Blackstone Real Estate Income Trust (BSTT) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,377,130,000
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,197,097,000
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,367,000
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		143,505,000
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,820,000
Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 86,862,973	$ 91,079,010
Investments in unconsolidated entities (includes $3,995,987 and $4,221,593 at fair value as of June 30, 2024 and December 31, 2023, respectively)	7,040,551	7,338,329
Investments in real estate debt	5,558,488
Real estate loans held by consolidated securitization vehicles, at fair value	16,132,944	16,331,578
Cash and cash equivalents	1,629,851	1,945,260
Restricted cash	957,101	749,760
Other assets	7,627,680	6,563,226
Total assets	125,809,588	130,797,795
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	63,271,503	61,693,678
Secured financings of investments in real estate debt	3,697,400	4,368,269
Senior obligations of consolidated securitization vehicles, at fair value	14,632,231	14,777,146
Unsecured revolving credit facilities and term loans	1,626,923	1,126,923
Total liabilities	88,124,177	86,977,764
Commitments and contingencies	0	0
Redeemable non-controlling interests	183,744	197,537
Equity
Additional paid-in capital	44,126,933	48,576,100
Accumulated other comprehensive income	458,186	345,975
Accumulated deficit and cumulative distributions	(14,467,972)	(12,612,581)
Total stockholders’ equity	30,155,073	36,350,567
Non-controlling interests attributable to third party joint ventures	4,529,522	4,709,621
Non-controlling interests attributable to BREIT OP unitholders	2,817,072	2,562,306
Total equity	37,501,667	43,622,494
Total liabilities and equity	125,809,588	130,797,795
Related Party
Liabilities and Equity
Other liabilities	840,336	1,033,083
Nonrelated Party
Liabilities and Equity
Other liabilities	4,055,784	3,978,665
Class S
Equity
Common stock value	13,860	14,882
Class I
Equity
Common stock value	22,091	24,030
Class T
Equity
Common stock value	505	592
Class D
Equity
Common stock value	1,443	1,548
Class C
Equity
Common stock value	$ 27	$ 21

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments in unconsolidated entities	$ 3,995,987	$ 4,221,593
Common stock, shares outstanding (in shares)	3,792,732	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)	1,386,026	1,488,197
Common stock, shares outstanding (in shares)	1,386,026	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)	2,209,162	2,402,959
Common stock, shares outstanding (in shares)	2,209,162	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)	50,494	59,246
Common stock, shares outstanding (in shares)	50,494	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)	144,324	154,794
Common stock, shares outstanding (in shares)	144,324	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)	2,726	2,136
Common stock, shares outstanding (in shares)	2,726	2,136

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 2,158,547	$ 2,273,055	$ 4,347,461	$ 4,560,995
Expenses
Operating expenses	1,004,680	1,044,599	2,010,051	2,070,611
General and administrative	17,950	17,122	34,300	34,298
Management fee	180,655	213,365	367,776	434,503
Performance participation allocation	(104,966)	0	0	0
Impairment of investments in real estate	118,044	105,216	183,758	117,715
Depreciation and amortization	889,334	987,636	1,802,542	1,987,021
Total expenses	2,105,697	2,367,938	4,398,427	4,644,148
Other income (expense)
(Loss) income from unconsolidated entities	(37,998)	89,966	(62,356)	534,624
Income from investments in real estate debt	157,075	224,838	425,268	388,803
Change in net assets of consolidated securitization vehicles	41,013	62,685	116,426	91,939
(Loss) income from interest rate derivatives	(52,637)	488,574	262,562	(153,587)
Net gain on dispositions of real estate	175,890	668,824	282,444	789,827
Interest expense, net	(857,855)	(739,289)	(1,689,570)	(1,527,881)
Loss on extinguishment of debt	(21,404)	(3,283)	(52,052)	(8,541)
Other (expense) income	(38,941)	11,518	16,167	(15,542)
Total other income (expense)	(634,857)	803,833	(701,111)	99,642
Net (loss) income	(582,007)	708,950	(752,077)	16,489
Net loss attributable to non-controlling interests in third party joint ventures	37,386	69,255	69,059	143,613
Net loss (income) attributable to non-controlling interests in BREIT OP unit holders	26,122	(23,271)	31,506	(6,223)
Net (loss) income attributable to BREIT stockholders	$ (518,499)	$ 754,934	$ (651,512)	$ 153,879
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.13)	$ 0.17	$ (0.17)	$ 0.03
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.13)	$ 0.17	$ (0.17)	$ 0.03
Weighted-average shares of common stock outstanding, basic (in shares)	3,847,540	4,529,016	3,924,186	4,595,291
Weighted-average shares of common stock outstanding, diluted (in shares)	3,847,540	4,529,016	3,924,186	4,595,291
Rental revenue
Revenues
Total revenues	$ 1,912,544	$ 1,944,641	$ 3,875,609	$ 3,932,706
Expenses
Operating expenses	902,711	897,010	1,816,167	1,789,199
Hospitality
Revenues
Total revenues	150,129	217,744	283,306	418,965
Expenses
Operating expenses	101,969	147,589	193,884	281,412
Other revenue
Revenues
Total revenues	$ 95,874	$ 110,670	$ 188,546	$ 209,324

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Other Comprehensive Income [Abstract]
Net (loss) income	$ (582,007)	$ 708,950	$ (752,077)	$ 16,489
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net	(4,787)	15,123	(21,192)	25,588
Unrealized gain on derivatives	3,946	172,012	105,299	20,757
Unrealized gain (loss) on derivatives from unconsolidated entities	12,682	55,020	62,067	(2,211)
Other comprehensive income	11,841	242,155	146,174	44,134
Comprehensive (loss) income	(570,166)	951,105	(605,903)	60,623
Comprehensive loss attributable to non-controlling interests in third party joint ventures	35,945	30,734	41,017	136,955
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP unit holders	25,700	(28,943)	25,585	(8,014)
Comprehensive (loss) income attributable to BREIT stockholders	$ (508,521)	$ 952,896	$ (539,301)	$ 189,564

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)	6,105,780	6,105,780	202	6,193	(29)	(2,415)	20	6,101,809
Reduction in accrual for offering costs, net	370,193	370,193						370,193
Distribution reinvestment	675,465	675,465	156	266	8	30		675,005
Common stock/units repurchased	(6,828,085)	(6,615,652)	(755)	(3,526)	(40)	(191)		(6,611,140)				(212,433)
Amortization of compensation awards	18,638	13,716		137				13,579				4,922
Net income (loss)	17,252	153,879								153,879		4,529	(141,156)
Other comprehensive income	43,831	35,685							35,685			1,566	6,580
Distributions declared on common stock and OP units	(1,419,517)	(1,419,517)								(1,419,517)
Contributions from non-controlling interests	426,188											297,336	128,852
Operating distributions to non-controlling interests	(152,572)	(2,415)						(2,415)				(44,159)	(105,998)
Allocation to redeemable non-controlling interests	(21,632)	(21,632)						(21,632)
Ending Balance at Jun. 30, 2023	49,436,292	43,750,766	15,577	27,017	665	1,638	20	53,737,893	429,613	(10,461,657)		1,518,353	4,167,173
Beginning Balance at Mar. 31, 2023	51,607,390	45,732,704	15,824	28,274	705	1,668	11	55,971,090	231,651	(10,516,519)		1,664,876	4,209,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	667,568	667,568	89	280	(22)	35	9	667,177
Reduction in accrual for offering costs, net	33,780	33,780						33,780
Distribution reinvestment	330,815	330,815	77	138	4	8		330,588
Common stock/units repurchased	(3,439,182)	(3,272,733)	(413)	(1,739)	(22)	(73)		(3,270,486)				(166,449)
Amortization of compensation awards	9,226	6,418		64				6,354				2,808
Net income (loss)	710,149	754,934								754,934		23,275	(68,060)
Other comprehensive income	242,087	197,962							197,962			5,672	38,453
Distributions declared on common stock and OP units	(700,072)	(700,072)								(700,072)
Contributions from non-controlling interests	48,907											9,987	38,920
Operating distributions to non-controlling interests	(81,715)	(7,949)						(7,949)				(21,816)	(51,950)
Allocation to redeemable non-controlling interests	7,339	7,339						7,339
Ending Balance at Jun. 30, 2023	49,436,292	43,750,766	15,577	27,017	665	1,638	20	53,737,893	429,613	(10,461,657)		1,518,353	4,167,173
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)	1,044,043	1,044,043	87	363	(44)	16	6	1,043,615
Reduction in accrual for offering costs, net	100,649	100,649						100,649
Distribution reinvestment	624,676	572,944	148	233	7	17		572,539			$ 51,732
Common stock/units repurchased	(6,243,042)	(6,133,960)	(1,257)	(2,896)	(50)	(138)		(6,129,619)				(109,082)
Amortization of compensation awards	41,470	36,062		361				35,701				5,408
Net income (loss)	(749,477)	(651,512)								(651,512)		(31,381)	(66,584)
Other comprehensive income	146,268	112,211							112,211			5,912	28,145
Distributions declared on common stock and OP units	(1,277,434)	(1,203,879)								(1,203,879)	(73,555)
Contributions from non-controlling interests	540,432											405,732	134,700
Operating distributions to non-controlling interests	(73,310)												(73,310)
Capital distributions to and redemptions of non-controlling interests	(295,170)	(92,120)						(92,120)			(203,050)
Allocation to redeemable non-controlling interests	20,068	20,068						20,068
Ending Balance at Jun. 30, 2024	37,501,667	30,155,073	13,860	22,091	505	1,443	27	44,126,933	458,186	(14,467,972)		2,817,072	4,529,522
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	595,696	595,696	60	191	(22)	14	5	595,448
Reduction in accrual for offering costs, net	70,126	70,126						70,126
Distribution reinvestment	309,947	282,914	73	115	3	8		282,715			27,033
Common stock/units repurchased	(3,326,164)	(3,226,829)	(647)	(1,514)	(27)	(92)		(3,224,549)				(99,335)
Amortization of compensation awards	19,883	17,179		172				17,007				2,704
Net income (loss)	(580,294)	(518,499)								(518,499)		(25,997)	(35,798)
Other comprehensive income	11,853	9,978							9,978			413	1,462
Distributions declared on common stock and OP units	(627,952)	(590,269)								(590,269)	$ (37,683)
Contributions from non-controlling interests	185,535											179,922	5,613
Operating distributions to non-controlling interests	(38,163)												(38,163)
Capital distributions to and redemptions of non-controlling interests	(136,652)	8,989						8,989					(145,641)
Allocation to redeemable non-controlling interests	19,192	19,192						19,192
Ending Balance at Jun. 30, 2024	$ 37,501,667	$ 30,155,073	$ 13,860	$ 22,091	$ 505	$ 1,443	$ 27	$ 44,126,933	$ 458,186	$ (14,467,972)		$ 2,817,072	$ 4,529,522

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ (1,713)	$ (1,199)	$ (2,600)	$ (763)
Other comprehensive income (loss) allocated to redeemable non-controlling interests	$ 12	$ (68)	$ 94	$ 303
Distributions declared on common stock (in dollars per share)	$ 0.1653	$ 0.1664	$ 0.3307	$ 0.3327

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (752,077)	$ 16,489
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Management fee	367,776	434,503
Impairment of investments in real estate	183,758	117,715
Depreciation and amortization	1,802,542	1,987,021
Net gain on dispositions of real estate	(282,444)	(789,827)
Loss on extinguishment of debt	52,052	8,541
Unrealized (gain) loss on fair value of financial instruments	(365,470)	23,711
Loss (income) from unconsolidated entities	62,356	(534,624)
Distributions of earnings from unconsolidated entities	113,931	157,088
Other items	(44,531)	140,298
Change in assets and liabilities:
Increase in other assets	53,128	(73,289)
Increase in due to affiliates	19,746	(2,464)
Decrease in other liabilities	(58,450)	20,888
Net cash provided by operating activities	1,152,317	1,506,050
Cash flows from investing activities:
Acquisitions of real estate	0	(36,667)
Capital improvements to real estate	(529,664)	(698,398)
Proceeds from disposition of real estate	2,081,578	2,872,916
Investment in unconsolidated entities	(316,194)	(270,045)
Dispositions of and return of capital from unconsolidated entities	772,571	1,811,738
Purchase of investments in real estate debt	(50,078)	(122,827)
Proceeds from sale/repayment of investments in real estate debt	1,393,750	607,718
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	410,492	113,417
Collateral (posted) released under derivative contracts	(7,750)	10,295
Other investing activities	27,911	29,244
Net cash provided by investing activities	3,782,616	4,317,391
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	11,654,277	2,369,075
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(10,055,756)	(5,688,534)
Borrowings under secured financings of investments in real estate debt	222,787	176,678
Repayments of secured financings of investments in real estate debt	(886,810)	(410,331)
Borrowings under unsecured revolving credit facilities and term loans	1,490,000	0
Repayments of unsecured revolving credit facilities and term loans	(990,000)	0
Payment of deferred financing costs	(166,601)	(44,350)
Sales of senior obligations of consolidated securitization vehicles	70,898	77,528
Repayments of senior obligations of consolidated securitization vehicles	(377,845)	(105,193)
Proceeds from issuance of common stock	885,158	5,394,423
Subscriptions received in advance	98,837	107,215
Offering costs paid	(106,775)	(118,884)
Distributions	(646,548)	(743,629)
Repurchase of common stock	(5,903,091)	(6,139,742)
Contributions from redeemable non-controlling interest	1,002	173
Distributions to and redemption of redeemable non-controlling interest	(7,329)	(2,637)
Redemption of affiliate service provider incentive compensation awards	(879)	(141)
Contributions from non-controlling interests	7,709	19,220
Distributions to and redemptions of non-controlling interests	(330,505)	(312,637)
Net cash used in financing activities	(5,041,471)	(5,421,766)
Net change in cash and cash equivalents and restricted cash	(106,538)	401,675
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	(1,530)	(30)
Cash, cash equivalents and restricted cash, end of period	2,586,952	2,656,137
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,629,851	1,866,185
Restricted cash	957,101	789,952
Total cash, cash equivalents and restricted cash	2,586,952	2,656,137
Non-cash investing and financing activities:
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	0	1,295
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	2,033	2,287
Accrued distributions	0	574
Change in accrued stockholder servicing fee due to affiliate	(208,207)	(490,124)
Redeemable non-controlling interest issued as settlement of performance participation allocation	15,370	0
Issuance of Class B units and Class I shares for payment of management fees	372,061	435,305
Allocation to redeemable non-controlling interest	20,068	21,632
Distribution reinvestment	624,676	675,465
Accrued repurchases	808,612	654,248
Conversion of equity securities to investments in unconsolidated entities	396,120	0
Collateral used in repayment of mortgage payable	23,414	0
Receivable for proceeds from disposition of real estate	1,016	0
Receivable for unsettled investments in real estate debt	16,819	4,311
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	0	6,707
Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net	211,768	335,092
Other assets	705	(9,031)
Mortgage loans, net	(88,722)	(126,208)
Other liabilities	(11,405)	(22,444)
Non-controlling interests attributable to third party joint ventures	(34,126)	(109,568)
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	6 Months Ended
	Jun. 30, 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 June 30, 2024, the Company had received aggregate net proceeds of $75.8 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. As of June 30, 2024, the Company owned, in whole or in part, 4,733 properties and 64,324 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	6 Months Ended
	Jun. 30, 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 $26.4 million for the three months ended June 30, 2023 have been reclassified to (loss) income from interest rate derivatives and interest expense, net in the amounts of $(47.7) million and $74.1 million, respectively, to conform to the current period presentation. For the six months ended June 30, 2023, certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in income (loss) from investments in real estate debt of $15.9 million have been reclassified to (loss) income from interest rate derivatives and interest expense, net in the amounts of $(69.6) million and $85.5 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 June 30, 2024, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $48.7 billion and $35.7 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 June 30, 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 December 31, 2023, the Company’s equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2024, there were no such equity securities. The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. 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): June 30, 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) $ — $ 4,338,199 $ 1,002,279 $ 5,340,478 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 16,132,944 — 16,132,944 — 16,331,578 — 16,331,578 Equity securities (2) — — — — 62,333 273,600 — 335,933 Investments in unconsolidated entities — 331,858 3,664,129 3,995,987 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 2,533,282 — 2,533,282 — 2,160,266 — 2,160,266 Total $ — $ 23,336,283 $ 4,666,408 $ 28,002,691 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,632,231 $ — $ 14,632,231 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 22,874 — 22,874 — 34,236 — 34,236 Total $ — $ 14,655,105 $ — $ 14,655,105 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $218.0 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ 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 18,750 97,720 116,470 Sales and repayments (255,204) — (255,204) Distributions received — (68,158) (68,158) Included in net income (loss) Loss from unconsolidated entities measured at fair value — (37,888) (37,888) Realized loss (2,528) — (2,528) Unrealized loss (451) — (451) Balance as of June 30, 2024 $ 1,002,279 $ 3,664,129 $ 4,666,408 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,002,279 Yield method Market yield 10.4% Decrease Investments in unconsolidated entities $ 3,664,129 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 June 30, 2024, the Company recognized an aggregate $75.6 million of impairment charges related to two student housing properties, one industrial property, 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 $125.8 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 6.1% to 10.0%, and the exit capitalization rate (Level 3), which ranged from 5.0% to 7.1%. Additionally, during the three months ended June 30, 2024, the Company recognized an aggregate $42.4 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The significant unobservable 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 June 30, 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 $1.1 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 performance metrics, over a stated hurdle amount are considered market conditions. The achievement of returns, or other key performance metrics, over the stated hurdle amounts, which affect the quantity of awards that vest, is considered a performance condition. If the Company determines it is probable that the performance conditions will be met, the value of the award will be amortized over the service periods, as adjusted for forfeitures. If the Company determines it is not probable that the performance conditions will be met, the value of the award is considered zero and any previous amortization will be reversed. The number of awards expected to vest is evaluated each reporting period and compensation expense is recognized for those awards for which achievement of the performance criteria is considered probable. 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 Six Months Ended June 30, 2024 June 30, 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 $ — $ — $ (2,164) $ 6,120 1.7 years 2023 15,413 — — (5,011) 10,402 2.0 years 2024 — — 26,997 (4,500) 22,497 2.8 years Total $ 23,697 $ — $ 26,997 $ (11,675) $ 39,019 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 has not early adopted ASU 2023-07 and 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	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Building and building improvements $ 75,770,696 $ 78,214,115 Land and land improvements 17,215,458 17,835,688 Furniture, fixtures and equipment 2,415,431 2,389,383 Right of use asset - operating leases (1) 1,063,614 1,093,479 Right of use asset - financing leases (1) 72,862 72,862 Total 96,538,061 99,605,527 Accumulated depreciation and amortization (9,675,088) (8,526,517) Investments in real estate, net $ 86,862,973 $ 91,079,010 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions There were no acquisitions during the six months ended June 30, 2024. Dispositions The following tables detail the dispositions during the periods set forth below ($ in thousands): Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 21 $ 682,826 $ 32,825 54 $ 1,202,800 $ 77,246 Industrial properties 17 366,269 121,900 31 692,150 185,441 Retail properties 9 161,105 21,165 10 187,644 19,757 Total 47 $ 1,210,200 $ 175,890 95 $ 2,082,594 $ 282,444 Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Hospitality properties 2 $ 817,083 $ 300,151 7 $ 914,637 $ 311,111 Rental Housing properties (2) 31 766,034 290,272 73 1,419,804 396,060 Industrial properties 8 424,808 73,958 12 434,025 75,563 Retail properties 3 90,066 4,443 4 104,450 7,093 Total 44 $ 2,097,991 $ 668,824 96 $ 2,872,916 $ 789,827 (1) For the three months ended June 30, 2024, net gain includes gains of $201.0 million and losses of $25.1 million. For the six months ended June 30, 2024, net gain includes gains of $313.6 million and losses of $31.2 million. For the three months ended June 30, 2023, net gain includes gains of $678.3 million and losses of $9.5 million. For the six months ended June 30, 2023, net gain includes gains of $833.9 million and losses of $44.1 million. (2) The number of properties excludes single family rental homes sold. Properties Held-for-Sale As of June 30, 2024, 35 properties in the rental housing segment, one property in the industrial segment, and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: June 30, 2024 Investments in real estate, net $ 1,645,097 Other assets 7,446 Total assets $ 1,652,543 Liabilities: Mortgage loans, net $ 301,131 Other liabilities 52,882 Total liabilities $ 354,013 Impairment During the three months ended June 30, 2024, the Company recognized an aggregate $118.0 million of impairment charges including (i) $75.6 million related to two student housing properties, one industrial property, 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) $42.4 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 six months ended June 30, 2024, the Company recognized an aggregate $183.8 million of impairment charges including (i) $112.1 million related to three student housing properties, two affordable housing properties, one industrial property, 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) $71.7 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 June 30, 2023, the Company recognized an aggregate $105.2 million of impairment charges related predominantly to one office property and to a lesser extent affordable housing properties as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period. During the six months ended June 30, 2023, the Company recognized an aggregate $117.7 million of impairment charges including (i) $105.2 million related predominantly to one office property and to a lesser extent affordable housing properties as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $12.5 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 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): June 30, 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 97 35.7% $ 1,607,156 Rental Housing investments (2) Rental Housing 14 10 12.2% - 57.3% 812,546 Hospitality investment Hospitality 1 196 30.0% 288,385 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 245,431 Retail investments Retail 2 7 50.0% 91,046 Total unconsolidated entities carried at historical cost 21 366 3,044,564 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,071 12.4% - 85.0% 3,183,464 Office investments Office 1 1 49.0% 480,665 Rental Housing investments (5) Rental Housing 2 11 11.6% 331,858 Total unconsolidated entities carried at fair value 14 2,083 3,995,987 Total 35 2,449 $ 7,040,551 (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 10,543 single family rental homes that are not included in the number of properties. (3) Includes $245.4 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. (5) On May 1, 2024, the Company alongside another Blackstone-advised investment vehicle formed a joint venture that acquired all of the outstanding common shares of Tricon Residential Inc. (“Tricon”) for a total equity transaction value of $3.5 billion. As part of the transaction, the Company converted its prior investment in common and preferred stock of Tricon to an interest in the newly formed joint venture, which is recorded under investments in unconsolidated entities. The book value of $331.9 million represents the value of the Company’s interest in the Tricon joint venture. The number of properties excludes 37,252 single family rental homes. 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 June 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (8,396) $ (4,949) Rental Housing investments Rental Housing (5,268) (2,647) Hospitality investment Hospitality (800) 1,674 Industrial investments Industrial (2,145) (1,637) Retail investments Retail (579) 855 Total unconsolidated entities carried at historical cost (17,188) (6,704) Unconsolidated entities carried at fair value: Industrial investments (1) Industrial (28,308) 90,851 Data Center investments Data Centers — (18) Office investments Office 7,743 5,837 Rental Housing investments Rental Housing (245) — Total unconsolidated entities carried at fair value (20,810) 96,670 Total $ (37,998) $ 89,966 (1) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. For the Six Months Ended June 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ 15,986 $ (48,519) Rental Housing investments Rental Housing (13,878) (15,147) Hospitality investment Hospitality (5,105) (714) Industrial investments Industrial (2,466) (5,935) Retail investments Retail (1,728) (375) MGM Grand & Mandalay Bay (1) Net Lease — 432,528 Total unconsolidated entities carried at historical cost (7,191) 361,838 Unconsolidated entities carried at fair value: Industrial investments (2) Industrial (50,810) 183,444 Data Center investments (3) Data Centers (17,698) 3,435 Office investments Office 13,588 (14,093) Rental Housing investments Rental Housing (245) — Total unconsolidated entities carried at fair value (55,165) 172,786 Total $ (62,356) $ 534,624 (1) On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million. (2) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. (3) 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	6 Months Ended
	Jun. 30, 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): June 30, 2024 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.2% 6/20/2032 $ 4,367,782 $ 4,345,662 $ 4,082,103 RMBS 4.1% 1/17/2059 207,486 202,765 152,827 Corporate bonds 4.9% 6/7/2028 55,699 56,092 50,931 Total real estate securities 9.0% 5/15/2033 4,630,967 4,604,519 4,285,861 Commercial real estate loans +6.4% 5/17/2027 903,106 904,636 895,049 Other investments (5)(6) 5.7% 9/21/2029 388,055 364,090 377,578 Total investments in real estate debt 9.0% 2/27/2032 $ 5,922,128 $ 5,873,245 $ 5,558,488 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 Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“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 $0.6 billion as of both June 30, 2024 and December 31, 2023. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”). The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): June 30, 2024 December 31, 2023 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,116,325 $ 2,056,390 37% $ 2,556,000 $ 2,429,510 36% Rental Housing (2) 1,879,230 1,803,440 32% 2,081,681 1,954,601 29% Net Lease 857,871 860,422 15% 950,174 941,125 14% Hospitality 439,644 425,131 8% 899,669 869,858 13% Office 378,668 223,070 4% 417,846 252,754 4% Other 149,143 144,802 3% 297,394 288,748 4% Diversified 52,364 45,233 1% 60,941 54,036 —% Total $ 5,873,245 $ 5,558,488 100% $ 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): June 30, 2024 December 31, 2023 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AA $ — $ — —% $ 77,200 $ 76,019 1% A 77,200 75,395 1% 84,021 81,783 1% BBB 775,967 773,040 14% 868,440 850,277 13% BB 870,909 823,743 15% 1,356,535 1,229,290 18% B 723,830 656,745 12% 1,045,548 931,583 14% CCC and below 136,137 40,589 1% 89,771 42,032 1% Private commercial real estate loans 904,636 895,049 16% 1,200,548 1,196,640 18% Not rated (2) 2,384,566 2,293,927 41% 2,541,642 2,383,008 34% Total $ 5,873,245 $ 5,558,488 100% $ 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 June 30, 2024, not rated positions have a weighted-average loan-to-value (“LTV”) at origination of 58%, are primarily composed of 55% industrial and 41% rental housing assets, and include interest-only securities with a fair value of $6.9 million. The following table details the Company’s income from investments in real estate debt ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 155,392 $ 181,279 $ 334,230 $ 355,025 Unrealized gain 30,977 64,322 125,369 67,362 Realized loss (27,414) (16,335) (38,350) (17,358) Total 158,955 229,266 421,249 405,029 Net realized and unrealized gain (loss) on derivatives 841 (1,549) 4,961 (7,118) Net realized and unrealized gain (loss) on secured financings of investments in real estate debt 1,404 (2,743) 6,846 (8,626) Other expense (4,125) (136) (7,788) (482) Total income from investments in real estate debt $ 157,075 $ 224,838 $ 425,268 $ 388,803 The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended June 30, Six Months Ended June 30, June 30, 2024 December 31, 2023 2024 2023 2024 2023 CMBS $ 899,130 $ 1,525,134 $ 27,676 $ 50,691 $ 89,386 $ 74,588 Commercial real estate loans 466,120 557,549 11,516 33,097 26,293 68,183 Total $ 1,365,250 $ 2,082,683 $ 39,192 $ 83,788 $ 115,679 $ 142,771 The Company acquired such affiliated CMBS from third-parties on market terms negotiated by the majority third-party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS. The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third-parties without the Company’s involvement. As of June 30, 2024 and December 31, 2023, the Company’s investments in real estate debt also included $1.8 billion and $1.9 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage loans. During the three and six months ended June 30, 2024, the Company recognized $50.3 million and $139.0 million of income, respectively, related to such CMBS. During the three and six months ended June 30, 2023, the Company recognized $83.3 million and $121.1 million of income, respectively, related to such CMBS.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	6 Months Ended
	Jun. 30, 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): June 30, 2024 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,140,845 $ 16,132,944 6.3 % 2/5/2026 Senior obligations of consolidated securitization vehicles 21 14,529,830 14,632,231 6.1 % 2/19/2026 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,611,015 $ 1,500,713 7.7 % 10/5/2025 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	6 Months Ended
	Jun. 30, 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): June 30, 2024 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum June 30, 2024 December 31, 2023 Fixed rate loans: Fixed rate mortgages (4) 3.8% 7/28/2029 N/A $ 23,245,936 $ 23,872,148 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 10/27/2027 N/A 33,750,433 32,316,849 Variable rate warehouse facilities (5) +2.0% 7/31/2025 $ 4,008,497 3,046,431 3,541,543 Variable rate secured revolving credit facilities +1.9% 8/21/2027 $ 3,799,919 3,799,919 2,489,784 Total variable rate loans +2.4% 8/21/2027 40,596,783 38,348,176 Total loans secured by real estate 6.3% 5/4/2028 63,842,719 62,220,324 (Discount) premium on assumed debt, net (103,138) (103,828) Deferred financing costs, net (468,078) (422,818) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 63,271,503 $ 61,693,678 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, Canadian Dollar Offer Rate (“CDOR”), and EURIBOR as applicable to each loan. As of June 30, 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 $10.7 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 $303.7 million and $293.3 million of loans related to investments in affordable housing properties as of June 30, 2024 and December 31, 2023, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval. The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of June 30, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 1,106,331 2025 5,010,275 2026 15,068,400 2027 19,870,218 2028 4,893,243 2029 10,279,806 Thereafter 7,614,446 Total $ 63,842,719 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 $21.4 million and $52.1 million for the three and six months ended June 30, 2024, respectively. The Company incurred a net realized loss on extinguishment of debt of $3.3 million and $8.5 million, for the three and six months ended June 30, 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 June 30, 2024, the Company was in compliance with all of its loan covenants.

Secured Financings of Investmen

Secured Financings of Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 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 declines. As of June 30, 2024 and December 31, 2023, the Company’s secured financings of investments in real estate debt was $3.7 billion and $4.4 billion, respectively. As of June 30, 2024, the secured financings had a weighted average maturity date of July 16, 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 June 30, 2024 and December 31, 2023, the Company had interest rate swaps outstanding with a notional value of $0.5 billion and $0.6 billion, respectively, that effectively convert 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	6 Months Ended
	Jun. 30, 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 December 1, 2024, which may be extended for one year, and an interest rate of SOFR +2.5%. As of June 30, 2024 and December 31, 2023, the maximum capacity of the credit facilities was $5.7 billion and $5.6 billion, respectively. As of June 30, 2024, the aggregate outstanding balance of borrowings under these unsecured credit facilities was $500.0 million. As of December 31, 2023, there were no such outstanding borrowings. The Company is party to unsecured term loans with multiple banks. The term loans have a weighted average maturity date of January 30, 2026 and an interest rate of SOFR +2.5%. As of both June 30, 2024 and December 31, 2023, the aggregate outstanding balance of the unsecured term loans was $1.1 billion. 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 June 30, 2024 and December 31, 2023, the Company had no outstanding borrowings under the Line of Credit.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Accrued stockholder servicing fee $ 753,447 $ 961,654 Performance participation allocation — — Accrued management fee 59,220 63,505 Accrued affiliate service provider expenses 26,766 5,283 Other 903 2,641 Total $ 840,336 $ 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. 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 “2022 Quarterly Shortfall”). The 2022 Quarterly Shortfall and the related interest of $4.8 million 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 $25.3 million as of March 31, 2024. During the three months ended June 30, 2024, the Company issued 1.1 million Class I units of BREIT OP, valued at $15.4 million, to the Special Limited Partner as partial payment of the net performance participation allocation earned by the Special Limited Partner as of March 31, 2024. During the three and six months ended June 30, 2024, the Company’s total return did not exceed the year-to-date hurdle amount and the 2023 loss carryforward amount, resulting in a Quarterly Shortfall with respect to the $105.0 million performance participation allocation recorded during the three months ended March 31, 2024 (the “2024 Shortfall Obligation”). As such, during the three months ended June 30, 2024, the Company reversed the $105.0 million performance participation allocation accrual recorded during the three months ended March 31, 2024. As of June 30, 2024, the 2024 Shortfall Obligation of $105.0 million, net of $9.9 million of the performance participation allocation previously earned by the Special Limited Partner but not paid by the Company, is recorded as a receivable from the Special Limited Partner and included as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. During the six months ended June 30, 2024, the Company accrued interest income of $1.0 million, related to the 2022 Quarterly Shortfall. During the three months ended June 30, 2024, the Company did not record any such interest income because the 2022 Quarterly Shortfall was no longer outstanding. During the three and six months ended June 30, 2023, the Company accrued interest income of $0.9 million and $1.9 million, respectively, related to the 2022 Quarterly Shortfall. During the three and six months ended June 30, 2023, the Company’s total return did not exceed the hurdle amount and, as a result, no performance participation allocation expense was recognized. As of August 9, 2024, Blackstone owned shares of the Company and units of BREIT OP valued at an aggregate $2.9 billion. In addition, Blackstone employees, including the Company’s executive officers, owned shares of the Company and units of BREIT OP valued at an aggregate $1.4 billion. 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 and six months ended June 30, 2024, the Company incurred management fees of $180.7 million, and $367.8 million, respectively. During the three and six months ended June 30, 2023, the Company incurred management fees of $213.4 million, and $434.5 million, respectively. During the six months ended June 30, 2024, the Company issued 26.3 million units of BREIT OP to the Adviser as payment for management fees. During the six months ended June 30, 2023, the Company issued 24.8 million unregistered Class I shares, to the Adviser as payment for management fees. The Company also had a payable of $59.2 million and $63.5 million related to the management fees as of June 30, 2024 and December 31, 2023, respectively. During July 2024, the Adviser was issued 4.2 million units of BREIT OP as payment for the management fees accrued as of June 30, 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 and six months ended June 30, 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 tables detail the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 31,578 $ 30,381 $ 5,122 $ 2,075 $ 364 $ 400 LivCor, LLC 22,922 24,247 6,047 2,247 2,510 3,097 ShopCore Properties TRS Management LLC 8,727 7,622 112 146 1,167 328 Revantage Corporate Services, LLC 7,433 6,475 2,129 57 — — BRE Hotels and Resorts LLC 3,177 4,878 315 176 — — EQ Management, LLC 1,676 1,028 58 60 5 — Beam Living 895 614 334 124 — — Longview Senior Housing, LLC 253 609 — — — — $ 76,661 $ 75,854 $ 14,117 $ 4,885 $ 4,046 $ 3,825 Affiliate Service Amortization of Capitalized Transaction Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 59,110 $ 61,331 $ 11,104 $ 3,704 $ 816 $ 680 LivCor, LLC 50,651 50,198 11,552 4,045 4,480 5,422 ShopCore Properties TRS Management LLC 17,568 16,465 646 240 1,518 665 Revantage Corporate Services, LLC 11,028 12,207 4,404 94 — — BRE Hotels and Resorts LLC 6,324 9,123 824 263 — — EQ Management, LLC 3,258 2,351 116 106 5 29 Beam Living 1,716 1,182 729 138 — — Longview Senior Housing, LLC 510 1,082 — — — — $ 150,165 $ 153,939 $ 29,375 $ 8,590 $ 6,819 $ 6,796 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 Six Months Ended June 30, 2024 June 30, 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 $ — $ — $ (5,408) $ 5,464 0.5 years 2022 18,825 — — (5,360) 13,465 1.4 years 2023 36,637 — — (9,159) 27,478 2.0 years 2024 — — 56,835 (9,448) 47,387 2.8 years $ 66,334 $ — $ 56,835 $ (29,375) $ 93,794 Other As of June 30, 2024 and December 31, 2023, the Company had an outstanding balance due to the Adviser of $0.9 million and $2.6 million, respectively, related to general corporate expenses provided by unaffiliated third parties that the Adviser paid on the Company's behalf. Such expenses are reimbursed by the Company to the Adviser in the ordinary course. Affiliate Title Service Provider Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium, or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related expense offset to the Company. During the three and six months ended June 30, 2024, the Company paid LNLS $7.6 million and $14.5 million, respectively, for title services related to certain 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 June 30, 2024, the Company did not contribute capital to the captive insurance company owned by it and other Blackstone-advised investment vehicles. During the six months ended June 30, 2024, the Company received a net refund of $0.3 million related to insurance premiums previously paid to the captive insurance company. 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. During the three and six months ended June 30, 2023, the Company contributed $3.5 million and $3.3 million, respectively, of capital to the captive insurance company. Of these amounts, $0.1 million was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to the captive insurance company. Other As of June 30, 2024 and December 31, 2023, the Company had a receivable of $52.5 million and $46.5 million, respectively, from certain portfolio companies owned by Blackstone-advised investment vehicles related to the prepayment of certain corporate service fees and incentive compensation awards. Such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Interest rate and foreign currency hedging derivatives $ 2,533,282 $ 2,160,266 Held-for-sale assets 1,652,543 453,823 Intangible assets, net 1,021,123 1,146,840 Straight-line rent receivable 744,213 665,747 Receivables, net 729,796 793,651 Single family rental homes risk retention securities 300,718 300,718 Deferred leasing costs, net 147,320 141,526 Prepaid expenses 114,509 178,140 Due from affiliate (1) 95,024 78,671 Deferred financing costs, net 57,101 62,651 Equity securities (2) — 335,933 Other 232,051 245,260 Total $ 7,627,680 $ 6,563,226 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. (2) Refer to Note 4 investments in unconsolidated entities for additional information. The following table details the components of other liabilities ($ in thousands): June 30, 2024 December 31, 2023 Stock repurchases payable $ 808,612 $ 574,958 Right of use lease liability - operating leases 612,586 643,803 Accrued interest expense 395,772 395,814 Accounts payable and accrued expenses 388,056 427,744 Liabilities related to held-for-sale assets 354,013 282,350 Real estate taxes payable 347,260 327,947 Tenant security deposits 223,041 228,994 Intangible liabilities, net 210,681 244,596 Distribution payable 206,341 222,174 Prepaid rental income 131,684 232,447 Subscriptions received in advance 98,837 113,764 Right of use lease liability - financing leases 78,898 78,257 Securitized debt obligations, net 40,118 47,172 Interest rate and foreign currency hedging derivatives 22,874 34,236 Other 137,011 124,409 Total $ 4,055,784 $ 3,978,665

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 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): June 30, 2024 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,331,783 $ (808,117) $ 523,666 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 59,909 (35,337) 24,572 Other intangibles 379,666 (90,863) 288,803 Total intangible assets $ 1,955,440 $ (934,317) $ 1,021,123 Intangible liabilities Below-market lease intangibles 419,432 (208,751) 210,681 Total intangible liabilities $ 419,432 $ (208,751) $ 210,681 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 June 30, 2024 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 (remaining) $ 71,457 $ 3,447 $ 15,719 $ (25,187) 2025 119,928 5,898 31,058 (44,846) 2026 92,130 4,529 30,013 (36,325) 2027 67,714 3,235 27,653 (25,621) 2028 51,682 2,386 26,016 (19,568) 2029 37,828 1,730 23,379 (14,648) Thereafter 82,927 3,347 134,965 (44,486) Total $ 523,666 $ 24,572 $ 288,803 $ (210,681)

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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): June 30, 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 $ 6,317,707 2.6% SOFR 4.1 Derivatives not designated as hedging instruments Interest rate caps - property debt 164 10,694,706 7.7% SOFR 0.9 Interest rate swaps - property debt 51 26,015,600 1.4% SOFR, EURIBOR 3.5 Interest rate swaps - secured financings of investments in real estate debt 15 495,415 3.6% SOFR 6.1 Total $ 37,205,721 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): June 30, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 7 € 77,145 9 € 139,913 Buy USD / Sell GBP Forward 6 £ 45,832 9 £ 57,377 Buy EUR / Sell USD Forward 3 € 5,738 2 € 10,421 Buy GBP / Sell USD Forward 2 £ 835 — £ — Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 355,466 $ 246,350 $ — $ 1,320 Total derivatives designated as hedging instruments 355,466 246,350 — 1,320 Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 26,638 31,134 16,689 17,020 Interest rate swaps - property debt 2,137,781 1,874,065 — — Interest rate swaps - secured financings of investments in real estate debt 12,204 8,643 5,556 12,210 Foreign currency forward contracts 1,193 74 629 3,686 Total derivatives not designated as hedging instruments 2,177,816 1,913,916 22,874 32,916 Total interest rate and foreign currency hedging derivatives $ 2,533,282 $ 2,160,266 $ 22,874 $ 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 $194.4 million and $189.7 million as of June 30, 2024 and December 31, 2023, respectively. The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended June 30, 2024 2023 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (41,792) $ 546,438 Interest rate caps – property debt Unrealized loss (1) (6,094) (10,202) Interest rate caps – property debt Realized gain (1) 31 — Interest rate swap – secured financings of investments in real estate debt Unrealized loss (1) (4,782) (47,662) Foreign currency forward contract Realized gain (loss) (2) 801 (1,960) Foreign currency forward contract Unrealized gain (2) 40 411 Total $ (51,796) $ 487,025 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain 3,946 172,012 Total $ (47,850) $ 659,037 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Six Months Ended June 30, 2024 2023 Included in Net Loss Interest rate swap – property debt Unrealized gain (loss) (1) $ 268,419 $ (11,242) Interest rate caps – property debt Unrealized loss (1) (16,972) (72,772) Interest rate caps – property debt Realized gain (1) 542 — Interest rate swaps – secured financings of investments in real estate debt Unrealized gain (loss) (1) 10,573 (69,573) Foreign currency forward contract Realized gain (loss) (2) 799 (17,094) Foreign currency forward contract Unrealized gain (2) 4,162 9,977 Total $ 267,523 $ (160,704) Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain 105,299 20,757 Total $ 372,822 $ (139,947) (1) Included in (loss) income 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 and six months ended June 30, 2024, net gain of $45.6 million and $91.2 million, respectively, was reclassified from accumulated other comprehensive income into net income. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of June 30, 2024, the Company was in a net liability position and posted collateral of $3.9 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	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of June 30, 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 tables detail the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2024 (1) Class S Class I Class T Class D Class C Total March 31, 2024 1,437,425 2,312,708 55,050 151,324 2,246 3,958,753 Common stock issued (2) 6,012 36,352 (2,234) 1,324 493 41,947 Distribution reinvestment 7,327 11,484 340 838 — 19,989 Common stock repurchased (64,738) (151,382) (2,662) (9,162) (13) (227,957) June 30, 2024 1,386,026 2,209,162 50,494 144,324 2,726 3,792,732 Six Months Ended June 30, 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) 8,719 72,480 (4,512) 1,572 603 78,862 Distribution reinvestment 14,855 23,302 702 1,694 — 40,553 Common stock repurchased (125,745) (289,579) (4,942) (13,736) (13) (434,015) June 30, 2024 1,386,026 2,209,162 50,494 144,324 2,726 3,792,732 (1) As of June 30, 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 six months ended June 30, 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 six months ended June 30, 2024, the Company repurchased 434.0 million shares of common stock and 7.7 million units of BREIT OP for a total of $6.2 billion. During the months ended May 31, 2024 and June 30, 2024, the Company received repurchase requests that exceeded the applicable monthly and quarterly repurchase limits, respectively, under the Repurchase Plan, in each case by 0.9%. The Company’s majority independent board of directors exercised its discretion and approved repurchase requests exceeding the Repurchase Plan’s 2% of NAV monthly and 5% of NAV quarterly limits, as described above, and the Company fulfilled all repurchase requests for the months ended May 31, 2024 and June 30, 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: (1) Three Months Ended June 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1653 $ 0.1653 $ 0.1653 $ 0.1653 Stockholder servicing fee per share of common stock (0.0300) — (0.0296) (0.0086) Net distributions declared per share of common stock $ 0.1353 $ 0.1653 $ 0.1357 $ 0.1567 Six Months Ended June 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.3307 $ 0.3307 $ 0.3307 $ 0.3307 Stockholder servicing fee per share of common stock (0.0601) — (0.0592) (0.0173) Net distributions declared per share of common stock $ 0.2706 $ 0.3307 $ 0.2715 $ 0.3134 (1) 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. Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the six months ended June 30, 2024 and 2023 ($ in thousands): Six Months Ended June 30, 2024 2023 Balance at the beginning of the year $ 351 $ 344,145 Settlement of prior quarter(s) performance participation allocation 15,370 — Conversion to Class I and Class B units — (278,990) Conversion to Class I and Class C shares — (65,313) GAAP income allocation (124) 1,919 Distributions (60) (1,300) Fair value allocation 216 (104) Ending balance $ 15,753 $ 357 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of June 30, 2024 and December 31, 2023, $168.0 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 $19.2 million and $20.1 million, during the three and six months ended June 30, 2024, respectively, and $7.3 million and $21.6 million, during the three and six months ended June 30, 2023, respectively, to reflect their redemption value.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease payments $ 1,765,926 $ 1,826,835 $ 3,580,530 $ 3,694,361 Variable lease payments 146,618 117,806 295,079 238,345 Rental revenue $ 1,912,544 $ 1,944,641 $ 3,875,609 $ 3,932,706 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of June 30, 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) $ 910,933 2025 1,783,124 2026 1,646,575 2027 1,438,424 2028 1,215,884 2029 1,010,732 Thereafter 14,897,160 Total $ 22,902,832 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of June 30, 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 June 30, 2024 ($ in thousands): Operating Financing 2024 (remaining) $ 19,820 $ 2,215 2025 36,293 4,386 2026 36,456 4,509 2027 36,772 4,635 2028 37,070 4,764 2029 37,199 5,164 Thereafter 2,098,046 554,168 Total undiscounted future lease payments 2,301,656 579,841 Difference between undiscounted cash flows and discounted cash flows (1,689,070) (500,943) Total lease liability $ 612,586 $ 78,898 The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of June 30, 2024, the weighted average remaining lease term of the Company’s operating leases and financing leases was 59 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed ground rent expense $ 3,724 $ 3,820 $ 7,672 $ 7,848 Variable ground rent expense 8,084 6,831 16,319 12,825 Total cash portion of ground rent expense 11,808 10,651 23,991 20,673 Straight-line ground rent expense 5,352 5,520 10,686 10,923 Total operating lease costs $ 17,160 $ 16,171 $ 34,677 $ 31,596 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on lease liabilities $ 1,040 $ 1,024 $ 2,131 $ 2,048 Amortization of right-of-use assets 317 320 616 639 Total financing lease costs $ 1,357 $ 1,344 $ 2,747 $ 2,687

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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): June 30, 2024 December 31, 2023 Rental Housing $ 62,602,988 $ 64,665,680 Industrial 19,469,787 20,050,095 Net Lease 8,067,369 8,117,528 Office 2,866,234 2,945,455 Hospitality 2,791,268 2,867,166 Data Centers 2,440,729 2,927,807 Retail 2,281,566 2,505,146 Self Storage 734,161 739,743 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 21,887,275 23,264,164 Other (Corporate) 2,668,211 2,715,011 Total assets $ 125,809,588 $ 130,797,795 The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,276,380 $ 356,620 $ 150,384 $ 42,733 $ — $ 13,356 $ 55,491 $ 17,580 $ — $ 1,912,544 Hospitality revenue — — — — 150,129 — — — — 150,129 Other revenue 85,375 5,212 — 2,698 — — 1,194 1,395 — 95,874 Total revenues 1,361,755 361,832 150,384 45,431 150,129 13,356 56,685 18,975 — 2,158,547 Expenses: Rental property operating 732,169 119,108 660 15,643 — 2,594 23,533 9,004 — 902,711 Hospitality operating — — — — 101,969 — — — — 101,969 Total expenses 732,169 119,108 660 15,643 101,969 2,594 23,533 9,004 — 1,004,680 (Loss) income from unconsolidated entities (5,513) (30,452) — 7,743 (800) (8,396) (580) — — (37,998) Income from investments in real estate debt — — — — — — — — 157,075 157,075 Changes in net assets of consolidated securitization vehicles — — — — — — — — 41,013 41,013 Income from investments in equity securities (1) 4,509 — — — — — — — — 4,509 GAAP segment net income $ 628,582 $ 212,272 $ 149,724 $ 37,531 $ 47,360 $ 2,366 $ 32,572 $ 9,971 $ 198,088 $ 1,318,466 Depreciation and amortization $ (570,934) $ (183,749) $ (51,878) $ (23,060) $ (22,990) $ (5,541) $ (24,529) $ (6,653) $ — $ (889,334) General and administrative (17,950) Management fee (180,655) Performance participation allocation 104,966 Impairment of investments in real estate (118,044) Loss from interest rate derivatives (52,637) Net gain on dispositions of real estate 175,890 Interest expense, net (857,855) Loss on extinguishment of debt (21,404) Other expense (1) (43,450) Net loss $ (582,007) Net loss attributable to non-controlling interests in third party joint ventures $ 37,386 Net loss attributable to non-controlling interests in BREIT OP unitholders 26,122 Net loss attributable to BREIT stockholders $ (518,499) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $3.8 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,268,987 $ 351,188 $ 150,385 $ 48,001 $ — $ 12,959 $ 57,449 $ 55,672 $ — $ 1,944,641 Hospitality revenue — — — — 217,744 — — — — 217,744 Other revenue 91,833 5,917 — 1,904 4,524 — 1,086 5,406 — 110,670 Total revenues 1,360,820 357,105 150,385 49,905 222,268 12,959 58,535 61,078 — 2,273,055 Expenses: Rental property operating 717,790 107,869 774 14,362 — 2,524 23,969 29,710 12 897,010 Hospitality operating — — — — 147,589 — — — — 147,589 Total expenses 717,790 107,869 774 14,362 147,589 2,524 23,969 29,710 12 1,044,599 (Loss) income from unconsolidated entities (2,647) 89,214 — 5,837 1,674 (4,967) 855 — — 89,966 Income from investments in real estate debt — — — — — — — — 224,838 224,838 Changes in net assets of consolidated securitization vehicles — — — — — — — — 62,685 62,685 Income from investments in equity securities (1) 30,927 — — — — — — — — 30,927 GAAP segment net income $ 671,310 $ 338,450 $ 149,611 $ 41,380 $ 76,353 $ 5,468 $ 35,421 $ 31,368 $ 287,511 $ 1,636,872 Depreciation and amortization $ (628,409) $ (193,248) $ (51,878) $ (24,971) $ (32,185) $ (5,470) $ (34,197) $ (17,278) $ — $ (987,636) General and administrative (17,122) Management fee (213,365) Impairment of investments in real estate (105,216) Income from interest rate derivatives 488,574 Net gain on dispositions of real estate 668,824 Interest expense, net (739,289) Loss on extinguishment of debt (3,283) Other expense (1) (19,409) Net income $ 708,950 Net loss attributable to non-controlling interests in third party joint ventures $ 69,255 Net income attributable to non-controlling interests in BREIT OP unit holders (23,271) Net income attributable to BREIT stockholders $ 754,934 (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $27.1 million of net unrealized gain related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,590,537 $ 723,678 $ 300,769 $ 85,842 $ — $ 26,436 $ 113,082 $ 35,265 $ — $ 3,875,609 Hospitality revenue — — — — 283,306 — — — — 283,306 Other revenue 168,805 9,042 — 5,137 — — 2,690 2,872 — 188,546 Total revenues 2,759,342 732,720 300,769 90,979 283,306 26,436 115,772 38,137 — 4,347,461 Expenses: Rental property operating 1,473,115 241,602 1,326 30,205 — 5,003 47,601 17,315 — 1,816,167 Hospitality operating — — — — 193,884 — — — — 193,884 Total expenses 1,473,115 241,602 1,326 30,205 193,884 5,003 47,601 17,315 — 2,010,051 (Loss) income from unconsolidated entities (14,124) (53,276) — 13,588 (5,105) (1,711) (1,728) — — (62,356) Income from investments in real estate debt — — — — — — — — 425,268 425,268 Changes in net assets of consolidated securitization vehicles — — — — — — — — 116,426 116,426 Income from investments in equity securities (1) 61,482 — — — — — — — — 61,482 GAAP segment net income $ 1,333,585 $ 437,842 $ 299,443 $ 74,362 $ 84,317 $ 19,722 $ 66,443 $ 20,822 $ 541,694 $ 2,878,230 Depreciation and amortization $ (1,157,124) $ (371,767) $ (103,756) $ (47,748) $ (45,666) $ (11,082) $ (52,138) $ (13,261) $ — $ (1,802,542) General and administrative (34,300) Management fee (367,776) Impairment of investments in real estate (183,758) Income from interest rate derivatives 262,562 Net gain on dispositions of real estate 282,444 Interest expense, net (1,689,570) Loss on extinguishment of debt (52,052) Other expense (1) (45,315) Net loss $ (752,077) Net loss attributable to non-controlling interests in third party joint ventures $ 69,059 Net loss attributable to non-controlling interests in BREIT OP unit holders 31,506 Net loss attributable to BREIT stockholders $ (651,512) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,580,964 $ 700,781 $ 300,769 $ 96,289 $ — $ 25,686 $ 117,871 $ 110,346 $ — $ 3,932,706 Hospitality revenue — — — — 418,965 — — — — 418,965 Other revenue 175,686 13,030 — 3,781 7,686 — 2,247 6,894 — 209,324 Total revenues 2,756,650 713,811 300,769 100,070 426,651 25,686 120,118 117,240 — 4,560,995 Expenses: Rental property operating 1,425,594 224,930 1,244 28,201 — 4,738 49,299 55,181 12 1,789,199 Hospitality operating — — — — 281,412 — — — — 281,412 Total expenses 1,425,594 224,930 1,244 28,201 281,412 4,738 49,299 55,181 12 2,070,611 (Loss) income from unconsolidated entities (15,147) 177,509 432,528 (14,093) (714) (45,084) (375) — — 534,624 Income from investments in real estate debt — — — — — — — — 388,803 388,803 Changes in net assets of consolidated securitization vehicles — — — — — — — — 91,939 91,939 Income from investments in equity securities (1) 30,937 — — — — — — — — 30,937 GAAP segment net income $ 1,346,846 $ 666,390 $ 732,053 $ 57,776 $ 144,525 $ (24,136) $ 70,444 $ 62,059 $ 480,730 $ 3,536,687 Depreciation and amortization $ (1,263,750) $ (384,524) $ (103,756) $ (49,904) $ (65,033) $ (11,023) $ (73,203) $ (35,828) $ — $ (1,987,021) General and administrative (34,298) Management fee (434,503) Impairment of investments in real estate (117,715) Loss from interest rate derivatives (153,587) Net gain on dispositions of real estate 789,827 Interest expense, net (1,527,881) Loss on extinguishment of debt (8,541) Other expense (1) (46,479) Net income $ 16,489 Net loss attributable to non-controlling interests in third party joint ventures $ 143,613 Net income attributable to non-controlling interests in BREIT OP unit holders (6,223) Net income attributable to BREIT stockholders $ 153,879 (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $23.4 million of net unrealized gain related to equity securities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 $26.4 million for the three months ended June 30, 2023 have been reclassified to (loss) income from interest rate derivatives and interest expense, net in the amounts of $(47.7) million and $74.1 million, respectively, to conform to the current period presentation. For the six months ended June 30, 2023, certain amounts in the Company’s prior period Condensed Consolidated Statements of Operations included in income (loss) from investments in real estate debt of $15.9 million have been reclassified to (loss) income from interest rate derivatives and interest expense, net in the amounts of $(69.6) million and $85.5 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 June 30, 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 December 31, 2023, the Company’s equity securities were recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2024, there were no such equity securities. The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. 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): June 30, 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) $ — $ 4,338,199 $ 1,002,279 $ 5,340,478 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 16,132,944 — 16,132,944 — 16,331,578 — 16,331,578 Equity securities (2) — — — — 62,333 273,600 — 335,933 Investments in unconsolidated entities — 331,858 3,664,129 3,995,987 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 2,533,282 — 2,533,282 — 2,160,266 — 2,160,266 Total $ — $ 23,336,283 $ 4,666,408 $ 28,002,691 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,632,231 $ — $ 14,632,231 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 22,874 — 22,874 — 34,236 — 34,236 Total $ — $ 14,655,105 $ — $ 14,655,105 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $218.0 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ 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 18,750 97,720 116,470 Sales and repayments (255,204) — (255,204) Distributions received — (68,158) (68,158) Included in net income (loss) Loss from unconsolidated entities measured at fair value — (37,888) (37,888) Realized loss (2,528) — (2,528) Unrealized loss (451) — (451) Balance as of June 30, 2024 $ 1,002,279 $ 3,664,129 $ 4,666,408 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,002,279 Yield method Market yield 10.4% Decrease Investments in unconsolidated entities $ 3,664,129 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 June 30, 2024, the Company recognized an aggregate $75.6 million of impairment charges related to two student housing properties, one industrial property, 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 $125.8 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 6.1% to 10.0%, and the exit capitalization rate (Level 3), which ranged from 5.0% to 7.1%. Additionally, during the three months ended June 30, 2024, the Company recognized an aggregate $42.4 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The significant unobservable 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 June 30, 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 $1.1 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 performance metrics, over a stated hurdle amount are considered market conditions. The achievement of returns, or other key performance metrics, over the stated hurdle amounts, which affect the quantity of awards that vest, is considered a performance condition. If the Company determines it is probable that the performance conditions will be met, the value of the award will be amortized over the service periods, as adjusted for forfeitures. If the Company determines it is not probable that the performance conditions will be met, the value of the award is considered zero and any previous amortization will be reversed. The number of awards expected to vest is evaluated each reporting period and compensation expense is recognized for those awards for which achievement of the performance criteria is considered probable.
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 has not early adopted ASU 2023-07 and 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)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 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) $ — $ 4,338,199 $ 1,002,279 $ 5,340,478 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 16,132,944 — 16,132,944 — 16,331,578 — 16,331,578 Equity securities (2) — — — — 62,333 273,600 — 335,933 Investments in unconsolidated entities — 331,858 3,664,129 3,995,987 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 2,533,282 — 2,533,282 — 2,160,266 — 2,160,266 Total $ — $ 23,336,283 $ 4,666,408 $ 28,002,691 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,632,231 $ — $ 14,632,231 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 22,874 — 22,874 — 34,236 — 34,236 Total $ — $ 14,655,105 $ — $ 14,655,105 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $218.0 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ 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 18,750 97,720 116,470 Sales and repayments (255,204) — (255,204) Distributions received — (68,158) (68,158) Included in net income (loss) Loss from unconsolidated entities measured at fair value — (37,888) (37,888) Realized loss (2,528) — (2,528) Unrealized loss (451) — (451) Balance as of June 30, 2024 $ 1,002,279 $ 3,664,129 $ 4,666,408
Schedule of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,002,279 Yield method Market yield 10.4% Decrease Investments in unconsolidated entities $ 3,664,129 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
Schedule 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 Six Months Ended June 30, 2024 June 30, 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 $ — $ — $ (2,164) $ 6,120 1.7 years 2023 15,413 — — (5,011) 10,402 2.0 years 2024 — — 26,997 (4,500) 22,497 2.8 years Total $ 23,697 $ — $ 26,997 $ (11,675) $ 39,019 The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Six Months Ended June 30, 2024 June 30, 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 $ — $ — $ (5,408) $ 5,464 0.5 years 2022 18,825 — — (5,360) 13,465 1.4 years 2023 36,637 — — (9,159) 27,478 2.0 years 2024 — — 56,835 (9,448) 47,387 2.8 years $ 66,334 $ — $ 56,835 $ (29,375) $ 93,794

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Building and building improvements $ 75,770,696 $ 78,214,115 Land and land improvements 17,215,458 17,835,688 Furniture, fixtures and equipment 2,415,431 2,389,383 Right of use asset - operating leases (1) 1,063,614 1,093,479 Right of use asset - financing leases (1) 72,862 72,862 Total 96,538,061 99,605,527 Accumulated depreciation and amortization (9,675,088) (8,526,517) Investments in real estate, net $ 86,862,973 $ 91,079,010 (1) Refer to Note 15 for additional details on the Company’s leases.
Schedule of Details of Dispositions	The following tables detail the dispositions during the periods set forth below ($ in thousands): Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 21 $ 682,826 $ 32,825 54 $ 1,202,800 $ 77,246 Industrial properties 17 366,269 121,900 31 692,150 185,441 Retail properties 9 161,105 21,165 10 187,644 19,757 Total 47 $ 1,210,200 $ 175,890 95 $ 2,082,594 $ 282,444 Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Hospitality properties 2 $ 817,083 $ 300,151 7 $ 914,637 $ 311,111 Rental Housing properties (2) 31 766,034 290,272 73 1,419,804 396,060 Industrial properties 8 424,808 73,958 12 434,025 75,563 Retail properties 3 90,066 4,443 4 104,450 7,093 Total 44 $ 2,097,991 $ 668,824 96 $ 2,872,916 $ 789,827 (1) For the three months ended June 30, 2024, net gain includes gains of $201.0 million and losses of $25.1 million. For the six months ended June 30, 2024, net gain includes gains of $313.6 million and losses of $31.2 million. For the three months ended June 30, 2023, net gain includes gains of $678.3 million and losses of $9.5 million. For the six months ended June 30, 2023, net gain includes gains of $833.9 million and losses of $44.1 million. (2) The number of properties excludes single family rental homes sold.
Schedule of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: June 30, 2024 Investments in real estate, net $ 1,645,097 Other assets 7,446 Total assets $ 1,652,543 Liabilities: Mortgage loans, net $ 301,131 Other liabilities 52,882 Total liabilities $ 354,013

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investment and Income in Unconsolidated Entities	The following tables detail the Company’s investments in unconsolidated entities ($ in thousands): June 30, 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 97 35.7% $ 1,607,156 Rental Housing investments (2) Rental Housing 14 10 12.2% - 57.3% 812,546 Hospitality investment Hospitality 1 196 30.0% 288,385 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 245,431 Retail investments Retail 2 7 50.0% 91,046 Total unconsolidated entities carried at historical cost 21 366 3,044,564 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,071 12.4% - 85.0% 3,183,464 Office investments Office 1 1 49.0% 480,665 Rental Housing investments (5) Rental Housing 2 11 11.6% 331,858 Total unconsolidated entities carried at fair value 14 2,083 3,995,987 Total 35 2,449 $ 7,040,551 (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 10,543 single family rental homes that are not included in the number of properties. (3) Includes $245.4 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. (5) On May 1, 2024, the Company alongside another Blackstone-advised investment vehicle formed a joint venture that acquired all of the outstanding common shares of Tricon Residential Inc. (“Tricon”) for a total equity transaction value of $3.5 billion. As part of the transaction, the Company converted its prior investment in common and preferred stock of Tricon to an interest in the newly formed joint venture, which is recorded under investments in unconsolidated entities. The book value of $331.9 million represents the value of the Company’s interest in the Tricon joint venture. The number of properties excludes 37,252 single family rental homes. 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 June 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (8,396) $ (4,949) Rental Housing investments Rental Housing (5,268) (2,647) Hospitality investment Hospitality (800) 1,674 Industrial investments Industrial (2,145) (1,637) Retail investments Retail (579) 855 Total unconsolidated entities carried at historical cost (17,188) (6,704) Unconsolidated entities carried at fair value: Industrial investments (1) Industrial (28,308) 90,851 Data Center investments Data Centers — (18) Office investments Office 7,743 5,837 Rental Housing investments Rental Housing (245) — Total unconsolidated entities carried at fair value (20,810) 96,670 Total $ (37,998) $ 89,966 (1) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. For the Six Months Ended June 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ 15,986 $ (48,519) Rental Housing investments Rental Housing (13,878) (15,147) Hospitality investment Hospitality (5,105) (714) Industrial investments Industrial (2,466) (5,935) Retail investments Retail (1,728) (375) MGM Grand & Mandalay Bay (1) Net Lease — 432,528 Total unconsolidated entities carried at historical cost (7,191) 361,838 Unconsolidated entities carried at fair value: Industrial investments (2) Industrial (50,810) 183,444 Data Center investments (3) Data Centers (17,698) 3,435 Office investments Office 13,588 (14,093) Rental Housing investments Rental Housing (245) — Total unconsolidated entities carried at fair value (55,165) 172,786 Total $ (62,356) $ 534,624 (1) On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million. (2) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. (3) 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)	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Schedule of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): June 30, 2024 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.2% 6/20/2032 $ 4,367,782 $ 4,345,662 $ 4,082,103 RMBS 4.1% 1/17/2059 207,486 202,765 152,827 Corporate bonds 4.9% 6/7/2028 55,699 56,092 50,931 Total real estate securities 9.0% 5/15/2033 4,630,967 4,604,519 4,285,861 Commercial real estate loans +6.4% 5/17/2027 903,106 904,636 895,049 Other investments (5)(6) 5.7% 9/21/2029 388,055 364,090 377,578 Total investments in real estate debt 9.0% 2/27/2032 $ 5,922,128 $ 5,873,245 $ 5,558,488 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 Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“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 $0.6 billion as of both June 30, 2024 and December 31, 2023. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”).
Schedule of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): June 30, 2024 December 31, 2023 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,116,325 $ 2,056,390 37% $ 2,556,000 $ 2,429,510 36% Rental Housing (2) 1,879,230 1,803,440 32% 2,081,681 1,954,601 29% Net Lease 857,871 860,422 15% 950,174 941,125 14% Hospitality 439,644 425,131 8% 899,669 869,858 13% Office 378,668 223,070 4% 417,846 252,754 4% Other 149,143 144,802 3% 297,394 288,748 4% Diversified 52,364 45,233 1% 60,941 54,036 —% Total $ 5,873,245 $ 5,558,488 100% $ 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.
Schedule of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): June 30, 2024 December 31, 2023 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AA $ — $ — —% $ 77,200 $ 76,019 1% A 77,200 75,395 1% 84,021 81,783 1% BBB 775,967 773,040 14% 868,440 850,277 13% BB 870,909 823,743 15% 1,356,535 1,229,290 18% B 723,830 656,745 12% 1,045,548 931,583 14% CCC and below 136,137 40,589 1% 89,771 42,032 1% Private commercial real estate loans 904,636 895,049 16% 1,200,548 1,196,640 18% Not rated (2) 2,384,566 2,293,927 41% 2,541,642 2,383,008 34% Total $ 5,873,245 $ 5,558,488 100% $ 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 June 30, 2024, not rated positions have a weighted-average loan-to-value (“LTV”) at origination of 58%, are primarily composed of 55% industrial and 41% rental housing assets, and include interest-only securities with a fair value of $6.9 million.
Schedule of Real Estate Investment	The following table details the Company’s income from investments in real estate debt ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 155,392 $ 181,279 $ 334,230 $ 355,025 Unrealized gain 30,977 64,322 125,369 67,362 Realized loss (27,414) (16,335) (38,350) (17,358) Total 158,955 229,266 421,249 405,029 Net realized and unrealized gain (loss) on derivatives 841 (1,549) 4,961 (7,118) Net realized and unrealized gain (loss) on secured financings of investments in real estate debt 1,404 (2,743) 6,846 (8,626) Other expense (4,125) (136) (7,788) (482) Total income from investments in real estate debt $ 157,075 $ 224,838 $ 425,268 $ 388,803
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended June 30, Six Months Ended June 30, June 30, 2024 December 31, 2023 2024 2023 2024 2023 CMBS $ 899,130 $ 1,525,134 $ 27,676 $ 50,691 $ 89,386 $ 74,588 Commercial real estate loans 466,120 557,549 11,516 33,097 26,293 68,183 Total $ 1,365,250 $ 2,082,683 $ 39,192 $ 83,788 $ 115,679 $ 142,771

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2024 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,140,845 $ 16,132,944 6.3 % 2/5/2026 Senior obligations of consolidated securitization vehicles 21 14,529,830 14,632,231 6.1 % 2/19/2026 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,611,015 $ 1,500,713 7.7 % 10/5/2025 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)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule 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): June 30, 2024 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum June 30, 2024 December 31, 2023 Fixed rate loans: Fixed rate mortgages (4) 3.8% 7/28/2029 N/A $ 23,245,936 $ 23,872,148 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 10/27/2027 N/A 33,750,433 32,316,849 Variable rate warehouse facilities (5) +2.0% 7/31/2025 $ 4,008,497 3,046,431 3,541,543 Variable rate secured revolving credit facilities +1.9% 8/21/2027 $ 3,799,919 3,799,919 2,489,784 Total variable rate loans +2.4% 8/21/2027 40,596,783 38,348,176 Total loans secured by real estate 6.3% 5/4/2028 63,842,719 62,220,324 (Discount) premium on assumed debt, net (103,138) (103,828) Deferred financing costs, net (468,078) (422,818) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 63,271,503 $ 61,693,678 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, Canadian Dollar Offer Rate (“CDOR”), and EURIBOR as applicable to each loan. As of June 30, 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 $10.7 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 $303.7 million and $293.3 million of loans related to investments in affordable housing properties as of June 30, 2024 and December 31, 2023, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval.
Schedule of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of June 30, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 1,106,331 2025 5,010,275 2026 15,068,400 2027 19,870,218 2028 4,893,243 2029 10,279,806 Thereafter 7,614,446 Total $ 63,842,719

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): June 30, 2024 December 31, 2023 Accrued stockholder servicing fee $ 753,447 $ 961,654 Performance participation allocation — — Accrued management fee 59,220 63,505 Accrued affiliate service provider expenses 26,766 5,283 Other 903 2,641 Total $ 840,336 $ 1,033,083
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services	The following tables detail the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 31,578 $ 30,381 $ 5,122 $ 2,075 $ 364 $ 400 LivCor, LLC 22,922 24,247 6,047 2,247 2,510 3,097 ShopCore Properties TRS Management LLC 8,727 7,622 112 146 1,167 328 Revantage Corporate Services, LLC 7,433 6,475 2,129 57 — — BRE Hotels and Resorts LLC 3,177 4,878 315 176 — — EQ Management, LLC 1,676 1,028 58 60 5 — Beam Living 895 614 334 124 — — Longview Senior Housing, LLC 253 609 — — — — $ 76,661 $ 75,854 $ 14,117 $ 4,885 $ 4,046 $ 3,825 Affiliate Service Amortization of Capitalized Transaction Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 59,110 $ 61,331 $ 11,104 $ 3,704 $ 816 $ 680 LivCor, LLC 50,651 50,198 11,552 4,045 4,480 5,422 ShopCore Properties TRS Management LLC 17,568 16,465 646 240 1,518 665 Revantage Corporate Services, LLC 11,028 12,207 4,404 94 — — BRE Hotels and Resorts LLC 6,324 9,123 824 263 — — EQ Management, LLC 3,258 2,351 116 106 5 29 Beam Living 1,716 1,182 729 138 — — Longview Senior Housing, LLC 510 1,082 — — — — $ 150,165 $ 153,939 $ 29,375 $ 8,590 $ 6,819 $ 6,796
Schedule 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 Six Months Ended June 30, 2024 June 30, 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 $ — $ — $ (2,164) $ 6,120 1.7 years 2023 15,413 — — (5,011) 10,402 2.0 years 2024 — — 26,997 (4,500) 22,497 2.8 years Total $ 23,697 $ — $ 26,997 $ (11,675) $ 39,019 The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Six Months Ended June 30, 2024 June 30, 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 $ — $ — $ (5,408) $ 5,464 0.5 years 2022 18,825 — — (5,360) 13,465 1.4 years 2023 36,637 — — (9,159) 27,478 2.0 years 2024 — — 56,835 (9,448) 47,387 2.8 years $ 66,334 $ — $ 56,835 $ (29,375) $ 93,794

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Assets and Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table details the components of other assets ($ in thousands): June 30, 2024 December 31, 2023 Interest rate and foreign currency hedging derivatives $ 2,533,282 $ 2,160,266 Held-for-sale assets 1,652,543 453,823 Intangible assets, net 1,021,123 1,146,840 Straight-line rent receivable 744,213 665,747 Receivables, net 729,796 793,651 Single family rental homes risk retention securities 300,718 300,718 Deferred leasing costs, net 147,320 141,526 Prepaid expenses 114,509 178,140 Due from affiliate (1) 95,024 78,671 Deferred financing costs, net 57,101 62,651 Equity securities (2) — 335,933 Other 232,051 245,260 Total $ 7,627,680 $ 6,563,226 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. (2) Refer to Note 4 investments in unconsolidated entities for additional information.
Schedule of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): June 30, 2024 December 31, 2023 Stock repurchases payable $ 808,612 $ 574,958 Right of use lease liability - operating leases 612,586 643,803 Accrued interest expense 395,772 395,814 Accounts payable and accrued expenses 388,056 427,744 Liabilities related to held-for-sale assets 354,013 282,350 Real estate taxes payable 347,260 327,947 Tenant security deposits 223,041 228,994 Intangible liabilities, net 210,681 244,596 Distribution payable 206,341 222,174 Prepaid rental income 131,684 232,447 Subscriptions received in advance 98,837 113,764 Right of use lease liability - financing leases 78,898 78,257 Securitized debt obligations, net 40,118 47,172 Interest rate and foreign currency hedging derivatives 22,874 34,236 Other 137,011 124,409 Total $ 4,055,784 $ 3,978,665

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): June 30, 2024 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,331,783 $ (808,117) $ 523,666 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 59,909 (35,337) 24,572 Other intangibles 379,666 (90,863) 288,803 Total intangible assets $ 1,955,440 $ (934,317) $ 1,021,123 Intangible liabilities Below-market lease intangibles 419,432 (208,751) 210,681 Total intangible liabilities $ 419,432 $ (208,751) $ 210,681 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
Schedule of Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2024 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 (remaining) $ 71,457 $ 3,447 $ 15,719 $ (25,187) 2025 119,928 5,898 31,058 (44,846) 2026 92,130 4,529 30,013 (36,325) 2027 67,714 3,235 27,653 (25,621) 2028 51,682 2,386 26,016 (19,568) 2029 37,828 1,730 23,379 (14,648) Thereafter 82,927 3,347 134,965 (44,486) Total $ 523,666 $ 24,572 $ 288,803 $ (210,681)

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 $ 6,317,707 2.6% SOFR 4.1 Derivatives not designated as hedging instruments Interest rate caps - property debt 164 10,694,706 7.7% SOFR 0.9 Interest rate swaps - property debt 51 26,015,600 1.4% SOFR, EURIBOR 3.5 Interest rate swaps - secured financings of investments in real estate debt 15 495,415 3.6% SOFR 6.1 Total $ 37,205,721 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): June 30, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 7 € 77,145 9 € 139,913 Buy USD / Sell GBP Forward 6 £ 45,832 9 £ 57,377 Buy EUR / Sell USD Forward 3 € 5,738 2 € 10,421 Buy GBP / Sell USD Forward 2 £ 835 — £ —
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 355,466 $ 246,350 $ — $ 1,320 Total derivatives designated as hedging instruments 355,466 246,350 — 1,320 Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 26,638 31,134 16,689 17,020 Interest rate swaps - property debt 2,137,781 1,874,065 — — Interest rate swaps - secured financings of investments in real estate debt 12,204 8,643 5,556 12,210 Foreign currency forward contracts 1,193 74 629 3,686 Total derivatives not designated as hedging instruments 2,177,816 1,913,916 22,874 32,916 Total interest rate and foreign currency hedging derivatives $ 2,533,282 $ 2,160,266 $ 22,874 $ 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 $194.4 million and $189.7 million as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended June 30, 2024 2023 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (41,792) $ 546,438 Interest rate caps – property debt Unrealized loss (1) (6,094) (10,202) Interest rate caps – property debt Realized gain (1) 31 — Interest rate swap – secured financings of investments in real estate debt Unrealized loss (1) (4,782) (47,662) Foreign currency forward contract Realized gain (loss) (2) 801 (1,960) Foreign currency forward contract Unrealized gain (2) 40 411 Total $ (51,796) $ 487,025 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain 3,946 172,012 Total $ (47,850) $ 659,037 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Six Months Ended June 30, 2024 2023 Included in Net Loss Interest rate swap – property debt Unrealized gain (loss) (1) $ 268,419 $ (11,242) Interest rate caps – property debt Unrealized loss (1) (16,972) (72,772) Interest rate caps – property debt Realized gain (1) 542 — Interest rate swaps – secured financings of investments in real estate debt Unrealized gain (loss) (1) 10,573 (69,573) Foreign currency forward contract Realized gain (loss) (2) 799 (17,094) Foreign currency forward contract Unrealized gain (2) 4,162 9,977 Total $ 267,523 $ (160,704) Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain 105,299 20,757 Total $ 372,822 $ (139,947) (1) Included in (loss) income 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 and six months ended June 30, 2024, net gain of $45.6 million and $91.2 million, respectively, was reclassified from accumulated other comprehensive income into net income.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 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 tables detail the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2024 (1) Class S Class I Class T Class D Class C Total March 31, 2024 1,437,425 2,312,708 55,050 151,324 2,246 3,958,753 Common stock issued (2) 6,012 36,352 (2,234) 1,324 493 41,947 Distribution reinvestment 7,327 11,484 340 838 — 19,989 Common stock repurchased (64,738) (151,382) (2,662) (9,162) (13) (227,957) June 30, 2024 1,386,026 2,209,162 50,494 144,324 2,726 3,792,732 Six Months Ended June 30, 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) 8,719 72,480 (4,512) 1,572 603 78,862 Distribution reinvestment 14,855 23,302 702 1,694 — 40,553 Common stock repurchased (125,745) (289,579) (4,942) (13,736) (13) (434,015) June 30, 2024 1,386,026 2,209,162 50,494 144,324 2,726 3,792,732 (1) As of June 30, 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 six months ended June 30, 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: (1) Three Months Ended June 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1653 $ 0.1653 $ 0.1653 $ 0.1653 Stockholder servicing fee per share of common stock (0.0300) — (0.0296) (0.0086) Net distributions declared per share of common stock $ 0.1353 $ 0.1653 $ 0.1357 $ 0.1567 Six Months Ended June 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.3307 $ 0.3307 $ 0.3307 $ 0.3307 Stockholder servicing fee per share of common stock (0.0601) — (0.0592) (0.0173) Net distributions declared per share of common stock $ 0.2706 $ 0.3307 $ 0.2715 $ 0.3134
Schedule of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the six months ended June 30, 2024 and 2023 ($ in thousands): Six Months Ended June 30, 2024 2023 Balance at the beginning of the year $ 351 $ 344,145 Settlement of prior quarter(s) performance participation allocation 15,370 — Conversion to Class I and Class B units — (278,990) Conversion to Class I and Class C shares — (65,313) GAAP income allocation (124) 1,919 Distributions (60) (1,300) Fair value allocation 216 (104) Ending balance $ 15,753 $ 357

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease payments $ 1,765,926 $ 1,826,835 $ 3,580,530 $ 3,694,361 Variable lease payments 146,618 117,806 295,079 238,345 Rental revenue $ 1,912,544 $ 1,944,641 $ 3,875,609 $ 3,932,706 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on lease liabilities $ 1,040 $ 1,024 $ 2,131 $ 2,048 Amortization of right-of-use assets 317 320 616 639 Total financing lease costs $ 1,357 $ 1,344 $ 2,747 $ 2,687
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of June 30, 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) $ 910,933 2025 1,783,124 2026 1,646,575 2027 1,438,424 2028 1,215,884 2029 1,010,732 Thereafter 14,897,160 Total $ 22,902,832
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of June 30, 2024 ($ in thousands): Operating Financing 2024 (remaining) $ 19,820 $ 2,215 2025 36,293 4,386 2026 36,456 4,509 2027 36,772 4,635 2028 37,070 4,764 2029 37,199 5,164 Thereafter 2,098,046 554,168 Total undiscounted future lease payments 2,301,656 579,841 Difference between undiscounted cash flows and discounted cash flows (1,689,070) (500,943) Total lease liability $ 612,586 $ 78,898
Schedule of Fixed and Variable Components of Operating and Financing Leases	The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed ground rent expense $ 3,724 $ 3,820 $ 7,672 $ 7,848 Variable ground rent expense 8,084 6,831 16,319 12,825 Total cash portion of ground rent expense 11,808 10,651 23,991 20,673 Straight-line ground rent expense 5,352 5,520 10,686 10,923 Total operating lease costs $ 17,160 $ 16,171 $ 34,677 $ 31,596

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): June 30, 2024 December 31, 2023 Rental Housing $ 62,602,988 $ 64,665,680 Industrial 19,469,787 20,050,095 Net Lease 8,067,369 8,117,528 Office 2,866,234 2,945,455 Hospitality 2,791,268 2,867,166 Data Centers 2,440,729 2,927,807 Retail 2,281,566 2,505,146 Self Storage 734,161 739,743 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 21,887,275 23,264,164 Other (Corporate) 2,668,211 2,715,011 Total assets $ 125,809,588 $ 130,797,795 The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,276,380 $ 356,620 $ 150,384 $ 42,733 $ — $ 13,356 $ 55,491 $ 17,580 $ — $ 1,912,544 Hospitality revenue — — — — 150,129 — — — — 150,129 Other revenue 85,375 5,212 — 2,698 — — 1,194 1,395 — 95,874 Total revenues 1,361,755 361,832 150,384 45,431 150,129 13,356 56,685 18,975 — 2,158,547 Expenses: Rental property operating 732,169 119,108 660 15,643 — 2,594 23,533 9,004 — 902,711 Hospitality operating — — — — 101,969 — — — — 101,969 Total expenses 732,169 119,108 660 15,643 101,969 2,594 23,533 9,004 — 1,004,680 (Loss) income from unconsolidated entities (5,513) (30,452) — 7,743 (800) (8,396) (580) — — (37,998) Income from investments in real estate debt — — — — — — — — 157,075 157,075 Changes in net assets of consolidated securitization vehicles — — — — — — — — 41,013 41,013 Income from investments in equity securities (1) 4,509 — — — — — — — — 4,509 GAAP segment net income $ 628,582 $ 212,272 $ 149,724 $ 37,531 $ 47,360 $ 2,366 $ 32,572 $ 9,971 $ 198,088 $ 1,318,466 Depreciation and amortization $ (570,934) $ (183,749) $ (51,878) $ (23,060) $ (22,990) $ (5,541) $ (24,529) $ (6,653) $ — $ (889,334) General and administrative (17,950) Management fee (180,655) Performance participation allocation 104,966 Impairment of investments in real estate (118,044) Loss from interest rate derivatives (52,637) Net gain on dispositions of real estate 175,890 Interest expense, net (857,855) Loss on extinguishment of debt (21,404) Other expense (1) (43,450) Net loss $ (582,007) Net loss attributable to non-controlling interests in third party joint ventures $ 37,386 Net loss attributable to non-controlling interests in BREIT OP unitholders 26,122 Net loss attributable to BREIT stockholders $ (518,499) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $3.8 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,268,987 $ 351,188 $ 150,385 $ 48,001 $ — $ 12,959 $ 57,449 $ 55,672 $ — $ 1,944,641 Hospitality revenue — — — — 217,744 — — — — 217,744 Other revenue 91,833 5,917 — 1,904 4,524 — 1,086 5,406 — 110,670 Total revenues 1,360,820 357,105 150,385 49,905 222,268 12,959 58,535 61,078 — 2,273,055 Expenses: Rental property operating 717,790 107,869 774 14,362 — 2,524 23,969 29,710 12 897,010 Hospitality operating — — — — 147,589 — — — — 147,589 Total expenses 717,790 107,869 774 14,362 147,589 2,524 23,969 29,710 12 1,044,599 (Loss) income from unconsolidated entities (2,647) 89,214 — 5,837 1,674 (4,967) 855 — — 89,966 Income from investments in real estate debt — — — — — — — — 224,838 224,838 Changes in net assets of consolidated securitization vehicles — — — — — — — — 62,685 62,685 Income from investments in equity securities (1) 30,927 — — — — — — — — 30,927 GAAP segment net income $ 671,310 $ 338,450 $ 149,611 $ 41,380 $ 76,353 $ 5,468 $ 35,421 $ 31,368 $ 287,511 $ 1,636,872 Depreciation and amortization $ (628,409) $ (193,248) $ (51,878) $ (24,971) $ (32,185) $ (5,470) $ (34,197) $ (17,278) $ — $ (987,636) General and administrative (17,122) Management fee (213,365) Impairment of investments in real estate (105,216) Income from interest rate derivatives 488,574 Net gain on dispositions of real estate 668,824 Interest expense, net (739,289) Loss on extinguishment of debt (3,283) Other expense (1) (19,409) Net income $ 708,950 Net loss attributable to non-controlling interests in third party joint ventures $ 69,255 Net income attributable to non-controlling interests in BREIT OP unit holders (23,271) Net income attributable to BREIT stockholders $ 754,934 (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $27.1 million of net unrealized gain related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,590,537 $ 723,678 $ 300,769 $ 85,842 $ — $ 26,436 $ 113,082 $ 35,265 $ — $ 3,875,609 Hospitality revenue — — — — 283,306 — — — — 283,306 Other revenue 168,805 9,042 — 5,137 — — 2,690 2,872 — 188,546 Total revenues 2,759,342 732,720 300,769 90,979 283,306 26,436 115,772 38,137 — 4,347,461 Expenses: Rental property operating 1,473,115 241,602 1,326 30,205 — 5,003 47,601 17,315 — 1,816,167 Hospitality operating — — — — 193,884 — — — — 193,884 Total expenses 1,473,115 241,602 1,326 30,205 193,884 5,003 47,601 17,315 — 2,010,051 (Loss) income from unconsolidated entities (14,124) (53,276) — 13,588 (5,105) (1,711) (1,728) — — (62,356) Income from investments in real estate debt — — — — — — — — 425,268 425,268 Changes in net assets of consolidated securitization vehicles — — — — — — — — 116,426 116,426 Income from investments in equity securities (1) 61,482 — — — — — — — — 61,482 GAAP segment net income $ 1,333,585 $ 437,842 $ 299,443 $ 74,362 $ 84,317 $ 19,722 $ 66,443 $ 20,822 $ 541,694 $ 2,878,230 Depreciation and amortization $ (1,157,124) $ (371,767) $ (103,756) $ (47,748) $ (45,666) $ (11,082) $ (52,138) $ (13,261) $ — $ (1,802,542) General and administrative (34,300) Management fee (367,776) Impairment of investments in real estate (183,758) Income from interest rate derivatives 262,562 Net gain on dispositions of real estate 282,444 Interest expense, net (1,689,570) Loss on extinguishment of debt (52,052) Other expense (1) (45,315) Net loss $ (752,077) Net loss attributable to non-controlling interests in third party joint ventures $ 69,059 Net loss attributable to non-controlling interests in BREIT OP unit holders 31,506 Net loss attributable to BREIT stockholders $ (651,512) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 2,580,964 $ 700,781 $ 300,769 $ 96,289 $ — $ 25,686 $ 117,871 $ 110,346 $ — $ 3,932,706 Hospitality revenue — — — — 418,965 — — — — 418,965 Other revenue 175,686 13,030 — 3,781 7,686 — 2,247 6,894 — 209,324 Total revenues 2,756,650 713,811 300,769 100,070 426,651 25,686 120,118 117,240 — 4,560,995 Expenses: Rental property operating 1,425,594 224,930 1,244 28,201 — 4,738 49,299 55,181 12 1,789,199 Hospitality operating — — — — 281,412 — — — — 281,412 Total expenses 1,425,594 224,930 1,244 28,201 281,412 4,738 49,299 55,181 12 2,070,611 (Loss) income from unconsolidated entities (15,147) 177,509 432,528 (14,093) (714) (45,084) (375) — — 534,624 Income from investments in real estate debt — — — — — — — — 388,803 388,803 Changes in net assets of consolidated securitization vehicles — — — — — — — — 91,939 91,939 Income from investments in equity securities (1) 30,937 — — — — — — — — 30,937 GAAP segment net income $ 1,346,846 $ 666,390 $ 732,053 $ 57,776 $ 144,525 $ (24,136) $ 70,444 $ 62,059 $ 480,730 $ 3,536,687 Depreciation and amortization $ (1,263,750) $ (384,524) $ (103,756) $ (49,904) $ (65,033) $ (11,023) $ (73,203) $ (35,828) $ — $ (1,987,021) General and administrative (34,298) Management fee (434,503) Impairment of investments in real estate (117,715) Loss from interest rate derivatives (153,587) Net gain on dispositions of real estate 789,827 Interest expense, net (1,527,881) Loss on extinguishment of debt (8,541) Other expense (1) (46,479) Net income $ 16,489 Net loss attributable to non-controlling interests in third party joint ventures $ 143,613 Net income attributable to non-controlling interests in BREIT OP unit holders (6,223) Net income attributable to BREIT stockholders $ 153,879 (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $23.4 million of net unrealized gain related to equity securities.

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($) segment property rentalHome
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 75.8
Number of owned properties | property	4,733
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	64,324
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Significant Of Accounting Policies [Line Items]
Income from investments in real estate debt	$ 157,075	$ 224,838	$ 425,268	$ 388,803
(Loss) income from interest rate derivatives	(52,637)	488,574	262,562	(153,587)
Total assets	125,809,588		125,809,588		$ 130,797,795
Total liabilities	88,124,177		88,124,177		86,977,764
Impairment of investments in real estate	118,044	105,216	183,758	117,715
Real estate, held-for-sale	125,800		125,800
Rental Housing and Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate	$ 75,600	105,200	$ 112,100	105,200
Student Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	2		3
Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	1		2
Held-For-Sale Real Estate Investments
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate	$ 42,400		$ 71,700	12,500
Revision of Prior Period, Reclassification, Adjustment | Reclassification From Income From Investments In Real Estate
Significant Of Accounting Policies [Line Items]
Income from investments in real estate debt		26,400		15,900
(Loss) income from interest rate derivatives		(47,700)		(69,600)
Interest expense		$ 74,100		$ 85,500
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	$ 1,100,000		$ 1,100,000		1,300,000
Level 3 | Minimum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.061		0.061
Level 3 | Minimum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.050		0.050
Level 3 | Maximum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.100		0.100
Level 3 | Maximum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.071		0.071
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	$ 48,700,000		$ 48,700,000		50,300,000
Total liabilities	$ 35,700,000		$ 35,700,000		$ 37,400,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Investments in real estate debt	$ 5,558,488
Real estate loans held by consolidated securitization vehicles, at fair value	16,132,944	$ 16,331,578
Equity securities	0	335,933
Investments in unconsolidated entities	3,995,987	4,221,593
Interest rate and foreign currency hedging derivatives	2,533,282	2,160,266
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,632,231	14,777,146
Interest rate and foreign currency hedging derivatives	22,874	34,236
Recurring
Assets:
Investments in real estate debt	5,340,478	6,790,632
Real estate loans held by consolidated securitization vehicles, at fair value	16,132,944	16,331,578
Equity securities	0	335,933
Investments in unconsolidated entities	3,995,987	4,221,593
Interest rate and foreign currency hedging derivatives	2,533,282	2,160,266
Total	28,002,691	29,840,002
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,632,231	14,777,146
Interest rate and foreign currency hedging derivatives	22,874	34,236
Total	14,655,105	14,811,382
Recurring | Level 1
Assets:
Investments in real estate debt	0	0
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	0	62,333
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	0	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:
Investments in real estate debt	4,338,199	5,548,920
Real estate loans held by consolidated securitization vehicles, at fair value	16,132,944	16,331,578
Equity securities	0	273,600
Investments in unconsolidated entities	331,858	549,138
Interest rate and foreign currency hedging derivatives	2,533,282	2,160,266
Total	23,336,283	24,863,502
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,632,231	14,777,146
Interest rate and foreign currency hedging derivatives	22,874	34,236
Total	14,655,105	14,811,382
Recurring | Level 3
Assets:
Investments in real estate debt	1,002,279	1,241,712
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	0	0
Investments in unconsolidated entities	3,664,129	3,672,455
Interest rate and foreign currency hedging derivatives	0	0
Total	4,666,408	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:
Investments in real estate debt	$ 218,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 4,914,167
Purchases and contributions	116,470
Sales and repayments	(255,204)
Distributions received	(68,158)
Loss from unconsolidated entities measured at fair value	(37,888)
Realized loss	(2,528)
Unrealized loss	(451)
Ending balance	4,666,408
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,241,712
Purchases and contributions	18,750
Sales and repayments	(255,204)
Distributions received	0
Loss from unconsolidated entities measured at fair value	0
Realized loss	(2,528)
Unrealized loss	(451)
Ending balance	1,002,279
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	3,672,455
Purchases and contributions	97,720
Sales and repayments	0
Distributions received	(68,158)
Loss from unconsolidated entities measured at fair value	(37,888)
Realized loss	0
Unrealized loss	0
Ending balance	$ 3,664,129

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) - Level 3 $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,666,408	$ 4,914,167
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,002,279	$ 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	0.104	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	$ 1,002,279	$ 1,241,712
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,664,129	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	$ 3,664,129	$ 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 - Schedule of Incentive Compensation Awards Issued to Simply Self Storage and HPA Employees (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 66,334
Forfeiture of unvested awards	0
Value of Awards Issued	56,835
Amortization of Compensation Cost	(29,375)
Unrecognized Compensation Cost, ending balance	93,794
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	(11,675)
Unrecognized Compensation Cost, ending balance	39,019
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	(5,360)
Unrecognized Compensation Cost, ending balance	$ 13,465
Remaining Amortization Period	1 year 4 months 24 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	(2,164)
Unrecognized Compensation Cost, ending balance	$ 6,120
Remaining Amortization Period	1 year 8 months 12 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	(9,159)
Unrecognized Compensation Cost, ending balance	$ 27,478
Remaining Amortization Period	2 years
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	(5,011)
Unrecognized Compensation Cost, ending balance	$ 10,402
Remaining Amortization Period	2 years
2024
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	56,835
Amortization of Compensation Cost	(9,448)
Unrecognized Compensation Cost, ending balance	$ 47,387
Remaining Amortization Period	2 years 9 months 18 days
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	(4,500)
Unrecognized Compensation Cost, ending balance	$ 22,497
Remaining Amortization Period	2 years 9 months 18 days

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 75,770,696	$ 78,214,115
Land and land improvements	17,215,458	17,835,688
Furniture, fixtures and equipment	2,415,431	2,389,383
Right of use asset - operating leases	1,063,614	1,093,479
Right of use asset - financing leases	72,862	72,862
Total	96,538,061	99,605,527
Accumulated depreciation and amortization	(9,675,088)	(8,526,517)
Investments in real estate, net	$ 86,862,973	$ 91,079,010

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property
Real Estate Properties [Line Items]
Number of Properties | property	47	44	95	96
Net Proceeds	$ 1,210,200	$ 2,097,991	$ 2,082,594	$ 2,872,916
Net Gain	175,890	668,824	282,444	789,827
Gains included in net gain on disposition of assets	201,000	678,300	313,600	833,900
Losses included in net gain on disposition of assets	$ (25,100)	$ 9,500	$ (31,200)	$ 44,100
Hospitality properties
Real Estate Properties [Line Items]
Number of Properties | property		2		7
Net Proceeds		$ 817,083		$ 914,637
Net Gain		$ 300,151		$ 311,111
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | property	21	31	54	73
Net Proceeds	$ 682,826	$ 766,034	$ 1,202,800	$ 1,419,804
Net Gain	$ 32,825	$ 290,272	$ 77,246	$ 396,060
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	17	8	31	12
Net Proceeds	$ 366,269	$ 424,808	$ 692,150	$ 434,025
Net Gain	$ 121,900	$ 73,958	$ 185,441	$ 75,563
Retail Properties:
Real Estate Properties [Line Items]
Number of Properties | property	9	3	10	4
Net Proceeds	$ 161,105	$ 90,066	$ 187,644	$ 104,450
Net Gain	$ 21,165	$ 4,443	$ 19,757	$ 7,093

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 118,044	$ 105,216	$ 183,758	$ 117,715
Rental Housing
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	35		35
Hospitality
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	1		1
Rental Housing and Affordable Housing Properties
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 75,600	$ 105,200	$ 112,100	105,200
Student Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment	2		3
Affordable Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment	1		2
Held-For-Sale Real Estate Investments
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 42,400		$ 71,700	$ 12,500

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Assets and Liabilities of Properties Classified as Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Investments in real estate, net	$ 1,645,097
Other assets	7,446
Total assets	1,652,543
Liabilities:
Mortgage loans, net	301,131
Other liabilities	52,882
Total liabilities	$ 354,013	$ 282,350

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Jun. 30, 2024 USD ($) segment jointVenture property	May 01, 2024 USD ($) property	Mar. 27, 2024	Dec. 31, 2023 USD ($) segment property jointVenture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	35			57
Number of Properties	2,449			2,466
Book Value | $	$ 7,040,551			$ 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	366			379
Book Value | $	$ 3,044,564			$ 3,116,736
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	97			89
Ownership Interest	35.70%			35.70%
Book Value | $	$ 1,607,156			$ 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 | $	$ 812,546			$ 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	57.30%			58.20%
Single Family Rental Home
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	10,543	37,252		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 | $	$ 288,385			$ 297,990
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3			3
Number of Properties	56			56
Book Value | $	$ 245,431			$ 244,226
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3			3
Book Value | $	$ 245,400			$ 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 | $	$ 91,046			$ 94,877
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	14			13
Number of Properties	2,083			2,087
Book Value | $	$ 3,995,987			$ 4,221,593
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11			11
Number of Properties	2,071			2,086
Book Value | $	$ 3,183,464			$ 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 | $	$ 480,665			$ 487,626
Rental housing investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	2
Number of Properties	11
Ownership Interest	11.60%
Book Value | $	$ 331,858
Rental housing investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Book Value | $		$ 3,500,000

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Mar. 27, 2024	May 25, 2023	Jan. 09, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (37,998)	$ 89,966	$ (62,356)	$ 534,624
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				(17,188)	(6,704)	(7,191)	361,838
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (8,396)	(4,949)	$ 15,986	(48,519)
Ownership Interest				35.70%		35.70%		35.70%
Rental Housing investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (5,268)	(2,647)	$ (13,878)	(15,147)
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (800)	1,674	$ (5,105)	(714)
Ownership Interest				30%		30%		30%
Industrial investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (2,145)	(1,637)	$ (2,466)	(5,935)
Retail investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (579)	855	$ (1,728)	(375)
Ownership Interest				50%		50%		50%
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
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (20,810)	96,670	(55,165)	172,786
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				(28,308)	90,851	(50,810)	183,444
Data Center investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				0	(18)	(17,698)	3,435
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				$ 7,743	5,837	$ 13,588	(14,093)
Ownership Interest				49%		49%		49%
Rental housing investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (245)	$ 0	$ (245)	$ 0
Ownership Interest				11.60%		11.60%
Logistics Business
Schedule of Equity Method Investments [Line Items]
Ownership Interest		7.90%
Proceeds from sale of investment		$ 547,000
Gain on sale		$ 37,100

Investments in Real Estate De_3

Investments in Real Estate Debt - Schedule of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	9%	8.80%
Face Amount	$ 5,922,128	$ 7,329,314
Cost Basis	5,873,245	7,263,705
Fair Value	$ 5,558,488	$ 6,790,632
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	9%	8.80%
Face Amount	$ 4,630,967	$ 5,729,058
Cost Basis	4,604,519	5,695,427
Fair Value	$ 4,285,861	$ 5,232,240
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.20%	4%
Face Amount	$ 4,367,782	$ 5,342,253
Cost Basis	4,345,662	5,316,300
Fair Value	$ 4,082,103	$ 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	$ 207,486	$ 294,493
Cost Basis	202,765	285,059
Fair Value	$ 152,827	$ 214,124
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.90%	5%
Face Amount	$ 55,699	$ 92,312
Cost Basis	56,092	94,068
Fair Value	$ 50,931	$ 84,744
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	6.40%	5.90%
Face Amount	$ 903,106	$ 1,208,030
Cost Basis	904,636	1,200,548
Fair Value	$ 895,049	$ 1,196,640
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 388,055	$ 392,226
Cost Basis	364,090	367,730
Fair Value	377,578	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 - Schedule of Collateral Type of Properties Securing Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 5,873,245	$ 7,263,705
Fair Value	$ 5,558,488	$ 6,790,632
Percentage Based on Fair Value	100%	100%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,116,325	$ 2,556,000
Fair Value	$ 2,056,390	$ 2,429,510
Percentage Based on Fair Value	37%	36%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,879,230	$ 2,081,681
Fair Value	$ 1,803,440	$ 1,954,601
Percentage Based on Fair Value	32%	29%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 857,871	$ 950,174
Fair Value	$ 860,422	$ 941,125
Percentage Based on Fair Value	15%	14%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 439,644	$ 899,669
Fair Value	$ 425,131	$ 869,858
Percentage Based on Fair Value	8%	13%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 378,668	$ 417,846
Fair Value	$ 223,070	$ 252,754
Percentage Based on Fair Value	4%	4%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 149,143	$ 297,394
Fair Value	$ 144,802	$ 288,748
Percentage Based on Fair Value	3%	4%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 52,364	$ 60,941
Fair Value	$ 45,233	$ 54,036
Percentage Based on Fair Value	1%	0%

Investments in Real Estate De_5

Investments in Real Estate Debt - Schedule of Credit Rating of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 5,873,245	$ 7,263,705
Fair Value	$ 5,558,488	$ 6,790,632
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 6,900
AA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	0	$ 77,200
Fair Value	$ 0	$ 76,019
Percentage Based on Fair Value	0%	1%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 77,200	$ 84,021
Fair Value	$ 75,395	$ 81,783
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 775,967	$ 868,440
Fair Value	$ 773,040	$ 850,277
Percentage Based on Fair Value	14%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 870,909	$ 1,356,535
Fair Value	$ 823,743	$ 1,229,290
Percentage Based on Fair Value	15%	18%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 723,830	$ 1,045,548
Fair Value	$ 656,745	$ 931,583
Percentage Based on Fair Value	12%	14%
CCC and below
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 136,137	$ 89,771
Fair Value	$ 40,589	$ 42,032
Percentage Based on Fair Value	1%	1%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 904,636	$ 1,200,548
Fair Value	$ 895,049	$ 1,196,640
Percentage Based on Fair Value	16%	18%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,384,566	$ 2,541,642
Fair Value	$ 2,293,927	$ 2,383,008
Percentage Based on Fair Value	41%	34%
Weighted average LTV at origination	58%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	55%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	41%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments [Abstract]
Interest income	$ 155,392	$ 181,279	$ 334,230	$ 355,025
Unrealized gain	30,977	64,322	125,369	67,362
Realized loss	(27,414)	(16,335)	(38,350)	(17,358)
Total	158,955	229,266	421,249	405,029
Net realized and unrealized gain (loss) on derivatives	841	(1,549)	4,961	(7,118)
Net realized and unrealized gain (loss) on secured financings of investments in real estate debt	1,404	(2,743)	6,846	(8,626)
Other expense	(4,125)	(136)	(7,788)	(482)
Total income from investments in real estate debt	$ 157,075	$ 224,838	$ 425,268	$ 388,803

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 5,558,488		$ 5,558,488		$ 6,790,632
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	899,130		899,130		1,525,134
Income (Loss)	27,676	$ 50,691	89,386	$ 74,588
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	466,120		466,120		557,549
Income (Loss)	11,516	33,097	26,293	68,183
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,365,250		1,365,250		$ 2,082,683
Income (Loss)	$ 39,192	$ 83,788	$ 115,679	$ 142,771

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Marketable Securities [Line Items]
Investments in real estate debt	$ 5,873,245		$ 5,873,245		$ 7,263,705
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	1,800,000		1,800,000		$ 1,900,000
Investments, income (loss)	$ 50,300	$ 83,300	$ 139,000	$ 121,100

Consolidated Securitization V_3

Consolidated Securitization Vehicles (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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	$ 16,140,845	$ 16,551,341
Senior obligations of consolidated securitization vehicles, at principal value	14,529,830	14,835,899
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,611,015	1,715,442
Real estate loans held by consolidated securitization vehicles, at fair value	16,132,944	16,331,578
Senior obligations of consolidated securitization vehicles, at fair value	14,632,231	14,777,146
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,500,713	$ 1,554,432
Real estate loans held by consolidated securitization vehicles, weighted average yield	6.30%	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 - Schedule of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.50%
Total loans secured by real estate	$ 63,842,719,000	$ 62,220,324,000
(Discount) premium on assumed debt, net	(103,138,000)	(103,828,000)
Deferred financing costs, net	(468,078,000)	(422,818,000)
Mortgage loans, secured term loans, and secured revolving credit facilities, net	63,271,503,000	61,693,678,000
Outstanding interest rate swaps	$ 37,205,721,000	36,177,869,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	6.30%
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	10,700,000,000
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 40,596,783,000	38,348,176,000
Total variable rate loans | 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	$ 303,700,000	293,300,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 33,750,433,000	32,316,849,000
Mortgage and Term Loans | Total variable rate loans | 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	$ 23,245,936,000	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	$ 4,008,497,000
Total loans secured by real estate	$ 3,046,431,000	3,541,543,000
Warehouse facilities | Total variable rate loans | 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	$ 3,799,919,000
Total loans secured by real estate	$ 3,799,919,000	$ 2,489,784,000
Secured Revolving Credit Facility | Total variable rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	1.90%

Mortgage Loans, Secured Term _4

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities - Schedule of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (remaining)	$ 1,106,331
2025	5,010,275
2026	15,068,400
2027	19,870,218
2028	4,893,243
2029	10,279,806
Thereafter	7,614,446
Total	$ 63,842,719	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (21,404)	$ (3,283)	$ (52,052)	$ (8,541)

Secured Financings of Investm_2

Secured Financings of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Secured financings of investments in real estate debt	$ 3,697,400	$ 4,368,269
Weighted average interest rate	1.40%
Notional Amount	$ 37,205,721	36,177,869
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Debt Instrument [Line Items]
Notional Amount	$ 495,415	$ 581,915

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities and Term Loans (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate	2.50%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Extension period (in years)	1 year
Interest rate	2.50%
Line of credit, capacity	$ 5,700	$ 5,600
Line of credit amount outstanding	$ 500	0
Unsecured Revolving Credit Facility | Unsercured Term Loan
Debt Instrument [Line Items]
Interest rate	2.50%
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

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Details) - Related Party - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 840,336		$ 1,033,083
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Other liabilities	753,447		961,654
Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities	0	$ 25,300	0
Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	59,220		63,505
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Other liabilities	26,766		5,283
Other
Related Party Transaction [Line Items]
Other liabilities	$ 903		$ 2,641

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Aug. 09, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Performance participation allocation shortfall		$ 105,000,000	$ (105,000,000)		$ (105,000,000)		$ (74,900,000)
Accrued interest related to Quarterly Shortfall			4,800,000
Performance participation allocation		(104,966,000)		$ 0	0	$ 0
Management fee		180,655,000		213,365,000	367,776,000	434,503,000
Net refunds from insurance premiums contributed to captive		0		3,500,000	300,000	3,300,000
Payment for management fee						100,000
Other assets		7,627,680,000			$ 7,627,680,000				$ 6,563,226,000
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent								$ 2,900,000,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent								$ 1,400,000,000
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%
Accrued interest related to Quarterly Shortfall		0		900,000	$ 1,000,000	$ 1,900,000
Performance participation allocation			9,900,000
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				$ 213,400,000
Adviser | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)	4.2
Adviser | Performance participation allocation
Related Party Transaction [Line Items]
Performance participation allocation, payout		$ 15,400,000
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)					26.3	24.8
Adviser | Class I | Performance participation allocation
Related Party Transaction [Line Items]
Common stock issued (in shares)		1.1
Related Party
Related Party Transaction [Line Items]
Other liabilities		$ 840,336,000			$ 840,336,000				1,033,083,000
Related Party | Link Logistics Real Estate Holdco LLC
Related Party Transaction [Line Items]
Other assets		52,500,000			52,500,000				46,500,000
Related Party | Adviser
Related Party Transaction [Line Items]
Other liabilities		900,000			900,000				2,600,000
Related Party | Accrued Management Fee
Related Party Transaction [Line Items]
Other liabilities		59,220,000			59,220,000				63,505,000
Related Party | Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities		0	$ 25,300,000		0				$ 0
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments		$ 7,600,000			$ 14,500,000

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 76,661	$ 75,854	$ 150,165	$ 153,939
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	14,117	4,885	29,375	8,590
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	4,046	3,825	6,819	6,796
Link Logistics Real Estate Holdco LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	31,578	30,381	59,110	61,331
Link Logistics Real Estate Holdco LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	5,122	2,075	11,104	3,704
Link Logistics Real Estate Holdco LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	364	400	816	680
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	22,922	24,247	50,651	50,198
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	6,047	2,247	11,552	4,045
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	2,510	3,097	4,480	5,422
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	8,727	7,622	17,568	16,465
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	112	146	646	240
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,167	328	1,518	665
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	7,433	6,475	11,028	12,207
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	2,129	57	4,404	94
Revantage Corporate Services, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
BRE Hotels and Resorts LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	3,177	4,878	6,324	9,123
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	315	176	824	263
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
EQ Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	1,676	1,028	3,258	2,351
EQ Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	58	60	116	106
EQ Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	5	0	5	29
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	895	614	1,716	1,182
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	334	124	729	138
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Longview Senior Housing, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	253	609	510	1,082
Longview Senior Housing, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Longview Senior Housing, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	$ 0	$ 0	$ 0	$ 0

Related Party Transactions - _3

Related Party Transactions - Schedule of Incentive Compensation Awards (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 66,334
Forfeiture of unvested awards	0
Value of Awards Issued	56,835
Amortization of Compensation Cost	(29,375)
Unrecognized Compensation Cost, ending balance	93,794
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	(5,408)
Unrecognized Compensation Cost, ending balance	$ 5,464
Remaining Amortization Period	6 months
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	(5,360)
Unrecognized Compensation Cost, ending balance	$ 13,465
Remaining Amortization Period	1 year 4 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	(9,159)
Unrecognized Compensation Cost, ending balance	$ 27,478
Remaining Amortization Period	2 years
2024
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	56,835
Amortization of Compensation Cost	(9,448)
Unrecognized Compensation Cost, ending balance	$ 47,387
Remaining Amortization Period	2 years 9 months 18 days

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Interest rate and foreign currency hedging derivatives	$ 2,533,282	$ 2,160,266
Held-for-sale assets	1,652,543	453,823
Intangible assets, net	1,021,123	1,146,840
Straight-line rent receivable	744,213	665,747
Receivables, net	729,796	793,651
Single family rental homes risk retention securities	300,718	300,718
Deferred leasing costs, net	147,320	141,526
Prepaid expenses	114,509	178,140
Deferred financing costs, net	57,101	62,651
Equity securities	0	335,933
Total	$ 7,627,680	$ 6,563,226
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Related Party
Other Assets [Line Items]
Other	$ 95,024	$ 78,671
Nonrelated Party
Other Assets [Line Items]
Other	$ 232,051	$ 245,260

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Stock repurchases payable	$ 808,612	$ 574,958
Right of use lease liability - operating leases	612,586	643,803
Accrued interest expense	395,772	395,814
Accounts payable and accrued expenses	388,056	427,744
Liabilities related to held-for-sale assets	354,013	282,350
Real estate taxes payable	347,260	327,947
Tenant security deposits	223,041	228,994
Intangible liabilities, net	210,681	244,596
Distribution payable	206,341	222,174
Prepaid rental income	131,684	232,447
Subscriptions received in advance	98,837	113,764
Right of use lease liability - financing leases	78,898	78,257
Securitized debt obligations, net	40,118	47,172
Interest rate and foreign currency hedging derivatives	22,874	34,236
Other	$ 137,011	$ 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	$ 4,055,784	$ 3,978,665

Intangibles - Schedule of Gross

Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets
Indefinite life intangibles	$ 184,082	$ 184,082
Total intangible assets	1,955,440	2,264,778
Accumulated Amortization	(934,317)	(1,117,938)
Total Intangible Assets/Liabilities, net	1,021,123	1,146,840
Total intangible assets	1,021,123	1,146,840
Intangible liabilities
Below market lease, gross	419,432	441,391
Below market lease, accumulated amortization	(208,751)	(196,795)
Finite lived intangible liabilities net	210,681	244,596
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,331,783	1,641,489
Accumulated Amortization	(808,117)	(1,007,698)
Total Intangible Assets/Liabilities, net	523,666	633,791
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	59,909	61,888
Accumulated Amortization	(35,337)	(32,800)
Total Intangible Assets/Liabilities, net	24,572	29,088
Other intangibles
Intangible assets
Finite-lived intangible assets	379,666	377,319
Accumulated Amortization	(90,863)	(77,440)
Total Intangible Assets/Liabilities, net	$ 288,803	$ 299,879

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lease Intangibles
Total Intangible Assets/Liabilities, net	$ 1,021,123	$ 1,146,840
Below-market Lease Intangibles
2024 (remaining)	(25,187)
2025	(44,846)
2026	(36,325)
2027	(25,621)
2028	(19,568)
2029	(14,648)
Thereafter	(44,486)
Total	(210,681)
In-place Lease Intangibles
Lease Intangibles
2024 (remaining)	71,457
2025	119,928
2026	92,130
2027	67,714
2028	51,682
2029	37,828
Thereafter	82,927
Total Intangible Assets/Liabilities, net	523,666	633,791
Above-market Lease Intangibles
Lease Intangibles
2024 (remaining)	3,447
2025	5,898
2026	4,529
2027	3,235
2028	2,386
2029	1,730
Thereafter	3,347
Total Intangible Assets/Liabilities, net	24,572	29,088
Other intangibles
Lease Intangibles
2024 (remaining)	15,719
2025	31,058
2026	30,013
2027	27,653
2028	26,016
2029	23,379
Thereafter	134,965
Total Intangible Assets/Liabilities, net	$ 288,803	$ 299,879

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) derivative	Jun. 30, 2024 EUR (€) derivative	Jun. 30, 2024 GBP (£) derivative	Dec. 31, 2023 EUR (€) derivative	Dec. 31, 2023 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 37,205,721	$ 36,177,869
Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 10,700,000
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	1.40%	1.60%	1.40%	1.40%	1.60%	1.60%
Weighted Average Maturity (Years)	3 years 6 months	4 years 6 months
Non-designated Hedges | Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	164	153	164	164	153	153
Notional Amount | $	$ 10,694,706	$ 9,580,354
Weighted Average Strike	7.70%	5.80%	7.70%	7.70%	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	15	17	15	15	17	17
Notional Amount | $	$ 495,415	$ 581,915
Weighted Average Strike	3.60%	3.40%	3.60%	3.60%	3.40%	3.40%
Weighted Average Maturity (Years)	6 years 1 month 6 days	6 years 7 months 6 days
Non-designated Hedges | Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 77,145		€ 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 | £				£ 45,832		£ 57,377
Number of Instruments	6	9	6	6	9	9
Non-designated Hedges | Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 5,738		€ 10,421
Number of Instruments	3	2	3	3	2	2
Non-designated Hedges | Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 835		£ 0
Number of Instruments	2	0	2	2	0	0
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 | $	$ 6,317,707	$ 6,386,770
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	4 years 1 month 6 days	4 years 7 months 6 days

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 2,533,282	$ 2,160,266
Fair Value of Derivatives in a Liability Position	22,874	34,236
Interest rate cap	194,400	189,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	355,466	246,350
Fair Value of Derivatives in a Liability Position	0	1,320
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	2,177,816	1,913,916
Fair Value of Derivatives in a Liability Position	22,874	32,916
Interest rate swaps - property debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	355,466	246,350
Fair Value of Derivatives in a Liability Position	0	1,320
Interest rate swaps - property debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	2,137,781	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	26,638	31,134
Fair Value of Derivatives in a Liability Position	16,689	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	12,204	8,643
Fair Value of Derivatives in a Liability Position	5,556	12,210
Foreign currency forward contracts | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,193	74
Fair Value of Derivatives in a Liability Position	$ 629	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	$ (51,796)	$ 487,025	$ 267,523	$ (160,704)
Unrealized gain on derivatives	3,946	172,012	105,299	20,757
Total	(47,850)	659,037	372,822	(139,947)
Gain reclassified to earnings	45,600		91,200
Interest rate swaps - property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(41,792)	546,438	268,419	(11,242)
Unrealized gain on derivatives	3,946	172,012	105,299	20,757
Interest rate caps – property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(6,094)	(10,202)	(16,972)	(72,772)
Realized gain (loss)	31	0	542	0
Interest rate swaps - secured financings of investments in real estate debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(4,782)	(47,662)	10,573	(69,573)
Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	40	411	4,162	9,977
Realized gain (loss)	$ 801	$ (1,960)	$ 799	$ (17,094)

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of assets that posted collateral | $	$ 3.9	$ 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	Jun. 30, 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 shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	3,958,753	4,107,332
Common stock issued (transferred)	41,947	78,862
Distribution reinvestment (in shares)	19,989	40,553
Common stock repurchased (in shares)	(227,957)	(434,015)
Ending balance (in shares)	3,792,732	3,792,732
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,437,425	1,488,197
Common stock issued (transferred)	6,012	8,719
Distribution reinvestment (in shares)	7,327	14,855
Common stock repurchased (in shares)	(64,738)	(125,745)
Ending balance (in shares)	1,386,026	1,386,026
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,312,708	2,402,959
Common stock issued (transferred)	36,352	72,480
Distribution reinvestment (in shares)	11,484	23,302
Common stock repurchased (in shares)	(151,382)	(289,579)
Ending balance (in shares)	2,209,162	2,209,162
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	55,050	59,246
Common stock issued (transferred)	(2,234)	(4,512)
Distribution reinvestment (in shares)	340	702
Common stock repurchased (in shares)	(2,662)	(4,942)
Ending balance (in shares)	50,494	50,494
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	151,324	154,794
Common stock issued (transferred)	1,324	1,572
Distribution reinvestment (in shares)	838	1,694
Common stock repurchased (in shares)	(9,162)	(13,736)
Ending balance (in shares)	144,324	144,324
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,246	2,136
Common stock issued (transferred)	493	603
Distribution reinvestment (in shares)	0	0
Common stock repurchased (in shares)	(13)	(13)
Ending balance (in shares)	2,726	2,726

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity [Line Items]
Common stock repurchased, value			$ 3,326,164	$ 3,439,182	$ 6,243,042	$ 6,828,085
Non-controlling interests attributable to third party joint ventures		$ 4,529,522	4,529,522		4,529,522		$ 4,709,621
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest			19,192	$ 7,339	$ 20,068	$ (21,632)
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		$ 168,000	$ 168,000		$ 168,000		$ 197,200
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent	2%				2%
Quarterly maximum percent		5%			5%
Common stock repurchased during period (in shares)					434
BREIT OP units repurchased (in units)					7.7
Common stock repurchased, value					$ 6,200,000
Requests fulfilled, percent of NAV	0.90%	0.90%

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1653	$ 0.1664	$ 0.3307	$ 0.3327
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1653		0.3307
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0300)		(0.0601)
Net distributions declared per share of common stock (in dollars per share)	0.1353		0.2706
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1653		0.3307
Stockholder servicing fee per share of common stock (in dollars per share)	0		0
Net distributions declared per share of common stock (in dollars per share)	0.1653		0.3307
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1653		0.3307
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0296)		(0.0592)
Net distributions declared per share of common stock (in dollars per share)	0.1357		0.2715
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1653		0.3307
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0086)		(0.0173)
Net distributions declared per share of common stock (in dollars per share)	$ 0.1567		$ 0.3134

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Schedule of Non-controlling Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			$ 197,537
Redeemable non-controlling interest issued as settlement of performance participation allocation			15,370	$ 0
GAAP income allocation	$ 1,713	$ 1,199	2,600	763
Ending balance	183,744		183,744
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
Redeemable non-controlling interest issued as settlement of performance participation allocation			15,370	0
GAAP income allocation			(124)	1,919
Distributions			(60)	(1,300)
Fair value allocation			216	(104)
Ending balance	$ 15,753	$ 357	15,753	357
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 1,765,926	$ 1,826,835	$ 3,580,530	$ 3,694,361
Variable lease payments	146,618	117,806	295,079	238,345
Rental revenue	$ 1,912,544	$ 1,944,641	$ 3,875,609	$ 3,932,706
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	Jun. 30, 2024 USD ($)
Lessor, Operating Lease, Payments to be Received
2024 (remaining)	$ 910,933
2025	1,783,124
2026	1,646,575
2027	1,438,424
2028	1,215,884
2029	1,010,732
Thereafter	14,897,160
Total	$ 22,902,832

Leases - Additional Information

Leases - Additional Information (Details)	Jun. 30, 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)	59 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	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 19,820
2025	36,293
2026	36,456
2027	36,772
2028	37,070
2029	37,199
Thereafter	2,098,046
Total undiscounted future lease payments	2,301,656
Difference between undiscounted cash flows and discounted cash flows	(1,689,070)
Total lease liability	612,586	$ 643,803
Financing Leases
2024 (remaining)	2,215
2025	4,386
2026	4,509
2027	4,635
2028	4,764
2029	5,164
Thereafter	554,168
Total undiscounted future lease payments	579,841
Difference between undiscounted cash flows and discounted cash flows	(500,943)
Total lease liability	$ 78,898	$ 78,257

Leases - Schedule of Fixed and

Leases - Schedule of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed ground rent expense	$ 3,724	$ 3,820	$ 7,672	$ 7,848
Variable ground rent expense	8,084	6,831	16,319	12,825
Total cash portion of ground rent expense	11,808	10,651	23,991	20,673
Straight-line ground rent expense	5,352	5,520	10,686	10,923
Total operating lease costs	$ 17,160	$ 16,171	$ 34,677	$ 31,596

Leases - Schedule of Fixed an_2

Leases - Schedule of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Interest on lease liabilities	$ 1,040	$ 1,024	$ 2,131	$ 2,048
Amortization of right-of-use assets	317	320	616	639
Total financing lease costs	$ 1,357	$ 1,344	$ 2,747	$ 2,687

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	9

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 125,809,588	$ 130,797,795
Rental Housing
Segment Reporting Information [Line Items]
Total assets	62,602,988	64,665,680
Industrial
Segment Reporting Information [Line Items]
Total assets	19,469,787	20,050,095
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,067,369	8,117,528
Office
Segment Reporting Information [Line Items]
Total assets	2,866,234	2,945,455
Hospitality
Segment Reporting Information [Line Items]
Total assets	2,791,268	2,867,166
Data Centers
Segment Reporting Information [Line Items]
Total assets	2,440,729	2,927,807
Retail
Segment Reporting Information [Line Items]
Total assets	2,281,566	2,505,146
Self Storage
Segment Reporting Information [Line Items]
Total assets	734,161	739,743
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value
Segment Reporting Information [Line Items]
Total assets	21,887,275	23,264,164
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 2,668,211	$ 2,715,011

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 2,158,547	$ 2,273,055	$ 4,347,461	$ 4,560,995
Expenses:
Total expenses	1,004,680	1,044,599	2,010,051	2,070,611
(Loss) income from unconsolidated entities	(37,998)	89,966	(62,356)	534,624
Income from investments in real estate debt	157,075	224,838	425,268	388,803
Change in net assets of consolidated securitization vehicles	41,013	62,685	116,426	91,939
Loss from investments in equity securities	4,509	30,927	61,482	30,937
GAAP segment net income	1,318,466	1,636,872	2,878,230	3,536,687
Depreciation and amortization	(889,334)	(987,636)	(1,802,542)	(1,987,021)
General and administrative	(17,950)	(17,122)	(34,300)	(34,298)
Management fee	(180,655)	(213,365)	(367,776)	(434,503)
Performance participation allocation	104,966	0	0	0
Impairment of investments in real estate	(118,044)	(105,216)	(183,758)	(117,715)
(Loss) income from interest rate derivatives	(52,637)	488,574	262,562	(153,587)
Net gain on dispositions of real estate	175,890	668,824	282,444	789,827
Interest expense, net	(857,855)	(739,289)	(1,689,570)	(1,527,881)
Loss on extinguishment of debt	(21,404)	(3,283)	(52,052)	(8,541)
Other Income Expense	(43,450)	(19,409)	(45,315)	(46,479)
Net (loss) income	(582,007)	708,950	(752,077)	16,489
Net loss attributable to non-controlling interests in third party joint ventures	37,386	69,255	69,059	143,613
Net loss (income) attributable to non-controlling interests in BREIT OP unit holders	26,122	(23,271)	31,506	(6,223)
Net (loss) income attributable to BREIT stockholders	(518,499)	754,934	(651,512)	153,879
Net realized and unrealized gain (loss) on equity securities	3,800	27,100	58,800	(23,400)
Rental Housing
Revenues:
Total revenues	1,361,755	1,360,820	2,759,342	2,756,650
Expenses:
Total expenses	732,169	717,790	1,473,115	1,425,594
(Loss) income from unconsolidated entities	(5,513)	(2,647)	(14,124)	(15,147)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	4,509	30,927	61,482	30,937
GAAP segment net income	628,582	671,310	1,333,585	1,346,846
Depreciation and amortization	(570,934)	(628,409)	(1,157,124)	(1,263,750)
Industrial
Revenues:
Total revenues	361,832	357,105	732,720	713,811
Expenses:
Total expenses	119,108	107,869	241,602	224,930
(Loss) income from unconsolidated entities	(30,452)	89,214	(53,276)	177,509
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	212,272	338,450	437,842	666,390
Depreciation and amortization	(183,749)	(193,248)	(371,767)	(384,524)
Net Lease
Revenues:
Total revenues	150,384	150,385	300,769	300,769
Expenses:
Total expenses	660	774	1,326	1,244
(Loss) income from unconsolidated entities	0	0	0	432,528
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	149,724	149,611	299,443	732,053
Depreciation and amortization	(51,878)	(51,878)	(103,756)	(103,756)
Office
Revenues:
Total revenues	45,431	49,905	90,979	100,070
Expenses:
Total expenses	15,643	14,362	30,205	28,201
(Loss) income from unconsolidated entities	7,743	5,837	13,588	(14,093)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	37,531	41,380	74,362	57,776
Depreciation and amortization	(23,060)	(24,971)	(47,748)	(49,904)
Hospitality
Revenues:
Total revenues	150,129	222,268	283,306	426,651
Expenses:
Total expenses	101,969	147,589	193,884	281,412
(Loss) income from unconsolidated entities	(800)	1,674	(5,105)	(714)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	47,360	76,353	84,317	144,525
Depreciation and amortization	(22,990)	(32,185)	(45,666)	(65,033)
Data Centers
Revenues:
Total revenues	13,356	12,959	26,436	25,686
Expenses:
Total expenses	2,594	2,524	5,003	4,738
(Loss) income from unconsolidated entities	(8,396)	(4,967)	(1,711)	(45,084)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	2,366	5,468	19,722	(24,136)
Depreciation and amortization	(5,541)	(5,470)	(11,082)	(11,023)
Retail
Revenues:
Total revenues	56,685	58,535	115,772	120,118
Expenses:
Total expenses	23,533	23,969	47,601	49,299
(Loss) income from unconsolidated entities	(580)	855	(1,728)	(375)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	32,572	35,421	66,443	70,444
Depreciation and amortization	(24,529)	(34,197)	(52,138)	(73,203)
Self Storage
Revenues:
Total revenues	18,975	61,078	38,137	117,240
Expenses:
Total expenses	9,004	29,710	17,315	55,181
(Loss) income from unconsolidated entities	0	0	0	0
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	9,971	31,368	20,822	62,059
Depreciation and amortization	(6,653)	(17,278)	(13,261)	(35,828)
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	12	0	12
(Loss) income from unconsolidated entities	0	0	0	0
Income from investments in real estate debt	157,075	224,838	425,268	388,803
Change in net assets of consolidated securitization vehicles	41,013	62,685	116,426	91,939
Loss from investments in equity securities	0	0	0	0
GAAP segment net income	198,088	287,511	541,694	480,730
Depreciation and amortization	0	0	0	0
Rental revenue
Revenues:
Total revenues	1,912,544	1,944,641	3,875,609	3,932,706
Expenses:
Total expenses	902,711	897,010	1,816,167	1,789,199
Rental revenue | Rental Housing
Revenues:
Total revenues	1,276,380	1,268,987	2,590,537	2,580,964
Expenses:
Total expenses	732,169	717,790	1,473,115	1,425,594
Rental revenue | Industrial
Revenues:
Total revenues	356,620	351,188	723,678	700,781
Expenses:
Total expenses	119,108	107,869	241,602	224,930
Rental revenue | Net Lease
Revenues:
Total revenues	150,384	150,385	300,769	300,769
Expenses:
Total expenses	660	774	1,326	1,244
Rental revenue | Office
Revenues:
Total revenues	42,733	48,001	85,842	96,289
Expenses:
Total expenses	15,643	14,362	30,205	28,201
Rental revenue | Hospitality
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Rental revenue | Data Centers
Revenues:
Total revenues	13,356	12,959	26,436	25,686
Expenses:
Total expenses	2,594	2,524	5,003	4,738
Rental revenue | Retail
Revenues:
Total revenues	55,491	57,449	113,082	117,871
Expenses:
Total expenses	23,533	23,969	47,601	49,299
Rental revenue | Self Storage
Revenues:
Total revenues	17,580	55,672	35,265	110,346
Expenses:
Total expenses	9,004	29,710	17,315	55,181
Rental revenue | Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	12	0	12
Hospitality
Revenues:
Total revenues	150,129	217,744	283,306	418,965
Expenses:
Total expenses	101,969	147,589	193,884	281,412
Hospitality | Rental Housing
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Industrial
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Net Lease
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Office
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Hospitality
Revenues:
Total revenues	150,129	217,744	283,306	418,965
Expenses:
Total expenses	101,969	147,589	193,884	281,412
Hospitality | Data Centers
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Retail
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Self Storage
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Other revenue
Revenues:
Total revenues	95,874	110,670	188,546	209,324
Other revenue | Rental Housing
Revenues:
Total revenues	85,375	91,833	168,805	175,686
Other revenue | Industrial
Revenues:
Total revenues	5,212	5,917	9,042	13,030
Other revenue | Net Lease
Revenues:
Total revenues	0	0	0	0
Other revenue | Office
Revenues:
Total revenues	2,698	1,904	5,137	3,781
Other revenue | Hospitality
Revenues:
Total revenues	0	4,524	0	7,686
Other revenue | Data Centers
Revenues:
Total revenues	0	0	0	0
Other revenue | Retail
Revenues:
Total revenues	1,194	1,086	2,690	2,247
Other revenue | Self Storage
Revenues:
Total revenues	1,395	5,406	2,872	6,894
Other revenue | Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value
Revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0