Blackstone Real Estate Income Trust (BSTT) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,428,469,000
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,301,874,000
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		53,948,000
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		150,161,000
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,616,000
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	Mar. 31, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 89,801,609	$ 91,079,010
Investments in unconsolidated entities (includes $3,725,691 and $4,221,593 at fair value as of March 31, 2024 and December 31, 2023, respectively)	6,782,496	7,338,329
Investments in real estate debt	6,348,337
Real estate loans held by consolidated securitization vehicles, at fair value	16,234,541	16,331,578
Cash and cash equivalents	2,668,894	1,945,260
Restricted cash	808,653	749,760
Other assets	7,101,713	6,563,226
Total assets	129,746,243	130,797,795
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	63,504,333	61,693,678
Secured financings of investments in real estate debt	4,207,994	4,368,269
Senior obligations of consolidated securitization vehicles, at fair value	14,665,374	14,777,146
Unsecured revolving credit facilities and term loans	1,126,923	1,126,923
Total liabilities	88,553,223	86,977,764
Commitments and contingencies	0	0
Redeemable non-controlling interests	194,360	197,537
Equity
Additional paid-in capital	46,358,005	48,576,100
Accumulated other comprehensive income	448,208	345,975
Accumulated deficit and cumulative distributions	(13,359,204)	(12,612,581)
Total stockholders’ equity	33,486,596	36,350,567
Non-controlling interests attributable to third party joint ventures	4,742,049	4,709,621
Non-controlling interests attributable to BREIT OP unitholders	2,770,015	2,562,306
Total equity	40,998,660	43,622,494
Total liabilities and equity	129,746,243	130,797,795
Related Party
Liabilities and Equity
Other liabilities	993,014	1,033,083
Nonrelated Party
Liabilities and Equity
Other liabilities	4,055,585	3,978,665
Class S
Equity
Common stock value	$ 14,374	$ 14,882
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Class I
Equity
Common stock value	$ 23,127	$ 24,030
Common stock, shares authorized (in shares)	6,000,000	6,000,000
Class T
Equity
Common stock value	$ 551	$ 592
Common stock, shares authorized (in shares)	500,000	500,000
Class D
Equity
Common stock value	$ 1,513	$ 1,548
Common stock, shares authorized (in shares)	1,500,000	1,500,000
Class C
Equity
Common stock value	$ 22	$ 21
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	Mar. 31, 2024	Dec. 31, 2023
Investments in unconsolidated entities	$ 3,725,691	$ 4,221,593
Common stock, shares outstanding (in shares)	3,958,753	4,107,332
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)	1,437,425	1,488,197
Common stock, shares outstanding (in shares)	1,437,425	1,488,197
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)	2,312,708	2,402,959
Common stock, shares outstanding (in shares)	2,312,708	2,402,959
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)	55,050	59,246
Common stock, shares outstanding (in shares)	55,050	59,246
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)	151,324	154,794
Common stock, shares outstanding (in shares)	151,324	154,794
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)	2,246	2,136
Common stock, shares outstanding (in shares)	2,246	2,136

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 2,188,914	$ 2,287,940
Expenses
Operating expenses	1,005,371	1,026,012
General and administrative	16,350	17,176
Management fee	187,121	221,138
Performance participation allocation	104,966	0
Impairment of investments in real estate	65,714	12,499
Depreciation and amortization	913,208	999,385
Total expenses	2,292,730	2,276,210
Other income (expense)
(Loss) income from unconsolidated entities	(24,358)	444,658
Income from investments in real estate debt	268,193	163,965
Change in net assets of consolidated securitization vehicles	75,413	29,254
Income (loss) from interest rate derivatives	315,199	(642,160)
Net gain on dispositions of real estate	106,554	121,003
Interest expense, net	(831,715)	(788,593)
Loss on extinguishment of debt	(30,648)	(5,258)
Other income (expense)	55,108	(27,060)
Total other income (expense)	(66,254)	(704,191)
Net loss	(170,070)	(692,461)
Net loss attributable to non-controlling interests in third party joint ventures	31,673	74,358
Net loss attributable to non-controlling interests in BREIT OP unit holders	5,384	17,048
Net loss attributable to BREIT stockholders	$ (133,013)	$ (601,055)
Net income (loss) per share of common stock — basic (in dollars per share)	$ (0.03)	$ (0.13)
Net income (loss) per share of common stock — diluted (in dollars per share)	$ (0.03)	$ (0.13)
Weighted-average shares of common stock outstanding, basic (in shares)	4,000,833	4,662,301
Weighted-average shares of common stock outstanding, diluted (in shares)	4,000,833	4,662,301
Rental revenue
Revenues
Total revenues	$ 1,963,065	$ 1,988,065
Expenses
Operating expenses	913,456	892,189
Hospitality
Revenues
Total revenues	133,177	201,221
Expenses
Operating expenses	91,915	133,823
Other revenue
Revenues
Total revenues	$ 92,672	$ 98,654

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (170,070)	$ (692,461)
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net	(16,405)	10,465
Unrealized gain (loss) on derivatives	101,353	(151,255)
Unrealized gain (loss) on derivatives from unconsolidated entities	49,385	(57,231)
Other comprehensive income (loss)	134,333	(198,021)
Comprehensive loss	(35,737)	(890,482)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	5,072	106,221
Comprehensive (income) loss attributable to non-controlling interests in BREIT OP unit holders	(115)	20,929
Comprehensive loss attributable to BREIT stockholders	$ (30,780)	$ (763,332)

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 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, 2022	$ 50,200,751	$ 44,455,264	$ 15,974	$ 23,947	$ 726	$ 4,214	$ 0	$ 53,212,494	$ 393,928	$ (9,196,019)		$ 1,466,592	$ 4,278,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	5,438,212	5,438,212	113	5,913	(7)	(2,450)	11	5,434,632
Reduction in accrual for offering costs, net	336,413	336,413						336,413
Distribution reinvestment	344,650	344,650	79	128	4	22		344,417
Common stock/units repurchased	(3,388,903)	(3,342,919)	(342)	(1,787)	(18)	(118)		(3,340,654)				(45,984)
Amortization of compensation awards	9,412	7,298		73				7,225				2,114
Net income (loss)	(692,897)	(601,055)								(601,055)		(18,746)	(73,096)
Other comprehensive income (loss)	(198,256)	(162,277)							(162,277)			(4,106)	(31,873)
Distributions declared on common stock	(719,445)	(719,445)								(719,445)
Contributions from non-controlling interests	377,281											287,349	89,932
Operating distributions to non-controlling interests	(70,857)	5,534						5,534				(22,343)	(54,048)
Allocation to redeemable non-controlling interests	(28,971)	(28,971)						(28,971)
Ending Balance at Mar. 31, 2023	51,607,390	45,732,704	15,824	28,274	705	1,668	11	55,971,090	231,651	(10,516,519)		1,664,876	4,209,810
Beginning Balance at Dec. 31, 2023	43,622,494	36,350,567	14,882	24,030	592	1,548	21	48,576,100	345,975	(12,612,581)		2,562,306	4,709,621
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	448,347	448,347	27	172	(22)	2	1	448,167
Reduction in accrual for offering costs, net	30,523	30,523						30,523
Distribution reinvestment	314,729	290,030	75	118	4	9		289,824			$ 24,699
Common stock/units repurchased	(2,916,878)	(2,907,131)	(610)	(1,382)	(23)	(46)		(2,905,070)				(9,747)
Amortization of compensation awards	21,587	18,883		189				18,694				2,704
Net income (loss)	(169,183)	(133,013)								(133,013)		(5,384)	(30,786)
Other comprehensive income (loss)	134,415	102,233							102,233			5,499	26,683
Distributions declared on common stock	(649,482)	(613,610)								(613,610)	(35,872)
Contributions from non-controlling interests	354,897											225,810	129,087
Operating distributions to non-controlling interests	(35,147)												(35,147)
Capital distributions to and redemptions of non-controlling interests	(158,518)	(101,109)						(101,109)			$ (57,409)
Allocation to redeemable non-controlling interests	876	876						876
Ending Balance at Mar. 31, 2024	$ 40,998,660	$ 33,486,596	$ 14,374	$ 23,127	$ 551	$ 1,513	$ 22	$ 46,358,005	$ 448,208	$ (13,359,204)		$ 2,770,015	$ 4,742,049

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ (887)	$ (436)
Other comprehensive income (loss) allocated to redeemable non-controlling interests	$ 82	$ 235
Distributions declared on common stock (in dollars per share)	$ 0.1654	$ 0.1663

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (170,070)	$ (692,461)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	187,121	221,138
Performance participation allocation	104,966	0
Impairment of investments in real estate	65,714	12,499
Depreciation and amortization	913,208	999,385
Net gain on dispositions of real estate	(106,554)	(121,003)
Loss on extinguishment of debt	30,648	5,258
Unrealized (gain) loss on fair value of financial instruments	(453,383)	635,715
Loss (income) from unconsolidated entities	24,358	(444,658)
Distributions of earnings from unconsolidated entities	51,317	28,385
Other items	(29,425)	85,909
Change in assets and liabilities:
Increase in other assets	(32,542)	(89,240)
Increase in due to affiliates	17,553	1,943
Decrease in other liabilities	(104,423)	(77,023)
Net cash provided by operating activities	498,488	565,847
Cash flows from investing activities:
Acquisitions of real estate	0	(34,795)
Capital improvements to real estate	(246,193)	(350,472)
Proceeds from disposition of real estate	858,612	773,552
(Payments) refunds of pre-acquisition costs/deposits	(2,107)	12,959
Investment in unconsolidated entities	(141,958)	(161,132)
Dispositions of and return of capital from unconsolidated entities	548,690	1,261,299
Proceeds from consolidation of previously unconsolidated entities	16,234	16,550
Purchase of investments in real estate debt	(38,511)	(81,141)
Proceeds from sale/repayment of investments in real estate debt	606,609	295,944
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	300,428	53,233
Collateral posted under derivative contracts	(2,509)	(3,848)
Other investing activities	13,729	(3,179)
Net cash provided by investing activities	1,913,024	1,778,970
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	6,575,662	822,020
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(4,922,968)	(3,792,768)
Borrowings under secured financings of investments in real estate debt	54,982	58,801
Repayments of secured financings of investments in real estate debt	(209,815)	(154,623)
Borrowings under unsecured revolving credit facilities and term loans	650,000	0
Repayments of unsecured revolving credit facilities and term loans	(650,000)	0
Payment of deferred financing costs	(92,024)	(42,457)
Repayments of senior obligations of consolidated securitization vehicles	(273,283)	(50,858)
Proceeds from issuance of common stock	292,152	4,941,929
Subscriptions received in advance	144,814	137,687
Offering costs paid	(52,926)	(61,255)
Distributions	(330,172)	(365,054)
Repurchase of common stock	(2,684,064)	(2,827,722)
Contributions from redeemable non-controlling interest	66	50
Distributions to and redemption of redeemable non-controlling interest	(1,045)	(1,877)
Redemption of affiliate service provider incentive compensation awards	(756)	(38)
Contributions from non-controlling interests	2,658	7,564
Distributions to and redemptions of non-controlling interests	(131,374)	(82,141)
Net cash used in financing activities	(1,628,093)	(1,410,742)
Net change in cash and cash equivalents and restricted cash	783,419	934,075
Cash, cash equivalents and restricted cash, beginning of period	2,695,020	2,254,492
Effects of foreign currency translation on cash, cash equivalents and restricted cash	(892)	(53)
Cash, cash equivalents and restricted cash, end of period	3,477,547	3,188,514
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	2,668,894	2,368,212
Restricted cash	808,653	820,302
Total cash, cash equivalents and restricted cash	3,477,547	3,188,514
Non-cash investing and financing activities:
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	0	6,757
Issuance of Class I shares for settlement of joint venture promote liability	43,219	0
Issuance of BREIT OP units for settlement of joint venture promote liability	36,499	0
Accrued capital expenditures and acquisition related costs	16,136	0
Accrued distributions	0	10,529
Change in accrued stockholder servicing fee due to affiliate	(86,447)	(398,094)
Issuance of Class B units and Class I shares for payment of management fees	188,560	219,860
Allocation to redeemable non-controlling interest	876	28,971
Distribution reinvestment	314,729	344,650
Accrued repurchases	799,981	694,720
Receivable for proceeds from disposition of real estate	10,026	1,373
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	0	6,709
Increases (Decreases) in assets and liabilities resulting from consolidation of previously unconsolidated entities:
Investments in real estate, net	416,705	252,808
Other assets	5,947	(9,132)
Mortgage loans, net	(174,070)	101,494
Other liabilities	(18,965)	21,190
Non-controlling interests attributable to third party joint ventures	(122,236)	84,387
Class C
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	0	65,313
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 0	$ 278,990

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2024
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”). 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. In addition to the Current Offering, the Company is conducting private offerings of Class I and Class C shares to certain feeder or other vehicles created to hold the Company’s shares and other assets, which in turn will sell interests in itself to other investors, including non-U.S. persons, and to other persons, as described in the Company’s prospectus. In addition, the Company may conduct one or more private offerings of Class F shares to certain feeder or other vehicles created to hold the Company’s shares and other assets, which in turn will sell interests in itself to other investors, and to other persons, as described in the Company’s prospectus. Any such private offering will be exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”) by virtue of Section 4(a)(2) and/or Regulation D or Regulation S promulgated thereunder. The Company intends to continue selling shares on a monthly basis. As of March 31, 2024, the Company had received aggregate net proceeds of $75.0 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. As of March 31, 2024, the Company owned 4,777 properties and 27,874 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 student, affordable, manufactured and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”) and The Cosmopolitan of Las Vegas (the “Cosmopolitan”). Financial results by segment are reported in Note 16 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023, 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 (loss) from investments in real estate debt of $10.5 million for the three months ended March 31, 2023 have been reclassified to income (loss) from interest rate derivatives and interest expense, net in the amounts of ($21.9) million and $11.4 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 March 31, 2024, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $49.9 billion and $36.2 billion, respectively, compared to $50.3 billion and $37.4 billion, respectively, as of December 31, 2023. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of March 31, 2024 and December 31, 2023, 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. For CMBS securitizations, the Company consolidates, it has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the securitizations using the fair value of such financial liabilities, which it considers more observable than the fair value of such 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). As of both March 31, 2024 and December 31, 2023, the Company’s equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. 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): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt (1) $ — $ 5,136,403 $ 1,002,763 $ 6,139,166 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 16,234,541 — 16,234,541 — 16,331,578 — 16,331,578 Equity securities (2) 312,981 79,090 — 392,071 62,333 273,600 — 335,933 Investments in unconsolidated entities — — 3,725,691 3,725,691 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 2,574,489 — 2,574,489 — 2,160,266 — 2,160,266 Total $ 312,981 $ 24,024,523 $ 4,728,454 $ 29,065,958 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,665,374 $ — $ 14,665,374 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 21,677 — 21,677 — 34,236 — 34,236 Total $ — $ 14,687,051 $ — $ 14,687,051 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $209.2 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Total Balance as of December 31, 2023 $ 1,241,712 $ 3,672,455 $ 4,914,167 Purchases and contributions 14,666 87,195 101,861 Sales and repayments (250,686) — (250,686) Distributions received — (15,471) (15,471) Included in net income (loss) Loss from unconsolidated entities measured at fair value — (18,488) (18,488) Realized loss (1,595) — (1,595) Unrealized loss (1,334) — (1,334) Balance as of March 31, 2024 $ 1,002,763 $ 3,725,691 $ 4,728,454 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,002,763 Yield method Market yield 10.3% Decrease Investments in unconsolidated entities $ 3,725,691 Discounted cash flow Weighted average cost of capital 7.8% Decrease Exit capitalization rate 5.2% Decrease December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,241,712 Yield method Market yield 10.1% Decrease Investments in unconsolidated entities $ 3,672,455 Discounted cash flow Weighted average cost of capital 7.7% Decrease Exit capitalization rate 5.2% Decrease Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. During the three months ended March 31, 2024, the Company recognized an aggregate $36.5 million of impairment charges related to one student housing property, two affordable housing properties, and various single family rental homes. The impairments reduced the GAAP carrying amount of such investments to their fair value, and 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. The cumulative fair value of such real estate investments at the time of impairment was $132.8 million, 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 6.6% to 8.5%, and the exit capitalization rate (Level 3), which ranged from 4.9% to 7.7%. During the three months ended March 31, 2023, there was no such impairment charge. During the three months ended March 31, 2024 and March 31, 2023, the Company recognized an aggregate of $29.2 million and $12.5 million, respectively, of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The significant input utilized in the analysis was the purchase price, which is considered a Level 2 input. Refer to Note 3 for additional details of the impairments. Valuation of liabilities not measured at fair value As of March 31, 2024 and December 31, 2023, the fair value of the Company’s mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $1.2 billion and $1.3 billion, respectively, below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using its equity discount rate. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of Home Partners of America (“HPA”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT, and certain employees of affiliate portfolio company service providers. Such awards vest over time and stock-based compensation expense is recognized for these awards using a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three Refer to Note 10 for additional information on the awards issued to certain employees of the affiliate portfolio companies. The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands): December 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2024 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2022 $ 8,284 $ — $ — $ (1,082) $ 7,202 1.9 years 2023 15,413 — — (2,802) 12,611 2.2 years 2024 — — 26,997 (2,250) 24,747 3.0 years Total $ 23,697 $ — $ 26,997 $ (6,134) $ 44,560 Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2024 December 31, 2023 Building and building improvements $ 77,843,335 $ 78,214,115 Land and land improvements 17,632,425 17,835,688 Furniture, fixtures and equipment 2,418,605 2,389,383 Right of use asset - operating leases (1) 1,086,230 1,093,479 Right of use asset - financing leases (1) 72,862 72,862 Total 99,053,457 99,605,527 Accumulated depreciation and amortization (9,251,848) (8,526,517) Investments in real estate, net $ 89,801,609 $ 91,079,010 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions There were no acquisitions during the three months ended March 31, 2024. Dispositions The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended Three Months Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 33 $ 519,974 $ 44,421 42 $ 653,770 $ 105,788 Industrial properties 14 325,881 63,541 4 9,217 1,605 Retail properties 1 26,539 (1,408) 1 14,384 2,650 Hospitality properties — — — 5 97,554 10,960 Total 48 $ 872,394 $ 106,554 52 $ 774,925 $ 121,003 (1) For the three months ended March 31, 2024, net gain (loss) includes gains of $112.7 million and losses of $6.1 million. For the three months ended March 31, 2023, net gain includes gains of $155.6 million and losses of $34.6 million. (2) The number of properties excludes single family rental homes sold. Properties Held-for-Sale As of March 31, 2024, 17 properties in the Rental Housing segment, two properties in the Retail segment, one property in the Industrial segment, and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: March 31, 2024 Investments in real estate, net $ 656,253 Other assets 4,685 Total assets $ 660,938 Liabilities: Mortgage loans, net $ 231,386 Other liabilities 6,687 Total liabilities $ 238,073 Impairment During the three months ended March 31, 2024, the Company recognized an aggregate $65.7 million of impairment charges including (i) $36.5 million related to one student housing property, two affordable housing properties, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $29.2 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. During the three months ended March 31, 2023, the Company recognized an aggregate of $12.5 million of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 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 91 35.7% $ 1,603,826 Rental Housing investments (2) Rental Housing 14 10 12.2% - 57.1% 819,584 Hospitality investment Hospitality 1 196 30.0% 293,685 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 247,208 Retail investments Retail 2 7 50.0% 92,502 Total unconsolidated entities carried at historical cost 21 360 3,056,805 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,075 12.4% - 85.0% 3,246,761 Office investments Office 1 1 49.0% 478,930 Total unconsolidated entities carried at fair value 12 2,076 3,725,691 Total 33 2,436 $ 6,782,496 (1) The Company along with certain Blackstone-advised investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”). (2) Includes 10,619 single family rental homes, that are not included in the number of properties. (3) Includes $247.2 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. (4) Includes $2.4 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. December 31, 2023 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 89 35.7% $ 1,530,875 Rental Housing investments (2) Rental Housing 37 31 12.2% - 58.2% 948,768 Hospitality investment Hospitality 1 196 30.0% 297,990 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 244,226 Retail investments Retail 2 7 50.0% 94,877 Total unconsolidated entities carried at historical cost 44 379 3,116,736 Unconsolidated entities at carried at fair value: Industrial investments (4) Industrial 11 2,086 12.4% - 85.0% 3,184,829 Data Center investments (5) Data Centers 1 N/A 8.8% 549,138 Office investments Office 1 1 49.0% 487,626 Total unconsolidated entities carried at fair value 13 2,087 4,221,593 Total 57 2,466 $ 7,338,329 (1) The Company along with certain Blackstone-advised investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”). (2) Includes 10,658 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $244.2 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. (4) Includes $2.3 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. (5) Includes $549.1 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-advised investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended March 31, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ 24,382 $ (43,570) Rental Housing investments Rental Housing (8,610) (12,500) Hospitality investment Hospitality (4,305) (2,388) Industrial investments Industrial (321) (4,298) Retail investments Retail (1,149) (1,230) MGM Grand & Mandalay Bay (1) Net Lease — 432,528 Total unconsolidated entities carried at historical cost 9,997 368,542 Unconsolidated entities carried at fair value: Industrial investments Industrial (22,502) 92,593 Data Center investments (2) Data Centers (17,698) 3,453 Office investments Office 5,845 (19,930) Total unconsolidated entities carried at fair value (34,355) 76,116 Total $ (24,358) $ 444,658 (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 March 27, 2024, the Company sold its remaining 8.8% interest in a digital towers joint venture for cash consideration of $531.4 million, resulting in a realized loss on sale of $17.4 million, which was primarily driven by transaction costs.

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments in Real Estate Debt	Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): March 31, 2024 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 7/31/2032 $ 5,070,750 $ 5,045,282 $ 4,757,562 RMBS 4.1% 1/29/2060 280,011 271,003 209,751 Corporate bonds 4.7% 8/27/2031 88,651 90,822 82,703 Total real estate securities 8.9% 9/16/2033 5,439,412 5,407,107 5,050,016 Commercial real estate loans +6.3% 5/4/2027 938,391 936,533 928,498 Other investments (5)(6) 5.7% 9/21/2029 390,082 365,860 369,823 Total investments in real estate debt 8.8% 7/17/2032 $ 6,767,885 $ 6,709,500 $ 6,348,337 December 31, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 7/16/2032 $ 5,342,253 $ 5,316,300 $ 4,933,372 RMBS 4.2% 3/11/2060 294,493 285,059 214,124 Corporate bonds 5.0% 7/9/2031 92,312 94,068 84,744 Total real estate securities 8.8% 8/28/2033 5,729,058 5,695,427 5,232,240 Commercial real estate loans +5.9% 10/12/2026 1,208,030 1,200,548 1,196,640 Other investments (5)(6) 5.7% 9/21/2029 392,226 367,730 361,752 Total investments in real estate debt 8.8% 3/26/2032 $ 7,329,314 $ 7,263,705 $ 6,790,632 (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 SOFR, SONIA, and EURIBOR, 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 $0.6 billion as of both March 31, 2024 and December 31, 2023. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude our investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”). The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2024 December 31, 2023 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,358,822 $ 2,280,820 36% $ 2,556,000 $ 2,429,510 36% Rental Housing (2) 2,009,045 1,921,632 30% 2,081,681 1,954,601 29% Net Lease 950,333 951,037 15% 950,174 941,125 14% Hospitality 624,051 603,115 10% 899,669 869,858 13% Other 300,332 295,222 5% 297,394 288,748 4% Office 427,308 263,207 4% 417,846 252,754 4% Diversified 39,609 33,304 —% 60,941 54,036 —% Total $ 6,709,500 $ 6,348,337 100% $ 7,263,705 $ 6,790,632 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): March 31, 2024 December 31, 2023 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AA $ 77,200 $ 76,712 1% $ 77,200 $ 76,019 1% A 66,352 65,776 1% 84,021 81,783 1% BBB 815,956 808,839 13% 868,440 850,277 13% BB 1,259,164 1,162,764 18% 1,356,535 1,229,290 18% B 954,017 858,328 14% 1,045,548 931,583 14% CCC 84,568 39,431 1% 84,561 41,555 1% D 5,210 346 —% 5,210 477 —% Private commercial real estate loans 936,533 928,498 15% 1,200,548 1,196,640 18% Not rated (2) 2,510,500 2,407,643 37% 2,541,642 2,383,008 34% Total $ 6,709,500 $ 6,348,337 100% $ 7,263,705 $ 6,790,632 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) As of March 31, 2024, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 56% industrial and 39% rental housing assets, and include interest-only securities with a fair value of $8.4 million. The following table details the Company’s income from investments in real estate debt ($ in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 178,838 $ 173,746 Unrealized gain 94,392 3,040 Realized loss (10,936) (1,023) Total 262,294 175,763 Net realized and unrealized gain (loss) on derivatives 4,120 (5,568) Net realized and unrealized gain (loss) on secured financings of investments in real estate debt 5,442 (5,883) Other expense (3,663) (347) Total income from investments in real estate debt $ 268,193 $ 163,965 The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended March 31, March 31, 2024 December 31, 2023 2024 2023 CMBS $ 1,329,452 $ 1,525,134 $ 61,710 $ 23,897 Commercial real estate loans 477,139 557,549 14,777 35,086 Total $ 1,806,591 $ 2,082,683 $ 76,487 $ 58,983 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 both March 31, 2024 and December 31, 2023, the Company’s investments in real estate debt also included $1.9 billion of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three months ended March 31, 2024 and 2023, the Company recognized $88.7 million and $37.8 million of gain, respectively, related to such CMBS.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Consolidated Securitization Vehicles	Consolidated Securitization Vehicles The Company has acquired the controlling class securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Condensed Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): March 31, 2024 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,250,908 $ 16,234,541 6.2 % 12/9/2025 Senior obligations of consolidated securitization vehicles 21 14,562,615 14,665,374 6.1 % 12/28/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,688,293 $ 1,569,167 7.7 % 7/6/2025 December 31, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,551,341 $ 16,331,578 6.3 % 11/21/2025 Senior obligations of consolidated securitization vehicles 21 14,835,899 14,777,146 6.1 % 12/09/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,715,442 $ 1,554,432 7.8 % 6/22/2025 (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 Loans, Secured Term Lo

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities	Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): March 31, 2024 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum March 31, 2024 December 31, 2023 Fixed rate loans: Fixed rate mortgages (4) 3.8% 6/29/2029 N/A $ 23,901,113 $ 23,872,148 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 7/28/2027 N/A 33,076,218 32,316,849 Variable rate warehouse facilities (5) +2.0% 10/3/2025 $ 4,249,159 3,312,737 3,541,543 Variable rate secured revolving credit facilities +1.8% 1/11/2027 $ 3,780,082 3,780,082 2,489,784 Total variable rate loans +2.4% 5/15/2027 40,169,037 38,348,176 Total loans secured by real estate 6.2% 2/29/2028 64,070,150 62,220,324 (Discount) premium on assumed debt, net (109,510) (103,828) Deferred financing costs, net (456,307) (422,818) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 63,504,333 $ 61,693,678 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, CDOR, and EURIBOR as applicable to each loan. As of March 31, 2024, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.3 billion and interest rate caps with an aggregate notional balance of $7.3 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. (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 $285.1 million and $293.3 million of loans related to investments in affordable housing properties as of March 31, 2024 and December 31, 2023, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval. The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of March 31, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 3,411,487 2025 4,770,160 2026 16,129,371 2027 18,463,202 2028 6,121,154 2029 7,703,402 Thereafter 7,471,374 Total $ 64,070,150 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 $30.6 million and $5.3 million for the three months ended March 31, 2024 and 2023, respectively. Such losses primarily resulted from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs. The Company is subject to various financial and operational covenants under certain of its mortgage loans, secured term loans, and secured revolving credit facility agreements. These covenants require the Company to maintain certain financial ratios, which include leverage, debt yield, and debt service coverage, among others. As of March 31, 2024, the Company was in compliance with all of its loan covenants.

Secured Financings of Investmen

Secured Financings of Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2024
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. As of March 31, 2024 and December 31, 2023, the Company’s secured financings of investments in real estate debt was $4.2 billion and $4.4 billion, respectively. As of March 31, 2024, the secured financings had a weighted average maturity date of March 8, 2025, and a weighted average interest rate of +1.4% over the relevant floating benchmark rates of the applicable financings, which include SOFR, EURIBOR, and SONIA. As of both March 31, 2024 and December 31, 2023, the Company had interest rate swaps outstanding with a notional value of $0.6 billion 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. 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	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities and Term Loans	Unsecured Revolving Credit Facilities and Term Loans The Company is party to unsecured credit facilities with multiple banks. The credit facilities have a weighted average maturity date of November 29, 2024, which may be extended for one year, and an interest rate of SOFR +2.5%. As of both March 31, 2024 and December 31, 2023, the maximum capacity of the credit facilities was $5.6 billion. There were no outstanding borrowings under these unsecured credit facilities as of March 31, 2024 and December 31, 2023. 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, 2025, and may be extended for up to 12 months, subject to Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third-party lender, or, if no such rate is available, SOFR +2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s external manager, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of March 31, 2024 and December 31, 2023, the Company had no outstanding borrowings under the Line of Credit. The Company is party to unsecured term loans with multiple banks. The term loans have a weighted average maturity date of January 30, 2026 and an interest rate of SOFR +2.5%. As of both March 31, 2024 and December 31, 2023, the aggregate outstanding balance of the unsecured term loans was $1.1 billion.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates ($ in thousands): March 31, 2024 December 31, 2023 Accrued stockholder servicing fee $ 875,207 $ 961,654 Performance participation allocation 30,110 — Accrued management fee 62,067 63,505 Accrued affiliate service provider expenses 21,180 5,283 Other 4,450 2,641 Total $ 993,014 $ 1,033,083 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 payment 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 certain classes of 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. At the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner is entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end performance allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end performance allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash. During the three months ended March 31, 2024, the Company’s total return exceeded the current period hurdle amount and the 2023 loss carryforward of $355.7 million, resulting in $105.0 million of performance participation allocation expense in the Company’s Condensed Consolidated Statements of Operations. During the three months ended March 31, 2023, the Company’s total return did not exceed the hurdle amount and, as a result, no performance participation allocation expense was recognized. 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 in the amount of $74.9 million. The $74.9 million of Quarterly Shortfall from 2022 was satisfied with the $105.0 million performance participation accrual for the three months ended March 31, 2024, resulting in a net performance participation allocation payable of $30.1 million as of March 31, 2024. Subsequent to March 31, 2024, the Company issued 1.1 million units of BREIT OP to the Special Limited Partner as partial payment for $15.4 million of the performance participation allocation. Beginning January 1, 2023, interest on the 2022 Quarterly Shortfall began accruing at a 5% annual rate, compounded quarterly. During both the three months ended March 31, 2024 and 2023, the Company accrued interest income of $1.0 million related to such Quarterly Shortfall amount. As of May 10, 2024, Blackstone owned an aggregate $2.7 billion of shares of the Company and units of BREIT OP. In addition, Blackstone employees, including the Company’s executive officers, owned an aggregate $1.4 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. To date, the Adviser has always elected to be paid 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 months ended March 31, 2024 and 2023, the Company incurred management fees of $187.1 million, and $221.1 million, respectively. During the three months ended March 31, 2024, the Company issued 13.3 million units of BREIT OP to the Adviser as payment for management fees. During the three months ended March 31, 2023, the Company issued 10.0 million unregistered Class I shares, to the Adviser as payment for management fees. The Company also had a payable of $62.1 million and $63.5 million related to the management fees as of March 31, 2024 and December 31, 2023, respectively. During April 2024, the Adviser was issued 4.4 million units of BREIT OP as payment for the management fees accrued as of March 31, 2024. 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 three months ended March 31, 2024 and 2023. 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, 2023. Affiliate service provider expenses and incentive compensation awards are included as a component of Rental Property Operating expense 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 following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 2024 2023 LivCor, LLC $ 27,729 $ 25,951 $ 5,505 $ 1,798 $ 1,970 $ 2,325 Link Logistics Real Estate Holdco LLC 27,532 30,950 5,982 1,629 452 280 ShopCore Properties TRS Management LLC 8,841 8,843 534 94 351 337 Revantage Corporate Services, LLC 3,595 5,732 2,275 37 — — BRE Hotels and Resorts LLC 3,147 4,245 509 87 — — EQ Management, LLC 1,582 1,323 58 46 — 29 Beam Living 821 568 395 14 — — Longview Senior Housing, LLC 257 473 — — — — $ 73,504 $ 78,085 $ 15,258 $ 3,705 $ 2,773 $ 2,971 The Company issues incentive compensation awards to certain employees of portfolio company service providers. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2024 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 10,872 $ — $ — $ (2,704) $ 8,168 0.8 years 2022 18,825 — — (2,680) 16,145 1.6 years 2023 36,637 — — (4,580) 32,057 2.2 years 2024 — — 63,696 (5,294) 58,402 3.0 years $ 66,334 $ — $ 63,696 $ (15,258) $ 114,772 Other As of March 31, 2024 and December 31, 2023, the Adviser had paid $0.9 million and $2.6 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. Additionally, as of March 31, 2024 and December 31, 2023, the Company had a receivable of $4.1 million and $4.2 million, respectively, from certain portfolio companies owned by Blackstone-advised investment vehicles related to the reimbursement of costs associated with certain incentive compensation awards. Affiliate Title Service Provider Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related expense offset to the Company. During the three months ended March 31, 2024, the Company paid LNLS $6.9 million, for title services related to 15 investments and such costs were included in calculating net gain on dispositions of real estate on the Condensed Consolidated Statements of Operations or recorded as deferred financing costs, which is a reduction to Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities on the Condensed Consolidated Balance Sheets. Captive Insurance Company During the three months ended March 31, 2024 and 2023, the Company received a net refund of $0.3 million and $0.2 million, respectively, of insurance premiums previously paid to a captive insurance company owned by us and other Blackstone-advised investment vehicles. The net refund was attributable to dispositions of real estate and represented the pro-rata unused period of the annual premiums incurred to insure such dispositions. Other As of March 31, 2024 and December 31, 2023, the Company had a receivable of $47.9 million and $42.3 million, respectively, from Link Logistics Real Estate Holdco LLC related to the prepayment of certain corporate service fees and such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2024
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of other assets ($ in thousands): March 31, 2024 December 31, 2023 Interest rate and foreign currency hedging derivatives $ 2,574,489 $ 2,160,266 Intangible assets, net 1,087,834 1,146,840 Receivables, net 767,501 793,651 Straight-line rent receivable 705,231 665,747 Held-for-sale assets 660,938 453,823 Equity securities 392,071 335,933 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 150,264 178,140 Deferred leasing costs, net 146,170 141,526 Deferred financing costs, net 56,735 62,651 Due from affiliate (1) 4,797 78,671 Other 254,965 245,260 Total $ 7,101,713 $ 6,563,226 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. The following table details the components of other liabilities ($ in thousands): March 31, 2024 December 31, 2023 Stock repurchases payable $ 799,981 $ 574,958 Right of use lease liability - operating leases 643,645 643,803 Accounts payable and accrued expenses 450,418 427,744 Accrued interest expense 408,492 395,814 Real estate taxes payable 278,657 327,947 Liabilities related to held-for-sale assets 238,073 282,350 Intangible liabilities, net 226,831 244,596 Tenant security deposits 226,407 228,994 Distribution payable 215,720 222,174 Prepaid rental income 173,004 232,447 Subscriptions received in advance 144,814 113,764 Right of use lease liability - financing leases 78,580 78,257 Securitized debt obligations, net 43,363 47,172 Interest rate and foreign currency hedging derivatives 21,677 34,236 Other 105,923 124,409 Total $ 4,055,585 $ 3,978,665

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2024 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,628,176 $ (1,042,405) $ 585,771 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 61,511 (34,448) 27,063 Other intangibles 378,398 (87,480) 290,918 Total intangible assets $ 2,252,167 $ (1,164,333) $ 1,087,834 Intangible liabilities Below-market lease intangibles 430,293 (203,462) 226,831 Total intangible liabilities $ 430,293 $ (203,462) $ 226,831 December 31, 2023 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,641,489 $ (1,007,698) $ 633,791 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 61,888 (32,800) 29,088 Other intangibles 377,319 (77,440) 299,879 Total intangible assets $ 2,264,778 $ (1,117,938) $ 1,146,840 Intangible liabilities Below-market lease intangibles 441,391 (196,795) 244,596 Total intangible liabilities $ 441,391 $ (196,795) $ 244,596 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2024 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 (remaining) $ 128,126 $ 5,499 $ 26,830 $ (39,681) 2025 122,356 6,077 34,167 (45,457) 2026 93,462 4,633 33,076 (36,780) 2027 68,343 3,311 30,964 (25,778) 2028 52,015 2,437 29,156 (19,700) 2029 38,222 1,730 26,522 (14,706) Thereafter 83,247 3,376 110,203 (44,729) Total $ 585,771 $ 27,063 $ 290,918 $ (226,831)

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
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 its consolidated financial statements. The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands): March 31, 2024 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 $ 6,318,108 2.6% SOFR 4.4 Derivatives not designated as hedging instruments Interest rate caps - property debt 151 7,324,121 6.2% SOFR 0.9 Interest rate swaps - property debt 51 26,015,600 1.6% SOFR, EURIBOR 4.3 Interest rate swaps - secured financings of investments in real estate debt 18 604,415 3.4% SOFR 6.3 Total $ 33,944,136 December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 21 $ 6,386,770 2.6% SOFR 4.6 Derivatives not designated as hedging instruments Interest rate caps - property debt 153 9,580,354 5.8% SOFR 0.5 Interest rate swaps - property debt 51 26,015,600 1.6% SOFR, EURIBOR 4.5 Interest rate swaps - secured financings of investments in real estate debt 17 581,915 3.4% SOFR 6.6 Total $ 36,177,869 Foreign Currency Forward Contracts Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands): March 31, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 7 € 81,035 9 € 139,913 Buy USD / Sell GBP Forward 7 £ 51,714 9 £ 57,377 Buy EUR / Sell USD Forward 3 € 1,956 2 € 10,421 Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 349,233 $ 246,350 $ 293 $ 1,320 Total derivatives designated as hedging instruments 349,233 246,350 293 1,320 Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 23,885 31,134 13,933 17,020 Interest rate swaps - property debt 2,181,911 1,874,065 — — Interest rate swaps - secured financings of investments in real estate debt 19,024 8,643 7,433 12,210 Foreign currency forward contracts 436 74 18 3,686 Total derivatives not designated as hedging instruments 2,225,256 1,913,916 21,384 32,916 Total interest rate and foreign currency hedging derivatives $ 2,574,489 $ 2,160,266 $ 21,677 $ 34,236 (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 $229.4 million and $189.7 million as of March 31, 2024 and December 31, 2023, respectively. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended March 31, 2024 2023 Included in Net Loss Interest rate swap – property debt Unrealized gain (loss) (1) $ 310,211 $ (557,680) Interest rate caps – property debt Unrealized loss (1) (10,878) (62,570) Interest rate caps – property debt Realized gain (1) 511 — Interest rate swaps – secured financings of investments in real estate debt Unrealized gain (loss) (1) 15,355 (21,910) Foreign currency forward contract Realized loss (2) (2) (15,134) Foreign currency forward contract Unrealized gain (2) 4,122 9,566 Total $ 319,319 $ (647,728) Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain (loss) 101,353 (151,255) Total $ 420,672 $ (798,983) (1) Included in income (loss) from interest rate derivatives in the Company’s Condensed Consolidated Statements of Operations. (2) Included in income from investments in real estate debt in the Company’s Condensed Consolidated Statements of Operations. (3) During the three months ended March 31, 2024 and 2023, net gain of $45.6 million and $32.8 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 March 31, 2024, the Company was in a net liability position and posted collateral of $10.4 million with one of its counterparties as required under the derivative contracts. As of December 31, 2023, the Company was in a net liability position and posted collateral of $23.4 million with three of its counterparties as required under the derivatives contracts.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of March 31, 2024, 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 March 31, 2024 (1) Class S Class I Class T Class D Class C Total December 31, 2023 1,488,197 2,402,959 59,246 154,794 2,136 4,107,332 Common stock issued (2) 2,707 36,128 (2,278) 248 110 36,915 Distribution reinvestment 7,528 11,818 362 856 — 20,564 Common stock repurchased (61,007) (138,197) (2,280) (4,574) — (206,058) March 31, 2024 1,437,425 2,312,708 55,050 151,324 2,246 3,958,753 (1) As of March 31, 2024, no Class F shares were issued and outstanding. (2) Includes conversion of shares from Class S, Class T and Class D to Class I during the three months ended March 31, 2024. 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. The Company has in the past received, and may in the future receive, repurchase requests that exceed the limits under the Repurchase Plan, and the Company has in the past repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis. 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, the Company’s board of directors may determine 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 has in the past made exceptions to the limitations in the Repurchase Plan and may in the future, in certain circumstances, make exceptions to such repurchase limitations (or repurchase fewer shares than such repurchase limitations), or modify or suspend the Repurchase Plan if, in its reasonable judgement, it deems such action to be in the Company’s best interest and the best interest of its stockholders. 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. 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 March 31, 2024, the Company repurchased 206.1 million shares of common stock and 0.7 million units of BREIT OP for a total of $2.9 billion. During the month ended January 31, 2024, the Company received repurchase requests that exceeded the applicable monthly repurchase limit under the Repurchase Plan, and in accordance with the Repurchase Plan, fulfilled repurchases equal to 2% of NAV or 88% of repurchase requests. During the month ended February 29, 2024, the Company received repurchase requests below the applicable repurchase limits under the Repurchase Plan and fulfilled all repurchase requests. During the month ended March 31, 2024, the Company received repurchase requests that modestly exceeded the 5% quarterly repurchase limit under the Repurchase Plan. The Company’s majority independent board of directors exercised its discretion and approved repurchase requests exceeding the Repurchase Plan’s 5% of NAV quarterly limit, as described above, by 0.1% and the Company fulfilled all repurchase requests for the month ended March 31, 2024. Distributions The Company considers a variety of factors when determining its distributions, including cash flows from operations, funds available for distribution, net asset value, and total return, and in any case, generally intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not equal net income as calculated in accordance with GAAP . 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 March 31, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1654 $ 0.1654 $ 0.1654 $ 0.1654 Stockholder servicing fee per share of common stock (0.0301) — (0.0296) (0.0087) Net distributions declared per share of common stock $ 0.1353 $ 0.1654 $ 0.1358 $ 0.1567 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, 2024 2023 Balance at the beginning of the year $ 351 $ 344,145 Conversion to Class I and Class B units — (278,990) Conversion to Class I and Class C shares — (65,313) GAAP income allocation — 2,212 Distributions — (1,300) Fair value allocation 6 (404) Ending balance $ 357 $ 350 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of March 31, 2024 and December 31, 2023, $194.0 million and $197.2 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 $0.9 million and $29.0 million, during the three months ended March 31, 2024 and 2023 respectively, to reflect their redemption value.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, industrial, net lease, data centers, self storage, retail, and office properties. Leases at the Company’s industrial, data centers, retail, and office properties generally include a fixed base rent, and certain leases also contain a variable rent component. The variable component of the Company’s operating leases at its industrial, data centers, retail, and office properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s rental housing properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only. Rental revenue from leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company’s net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were each operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms and the residual value of the leased assets. Leases at the Company’s industrial, net lease, data centers, retail, and office properties are generally longer term (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the CPI index. Leases at the Company’s rental housing and self storage properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended March 31, 2024 2023 Fixed lease payments $ 1,814,604 $ 1,867,526 Variable lease payments 148,461 120,539 Rental revenue $ 1,963,065 $ 1,988,065 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of March 31, 2024 ($ 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 2024 (remaining) $ 1,372,267 2025 1,752,977 2026 1,613,055 2027 1,403,382 2028 1,185,157 2029 981,186 Thereafter 14,857,835 Total $ 23,165,859 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of March 31, 2024, the Company had 94 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and certain operating leases contain renewal options. The following table details the future lease payments due under the Company’s ground leases as of March 31, 2024 ($ in thousands): Operating Financing 2024 (remaining) $ 28,718 $ 3,268 2025 37,690 4,386 2026 37,894 4,509 2027 38,253 4,635 2028 38,597 4,764 2029 38,771 5,164 Thereafter 2,535,800 554,161 Total undiscounted future lease payments 2,755,723 580,887 Difference between undiscounted cash flows and discounted cash flows (2,112,078) (502,307) Total lease liability $ 643,645 $ 78,580 The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of March 31, 2024, the weighted average remaining lease term of the Company’s operating leases and financing leases was 60 years and 77 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. Three of the Company’s ground leases contains a variable component based on a percentage of revenue. The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended March 31, 2024 2023 Fixed ground rent expense $ 3,948 $ 4,028 Variable ground rent expense 8,235 5,994 Total cash portion of ground rent expense 12,183 10,022 Straight-line ground rent expense 5,334 5,403 Total operating lease costs $ 17,517 $ 15,425 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended March 31, 2024 2023 Interest on lease liabilities $ 1,091 $ 1,024 Amortization of right-of-use assets 299 319 Total financing lease costs $ 1,390 $ 1,343

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Office, Hospitality, Retail, Data Centers, Self Storage properties, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table details the total assets by segment ($ in thousands): March 31, 2024 December 31, 2023 Rental Housing $ 64,088,644 $ 64,665,680 Industrial 19,849,161 20,050,095 Net Lease 8,094,265 8,117,528 Office 2,898,041 2,945,455 Hospitality 2,827,869 2,867,166 Retail 2,452,068 2,505,146 Data Centers 2,445,982 2,927,807 Self Storage 740,526 739,743 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 22,758,050 23,264,164 Other (Corporate) 3,591,637 2,715,011 Total assets $ 129,746,243 $ 130,797,795 The following table details the financial results by segment for the three months ended March 31, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,314,157 $ 367,058 $ 150,384 $ 43,110 $ — $ 57,591 $ 13,080 $ 17,685 $ — $ 1,963,065 Hospitality revenue — — — — 133,177 — — — — 133,177 Other revenue 83,429 3,830 — 2,439 — 1,497 — 1,477 — 92,672 Total revenues 1,397,586 370,888 150,384 45,549 133,177 59,088 13,080 19,162 — 2,188,914 Expenses: Rental property operating 740,945 122,493 667 14,562 — 24,069 2,409 8,311 — 913,456 Hospitality operating — — — — 91,915 — — — — 91,915 Total expenses 740,945 122,493 667 14,562 91,915 24,069 2,409 8,311 — 1,005,371 (Loss) income from unconsolidated entities (8,611) (22,823) — 5,845 (4,305) (1,148) 6,684 — — (24,358) Income from investments in real estate debt — — — — — — — — 268,193 268,193 Changes in net assets of consolidated securitization vehicles — — — — — — — — 75,413 75,413 Income from investments in equity securities (1) 56,972 — — — — — — — — 56,972 GAAP segment net income $ 705,002 $ 225,572 $ 149,717 $ 36,832 $ 36,957 $ 33,871 $ 17,355 $ 10,851 $ 343,606 $ 1,559,763 Depreciation and amortization $ (586,190) $ (188,018) $ (51,878) $ (24,688) $ (22,676) $ (27,609) $ (5,541) $ (6,608) $ — $ (913,208) General and administrative (16,350) Management fee (187,121) Performance participation allocation (104,966) Impairment of investments in real estate (65,714) Income from interest rate derivatives 315,199 Net gain on dispositions of real estate 106,554 Interest expense, net (831,715) Loss on extinguishment of debt (30,648) Other expense (1) (1,864) Net loss $ (170,070) Net loss attributable to non-controlling interests in third party joint ventures $ 31,673 Net loss attributable to non-controlling interests in BREIT OP unit holders 5,384 Net loss attributable to BREIT stockholders $ (133,013) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $55.0 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the three months ended March 31, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,311,977 $ 349,593 $ 150,384 $ 48,288 $ — $ 60,422 $ 12,727 $ 54,674 $ — $ 1,988,065 Hospitality revenue — — — — 201,221 — — — — 201,221 Other revenue 83,853 7,113 — 1,877 3,162 1,161 — 1,488 — 98,654 Total revenues 1,395,830 356,706 150,384 50,165 204,383 61,583 12,727 56,162 — 2,287,940 Expenses: Rental property operating 707,804 117,061 470 13,839 — 25,330 2,214 25,471 — 892,189 Hospitality operating — — — — 133,823 — — — — 133,823 Total expenses 707,804 117,061 470 13,839 133,823 25,330 2,214 25,471 — 1,026,012 (Loss) Income from unconsolidated entities (12,500) 88,295 432,528 (19,930) (2,388) (1,230) (40,117) — — 444,658 Income from investments in real estate debt — — — — — — — — 163,965 163,965 Changes in net assets of consolidated securitization vehicles — — — — — — — — 29,254 29,254 Income from investments in equity securities (1) 10 — — — — — — — — 10 GAAP segment net income (loss) $ 675,536 $ 327,940 $ 582,442 $ 16,396 $ 68,172 $ 35,023 $ (29,604) $ 30,691 $ 193,219 $ 1,899,815 Depreciation and amortization $ (635,341) $ (191,276) $ (51,878) $ (24,933) $ (32,848) $ (39,006) $ (5,553) $ (18,550) $ — $ (999,385) General and administrative (17,176) Management fee (221,138) Impairment of investments in real estate (12,499) Loss from interest rate derivatives (642,160) Net gain on dispositions of real estate 121,003 Interest expense, net (788,593) Loss on extinguishment of debt (5,258) Other expense (1) (27,070) Net loss $ (692,461) Net loss attributable to non-controlling interests in third party joint ventures $ 74,358 Net loss attributable to non-controlling interests in BREIT OP unit holders 17,048 Net loss attributable to BREIT stockholders $ (601,055) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $3.7 million of net unrealized loss related to equity securities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2024 and December 31, 2023, the Company was not involved in any material legal proceedings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023, 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 (loss) from investments in real estate debt of $10.5 million for the three months ended March 31, 2023 have been reclassified to income (loss) from interest rate derivatives and interest expense, net in the amounts of ($21.9) million and $11.4 million, respectively, to conform to the current period presentation.
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 condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of March 31, 2024 and December 31, 2023, 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. For CMBS securitizations, the Company consolidates, it has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the securitizations using the fair value of such financial liabilities, which it considers more observable than the fair value of such 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). As of both March 31, 2024 and December 31, 2023, the Company’s equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. 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): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt (1) $ — $ 5,136,403 $ 1,002,763 $ 6,139,166 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 16,234,541 — 16,234,541 — 16,331,578 — 16,331,578 Equity securities (2) 312,981 79,090 — 392,071 62,333 273,600 — 335,933 Investments in unconsolidated entities — — 3,725,691 3,725,691 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 2,574,489 — 2,574,489 — 2,160,266 — 2,160,266 Total $ 312,981 $ 24,024,523 $ 4,728,454 $ 29,065,958 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,665,374 $ — $ 14,665,374 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 21,677 — 21,677 — 34,236 — 34,236 Total $ — $ 14,687,051 $ — $ 14,687,051 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $209.2 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Total Balance as of December 31, 2023 $ 1,241,712 $ 3,672,455 $ 4,914,167 Purchases and contributions 14,666 87,195 101,861 Sales and repayments (250,686) — (250,686) Distributions received — (15,471) (15,471) Included in net income (loss) Loss from unconsolidated entities measured at fair value — (18,488) (18,488) Realized loss (1,595) — (1,595) Unrealized loss (1,334) — (1,334) Balance as of March 31, 2024 $ 1,002,763 $ 3,725,691 $ 4,728,454 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,002,763 Yield method Market yield 10.3% Decrease Investments in unconsolidated entities $ 3,725,691 Discounted cash flow Weighted average cost of capital 7.8% Decrease Exit capitalization rate 5.2% Decrease December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,241,712 Yield method Market yield 10.1% Decrease Investments in unconsolidated entities $ 3,672,455 Discounted cash flow Weighted average cost of capital 7.7% Decrease Exit capitalization rate 5.2% Decrease Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. During the three months ended March 31, 2024, the Company recognized an aggregate $36.5 million of impairment charges related to one student housing property, two affordable housing properties, and various single family rental homes. The impairments reduced the GAAP carrying amount of such investments to their fair value, and 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. The cumulative fair value of such real estate investments at the time of impairment was $132.8 million, 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 6.6% to 8.5%, and the exit capitalization rate (Level 3), which ranged from 4.9% to 7.7%. During the three months ended March 31, 2023, there was no such impairment charge. During the three months ended March 31, 2024 and March 31, 2023, the Company recognized an aggregate of $29.2 million and $12.5 million, respectively, of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The significant input utilized in the analysis was the purchase price, which is considered a Level 2 input. Refer to Note 3 for additional details of the impairments. Valuation of liabilities not measured at fair value As of March 31, 2024 and December 31, 2023, the fair value of the Company’s mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $1.2 billion and $1.3 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 its equity discount rate. 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	Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of Home Partners of America (“HPA”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT, and certain employees of affiliate portfolio company service providers. Such awards vest over time and stock-based compensation expense is recognized for these awards using 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 December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt (1) $ — $ 5,136,403 $ 1,002,763 $ 6,139,166 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 16,234,541 — 16,234,541 — 16,331,578 — 16,331,578 Equity securities (2) 312,981 79,090 — 392,071 62,333 273,600 — 335,933 Investments in unconsolidated entities — — 3,725,691 3,725,691 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 2,574,489 — 2,574,489 — 2,160,266 — 2,160,266 Total $ 312,981 $ 24,024,523 $ 4,728,454 $ 29,065,958 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,665,374 $ — $ 14,665,374 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 21,677 — 21,677 — 34,236 — 34,236 Total $ — $ 14,687,051 $ — $ 14,687,051 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $209.2 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Assets Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Total Balance as of December 31, 2023 $ 1,241,712 $ 3,672,455 $ 4,914,167 Purchases and contributions 14,666 87,195 101,861 Sales and repayments (250,686) — (250,686) Distributions received — (15,471) (15,471) Included in net income (loss) Loss from unconsolidated entities measured at fair value — (18,488) (18,488) Realized loss (1,595) — (1,595) Unrealized loss (1,334) — (1,334) Balance as of March 31, 2024 $ 1,002,763 $ 3,725,691 $ 4,728,454
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,002,763 Yield method Market yield 10.3% Decrease Investments in unconsolidated entities $ 3,725,691 Discounted cash flow Weighted average cost of capital 7.8% Decrease Exit capitalization rate 5.2% Decrease December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,241,712 Yield method Market yield 10.1% Decrease Investments in unconsolidated entities $ 3,672,455 Discounted cash flow Weighted average cost of capital 7.7% Decrease Exit capitalization rate 5.2% Decrease
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands): December 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2024 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2022 $ 8,284 $ — $ — $ (1,082) $ 7,202 1.9 years 2023 15,413 — — (2,802) 12,611 2.2 years 2024 — — 26,997 (2,250) 24,747 3.0 years Total $ 23,697 $ — $ 26,997 $ (6,134) $ 44,560 The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2024 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 10,872 $ — $ — $ (2,704) $ 8,168 0.8 years 2022 18,825 — — (2,680) 16,145 1.6 years 2023 36,637 — — (4,580) 32,057 2.2 years 2024 — — 63,696 (5,294) 58,402 3.0 years $ 66,334 $ — $ 63,696 $ (15,258) $ 114,772

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2024 December 31, 2023 Building and building improvements $ 77,843,335 $ 78,214,115 Land and land improvements 17,632,425 17,835,688 Furniture, fixtures and equipment 2,418,605 2,389,383 Right of use asset - operating leases (1) 1,086,230 1,093,479 Right of use asset - financing leases (1) 72,862 72,862 Total 99,053,457 99,605,527 Accumulated depreciation and amortization (9,251,848) (8,526,517) Investments in real estate, net $ 89,801,609 $ 91,079,010 (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 Three Months Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 33 $ 519,974 $ 44,421 42 $ 653,770 $ 105,788 Industrial properties 14 325,881 63,541 4 9,217 1,605 Retail properties 1 26,539 (1,408) 1 14,384 2,650 Hospitality properties — — — 5 97,554 10,960 Total 48 $ 872,394 $ 106,554 52 $ 774,925 $ 121,003 (1) For the three months ended March 31, 2024, net gain (loss) includes gains of $112.7 million and losses of $6.1 million. For the three months ended March 31, 2023, net gain includes gains of $155.6 million and losses of $34.6 million. (2) The number of properties excludes single family rental homes sold.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: March 31, 2024 Investments in real estate, net $ 656,253 Other assets 4,685 Total assets $ 660,938 Liabilities: Mortgage loans, net $ 231,386 Other liabilities 6,687 Total liabilities $ 238,073

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment and Income in Unconsolidated Entities	The following tables detail the Company’s investments in unconsolidated entities ($ in thousands): March 31, 2024 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 91 35.7% $ 1,603,826 Rental Housing investments (2) Rental Housing 14 10 12.2% - 57.1% 819,584 Hospitality investment Hospitality 1 196 30.0% 293,685 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 247,208 Retail investments Retail 2 7 50.0% 92,502 Total unconsolidated entities carried at historical cost 21 360 3,056,805 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,075 12.4% - 85.0% 3,246,761 Office investments Office 1 1 49.0% 478,930 Total unconsolidated entities carried at fair value 12 2,076 3,725,691 Total 33 2,436 $ 6,782,496 (1) The Company along with certain Blackstone-advised investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”). (2) Includes 10,619 single family rental homes, that are not included in the number of properties. (3) Includes $247.2 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. (4) Includes $2.4 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. December 31, 2023 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 89 35.7% $ 1,530,875 Rental Housing investments (2) Rental Housing 37 31 12.2% - 58.2% 948,768 Hospitality investment Hospitality 1 196 30.0% 297,990 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 244,226 Retail investments Retail 2 7 50.0% 94,877 Total unconsolidated entities carried at historical cost 44 379 3,116,736 Unconsolidated entities at carried at fair value: Industrial investments (4) Industrial 11 2,086 12.4% - 85.0% 3,184,829 Data Center investments (5) Data Centers 1 N/A 8.8% 549,138 Office investments Office 1 1 49.0% 487,626 Total unconsolidated entities carried at fair value 13 2,087 4,221,593 Total 57 2,466 $ 7,338,329 (1) The Company along with certain Blackstone-advised investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”). (2) Includes 10,658 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $244.2 million from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. (4) Includes $2.3 billion from investments in three joint ventures formed by the Company and certain Blackstone-advised investment vehicles. (5) Includes $549.1 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-advised investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended March 31, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ 24,382 $ (43,570) Rental Housing investments Rental Housing (8,610) (12,500) Hospitality investment Hospitality (4,305) (2,388) Industrial investments Industrial (321) (4,298) Retail investments Retail (1,149) (1,230) MGM Grand & Mandalay Bay (1) Net Lease — 432,528 Total unconsolidated entities carried at historical cost 9,997 368,542 Unconsolidated entities carried at fair value: Industrial investments Industrial (22,502) 92,593 Data Center investments (2) Data Centers (17,698) 3,453 Office investments Office 5,845 (19,930) Total unconsolidated entities carried at fair value (34,355) 76,116 Total $ (24,358) $ 444,658 (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 March 27, 2024, the Company sold its remaining 8.8% interest in a digital towers joint venture for cash consideration of $531.4 million, resulting in a realized loss on sale of $17.4 million, which was primarily driven by transaction costs.

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): March 31, 2024 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 7/31/2032 $ 5,070,750 $ 5,045,282 $ 4,757,562 RMBS 4.1% 1/29/2060 280,011 271,003 209,751 Corporate bonds 4.7% 8/27/2031 88,651 90,822 82,703 Total real estate securities 8.9% 9/16/2033 5,439,412 5,407,107 5,050,016 Commercial real estate loans +6.3% 5/4/2027 938,391 936,533 928,498 Other investments (5)(6) 5.7% 9/21/2029 390,082 365,860 369,823 Total investments in real estate debt 8.8% 7/17/2032 $ 6,767,885 $ 6,709,500 $ 6,348,337 December 31, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 7/16/2032 $ 5,342,253 $ 5,316,300 $ 4,933,372 RMBS 4.2% 3/11/2060 294,493 285,059 214,124 Corporate bonds 5.0% 7/9/2031 92,312 94,068 84,744 Total real estate securities 8.8% 8/28/2033 5,729,058 5,695,427 5,232,240 Commercial real estate loans +5.9% 10/12/2026 1,208,030 1,200,548 1,196,640 Other investments (5)(6) 5.7% 9/21/2029 392,226 367,730 361,752 Total investments in real estate debt 8.8% 3/26/2032 $ 7,329,314 $ 7,263,705 $ 6,790,632 (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 SOFR, SONIA, and EURIBOR, 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 $0.6 billion as of both March 31, 2024 and December 31, 2023. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude our investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”).
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): March 31, 2024 December 31, 2023 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,358,822 $ 2,280,820 36% $ 2,556,000 $ 2,429,510 36% Rental Housing (2) 2,009,045 1,921,632 30% 2,081,681 1,954,601 29% Net Lease 950,333 951,037 15% 950,174 941,125 14% Hospitality 624,051 603,115 10% 899,669 869,858 13% Other 300,332 295,222 5% 297,394 288,748 4% Office 427,308 263,207 4% 417,846 252,754 4% Diversified 39,609 33,304 —% 60,941 54,036 —% Total $ 6,709,500 $ 6,348,337 100% $ 7,263,705 $ 6,790,632 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.
Summary of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): March 31, 2024 December 31, 2023 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AA $ 77,200 $ 76,712 1% $ 77,200 $ 76,019 1% A 66,352 65,776 1% 84,021 81,783 1% BBB 815,956 808,839 13% 868,440 850,277 13% BB 1,259,164 1,162,764 18% 1,356,535 1,229,290 18% B 954,017 858,328 14% 1,045,548 931,583 14% CCC 84,568 39,431 1% 84,561 41,555 1% D 5,210 346 —% 5,210 477 —% Private commercial real estate loans 936,533 928,498 15% 1,200,548 1,196,640 18% Not rated (2) 2,510,500 2,407,643 37% 2,541,642 2,383,008 34% Total $ 6,709,500 $ 6,348,337 100% $ 7,263,705 $ 6,790,632 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) As of March 31, 2024, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 56% industrial and 39% rental housing assets, and include interest-only securities with a fair value of $8.4 million.
Schedule of Real Estate Investment	The following table details the Company’s income from investments in real estate debt ($ in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 178,838 $ 173,746 Unrealized gain 94,392 3,040 Realized loss (10,936) (1,023) Total 262,294 175,763 Net realized and unrealized gain (loss) on derivatives 4,120 (5,568) Net realized and unrealized gain (loss) on secured financings of investments in real estate debt 5,442 (5,883) Other expense (3,663) (347) Total income from investments in real estate debt $ 268,193 $ 163,965
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended March 31, March 31, 2024 December 31, 2023 2024 2023 CMBS $ 1,329,452 $ 1,525,134 $ 61,710 $ 23,897 Commercial real estate loans 477,139 557,549 14,777 35,086 Total $ 1,806,591 $ 2,082,683 $ 76,487 $ 58,983

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Schedule of Loans Held by the Consolidated Securitization Vehicles and the Related Senior Obligations of Consolidated Securitization Vehicles	The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): March 31, 2024 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,250,908 $ 16,234,541 6.2 % 12/9/2025 Senior obligations of consolidated securitization vehicles 21 14,562,615 14,665,374 6.1 % 12/28/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,688,293 $ 1,569,167 7.7 % 7/6/2025 December 31, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,551,341 $ 16,331,578 6.3 % 11/21/2025 Senior obligations of consolidated securitization vehicles 21 14,835,899 14,777,146 6.1 % 12/09/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,715,442 $ 1,554,432 7.8 % 6/22/2025 (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 Loans, Secured Term _2

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): March 31, 2024 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum March 31, 2024 December 31, 2023 Fixed rate loans: Fixed rate mortgages (4) 3.8% 6/29/2029 N/A $ 23,901,113 $ 23,872,148 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 7/28/2027 N/A 33,076,218 32,316,849 Variable rate warehouse facilities (5) +2.0% 10/3/2025 $ 4,249,159 3,312,737 3,541,543 Variable rate secured revolving credit facilities +1.8% 1/11/2027 $ 3,780,082 3,780,082 2,489,784 Total variable rate loans +2.4% 5/15/2027 40,169,037 38,348,176 Total loans secured by real estate 6.2% 2/29/2028 64,070,150 62,220,324 (Discount) premium on assumed debt, net (109,510) (103,828) Deferred financing costs, net (456,307) (422,818) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 63,504,333 $ 61,693,678 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, CDOR, and EURIBOR as applicable to each loan. As of March 31, 2024, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.3 billion and interest rate caps with an aggregate notional balance of $7.3 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. (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 $285.1 million and $293.3 million of loans related to investments in affordable housing properties as of March 31, 2024 and December 31, 2023, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5)
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of March 31, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 3,411,487 2025 4,770,160 2026 16,129,371 2027 18,463,202 2028 6,121,154 2029 7,703,402 Thereafter 7,471,374 Total $ 64,070,150

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): March 31, 2024 December 31, 2023 Accrued stockholder servicing fee $ 875,207 $ 961,654 Performance participation allocation 30,110 — Accrued management fee 62,067 63,505 Accrued affiliate service provider expenses 21,180 5,283 Other 4,450 2,641 Total $ 993,014 $ 1,033,083
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services	The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 2024 2023 LivCor, LLC $ 27,729 $ 25,951 $ 5,505 $ 1,798 $ 1,970 $ 2,325 Link Logistics Real Estate Holdco LLC 27,532 30,950 5,982 1,629 452 280 ShopCore Properties TRS Management LLC 8,841 8,843 534 94 351 337 Revantage Corporate Services, LLC 3,595 5,732 2,275 37 — — BRE Hotels and Resorts LLC 3,147 4,245 509 87 — — EQ Management, LLC 1,582 1,323 58 46 — 29 Beam Living 821 568 395 14 — — Longview Senior Housing, LLC 257 473 — — — — $ 73,504 $ 78,085 $ 15,258 $ 3,705 $ 2,773 $ 2,971
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands): December 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2024 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2022 $ 8,284 $ — $ — $ (1,082) $ 7,202 1.9 years 2023 15,413 — — (2,802) 12,611 2.2 years 2024 — — 26,997 (2,250) 24,747 3.0 years Total $ 23,697 $ — $ 26,997 $ (6,134) $ 44,560 The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Three Months Ended March 31, 2024 March 31, 2024 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 10,872 $ — $ — $ (2,704) $ 8,168 0.8 years 2022 18,825 — — (2,680) 16,145 1.6 years 2023 36,637 — — (4,580) 32,057 2.2 years 2024 — — 63,696 (5,294) 58,402 3.0 years $ 66,334 $ — $ 63,696 $ (15,258) $ 114,772

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets and Other Liabilities [Abstract]
Summary of Components of Other Assets	The following table details the components of other assets ($ in thousands): March 31, 2024 December 31, 2023 Interest rate and foreign currency hedging derivatives $ 2,574,489 $ 2,160,266 Intangible assets, net 1,087,834 1,146,840 Receivables, net 767,501 793,651 Straight-line rent receivable 705,231 665,747 Held-for-sale assets 660,938 453,823 Equity securities 392,071 335,933 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 150,264 178,140 Deferred leasing costs, net 146,170 141,526 Deferred financing costs, net 56,735 62,651 Due from affiliate (1) 4,797 78,671 Other 254,965 245,260 Total $ 7,101,713 $ 6,563,226 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information.
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): March 31, 2024 December 31, 2023 Stock repurchases payable $ 799,981 $ 574,958 Right of use lease liability - operating leases 643,645 643,803 Accounts payable and accrued expenses 450,418 427,744 Accrued interest expense 408,492 395,814 Real estate taxes payable 278,657 327,947 Liabilities related to held-for-sale assets 238,073 282,350 Intangible liabilities, net 226,831 244,596 Tenant security deposits 226,407 228,994 Distribution payable 215,720 222,174 Prepaid rental income 173,004 232,447 Subscriptions received in advance 144,814 113,764 Right of use lease liability - financing leases 78,580 78,257 Securitized debt obligations, net 43,363 47,172 Interest rate and foreign currency hedging derivatives 21,677 34,236 Other 105,923 124,409 Total $ 4,055,585 $ 3,978,665

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2024 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,628,176 $ (1,042,405) $ 585,771 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 61,511 (34,448) 27,063 Other intangibles 378,398 (87,480) 290,918 Total intangible assets $ 2,252,167 $ (1,164,333) $ 1,087,834 Intangible liabilities Below-market lease intangibles 430,293 (203,462) 226,831 Total intangible liabilities $ 430,293 $ (203,462) $ 226,831 December 31, 2023 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,641,489 $ (1,007,698) $ 633,791 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 61,888 (32,800) 29,088 Other intangibles 377,319 (77,440) 299,879 Total intangible assets $ 2,264,778 $ (1,117,938) $ 1,146,840 Intangible liabilities Below-market lease intangibles 441,391 (196,795) 244,596 Total intangible liabilities $ 441,391 $ (196,795) $ 244,596
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2024 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 (remaining) $ 128,126 $ 5,499 $ 26,830 $ (39,681) 2025 122,356 6,077 34,167 (45,457) 2026 93,462 4,633 33,076 (36,780) 2027 68,343 3,311 30,964 (25,778) 2028 52,015 2,437 29,156 (19,700) 2029 38,222 1,730 26,522 (14,706) Thereafter 83,247 3,376 110,203 (44,729) Total $ 585,771 $ 27,063 $ 290,918 $ (226,831)

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands): March 31, 2024 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 $ 6,318,108 2.6% SOFR 4.4 Derivatives not designated as hedging instruments Interest rate caps - property debt 151 7,324,121 6.2% SOFR 0.9 Interest rate swaps - property debt 51 26,015,600 1.6% SOFR, EURIBOR 4.3 Interest rate swaps - secured financings of investments in real estate debt 18 604,415 3.4% SOFR 6.3 Total $ 33,944,136 December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 21 $ 6,386,770 2.6% SOFR 4.6 Derivatives not designated as hedging instruments Interest rate caps - property debt 153 9,580,354 5.8% SOFR 0.5 Interest rate swaps - property debt 51 26,015,600 1.6% SOFR, EURIBOR 4.5 Interest rate swaps - secured financings of investments in real estate debt 17 581,915 3.4% SOFR 6.6 Total $ 36,177,869 The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands): March 31, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 7 € 81,035 9 € 139,913 Buy USD / Sell GBP Forward 7 £ 51,714 9 £ 57,377 Buy EUR / Sell USD Forward 3 € 1,956 2 € 10,421
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 349,233 $ 246,350 $ 293 $ 1,320 Total derivatives designated as hedging instruments 349,233 246,350 293 1,320 Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 23,885 31,134 13,933 17,020 Interest rate swaps - property debt 2,181,911 1,874,065 — — Interest rate swaps - secured financings of investments in real estate debt 19,024 8,643 7,433 12,210 Foreign currency forward contracts 436 74 18 3,686 Total derivatives not designated as hedging instruments 2,225,256 1,913,916 21,384 32,916 Total interest rate and foreign currency hedging derivatives $ 2,574,489 $ 2,160,266 $ 21,677 $ 34,236 (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 $229.4 million and $189.7 million as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended March 31, 2024 2023 Included in Net Loss Interest rate swap – property debt Unrealized gain (loss) (1) $ 310,211 $ (557,680) Interest rate caps – property debt Unrealized loss (1) (10,878) (62,570) Interest rate caps – property debt Realized gain (1) 511 — Interest rate swaps – secured financings of investments in real estate debt Unrealized gain (loss) (1) 15,355 (21,910) Foreign currency forward contract Realized loss (2) (2) (15,134) Foreign currency forward contract Unrealized gain (2) 4,122 9,566 Total $ 319,319 $ (647,728) Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain (loss) 101,353 (151,255) Total $ 420,672 $ (798,983) (1) Included in income (loss) from interest rate derivatives in the Company’s Condensed Consolidated Statements of Operations. (2) Included in income from investments in real estate debt in the Company’s Condensed Consolidated Statements of Operations. (3) During the three months ended March 31, 2024 and 2023, net gain of $45.6 million and $32.8 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)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2024, 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 March 31, 2024 (1) Class S Class I Class T Class D Class C Total December 31, 2023 1,488,197 2,402,959 59,246 154,794 2,136 4,107,332 Common stock issued (2) 2,707 36,128 (2,278) 248 110 36,915 Distribution reinvestment 7,528 11,818 362 856 — 20,564 Common stock repurchased (61,007) (138,197) (2,280) (4,574) — (206,058) March 31, 2024 1,437,425 2,312,708 55,050 151,324 2,246 3,958,753 (1) As of March 31, 2024, no Class F shares were issued and outstanding. (2) Includes conversion of shares from Class S, Class T and Class D to Class I during the three months ended March 31, 2024.
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended March 31, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1654 $ 0.1654 $ 0.1654 $ 0.1654 Stockholder servicing fee per share of common stock (0.0301) — (0.0296) (0.0087) Net distributions declared per share of common stock $ 0.1353 $ 0.1654 $ 0.1358 $ 0.1567
Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, 2024 2023 Balance at the beginning of the year $ 351 $ 344,145 Conversion to Class I and Class B units — (278,990) Conversion to Class I and Class C shares — (65,313) GAAP income allocation — 2,212 Distributions — (1,300) Fair value allocation 6 (404) Ending balance $ 357 $ 350

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Operating Lease Income from Leases	The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended March 31, 2024 2023 Fixed lease payments $ 1,814,604 $ 1,867,526 Variable lease payments 148,461 120,539 Rental revenue $ 1,963,065 $ 1,988,065 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended March 31, 2024 2023 Interest on lease liabilities $ 1,091 $ 1,024 Amortization of right-of-use assets 299 319 Total financing lease costs $ 1,390 $ 1,343
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of March 31, 2024 ($ 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 2024 (remaining) $ 1,372,267 2025 1,752,977 2026 1,613,055 2027 1,403,382 2028 1,185,157 2029 981,186 Thereafter 14,857,835 Total $ 23,165,859
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of March 31, 2024 ($ in thousands): Operating Financing 2024 (remaining) $ 28,718 $ 3,268 2025 37,690 4,386 2026 37,894 4,509 2027 38,253 4,635 2028 38,597 4,764 2029 38,771 5,164 Thereafter 2,535,800 554,161 Total undiscounted future lease payments 2,755,723 580,887 Difference between undiscounted cash flows and discounted cash flows (2,112,078) (502,307) Total lease liability $ 643,645 $ 78,580
Summary of Fixed and Variable Components of Operating and Financing Leases	The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended March 31, 2024 2023 Fixed ground rent expense $ 3,948 $ 4,028 Variable ground rent expense 8,235 5,994 Total cash portion of ground rent expense 12,183 10,022 Straight-line ground rent expense 5,334 5,403 Total operating lease costs $ 17,517 $ 15,425

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): March 31, 2024 December 31, 2023 Rental Housing $ 64,088,644 $ 64,665,680 Industrial 19,849,161 20,050,095 Net Lease 8,094,265 8,117,528 Office 2,898,041 2,945,455 Hospitality 2,827,869 2,867,166 Retail 2,452,068 2,505,146 Data Centers 2,445,982 2,927,807 Self Storage 740,526 739,743 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 22,758,050 23,264,164 Other (Corporate) 3,591,637 2,715,011 Total assets $ 129,746,243 $ 130,797,795 The following table details the financial results by segment for the three months ended March 31, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,314,157 $ 367,058 $ 150,384 $ 43,110 $ — $ 57,591 $ 13,080 $ 17,685 $ — $ 1,963,065 Hospitality revenue — — — — 133,177 — — — — 133,177 Other revenue 83,429 3,830 — 2,439 — 1,497 — 1,477 — 92,672 Total revenues 1,397,586 370,888 150,384 45,549 133,177 59,088 13,080 19,162 — 2,188,914 Expenses: Rental property operating 740,945 122,493 667 14,562 — 24,069 2,409 8,311 — 913,456 Hospitality operating — — — — 91,915 — — — — 91,915 Total expenses 740,945 122,493 667 14,562 91,915 24,069 2,409 8,311 — 1,005,371 (Loss) income from unconsolidated entities (8,611) (22,823) — 5,845 (4,305) (1,148) 6,684 — — (24,358) Income from investments in real estate debt — — — — — — — — 268,193 268,193 Changes in net assets of consolidated securitization vehicles — — — — — — — — 75,413 75,413 Income from investments in equity securities (1) 56,972 — — — — — — — — 56,972 GAAP segment net income $ 705,002 $ 225,572 $ 149,717 $ 36,832 $ 36,957 $ 33,871 $ 17,355 $ 10,851 $ 343,606 $ 1,559,763 Depreciation and amortization $ (586,190) $ (188,018) $ (51,878) $ (24,688) $ (22,676) $ (27,609) $ (5,541) $ (6,608) $ — $ (913,208) General and administrative (16,350) Management fee (187,121) Performance participation allocation (104,966) Impairment of investments in real estate (65,714) Income from interest rate derivatives 315,199 Net gain on dispositions of real estate 106,554 Interest expense, net (831,715) Loss on extinguishment of debt (30,648) Other expense (1) (1,864) Net loss $ (170,070) Net loss attributable to non-controlling interests in third party joint ventures $ 31,673 Net loss attributable to non-controlling interests in BREIT OP unit holders 5,384 Net loss attributable to BREIT stockholders $ (133,013) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $55.0 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the three months ended March 31, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,311,977 $ 349,593 $ 150,384 $ 48,288 $ — $ 60,422 $ 12,727 $ 54,674 $ — $ 1,988,065 Hospitality revenue — — — — 201,221 — — — — 201,221 Other revenue 83,853 7,113 — 1,877 3,162 1,161 — 1,488 — 98,654 Total revenues 1,395,830 356,706 150,384 50,165 204,383 61,583 12,727 56,162 — 2,287,940 Expenses: Rental property operating 707,804 117,061 470 13,839 — 25,330 2,214 25,471 — 892,189 Hospitality operating — — — — 133,823 — — — — 133,823 Total expenses 707,804 117,061 470 13,839 133,823 25,330 2,214 25,471 — 1,026,012 (Loss) Income from unconsolidated entities (12,500) 88,295 432,528 (19,930) (2,388) (1,230) (40,117) — — 444,658 Income from investments in real estate debt — — — — — — — — 163,965 163,965 Changes in net assets of consolidated securitization vehicles — — — — — — — — 29,254 29,254 Income from investments in equity securities (1) 10 — — — — — — — — 10 GAAP segment net income (loss) $ 675,536 $ 327,940 $ 582,442 $ 16,396 $ 68,172 $ 35,023 $ (29,604) $ 30,691 $ 193,219 $ 1,899,815 Depreciation and amortization $ (635,341) $ (191,276) $ (51,878) $ (24,933) $ (32,848) $ (39,006) $ (5,553) $ (18,550) $ — $ (999,385) General and administrative (17,176) Management fee (221,138) Impairment of investments in real estate (12,499) Loss from interest rate derivatives (642,160) Net gain on dispositions of real estate 121,003 Interest expense, net (788,593) Loss on extinguishment of debt (5,258) Other expense (1) (27,070) Net loss $ (692,461) Net loss attributable to non-controlling interests in third party joint ventures $ 74,358 Net loss attributable to non-controlling interests in BREIT OP unit holders 17,048 Net loss attributable to BREIT stockholders $ (601,055) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $3.7 million of net unrealized loss related to equity securities.

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($) segment property rentalHome
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 75
Number of owned properties | property	4,777
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	27,874
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Significant Of Accounting Policies [Line Items]
Income (loss) from investment in real estate debt	$ (268,193)	$ (163,965)
Income (loss) from interest rate derivatives	315,199	(642,160)
Interest expense	831,715	788,593
Total assets	129,746,243		$ 130,797,795
Total liabilities	88,553,223		86,977,764
Net realized and unrealized gain (loss) on equity securities	55,000	(3,700)
Real estate, held-for-sale	$ 132,800
Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	2
Student Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	1
Revision of Prior Period, Reclassification, Adjustment | Reclassification From Income From Investments In Real Estate
Significant Of Accounting Policies [Line Items]
Income (loss) from investment in real estate debt		10,500
Income (loss) from interest rate derivatives		(21,900)
Interest expense		$ 11,400
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	$ 1,200,000		1,300,000
Level 3 | Minimum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.066
Level 3 | Minimum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.049
Level 3 | Maximum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.085
Level 3 | Maximum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.077
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	$ 49,900,000		50,300,000
Total liabilities	$ 36,200,000		$ 37,400,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Debt Securities, Trading, and Equity Securities, FV-NI	$ 6,348,337
Real estate loans held by consolidated securitization vehicles, at fair value	16,234,541	$ 16,331,578
Equity securities	392,071	335,933
Investments in unconsolidated entities	3,725,691	4,221,593
Interest rate and foreign currency hedging derivatives	2,574,489	2,160,266
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,665,374	14,777,146
Interest rate and foreign currency hedging derivatives	21,677	34,236
Recurring
Assets:
Debt Securities, Trading, and Equity Securities, FV-NI	6,139,166	6,790,632
Real estate loans held by consolidated securitization vehicles, at fair value	16,234,541	16,331,578
Equity securities	392,071	335,933
Investments in unconsolidated entities	3,725,691	4,221,593
Interest rate and foreign currency hedging derivatives	2,574,489	2,160,266
Total	29,065,958	29,840,002
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,665,374	14,777,146
Interest rate and foreign currency hedging derivatives	21,677	34,236
Total	14,687,051	14,811,382
Recurring | Level 1
Assets:
Debt Securities, Trading, and Equity Securities, FV-NI	0	0
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	312,981	62,333
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	312,981	62,333
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:
Debt Securities, Trading, and Equity Securities, FV-NI	5,136,403	5,548,920
Real estate loans held by consolidated securitization vehicles, at fair value	16,234,541	16,331,578
Equity securities	79,090	273,600
Investments in unconsolidated entities	0	549,138
Interest rate and foreign currency hedging derivatives	2,574,489	2,160,266
Total	24,024,523	24,863,502
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,665,374	14,777,146
Interest rate and foreign currency hedging derivatives	21,677	34,236
Total	14,687,051	14,811,382
Recurring | Level 3
Assets:
Debt Securities, Trading, and Equity Securities, FV-NI	1,002,763	1,241,712
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	0	0
Investments in unconsolidated entities	3,725,691	3,672,455
Interest rate and foreign currency hedging derivatives	0	0
Total	4,728,454	4,914,167
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 | Fair Value Measured at Net Asset Value Per Share
Assets:
Debt Securities, Trading, and Equity Securities, FV-NI	$ 209,200

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 4,914,167
Purchases and contributions	101,861
Sales and repayments	(250,686)
Distributions received	(15,471)
Loss from unconsolidated entities measured at fair value	(18,488)
Realized loss	(1,595)
Unrealized loss	(1,334)
Ending balance	4,728,454
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,241,712
Purchases and contributions	14,666
Sales and repayments	(250,686)
Distributions received	0
Loss from unconsolidated entities measured at fair value	0
Realized loss	(1,595)
Unrealized loss	(1,334)
Ending balance	1,002,763
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	3,672,455
Purchases and contributions	87,195
Sales and repayments	0
Distributions received	(15,471)
Loss from unconsolidated entities measured at fair value	(18,488)
Realized loss	0
Unrealized loss	0
Ending balance	$ 3,725,691

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,728,454	$ 4,914,167
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,002,763	$ 1,241,712
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	0.103	0.101
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	$ 1,002,763	$ 1,241,712
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,725,691	3,672,455
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	$ 3,725,691	$ 3,672,455
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	0.078	0.077
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	0.052

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Incentive Compensation Awards Issued to Simply Self Storage and HPA Employees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 66,334
Forfeiture of unvested awards	0
Value of Awards Issued	63,696
Amortization of Compensation Cost	(15,258)
Unrecognized Compensation Cost, ending balance	114,772
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,697
Forfeiture of unvested awards	0
Value of Awards Issued	26,997
Amortization of Compensation Cost	(6,134)
Unrecognized Compensation Cost, ending balance	44,560
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	18,825
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(2,680)
Unrecognized Compensation Cost, ending balance	$ 16,145
Remaining Amortization Period	1 year 7 months 6 days
2022 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 8,284
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(1,082)
Unrecognized Compensation Cost, ending balance	$ 7,202
Remaining Amortization Period	1 year 10 months 24 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 36,637
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(4,580)
Unrecognized Compensation Cost, ending balance	$ 32,057
Remaining Amortization Period	2 years 2 months 12 days
2023 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 15,413
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(2,802)
Unrecognized Compensation Cost, ending balance	$ 12,611
Remaining Amortization Period	2 years 2 months 12 days
2024
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	63,696
Amortization of Compensation Cost	(5,294)
Unrecognized Compensation Cost, ending balance	$ 58,402
Remaining Amortization Period	3 years
2024 | 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	26,997
Amortization of Compensation Cost	(2,250)
Unrecognized Compensation Cost, ending balance	$ 24,747
Remaining Amortization Period	3 years

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	$ 77,843,335	$ 78,214,115
Land and land improvements	17,632,425	17,835,688
Furniture, fixtures and equipment	2,418,605	2,389,383
Right of use asset - operating leases	1,086,230	1,093,479
Right of use asset - financing leases	72,862	72,862
Total	99,053,457	99,605,527
Accumulated depreciation and amortization	(9,251,848)	(8,526,517)
Investments in real estate, net	$ 89,801,609	$ 91,079,010

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 segment
Real Estate Properties [Line Items]
Number of Properties | segment	2,436		2,466
Impairment of investments in real estate | $	$ 65,714	$ 12,499
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	17
Retail
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	2
Hospitality
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	1
Rental Housing and Affordable Housing Properties
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 36,500	0
Student Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment	1
Affordable Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment	2
Held-For-Sale Real Estate Investments
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 29,200	$ 12,500

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property
Real Estate Properties [Line Items]
Number of Properties | property	48	52
Net Proceeds	$ 872,394	$ 774,925
Net Gain (Loss)	106,554	121,003
Gains included in net gain on disposition of assets	112,700	155,600
Losses included in net gain on disposition of assets	$ 6,100	$ 34,600
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | property	33	42
Net Proceeds	$ 519,974	$ 653,770
Net Gain (Loss)	$ 44,421	$ 105,788
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	14	4
Net Proceeds	$ 325,881	$ 9,217
Net Gain (Loss)	$ 63,541	$ 1,605
Retail Properties:
Real Estate Properties [Line Items]
Number of Properties | property	1	1
Net Proceeds	$ 26,539	$ 14,384
Net Gain (Loss)	$ (1,408)	$ 2,650
Hospitality
Real Estate Properties [Line Items]
Number of Properties | property	0	5
Net Proceeds	$ 0	$ 97,554
Net Gain (Loss)	$ 0	$ 10,960

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Investments in real estate, net	$ 656,253
Other assets	4,685
Total assets	660,938
Liabilities:
Mortgage loans, net	231,386
Other liabilities	6,687
Total liabilities	$ 238,073	$ 282,350

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment property jointVenture	Mar. 27, 2024	Dec. 31, 2023 USD ($) segment jointVenture property
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	33		57
Number of Properties	2,436		2,466
Book Value | $	$ 6,782,496		$ 7,338,329
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	21		44
Number of Properties	360		379
Book Value | $	$ 3,056,805		$ 3,116,736
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1		1
Number of Properties	91		89
Ownership Interest	35.70%		35.70%
Book Value | $	$ 1,603,826		$ 1,530,875
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	14		37
Number of Properties	10		31
Book Value | $	$ 819,584		$ 948,768
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	57.10%		58.20%
Single Family Rental Home
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	10,619		10,658
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 | $	$ 293,685		$ 297,990
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3		3
Number of Properties	56		56
Book Value | $	$ 247,208		$ 244,226
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3		3
Book Value | $	$ 247,200		$ 244,200
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%
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 | $	$ 92,502		$ 94,877
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	12		13
Number of Properties	2,076		2,087
Book Value | $	$ 3,725,691		$ 4,221,593
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11		11
Number of Properties	2,075		2,086
Book Value | $	$ 3,246,761		$ 3,184,829
Industrial investments at fair value | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3		3
Book Value | $	$ 2,400,000		$ 2,300,000
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.40%		12.40%
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
Ownership Interest		8.80%	8.80%
Book Value | $			$ 549,138
Data Center investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Book Value | $			$ 549,100
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 | $	$ 478,930		$ 487,626

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands			3 Months Ended
	Mar. 27, 2024	Jan. 09, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (24,358)	$ 444,658
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			9,997	368,542
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 24,382	(43,570)
Ownership Interest			35.70%		35.70%
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (8,610)	(12,500)
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (4,305)	(2,388)
Ownership Interest			30%		30%
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 0	432,528
Ownership Interest		49.90%
Proceeds from sale of investment		$ 1,300,000
Gain on sale		$ 430,400
Retail investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (1,149)	(1,230)
Ownership Interest			50%		50%
Industrial investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (321)	(4,298)
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			(22,502)	92,593
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			(34,355)	76,116
Data Center investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			(17,698)	3,453
Ownership Interest	8.80%				8.80%
Proceeds from sale of investment	$ 531,400
Gain on sale	$ 17,400
Office investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 5,845	$ (19,930)
Ownership Interest			49%		49%

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.80%	8.80%
Face Amount	$ 6,767,885	$ 7,329,314
Cost Basis	6,709,500	7,263,705
Fair Value	$ 6,348,337	$ 6,790,632
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.90%	8.80%
Face Amount	$ 5,439,412	$ 5,729,058
Cost Basis	5,407,107	5,695,427
Fair Value	$ 5,050,016	$ 5,232,240
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4%	4%
Face Amount	$ 5,070,750	$ 5,342,253
Cost Basis	5,045,282	5,316,300
Fair Value	$ 4,757,562	$ 4,933,372
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.10%	4.20%
Face Amount	$ 280,011	$ 294,493
Cost Basis	271,003	285,059
Fair Value	$ 209,751	$ 214,124
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.70%	5%
Face Amount	$ 88,651	$ 92,312
Cost Basis	90,822	94,068
Fair Value	$ 82,703	$ 84,744
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	6.30%	5.90%
Face Amount	$ 938,391	$ 1,208,030
Cost Basis	936,533	1,200,548
Fair Value	$ 928,498	$ 1,196,640
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 390,082	$ 392,226
Cost Basis	365,860	367,730
Fair Value	369,823	361,752
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 600,000	$ 600,000

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 6,709,500	$ 7,263,705
Fair Value	$ 6,348,337	$ 6,790,632
Percentage Based on Fair Value	100%	100%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,358,822	$ 2,556,000
Fair Value	$ 2,280,820	$ 2,429,510
Percentage Based on Fair Value	36%	36%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,009,045	$ 2,081,681
Fair Value	$ 1,921,632	$ 1,954,601
Percentage Based on Fair Value	30%	29%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 950,333	$ 950,174
Fair Value	$ 951,037	$ 941,125
Percentage Based on Fair Value	15%	14%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 624,051	$ 899,669
Fair Value	$ 603,115	$ 869,858
Percentage Based on Fair Value	10%	13%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 300,332	$ 297,394
Fair Value	$ 295,222	$ 288,748
Percentage Based on Fair Value	5%	4%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 427,308	$ 417,846
Fair Value	$ 263,207	$ 252,754
Percentage Based on Fair Value	4%	4%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 39,609	$ 60,941
Fair Value	$ 33,304	$ 54,036
Percentage Based on Fair Value	0%	0%

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 6,709,500	$ 7,263,705
Fair Value	$ 6,348,337	$ 6,790,632
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 8,400
AA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	77,200	$ 77,200
Fair Value	$ 76,712	$ 76,019
Percentage Based on Fair Value	1%	1%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 66,352	$ 84,021
Fair Value	$ 65,776	$ 81,783
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 815,956	$ 868,440
Fair Value	$ 808,839	$ 850,277
Percentage Based on Fair Value	13%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,259,164	$ 1,356,535
Fair Value	$ 1,162,764	$ 1,229,290
Percentage Based on Fair Value	18%	18%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 954,017	$ 1,045,548
Fair Value	$ 858,328	$ 931,583
Percentage Based on Fair Value	14%	14%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 84,568	$ 84,561
Fair Value	$ 39,431	$ 41,555
Percentage Based on Fair Value	1%	1%
D
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 5,210	$ 5,210
Fair Value	$ 346	$ 477
Percentage Based on Fair Value	0%	0%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 936,533	$ 1,200,548
Fair Value	$ 928,498	$ 1,196,640
Percentage Based on Fair Value	15%	18%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,510,500	$ 2,541,642
Fair Value	$ 2,407,643	$ 2,383,008
Percentage Based on Fair Value	37%	34%
Weighted average LTV at origination	64%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	56%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	39%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments [Abstract]
Interest income	$ 178,838	$ 173,746
Unrealized gain	94,392	3,040
Realized loss	(10,936)	(1,023)
Total	262,294	175,763
Net realized and unrealized loss on equity securities	4,120	(5,568)
Net realized and unrealized gain (loss) on secured financings of investments in real estate debt	5,442	(5,883)
Other expense	(3,663)	(347)
Total income from investments in real estate debt	$ 268,193	$ 163,965

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 6,348,337		$ 6,790,632
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,329,452		1,525,134
Income (Loss)	61,710	$ 23,897
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	477,139		557,549
Income (Loss)	14,777	35,086
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,806,591		$ 2,082,683
Income (Loss)	$ 76,487	$ 58,983

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Marketable Securities [Line Items]
Investments in real estate debt	$ 6,709,500		$ 7,263,705
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	1,900,000		$ 1,900,000
Investments, income (loss)	$ 88,700	$ 37,800

Consolidated Securitization V_3

Consolidated Securitization Vehicles - Real Estate Loans and Related Senior Obligations of Consolidated Securitization Vehicles (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Transfers and Servicing [Abstract]
Real estate loans held by consolidated securitization vehicles, count | loan	291	291
Senior obligations of consolidated securitization vehicles, count | loan	21	21
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, count | loan	21	21
Real estate loans held by consolidated securitization vehicles, at principal value	$ 16,250,908	$ 16,551,341
Senior obligations of consolidated securitization vehicles, at principal value	14,562,615	14,835,899
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,688,293	1,715,442
Real estate loans held by consolidated securitization vehicles, at fair value	16,234,541	16,331,578
Senior obligations of consolidated securitization vehicles, at fair value	14,665,374	14,777,146
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,569,167	$ 1,554,432
Real estate loans held by consolidated securitization vehicles, weighted average yield	6.20%	6.30%
Senior obligations of consolidated securitization vehicles, weighted average cost	6.10%	6.10%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	7.70%	7.80%

Mortgage Loans, Secured Term _3

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities - Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total loans secured by real estate	$ 64,070,150,000	$ 62,220,324,000
(Discount) premium on assumed debt, net	(109,510,000)	(103,828,000)
Deferred financing costs, net	(456,307,000)	(422,818,000)
Mortgage loans, secured term loans, and secured revolving credit facilities, net	63,504,333,000	61,693,678,000
Outstanding interest rate swaps	$ 33,944,136,000	36,177,869,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	6.20%
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 32,300,000,000
Interest rate caps – property debt
Debt Instrument [Line Items]
Outstanding interest rate swaps	7,300,000,000
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 40,169,037,000	38,348,176,000
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	$ 285,100,000	293,300,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 33,076,218,000	32,316,849,000
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	$ 23,901,113,000	23,872,148,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	3.80%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,249,159,000
Total loans secured by real estate	$ 3,312,737,000	3,541,543,000
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	$ 3,780,082,000
Total loans secured by real estate	$ 3,780,082,000	$ 2,489,784,000
Secured Revolving Credit Facility | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	1.80%

Mortgage Loans, Secured Term _4

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (remaining)	$ 3,411,487
2025	4,770,160
2026	16,129,371
2027	18,463,202
2028	6,121,154
2029	7,703,402
Thereafter	7,471,374
Total	$ 64,070,150	$ 62,220,324

Mortgage Loans, Secured Term _5

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (30,648)	$ (5,258)

Secured Financings of Investm_2

Secured Financings of Investments in Real Estate Debt - Secured Financings on Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,207,994	$ 4,368,269
Notional Amount	$ 33,944,136	36,177,869
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Debt Instrument [Line Items]
Notional Amount	$ 604,415	$ 581,915

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities and Term Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 993,014	$ 1,033,083
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Other liabilities	875,207	961,654
Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities	30,110	0
Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	62,067	63,505
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Other liabilities	21,180	5,283
Other
Related Party Transaction [Line Items]
Other liabilities	$ 4,450	$ 2,641

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	May 10, 2024 USD ($) shares	Apr. 30, 2024 shares	Mar. 31, 2024 USD ($) investment shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2023
Related Party Transaction [Line Items]
Performance participation allocation shortfall			$ 105,000	$ 0		$ 74,900
Negative total return					$ 355,700
Management fee			187,121	221,138
Other assets			7,101,713		6,563,226
Net refunds from insurance premiums contributed to captive			$ 300	200
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent	$ 2,700,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent	1,400,000
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
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return			87.50%
Adviser
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum			1.25%
Management fee				$ 221,100
Adviser | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares		4.4
Adviser | Performance participation allocation | Subsequent Event
Related Party Transaction [Line Items]
Performance participation allocation, payout	$ 15,400
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares			13.3	10
Adviser | Class I | Performance participation allocation | Subsequent Event
Related Party Transaction [Line Items]
Common stock issued (in shares) | shares	1.1
Related Party
Related Party Transaction [Line Items]
Other liabilities			$ 993,014		1,033,083
Related Party | Link Logistics Real Estate Holdco LLC
Related Party Transaction [Line Items]
Other assets			47,900		42,300
Related Party | Accrued Management Fee
Related Party Transaction [Line Items]
Other liabilities			62,067		63,505
Related Party | Other
Related Party Transaction [Line Items]
Other liabilities			4,450		2,641
Other assets			4,100		4,200
Related Party | Adviser
Related Party Transaction [Line Items]
Other liabilities			900		2,600
Related Party | Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities			30,110		$ 0
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments			$ 6,900
Number of investments with capitalized costs | investment			15

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 73,504	$ 78,085
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	15,258	3,705
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	2,773	2,971
Link Logistics Real Estate Holdco LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	27,532	30,950
Link Logistics Real Estate Holdco LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	5,982	1,629
Link Logistics Real Estate Holdco LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	452	280
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	27,729	25,951
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	5,505	1,798
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,970	2,325
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	8,841	8,843
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	534	94
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	351	337
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	3,595	5,732
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	2,275	37
Revantage Corporate Services, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0
BRE Hotels and Resorts LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	3,147	4,245
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	509	87
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0
EQ Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	1,582	1,323
EQ Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	58	46
EQ Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	29
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	821	568
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	395	14
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0
Longview Senior Housing, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	257	473
Longview Senior Housing, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0
Longview Senior Housing, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	$ 0	$ 0

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 66,334
Forfeiture of unvested awards	0
Value of Awards Issued	63,696
Amortization of Compensation Cost	(15,258)
Unrecognized Compensation Cost, ending balance	114,772
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	10,872
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(2,704)
Unrecognized Compensation Cost, ending balance	$ 8,168
Remaining Amortization Period	9 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 18,825
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(2,680)
Unrecognized Compensation Cost, ending balance	$ 16,145
Remaining Amortization Period	1 year 7 months 6 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 36,637
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(4,580)
Unrecognized Compensation Cost, ending balance	$ 32,057
Remaining Amortization Period	2 years 2 months 12 days
2024
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	63,696
Amortization of Compensation Cost	(5,294)
Unrecognized Compensation Cost, ending balance	$ 58,402
Remaining Amortization Period	3 years

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Line Items]
Interest rate and foreign currency hedging derivatives	$ 2,574,489	$ 2,160,266
Intangible assets, net	1,087,834	1,146,840
Receivables, net	767,501	793,651
Straight-line rent receivable	705,231	665,747
Held-for-sale assets	660,938	453,823
Equity securities	392,071	335,933
Single family rental homes risk retention securities	300,718	300,718
Prepaid expenses	150,264	178,140
Deferred leasing costs, net	146,170	141,526
Deferred financing costs, net	56,735	62,651
Total	$ 7,101,713	$ 6,563,226
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Related Party
Other Assets [Line Items]
Other	$ 4,797	$ 78,671
Nonrelated Party
Other Assets [Line Items]
Other	$ 254,965	$ 245,260

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Line Items]
Stock repurchases payable	$ 799,981	$ 574,958
Right of use lease liability - operating leases	643,645	643,803
Accounts payable and accrued expenses	450,418	427,744
Accrued interest expense	408,492	395,814
Real estate taxes payable	278,657	327,947
Liabilities related to held-for-sale assets	238,073	282,350
Intangible liabilities, net	226,831	244,596
Tenant security deposits	226,407	228,994
Distribution payable	215,720	222,174
Prepaid rental income	173,004	232,447
Subscriptions received in advance	144,814	113,764
Right of use lease liability - financing leases	78,580	78,257
Securitized debt obligations, net	43,363	47,172
Interest rate and foreign currency hedging derivatives	21,677	34,236
Other	$ 105,923	$ 124,409
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	$ 4,055,585	$ 3,978,665

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible assets
Indefinite life intangibles	$ 184,082	$ 184,082
Total intangible assets	2,252,167	2,264,778
Total accumulated amortization	(1,164,333)	(1,117,938)
Intangible assets, net	1,087,834	1,146,840
Total intangible assets	1,087,834	1,146,840
Intangible liabilities
Below-market lease intangibles	430,293	441,391
Below-market lease amortization	(203,462)	(196,795)
Intangible liabilities, net	226,831	244,596
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,628,176	1,641,489
Total accumulated amortization	(1,042,405)	(1,007,698)
Intangible assets, net	585,771	633,791
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	61,511	61,888
Total accumulated amortization	(34,448)	(32,800)
Intangible assets, net	27,063	29,088
Other intangibles
Intangible assets
Finite-lived intangible assets	378,398	377,319
Total accumulated amortization	(87,480)	(77,440)
Intangible assets, net	$ 290,918	$ 299,879

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lease Intangibles
Intangible assets, net	$ 1,087,834	$ 1,146,840
Below-market Lease Intangibles
2024 (remaining)	(39,681)
2025	(45,457)
2026	(36,780)
2027	(25,778)
2028	(19,700)
2029	(14,706)
Thereafter	(44,729)
Total	(226,831)
In-place Lease Intangibles
Lease Intangibles
2024 (remaining)	128,126
2025	122,356
2026	93,462
2027	68,343
2028	52,015
2029	38,222
Thereafter	83,247
Intangible assets, net	585,771	633,791
Above-market Lease Intangibles
Lease Intangibles
2024 (remaining)	5,499
2025	6,077
2026	4,633
2027	3,311
2028	2,437
2029	1,730
Thereafter	3,376
Intangible assets, net	27,063	29,088
Other intangibles
Lease Intangibles
2024 (remaining)	26,830
2025	34,167
2026	33,076
2027	30,964
2028	29,156
2029	26,522
Thereafter	110,203
Intangible assets, net	$ 290,918	$ 299,879

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) derivative	Mar. 31, 2024 EUR (€) derivative	Mar. 31, 2024 GBP (£) derivative	Dec. 31, 2023 EUR (€) derivative	Dec. 31, 2023 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 33,944,136	$ 36,177,869
Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 7,300,000
Designated as Hedging Instrument | Interest rate swaps - property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	20	21	20	20	21	21
Notional Amount | $	$ 6,318,108	$ 6,386,770
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	4 years 4 months 24 days	4 years 7 months 6 days
Non-designated Hedges | Interest rate swaps - property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	51	51	51	51	51	51
Notional Amount | $	$ 26,015,600	$ 26,015,600
Weighted Average Strike	1.60%	1.60%	1.60%	1.60%	1.60%	1.60%
Weighted Average Maturity (Years)	4 years 3 months 18 days	4 years 6 months
Non-designated Hedges | Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	151	153	151	151	153	153
Notional Amount | $	$ 7,324,121	$ 9,580,354
Weighted Average Strike	6.20%	5.80%	6.20%	6.20%	5.80%	5.80%
Weighted Average Maturity (Years)	10 months 24 days	6 months
Non-designated Hedges | Interest rate swaps - secured financings of investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	18	17	18	18	17	17
Notional Amount | $	$ 604,415	$ 581,915
Weighted Average Strike	3.40%	3.40%	3.40%	3.40%	3.40%	3.40%
Weighted Average Maturity (Years)	6 years 3 months 18 days	6 years 7 months 6 days
Non-designated Hedges | Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 81,035		€ 139,913
Number of Instruments	7	9	7	7	9	9
Non-designated Hedges | Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 51,714		£ 57,377
Number of Instruments	7	9	7	7	9	9
Non-designated Hedges | Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 1,956		€ 10,421
Number of Instruments	3	2	3	3	2	2

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 2,574,489	$ 2,160,266
Fair Value of Derivatives in a Liability Position	21,677	34,236
Interest rate cap	229,400	189,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	349,233	246,350
Fair Value of Derivatives in a Liability Position	293	1,320
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	2,225,256	1,913,916
Fair Value of Derivatives in a Liability Position	21,384	32,916
Interest rate swaps - property debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	349,233	246,350
Fair Value of Derivatives in a Liability Position	293	1,320
Interest rate swaps - property debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	2,181,911	1,874,065
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	23,885	31,134
Fair Value of Derivatives in a Liability Position	13,933	17,020
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	19,024	8,643
Fair Value of Derivatives in a Liability Position	7,433	12,210
Foreign currency forward contracts | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	436	74
Fair Value of Derivatives in a Liability Position	$ 18	$ 3,686

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	$ 319,319	$ (647,728)
Unrealized gain (loss) on derivatives	101,353	(151,255)
Total	420,672	(798,983)
Gain reclassified to earnings	45,600	32,800
Interest rate swaps - property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	310,211	(557,680)
Unrealized gain (loss) on derivatives	101,353	(151,255)
Interest rate caps – property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(10,878)	(62,570)
Realized gain (loss)	511	0
Interest rate swaps - secured financings of investments in real estate debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	15,355	(21,910)
Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	4,122	9,566
Realized gain (loss)	$ (2)	$ (15,134)

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of assets that posted collateral | $	$ 10.4	$ 23.4
Number of derivative counterparties | counterparty	1	3

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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) shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	4,107,332
Common stock issued (transferred)	36,915
Distribution reinvestment (in shares)	20,564
Common stock repurchased (in shares)	(206,058)
Ending balance (in shares)	3,958,753
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,488,197
Common stock issued (transferred)	2,707
Distribution reinvestment (in shares)	7,528
Common stock repurchased (in shares)	(61,007)
Ending balance (in shares)	1,437,425
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,402,959
Common stock issued (transferred)	36,128
Distribution reinvestment (in shares)	11,818
Common stock repurchased (in shares)	(138,197)
Ending balance (in shares)	2,312,708
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	59,246
Common stock issued (transferred)	(2,278)
Distribution reinvestment (in shares)	362
Common stock repurchased (in shares)	(2,280)
Ending balance (in shares)	55,050
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	154,794
Common stock issued (transferred)	248
Distribution reinvestment (in shares)	856
Common stock repurchased (in shares)	(4,574)
Ending balance (in shares)	151,324
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,136
Common stock issued (transferred)	110
Distribution reinvestment (in shares)	0
Common stock repurchased (in shares)	0
Ending balance (in shares)	2,246

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
	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Equity [Line Items]
Common stock repurchased, value		$ 2,916,878	$ 3,388,903
Non-controlling interests attributable to third party joint ventures		4,742,049		$ 4,709,621
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest		$ 876	$ (28,971)
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		$ 194,000		$ 197,200
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent		2%
Quarterly maximum percent		5%
Common stock repurchased during period (in shares)		206.1
BREIT OP units repurchased (in units)		0.7
Common stock repurchased, value		$ 2,900,000
Requests fulfilled, percent of NAV	2%
Requests fulfilled percent	88%
Requests exceeding quarterly maximum amount, percent		0.10%

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1654	$ 0.1663
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1654
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0301)
Net distributions declared per share of common stock (in dollars per share)	0.1353
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1654
Stockholder servicing fee per share of common stock (in dollars per share)	0
Net distributions declared per share of common stock (in dollars per share)	0.1654
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1654
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0296)
Net distributions declared per share of common stock (in dollars per share)	0.1358
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1654
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0087)
Net distributions declared per share of common stock (in dollars per share)	$ 0.1567

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	$ 197,537
GAAP income allocation	887	$ 436
Ending balance	194,360
Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	0	(65,313)
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	351	344,145
GAAP income allocation	0	2,212
Distributions	0	(1,300)
Fair value allocation	6	(404)
Ending balance	357	350
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	0	(278,990)
Special Limited Partner | Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	$ 0	$ (65,313)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease payments	$ 1,814,604	$ 1,867,526
Variable lease payments	148,461	120,539
Rental revenue	$ 1,963,065	$ 1,988,065
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessor, Operating Lease, Payments to be Received
2024 (remaining)	$ 1,372,267
2025	1,752,977
2026	1,613,055
2027	1,403,382
2028	1,185,157
2029	981,186
Thereafter	14,857,835
Total	$ 23,165,859

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2024 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	94
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)	77 years
Operating ground lease containing variable components	3
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	5%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	7%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 28,718
2025	37,690
2026	37,894
2027	38,253
2028	38,597
2029	38,771
Thereafter	2,535,800
Total undiscounted future lease payments	2,755,723
Difference between undiscounted cash flows and discounted cash flows	(2,112,078)
Total lease liability	643,645	$ 643,803
Financing Leases
2024 (remaining)	3,268
2025	4,386
2026	4,509
2027	4,635
2028	4,764
2029	5,164
Thereafter	554,161
Total undiscounted future lease payments	580,887
Difference between undiscounted cash flows and discounted cash flows	(502,307)
Total lease liability	$ 78,580	$ 78,257

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed ground rent expense	$ 3,948	$ 4,028
Variable ground rent expense	8,235	5,994
Total cash portion of ground rent expense	12,183	10,022
Straight-line ground rent expense	5,334	5,403
Total operating lease costs	$ 17,517	$ 15,425

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Interest on lease liabilities	$ 1,091	$ 1,024
Amortization of right-of-use assets	299	319
Total financing lease costs	$ 1,390	$ 1,343

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	9

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 129,746,243	$ 130,797,795
Rental Housing
Segment Reporting Information [Line Items]
Total assets	64,088,644	64,665,680
Industrial
Segment Reporting Information [Line Items]
Total assets	19,849,161	20,050,095
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,094,265	8,117,528
Office
Segment Reporting Information [Line Items]
Total assets	2,898,041	2,945,455
Hospitality
Segment Reporting Information [Line Items]
Total assets	2,827,869	2,867,166
Retail
Segment Reporting Information [Line Items]
Total assets	2,452,068	2,505,146
Data Centers
Segment Reporting Information [Line Items]
Total assets	2,445,982	2,927,807
Self Storage
Segment Reporting Information [Line Items]
Total assets	740,526	739,743
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	22,758,050	23,264,164
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 3,591,637	$ 2,715,011

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 2,188,914	$ 2,287,940
Expenses:
Total expenses	1,005,371	1,026,012
(Loss) income from unconsolidated entities	(24,358)	444,658
Income from investments in real estate debt	268,193	163,965
Change in net assets of consolidated securitization vehicles	75,413	29,254
Loss from investments in equity securities	56,972	10
GAAP segment net income	1,559,763	1,899,815
Depreciation and amortization	(913,208)	(999,385)
General and administrative	(16,350)	(17,176)
Management fee	(187,121)	(221,138)
Performance participation allocation	(104,966)	0
Impairment of investments in real estate	(65,714)	(12,499)
Income (loss) from interest rate derivatives	315,199	(642,160)
Net gain on dispositions of real estate	106,554	121,003
Interest expense, net	(831,715)	(788,593)
Loss on extinguishment of debt	(30,648)	(5,258)
Other expense	(1,864)	(27,070)
Net loss	(170,070)	(692,461)
Net loss attributable to non-controlling interests in third party joint ventures	31,673	74,358
Net loss attributable to non-controlling interests in BREIT OP unit holders	5,384	17,048
Net loss attributable to BREIT stockholders	(133,013)	(601,055)
Net realized and unrealized gain (loss) on equity securities	55,000	(3,700)
Rental Housing
Revenues:
Total revenues	1,397,586	1,395,830
Expenses:
Total expenses	740,945	707,804
(Loss) income from unconsolidated entities	(8,611)	(12,500)
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	56,972	10
GAAP segment net income	705,002	675,536
Depreciation and amortization	(586,190)	(635,341)
Industrial
Revenues:
Total revenues	370,888	356,706
Expenses:
Total expenses	122,493	117,061
(Loss) income from unconsolidated entities	(22,823)	88,295
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	225,572	327,940
Depreciation and amortization	(188,018)	(191,276)
Net Lease
Revenues:
Total revenues	150,384	150,384
Expenses:
Total expenses	667	470
(Loss) income from unconsolidated entities	0	432,528
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	149,717	582,442
Depreciation and amortization	(51,878)	(51,878)
Office
Revenues:
Total revenues	45,549	50,165
Expenses:
Total expenses	14,562	13,839
(Loss) income from unconsolidated entities	5,845	(19,930)
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	36,832	16,396
Depreciation and amortization	(24,688)	(24,933)
Hospitality
Revenues:
Total revenues	133,177	204,383
Expenses:
Total expenses	91,915	133,823
(Loss) income from unconsolidated entities	(4,305)	(2,388)
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	36,957	68,172
Depreciation and amortization	(22,676)	(32,848)
Retail
Revenues:
Total revenues	59,088	61,583
Expenses:
Total expenses	24,069	25,330
(Loss) income from unconsolidated entities	(1,148)	(1,230)
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	33,871	35,023
Depreciation and amortization	(27,609)	(39,006)
Data Centers
Revenues:
Total revenues	13,080	12,727
Expenses:
Total expenses	2,409	2,214
(Loss) income from unconsolidated entities	6,684	(40,117)
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	17,355	(29,604)
Depreciation and amortization	(5,541)	(5,553)
Self Storage
Revenues:
Total revenues	19,162	56,162
Expenses:
Total expenses	8,311	25,471
(Loss) income from unconsolidated entities	0	0
Income from investments in real estate debt	0	0
Change in net assets of consolidated securitization vehicles	0	0
Loss from investments in equity securities	0	0
GAAP segment net income	10,851	30,691
Depreciation and amortization	(6,608)	(18,550)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
(Loss) income from unconsolidated entities	0	0
Income from investments in real estate debt	268,193	163,965
Change in net assets of consolidated securitization vehicles	75,413	29,254
Loss from investments in equity securities	0	0
GAAP segment net income	343,606	193,219
Depreciation and amortization	0	0
Rental revenue
Revenues:
Total revenues	1,963,065	1,988,065
Expenses:
Total expenses	913,456	892,189
Rental revenue | Rental Housing
Revenues:
Total revenues	1,314,157	1,311,977
Expenses:
Total expenses	740,945	707,804
Rental revenue | Industrial
Revenues:
Total revenues	367,058	349,593
Expenses:
Total expenses	122,493	117,061
Rental revenue | Net Lease
Revenues:
Total revenues	150,384	150,384
Expenses:
Total expenses	667	470
Rental revenue | Office
Revenues:
Total revenues	43,110	48,288
Expenses:
Total expenses	14,562	13,839
Rental revenue | Hospitality
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Rental revenue | Retail
Revenues:
Total revenues	57,591	60,422
Expenses:
Total expenses	24,069	25,330
Rental revenue | Data Centers
Revenues:
Total revenues	13,080	12,727
Expenses:
Total expenses	2,409	2,214
Rental revenue | Self Storage
Revenues:
Total revenues	17,685	54,674
Expenses:
Total expenses	8,311	25,471
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality
Revenues:
Total revenues	133,177	201,221
Expenses:
Total expenses	91,915	133,823
Hospitality | Rental Housing
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Industrial
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Net Lease
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Office
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Hospitality
Revenues:
Total revenues	133,177	201,221
Expenses:
Total expenses	91,915	133,823
Hospitality | Retail
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Data Centers
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Self Storage
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues	0	0
Expenses:
Total expenses	0	0
Other revenue
Revenues:
Total revenues	92,672	98,654
Other revenue | Rental Housing
Revenues:
Total revenues	83,429	83,853
Other revenue | Industrial
Revenues:
Total revenues	3,830	7,113
Other revenue | Net Lease
Revenues:
Total revenues	0	0
Other revenue | Office
Revenues:
Total revenues	2,439	1,877
Other revenue | Hospitality
Revenues:
Total revenues	0	3,162
Other revenue | Retail
Revenues:
Total revenues	1,497	1,161
Other revenue | Data Centers
Revenues:
Total revenues	0	0
Other revenue | Self Storage
Revenues:
Total revenues	1,477	1,488
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0	$ 0