common stock $ 0.2706 $ 0.3327 $ 0.2717 $ 0.3148 $ —
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 six months ended June 30, 2023 and 2022 ($ in thousands): Six Months Ended June 30, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Settlement of current year performance participation allocation — 237,924 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 1,919 (1,852) Distributions (1,300) (2,690) Fair value allocation (104) 7,125 Ending balance $ 357 $ 240,846

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease payments $ 1,826,835 $ 1,358,425 $ 3,694,361 $ 2,570,963 Variable lease payments 117,806 90,668 238,345 181,850 Rental revenue $ 1,944,641 $ 1,449,093 $ 3,932,706 $ 2,752,813 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest on lease liabilities $ 1,024 $ 997 $ 2,048 $ 1,993 Amortization of right-of-use assets 320 330 639 654 Total financing lease costs $ 1,344 $ 1,327 $ 2,687 $ 2,647
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 June 30, 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) $ 909,480 2024 1,779,384 2025 1,651,722 2026 1,500,612 2027 1,288,147 2028 1,075,149 Thereafter 15,783,417 Total $ 23,987,911
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 June 30, 2023 ($ in thousands): Operating Financing 2023 (remaining) $ 20,437 $ 2,102 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 2,574,603 559,374 Total undiscounted future lease payments 2,784,516 584,030 Difference between undiscounted cash flows and discounted cash flows (2,141,188) (506,384) Total lease liability $ 643,328 $ 77,646
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed ground rent expense $ 3,820 $ 2,264 $ 7,848 $ 4,533 Variable ground rent expense 6,831 5 12,825 10 Total cash portion of ground rent expense 10,651 2,269 20,673 4,543 Straight-line ground rent expense 5,520 3,217 10,923 6,070 Total operating lease costs $ 16,171 $ 5,486 $ 31,596 $ 10,613

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): June 30, 2023 December 31, 2022 Rental Housing $ 66,569,846 $ 68,464,413 Industrial 20,657,415 21,624,736 Net Lease 8,167,042 9,011,326 Data Centers 3,305,255 3,203,585 Office 3,157,434 3,293,163 Hospitality 3,133,896 3,768,473 Retail 2,564,830 2,722,839 Self Storage 2,223,127 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 24,798,641 25,363,546 Other (Corporate) 3,469,138 2,987,992 Total assets $ 138,046,624 $ 142,687,424 The following table details the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,268,987 $ 351,188 $ 150,385 $ — $ 48,001 $ 12,959 $ 57,449 $ 55,672 $ — $ 1,944,641 Hospitality revenue — — — 217,744 — — — — — 217,744 Other revenue 91,833 5,917 — 4,524 1,904 — 1,086 5,406 — 110,670 Total revenues 1,360,820 357,105 150,385 222,268 49,905 12,959 58,535 61,078 — 2,273,055 Expenses: Rental property operating 717,790 107,869 774 — 14,362 2,524 23,969 29,710 12 897,010 Hospitality operating — — — 147,589 — — — — — 147,589 Total expenses 717,790 107,869 774 147,589 14,362 2,524 23,969 29,710 12 1,044,599 (Loss) income from unconsolidated entities (2,647) 89,214 — 1,674 5,837 (4,967) 855 — — 89,966 Income from investments in real estate debt — — — — — — — — 251,278 251,278 Changes in net assets of consolidated securitization vehicles — — — — — — — — 62,685 62,685 Income from investments in equity securities (1) 30,927 — — — — — — — — 30,927 Segment net operating income $ 671,310 $ 338,450 $ 149,611 $ 76,353 $ 41,380 $ 5,468 $ 35,421 $ 31,368 $ 313,951 $ 1,663,312 Depreciation and amortization $ (628,409) $ (193,248) $ (51,878) $ (32,185) $ (24,971) $ (5,470) $ (34,197) $ (17,278) $ — $ (987,636) General and administrative $ (17,122) Management fee (213,365) Impairment of investments in real estate (105,216) Income from interest rate derivatives 536,236 Net gain on dispositions of real estate 668,824 Interest expense (813,391) Loss on extinguishment of debt (3,283) Other expense (19,409) Net income $ 708,950 Net loss attributable to non-controlling interests in third party joint ventures $ 69,255 Net income attributable to non-controlling interests in BREIT OP (23,271) Net income attributable to BREIT stockholders $ 754,934 (1) Included within other expense on the Condensed Consolidated Statements of Operations is $27.1 million of net unrealized gain related to equity securities. The following table details the financial results by segment for the three months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 864,047 $ 338,790 $ 116,226 $ — $ 28,916 $ 11,247 $ 35,587 $ 54,280 $ — $ 1,449,093 Hospitality revenue — — — 197,652 — — — — — 197,652 Other revenue 59,580 6,235 — 4,376 1,194 — 600 4,271 — 76,256 Total revenues 923,627 345,025 116,226 202,028 30,110 11,247 36,187 58,551 — 1,723,001 Expenses: Rental property operating 487,712 110,709 310 2 8,442 1,890 13,874 26,660 — 649,599 Hospitality operating — — — 135,812 — — — — — 135,812 Total expenses 487,712 110,709 310 135,814 8,442 1,890 13,874 26,660 — 785,411 (Loss) Income from unconsolidated entities (28,398) (25,167) 25,100 — 15,096 (46,675) 330 — — (59,714) Loss from investments in real estate debt — — — — — — — — (141,381) (141,381) Changes in net assets of consolidated securitization vehicles — — — — — — — — (43,934) (43,934) Loss from investments in equity securities (1) (207,182) (49,129) 31,028 — (93,139) — — — — (318,422) Segment net operating income (loss) $ 200,335 $ 160,020 $ 172,044 $ 66,214 $ (56,375) $ (37,318) $ 22,643 $ 31,891 $ (185,315) $ 374,139 Depreciation and amortization $ (602,376) $ (204,705) $ (40,253) $ (27,758) $ (15,239) $ (3,557) $ (30,792) $ (33,669) $ — $ (958,349) General and administrative $ (11,753) Management fee (212,628) Performance participation allocation (211,597) Income from interest rate derivatives 632,846 Net gain on dispositions of real estate 217,152 Interest expense (434,529) Gain on extinguishment of debt (8,794) Other expense (4,395) Net loss $ (617,908) Net loss attributable to non-controlling interests in third party joint ventures $ 37,284 Net loss attributable to non-controlling interests in BREIT OP 11,614 Net loss attributable to BREIT stockholders $ (569,010) (1) Included within other expense on the Condensed Consolidated Statements of Operations is $327.4 million of net unrealized/realized loss related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,580,964 $ 700,781 $ 300,769 $ — $ 96,289 $ 25,686 $ 117,871 $ 110,346 $ — $ 3,932,706 Hospitality revenue — — — 418,965 — — — — — 418,965 Other revenue 175,686 13,030 — 7,686 3,781 — 2,247 6,894 — 209,324 Total revenues 2,756,650 713,811 300,769 426,651 100,070 25,686 120,118 117,240 — 4,560,995 Expenses: Rental property operating 1,425,594 224,930 1,244 — 28,201 4,738 49,299 55,181 12 1,789,199 Hospitality operating — — — 281,412 — — — — — 281,412 Total expenses 1,425,594 224,930 1,244 281,412 28,201 4,738 49,299 55,181 12 2,070,611 (Loss) income from unconsolidated entities (15,147) 177,509 432,528 (714) (14,093) (45,084) (375) — — 534,624 Income from investments in real estate debt — — — — — — — — 404,749 404,749 Changes in net assets of consolidated securitization vehicles — — — — — — — — 91,939 91,939 Income from investments in equity securities (1) 30,937 — — — — — — — — 30,937 Segment net operating income (loss) $ 1,346,846 $ 666,390 $ 732,053 $ 144,525 $ 57,776 $ (24,136) $ 70,444 $ 62,059 $ 496,676 $ 3,552,633 Depreciation and amortization $ (1,263,750) $ (384,524) $ (103,756) $ (65,033) $ (49,904) $ (11,023) $ (73,203) $ (35,828) $ — $ (1,987,021) General and administrative $ (34,298) Management fee (434,503) Impairment of investments in real estate (117,715) Loss from interest rate derivatives (84,014) Net gain on dispositions of real estate 789,827 Interest expense (1,613,400) Loss on extinguishment of debt (8,541) Other expense (46,479) Net income $ 16,489 Net loss attributable to non-controlling interests in third party joint ventures $ 143,613 Net income attributable to non-controlling interests in BREIT OP (6,223) Net income attributable to BREIT stockholders $ 153,879 (1) Included within other expense on the Condensed Consolidated Statements of Operations is $23.4 million of net unrealized gain related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,643,284 $ 679,558 $ 199,021 $ — $ 45,075 $ 19,428 $ 66,960 $ 99,487 $ — $ 2,752,813 Hospitality revenue — — — 344,897 — — — — — 344,897 Other revenue 114,229 12,370 — 7,035 2,205 — 1,107 7,410 — 144,356 Total revenues 1,757,513 691,928 199,021 351,932 47,280 19,428 68,067 106,897 — 3,242,066 Expenses: Rental property operating 907,264 221,238 606 — 12,832 3,162 23,793 47,691 — 1,216,586 Hospitality operating — — — 239,275 — — — — — 239,275 Total expenses 907,264 221,238 606 239,275 12,832 3,162 23,793 47,691 — 1,455,861 (Loss) Income from unconsolidated entities (57,198) 199,552 50,374 — 16,786 (85,144) 141 — — 124,511 Loss from investments in real estate debt — — — — — — — — (159,750) (159,750) Changes in net assets of consolidated securitization vehicles — — — — — — — — (59,609) (59,609) (Loss) income from investments in equity securities (1) (282,683) (56,625) 27,334 — (107,609) — — — — (419,583) Segment net operating income (loss) $ 510,368 $ 613,617 $ 276,123 $ 112,657 $ (56,375) $ (68,878) $ 44,415 $ 59,206 $ (219,359) $ 1,271,774 Depreciation and amortization $ (1,175,344) $ (413,071) $ (68,890) $ (54,834) $ (23,073) $ (7,114) $ (66,073) $ (65,001) $ — $ (1,873,400) General and administrative $ (24,859) Management fee (401,778) Performance participation allocation (623,166) Income from interest rate derivatives 1,308,636 Net gain on dispositions of real estate 422,414 Interest expense (780,788) Gain on extinguishment of debt (7,399) Other expense (5,921) Net loss $ (714,487) Net loss attributable to non-controlling interests in third party joint ventures $ 81,539 Net loss attributable to non-controlling interests in BREIT OP 12,270 Net loss attributable to BREIT stockholders $ (620,678) (1) Included within other expense on the Condensed Consolidated Statements of Operations is $452.5 million of unrealized/realized loss related to equity securities.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	6 Months Ended
	Jun. 30, 2023 USD ($) segment property rentalHome
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 72.8
Number of owned properties | property	5,065
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	28,594
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Significant Of Accounting Policies [Line Items]
Interest expense	$ (813,391)		$ (434,529)	$ (1,613,400)	$ (780,788)
Other income (expense)	(11,518)		322,817	15,542	425,504
Income (loss) from interest rate derivatives	536,236		632,846	(84,014)	1,308,636
Total assets	138,046,624			138,046,624		$ 142,687,424
Total liabilities	88,382,610			88,382,610		91,933,250
Net realized and unrealized loss on equity securities	(27,100)		327,400	(23,400)	452,500
Impairment of investments in real estate	105,216	$ 12,500	0	117,715	0
Real estate, held-for-sale	$ 211,400	36,900		$ 211,400
Impairment of properties held for sale		$ 12,500	0		0
Office Properties:
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	1			1
Rental Housing and Office Properties
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate	$ 105,200			$ 105,200
Revision of Prior Period, Reclassification, Adjustment | Reclassification from Interest Expense
Significant Of Accounting Policies [Line Items]
Interest expense			18,800		58,600
Income (loss) from interest rate derivatives			18,800		58,600
Revision of Prior Period, Reclassification, Adjustment | Reclassification from Other Income (Expense)
Significant Of Accounting Policies [Line Items]
Other income (expense)			600,000		1,300,000
Income (loss) from interest rate derivatives			$ 600,000		$ 1,300,000
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		1,400,000
Level 3 | Minimum | Discount Rate | Discounted cash flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.068			0.068
Level 3 | Minimum | Exit Capitalization Rate | Discounted cash flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.052			0.052
Level 3 | Maximum | Discount Rate | Discounted cash flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.094			0.094
Level 3 | Maximum | Exit Capitalization Rate | Discounted cash flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.119			0.119
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	$ 51,000,000			$ 51,000,000		52,100,000
Total liabilities	$ 37,300,000			$ 37,300,000		$ 37,800,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Investments in real estate debt	$ 7,574,239	$ 8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,968,906	17,030,387
Equity securities	553,564	530,119
Investments in unconsolidated entities	4,564,515	4,947,251
Interest rate and foreign currency hedging derivatives	2,895,335	3,033,595
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,293,379	15,288,598
Interest rate and foreign currency hedging derivatives	32,817	50,557
Recurring
Assets:
Investments in real estate debt	7,574,239	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,968,906	17,030,387
Equity securities	553,564	530,119
Investments in unconsolidated entities	4,564,515	4,947,251
Interest rate and foreign currency hedging derivatives	2,895,335	3,033,595
Total	32,556,559	33,543,055
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,293,379	15,288,598
Interest rate and foreign currency hedging derivatives	32,817	50,557
Total	15,326,196	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	60,157	52,512
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	60,157	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	6,150,448	6,460,520
Real estate loans held by consolidated securitization vehicles, at fair value	16,968,906	17,030,387
Equity securities	268,999	253,199
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	2,895,335	3,033,595
Total	26,283,688	26,777,701
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,293,379	15,288,598
Interest rate and foreign currency hedging derivatives	32,817	50,557
Total	15,326,196	15,339,155
Recurring | Level 3
Assets:
Investments in real estate debt	1,423,791	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	4,564,515	4,947,251
Interest rate and foreign currency hedging derivatives	0	0
Total	6,212,714	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_6

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 6,712,842
Purchases and contributions	53,745
Sales and repayments	(727,200)
Distributions received	(26,733)
Income from unconsolidated entities measured at fair value	171,970
Realized loss included in income (loss) from investments in real estate debt	1,242
Unrealized gain included in income (loss) from investments in real estate debt	26,848
Ending balance	6,212,714
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,541,183
Purchases and contributions	34,758
Sales and repayments	(180,240)
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	1,242
Unrealized gain included in income (loss) from investments in real estate debt	26,848
Ending balance	1,423,791
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	18,987
Sales and repayments	(546,960)
Distributions received	(26,733)
Income from unconsolidated entities measured at fair value	171,970
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	$ 4,564,515

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) - Level 3 $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 6,212,714	$ 6,712,842
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,423,791	$ 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	0.104	0.096
Investments in Real Estate Debt | Yield Method | Market Yield | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,423,791	$ 1,541,183
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	$ 224,408
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,564,515	$ 4,947,251
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
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		$ 547,316
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	0.069	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	$ 3,869,169	$ 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	0.089	0.083
Investments In Unconsolidated Entities Held at Cost | Discounted cash flow | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 695,346
Investments In Unconsolidated Entities Held at Cost | Discounted cash flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.110
Investments In Unconsolidated Entities Held at Cost | Discounted cash flow | Exit Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	22

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Incentive Compensation Awards Issued to Simply Self Storage and HPA Employees (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(2,999)
Value of Awards Issued	15,560
Amortization of Compensation Cost	(11,274)
Unrecognized Compensation Cost, ending balance	49,337
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	22,853
Forfeiture of unvested awards	(1,166)
Value of Awards Issued	16,915
Amortization of Compensation Cost	(7,009)
Unrecognized Compensation Cost, ending balance	31,593
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	(4,922)
Unrecognized Compensation Cost, ending balance	$ 16,849
Remaining Amortization Period	1 year 6 months
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	(519)
Unrecognized Compensation Cost, ending balance	$ 1,523
Remaining Amortization Period	1 year 6 months
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	(4,407)
Unrecognized Compensation Cost, ending balance	$ 18,873
Remaining Amortization Period	2 years 3 months 18 days
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	(1,166)
Value of Awards Issued	0
Amortization of Compensation Cost	(4,231)
Unrecognized Compensation Cost, ending balance	$ 15,414
Remaining Amortization Period	2 years 3 months 18 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	15,560
Amortization of Compensation Cost	(1,945)
Unrecognized Compensation Cost, ending balance	$ 13,615
Remaining Amortization Period	3 years 6 months
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	16,915
Amortization of Compensation Cost	(2,259)
Unrecognized Compensation Cost, ending balance	$ 14,656
Remaining Amortization Period	3 years

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 80,346,691	$ 81,914,789
Land and land improvements	18,308,060	18,635,672
Furniture, fixtures and equipment	2,292,247	2,301,683
Right of use asset - operating leases	1,098,923	1,090,782
Right of use asset - financing leases	72,862	72,872
Total	102,118,783	104,015,798
Accumulated depreciation and amortization	(7,154,538)	(5,866,306)
Investments in real estate, net	$ 94,964,245	$ 98,149,492

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) property segment	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 segment
Real Estate Properties [Line Items]
Number of Properties | segment	2,504			2,504		2,546
Building and building improvements	$ 25,900			$ 25,900
Land and land improvements	10,700			10,700
Payments to acquire intangible assets				0
Gains included in net gain on disposition of assets	678,300		$ 226,800	833,900	$ 443,800
Losses included in net gain on disposition of assets	9,500		9,600	44,100	21,400
Impairment of investments in real estate	$ 105,216	$ 12,500	0	117,715	0
Impairment of properties held for sale		$ 12,500	$ 0		$ 0
Rental Housing Properties:
Real Estate Properties [Line Items]
Purchase price				$ 36,600
Number of real estate properties classified as held for sale | property	16			16
Acquired Properties
Real Estate Properties [Line Items]
Number of Properties | segment	98			98
Hospitality
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | property	7			7
Office Properties:
Real Estate Properties [Line Items]
Number of real estate properties related to impairment | property	1			1

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property home	Jun. 30, 2022 USD ($) property home	Jun. 30, 2023 USD ($) home property	Jun. 30, 2022 USD ($) property home
Real Estate Properties [Line Items]
Number of Properties | property	44	41	96	57
Net Proceeds	$ 2,097,991	$ 664,864	$ 2,872,916	$ 1,236,089
Net Gain	668,824	217,152	789,827	422,414
Gains included in net gain on disposition of assets	678,300	226,800	833,900	443,800
Losses included in net gain on disposition of assets	$ 9,500	$ 9,600	$ 44,100	$ 21,400
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | property	31	15	73	22
Net Proceeds	$ 766,034	$ 325,757	$ 1,419,804	$ 771,176
Net Gain	$ 290,272	$ 84,335	$ 396,060	$ 268,366
Hospitality
Real Estate Properties [Line Items]
Number of Properties | property	2		7
Net Proceeds	$ 817,083		$ 914,637
Net Gain	$ 300,151		$ 311,111
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	8	26	12	35
Net Proceeds	$ 424,808	$ 339,107	$ 434,025	$ 464,913
Net Gain	$ 73,958	$ 132,817	$ 75,563	$ 154,048
Retail Properties:
Real Estate Properties [Line Items]
Number of Properties | property	3		4
Net Proceeds	$ 90,066		$ 104,450
Net Gain	$ 4,443		$ 7,093
Single Family
Real Estate Properties [Line Items]
Number of Properties | home	53	162	238	285

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	Jun. 30, 2023	Dec. 31, 2022
Assets:
Investments in real estate, net	$ 662,704
Other assets	7,366
Total assets	670,070
Liabilities:
Mortgage notes, net	425,759
Other liabilities	16,100
Total liabilities	$ 441,859	$ 275,052

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Jun. 30, 2023 USD ($) segment jointVenture property	Jan. 09, 2023	Dec. 31, 2022 USD ($) segment jointVenture property
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	76		114
Number of Properties	2,504		2,546
Book Value | $	$ 8,123,293		$ 9,369,402
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	63		100
Number of Properties	380		410
Book Value | $	$ 3,558,778		$ 4,422,151
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1		1
Number of Properties	70		62
Ownership Interest	35.70%		35.70%
Book Value | $	$ 1,751,686		$ 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	56		92
Number of Properties	51		87
Book Value | $	$ 1,152,863		$ 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	10,728		10,767
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3		3
Number of Properties	56		56
Book Value | $	$ 245,797		$ 242,883
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3		3
Book Value | $	$ 245,800		$ 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 | $	$ 95,740		$ 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 | $	$ 312,692		$ 314,006
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	13		14
Number of Properties	2,124		2,136
Book Value | $	$ 4,564,515		$ 4,947,251
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11		12
Number of Properties	2,123		2,135
Book Value | $	$ 3,370,757		$ 3,751,864
Industrial investments at fair value | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3		4
Book Value | $	$ 2,400,000		$ 2,800,000
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.40%		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 | $	$ 498,412		$ 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 | $	$ 695,346		$ 674,411
Data Center investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Book Value | $	$ 695,300		$ 674,400

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 09, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 89,966	$ (59,714)	$ 534,624	$ 124,511
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ (6,704)	(51,216)	$ 361,838	(93,161)
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest		35.70%		35.70%		35.70%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (4,949)	(47,347)	$ (48,519)	(85,816)
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%	49.90%		49.90%		49.90%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 0	25,100	$ 432,528	50,374
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		$ (2,647)	(28,398)	$ (15,147)	(57,198)
Rental Housing Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		12.20%		12.20%		12.20%
Rental Housing Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		52%		52%		52%
Industrial investments
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ (1,637)	(901)	$ (5,935)	(662)
Industrial investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		10.10%		10.10%		10%
Industrial investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		22.40%		22.40%		55%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 90,851	(24,266)	$ 183,444	200,214
Proceeds from sale of investment		547,000		547,000
Gain on sale		$ 37,100		$ 37,100
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest		12.40%		12.40%		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%		50%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 855	330	$ (375)	141
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Ownership Interest		30%		30%		30%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 1,674	0	$ (714)	0
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 96,670	(8,498)	$ 172,786	217,672
Office investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest		49%		49%		49%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 5,837	15,096	$ (14,093)	16,786
Data Center investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest		12.40%		12.40%		12.40%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (18)	$ 672	$ 3,435	$ 672

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.60%	7.40%
Face Amount	$ 8,200,517	$ 8,694,798
Cost Basis	8,185,781	8,675,567
Fair Value	7,574,239	8,001,703
Notional Amount	41,429,451	40,556,507
Interest Rate Swaps Investments In Real Estate Debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 887,565	$ 1,392,960
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.40%	7%
Face Amount	$ 6,633,327	$ 6,995,756
Cost Basis	6,632,718	6,992,859
Fair Value	$ 6,035,969	$ 6,341,477
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4%	3.90%
Face Amount	$ 6,158,769	$ 6,474,823
Cost Basis	6,158,172	6,473,296
Fair Value	$ 5,666,417	$ 5,943,403
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	450%	440%
Face Amount	$ 382,997	$ 404,953
Cost Basis	371,707	393,511
Fair Value	$ 279,581	$ 292,516
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.90%	4.90%
Face Amount	$ 91,561	$ 115,980
Cost Basis	102,839	126,052
Fair Value	$ 89,971	$ 105,558
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.50%
Face Amount	$ 1,366,845	$ 1,489,296
Cost Basis	1,378,248	1,499,691
Fair Value	$ 1,369,139	$ 1,483,358
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 200,345	$ 209,746
Cost Basis	174,815	183,017
Fair Value	169,131	176,868
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 600,000	$ 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	Jun. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 8,185,781	$ 8,675,567
Fair Value	$ 7,574,239	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,686,522	$ 2,681,299
Fair Value	$ 2,529,381	$ 2,483,592
Percentage Based on Fair Value	34%	32%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,015,185	$ 2,119,282
Fair Value	$ 1,854,537	$ 1,940,795
Percentage Based on Fair Value	25%	24%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,596,069	$ 1,884,353
Fair Value	$ 1,521,687	$ 1,768,090
Percentage Based on Fair Value	20%	22%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 974,749	$ 983,374
Fair Value	$ 945,642	$ 947,368
Percentage Based on Fair Value	12%	12%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 498,462	$ 552,016
Fair Value	$ 336,088	$ 439,938
Percentage Based on Fair Value	4%	5%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 320,962	$ 360,903
Fair Value	$ 305,851	$ 339,609
Percentage Based on Fair Value	4%	4%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 93,832	$ 94,340
Fair Value	$ 81,053	$ 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	Jun. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 8,185,781	$ 8,675,567
Fair Value	$ 7,574,239	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 10,400
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	91,760	$ 91,809
Fair Value	$ 88,131	$ 86,055
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,041,745	$ 1,077,419
Fair Value	$ 992,130	$ 1,024,908
Percentage Based on Fair Value	13%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,693,378	$ 1,858,101
Fair Value	$ 1,517,550	$ 1,659,281
Percentage Based on Fair Value	20%	21%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,421,025	$ 1,609,017
Fair Value	$ 1,261,327	$ 1,424,940
Percentage Based on Fair Value	17%	18%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 78,372	$ 40,486
Fair Value	$ 59,639	$ 33,225
Percentage Based on Fair Value	1%	0%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,553,063	$ 1,682,708
Fair Value	$ 1,538,270	$ 1,660,226
Percentage Based on Fair Value	20%	21%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,306,438	$ 2,316,027
Fair Value	$ 2,117,192	$ 2,113,068
Percentage Based on Fair Value	28%	26%
Weighted average LTV at origination	64%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	64%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	27%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Interest income	$ 181,279	$ 169,544	$ 355,025	$ 282,817
Unrealized gain (loss)	64,322	(328,144)	67,362	(552,290)
Realized (loss) gain	(16,335)	(90,528)	(17,358)	(88,144)
Total	229,266	(249,128)	405,029	(357,617)
Net realized and unrealized loss on equity securities	18,158	86,816	(7,286)	170,791
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt	(2,743)	27,523	(8,626)	38,343
Other gain (loss)	6,597	(6,592)	15,632	(11,267)
Total income (loss) from investments in real estate debt	$ 251,278	$ (141,381)	$ 404,749	$ (159,750)

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 7,574,239		$ 7,574,239		$ 8,001,703
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,620,242		1,620,242		1,683,765
Income (Loss)	50,691	$ (108,148)	74,588	$ (130,775)
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	764,745		764,745		835,846
Income (Loss)	33,097	(10,390)	68,183	(11,529)
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,384,987		2,384,987		$ 2,519,611
Income (Loss)	$ 83,788	$ (118,538)	$ 142,771	$ (142,304)

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Marketable Securities [Line Items]
Investments in real estate debt	$ 8,185,781		$ 8,185,781		$ 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		2,000,000		$ 1,900,000
Investments, income (loss)	$ 83,300	$ (47,800)	$ 121,100	$ (76,500)

Consolidated Securitization V_3

Consolidated Securitization Vehicles (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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	22
Real estate loans held by consolidated securitization vehicles, at principal value	$ 17,414,024	$ 17,527,441
Senior obligations of consolidated securitization vehicles, at principal value	15,545,037	15,565,671
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,868,987	1,961,770
Real estate loans held by consolidated securitization vehicles, at fair value	16,968,906	17,030,387
Senior obligations of consolidated securitization vehicles, at fair value	15,293,379	15,288,598
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,675,527	$ 1,741,789
Real estate loans held by consolidated securitization vehicles, weighted average yield	6%	5.10%
Senior obligations of consolidated securitization vehicles, weighted average cost	5.90%	4.90%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	7.60%	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 ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total loans secured by real estate	$ 62,234,840,000	$ 65,631,049,000
(Discount) premium on assumed debt, net	(116,086,000)	(121,435,000)
Deferred financing costs, net	(491,323,000)	(546,911,000)
Mortgage notes, secured term loans, and secured revolving credit facilities, net	61,627,431,000	64,962,703,000
Outstanding interest rate swaps	$ 41,429,451,000	40,556,507,000
Weighted average interest rate, including derivative impact	4.30%
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	6%
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 32,300,000,000
Interest Rate Caps Property Debt
Debt Instrument [Line Items]
Outstanding interest rate swaps	15,500,000,000
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 37,783,500,000	40,478,688,000
Total variable rate loans | One-Month LIBOR | Weighted Average
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	$ 343,400,000	364,500,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 33,597,507,000	34,141,570,000
Mortgage and Term Loans | Total variable rate loans | One-Month LIBOR | Weighted Average
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	$ 24,451,340,000	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	$ 3,901,900,000
Total loans secured by real estate	$ 565,207,000	2,608,778,000
Secured Revolving Credit Facility | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	160%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,388,249,000
Total loans secured by real estate	$ 3,620,786,000	$ 3,728,340,000
Warehouse facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2%

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	Jun. 30, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2023 (remaining)	$ 235,168
2024	3,885,772
2025	8,845,826
2026	16,071,333
2027	18,413,105
2028	3,586,371
Thereafter	11,197,265
Total	$ 62,234,840	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (3,283)	$ (8,794)	$ (8,541)	$ (7,399)

Secured Financings of Investm_3

Secured Financings of Investments in Real Estate Debt - Secured Financings on Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,741,658	$ 4,966,685
Total assets	138,046,624	142,687,424
Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 7,663,984	$ 8,138,317
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%	1.30%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,318,573	$ 4,482,728
CMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 7,051,119	$ 7,447,672
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%	1.30%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 201,843	$ 99,716
RMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 281,531	$ 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	$ 153,038	$ 220,694
Commercial real estate loans | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 235,786	$ 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	$ 68,204	$ 163,547
Corporate bonds | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 95,548	$ 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	6 Months Ended
	Jun. 30, 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) - Related Party - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other liabilities	$ 1,182,918	$ 1,676,308
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Other liabilities	1,098,054	1,588,178
Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities	0	0
Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	70,843	71,644
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Other liabilities	12,526	14,975
Other
Related Party Transaction [Line Items]
Other liabilities	$ 1,495	$ 1,511

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2023 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) investment shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Aug. 11, 2023 USD ($)	Jan. 01, 2023
Related Party Transaction [Line Items]
Performance participation allocation		$ 0	$ 211,597	$ 0	$ 623,166
Performance participation allocation shortfall		0		0		$ 74,900
Management fee		213,365	212,628	434,503	401,778
Amount contributed to captive towards insurance premium		3,500	77,200	3,300	81,600
Insurance premium refunds				200
Payment for management fee		100	1,500	100	1,600
Other assets		7,759,804		$ 7,759,804		7,881,948
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent							$ 2,100,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent							$ 1,500,000
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 Shortfall		900		$ 1,900
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		213,400	$ 212,600	$ 434,500	$ 401,800
Adviser | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	4.8
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares				24.8	22.3
Related Party | LivCor, LLC
Related Party Transaction [Line Items]
Other assets		$ 1,300		$ 1,300		$ 6,000
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments				$ 5,100
Number of investments with capitalized costs | investment				34

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 75,854	$ 62,207	$ 153,939	$ 106,341
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	4,885	5,133	8,590	10,085
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	3,825	4,327	6,796	7,054
Link Industrial Properties LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	30,381	24,753	61,331	43,886
Link Industrial Properties LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	2,075	2,344	3,704	4,688
Link Industrial Properties LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	400	1,206	680	2,238
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	24,247	21,115	50,198	35,093
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	2,247	2,218	4,045	4,435
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	3,097	1,623	5,422	3,314
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	7,622	4,309	16,465	6,166
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	146	125	240	250
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	328	1,209	665	1,213
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	6,475	6,098	12,207	10,930
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	57	0	94	0
Revantage Corporate Services, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
BRE Hotels and Resorts LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	4,878	4,897	9,123	8,381
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	176	372	263	563
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Equity Office Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	1,028	593	2,351	1,015
Equity Office Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	60	74	106	149
Equity Office Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	230	29	230
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	614	0	1,182	0
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	124	0	138	0
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	59	0	59
Longview Senior Housing Advisors, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	609	442	1,082	870
Longview Senior Housing Advisors, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Longview Senior Housing Advisors, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	$ 0	$ 0	$ 0	$ 0

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(2,999)
Value of Awards Issued	15,560
Amortization of Compensation Cost	(11,274)
Unrecognized Compensation Cost, ending balance	49,337
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	(4,922)
Unrecognized Compensation Cost, ending balance	$ 16,849
Remaining Amortization Period	1 year 6 months
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	(4,407)
Unrecognized Compensation Cost, ending balance	$ 18,873
Remaining Amortization Period	2 years 3 months 18 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	15,560
Amortization of Compensation Cost	(1,945)
Unrecognized Compensation Cost, ending balance	$ 13,615
Remaining Amortization Period	3 years 6 months

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Interest rate and foreign currency hedging derivatives	$ 2,895,335	$ 3,033,595
Real estate intangibles, net	1,314,677	1,624,212
Receivables, net	797,527	821,309
Held-for-sale assets	670,070	380,267
Straight-line rent receivable	574,184	454,989
Equity securities	553,564	530,119
Single family rental homes risk retention securities	300,718	300,718
Deferred leasing costs, net	132,402	121,230
Prepaid expenses	95,903	146,568
Deferred financing costs, net	91,381	103,049
Total	7,759,804	7,881,948
Related Party
Other Assets [Line Items]
Other	76,013	74,857
Nonrelated Party
Other Assets [Line Items]
Other	$ 258,030	$ 291,035

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Stock repurchases payable	$ 654,248	$ 151,959
Right of use lease liability - operating leases	643,328	638,830
Accounts payable and accrued expenses	469,239	470,335
Liabilities related to held-for-sale assets	441,859	275,052
Accrued interest expense	408,726	395,459
Real estate taxes payable	375,086	350,757
Intangible liabilities, net	292,405	330,432
Tenant security deposits	240,160	237,891
Distribution payable	238,871	238,297
Prepaid rental income	140,998	188,450
Subscriptions received in advance	107,215	208,632
Right of use lease liability - financing leases	77,646	77,008
Securitized debt obligations, net	60,469	123,628
Interest rate and foreign currency hedging derivatives	32,817	50,557
Other	$ 227,234	$ 174,746
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	Jun. 30, 2023	Dec. 31, 2022
Intangible assets
Indefinite life intangibles	$ 188,182	$ 193,182
Total intangible assets	2,436,993	2,658,852
Accumulated amortization
Total accumulated amortization	(1,122,316)	(1,034,640)
Intangible assets, net	1,314,677	1,624,212
Intangible liabilities
Below-market lease intangibles	467,733	476,186
Total intangible liabilities	467,733	476,186
Accumulated amortization
Below-market lease amortization	(175,328)	(145,754)
Total accumulated amortization	(175,328)	(145,754)
Intangible liabilities, net	292,405	330,432
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,811,371	2,022,087
Accumulated amortization
Total accumulated amortization	(1,033,762)	(971,988)
Intangible assets, net	777,609
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	64,524	71,952
Accumulated amortization
Total accumulated amortization	(30,547)	(31,419)
Intangible assets, net	33,977
Other intangibles
Intangible assets
Finite-lived intangible assets	372,916	371,631
Accumulated amortization
Total accumulated amortization	(58,007)	$ (31,233)
Intangible assets, net	$ 314,909

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lease Intangibles
Intangible assets, net	$ 1,314,677	$ 1,624,212
Below-market Lease Intangibles
2023 (remaining)	(33,464)
2024	(57,984)
2025	(47,979)
2026	(37,878)
2027	(27,119)
2028	(20,531)
Thereafter	(67,450)
Total	292,405
In-place Lease Intangibles
Lease Intangibles
2023 (remaining)	126,372
2024	169,044
2025	128,236
2026	97,478
2027	70,794
2028	53,612
Thereafter	132,073
Intangible assets, net	777,609
Above-market Lease Intangibles
Lease Intangibles
2023 (remaining)	4,225
2024	7,514
2025	6,289
2026	4,867
2027	3,393
2028	2,418
Thereafter	5,271
Intangible assets, net	33,977
Other intangibles
Lease Intangibles
2023 (remaining)	19,906
2024	36,351
2025	33,768
2026	32,516
2027	30,452
2028	28,453
Thereafter	133,463
Intangible assets, net	$ 314,909

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative	Jun. 30, 2023 EUR (€) derivative	Jun. 30, 2023 GBP (£) derivative	Dec. 31, 2022 EUR (€) derivative	Dec. 31, 2022 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 41,429,451	$ 40,556,507
Interest Rate Caps Property Debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 15,500,000
Designated as Hedging Instrument | Interest Rate Swaps Property Debt
Derivatives, Fair Value [Line Items]
Number of Instruments	21	20	21	21	20	20
Notional Amount | $	$ 7,332,004	$ 7,417,852
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	5 years 7 months 6 days	6 years 1 month 6 days
Non-designated Hedges | Interest Rate Swaps Property Debt
Derivatives, Fair Value [Line Items]
Number of Instruments	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)	6 years 9 months 18 days	7 years 3 months 18 days
Non-designated Hedges | Interest Rate Caps Property Debt
Derivatives, Fair Value [Line Items]
Number of Instruments	140	135	140	140	135	135
Notional Amount | $	$ 15,526,286	$ 14,147,947
Weighted Average Strike	4.40%	4.10%	4.40%	4.40%	4.10%	4.10%
Weighted Average Maturity (Years)	7 months 6 days	9 months 18 days
Non-designated Hedges | Interest Rate Swaps Investments In Real Estate Debt
Derivatives, Fair Value [Line Items]
Number of Instruments	31	61	31	31	61	61
Notional Amount | $	$ 887,565	$ 1,392,960
Weighted Average Strike	2.20%	1.40%	2.20%	2.20%	1.40%	1.40%
Weighted Average Maturity (Years)	5 years 4 months 24 days	4 years 1 month 6 days
Non-designated Hedges | Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Number of Instruments	9	14	9	9	14	14
Notional Amount | €			€ 144,324		€ 160,206
Non-designated Hedges | Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Number of Instruments	11	12	11	11	12	12
Notional Amount | £				£ 56,428		£ 132,563
Non-designated Hedges | Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Number of Instruments	1	0	1	1	0	0
Notional Amount | €			€ 2,000		€ 0

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 2,895,335	$ 3,033,595
Fair Value of Derivatives in a Liability Position	32,817	50,557
Interest rate cap	217,400	237,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	423,194	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	2,472,141	2,624,335
Fair Value of Derivatives in a Liability Position	32,817	50,557
Interest Rate Swaps Property Debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	423,194	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	2,277,582	2,310,511
Fair Value of Derivatives in a Liability Position	0	0
Interest Rate Caps Property Debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	133,945	183,392
Fair Value of Derivatives in a Liability Position	28,630	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	60,602	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	12	251
Fair Value of Derivatives in a Liability Position	$ 4,187	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	$ 554,395	$ 719,656	$ (91,299)	$ 1,484,960
Income (loss) from interest rate derivatives	536,236	632,846	(84,014)	1,308,636
Unrealized gain on derivatives	172,012	0	20,757	0
Total	726,407	719,656	(70,542)	1,484,960
Gain reclassified to earnings	42,500		75,300
Interest Rate Swaps Property Debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	546,438	614,075	(11,242)	1,250,065
Unrealized gain on derivatives	172,012	0	20,757	0
Interest Rate Caps Property Debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(10,202)	18,765	(72,772)	64,104
Interest Rate Swaps Investments In Real Estate Debt
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	67,370	10,326	69,405	10,326
Unrealized gain (loss)	(47,662)	21,500	(69,573)	81,209
Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(1,960)	41,639	(17,094)	62,983
Unrealized gain (loss)	$ 411	$ 13,351	$ 9,977	$ 16,273

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Jun. 30, 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 | $	$ 24.7	$ 47.6

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)	100,000,000
Total, shares authorized (in shares)	12,100,000,000
Preferred stock par value (in dollars per share)	$ 0.01
Class S
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class T
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
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
Class F
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

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	4,648,205,000	4,486,178,000
Common stock issued (transferred)	45,525,000	410,689,000
Distribution reinvestment (in shares)	22,715,000	46,082,000
Common stock repurchased (in shares)	(224,789,000)	(451,293,000)
Ending balance (in shares)	4,491,656,000	4,491,656,000
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,582,436,000	1,597,414,000
Common stock issued (transferred)	8,913,000	20,213,000
Distribution reinvestment (in shares)	7,745,000	15,623,000
Common stock repurchased (in shares)	(41,369,000)	(75,525,000)
Ending balance (in shares)	1,557,725,000	1,557,725,000
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,827,354,000	2,394,737,000
Common stock issued (transferred)	34,414,000	632,917,000
Distribution reinvestment (in shares)	13,780,000	26,623,000
Common stock repurchased (in shares)	(173,912,000)	(352,641,000)
Ending balance (in shares)	2,701,636,000	2,701,636,000
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	70,538,000	72,599,000
Common stock issued (transferred)	(2,261,000)	(2,913,000)
Distribution reinvestment (in shares)	405,000	827,000
Common stock repurchased (in shares)	(2,196,000)	(4,027,000)
Ending balance (in shares)	66,486,000	66,486,000
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	166,792,000	421,428,000
Common stock issued (transferred)	3,506,000	(241,563,000)
Distribution reinvestment (in shares)	788,000	3,009,000
Common stock repurchased (in shares)	(7,312,000)	(19,100,000)
Ending balance (in shares)	163,774,000	163,774,000
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,085,000	0
Common stock issued (transferred)	953,000	2,035,000
Distribution reinvestment (in shares)	(3,000)	0
Common stock repurchased (in shares)	0	0
Ending balance (in shares)	2,035,000	2,035,000

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			1 Months Ended						3 Months Ended			6 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 31, 2028	Dec. 31, 2022
Equity [Line Items]
Common stock repurchased, value									$ 3,439,182		$ 2,882,451	$ 6,828,085	$ 4,146,056
Non-controlling interests attributable to third party joint ventures			$ 4,167,173						4,167,173			4,167,173			$ 4,278,895
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest									$ 7,339		$ (10,640)	$ (21,632)	$ (46,343)
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
Equity [Line Items]
Net distributions declared per share of common stock (in dollars per share)									$ 0.1664			$ 0.3327
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
Class C
Equity [Line Items]
Net distributions declared per share of common stock (in dollars per share)									$ 0			$ 0
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures			$ 227,400						$ 227,400			$ 227,400			$ 209,300
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent												2%
Quarterly maximum percent												5%
Common stock repurchased during period (in shares)									224.8	226.5		451.3
BREIT OP units repurchased (in units)									11.4	3.1		14.5
Common stock repurchased, value									$ 3,400,000	$ 3,400,000		$ 6,800,000
Requests fulfilled, percent of NAV			1%	2%	2%	1%	2%	2%
Requests fulfilled percent			17%	30%	29%	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1664	$ 0.1671	$ 0.3327	$ 0.3333
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1664		0.3327
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0311)		(0.0621)
Net distributions declared per share of common stock (in dollars per share)	0.1353		0.2706
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1664		0.3327
Stockholder servicing fee per share of common stock (in dollars per share)	0		0
Net distributions declared per share of common stock (in dollars per share)	0.1664		0.3327
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1664		0.3327
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0305)		(0.0610)
Net distributions declared per share of common stock (in dollars per share)	0.1359		0.2717
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1664		0.3327
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0090)		(0.0179)
Net distributions declared per share of common stock (in dollars per share)	0.1574		0.3148
Class C
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0		0
Stockholder servicing fee per share of common stock (in dollars per share)	0		0
Net distributions declared per share of common stock (in dollars per share)	$ 0		$ 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			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year		$ 553,423		$ 553,423
Redeemable non-controlling interest issued as settlement of performance participation allocation				0	$ 237,924
GAAP income allocation	$ 1,199		$ 3,326	763	4,522
Ending balance	227,722			227,722
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		344,145	589,900
Redeemable non-controlling interest issued as settlement of performance participation allocation		$ 237,924		0
Repurchases				0	(26,639)
GAAP income allocation				1,919	(1,852)
Distributions				(1,300)	(2,690)
Fair value allocation				(104)	7,125
Ending balance	$ 357		$ 240,846	357	240,846
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease payments	$ 1,826,835	$ 1,358,425	$ 3,694,361	$ 2,570,963
Variable lease payments	117,806	90,668	$ 238,345	$ 181,850
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Total revenues	Total revenues
Rental revenue	$ 1,944,641	$ 1,449,093	$ 3,932,706	$ 2,752,813

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessor, Operating Lease, Payments to be Received
2023 (remaining)	$ 909,480
2024	1,779,384
2025	1,651,722
2026	1,500,612
2027	1,288,147
2028	1,075,149
Thereafter	15,783,417
Total	$ 23,987,911

Leases - Additional Information

Leases - Additional Information (Details)	Jun. 30, 2023 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	97
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	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (remaining)	$ 20,437
2024	37,073
2025	37,690
2026	37,855
2027	38,253
2028	38,605
Thereafter	2,574,603
Total undiscounted future lease payments	2,784,516
Difference between undiscounted cash flows and discounted cash flows	(2,141,188)
Total lease liability	643,328	$ 638,830
Financing Leases
2023 (remaining)	2,102
2024	4,266
2025	4,385
2026	4,507
2027	4,633
2028	4,763
Thereafter	559,374
Total undiscounted future lease payments	584,030
Difference between undiscounted cash flows and discounted cash flows	(506,384)
Total lease liability	$ 77,646	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed ground rent expense	$ 3,820	$ 2,264	$ 7,848	$ 4,533
Variable ground rent expense	6,831	5	12,825	10
Total cash portion of ground rent expense	10,651	2,269	20,673	4,543
Straight-line ground rent expense	5,520	3,217	10,923	6,070
Total operating lease costs	$ 16,171	$ 5,486	$ 31,596	$ 10,613

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Interest on lease liabilities	$ 1,024	$ 997	$ 2,048	$ 1,993
Amortization of right-of-use assets	320	330	639	654
Total financing lease costs	$ 1,344	$ 1,327	$ 2,687	$ 2,647

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 138,046,624	$ 142,687,424
Rental Housing
Segment Reporting Information [Line Items]
Total assets	66,569,846	68,464,413
Industrial
Segment Reporting Information [Line Items]
Total assets	20,657,415	21,624,736
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,167,042	9,011,326
Data Centers
Segment Reporting Information [Line Items]
Total assets	3,305,255	3,203,585
Office
Segment Reporting Information [Line Items]
Total assets	3,157,434	3,293,163
Hospitality
Segment Reporting Information [Line Items]
Total assets	3,133,896	3,768,473
Retail
Segment Reporting Information [Line Items]
Total assets	2,564,830	2,722,839
Self Storage
Segment Reporting Information [Line Items]
Total assets	2,223,127	2,247,351
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	24,798,641	25,363,546
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 3,469,138	$ 2,987,992

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 2,273,055		$ 1,723,001	$ 4,560,995	$ 3,242,066
Expenses:
Total expenses	1,044,599		785,411	2,070,611	1,455,861
Income (loss) from unconsolidated entities	89,966		(59,714)	534,624	124,511
Income (loss) from investments in real estate debt	251,278		(141,381)	404,749	(159,750)
Change in net assets of consolidated securitization vehicles	62,685		(43,934)	91,939	(59,609)
Loss from investments in equity securities	30,927		(318,422)	30,937	(419,583)
Segment net operating income (loss)	1,663,312		374,139	3,552,633	1,271,774
Depreciation and amortization	(987,636)		(958,349)	(1,987,021)	(1,873,400)
General and administrative	(17,122)		(11,753)	(34,298)	(24,859)
Management fee	(213,365)		(212,628)	(434,503)	(401,778)
Performance participation allocation	0		(211,597)	0	(623,166)
Impairment of investments in real estate	(105,216)	$ (12,500)	0	(117,715)	0
Income (loss) from interest rate derivatives	536,236		632,846	(84,014)	1,308,636
Net gain on dispositions of real estate	668,824		217,152	789,827	422,414
Interest expense	(813,391)		(434,529)	(1,613,400)	(780,788)
Loss on extinguishment of debt	(3,283)		(8,794)	(8,541)	(7,399)
Other expense	(19,409)		(4,395)	(46,479)	(5,921)
Net income (loss)	708,950		(617,908)	16,489	(714,487)
Net loss attributable to non-controlling interests in third party joint ventures	69,255		37,284	143,613	81,539
Net (income) loss attributable to non-controlling interests in BREIT OP unit holders	(23,271)		11,614	(6,223)	12,270
Net income (loss) attributable to BREIT stockholders	754,934		(569,010)	153,879	(620,678)
Net realized and unrealized gain (loss) on equity securities	27,100		(327,400)	23,400	(452,500)
Rental Housing
Revenues:
Total revenues	1,360,820		923,627	2,756,650	1,757,513
Expenses:
Total expenses	717,790		487,712	1,425,594	907,264
Income (loss) from unconsolidated entities	(2,647)		(28,398)	(15,147)	(57,198)
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	30,927		(207,182)	30,937	(282,683)
Segment net operating income (loss)	671,310		200,335	1,346,846	510,368
Depreciation and amortization	(628,409)		(602,376)	(1,263,750)	(1,175,344)
Industrial
Revenues:
Total revenues	357,105		345,025	713,811	691,928
Expenses:
Total expenses	107,869		110,709	224,930	221,238
Income (loss) from unconsolidated entities	89,214		(25,167)	177,509	199,552
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		(49,129)	0	(56,625)
Segment net operating income (loss)	338,450		160,020	666,390	613,617
Depreciation and amortization	(193,248)		(204,705)	(384,524)	(413,071)
Net Lease
Revenues:
Total revenues	150,385		116,226	300,769	199,021
Expenses:
Total expenses	774		310	1,244	606
Income (loss) from unconsolidated entities	0		25,100	432,528	50,374
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		31,028	0	27,334
Segment net operating income (loss)	149,611		172,044	732,053	276,123
Depreciation and amortization	(51,878)		(40,253)	(103,756)	(68,890)
Data Centers
Revenues:
Total revenues	12,959		11,247	25,686	19,428
Expenses:
Total expenses	2,524		1,890	4,738	3,162
Income (loss) from unconsolidated entities	(4,967)		(46,675)	(45,084)	(85,144)
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		0	0	0
Segment net operating income (loss)	5,468		(37,318)	(24,136)	(68,878)
Depreciation and amortization	(5,470)		(3,557)	(11,023)	(7,114)
Hospitality
Revenues:
Total revenues	222,268		202,028	426,651	351,932
Expenses:
Total expenses	147,589		135,814	281,412	239,275
Income (loss) from unconsolidated entities	1,674		0	(714)	0
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		0	0	0
Segment net operating income (loss)	76,353		66,214	144,525	112,657
Depreciation and amortization	(32,185)		(27,758)	(65,033)	(54,834)
Self Storage
Revenues:
Total revenues	61,078		58,551	117,240	106,897
Expenses:
Total expenses	29,710		26,660	55,181	47,691
Income (loss) from unconsolidated entities	0		0	0	0
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		0	0	0
Segment net operating income (loss)	31,368		31,891	62,059	59,206
Depreciation and amortization	(17,278)		(33,669)	(35,828)	(65,001)
Retail
Revenues:
Total revenues	58,535		36,187	120,118	68,067
Expenses:
Total expenses	23,969		13,874	49,299	23,793
Income (loss) from unconsolidated entities	855		330	(375)	141
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		0	0	0
Segment net operating income (loss)	35,421		22,643	70,444	44,415
Depreciation and amortization	(34,197)		(30,792)	(73,203)	(66,073)
Office
Revenues:
Total revenues	49,905		30,110	100,070	47,280
Expenses:
Total expenses	14,362		8,442	28,201	12,832
Income (loss) from unconsolidated entities	5,837		15,096	(14,093)	16,786
Income (loss) from investments in real estate debt	0		0	0	0
Change in net assets of consolidated securitization vehicles	0		0	0	0
Loss from investments in equity securities	0		(93,139)	0	(107,609)
Segment net operating income (loss)	41,380		(56,375)	57,776	(56,375)
Depreciation and amortization	(24,971)		(15,239)	(49,904)	(23,073)
Investments in Real Estate Debt
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	12		0	12	0
Income (loss) from unconsolidated entities	0		0	0	0
Income (loss) from investments in real estate debt	251,278		(141,381)	404,749
Loss from investments in equity securities	0		0	0	0
Segment net operating income (loss)	313,951		(185,315)	496,676	(219,359)
Depreciation and amortization	0		0	0	0
Rental revenue
Revenues:
Total revenues	1,944,641		1,449,093	3,932,706	2,752,813
Expenses:
Total expenses	897,010		649,599	1,789,199	1,216,586
Rental revenue | Rental Housing
Revenues:
Total revenues	1,268,987		864,047	2,580,964	1,643,284
Expenses:
Total expenses	717,790		487,712	1,425,594	907,264
Rental revenue | Industrial
Revenues:
Total revenues	351,188		338,790	700,781	679,558
Expenses:
Total expenses	107,869		110,709	224,930	221,238
Rental revenue | Net Lease
Revenues:
Total revenues	150,385		116,226	300,769	199,021
Expenses:
Total expenses	774		310	1,244	606
Rental revenue | Data Centers
Revenues:
Total revenues	12,959		11,247	25,686	19,428
Expenses:
Total expenses	2,524		1,890	4,738	3,162
Rental revenue | Hospitality
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		2	0	0
Rental revenue | Self Storage
Revenues:
Total revenues	55,672		54,280	110,346	99,487
Expenses:
Total expenses	29,710		26,660	55,181	47,691
Rental revenue | Retail
Revenues:
Total revenues	57,449		35,587	117,871	66,960
Expenses:
Total expenses	23,969		13,874	49,299	23,793
Rental revenue | Office
Revenues:
Total revenues	48,001		28,916	96,289	45,075
Expenses:
Total expenses	14,362		8,442	28,201	12,832
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	12		0	12	0
Hospitality
Revenues:
Total revenues	217,744		197,652	418,965	344,897
Expenses:
Total expenses	147,589		135,812	281,412	239,275
Hospitality | Rental Housing
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Industrial
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Net Lease
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Data Centers
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Hospitality
Revenues:
Total revenues	217,744		197,652	418,965	344,897
Expenses:
Total expenses	147,589		135,812	281,412	239,275
Hospitality | Self Storage
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Retail
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Office
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues	0		0	0	0
Expenses:
Total expenses	0		0	0	0
Other revenue
Revenues:
Total revenues	110,670		76,256	209,324	144,356
Other revenue | Rental Housing
Revenues:
Total revenues	91,833		59,580	175,686	114,229
Other revenue | Industrial
Revenues:
Total revenues	5,917		6,235	13,030	12,370
Other revenue | Net Lease
Revenues:
Total revenues	0		0	0	0
Other revenue | Data Centers
Revenues:
Total revenues	0		0	0	0
Other revenue | Hospitality
Revenues:
Total revenues	4,524		4,376	7,686	7,035
Other revenue | Self Storage
Revenues:
Total revenues	5,406		4,271	6,894	7,410
Other revenue | Retail
Revenues:
Total revenues	1,086		600	2,247	1,107
Other revenue | Office
Revenues:
Total revenues	1,904		1,194	3,781	2,205
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0		$ 0	$ 0	$ 0

Subsequent Events - (Details)

Subsequent Events - (Details) $ in Billions	Sep. 30, 2023 USD ($)
Forecast | Simply Self Storage | Subsequent Event
Subsequent Event [Line Items]
Disposal group, consideration expected	$ 2.2