Blackstone Real Estate Income Trust (BSTT) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,511,561,162
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,474,961,257
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,784,228
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		157,276,086
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 ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Investments in real estate, net	$ 91,995,010	$ 98,149,492
Investments in unconsolidated entities (includes $4,394,410 and $4,947,251 at fair value as of September 30, 2023 and December 31, 2022, respectively)	8,015,282	9,369,402
Investments in real estate debt	7,116,237	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,598,558	17,030,387
Cash and cash equivalents	1,931,616	1,281,292
Restricted cash	735,897	973,200
Other assets	8,343,163	7,881,948
Total assets	134,735,763	142,687,424
Liabilities and Equity
Mortgage notes, secured term loans, and secured revolving credit facilities, net	60,823,630	64,962,703
Secured financings of investments in real estate debt	4,614,044	4,966,685
Senior obligations of consolidated securitization vehicles, at fair value	14,994,033	15,288,598
Unsecured revolving credit facilities and term loans	1,126,923	1,126,923
Total liabilities	87,148,918	91,933,250
Commitments and contingencies	0	0
Redeemable non-controlling interests	206,452	553,423
Equity
Additional paid-in capital	50,494,814	53,212,494
Accumulated other comprehensive income	595,333	393,928
Accumulated deficit and cumulative distributions	(10,540,304)	(9,196,019)
Total stockholders’ equity	40,592,505	44,455,264
Non-controlling interests attributable to third party joint ventures	4,316,000	4,278,895
Non-controlling interests attributable to BREIT OP unitholders	2,471,888	1,466,592
Total equity	47,380,393	50,200,751
Total liabilities and equity	134,735,763	142,687,424
Related Party
Liabilities and Equity
Other liabilities	1,086,005	1,676,308
Nonrelated Party
Liabilities and Equity
Other liabilities	4,504,283	3,912,033
Class S
Equity
Common stock value	$ 15,255	$ 15,974
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Class I
Equity
Common stock value	$ 25,167	$ 23,947
Common stock, shares authorized (in shares)	6,000,000	6,000,000
Class T
Equity
Common stock value	$ 632	$ 726
Common stock, shares authorized (in shares)	500,000	500,000
Class D
Equity
Common stock value	$ 1,588	$ 4,214
Common stock, shares authorized (in shares)	1,500,000	1,500,000
Class C
Equity
Common stock value	$ 20	$ 0
Common stock, shares authorized (in shares)	500,000	500,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments in unconsolidated entities	$ 4,394,410	$ 4,947,251
Common stock, shares outstanding (in shares)	4,266,174	4,486,178
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares issued (in shares)	1,525,500	1,597,414
Common stock, shares outstanding (in shares)	1,525,500	1,597,414
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000	6,000,000
Common stock, shares issued (in shares)	2,516,715	2,394,737
Common stock, shares outstanding (in shares)	2,516,715	2,394,737
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	63,163	72,599
Common stock, shares outstanding (in shares)	63,163	72,599
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000	1,500,000
Common stock, shares issued (in shares)	158,761	421,428
Common stock, shares outstanding (in shares)	158,761	421,428
Class C
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	2,035	0
Common stock, shares outstanding (in shares)	2,035	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 2,187,233	$ 2,128,910	$ 6,748,228	$ 5,370,976
Expenses
Operating expenses	1,062,156	987,944	3,132,767	2,443,805
General and administrative	16,960	13,223	51,258	38,082
Management fee	209,297	219,778	643,800	621,556
Performance participation allocation	0	194,361	0	817,527
Impairment of investments in real estate	60,952	0	178,667	0
Depreciation and amortization	928,863	1,127,701	2,915,884	3,001,101
Total expenses	2,278,228	2,543,007	6,922,376	6,922,071
Other income (expense)
(Loss) income from unconsolidated entities	(153,656)	(73,009)	380,968	51,502
Income (loss) from investments in real estate debt	192,145	30,319	580,948	(217,454)
Change in net assets of consolidated securitization vehicles	53,244	(8,798)	145,183	(68,407)
Income from interest rate derivatives	410,655	1,244,256	257,068	2,634,100
Net gain on dispositions of real estate	985,189	317,981	1,775,016	740,395
Interest expense, net	(808,169)	(695,047)	(2,336,050)	(1,469,020)
Loss on extinguishment of debt	(26,484)	(3,266)	(35,025)	(10,665)
Other expense	(45,302)	(53,460)	(60,844)	(478,964)
Total other income (expense)	607,622	758,976	707,264	1,181,487
Net income (loss)	516,627	344,879	533,116	(369,608)
Net loss attributable to non-controlling interests in third party joint ventures	100,087	43,549	243,700	119,151
Net (income) loss attributable to non-controlling interests in BREIT OP unit holders	(28,420)	(16,261)	(34,643)	1,946
Net income (loss) attributable to BREIT stockholders	$ 588,294	$ 372,167	$ 742,173	$ (248,511)
Net income (loss) per share of common stock — basic (in dollars per share)	$ 0.14	$ 0.08	$ 0.16	$ (0.06)
Net income (loss) per share of common stock — diluted (in dollars per share)	$ 0.14	$ 0.08	$ 0.16	$ (0.06)
Weighted-average shares of common stock outstanding, basic (in shares)	4,307,884	4,484,761	4,498,411	4,291,557
Weighted-average shares of common stock outstanding, diluted (in shares)	4,307,884	4,484,761	4,498,411	4,291,557
Rental revenue
Revenues
Total revenues	$ 1,925,827	$ 1,825,984	$ 5,858,533	$ 4,578,797
Expenses
Operating expenses	958,571	850,599	2,747,770	2,067,185
Hospitality
Revenues
Total revenues	145,837	193,141	564,802	538,038
Expenses
Operating expenses	103,585	137,345	384,997	376,620
Other revenue
Revenues
Total revenues	$ 115,569	$ 109,785	$ 324,893	$ 254,141

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ 516,627	$ 344,879	$ 533,116	$ (369,608)
Other comprehensive income:
Foreign currency translation losses, net	(26,342)	(59,893)	(754)	(100,902)
Unrealized gain on derivatives	141,370	428,857	162,127	428,857
Unrealized gain on derivatives from unconsolidated entities	87,780	122,466	85,569	149,348
Other comprehensive income	202,808	491,430	246,942	477,303
Comprehensive income	719,435	836,309	780,058	107,695
Comprehensive loss (income) attributable to non-controlling interests in third party joint ventures	69,964	(49,272)	206,919	26,330
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP unit holders	(35,385)	(26,425)	(43,399)	(8,218)
Comprehensive income attributable to BREIT stockholders	$ 754,014	$ 760,612	$ 943,578	$ 125,807

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)	18,284,423	18,284,423	3,576	7,304	173	1,277		18,272,093
Offering costs	(599,518)	(599,518)						(599,518)
Distribution reinvestment	1,019,362	1,019,362	237	378	12	62		1,018,673
Common stock/units repurchased	(7,201,056)	(7,180,888)	(471)	(4,231)	(26)	(95)		(7,176,065)			(20,168)
Amortization of compensation awards	28,777	14,405		144				14,261			14,372
Net income (loss)	(367,548)	(248,511)								(248,511)	(2,477)	(116,560)
Other comprehensive income (loss)	477,303	374,318							374,318		10,164	92,821
Distributions declared on common stock	(1,991,714)	(1,991,714)								(1,991,714)
Contributions from non-controlling interests	3,551,166										908,443	2,642,723
Distributions to and redemptions of non-controlling interests	(161,784)	49,354						49,354			(54,450)	(156,688)
Allocation to redeemable non-controlling interests	(45,841)	(45,841)						(45,841)
Ending Balance at Sep. 30, 2022	52,023,496	46,320,793	15,885	24,460	732	4,155		53,782,051	364,749	(7,871,239)	1,496,151	4,206,552
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	3,957,334	3,957,334	602	1,684	19	286		3,954,743
Offering costs	(92,760)	(92,760)						(92,760)
Distribution reinvestment	363,947	363,947	83	133	4	23		363,704
Common stock/units repurchased	(3,055,000)	(3,052,548)	(238)	(1,727)	(13)	(48)		(3,050,522)			(2,452)
Amortization of compensation awards	9,092	4,805		48				4,757			4,287
Net income (loss)	342,417	372,167								372,167	13,877	(43,627)
Other comprehensive income (loss)	491,430	388,445							388,445		10,164	92,821
Distributions declared on common stock	(694,946)	(694,946)								(694,946)
Contributions from non-controlling interests	2,523,501										105,980	2,417,521
Distributions to and redemptions of non-controlling interests	(63,646)	(18,394)						(18,394)			(20,101)	(25,151)
Allocation to redeemable non-controlling interests	502	502						502
Ending Balance at Sep. 30, 2022	52,023,496	46,320,793	15,885	24,460	732	4,155		53,782,051	364,749	(7,871,239)	1,496,151	4,206,552
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)	6,522,743	6,522,743	265	6,229	(47)	(2,414)	20	6,518,690
Reduction in accrual for offering costs, net	411,537	411,537						411,537
Distribution reinvestment	981,197	981,197	231	387	12	38		980,529
Common stock/units repurchased	(10,970,783)	(10,645,216)	(1,215)	(5,721)	(59)	(250)		(10,637,971)			(325,567)
Amortization of compensation awards	39,114	32,475		325				32,150			6,639
Net income (loss)	535,355	742,173								742,173	32,959	(239,777)
Other comprehensive loss	246,718	201,405							201,405		8,529	36,784
Other comprehensive income (loss)	246,942
Distributions declared on common stock	(2,086,458)	(2,086,458)								(2,086,458)
Contributions from non-controlling interests	1,708,790	(17,098)						(17,098)			1,358,566	367,322
Distributions to and redemptions of non-controlling interests	(205,476)	(2,422)						(2,422)			(75,830)	(127,224)
Allocation to redeemable non-controlling interests	(3,095)	(3,095)						(3,095)
Ending Balance at Sep. 30, 2023	47,380,393	40,592,505	15,255	25,167	632	1,588	20	50,494,814	595,333	(10,540,304)	2,471,888	4,316,000
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	416,963	416,963	63	36	(18)	1		416,881
Reduction in accrual for offering costs, net	41,344	41,344						41,344
Distribution reinvestment	305,732	305,732	75	121	4	8		305,524
Common stock/units repurchased	(4,142,698)	(4,029,564)	(460)	(2,195)	(19)	(59)		(4,026,831)			(113,134)
Amortization of compensation awards	20,476	18,759		188				18,571			1,717
Net income (loss)	518,103	588,294								588,294	28,430	(98,621)
Other comprehensive loss	202,887	165,720							165,720		6,963	30,204
Other comprehensive income (loss)	202,808
Distributions declared on common stock	(666,941)	(666,941)								(666,941)
Contributions from non-controlling interests	1,282,602	(17,098)						(17,098)			1,061,230	238,470
Distributions to and redemptions of non-controlling interests	(52,904)	(7)						(7)			(31,671)	(21,226)
Allocation to redeemable non-controlling interests	18,537	18,537						18,537
Ending Balance at Sep. 30, 2023	$ 47,380,393	$ 40,592,505	$ 15,255	$ 25,167	$ 632	$ 1,588	$ 20	$ 50,494,814	$ 595,333	$ (10,540,304)	$ 2,471,888	$ 4,316,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ (1,476)	$ (2,239)
Other comprehensive loss allocated to redeemable non-controlling interests	$ (79)	$ 224
Distributions declared on common stock (in dollars per share)	$ 0.1672	$ 0.4999

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 533,116	$ (369,608)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Management fee	643,800	621,556
Performance participation allocation	0	817,527
Impairment of investments in real estate	178,667	0
Depreciation and amortization	2,915,884	3,001,101
Net gain on dispositions of real estate	(1,775,016)	(740,395)
Loss on extinguishment of debt	35,025	10,665
Unrealized gain on fair value of financial instruments	(94,233)	(1,105,459)
Realized gain on sale of real estate-related equity securities	0	(376,046)
Income from unconsolidated entities	(380,968)	(51,502)
Distributions of earnings from unconsolidated entities	231,043	176,551
Other items	(60,905)	42,993
Change in assets and liabilities:
Increase in other assets	(241,153)	(440,254)
Increase (decrease) in due to affiliates	4,877	(1,267)
Increase in other liabilities	145,647	612,118
Net cash provided by operating activities	2,135,784	2,197,980
Cash flows from investing activities:
Proceeds from principal repayments of interest rate contract receivables	15,282	0
Acquisitions of real estate	(37,208)	(30,474,609)
Capital improvements to real estate	(1,063,852)	(843,665)
Proceeds from disposition of real estate	6,259,374	2,119,196
Refunds of pre-acquisition costs/deposits	17,362	23,988
Investment in unconsolidated entities	(335,837)	(3,803,054)
Dispositions of and return of capital from unconsolidated entities	1,834,827	24,103
Proceeds from consolidation of previously unconsolidated entities	20,863	0
Purchase of investments in real estate debt	(147,913)	(4,321,394)
Proceeds from sale/repayment of investments in real estate debt	1,100,455	2,321,166
Purchase of real estate-related equity securities	(376)	(1,195,329)
Proceeds from sale of real estate-related equity securities	0	3,363,576
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	536,601	1,512,094
(Payments on) proceeds from settlement of derivative contracts	(7,092)	103,047
Collateral released (posted) under derivative contracts	9,824	(14,286)
Other investing activities	3,543	0
Net cash provided by (used in) investing activities	8,205,853	(31,185,167)
Cash flows from financing activities:
Borrowings under mortgage notes, secured term loans, and secured revolving credit facilities	5,975,427	30,074,150
Repayments of mortgage notes, secured term loans, and secured revolving credit facilities	(10,137,675)	(11,944,541)
Borrowings under secured financings of investments in real estate debt	238,812	1,909,892
Repayments of secured financings of investments in real estate debt	(590,670)	(1,504,130)
Borrowings under unsecured revolving credit facilities and term loans	0	1,442,308
Repayments of unsecured revolving credit facilities and term loans	0	(615,385)
Payment of deferred financing costs	(46,752)	(387,711)
Sales of senior obligations of consolidated securitization vehicles	115,677	96,639
Repayments of senior obligations of consolidated securitization vehicles	(479,505)	(1,332,679)
Proceeds from issuance of common stock	5,797,468	15,795,341
Subscriptions received in advance	41,167	577,014
Offering costs paid	(181,077)	(212,556)
Distributions	(1,112,589)	(925,610)
Repurchase of common stock	(9,334,191)	(6,411,085)
Repurchase of management fee shares	(833,127)	0
Contributions of proceeds from repurchase of management fee shares to non-controlling interests in BREIT OP	833,127	0
Contributions from redeemable non-controlling interest	351	0
Distributions to and redemption of redeemable non-controlling interest	(3,929)	(26,639)
Redemption of affiliate service provider incentive compensation awards	(215)	(143)
Contributions from non-controlling interests	259,191	2,409,497
Distributions to and redemptions of non-controlling interests	(467,370)	(163,663)
Net cash (used in) provided by financing activities	(9,925,880)	28,780,699
Net change in cash and cash equivalents and restricted cash	415,757	(206,488)
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	(2,736)	(10,530)
Cash, cash equivalents and restricted cash, end of year	2,667,513	3,201,563
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	1,931,616	1,676,732
Restricted cash	735,897	1,524,831
Total cash, cash equivalents and restricted cash	2,667,513	3,201,563
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	0	4,116,086
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	0	186,217
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	0	22,645
Acquired non-controlling interests	0	521,868
Accrued distributions	0	51,043
Change in accrued stockholder servicing fee due to affiliate	(592,499)	392,325
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	360,504
Issuance of non-controlling interests for payment of management fees	211,176	0
Issuance of class I shares for payment of management fee	435,305	604,017
Allocation to redeemable non-controlling interest	3,095	45,841
Distribution reinvestment	981,197	1,019,362
Accrued repurchases	649,897	872,155
Mortgage payable proceeds in escrow	0	91,147
Investment in single family rental homes risk retention securities	0	117,073
Receivable for unsettled investments in real estate debt	0	31,993
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	6,707	53,383
Interest rate contract receivables resulting from terminated interest rate derivative assets	321,771	0
Insurance receivable for involuntary conversion	26,785	0
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	(126,233)	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	65,304	128,205
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 278,990	$ 440,116

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 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 September 30, 2023, the Company had received aggregate net proceeds of $73.5 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 September 30, 2023, the Company owned 4,895 properties and 28,490 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	9 Months Ended
	Sep. 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 income from equity securities and interest rate derivatives of $37.5 million and $455.2 million for the three and nine months ended September 30, 2022, respectively, have been reclassified to other expense to conform to the current period presentation. Additionally, certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in income (loss) from investments in real estate debt of $56.2 million for the three months ended September 30, 2022 have been reclassified to income from interest rate derivatives and interest expense, net in the amounts of $48.0 million and $8.2 million, respectively, to conform to the current period presentation. For the nine months ended September 30, 2022, certain amounts included in income (loss) from investments in real estate debt of $144.2 million have been reclassified to income from interest rate derivatives and interest expense, net in the amounts of $129.2 million and $15.0 million, respectively, 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 September 30, 2023, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $50.9 billion and $37.6 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 September 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 September 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 nine months ended September 30, 2023, the Company recognized $38.4 million and $15.0 million of net unrealized loss, respectively, on its investments in equity securities. During the three and nine months ended September 30, 2022, the Company recognized $42.1 million and $494.6 million, respectively, of net unrealized/realized gains 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 and discounting them back to the present value using weighted average cost of debt. 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 discloses the weighted average cost of capital, which combines the discount rate on the fair value of real estate and the weighted average cost of debt on the fair value of the indebtedness, and exit capitalization rate as key Level 3 inputs. The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company's foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs). The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 5,877,440 $ 1,238,797 $ 7,116,237 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,598,558 — 16,598,558 — 17,030,387 — 17,030,387 Equity securities (1) 50,611 240,099 224,408 515,118 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — — 4,394,410 4,394,410 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 3,135,186 — 3,135,186 — 3,033,595 — 3,033,595 Total $ 50,611 $ 25,851,283 $ 5,857,615 $ 31,759,509 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,994,033 $ — $ 14,994,033 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 22,579 — 22,579 — 50,557 — 50,557 Total $ — $ 15,016,612 $ — $ 15,016,612 $ — $ 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 38,255 — 45,147 83,402 Sales and repayments (385,898) — (546,960) (932,858) Distributions received — — (80,533) (80,533) Included in net income Income from unconsolidated entities measured at fair value — — 29,505 29,505 Realized income included in income from investments in real estate debt 2,080 — — 2,080 Unrealized gain included in income from investments in real estate debt 43,177 — — 43,177 Balance as of September 30, 2023 $ 1,238,797 $ 224,408 $ 4,394,410 $ 5,857,615 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,238,797 Yield method Market yield 10.2% Decrease Equity securities $ 224,408 Market comparable Enterprise value/ stabilized EBITDA 18.5x Increase Investments in unconsolidated entities $ 3,702,148 Discounted cash flow Weighted average cost of capital 7.6% Decrease Exit capitalization rate 5.2% Decrease $ 692,262 Discounted cash flow Discount rate 11.1% 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/ stabilized EBITDA 18.5x Increase Investments in unconsolidated entities $ 4,399,935 Discounted cash flow Weighted average cost of capital 6.7% Decrease Exit capitalization rate 4.9% Decrease $ 547,316 Market comparable LTM EBITDA multiple 10.8x Increase Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. During the three months ended September 30, 2023, the Company recognized impairments in the aggregate of $61.0 million related to seven affordable housing properties and to a lesser extent single family rental homes. The impairments were 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 $124.3 million as of September 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 6.3% to 9.0%, and the exit capitalization rate (Level 3), which ranged from 4.3% to 12.6%. During the nine months ended September 30, 2023, the Company recognized impairments in the aggregate amount of $178.7 million including (i) $166.2 million related to one office property, 19 affordable housing properties, and to a lesser extent, single family rental homes, as a 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, and (ii) $12.5 million related to its held-for-sale real estate investments where their carrying amount exceeded fair value, less estimated closing costs. Refer to Note 3 for additional details of the impairments. Valuation of liabilities not measured at fair value As of September 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 $1.5 billion and $1.4 billion, respectively, below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA, April Housing and ACC ($ in thousands): December 31, 2022 For the Nine Months Ended September 30, 2023 September 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 $ — $ — $ (2,042) $ — 0.0 years 2022 20,811 (1,865) — (8,818) 10,128 2.2 years 2023 — — 22,217 (5,201) 17,016 2.4 years Total $ 22,853 $ (1,865) $ 22,217 $ (16,061) $ 27,144 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	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2023 December 31, 2022 Building and building improvements $ 78,380,084 $ 81,914,789 Land and land improvements 17,911,600 18,635,672 Furniture, fixtures and equipment 2,282,006 2,301,683 Right of use asset - operating leases (1) 1,098,178 1,090,782 Right of use asset - financing leases (1) 72,862 72,872 Total 99,744,730 104,015,798 Accumulated depreciation and amortization (7,749,720) (5,866,306) Investments in real estate, net $ 91,995,010 $ 98,149,492 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions During the nine months ended September 30, 2023, the Company acquired 99 wholly-owned single family rental homes as well as one rental housing land parcel for a total purchase price of $37.2 million. The Company allocated $26.5 million to building and building improvements and $10.7 million to land and land improvements. During the nine months ended September 30, 2023, there were no acquired intangibles. Dispositions The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (Loss) (1) Self Storage properties 128 $ 2,146,669 $ 697,055 128 $ 2,146,669 $ 697,055 Rental Housing properties (2) 20 875,505 232,719 93 2,295,309 628,779 Hospitality properties 7 152,156 34,135 14 1,066,793 345,246 Industrial properties 2 39,624 22,136 14 473,649 97,699 Retail properties — — — 4 104,450 7,093 Office properties 1 172,504 (856) 1 172,504 (856) Total 158 $ 3,386,458 $ 985,189 254 $ 6,259,374 $ 1,775,016 Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 24 $ 699,521 $ 231,985 46 $ 1,470,697 $ 500,351 Industrial properties 23 183,586 85,996 58 648,499 240,044 Total 47 $ 883,107 $ 317,981 104 $ 2,119,196 $ 740,395 (1) For the three months ended September 30, 2023, net gain (loss) includes gains of $989.1 million and losses of $3.9 million. For the nine months ended September 30, 2023, net gain (loss) includes gains of $1.8 billion and losses of $48.0 million. For the three months ended September 30, 2022, net gain includes gains of $321.7 million and losses of $3.7 million. For the nine months ended September 30, 2022, net gain includes gains of $765.5 million and losses of $25.1 million. (2) The number of properties excludes single family rental homes sold. Properties Held-for-Sale As of September 30, 2023, 16 properties in the Rental Housing segment, six properties in the Hospitality segment and one property in the Retail segment were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: September 30, 2023 Investments in real estate, net $ 695,057 Other assets 15,377 Total assets $ 710,434 Liabilities: Mortgage notes, net $ 409,280 Other liabilities 17,639 Total liabilities $ 426,919 Impairment During the three months ended September 30, 2023, the Company recognized impairments in the aggregate amount of $61.0 million related to seven affordable housing properties, and to a lesser extent, single family rental homes. The impairments were 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 nine months ended September 30, 2023, the Company recognized impairments in the aggregate amount of $178.7 million including (i) $166.2 million related to one office property, 19 affordable housing properties, and to a lesser extent, single family rental homes as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $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 nine months ended September 30, 2022.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 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 or the fair value option, 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): September 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 83 35.7% $ 1,840,328 Rental Housing investments (2) Rental Housing 55 50 12.2% - 52.0% 1,138,004 Hospitality investment Hospitality 1 196 30.0% 305,710 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 240,318 Retail investments Retail 2 7 50.0% 96,512 Total unconsolidated entities carried at historical cost 62 392 3,620,872 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,098 12.4% - 85.0% 3,192,741 Data Center investments (5) Data Centers 1 N/A 12.4% 692,262 Office investments Office 1 1 49.0% 509,407 Total unconsolidated entities carried at fair value 13 2,099 4,394,410 Total 75 2,491 $ 8,015,282 (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 10,681 single family rental homes, that are not included in the number of properties. (3) Includes $240.3 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.3 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $692.3 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 Rental Housing investments (2) Rental Housing 92 87 12.2% - 52.0% 1,275,365 MGM Grand & Mandalay Bay Net Lease 1 2 49.9% 834,148 Hospitality investment Hospitality 1 196 30.0% 314,006 Industrial investments (3) Industrial 3 56 10.0% - 55.0% 242,883 Retail investments Retail 2 7 50.0% 97,971 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 Data Center investments (5) Data Centers 1 N/A 12.4% 674,411 Office investments Office 1 1 49.0% 520,976 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 September 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ 2,057 $ (47,758) Rental Housing investments Rental Housing 12.2% - 52.0% (10,320) (9,039) MGM Grand & Mandalay Bay Net Lease 49.9% — 24,976 Hospitality investment Hospitality 30.0% (2,032) 3,846 Industrial investments Industrial 10.1% - 22.4% (3,557) (983) Retail investments Retail 50.0% 873 (630) Total unconsolidated entities at historical cost (12,979) (29,588) Unconsolidated entities at fair value: Industrial investments Industrial 12.4% - 85.0% (154,177) (21,357) Data Center investments Data Centers 12.4% (3,084) (39) Office investments Office 49.0% 16,584 (22,025) Total unconsolidated entities at fair value (140,677) (43,421) Total $ (153,656) $ (73,009) For the Nine Months Ended September 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers 35.7% $ (46,462) $ (133,574) Rental Housing investments Rental Housing 12.2% - 52.0% (25,467) (66,237) MGM Grand & Mandalay Bay (1) Net Lease 49.9% 432,528 75,350 Hospitality investment Hospitality 30.0% (2,746) 3,846 Industrial investments Industrial 10.1% - 22.4% (9,492) (1,645) Retail investments Retail 50.0% 498 (489) Total unconsolidated entities carried at historical cost 348,859 (122,749) Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 7.9% - 85.0% 29,267 178,857 Data Center investments Data Centers 12.4% 351 633 Office investments Office 49.0% 2,491 (5,239) Total unconsolidated entities carried at fair value 32,109 174,251 Total $ 380,968 $ 51,502 (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. (2) 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.

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 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): September 30, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 10/30/2032 $ 5,862,925 $ 5,865,031 $ 5,410,067 RMBS 4.5% 2/11/2056 382,544 371,416 270,721 Corporate bonds 4.9% 3/16/2031 89,494 100,074 85,735 Total real estate securities 8.7% 11/24/2033 6,334,963 6,336,521 5,766,523 Commercial real estate loans +5.8% 10/11/2026 1,185,605 1,197,232 1,189,418 Other investments (5) 5.7% 9/21/2029 194,030 169,304 160,296 Total investments in real estate debt 8.8% 8/12/2032 $ 7,714,598 $ 7,703,057 $ 7,116,237 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. (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 $1.1 billion as of September 30, 2023 and December 31, 2022, respectively. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): September 30, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,571,524 $ 2,435,041 35% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 1,977,861 1,803,952 25% 2,119,282 1,940,795 24% Hospitality 1,346,640 1,286,026 18% 1,884,353 1,768,090 22% Net Lease 974,902 951,021 13% 983,374 947,368 12% Office 426,990 261,600 4% 552,016 439,938 5% Other 311,459 299,994 4% 360,903 339,609 4% Diversified 93,681 78,603 1% 94,340 82,311 1% Total $ 7,703,057 $ 7,116,237 100% $ 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): September 30, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A $ 91,761 $ 88,668 1% $ 91,809 $ 86,055 1% BBB 1,037,969 989,616 14% 1,077,419 1,024,908 13% BB 1,601,279 1,427,345 20% 1,858,101 1,659,281 21% B 1,320,416 1,164,402 16% 1,609,017 1,424,940 18% CCC 50,965 35,250 —% 40,486 33,225 —% Private commercial real estate loans 1,366,537 1,349,714 19% 1,682,708 1,660,226 21% Not rated (2) 2,234,130 2,061,242 30% 2,316,027 2,113,068 26% Total $ 7,703,057 $ 7,116,237 100% $ 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 September 30, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 63% industrial and 29% rental housing assets, and include interest-only securities with a fair value of $9.7 million. The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income $ 176,464 $ 141,622 $ 531,489 $ 313,922 Unrealized gain (loss) 23,458 (133,199) 90,820 (581,760) Realized loss (24,134) (23,627) (41,492) (104,984) Total 175,788 (15,204) 580,817 (372,822) Net realized and unrealized gain on derivatives 8,185 23,094 1,068 105,863 Net realized and unrealized gain on secured financings of investments in real estate debt 9,409 24,011 782 62,354 Other expense (1,237) (1,582) (1,719) (12,849) Total income (loss) from investments in real estate debt $ 192,145 $ 30,319 $ 580,948 $ (217,454) 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 September 30, Nine Months Ended September 30, September 30, 2023 December 31, 2022 2023 2022 2023 2022 CMBS $ 1,548,807 $ 1,683,765 $ 39,088 $ 1,594 $ 113,676 $ (129,181) Commercial real estate loans 574,862 835,846 12,309 308 80,492 (11,221) Total $ 2,123,669 $ 2,519,611 $ 51,397 $ 1,902 $ 194,168 $ (140,402) 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 September 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 $69.3 million and $190.4 million of income related to such CMBS during the three and nine months ended September 30, 2023, respectively. The Company recognized $5.8 million and $82.3 million of losses related to such CMBS during the three and nine months ended September 30, 2022, respectively.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	9 Months Ended
	Sep. 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): September 30, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 16,990,837 $ 16,598,558 6.3 % 6/25/2025 Senior obligations of consolidated securitization vehicles 22 15,210,828 14,994,033 6.1 % 9/15/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,780,009 $ 1,604,525 7.8 % 4/16/2025 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	9 Months Ended
	Sep. 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): September 30, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum September 30, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 1/21/2029 N/A $ 24,083,698 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 3/22/2027 N/A 32,302,207 34,141,570 Variable rate warehouse facilities (5) +2.0% 10/8/2025 $ 4,388,249 3,603,386 3,728,340 Variable rate secured revolving credit facilities (6) +1.6% 12/24/2025 $ 3,863,432 1,382,749 2,608,778 Total variable rate loans +2.4% 1/13/2027 37,288,342 40,478,688 Total loans secured by real estate 6.1% 10/30/2027 61,372,040 65,631,049 (Discount) premium on assumed debt, net (119,454) (121,435) Deferred financing costs, net (428,956) (546,911) Mortgage notes, secured term loans, and secured revolving credit facilities, net $ 60,823,630 $ 64,962,703 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, CDOR, and EURIBOR as applicable to each loan. As of September 30, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.4 billion and interest rate caps with an aggregate notional balance of $16.2 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. (2) Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $340.5 million and $364.5 million of loans related to investments in affordable housing properties as of September 30, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval. (6) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of September 30, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 300,032 2024 3,830,408 2025 8,316,006 2026 15,863,343 2027 18,272,493 2028 3,602,444 Thereafter 11,187,314 Total $ 61,372,040 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 $26.5 million and $35.0 million for the three and nine months ended September 30, 2023, respectively. The Company incurred a net realized loss on extinguishment of debt of $3.3 million and $10.7 million for the three and nine months ended September 30, 2022, respectively. 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	9 Months Ended
	Sep. 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): September 30, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,207,759 $ 6,878,910 +1.4% 7/2/2024 RMBS 199,281 272,824 +1.3% 6/23/2024 Commercial real estate loans 144,887 224,454 +1.9% 3/22/2024 Corporate bonds 62,117 85,735 +1.2% 7/29/2024 $ 4,614,044 $ 7,461,923 +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. (2) “+” refers to the relevant floating benchmark rates, which include SOFR, EURIBOR, and SONIA, as applicable to each secured financing. As of September 30, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.8 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities and Term Loans	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2023 and December 31, 2022, the Company had no outstanding borrowings under the Line of Credit.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Accrued stockholder servicing fee $ 995,679 $ 1,588,178 Performance participation allocation — — Accrued management fee 68,963 71,644 Accrued affiliate service provider expenses 19,850 14,975 Other 1,513 1,511 Total $ 1,086,005 $ 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 nine months ended September 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 nine months ended September 30, 2023, the Company accrued interest income of $1.0 million and $2.9 million, respectively, related to such Quarterly Shortfall amount. As of November 13, 2023, Blackstone owned an aggregate $2.3 billion of shares of the Company and units of BREIT OP. In addition, Blackstone employees, including the Company’s executive officers, owned an aggregate $1.6 billion of shares 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 September 30, 2023, the Adviser has elected to receive the management fee in shares of the Company’s common stock and units of BREIT OP, resulting in a non-cash expense. During the three and nine months ended September 30, 2023, the Company incurred management fees of $209.3 million and $643.8 million, respectively. During the three and nine months ended September 30, 2022, the Company incurred management fees of $219.8 million and $621.6 million, respectively. During the nine months ended September 30, 2023, the Company issued 24.8 million unregistered Class I shares and 14.3 million units of BREIT OP to the Adviser as payment for management fees. During the nine months ended September 30, 2022, the Company issued 36.8 million unregistered Class I shares to the Adviser as payment for management fees. On July 31, 2023, 56.7 million Class I shares previously issued for the management fee were exchanged for 56.7 million Class B units of BREIT OP. The Company also had a payable of $69.0 million and $71.6 million related to the management fees as of September 30, 2023 and December 31, 2022, respectively. During October 2023, the Adviser was issued 4.7 million units of BREIT OP as payment for the management fees accrued as of September 30, 2023. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares previously issued as payment for management fees during the nine months ended September 30, 2023 and 2022. Accrued affiliate service provider expenses and incentive compensation awards The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties, and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the gain (loss) on sale. For further details on the Company’s relationships with its affiliated service providers, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 30,807 $ 18,892 $ 5,968 $ 2,002 $ 330 $ 341 LivCor, LLC 24,974 20,681 5,928 1,861 1,670 44 ShopCore Properties TRS Management LLC 9,862 4,272 210 110 258 — Revantage Corporate Services, LLC 7,827 4,547 176 — — — BRE Hotels and Resorts LLC 3,844 3,532 292 249 — 231 Equity Office Management, LLC 2,069 500 44 65 75 — Beam Living 748 1,821 (649) — — — Longview Senior Housing Advisors, LLC 490 446 — — — — Total $ 80,621 $ 54,691 $ 11,969 $ 4,287 $ 2,333 $ 616 Affiliate Service Amortization of Capitalized Transaction Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 92,138 $ 62,778 $ 9,672 $ 6,690 $ 1,010 $ 2,579 LivCor, LLC 75,172 55,774 9,973 6,296 7,092 3,358 ShopCore Properties TRS Management LLC 26,327 10,438 450 360 923 1,213 Revantage Corporate Services, LLC 20,034 15,477 270 — — — BRE Hotels and Resorts LLC 12,967 11,913 555 812 — 231 Equity Office Management, LLC 4,420 1,515 150 214 104 230 Beam Living 1,930 1,821 (511) — — 59 Longview Senior Housing Advisors, LLC 1,572 1,316 — — — — Total $ 234,560 $ 161,032 $ 20,559 $ 14,372 $ 9,129 $ 7,670 Affiliate service provider expenses and incentive compensation awards are included as a component of Rental Property Operating and Hospitality Operating expense, as applicable, in the Company’s Condensed Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from these arrangements. The Company issues incentive compensation awards to certain employees of portfolio company service providers. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Nine Months Ended September 30, 2023 September 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 $ (2,946) $ — $ (6,639) $ 13,576 1.3 years 2022 24,889 (4,014) — (5,442) 15,433 2.1 years 2023 — — 41,715 (10,428) 31,287 2.6 years $ 48,050 $ (6,960) $ 41,715 $ (22,509) $ 60,296 Other As of both September 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 nine months ended September 30, 2023, the Company paid LNLS $6.5 million for title services related to 46 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 nine months ended September 30, 2023, the Company contributed $163.9 million and $167.2 million, respectively, of capital to the captive insurance company for insurance premiums and its pro rata share of other expenses. Of these amounts, $3.2 million and $3.3 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. The capital contributed and fees paid are in place of insurance premiums and fees that would otherwise be paid to third party insurance companies. During the three and nine months ended September 30, 2022, the Company contributed $8.7 million and $90.3 million, respectively, of capital to the captive insurance company. Of these amounts, $0.2 million and $1.8 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. Other As of December 31, 2022, the Company had a receivable of $6.0 million, from LivCor and such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets. As of September 30, 2023, there was no such receivable.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives (1) $ 3,441,675 $ 3,033,595 Real estate intangibles, net 1,192,715 1,624,212 Receivables, net 822,717 821,309 Held-for-sale assets 710,434 380,267 Straight-line rent receivable 618,444 454,989 Equity securities 515,118 530,119 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 212,794 146,568 Deferred leasing costs, net 135,794 121,230 Due from affiliate (2) 77,699 74,857 Deferred financing costs, net 74,840 103,049 Other 240,215 291,035 Total $ 8,343,163 $ 7,881,948 (1) This includes $306.5 million and $0.0 million of legal form interest rate swaps that are accounted for as loan receivables as of September 30, 2023 and December 31, 2022, respectively. (2) Refer to the Performance Participation Allocation section of Note 10 for additional information. The following table details the components of other liabilities ($ in thousands): September 30, 2023 December 31, 2022 Right of use lease liability - operating leases $ 643,271 $ 638,830 Stock repurchases payable 649,897 151,959 Accounts payable and accrued expenses 535,778 470,335 Real estate taxes payable 493,376 350,757 Liabilities related to held-for-sale assets 426,919 275,052 Accrued interest expense 407,365 395,459 Intangible liabilities, net 262,964 330,432 Tenant security deposits 233,464 237,891 Distribution payable 230,612 238,297 Prepaid rental income 190,834 188,450 Right of use lease liability - financing leases 77,950 77,008 Securitized debt obligations, net 57,128 123,628 Subscriptions received in advance 41,167 208,632 Interest rate and foreign currency hedging derivatives 22,579 50,557 Other 230,979 174,746 Total $ 4,504,283 $ 3,912,033

Intangibles

Intangibles	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,682,574 $ 2,022,087 Indefinite life intangibles 184,082 193,182 Above-market lease intangibles 63,155 71,952 Other intangibles 373,737 371,631 Total intangible assets 2,303,548 2,658,852 Accumulated amortization In-place lease amortization (1,011,222) (971,988) Above-market lease amortization (32,142) (31,419) Other intangibles amortization (67,469) (31,233) Total accumulated amortization (1,110,833) (1,034,640) Intangible assets, net $ 1,192,715 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 450,783 $ 476,186 Total intangible liabilities 450,783 476,186 Accumulated amortization Below-market lease amortization (187,819) (145,754) Total accumulated amortization (187,819) (145,754) Intangible liabilities, net $ 262,964 $ 330,432 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2023 (remaining) $ 49,461 $ 1,960 $ 9,935 $ (16,191) 2024 163,297 7,304 36,365 (56,913) 2025 124,926 6,054 33,790 (46,714) 2026 94,761 4,661 32,538 (36,745) 2027 66,146 3,397 30,478 (25,877) 2028 51,116 2,374 28,675 (19,746) Thereafter 121,645 5,263 134,487 (60,778) $ 671,352 $ 31,013 $ 306,268 $ (262,964)

Derivatives

Derivatives	9 Months Ended
	Sep. 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): September 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 $ 6,387,423 2.6% LIBOR, SOFR 4.8 Derivatives not designated as hedging instruments Interest rate caps - property debt 155 16,173,194 4.5% LIBOR, SOFR 0.5 Interest rate swaps - property debt 51 26,015,600 2.0% LIBOR, SOFR, EURIBOR 4.8 Interest rate swaps - secured financings of investments in real estate debt 29 819,065 2.3% LIBOR, SOFR 5.6 Total $ 43,007,859 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 - secured financings of 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): September 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 € 141,212 14 € 160,206 Buy USD / Sell GBP Forward 12 £ 59,616 12 £ 132,563 Buy GBP / Sell USD Forward 1 £ 2,340 — £ — Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 473,611 $ 409,260 $ — $ — Total derivatives designated as hedging instruments 473,611 409,260 — — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 79,039 183,392 22,579 36,173 Interest rate swaps - property debt 2,495,718 2,310,511 — — Interest rate swaps - secured financings of investments in real estate debt 79,064 130,181 — — Foreign currency forward contracts 7,754 251 — 14,384 Total derivatives not designated as hedging instruments 2,661,575 2,624,335 22,579 50,557 Total interest rate and foreign currency hedging derivatives $ 3,135,186 $ 3,033,595 $ 22,579 $ 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 $214.1 million and $237.7 million as of September 30, 2023 and December 31, 2022, respectively. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended September 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized gain (1) $ 105,398 $ 1,095,372 Interest rate swap – property debt Realized gain (1) 318,596 — Interest rate caps – property debt Unrealized (loss) gain (1) (31,802) 99,786 Interest rate swap – secured financings of investments in real estate debt Unrealized gain (1) 18,463 48,018 Interest rate swaps – secured financings of investments in real estate debt Realized gain (2) — 7,479 Foreign currency forward contract Realized (loss) gain (3) (3,725) 20,686 Foreign currency forward contract Unrealized gain (3) 11,910 3,086 $ 418,840 $ 1,274,427 Included in Other Comprehensive Income Interest rate swap – property debt (4) Unrealized gain 141,370 428,857 Total $ 560,210 $ 1,703,284 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Nine Months Ended September 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized gain (1) $ 94,150 $ 2,345,437 Interest rate swap – property debt Realized gain (1) 318,596 — Interest rate caps – property debt Unrealized (loss) gain (1) (104,574) 163,890 Interest rate swaps – secured financings of investments in real estate debt Unrealized (loss) gain (1) (51,104) 129,227 Interest rate swaps – secured financings of investments in real estate debt Realized gain (2) 69,405 17,805 Foreign currency forward contract Realized (loss) gain (3) (20,819) 83,669 Foreign currency forward contract Unrealized gain (3) 21,887 19,359 Total $ 327,541 $ 2,759,387 Included in Other Comprehensive Income Interest rate swap – property debt (4) Unrealized gain 162,127 428,857 Total $ 489,668 $ 3,188,244 (1) Included in Income from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations. (2) Included in Interest Expense, Net in the Company’s Condensed Consolidated Statements of Operations. (3) Included in Income (Loss) from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (4) During the three and nine months ended September 30, 2023, net gain of $48.9 million and $124.2 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 September 30, 2023, the Company posted collateral of $24.0 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	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of September 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 September 30, 2023 Class S Class I Class T Class D Class C Total June 30, 2023 1,557,725 2,701,636 66,486 163,774 2,035 4,491,656 Common stock issued (converted) (1) 6,329 22,376 (1,816) 147 — 27,036 Distribution reinvestment 7,441 12,118 378 758 — 20,695 Common stock repurchased (2) (45,995) (219,464) (1,885) (5,918) — (273,262) Independent directors’ restricted stock grant (3) — 49 — — — 49 September 30, 2023 1,525,500 2,516,715 63,163 158,761 2,035 4,266,174 Nine Months Ended September 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) (1) 26,542 655,293 (4,729) (241,416) 2,035 437,725 Distribution reinvestment 23,064 38,741 1,205 3,767 — 66,777 Common stock repurchased (2) (121,520) (572,105) (5,912) (25,018) — (724,555) Independent directors’ restricted stock grant (3) — 49 — — — 49 September 30, 2023 1,525,500 2,516,715 63,163 158,761 2,035 4,266,174 (1) Includes conversion of shares from Class T and Class D to Class I during the nine months ended September 30, 2023. (2) Includes 56.7 million Class I shares, previously issued for the management fee, and exchanged for an equivalent amount of Class B units of BREIT OP. (3) The independent directors’ restricted stock grant for the three months and nine months ended September 30, 2023 represents $0.1 million of the annual compensation paid to each of the independent directors. The cost of each grant is amortized over the one-year service period for each grant. 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 September 30, 2023, the Company repurchased 216.5 million shares of common stock and 7.7 million units of BREIT OP for a total of $3.3 billion. For the nine months ended September 30, 2023, the Company repurchased 667.8 million shares of common stock and 22.2 million units of BREIT OP for a total of $10.1 billion. During the months ended July 31, 2023, August 31, 2023, and September 30, 2023, the Company received repurchase requests that exceeded the applicable repurchase limits under the Company’s Repurchase Plan. For the months ended July 31, 2023, August 31, 2023, and September 30, 2023, in accordance with the Repurchase Plan, the Company fulfilled repurchases equal to 2.0%, 2.0% and 1.0% of NAV, or 34%, 43% and 29% of repurchase requests, respectively. For each of the three months ended March 31, 2023 and June 30, 2023, the Company received repurchase requests that exceeded the applicable repurchase limits under the Company’s Repurchase Plan. 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 September 30, 2023 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1672 $ 0.1672 $ 0.1672 $ 0.1672 Stockholder servicing fee per share of common stock (0.0319) — (0.0314) (0.0092) Net distributions declared per share of common stock $ 0.1353 $ 0.1672 $ 0.1358 $ 0.1580 Nine Months Ended September 30, 2023 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4999 $ 0.4999 $ 0.4999 $ 0.4999 Stockholder servicing fee per share of common stock (0.0940) — (0.0924) (0.0271) Net distributions declared per share of common stock $ 0.4059 $ 0.4999 $ 0.4075 $ 0.4728 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 nine months ended September 30, 2023 and 2022 ($ in thousands): Nine Months Ended September 30, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Settlement of current year performance participation allocation — 360,504 Repurchases — (26,639) Conversion to Class I and Class B units (278,990) (436,992) Conversion to Class I and Class C shares (65,304) (128,205) GAAP income allocation 1,923 531 Distributions (1,308) (6,732) Fair value allocation (102) 11,810 Ending balance $ 364 $ 364,177 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of September 30, 2023 and December 31, 2022, $206.1 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 $18.5 million and $3.1 million during the three and nine months ended September 30, 2023, respectively, and $0.5 million and $45.8 million during the three and nine months ended September 30, 2022, respectively.

Leases

Leases	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed lease payments $ 1,804,577 $ 1,716,020 $ 5,499,152 $ 4,286,984 Variable lease payments 121,250 109,964 359,381 291,813 Rental revenue $ 1,925,827 $ 1,825,984 $ 5,858,533 $ 4,578,797 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 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) $ 454,964 2024 1,794,907 2025 1,673,430 2026 1,523,207 2027 1,312,781 2028 1,097,988 Thereafter 15,719,306 Total $ 23,576,583 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of September 30, 2023, the Company had 98 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and certain operating leases contain renewal options. The following table details the future lease payments due under the Company’s ground leases as of September 30, 2023 ($ in thousands): Operating Financing 2023 (remaining) $ 9,235 $ 1,053 2024 37,089 4,266 2025 37,753 4,385 2026 37,920 4,507 2027 38,320 4,633 2028 38,674 4,763 Thereafter 2,590,648 559,373 Total undiscounted future lease payments 2,789,639 582,980 Difference between undiscounted cash flows and discounted cash flows (2,146,368) (505,030) Total lease liability $ 643,271 $ 77,950 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 September 30, 2023, the weighted average remaining lease term of the Company’s operating leases and financing leases was 60 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed ground rent expense $ 6,543 $ 5,009 $ 14,391 $ 9,542 Variable ground rent expense 2,729 2,418 15,554 2,428 Total cash portion of ground rent expense 9,272 7,427 29,945 11,970 Straight-line ground rent expense 2,546 2,170 13,469 8,240 Total operating lease costs $ 11,818 $ 9,597 $ 43,414 $ 20,210 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on lease liabilities $ 1,050 $ 1,021 $ 3,098 $ 3,014 Amortization of right-of-use assets 304 313 943 967 Total financing lease costs $ 1,354 $ 1,334 $ 4,041 $ 3,981

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, Office properties, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table details the total assets by segment ($ in thousands): September 30, 2023 December 31, 2022 Rental Housing $ 65,910,125 $ 68,464,413 Industrial 20,368,711 21,624,736 Net Lease 8,144,138 9,011,326 Data Centers 3,380,631 3,203,585 Hospitality 3,003,918 3,768,473 Office 2,946,855 3,293,163 Retail 2,544,667 2,722,839 Self Storage 749,800 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 23,940,400 25,363,546 Other (Corporate) 3,746,518 2,987,992 Total assets $ 134,735,763 $ 142,687,424 The following table details the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,257,638 $ 351,055 $ 150,384 $ — $ 46,589 $ 12,838 $ 58,350 $ 48,973 $ — $ 1,925,827 Hospitality revenue — — — 145,837 — — — — — 145,837 Other revenue 102,478 6,476 — — 1,966 — 1,083 3,566 — 115,569 Total revenues 1,360,116 357,531 150,384 145,837 48,555 12,838 59,433 52,539 — 2,187,233 Expenses: Rental property operating 774,713 113,575 480 — 15,068 2,278 26,369 26,088 — 958,571 Hospitality operating — — — 103,585 — — — — — 103,585 Total expenses 774,713 113,575 480 103,585 15,068 2,278 26,369 26,088 — 1,062,156 (Loss) income from unconsolidated entities (10,320) (157,735) — (2,032) 16,585 (1,027) 873 — — (153,656) Income from investments in real estate debt — — — — — — — — 192,145 192,145 Changes in net assets of consolidated securitization vehicles — — — — — — — — 53,244 53,244 Loss from investments in equity securities (1) (34,700) — — — — — — — — (34,700) Segment net operating income $ 540,383 $ 86,221 $ 149,904 $ 40,220 $ 50,072 $ 9,533 $ 33,937 $ 26,451 $ 245,389 $ 1,182,110 Depreciation and amortization $ (585,907) $ (191,877) $ (51,878) $ (23,166) $ (23,335) $ (5,535) $ (32,841) $ (14,324) $ — $ (928,863) General and administrative (16,960) Management fee (209,297) Impairment of investments in real estate (60,952) Income from interest rate derivatives 410,655 Net gain on dispositions of real estate 985,189 Interest expense, net (808,169) Loss on extinguishment of debt (26,484) Other expense (10,602) Net income $ 516,627 Net loss attributable to non-controlling interests in third party joint ventures $ 100,087 Net income attributable to non-controlling interests in BREIT OP (28,420) Net income attributable to BREIT stockholders $ 588,294 (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $38.4 million of net unrealized loss related to equity securities. The following table details the financial results by segment for the three months ended September 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,157,326 $ 343,401 $ 150,384 $ — $ 43,028 $ 12,836 $ 60,478 $ 58,531 $ — $ 1,825,984 Hospitality revenue — — — 193,141 — — — — — 193,141 Other revenue 89,100 8,435 — 3,101 4,386 — 1,113 3,650 — 109,785 Total revenues 1,246,426 351,836 150,384 196,242 47,414 12,836 61,591 62,181 — 2,128,910 Expenses: Rental property operating 679,947 104,140 513 — 13,427 1,839 22,174 28,559 — 850,599 Hospitality operating — — — 137,345 — — — — — 137,345 Total expenses 679,947 104,140 513 137,345 13,427 1,839 22,174 28,559 — 987,944 (Loss) Income from unconsolidated entities (9,039) (22,340) 24,976 3,846 (22,025) (47,797) (630) — — (73,009) Income from investments in real estate debt — — — — — — — — 30,319 30,319 Changes in net assets of consolidated securitization vehicles — — — — — — — — (8,798) (8,798) (Loss) income from investments in equity securities (1) (37,704) 6,173 — — (6,147) — — — — (37,678) Segment net operating income (loss) $ 519,736 $ 231,529 $ 174,847 $ 62,743 $ 5,815 $ (36,800) $ 38,787 $ 33,622 $ 21,521 $ 1,051,800 Depreciation and amortization $ (728,237) $ (195,442) $ (51,878) $ (31,833) $ (22,945) $ (6,970) $ (55,939) $ (34,457) $ — $ (1,127,701) General and administrative (13,223) Management fee (219,778) Performance participation allocation (194,361) Income from interest rate derivatives 1,244,256 Net gain on dispositions of real estate 317,981 Interest expense, net (695,047) Loss on extinguishment of debt (3,266) Other expense (15,782) Net loss $ 344,879 Net loss attributable to non-controlling interests in third party joint ventures $ 43,549 Net income attributable to non-controlling interests in BREIT OP (16,261) Net loss attributable to BREIT stockholders $ 372,167 (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $42.1 million of net unrealized/realized loss related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 3,838,602 $ 1,051,836 $ 451,153 $ — $ 142,878 $ 38,524 $ 176,221 $ 159,319 $ — $ 5,858,533 Hospitality revenue — — — 564,802 — — — — — 564,802 Other revenue 278,164 19,506 — 7,686 5,747 — 3,330 10,460 — 324,893 Total revenues 4,116,766 1,071,342 451,153 572,488 148,625 38,524 179,551 169,779 — 6,748,228 Expenses: Rental property operating 2,200,319 338,505 1,724 — 43,269 7,016 75,668 81,269 — 2,747,770 Hospitality operating — — — 384,997 — — — — — 384,997 Total expenses 2,200,319 338,505 1,724 384,997 43,269 7,016 75,668 81,269 — 3,132,767 (Loss) income from unconsolidated entities (25,467) 19,774 432,528 (2,746) 2,492 (46,111) 498 — — 380,968 Income from investments in real estate debt — — — — — — — — 580,948 580,948 Changes in net assets of consolidated securitization vehicles — — — — — — — — 145,183 145,183 Loss from investments in equity securities (1) (3,763) — — — — — — — — (3,763) Segment net operating income (loss) $ 1,887,217 $ 752,611 $ 881,957 $ 184,745 $ 107,848 $ (14,603) $ 104,381 $ 88,510 $ 726,131 $ 4,718,797 Depreciation and amortization $ (1,849,657) $ (576,401) $ (155,634) $ (88,199) $ (73,239) $ (16,558) $ (106,044) $ (50,152) $ — $ (2,915,884) General and administrative (51,258) Management fee (643,800) Impairment of investments in real estate (178,667) Income from interest rate derivatives 257,068 Net gain on dispositions of real estate 1,775,016 Interest expense, net (2,336,050) Loss on extinguishment of debt (35,025) Other expense (57,081) Net income $ 533,116 Net loss attributable to non-controlling interests in third party joint ventures $ 243,700 Net income attributable to non-controlling interests in BREIT OP (34,643) Net income attributable to BREIT stockholders $ 742,173 (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $15.0 million of net unrealized loss related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,800,611 $ 1,022,959 $ 349,405 $ — $ 88,103 $ 32,263 $ 127,438 $ 158,018 $ — $ 4,578,797 Hospitality revenue — — — 538,038 — — — — — 538,038 Other revenue 203,330 20,805 — 10,136 6,591 — 2,220 11,059 — 254,141 Total revenues 3,003,941 1,043,764 349,405 548,174 94,694 32,263 129,658 169,077 — 5,370,976 Expenses: Rental property operating 1,587,211 325,378 1,119 — 26,259 5,001 45,967 76,250 — 2,067,185 Hospitality operating — — — 376,620 — — — — — 376,620 Total expenses 1,587,211 325,378 1,119 376,620 26,259 5,001 45,967 76,250 — 2,443,805 (Loss) Income from unconsolidated entities (66,238) 177,212 75,349 3,846 (5,238) (132,940) (489) — — 51,502 Loss from investments in real estate debt — — — — — — — — (217,454) (217,454) Changes in net assets of consolidated securitization vehicles — — — — — — — — (68,407) (68,407) (Loss) income from investments in equity securities (1) (320,387) (47,969) 27,334 — (113,756) — — — — (454,778) Segment net operating income (loss) $ 1,030,105 $ 847,629 $ 450,969 $ 175,400 $ (50,559) $ (105,678) $ 83,202 $ 92,827 $ (285,861) $ 2,238,034 Depreciation and amortization $ (1,903,579) $ (608,513) $ (120,768) $ (86,667) $ (46,017) $ (14,085) $ (122,013) $ (99,459) $ — $ (3,001,101) General and administrative (38,082) Management fee (621,556) Performance participation allocation (817,527) Income from interest rate derivatives 2,634,100 Net gain on dispositions of real estate 740,395 Interest expense, net (1,469,020) Loss on extinguishment of debt (10,665) Other expense (24,186) Net loss $ (369,608) Net loss attributable to non-controlling interests in third party joint ventures $ 119,151 Net loss attributable to non-controlling interests in BREIT OP 1,946 Net loss attributable to BREIT stockholders $ (248,511) (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $494.6 million of unrealized/realized loss related to equity securities.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Bellagio Sale of Interest On October 3, 2023, the Company sold a 23% common equity interest in a joint venture that owns a 95% interest in the Bellagio for $300.0 million. The Company also sold a preferred equity interest in the joint venture for $650.0 million. The Company controls the joint venture and will therefore continue to consolidate its investment in the Bellagio. The aggregate $950.0 million common and preferred equity interests will be included in the Company's total equity as non-controlling interests.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 588,294	$ 372,167	$ 742,173	$ (248,511)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 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 September 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 nine months ended September 30, 2023, the Company recognized $38.4 million and $15.0 million of net unrealized loss, respectively, on its investments in equity securities. During the three and nine months ended September 30, 2022, the Company recognized $42.1 million and $494.6 million, respectively, of net unrealized/realized gains 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 and discounting them back to the present value using weighted average cost of debt. 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 discloses the weighted average cost of capital, which combines the discount rate on the fair value of real estate and the weighted average cost of debt on the fair value of the indebtedness, and exit capitalization rate as key Level 3 inputs. The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company's foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).
Stock-Based Compensation	Stock-Based CompensationThe Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), 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)	9 Months Ended
	Sep. 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): September 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 $ — $ 5,877,440 $ 1,238,797 $ 7,116,237 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,598,558 — 16,598,558 — 17,030,387 — 17,030,387 Equity securities (1) 50,611 240,099 224,408 515,118 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — — 4,394,410 4,394,410 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 3,135,186 — 3,135,186 — 3,033,595 — 3,033,595 Total $ 50,611 $ 25,851,283 $ 5,857,615 $ 31,759,509 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,994,033 $ — $ 14,994,033 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 22,579 — 22,579 — 50,557 — 50,557 Total $ — $ 15,016,612 $ — $ 15,016,612 $ — $ 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 38,255 — 45,147 83,402 Sales and repayments (385,898) — (546,960) (932,858) Distributions received — — (80,533) (80,533) Included in net income Income from unconsolidated entities measured at fair value — — 29,505 29,505 Realized income included in income from investments in real estate debt 2,080 — — 2,080 Unrealized gain included in income from investments in real estate debt 43,177 — — 43,177 Balance as of September 30, 2023 $ 1,238,797 $ 224,408 $ 4,394,410 $ 5,857,615
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,238,797 Yield method Market yield 10.2% Decrease Equity securities $ 224,408 Market comparable Enterprise value/ stabilized EBITDA 18.5x Increase Investments in unconsolidated entities $ 3,702,148 Discounted cash flow Weighted average cost of capital 7.6% Decrease Exit capitalization rate 5.2% Decrease $ 692,262 Discounted cash flow Discount rate 11.1% 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/ stabilized EBITDA 18.5x Increase Investments in unconsolidated entities $ 4,399,935 Discounted cash flow Weighted average cost of capital 6.7% Decrease Exit capitalization rate 4.9% 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 Nine Months Ended September 30, 2023 September 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 $ — $ — $ (2,042) $ — 0.0 years 2022 20,811 (1,865) — (8,818) 10,128 2.2 years 2023 — — 22,217 (5,201) 17,016 2.4 years Total $ 22,853 $ (1,865) $ 22,217 $ (16,061) $ 27,144 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Nine Months Ended September 30, 2023 September 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 $ (2,946) $ — $ (6,639) $ 13,576 1.3 years 2022 24,889 (4,014) — (5,442) 15,433 2.1 years 2023 — — 41,715 (10,428) 31,287 2.6 years $ 48,050 $ (6,960) $ 41,715 $ (22,509) $ 60,296

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2023 December 31, 2022 Building and building improvements $ 78,380,084 $ 81,914,789 Land and land improvements 17,911,600 18,635,672 Furniture, fixtures and equipment 2,282,006 2,301,683 Right of use asset - operating leases (1) 1,098,178 1,090,782 Right of use asset - financing leases (1) 72,862 72,872 Total 99,744,730 104,015,798 Accumulated depreciation and amortization (7,749,720) (5,866,306) Investments in real estate, net $ 91,995,010 $ 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 Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (Loss) (1) Self Storage properties 128 $ 2,146,669 $ 697,055 128 $ 2,146,669 $ 697,055 Rental Housing properties (2) 20 875,505 232,719 93 2,295,309 628,779 Hospitality properties 7 152,156 34,135 14 1,066,793 345,246 Industrial properties 2 39,624 22,136 14 473,649 97,699 Retail properties — — — 4 104,450 7,093 Office properties 1 172,504 (856) 1 172,504 (856) Total 158 $ 3,386,458 $ 985,189 254 $ 6,259,374 $ 1,775,016 Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 24 $ 699,521 $ 231,985 46 $ 1,470,697 $ 500,351 Industrial properties 23 183,586 85,996 58 648,499 240,044 Total 47 $ 883,107 $ 317,981 104 $ 2,119,196 $ 740,395 (1) For the three months ended September 30, 2023, net gain (loss) includes gains of $989.1 million and losses of $3.9 million. For the nine months ended September 30, 2023, net gain (loss) includes gains of $1.8 billion and losses of $48.0 million. For the three months ended September 30, 2022, net gain includes gains of $321.7 million and losses of $3.7 million. For the nine months ended September 30, 2022, net gain includes gains of $765.5 million and losses of $25.1 million. (2) The number of properties excludes single family rental homes sold.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: September 30, 2023 Investments in real estate, net $ 695,057 Other assets 15,377 Total assets $ 710,434 Liabilities: Mortgage notes, net $ 409,280 Other liabilities 17,639 Total liabilities $ 426,919

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 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): September 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 83 35.7% $ 1,840,328 Rental Housing investments (2) Rental Housing 55 50 12.2% - 52.0% 1,138,004 Hospitality investment Hospitality 1 196 30.0% 305,710 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 240,318 Retail investments Retail 2 7 50.0% 96,512 Total unconsolidated entities carried at historical cost 62 392 3,620,872 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,098 12.4% - 85.0% 3,192,741 Data Center investments (5) Data Centers 1 N/A 12.4% 692,262 Office investments Office 1 1 49.0% 509,407 Total unconsolidated entities carried at fair value 13 2,099 4,394,410 Total 75 2,491 $ 8,015,282 (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 10,681 single family rental homes, that are not included in the number of properties. (3) Includes $240.3 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.3 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $692.3 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 Rental Housing investments (2) Rental Housing 92 87 12.2% - 52.0% 1,275,365 MGM Grand & Mandalay Bay Net Lease 1 2 49.9% 834,148 Hospitality investment Hospitality 1 196 30.0% 314,006 Industrial investments (3) Industrial 3 56 10.0% - 55.0% 242,883 Retail investments Retail 2 7 50.0% 97,971 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 Data Center investments (5) Data Centers 1 N/A 12.4% 674,411 Office investments Office 1 1 49.0% 520,976 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 September 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ 2,057 $ (47,758) Rental Housing investments Rental Housing 12.2% - 52.0% (10,320) (9,039) MGM Grand & Mandalay Bay Net Lease 49.9% — 24,976 Hospitality investment Hospitality 30.0% (2,032) 3,846 Industrial investments Industrial 10.1% - 22.4% (3,557) (983) Retail investments Retail 50.0% 873 (630) Total unconsolidated entities at historical cost (12,979) (29,588) Unconsolidated entities at fair value: Industrial investments Industrial 12.4% - 85.0% (154,177) (21,357) Data Center investments Data Centers 12.4% (3,084) (39) Office investments Office 49.0% 16,584 (22,025) Total unconsolidated entities at fair value (140,677) (43,421) Total $ (153,656) $ (73,009) For the Nine Months Ended September 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2023 2022 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers 35.7% $ (46,462) $ (133,574) Rental Housing investments Rental Housing 12.2% - 52.0% (25,467) (66,237) MGM Grand & Mandalay Bay (1) Net Lease 49.9% 432,528 75,350 Hospitality investment Hospitality 30.0% (2,746) 3,846 Industrial investments Industrial 10.1% - 22.4% (9,492) (1,645) Retail investments Retail 50.0% 498 (489) Total unconsolidated entities carried at historical cost 348,859 (122,749) Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 7.9% - 85.0% 29,267 178,857 Data Center investments Data Centers 12.4% 351 633 Office investments Office 49.0% 2,491 (5,239) Total unconsolidated entities carried at fair value 32,109 174,251 Total $ 380,968 $ 51,502 (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. (2) 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.

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 10/30/2032 $ 5,862,925 $ 5,865,031 $ 5,410,067 RMBS 4.5% 2/11/2056 382,544 371,416 270,721 Corporate bonds 4.9% 3/16/2031 89,494 100,074 85,735 Total real estate securities 8.7% 11/24/2033 6,334,963 6,336,521 5,766,523 Commercial real estate loans +5.8% 10/11/2026 1,185,605 1,197,232 1,189,418 Other investments (5) 5.7% 9/21/2029 194,030 169,304 160,296 Total investments in real estate debt 8.8% 8/12/2032 $ 7,714,598 $ 7,703,057 $ 7,116,237 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. (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 $1.1 billion as of September 30, 2023 and December 31, 2022, respectively. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): September 30, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,571,524 $ 2,435,041 35% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 1,977,861 1,803,952 25% 2,119,282 1,940,795 24% Hospitality 1,346,640 1,286,026 18% 1,884,353 1,768,090 22% Net Lease 974,902 951,021 13% 983,374 947,368 12% Office 426,990 261,600 4% 552,016 439,938 5% Other 311,459 299,994 4% 360,903 339,609 4% Diversified 93,681 78,603 1% 94,340 82,311 1% Total $ 7,703,057 $ 7,116,237 100% $ 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): September 30, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A $ 91,761 $ 88,668 1% $ 91,809 $ 86,055 1% BBB 1,037,969 989,616 14% 1,077,419 1,024,908 13% BB 1,601,279 1,427,345 20% 1,858,101 1,659,281 21% B 1,320,416 1,164,402 16% 1,609,017 1,424,940 18% CCC 50,965 35,250 —% 40,486 33,225 —% Private commercial real estate loans 1,366,537 1,349,714 19% 1,682,708 1,660,226 21% Not rated (2) 2,234,130 2,061,242 30% 2,316,027 2,113,068 26% Total $ 7,703,057 $ 7,116,237 100% $ 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 September 30, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 63% industrial and 29% rental housing assets, and include interest-only securities with a fair value of $9.7 million.
Schedule of Real Estate Investment	The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income $ 176,464 $ 141,622 $ 531,489 $ 313,922 Unrealized gain (loss) 23,458 (133,199) 90,820 (581,760) Realized loss (24,134) (23,627) (41,492) (104,984) Total 175,788 (15,204) 580,817 (372,822) Net realized and unrealized gain on derivatives 8,185 23,094 1,068 105,863 Net realized and unrealized gain on secured financings of investments in real estate debt 9,409 24,011 782 62,354 Other expense (1,237) (1,582) (1,719) (12,849) Total income (loss) from investments in real estate debt $ 192,145 $ 30,319 $ 580,948 $ (217,454)
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, September 30, 2023 December 31, 2022 2023 2022 2023 2022 CMBS $ 1,548,807 $ 1,683,765 $ 39,088 $ 1,594 $ 113,676 $ (129,181) Commercial real estate loans 574,862 835,846 12,309 308 80,492 (11,221) Total $ 2,123,669 $ 2,519,611 $ 51,397 $ 1,902 $ 194,168 $ (140,402)

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 16,990,837 $ 16,598,558 6.3 % 6/25/2025 Senior obligations of consolidated securitization vehicles 22 15,210,828 14,994,033 6.1 % 9/15/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,780,009 $ 1,604,525 7.8 % 4/16/2025 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)	9 Months Ended
	Sep. 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): September 30, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum September 30, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 1/21/2029 N/A $ 24,083,698 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 3/22/2027 N/A 32,302,207 34,141,570 Variable rate warehouse facilities (5) +2.0% 10/8/2025 $ 4,388,249 3,603,386 3,728,340 Variable rate secured revolving credit facilities (6) +1.6% 12/24/2025 $ 3,863,432 1,382,749 2,608,778 Total variable rate loans +2.4% 1/13/2027 37,288,342 40,478,688 Total loans secured by real estate 6.1% 10/30/2027 61,372,040 65,631,049 (Discount) premium on assumed debt, net (119,454) (121,435) Deferred financing costs, net (428,956) (546,911) Mortgage notes, secured term loans, and secured revolving credit facilities, net $ 60,823,630 $ 64,962,703 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, CDOR, and EURIBOR as applicable to each loan. As of September 30, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.4 billion and interest rate caps with an aggregate notional balance of $16.2 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. (2) Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $340.5 million and $364.5 million of loans related to investments in affordable housing properties as of September 30, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, secured term loans, and secured revolving credit facilities as of September 30, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 300,032 2024 3,830,408 2025 8,316,006 2026 15,863,343 2027 18,272,493 2028 3,602,444 Thereafter 11,187,314 Total $ 61,372,040

Secured Financings of Investm_2

Secured Financings of Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,207,759 $ 6,878,910 +1.4% 7/2/2024 RMBS 199,281 272,824 +1.3% 6/23/2024 Commercial real estate loans 144,887 224,454 +1.9% 3/22/2024 Corporate bonds 62,117 85,735 +1.2% 7/29/2024 $ 4,614,044 $ 7,461,923 +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. (2) “+” refers to the relevant floating benchmark rates, which include SOFR, EURIBOR, and SONIA, as applicable to each secured financing. As of September 30, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.8 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Accrued stockholder servicing fee $ 995,679 $ 1,588,178 Performance participation allocation — — Accrued management fee 68,963 71,644 Accrued affiliate service provider expenses 19,850 14,975 Other 1,513 1,511 Total $ 1,086,005 $ 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 September 30, Three Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 30,807 $ 18,892 $ 5,968 $ 2,002 $ 330 $ 341 LivCor, LLC 24,974 20,681 5,928 1,861 1,670 44 ShopCore Properties TRS Management LLC 9,862 4,272 210 110 258 — Revantage Corporate Services, LLC 7,827 4,547 176 — — — BRE Hotels and Resorts LLC 3,844 3,532 292 249 — 231 Equity Office Management, LLC 2,069 500 44 65 75 — Beam Living 748 1,821 (649) — — — Longview Senior Housing Advisors, LLC 490 446 — — — — Total $ 80,621 $ 54,691 $ 11,969 $ 4,287 $ 2,333 $ 616 Affiliate Service Amortization of Capitalized Transaction Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 2023 2022 Link Industrial Properties LLC $ 92,138 $ 62,778 $ 9,672 $ 6,690 $ 1,010 $ 2,579 LivCor, LLC 75,172 55,774 9,973 6,296 7,092 3,358 ShopCore Properties TRS Management LLC 26,327 10,438 450 360 923 1,213 Revantage Corporate Services, LLC 20,034 15,477 270 — — — BRE Hotels and Resorts LLC 12,967 11,913 555 812 — 231 Equity Office Management, LLC 4,420 1,515 150 214 104 230 Beam Living 1,930 1,821 (511) — — 59 Longview Senior Housing Advisors, LLC 1,572 1,316 — — — — Total $ 234,560 $ 161,032 $ 20,559 $ 14,372 $ 9,129 $ 7,670
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 Nine Months Ended September 30, 2023 September 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 $ — $ — $ (2,042) $ — 0.0 years 2022 20,811 (1,865) — (8,818) 10,128 2.2 years 2023 — — 22,217 (5,201) 17,016 2.4 years Total $ 22,853 $ (1,865) $ 22,217 $ (16,061) $ 27,144 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Nine Months Ended September 30, 2023 September 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 $ (2,946) $ — $ (6,639) $ 13,576 1.3 years 2022 24,889 (4,014) — (5,442) 15,433 2.1 years 2023 — — 41,715 (10,428) 31,287 2.6 years $ 48,050 $ (6,960) $ 41,715 $ (22,509) $ 60,296

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives (1) $ 3,441,675 $ 3,033,595 Real estate intangibles, net 1,192,715 1,624,212 Receivables, net 822,717 821,309 Held-for-sale assets 710,434 380,267 Straight-line rent receivable 618,444 454,989 Equity securities 515,118 530,119 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 212,794 146,568 Deferred leasing costs, net 135,794 121,230 Due from affiliate (2) 77,699 74,857 Deferred financing costs, net 74,840 103,049 Other 240,215 291,035 Total $ 8,343,163 $ 7,881,948 (1) This includes $306.5 million and $0.0 million of legal form interest rate swaps that are accounted for as loan receivables as of September 30, 2023 and December 31, 2022, respectively. (2) Refer to the Performance Participation Allocation section of Note 10 for additional information.
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): September 30, 2023 December 31, 2022 Right of use lease liability - operating leases $ 643,271 $ 638,830 Stock repurchases payable 649,897 151,959 Accounts payable and accrued expenses 535,778 470,335 Real estate taxes payable 493,376 350,757 Liabilities related to held-for-sale assets 426,919 275,052 Accrued interest expense 407,365 395,459 Intangible liabilities, net 262,964 330,432 Tenant security deposits 233,464 237,891 Distribution payable 230,612 238,297 Prepaid rental income 190,834 188,450 Right of use lease liability - financing leases 77,950 77,008 Securitized debt obligations, net 57,128 123,628 Subscriptions received in advance 41,167 208,632 Interest rate and foreign currency hedging derivatives 22,579 50,557 Other 230,979 174,746 Total $ 4,504,283 $ 3,912,033

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,682,574 $ 2,022,087 Indefinite life intangibles 184,082 193,182 Above-market lease intangibles 63,155 71,952 Other intangibles 373,737 371,631 Total intangible assets 2,303,548 2,658,852 Accumulated amortization In-place lease amortization (1,011,222) (971,988) Above-market lease amortization (32,142) (31,419) Other intangibles amortization (67,469) (31,233) Total accumulated amortization (1,110,833) (1,034,640) Intangible assets, net $ 1,192,715 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 450,783 $ 476,186 Total intangible liabilities 450,783 476,186 Accumulated amortization Below-market lease amortization (187,819) (145,754) Total accumulated amortization (187,819) (145,754) Intangible liabilities, net $ 262,964 $ 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 September 30, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2023 (remaining) $ 49,461 $ 1,960 $ 9,935 $ (16,191) 2024 163,297 7,304 36,365 (56,913) 2025 124,926 6,054 33,790 (46,714) 2026 94,761 4,661 32,538 (36,745) 2027 66,146 3,397 30,478 (25,877) 2028 51,116 2,374 28,675 (19,746) Thereafter 121,645 5,263 134,487 (60,778) $ 671,352 $ 31,013 $ 306,268 $ (262,964)

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 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): September 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 $ 6,387,423 2.6% LIBOR, SOFR 4.8 Derivatives not designated as hedging instruments Interest rate caps - property debt 155 16,173,194 4.5% LIBOR, SOFR 0.5 Interest rate swaps - property debt 51 26,015,600 2.0% LIBOR, SOFR, EURIBOR 4.8 Interest rate swaps - secured financings of investments in real estate debt 29 819,065 2.3% LIBOR, SOFR 5.6 Total $ 43,007,859 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 - secured financings of 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): September 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 € 141,212 14 € 160,206 Buy USD / Sell GBP Forward 12 £ 59,616 12 £ 132,563 Buy GBP / Sell USD Forward 1 £ 2,340 — £ —
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 473,611 $ 409,260 $ — $ — Total derivatives designated as hedging instruments 473,611 409,260 — — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 79,039 183,392 22,579 36,173 Interest rate swaps - property debt 2,495,718 2,310,511 — — Interest rate swaps - secured financings of investments in real estate debt 79,064 130,181 — — Foreign currency forward contracts 7,754 251 — 14,384 Total derivatives not designated as hedging instruments 2,661,575 2,624,335 22,579 50,557 Total interest rate and foreign currency hedging derivatives $ 3,135,186 $ 3,033,595 $ 22,579 $ 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 $214.1 million and $237.7 million as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended September 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized gain (1) $ 105,398 $ 1,095,372 Interest rate swap – property debt Realized gain (1) 318,596 — Interest rate caps – property debt Unrealized (loss) gain (1) (31,802) 99,786 Interest rate swap – secured financings of investments in real estate debt Unrealized gain (1) 18,463 48,018 Interest rate swaps – secured financings of investments in real estate debt Realized gain (2) — 7,479 Foreign currency forward contract Realized (loss) gain (3) (3,725) 20,686 Foreign currency forward contract Unrealized gain (3) 11,910 3,086 $ 418,840 $ 1,274,427 Included in Other Comprehensive Income Interest rate swap – property debt (4) Unrealized gain 141,370 428,857 Total $ 560,210 $ 1,703,284 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Nine Months Ended September 30, 2023 2022 Included in Net Income (Loss) Interest rate swap – property debt Unrealized gain (1) $ 94,150 $ 2,345,437 Interest rate swap – property debt Realized gain (1) 318,596 — Interest rate caps – property debt Unrealized (loss) gain (1) (104,574) 163,890 Interest rate swaps – secured financings of investments in real estate debt Unrealized (loss) gain (1) (51,104) 129,227 Interest rate swaps – secured financings of investments in real estate debt Realized gain (2) 69,405 17,805 Foreign currency forward contract Realized (loss) gain (3) (20,819) 83,669 Foreign currency forward contract Unrealized gain (3) 21,887 19,359 Total $ 327,541 $ 2,759,387 Included in Other Comprehensive Income Interest rate swap – property debt (4) Unrealized gain 162,127 428,857 Total $ 489,668 $ 3,188,244 (1) Included in Income from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations. (2) Included in Interest Expense, Net in the Company’s Condensed Consolidated Statements of Operations. (3) Included in Income (Loss) from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (4) During the three and nine months ended September 30, 2023, net gain of $48.9 million and $124.2 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)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 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 September 30, 2023 Class S Class I Class T Class D Class C Total June 30, 2023 1,557,725 2,701,636 66,486 163,774 2,035 4,491,656 Common stock issued (converted) (1) 6,329 22,376 (1,816) 147 — 27,036 Distribution reinvestment 7,441 12,118 378 758 — 20,695 Common stock repurchased (2) (45,995) (219,464) (1,885) (5,918) — (273,262) Independent directors’ restricted stock grant (3) — 49 — — — 49 September 30, 2023 1,525,500 2,516,715 63,163 158,761 2,035 4,266,174 Nine Months Ended September 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) (1) 26,542 655,293 (4,729) (241,416) 2,035 437,725 Distribution reinvestment 23,064 38,741 1,205 3,767 — 66,777 Common stock repurchased (2) (121,520) (572,105) (5,912) (25,018) — (724,555) Independent directors’ restricted stock grant (3) — 49 — — — 49 September 30, 2023 1,525,500 2,516,715 63,163 158,761 2,035 4,266,174 (1) Includes conversion of shares from Class T and Class D to Class I during the nine months ended September 30, 2023. (2) Includes 56.7 million Class I shares, previously issued for the management fee, and exchanged for an equivalent amount of Class B units of BREIT OP. (3) The independent directors’ restricted stock grant for the three months and nine months ended September 30, 2023 represents $0.1 million of the annual compensation paid to each of the independent directors. The cost of each grant is amortized over the one-year service period for each grant.
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 September 30, 2023 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1672 $ 0.1672 $ 0.1672 $ 0.1672 Stockholder servicing fee per share of common stock (0.0319) — (0.0314) (0.0092) Net distributions declared per share of common stock $ 0.1353 $ 0.1672 $ 0.1358 $ 0.1580 Nine Months Ended September 30, 2023 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4999 $ 0.4999 $ 0.4999 $ 0.4999 Stockholder servicing fee per share of common stock (0.0940) — (0.0924) (0.0271) Net distributions declared per share of common stock $ 0.4059 $ 0.4999 $ 0.4075 $ 0.4728
Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the nine months ended September 30, 2023 and 2022 ($ in thousands): Nine Months Ended September 30, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Settlement of current year performance participation allocation — 360,504 Repurchases — (26,639) Conversion to Class I and Class B units (278,990) (436,992) Conversion to Class I and Class C shares (65,304) (128,205) GAAP income allocation 1,923 531 Distributions (1,308) (6,732) Fair value allocation (102) 11,810 Ending balance $ 364 $ 364,177

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed lease payments $ 1,804,577 $ 1,716,020 $ 5,499,152 $ 4,286,984 Variable lease payments 121,250 109,964 359,381 291,813 Rental revenue $ 1,925,827 $ 1,825,984 $ 5,858,533 $ 4,578,797 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on lease liabilities $ 1,050 $ 1,021 $ 3,098 $ 3,014 Amortization of right-of-use assets 304 313 943 967 Total financing lease costs $ 1,354 $ 1,334 $ 4,041 $ 3,981
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 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) $ 454,964 2024 1,794,907 2025 1,673,430 2026 1,523,207 2027 1,312,781 2028 1,097,988 Thereafter 15,719,306 Total $ 23,576,583
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of September 30, 2023 ($ in thousands): Operating Financing 2023 (remaining) $ 9,235 $ 1,053 2024 37,089 4,266 2025 37,753 4,385 2026 37,920 4,507 2027 38,320 4,633 2028 38,674 4,763 Thereafter 2,590,648 559,373 Total undiscounted future lease payments 2,789,639 582,980 Difference between undiscounted cash flows and discounted cash flows (2,146,368) (505,030) Total lease liability $ 643,271 $ 77,950
Summary of Fixed and Variable Components of Operating and Financing Leases	The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed ground rent expense $ 6,543 $ 5,009 $ 14,391 $ 9,542 Variable ground rent expense 2,729 2,418 15,554 2,428 Total cash portion of ground rent expense 9,272 7,427 29,945 11,970 Straight-line ground rent expense 2,546 2,170 13,469 8,240 Total operating lease costs $ 11,818 $ 9,597 $ 43,414 $ 20,210

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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): September 30, 2023 December 31, 2022 Rental Housing $ 65,910,125 $ 68,464,413 Industrial 20,368,711 21,624,736 Net Lease 8,144,138 9,011,326 Data Centers 3,380,631 3,203,585 Hospitality 3,003,918 3,768,473 Office 2,946,855 3,293,163 Retail 2,544,667 2,722,839 Self Storage 749,800 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 23,940,400 25,363,546 Other (Corporate) 3,746,518 2,987,992 Total assets $ 134,735,763 $ 142,687,424 The following table details the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,257,638 $ 351,055 $ 150,384 $ — $ 46,589 $ 12,838 $ 58,350 $ 48,973 $ — $ 1,925,827 Hospitality revenue — — — 145,837 — — — — — 145,837 Other revenue 102,478 6,476 — — 1,966 — 1,083 3,566 — 115,569 Total revenues 1,360,116 357,531 150,384 145,837 48,555 12,838 59,433 52,539 — 2,187,233 Expenses: Rental property operating 774,713 113,575 480 — 15,068 2,278 26,369 26,088 — 958,571 Hospitality operating — — — 103,585 — — — — — 103,585 Total expenses 774,713 113,575 480 103,585 15,068 2,278 26,369 26,088 — 1,062,156 (Loss) income from unconsolidated entities (10,320) (157,735) — (2,032) 16,585 (1,027) 873 — — (153,656) Income from investments in real estate debt — — — — — — — — 192,145 192,145 Changes in net assets of consolidated securitization vehicles — — — — — — — — 53,244 53,244 Loss from investments in equity securities (1) (34,700) — — — — — — — — (34,700) Segment net operating income $ 540,383 $ 86,221 $ 149,904 $ 40,220 $ 50,072 $ 9,533 $ 33,937 $ 26,451 $ 245,389 $ 1,182,110 Depreciation and amortization $ (585,907) $ (191,877) $ (51,878) $ (23,166) $ (23,335) $ (5,535) $ (32,841) $ (14,324) $ — $ (928,863) General and administrative (16,960) Management fee (209,297) Impairment of investments in real estate (60,952) Income from interest rate derivatives 410,655 Net gain on dispositions of real estate 985,189 Interest expense, net (808,169) Loss on extinguishment of debt (26,484) Other expense (10,602) Net income $ 516,627 Net loss attributable to non-controlling interests in third party joint ventures $ 100,087 Net income attributable to non-controlling interests in BREIT OP (28,420) Net income attributable to BREIT stockholders $ 588,294 (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $38.4 million of net unrealized loss related to equity securities. The following table details the financial results by segment for the three months ended September 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,157,326 $ 343,401 $ 150,384 $ — $ 43,028 $ 12,836 $ 60,478 $ 58,531 $ — $ 1,825,984 Hospitality revenue — — — 193,141 — — — — — 193,141 Other revenue 89,100 8,435 — 3,101 4,386 — 1,113 3,650 — 109,785 Total revenues 1,246,426 351,836 150,384 196,242 47,414 12,836 61,591 62,181 — 2,128,910 Expenses: Rental property operating 679,947 104,140 513 — 13,427 1,839 22,174 28,559 — 850,599 Hospitality operating — — — 137,345 — — — — — 137,345 Total expenses 679,947 104,140 513 137,345 13,427 1,839 22,174 28,559 — 987,944 (Loss) Income from unconsolidated entities (9,039) (22,340) 24,976 3,846 (22,025) (47,797) (630) — — (73,009) Income from investments in real estate debt — — — — — — — — 30,319 30,319 Changes in net assets of consolidated securitization vehicles — — — — — — — — (8,798) (8,798) (Loss) income from investments in equity securities (1) (37,704) 6,173 — — (6,147) — — — — (37,678) Segment net operating income (loss) $ 519,736 $ 231,529 $ 174,847 $ 62,743 $ 5,815 $ (36,800) $ 38,787 $ 33,622 $ 21,521 $ 1,051,800 Depreciation and amortization $ (728,237) $ (195,442) $ (51,878) $ (31,833) $ (22,945) $ (6,970) $ (55,939) $ (34,457) $ — $ (1,127,701) General and administrative (13,223) Management fee (219,778) Performance participation allocation (194,361) Income from interest rate derivatives 1,244,256 Net gain on dispositions of real estate 317,981 Interest expense, net (695,047) Loss on extinguishment of debt (3,266) Other expense (15,782) Net loss $ 344,879 Net loss attributable to non-controlling interests in third party joint ventures $ 43,549 Net income attributable to non-controlling interests in BREIT OP (16,261) Net loss attributable to BREIT stockholders $ 372,167 (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $42.1 million of net unrealized/realized loss related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 3,838,602 $ 1,051,836 $ 451,153 $ — $ 142,878 $ 38,524 $ 176,221 $ 159,319 $ — $ 5,858,533 Hospitality revenue — — — 564,802 — — — — — 564,802 Other revenue 278,164 19,506 — 7,686 5,747 — 3,330 10,460 — 324,893 Total revenues 4,116,766 1,071,342 451,153 572,488 148,625 38,524 179,551 169,779 — 6,748,228 Expenses: Rental property operating 2,200,319 338,505 1,724 — 43,269 7,016 75,668 81,269 — 2,747,770 Hospitality operating — — — 384,997 — — — — — 384,997 Total expenses 2,200,319 338,505 1,724 384,997 43,269 7,016 75,668 81,269 — 3,132,767 (Loss) income from unconsolidated entities (25,467) 19,774 432,528 (2,746) 2,492 (46,111) 498 — — 380,968 Income from investments in real estate debt — — — — — — — — 580,948 580,948 Changes in net assets of consolidated securitization vehicles — — — — — — — — 145,183 145,183 Loss from investments in equity securities (1) (3,763) — — — — — — — — (3,763) Segment net operating income (loss) $ 1,887,217 $ 752,611 $ 881,957 $ 184,745 $ 107,848 $ (14,603) $ 104,381 $ 88,510 $ 726,131 $ 4,718,797 Depreciation and amortization $ (1,849,657) $ (576,401) $ (155,634) $ (88,199) $ (73,239) $ (16,558) $ (106,044) $ (50,152) $ — $ (2,915,884) General and administrative (51,258) Management fee (643,800) Impairment of investments in real estate (178,667) Income from interest rate derivatives 257,068 Net gain on dispositions of real estate 1,775,016 Interest expense, net (2,336,050) Loss on extinguishment of debt (35,025) Other expense (57,081) Net income $ 533,116 Net loss attributable to non-controlling interests in third party joint ventures $ 243,700 Net income attributable to non-controlling interests in BREIT OP (34,643) Net income attributable to BREIT stockholders $ 742,173 (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $15.0 million of net unrealized loss related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2022 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,800,611 $ 1,022,959 $ 349,405 $ — $ 88,103 $ 32,263 $ 127,438 $ 158,018 $ — $ 4,578,797 Hospitality revenue — — — 538,038 — — — — — 538,038 Other revenue 203,330 20,805 — 10,136 6,591 — 2,220 11,059 — 254,141 Total revenues 3,003,941 1,043,764 349,405 548,174 94,694 32,263 129,658 169,077 — 5,370,976 Expenses: Rental property operating 1,587,211 325,378 1,119 — 26,259 5,001 45,967 76,250 — 2,067,185 Hospitality operating — — — 376,620 — — — — — 376,620 Total expenses 1,587,211 325,378 1,119 376,620 26,259 5,001 45,967 76,250 — 2,443,805 (Loss) Income from unconsolidated entities (66,238) 177,212 75,349 3,846 (5,238) (132,940) (489) — — 51,502 Loss from investments in real estate debt — — — — — — — — (217,454) (217,454) Changes in net assets of consolidated securitization vehicles — — — — — — — — (68,407) (68,407) (Loss) income from investments in equity securities (1) (320,387) (47,969) 27,334 — (113,756) — — — — (454,778) Segment net operating income (loss) $ 1,030,105 $ 847,629 $ 450,969 $ 175,400 $ (50,559) $ (105,678) $ 83,202 $ 92,827 $ (285,861) $ 2,238,034 Depreciation and amortization $ (1,903,579) $ (608,513) $ (120,768) $ (86,667) $ (46,017) $ (14,085) $ (122,013) $ (99,459) $ — $ (3,001,101) General and administrative (38,082) Management fee (621,556) Performance participation allocation (817,527) Income from interest rate derivatives 2,634,100 Net gain on dispositions of real estate 740,395 Interest expense, net (1,469,020) Loss on extinguishment of debt (10,665) Other expense (24,186) Net loss $ (369,608) Net loss attributable to non-controlling interests in third party joint ventures $ 119,151 Net loss attributable to non-controlling interests in BREIT OP 1,946 Net loss attributable to BREIT stockholders $ (248,511) (1) Included within Other Expense on the Condensed Consolidated Statements of Operations is $494.6 million of unrealized/realized loss related to equity securities.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	9 Months Ended
	Sep. 30, 2023 USD ($) rentalHome segment property
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 73.5
Number of owned properties | property	4,895
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	28,490
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			9 Months Ended
	Sep. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Significant Of Accounting Policies [Line Items]
Other expense	$ 45,302		$ 53,460	$ 60,844	$ 478,964
Income from interest rate derivatives	410,655		1,244,256	257,068	2,634,100
Income (loss) from investments in real estate debt	192,145		30,319	580,948	(217,454)
Interest expense	808,169		695,047	2,336,050	1,469,020
Total assets	134,735,763			134,735,763		$ 142,687,424
Total liabilities	87,148,918			87,148,918		91,933,250
Net realized and unrealized gain (loss) on equity securities	(38,400)		42,100	(15,000)	494,600
Impairment of investments in real estate	60,952		0	178,667	0
Real estate, held-for-sale	$ 124,300			124,300
Impairment of properties held for sale		$ 12,500	0		0
Rental Housing and Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate				$ 166,200
Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	7			19
Office Properties:
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate				$ 166,200
Number of real estate properties related to impairment | property				1
Revision of Prior Period, Reclassification, Adjustment | Reclassification from Other Income (Expense)
Significant Of Accounting Policies [Line Items]
Other expense			37,500		455,200
Income from interest rate derivatives			37,500		455,200
Revision of Prior Period, Reclassification, Adjustment | Reclassification From Income From Investments In Real Estate
Significant Of Accounting Policies [Line Items]
Income from interest rate derivatives			48,000		129,200
Income (loss) from investments in real estate debt			(56,200)		(144,200)
Interest expense			$ 8,200		$ 15,000
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	$ 1,500,000			$ 1,500,000		1,400,000
Level 3 | Minimum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.063			0.063
Level 3 | Minimum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.043			0.043
Level 3 | Maximum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.090			0.090
Level 3 | Maximum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.126			0.126
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	$ 50,900,000			$ 50,900,000		52,100,000
Total liabilities	$ 37,600,000			$ 37,600,000		$ 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	Sep. 30, 2023	Dec. 31, 2022
Assets:
Investments in real estate debt	$ 7,116,237	$ 8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,598,558	17,030,387
Equity securities	515,118	530,119
Investments in unconsolidated entities	4,394,410	4,947,251
Interest rate and foreign currency hedging derivatives(1)	3,441,675	3,033,595
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,994,033	15,288,598
Interest rate and foreign currency hedging derivatives	22,579	50,557
Recurring
Assets:
Investments in real estate debt	7,116,237	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,598,558	17,030,387
Equity securities	515,118	530,119
Investments in unconsolidated entities	4,394,410	4,947,251
Interest rate and foreign currency hedging derivatives(1)	3,135,186	3,033,595
Total	31,759,509	33,543,055
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,994,033	15,288,598
Interest rate and foreign currency hedging derivatives	22,579	50,557
Total	15,016,612	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	50,611	52,512
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives(1)	0	0
Total	50,611	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	5,877,440	6,460,520
Real estate loans held by consolidated securitization vehicles, at fair value	16,598,558	17,030,387
Equity securities	240,099	253,199
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives(1)	3,135,186	3,033,595
Total	25,851,283	26,777,701
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,994,033	15,288,598
Interest rate and foreign currency hedging derivatives	22,579	50,557
Total	15,016,612	15,339,155
Recurring | Level 3
Assets:
Investments in real estate debt	1,238,797	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	4,394,410	4,947,251
Interest rate and foreign currency hedging derivatives(1)	0	0
Total	5,857,615	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	9 Months Ended
	Sep. 30, 2023 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 6,712,842
Purchases and contributions	83,402
Sales and repayments	(932,858)
Distributions received	(80,533)
Income from unconsolidated entities measured at fair value	29,505
Realized income included in income from investments in real estate debt	2,080
Unrealized gain included in income from investments in real estate debt	43,177
Ending balance	5,857,615
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,541,183
Purchases and contributions	38,255
Sales and repayments	(385,898)
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized income included in income from investments in real estate debt	2,080
Unrealized gain included in income from investments in real estate debt	43,177
Ending balance	1,238,797
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 income included in income from investments in real estate debt	0
Unrealized gain included in income 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	45,147
Sales and repayments	(546,960)
Distributions received	(80,533)
Income from unconsolidated entities measured at fair value	29,505
Realized income included in income from investments in real estate debt	0
Unrealized gain included in income from investments in real estate debt	0
Ending balance	$ 4,394,410

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) - Level 3 $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,857,615	$ 6,712,842
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,238,797	$ 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	0.102	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	$ 1,238,797	$ 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
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 | 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	4,394,410	$ 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 | Discounted cash flow | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,702,148	$ 4,399,935
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	0.076	0.067
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	0.052	0.049
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	$ 692,262
Investments In Unconsolidated Entities Held at Cost | Discounted Cash Flow | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.111
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	9 Months Ended
	Sep. 30, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(6,960)
Value of Awards Issued	41,715
Amortization of Compensation Cost	(22,509)
Unrecognized Compensation Cost, ending balance	60,296
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	22,853
Forfeiture of unvested awards	(1,865)
Value of Awards Issued	22,217
Amortization of Compensation Cost	(16,061)
Unrecognized Compensation Cost, ending balance	27,144
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,161
Forfeiture of unvested awards	(2,946)
Value of Awards Issued	0
Amortization of Compensation Cost	(6,639)
Unrecognized Compensation Cost, ending balance	$ 13,576
Remaining Amortization Period	1 year 3 months 18 days
2021 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 2,042
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(2,042)
Unrecognized Compensation Cost, ending balance	$ 0
Remaining Amortization Period	0 years
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 24,889
Forfeiture of unvested awards	(4,014)
Value of Awards Issued	0
Amortization of Compensation Cost	(5,442)
Unrecognized Compensation Cost, ending balance	$ 15,433
Remaining Amortization Period	2 years 1 month 6 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	(1,865)
Value of Awards Issued	0
Amortization of Compensation Cost	(8,818)
Unrecognized Compensation Cost, ending balance	$ 10,128
Remaining Amortization Period	2 years 2 months 12 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	41,715
Amortization of Compensation Cost	(10,428)
Unrecognized Compensation Cost, ending balance	$ 31,287
Remaining Amortization Period	2 years 7 months 6 days
2023 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	22,217
Amortization of Compensation Cost	(5,201)
Unrecognized Compensation Cost, ending balance	$ 17,016
Remaining Amortization Period	2 years 4 months 24 days

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 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	$ 78,380,084	$ 81,914,789
Land and land improvements	17,911,600	18,635,672
Furniture, fixtures and equipment	2,282,006	2,301,683
Right of use asset - operating leases	1,098,178	1,090,782
Right of use asset - financing leases	72,862	72,872
Total	99,744,730	104,015,798
Accumulated depreciation and amortization	(7,749,720)	(5,866,306)
Investments in real estate, net	$ 91,995,010	$ 98,149,492

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($) segment property	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 segment
Real Estate Properties [Line Items]
Number of Properties | segment	2,491			2,491		2,546
Building and building improvements	$ 26,500			$ 26,500
Land and land improvements	10,700			10,700
Payments to acquire intangible assets				0
Impairment of investments in real estate	$ 60,952		$ 0	$ 178,667	$ 0
Impairment of properties held for sale		$ 12,500	$ 0		$ 0
Acquired Properties
Real Estate Properties [Line Items]
Number of Properties | segment	99			99
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | segment	1			1
Purchase price				$ 37,200
Number of real estate properties classified as held for sale | property	16			16
Hospitality
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | property	6			6
Retail
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | property	1			1
Office Properties:
Real Estate Properties [Line Items]
Impairment of investments in real estate				$ 166,200
Number of real estate properties related to impairment | property				1
Rental Housing and Affordable Housing Properties
Real Estate Properties [Line Items]
Impairment of investments in real estate				$ 166,200
Affordable Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment | property	7			19
Held-For-Sale Real Estate Investments
Real Estate Properties [Line Items]
Impairment of investments in real estate				$ 12,500

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Real Estate Properties [Line Items]
Number of Properties | property	158	47	254	104
Net Proceeds	$ 3,386,458	$ 883,107	$ 6,259,374	$ 2,119,196
Net Gain	985,189	317,981	1,775,016	740,395
Gains included in net gain on disposition of assets	989,100	321,700	1,800,000	765,500
Losses included in net gain on disposition of assets	$ (3,900)	$ (3,700)	$ (48,000)	$ (25,100)
Self Storage properties
Real Estate Properties [Line Items]
Number of Properties | property	128		128
Net Proceeds	$ 2,146,669		$ 2,146,669
Net Gain	$ 697,055		$ 697,055
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | property	20	24	93	46
Net Proceeds	$ 875,505	$ 699,521	$ 2,295,309	$ 1,470,697
Net Gain	$ 232,719	$ 231,985	$ 628,779	$ 500,351
Hospitality
Real Estate Properties [Line Items]
Number of Properties | property	7		14
Net Proceeds	$ 152,156		$ 1,066,793
Net Gain	$ 34,135		$ 345,246
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	2	23	14	58
Net Proceeds	$ 39,624	$ 183,586	$ 473,649	$ 648,499
Net Gain	$ 22,136	$ 85,996	$ 97,699	$ 240,044
Retail Properties:
Real Estate Properties [Line Items]
Number of Properties | property	0		4
Net Proceeds	$ 0		$ 104,450
Net Gain	$ 0		$ 7,093
Office Properties:
Real Estate Properties [Line Items]
Number of Properties | property	1		1
Net Proceeds	$ 172,504		$ 172,504
Net Gain	$ (856)		$ (856)

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	Sep. 30, 2023	Dec. 31, 2022
Assets:
Investments in real estate, net	$ 695,057
Other assets	15,377
Total assets	710,434
Liabilities:
Mortgage notes, net	409,280
Other liabilities	17,639
Total liabilities	$ 426,919	$ 275,052

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Sep. 30, 2023 USD ($) segment jointVenture property	May 25, 2023	Jan. 09, 2023	Dec. 31, 2022 USD ($) segment jointVenture property
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	75			114
Number of Properties	2,491			2,546
Book Value | $	$ 8,015,282			$ 9,369,402
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	62			100
Number of Properties	392			410
Book Value | $	$ 3,620,872			$ 4,422,151
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	83			62
Ownership Interest	35.70%			35.70%
Book Value | $	$ 1,840,328			$ 1,657,778
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	55			92
Number of Properties	50			87
Book Value | $	$ 1,138,004			$ 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	10,681			10,767
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures				1
Number of Properties				2
Ownership Interest		7.90%	49.90%	49.90%
Book Value | $				$ 834,148
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 | $	$ 305,710			$ 314,006
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3			3
Number of Properties	56			56
Book Value | $	$ 240,318			$ 242,883
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3			3
Book Value | $	$ 240,300			$ 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 | $	$ 96,512			$ 97,971
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	13			14
Number of Properties	2,099			2,136
Book Value | $	$ 4,394,410			$ 4,947,251
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11			12
Number of Properties	2,098			2,135
Book Value | $	$ 3,192,741			$ 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 | $	$ 2,300,000			$ 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%			85%
Data Center investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Ownership Interest	12.40%			12.40%
Book Value | $	$ 692,262			$ 674,411
Data Center investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Book Value | $	$ 692,300			$ 674,400
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 | $	$ 509,407			$ 520,976

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	May 25, 2023	Jan. 09, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (153,656)	$ (73,009)	$ 380,968	$ 51,502
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (12,979)	(29,588)	$ 348,859	(122,749)
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest			35.70%		35.70%
Income (loss) from equity method investments			$ 2,057	(47,758)	$ (46,462)	(133,574)
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (10,320)	(9,039)	$ (25,467)	(66,237)
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%
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest			49.90%		49.90%
Income (loss) from equity method investments			$ 0	24,976	$ 432,528	75,350
Proceeds from sale of investment		$ 1,300,000
Gain on sale		$ 430,400
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Ownership Interest			30%		30%
Income (loss) from equity method investments			$ (2,032)	3,846	$ (2,746)	3,846
Industrial investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (3,557)	(983)	$ (9,492)	(1,645)
Industrial investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest			10.10%		10.10%
Industrial investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest			22.40%		22.40%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (154,177)	(21,357)	$ 29,267	178,857
Proceeds from sale of investment	$ 547,000
Gain on sale	$ 37,100
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%		85%
Retail investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest			50%		50%
Income (loss) from equity method investments			$ 873	(630)	$ 498	(489)
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (140,677)	(43,421)	$ 32,109	174,251
Data Center investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest			12.40%		12.40%
Income (loss) from equity method investments			$ (3,084)	(39)	$ 351	633
Office investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest			49%		49%
Income (loss) from equity method investments			$ 16,584	$ (22,025)	$ 2,491	$ (5,239)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.80%	7.40%
Face Amount	$ 7,714,598	$ 8,694,798
Cost Basis	7,703,057	8,675,567
Fair Value	7,116,237	8,001,703
Notional Amount	43,007,859	40,556,507
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 819,065	$ 1,392,960
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.70%	7%
Face Amount	$ 6,334,963	$ 6,995,756
Cost Basis	6,336,521	6,992,859
Fair Value	$ 5,766,523	$ 6,341,477
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4%	3.90%
Face Amount	$ 5,862,925	$ 6,474,823
Cost Basis	5,865,031	6,473,296
Fair Value	$ 5,410,067	$ 5,943,403
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.50%	4.40%
Face Amount	$ 382,544	$ 404,953
Cost Basis	371,416	393,511
Fair Value	$ 270,721	$ 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	$ 89,494	$ 115,980
Cost Basis	100,074	126,052
Fair Value	$ 85,735	$ 105,558
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.80%	5.50%
Face Amount	$ 1,185,605	$ 1,489,296
Cost Basis	1,197,232	1,499,691
Fair Value	$ 1,189,418	$ 1,483,358
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 194,030	$ 209,746
Cost Basis	169,304	183,017
Fair Value	160,296	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	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 7,703,057	$ 8,675,567
Fair Value	$ 7,116,237	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,571,524	$ 2,681,299
Fair Value	$ 2,435,041	$ 2,483,592
Percentage Based on Fair Value	35%	32%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,977,861	$ 2,119,282
Fair Value	$ 1,803,952	$ 1,940,795
Percentage Based on Fair Value	25%	24%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,346,640	$ 1,884,353
Fair Value	$ 1,286,026	$ 1,768,090
Percentage Based on Fair Value	18%	22%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 974,902	$ 983,374
Fair Value	$ 951,021	$ 947,368
Percentage Based on Fair Value	13%	12%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 426,990	$ 552,016
Fair Value	$ 261,600	$ 439,938
Percentage Based on Fair Value	4%	5%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 311,459	$ 360,903
Fair Value	$ 299,994	$ 339,609
Percentage Based on Fair Value	4%	4%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 93,681	$ 94,340
Fair Value	$ 78,603	$ 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	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 7,703,057	$ 8,675,567
Fair Value	$ 7,116,237	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 9,700
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	91,761	$ 91,809
Fair Value	$ 88,668	$ 86,055
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,037,969	$ 1,077,419
Fair Value	$ 989,616	$ 1,024,908
Percentage Based on Fair Value	14%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,601,279	$ 1,858,101
Fair Value	$ 1,427,345	$ 1,659,281
Percentage Based on Fair Value	20%	21%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,320,416	$ 1,609,017
Fair Value	$ 1,164,402	$ 1,424,940
Percentage Based on Fair Value	16%	18%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 50,965	$ 40,486
Fair Value	$ 35,250	$ 33,225
Percentage Based on Fair Value	0%	0%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,366,537	$ 1,682,708
Fair Value	$ 1,349,714	$ 1,660,226
Percentage Based on Fair Value	19%	21%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,234,130	$ 2,316,027
Fair Value	$ 2,061,242	$ 2,113,068
Percentage Based on Fair Value	30%	26%
Weighted average LTV at origination	64%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	63%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	29%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments [Abstract]
Interest income	$ 176,464	$ 141,622	$ 531,489	$ 313,922
Unrealized gain (loss)	23,458	(133,199)	90,820	(581,760)
Realized loss	(24,134)	(23,627)	(41,492)	(104,984)
Total	175,788	(15,204)	580,817	(372,822)
Net realized and unrealized loss on equity securities	8,185	23,094	1,068	105,863
Net realized and unrealized gain on secured financings of investments in real estate debt	9,409	24,011	782	62,354
Other expense	(1,237)	(1,582)	(1,719)	(12,849)
Total income (loss) from investments in real estate debt	$ 192,145	$ 30,319	$ 580,948	$ (217,454)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 7,116,237		$ 7,116,237		$ 8,001,703
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,548,807		1,548,807		1,683,765
Income (Loss)	39,088	$ 1,594	113,676	$ (129,181)
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	574,862		574,862		835,846
Income (Loss)	12,309	308	80,492	(11,221)
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,123,669		2,123,669		$ 2,519,611
Income (Loss)	$ 51,397	$ 1,902	$ 194,168	$ (140,402)

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Marketable Securities [Line Items]
Investments in real estate debt	$ 7,703,057		$ 7,703,057		$ 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)	$ 69,300	$ (5,800)	$ 190,400	$ (82,300)

Consolidated Securitization V_3

Consolidated Securitization Vehicles - Real Estate Loans and Related Senior Obligations of Consolidated Securitization Vehicles (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 16,990,837	$ 17,527,441
Senior obligations of consolidated securitization vehicles, at principal value	15,210,828	15,565,671
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,780,009	1,961,770
Real estate loans held by consolidated securitization vehicles, at fair value	16,598,558	17,030,387
Senior obligations of consolidated securitization vehicles, at fair value	14,994,033	15,288,598
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,604,525	$ 1,741,789
Real estate loans held by consolidated securitization vehicles, weighted average yield	6.30%	5.10%
Senior obligations of consolidated securitization vehicles, weighted average cost	6.10%	4.90%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	7.80%	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 ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total loans secured by real estate	$ 61,372,040,000	$ 65,631,049,000
(Discount) premium on assumed debt, net	(119,454,000)	(121,435,000)
Deferred financing costs, net	(428,956,000)	(546,911,000)
Mortgage notes, secured term loans, and secured revolving credit facilities, net	60,823,630,000	64,962,703,000
Outstanding interest rate swaps	$ 43,007,859,000	40,556,507,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	6.10%
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 32,400,000,000
Interest rate caps – property debt
Debt Instrument [Line Items]
Outstanding interest rate swaps	16,200,000,000
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 37,288,342,000	40,478,688,000
Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.40%
Affordable Housing Properties Loan
Debt Instrument [Line Items]
Total loans secured by real estate	$ 340,500,000	364,500,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 32,302,207,000	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	2.50%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 24,083,698,000	25,152,361,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	3.70%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,388,249,000
Total loans secured by real estate	$ 3,603,386,000	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%
Secured Revolving Credit Facility | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 3,863,432,000
Total loans secured by real estate	$ 1,382,749,000	$ 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	1.60%

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	Sep. 30, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2023 (remaining)	$ 300,032
2024	3,830,408
2025	8,316,006
2026	15,863,343
2027	18,272,493
2028	3,602,444
Thereafter	11,187,314
Total	$ 61,372,040	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (26,484)	$ (3,266)	$ (35,025)	$ (10,665)

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	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,614,044	$ 4,966,685
Total assets	134,735,763	142,687,424
Notional Amount	43,007,859	40,556,507
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Debt Instrument [Line Items]
Notional Amount	819,065	1,392,960
Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 7,461,923	$ 8,138,317
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%	1.30%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,207,759	$ 4,482,728
CMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 6,878,910	$ 7,447,672
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%	1.30%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 199,281	$ 99,716
RMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 272,824	$ 137,084
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.30%	1.10%
Commercial real estate loans
Debt Instrument [Line Items]
Borrowings Outstanding	$ 144,887	$ 220,694
Commercial real estate loans | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 224,454	$ 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	$ 62,117	$ 163,547
Corporate bonds | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 85,735	$ 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	9 Months Ended
	Sep. 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	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other liabilities	$ 1,086,005	$ 1,676,308
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Other liabilities	995,679	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	68,963	71,644
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Other liabilities	19,850	14,975
Other
Related Party Transaction [Line Items]
Other liabilities	$ 1,513	$ 1,511

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2023 shares	Oct. 31, 2023 shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) investment shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Nov. 13, 2023 USD ($)	Jan. 01, 2023
Related Party Transaction [Line Items]
Performance participation allocation			$ 0	$ 194,361	$ 0	$ 817,527
Performance participation allocation shortfall			0		0		$ 74,900
Management fee			209,297	219,778	643,800	621,556
Amount contributed to captive towards insurance premium			163,900	8,700	167,200	90,300
Payment for management fee			3,200	200	3,300	1,800
Other assets			8,343,163		$ 8,343,163		7,881,948
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent								$ 2,300,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent								$ 1,600,000
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			1,000		$ 2,900
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			209,300	$ 219,800	$ 643,800	$ 621,600
Adviser | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares					14.3
Adviser | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares		4.7
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares					24.8	36.8
Adviser | Class I | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	56.7
Adviser | Class B Shares | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	56.7
Related Party | LivCor, LLC
Related Party Transaction [Line Items]
Other assets			$ 0		$ 0		$ 6,000
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments					$ 6,500
Number of investments with capitalized costs | investment					46

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 80,621	$ 54,691	$ 234,560	$ 161,032
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	11,969	4,287	20,559	14,372
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	2,333	616	9,129	7,670
Link Industrial Properties LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	30,807	18,892	92,138	62,778
Link Industrial Properties LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	5,968	2,002	9,672	6,690
Link Industrial Properties LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	330	341	1,010	2,579
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	24,974	20,681	75,172	55,774
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	5,928	1,861	9,973	6,296
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,670	44	7,092	3,358
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	9,862	4,272	26,327	10,438
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	210	110	450	360
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	258	0	923	1,213
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	7,827	4,547	20,034	15,477
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	176	0	270	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	3,844	3,532	12,967	11,913
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	292	249	555	812
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	231	0	231
Equity Office Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	2,069	500	4,420	1,515
Equity Office Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	44	65	150	214
Equity Office Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	75	0	104	230
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	748	1,821	1,930	1,821
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	(649)	0	(511)	0
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	59
Longview Senior Housing Advisors, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	490	446	1,572	1,316
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	9 Months Ended
	Sep. 30, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(6,960)
Value of Awards Issued	41,715
Amortization of Compensation Cost	(22,509)
Unrecognized Compensation Cost, ending balance	60,296
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,161
Forfeiture of unvested awards	(2,946)
Value of Awards Issued	0
Amortization of Compensation Cost	(6,639)
Unrecognized Compensation Cost, ending balance	$ 13,576
Remaining Amortization Period	1 year 3 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 24,889
Forfeiture of unvested awards	(4,014)
Value of Awards Issued	0
Amortization of Compensation Cost	(5,442)
Unrecognized Compensation Cost, ending balance	$ 15,433
Remaining Amortization Period	2 years 1 month 6 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	41,715
Amortization of Compensation Cost	(10,428)
Unrecognized Compensation Cost, ending balance	$ 31,287
Remaining Amortization Period	2 years 7 months 6 days

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Interest rate and foreign currency hedging derivatives(1)	$ 3,441,675	$ 3,033,595
Real estate intangibles, net	1,192,715	1,624,212
Receivables, net	822,717	821,309
Held-for-sale assets	710,434	380,267
Straight-line rent receivable	618,444	454,989
Equity securities	515,118	530,119
Single family rental homes risk retention securities	300,718	300,718
Prepaid expenses	212,794	146,568
Deferred leasing costs, net	135,794	121,230
Deferred financing costs, net	74,840	103,049
Total	8,343,163	7,881,948
Loan receivable on interest rate contracts	306,500	0
Related Party
Other Assets [Line Items]
Other	77,699	74,857
Nonrelated Party
Other Assets [Line Items]
Other	$ 240,215	$ 291,035

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Right of use lease liability - operating leases	$ 643,271	$ 638,830
Stock repurchases payable	649,897	151,959
Accounts payable and accrued expenses	535,778	470,335
Real estate taxes payable	493,376	350,757
Liabilities related to held-for-sale assets	426,919	275,052
Accrued interest expense	407,365	395,459
Intangible liabilities, net	262,964	330,432
Tenant security deposits	233,464	237,891
Distribution payable	230,612	238,297
Prepaid rental income	190,834	188,450
Right of use lease liability - financing leases	77,950	77,008
Securitized debt obligations, net	57,128	123,628
Subscriptions received in advance	41,167	208,632
Interest rate and foreign currency hedging derivatives	22,579	50,557
Other	$ 230,979	$ 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
Nonrelated Party
Other Assets [Line Items]
Other liabilities	$ 4,504,283	$ 3,912,033

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible assets
Indefinite life intangibles	$ 184,082	$ 193,182
Total intangible assets	2,303,548	2,658,852
Accumulated amortization
Total accumulated amortization	(1,110,833)	(1,034,640)
Intangible assets, net	1,192,715	1,624,212
Intangible liabilities
Below-market lease intangibles	450,783	476,186
Total intangible liabilities	450,783	476,186
Accumulated amortization
Below-market lease amortization	(187,819)	(145,754)
Total accumulated amortization	(187,819)	(145,754)
Intangible liabilities, net	262,964	330,432
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,682,574	2,022,087
Accumulated amortization
Total accumulated amortization	(1,011,222)	(971,988)
Intangible assets, net	671,352
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	63,155	71,952
Accumulated amortization
Total accumulated amortization	(32,142)	(31,419)
Intangible assets, net	31,013
Other intangibles
Intangible assets
Finite-lived intangible assets	373,737	371,631
Accumulated amortization
Total accumulated amortization	(67,469)	$ (31,233)
Intangible assets, net	$ 306,268

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lease Intangibles
Intangible assets, net	$ 1,192,715	$ 1,624,212
Below-market Lease Intangibles
2023 (remaining)	(16,191)
2024	(56,913)
2025	(46,714)
2026	(36,745)
2027	(25,877)
2028	(19,746)
Thereafter	(60,778)
Total	(262,964)
In-place Lease Intangibles
Lease Intangibles
2023 (remaining)	49,461
2024	163,297
2025	124,926
2026	94,761
2027	66,146
2028	51,116
Thereafter	121,645
Intangible assets, net	671,352
Above-market Lease Intangibles
Lease Intangibles
2023 (remaining)	1,960
2024	7,304
2025	6,054
2026	4,661
2027	3,397
2028	2,374
Thereafter	5,263
Intangible assets, net	31,013
Other intangibles
Lease Intangibles
2023 (remaining)	9,935
2024	36,365
2025	33,790
2026	32,538
2027	30,478
2028	28,675
Thereafter	134,487
Intangible assets, net	$ 306,268

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative	Sep. 30, 2023 EUR (€) derivative	Sep. 30, 2023 GBP (£) derivative	Dec. 31, 2022 EUR (€) derivative	Dec. 31, 2022 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 43,007,859	$ 40,556,507
Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 16,200,000
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 | $	$ 6,387,423	$ 7,417,852
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	4 years 9 months 18 days	6 years 1 month 6 days
Non-designated Hedges | Interest rate swaps - property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	51	50	51	51	50	50
Notional Amount | $	$ 26,015,600	$ 25,015,600
Weighted Average Strike	2%	2%	2%	2%	2%	2%
Weighted Average Maturity (Years)	4 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	155	135	155	155	135	135
Notional Amount | $	$ 16,173,194	$ 14,147,947
Weighted Average Strike	4.50%	4.10%	4.50%	4.50%	4.10%	4.10%
Weighted Average Maturity (Years)	6 months	9 months 18 days
Non-designated Hedges | Interest rate swaps - secured financings of investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	29	61	29	29	61	61
Notional Amount | $	$ 819,065	$ 1,392,960
Weighted Average Strike	2.30%	1.40%	2.30%	2.30%	1.40%	1.40%
Weighted Average Maturity (Years)	5 years 7 months 6 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 | €			€ 141,212		€ 160,206
Non-designated Hedges | Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Number of Instruments	12	12	12	12	12	12
Notional Amount | £				£ 59,616		£ 132,563
Non-designated Hedges | Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Number of Instruments	1	0	1	1	0	0
Notional Amount | £				£ 2,340		£ 0

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 3,135,186	$ 3,033,595
Fair Value of Derivatives in a Liability Position	22,579	50,557
Interest rate cap	214,100	237,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	473,611	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	2,661,575	2,624,335
Fair Value of Derivatives in a Liability Position	22,579	50,557
Interest rate swaps - property debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	473,611	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	2,495,718	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	79,039	183,392
Fair Value of Derivatives in a Liability Position	22,579	36,173
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	79,064	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	7,754	251
Fair Value of Derivatives in a Liability Position	$ 0	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	$ 418,840	$ 1,274,427	$ 327,541	$ 2,759,387
Unrealized gain on derivatives	141,370	428,857	162,127	428,857
Total	560,210	1,703,284	489,668	3,188,244
Gain reclassified to earnings	48,900		124,200
Interest rate swaps - property debt
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	318,596	0	318,596	0
Unrealized gain (loss)	105,398	1,095,372	94,150	2,345,437
Unrealized gain on derivatives	141,370	428,857	162,127	428,857
Interest rate caps – property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(31,802)	99,786	(104,574)	163,890
Interest rate swaps - secured financings of investments in real estate debt
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	0	7,479	69,405	17,805
Unrealized gain (loss)	18,463	48,018	(51,104)	129,227
Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(3,725)	20,686	(20,819)	83,669
Unrealized gain (loss)	$ 11,910	$ 3,086	$ 21,887	$ 19,359

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of assets that posted collateral | $	$ 24	$ 47.6
Number of derivative counterparties | counterparty	2	2

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Sep. 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
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) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	4,491,656	4,486,178
Common stock issued (transferred)	27,036	437,725
Distribution reinvestment (in shares)	20,695	66,777
Common stock repurchased (in shares)	(273,262)	(724,555)
Independent directors' restricted stock grant (in shares)	49	49
Ending balance (in shares)	4,266,174	4,266,174
Restricted Stock
Common Stock, Shares Outstanding [Roll Forward]
Independent directors' restricted stock grant, value	$ 0.1	$ 0.1
Award requisite service period (in years)	1 year	1 year
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,557,725	1,597,414
Common stock issued (transferred)	6,329	26,542
Distribution reinvestment (in shares)	7,441	23,064
Common stock repurchased (in shares)	(45,995)	(121,520)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	1,525,500	1,525,500
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,701,636	2,394,737
Common stock issued (transferred)	22,376	655,293
Distribution reinvestment (in shares)	12,118	38,741
Common stock repurchased (in shares)	(219,464)	(572,105)
Independent directors' restricted stock grant (in shares)	49	49
Ending balance (in shares)	2,516,715	2,516,715
Stock exchanged (in shares)	56,700	56,700
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	66,486	72,599
Common stock issued (transferred)	(1,816)	(4,729)
Distribution reinvestment (in shares)	378	1,205
Common stock repurchased (in shares)	(1,885)	(5,912)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	63,163	63,163
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	163,774	421,428
Common stock issued (transferred)	147	(241,416)
Distribution reinvestment (in shares)	758	3,767
Common stock repurchased (in shares)	(5,918)	(25,018)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	158,761	158,761
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,035	0
Common stock issued (transferred)	0	2,035
Distribution reinvestment (in shares)	0	0
Common stock repurchased (in shares)	0	0
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	2,035	2,035

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		9 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 31, 2028	Dec. 31, 2022
Equity [Line Items]
Common stock repurchased, value						$ 4,142,698	$ 3,055,000	$ 10,970,783	$ 7,201,056
Non-controlling interests attributable to third party joint ventures			$ 4,316,000			4,316,000		4,316,000			$ 4,278,895
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest						$ 18,537	$ 502	$ (3,095)	$ (45,841)
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)						$ 0.1672		$ 0.4999
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
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures			$ 206,100			$ 206,100		$ 206,100			$ 209,300
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent								2%
Quarterly maximum percent								5%
Common stock repurchased during period (in shares)						216.5		667.8
BREIT OP units repurchased (in units)						7.7		22.2
Common stock repurchased, value						$ 3,300,000		$ 10,100,000
Requests fulfilled, percent of NAV			1%	2%	2%
Requests fulfilled percent			29%	43%	34%

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1672	$ 0.1677	$ 0.4999	$ 0.5010
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1672		0.4999
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0319)		(0.0940)
Net distributions declared per share of common stock (in dollars per share)	0.1353		0.4059
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1672		0.4999
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)	0.1672		0.4999
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1672		0.4999
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0314)		(0.0924)
Net distributions declared per share of common stock (in dollars per share)	0.1358		0.4075
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1672		0.4999
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0092)		(0.0271)
Net distributions declared per share of common stock (in dollars per share)	$ 0.1580		$ 0.4728

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			$ 553,423
Redeemable non-controlling interest issued as settlement of performance participation allocation			0	$ 360,504
GAAP income allocation	$ 1,476	$ 2,462	2,239	2,060
Ending balance	206,452		206,452
Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units			(65,304)	(128,205)
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			344,145	589,900
Redeemable non-controlling interest issued as settlement of performance participation allocation			0	360,504
Repurchases			0	(26,639)
GAAP income allocation			1,923	531
Distributions			(1,308)	(6,732)
Fair value allocation			(102)	11,810
Ending balance	$ 364	$ 364,177	364	364,177
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units			(278,990)	(436,992)
Special Limited Partner | Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units			$ (65,304)	$ (128,205)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Fixed lease payments	$ 1,804,577	$ 1,716,020	$ 5,499,152	$ 4,286,984
Variable lease payments	121,250	109,964	$ 359,381	$ 291,813
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Total revenues	Total revenues
Rental revenue	$ 1,925,827	$ 1,825,984	$ 5,858,533	$ 4,578,797

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessor, Operating Lease, Payments to be Received
2023 (remaining)	$ 454,964
2024	1,794,907
2025	1,673,430
2026	1,523,207
2027	1,312,781
2028	1,097,988
Thereafter	15,719,306
Total	$ 23,576,583

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 2023 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	98
Number of ground leases under finance lease	3
Operating lease, weighted average remaining lease term (in years)	60 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	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (remaining)	$ 9,235
2024	37,089
2025	37,753
2026	37,920
2027	38,320
2028	38,674
Thereafter	2,590,648
Total undiscounted future lease payments	2,789,639
Difference between undiscounted cash flows and discounted cash flows	(2,146,368)
Total lease liability	643,271	$ 638,830
Financing Leases
2023 (remaining)	1,053
2024	4,266
2025	4,385
2026	4,507
2027	4,633
2028	4,763
Thereafter	559,373
Total undiscounted future lease payments	582,980
Difference between undiscounted cash flows and discounted cash flows	(505,030)
Total lease liability	$ 77,950	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Fixed ground rent expense	$ 6,543	$ 5,009	$ 14,391	$ 9,542
Variable ground rent expense	2,729	2,418	15,554	2,428
Total cash portion of ground rent expense	9,272	7,427	29,945	11,970
Straight-line ground rent expense	2,546	2,170	13,469	8,240
Total operating lease costs	$ 11,818	$ 9,597	$ 43,414	$ 20,210

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Interest on lease liabilities	$ 1,050	$ 1,021	$ 3,098	$ 3,014
Amortization of right-of-use assets	304	313	943	967
Total financing lease costs	$ 1,354	$ 1,334	$ 4,041	$ 3,981

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 134,735,763	$ 142,687,424
Rental Housing
Segment Reporting Information [Line Items]
Total assets	65,910,125	68,464,413
Industrial
Segment Reporting Information [Line Items]
Total assets	20,368,711	21,624,736
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,144,138	9,011,326
Data Centers
Segment Reporting Information [Line Items]
Total assets	3,380,631	3,203,585
Hospitality
Segment Reporting Information [Line Items]
Total assets	3,003,918	3,768,473
Office
Segment Reporting Information [Line Items]
Total assets	2,946,855	3,293,163
Retail
Segment Reporting Information [Line Items]
Total assets	2,544,667	2,722,839
Self Storage
Segment Reporting Information [Line Items]
Total assets	749,800	2,247,351
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	23,940,400	25,363,546
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 3,746,518	$ 2,987,992

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 2,187,233	$ 2,128,910	$ 6,748,228	$ 5,370,976
Expenses:
Total expenses	1,062,156	987,944	3,132,767	2,443,805
(Loss) income from unconsolidated entities	(153,656)	(73,009)	380,968	51,502
Income (loss) from investments in real estate debt	192,145	30,319	580,948	(217,454)
Change in net assets of consolidated securitization vehicles	53,244	(8,798)	145,183	(68,407)
Loss from investments in equity securities	(34,700)	(37,678)	(3,763)	(454,778)
Segment net operating income (loss)	1,182,110	1,051,800	4,718,797	2,238,034
Depreciation and amortization	(928,863)	(1,127,701)	(2,915,884)	(3,001,101)
General and administrative	(16,960)	(13,223)	(51,258)	(38,082)
Management fee	(209,297)	(219,778)	(643,800)	(621,556)
Performance participation allocation	0	(194,361)	0	(817,527)
Impairment of investments in real estate	(60,952)	0	(178,667)	0
Income from interest rate derivatives	410,655	1,244,256	257,068	2,634,100
Net gain on dispositions of real estate	985,189	317,981	1,775,016	740,395
Interest expense	(808,169)	(695,047)	(2,336,050)	(1,469,020)
Loss on extinguishment of debt	(26,484)	(3,266)	(35,025)	(10,665)
Other expense	(10,602)	(15,782)	(57,081)	(24,186)
Net income (loss)	516,627	344,879	533,116	(369,608)
Net loss attributable to non-controlling interests in third party joint ventures	100,087	43,549	243,700	119,151
Net (income) loss attributable to non-controlling interests in BREIT OP unit holders	(28,420)	(16,261)	(34,643)	1,946
Net income (loss) attributable to BREIT stockholders	588,294	372,167	742,173	(248,511)
Net realized and unrealized gain (loss) on equity securities	(38,400)	42,100	(15,000)	494,600
Rental Housing
Revenues:
Total revenues	1,360,116	1,246,426	4,116,766	3,003,941
Expenses:
Total expenses	774,713	679,947	2,200,319	1,587,211
(Loss) income from unconsolidated entities	(10,320)	(9,039)	(25,467)	(66,238)
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	(34,700)	(37,704)	(3,763)	(320,387)
Segment net operating income (loss)	540,383	519,736	1,887,217	1,030,105
Depreciation and amortization	585,907	728,237	1,849,657	1,903,579
Industrial
Revenues:
Total revenues	357,531	351,836	1,071,342	1,043,764
Expenses:
Total expenses	113,575	104,140	338,505	325,378
(Loss) income from unconsolidated entities	(157,735)	(22,340)	19,774	177,212
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	6,173	0	(47,969)
Segment net operating income (loss)	86,221	231,529	752,611	847,629
Depreciation and amortization	191,877	195,442	576,401	608,513
Net Lease
Revenues:
Total revenues	150,384	150,384	451,153	349,405
Expenses:
Total expenses	480	513	1,724	1,119
(Loss) income from unconsolidated entities	0	24,976	432,528	75,349
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	27,334
Segment net operating income (loss)	149,904	174,847	881,957	450,969
Depreciation and amortization	51,878	51,878	155,634	120,768
Hospitality
Revenues:
Total revenues	145,837	196,242	572,488	548,174
Expenses:
Total expenses	103,585	137,345	384,997	376,620
(Loss) income from unconsolidated entities	(2,032)	3,846	(2,746)	3,846
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)	40,220	62,743	184,745	175,400
Depreciation and amortization	23,166	31,833	88,199	86,667
Office
Revenues:
Total revenues	48,555	47,414	148,625	94,694
Expenses:
Total expenses	15,068	13,427	43,269	26,259
(Loss) income from unconsolidated entities	16,585	(22,025)	2,492	(5,238)
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	(6,147)	0	(113,756)
Segment net operating income (loss)	50,072	5,815	107,848	(50,559)
Depreciation and amortization	23,335	22,945	73,239	46,017
Data Centers
Revenues:
Total revenues	12,838	12,836	38,524	32,263
Expenses:
Total expenses	2,278	1,839	7,016	5,001
(Loss) income from unconsolidated entities	(1,027)	(47,797)	(46,111)	(132,940)
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)	9,533	(36,800)	(14,603)	(105,678)
Depreciation and amortization	5,535	6,970	16,558	14,085
Retail
Revenues:
Total revenues	59,433	61,591	179,551	129,658
Expenses:
Total expenses	26,369	22,174	75,668	45,967
(Loss) income from unconsolidated entities	873	(630)	498	(489)
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)	33,937	38,787	104,381	83,202
Depreciation and amortization	32,841	55,939	106,044	122,013
Self Storage
Revenues:
Total revenues	52,539	62,181	169,779	169,077
Expenses:
Total expenses	26,088	28,559	81,269	76,250
(Loss) income 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)	26,451	33,622	88,510	92,827
Depreciation and amortization	14,324	34,457	50,152	99,459
Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
(Loss) income from unconsolidated entities	0	0	0	0
Income (loss) from investments in real estate debt	192,145	30,319	580,948	(217,454)
Change in net assets of consolidated securitization vehicles	53,244	(8,798)	145,183	(68,407)
Loss from investments in equity securities	0	0	0	0
Segment net operating income (loss)	245,389	21,521	726,131	(285,861)
Depreciation and amortization	0	0	0	0
Rental revenue
Revenues:
Total revenues	1,925,827	1,825,984	5,858,533	4,578,797
Expenses:
Total expenses	958,571	850,599	2,747,770	2,067,185
Rental revenue | Rental Housing
Revenues:
Total revenues	1,257,638	1,157,326	3,838,602	2,800,611
Expenses:
Total expenses	774,713	679,947	2,200,319	1,587,211
Rental revenue | Industrial
Revenues:
Total revenues	351,055	343,401	1,051,836	1,022,959
Expenses:
Total expenses	113,575	104,140	338,505	325,378
Rental revenue | Net Lease
Revenues:
Total revenues	150,384	150,384	451,153	349,405
Expenses:
Total expenses	480	513	1,724	1,119
Rental revenue | Hospitality
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Rental revenue | Office
Revenues:
Total revenues	46,589	43,028	142,878	88,103
Expenses:
Total expenses	15,068	13,427	43,269	26,259
Rental revenue | Data Centers
Revenues:
Total revenues	12,838	12,836	38,524	32,263
Expenses:
Total expenses	2,278	1,839	7,016	5,001
Rental revenue | Retail
Revenues:
Total revenues	58,350	60,478	176,221	127,438
Expenses:
Total expenses	26,369	22,174	75,668	45,967
Rental revenue | Self Storage
Revenues:
Total revenues	48,973	58,531	159,319	158,018
Expenses:
Total expenses	26,088	28,559	81,269	76,250
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality
Revenues:
Total revenues	145,837	193,141	564,802	538,038
Expenses:
Total expenses	103,585	137,345	384,997	376,620
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 | Hospitality
Revenues:
Total revenues	145,837	193,141	564,802	538,038
Expenses:
Total expenses	103,585	137,345	384,997	376,620
Hospitality | Office
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 | Retail
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Self Storage
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	115,569	109,785	324,893	254,141
Other revenue | Rental Housing
Revenues:
Total revenues	102,478	89,100	278,164	203,330
Other revenue | Industrial
Revenues:
Total revenues	6,476	8,435	19,506	20,805
Other revenue | Net Lease
Revenues:
Total revenues	0	0	0	0
Other revenue | Hospitality
Revenues:
Total revenues	0	3,101	7,686	10,136
Other revenue | Office
Revenues:
Total revenues	1,966	4,386	5,747	6,591
Other revenue | Data Centers
Revenues:
Total revenues	0	0	0	0
Other revenue | Retail
Revenues:
Total revenues	1,083	1,113	3,330	2,220
Other revenue | Self Storage
Revenues:
Total revenues	3,566	3,650	10,460	11,059
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0

Subsequent Events - (Details)

Subsequent Events - (Details) - Subsequent Event $ in Millions	Oct. 03, 2023 USD ($)
Subsequent Event [Line Items]
Equity ownership, percentage	23%
Proceeds from sale of equity interest	$ 950
Bellagio
Subsequent Event [Line Items]
Joint venture, ownership percentage	95%
Investment Joint Venture
Subsequent Event [Line Items]
Proceeds from sale of common equity interest	$ 300
Proceeds from sale of noncontrolling interests	$ 650