Blackstone Real Estate Income Trust (BSTT) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,357,079,000
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,180,730,000
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,862,000
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		140,823,000
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,682,000
Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 84,540,786	$ 91,079,010
Investments in unconsolidated entities (includes $4,147,186 and $4,221,593 at fair value as of September 30, 2024 and December 31, 2023, respectively)	6,870,295	7,338,329
Investments in real estate debt	5,526,771	6,790,632
Real estate loans held by consolidated securitization vehicles, at fair value	14,286,859	16,331,578
Cash and cash equivalents	1,477,491	1,945,260
Restricted cash	1,025,441	749,760
Other assets	5,865,048	6,563,226
Total assets	119,592,691	130,797,795
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	61,131,406	61,693,678
Secured financings of investments in real estate debt	3,816,383	4,368,269
Senior obligations of consolidated securitization vehicles, at fair value	12,897,316	14,777,146
Unsecured revolving credit facilities and term loans	1,636,923	1,126,923
Total liabilities	84,245,651	86,977,764
Commitments and contingencies	0	0
Redeemable non-controlling interests	174,073	197,537
Equity
Additional paid-in capital	43,188,983	48,576,100
Accumulated other comprehensive income	254,680	345,975
Accumulated deficit and cumulative distributions	(15,648,772)	(12,612,581)
Total stockholders’ equity	27,832,111	36,350,567
Non-controlling interests attributable to third party joint ventures	4,422,044	4,709,621
Non-controlling interests attributable to BREIT OP unitholders	2,918,812	2,562,306
Total equity	35,172,967	43,622,494
Total liabilities and equity	119,592,691	130,797,795
Related Party
Liabilities and Equity
Other liabilities	772,355	1,033,083
Nonrelated Party
Liabilities and Equity
Other liabilities	3,991,268	3,978,665
Class S
Equity
Common stock value	13,595	14,882
Class I
Equity
Common stock value	21,721	24,030
Class T
Equity
Common stock value	467	592
Class D
Equity
Common stock value	1,410	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	Sep. 30, 2024	Dec. 31, 2023
Investments in unconsolidated entities	$ 4,147,186	$ 4,221,593
Common stock, shares outstanding (in shares)	3,721,918	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)	1,359,463	1,488,197
Common stock, shares outstanding (in shares)	1,359,463	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)	2,172,090	2,402,959
Common stock, shares outstanding (in shares)	2,172,090	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)	46,722	59,246
Common stock, shares outstanding (in shares)	46,722	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)	140,983	154,794
Common stock, shares outstanding (in shares)	140,983	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)	2,660	2,136
Common stock, shares outstanding (in shares)	2,660	2,136

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 2,094,666	$ 2,187,233	$ 6,442,127	$ 6,748,228
Expenses
Operating expenses	1,035,895	1,062,156	3,045,946	3,132,767
General and administrative	15,368	16,960	49,668	51,258
Management fee	174,252	209,297	542,028	643,800
Impairment of investments in real estate	48,571	60,952	232,329	178,667
Depreciation and amortization	848,214	928,863	2,650,756	2,915,884
Total expenses	2,122,300	2,278,228	6,520,727	6,922,376
Other income (expense)
(Loss) income from unconsolidated entities	(74,839)	(153,656)	(137,195)	380,968
Income from investments in real estate debt	184,849	192,145	610,117	580,948
Change in net assets of consolidated securitization vehicles	44,170	53,244	160,596	145,183
(Loss) income from interest rate derivatives	(815,212)	410,655	(552,650)	257,068
Net gain on dispositions of real estate	988,970	985,189	1,271,414	1,775,016
Interest expense, net	(853,014)	(808,169)	(2,542,584)	(2,336,050)
Loss on extinguishment of debt	(19,608)	(26,484)	(71,660)	(35,025)
Other expense	(35,408)	(45,302)	(19,241)	(60,844)
Total other income (expense)	(580,092)	607,622	(1,281,203)	707,264
Net (loss) income	(607,726)	516,627	(1,359,803)	533,116
Net (income) loss attributable to non-controlling interests in third party joint ventures	(37,374)	100,087	31,685	243,700
Net loss (income) attributable to non-controlling interests in BREIT OP unitholders	39,041	(28,420)	70,547	(34,643)
Net (loss) income attributable to BREIT stockholders	$ (606,059)	$ 588,294	$ (1,257,571)	$ 742,173
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.16)	$ 0.14	$ (0.33)	$ 0.16
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.16)	$ 0.14	$ (0.33)	$ 0.16
Weighted-average shares of common stock outstanding, basic (in shares)	3,740,039	4,307,884	3,862,356	4,498,411
Weighted-average shares of common stock outstanding, diluted (in shares)	3,740,039	4,307,884	3,862,356	4,498,411
Rental revenue
Revenues
Total revenues	$ 1,854,256	$ 1,925,827	$ 5,729,865	$ 5,858,533
Expenses
Operating expenses	938,025	958,571	2,754,192	2,747,770
Hospitality
Revenues
Total revenues	137,847	145,837	421,153	564,802
Expenses
Operating expenses	97,870	103,585	291,754	384,997
Other revenue
Revenues
Total revenues	$ 102,563	$ 115,569	$ 291,109	$ 324,893

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Other Comprehensive Income [Abstract]
Net (loss) income	$ (607,726)	$ 516,627	$ (1,359,803)	$ 533,116
Other comprehensive income (loss):
Foreign currency translation gain (loss), net	25,459	(26,342)	4,267	(754)
Unrealized (loss) gain on derivatives	(210,629)	141,370	(105,330)	162,127
Unrealized (loss) gain on derivatives from unconsolidated entities	(84,528)	87,780	(22,461)	85,569
Other comprehensive (loss) income	(269,698)	202,808	(123,524)	246,942
Comprehensive (loss) income	(877,424)	719,435	(1,483,327)	780,058
Comprehensive loss attributable to non-controlling interests in third party joint ventures	16,233	69,964	57,245	206,919
Comprehensive loss (income) attributable to non-controlling interests in BREIT OP unitholders	51,626	(35,385)	77,216	(43,399)
Comprehensive (loss) income attributable to BREIT stockholders	$ (809,565)	$ 754,014	$ (1,348,866)	$ 943,578

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)	6,522,743	6,522,743	265	6,229	(47)	(2,414)	20	6,518,690
Reduction in accrual for offering costs, net	411,537	411,537						411,537
Distribution reinvestment	981,197	981,197	231	387	12	38		980,529
Common stock/units repurchased	(10,970,783)	(10,645,216)	(1,215)	(5,721)	(59)	(250)		(10,637,971)				(325,567)
Amortization of compensation awards	39,114	32,475		325				32,150				6,639
Net income (loss)	535,355	742,173								742,173		32,959	(239,777)
Other comprehensive income (loss)	246,718	201,405							201,405			8,529	36,784
Distributions declared on common stock and OP units	(2,086,458)	(2,086,458)								(2,086,458)
Contributions from non-controlling interests	1,708,790	(17,098)						(17,098)				1,358,566	367,322
Operating distributions to non-controlling interests	(205,476)	(2,422)						(2,422)				(75,830)	(127,224)
Allocation to redeemable non-controlling interests	(3,095)	(3,095)						(3,095)
Ending Balance at Sep. 30, 2023	47,380,393	40,592,505	15,255	25,167	632	1,588	20	50,494,814	595,333	(10,540,304)		2,471,888	4,316,000
Beginning Balance at Jun. 30, 2023	49,436,292	43,750,766	15,577	27,017	665	1,638	20	53,737,893	429,613	(10,461,657)		1,518,353	4,167,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	416,963	416,963	63	36	(18)	1		416,881
Reduction in accrual for offering costs, net	41,344	41,344						41,344
Distribution reinvestment	305,732	305,732	75	121	4	8		305,524
Common stock/units repurchased	(4,142,698)	(4,029,564)	(460)	(2,195)	(19)	(59)		(4,026,831)				(113,134)
Amortization of compensation awards	20,476	18,759		188				18,571				1,717
Net income (loss)	518,103	588,294								588,294		28,430	(98,621)
Other comprehensive income (loss)	202,887	165,720							165,720			6,963	30,204
Distributions declared on common stock and OP units	(666,941)	(666,941)								(666,941)
Contributions from non-controlling interests	1,282,602	(17,098)						(17,098)				1,061,230	238,470
Operating distributions to non-controlling interests	(52,904)	(7)						(7)				(31,671)	(21,226)
Allocation to redeemable non-controlling interests	18,537	18,537						18,537
Ending Balance at Sep. 30, 2023	47,380,393	40,592,505	15,255	25,167	632	1,588	20	50,494,814	595,333	(10,540,304)		2,471,888	4,316,000
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)	1,485,068	1,485,068	135	447	(68)	15	8	1,484,531
Reduction in accrual for offering costs, net	120,934	120,934						120,934
Distribution reinvestment	926,801	846,674	221	345	10	25		846,073			$ 80,127
Common stock/units repurchased	(7,964,044)	(7,840,582)	(1,643)	(3,666)	(67)	(178)	(2)	(7,835,026)				(123,462)
Amortization of compensation awards	64,515	56,403		565				55,838				8,112
Net income (loss)	(1,355,609)	(1,257,571)								(1,257,571)		(70,237)	(27,801)
Other comprehensive income (loss)	(123,406)	(91,295)							(91,295)			(6,614)	(25,497)
Distributions declared on common stock and OP units	(1,891,397)	(1,778,620)								(1,778,620)	(112,777)
Contributions from non-controlling interests	759,674											581,357	178,317
Operating distributions to non-controlling interests	(103,812)												(103,812)
Capital distributions to and redemptions of non-controlling interests	(396,110)	(87,326)						(87,326)			(308,784)
Allocation to redeemable non-controlling interests	27,859	27,859						27,859
Ending Balance at Sep. 30, 2024	35,172,967	27,832,111	13,595	21,721	467	1,410	27	43,188,983	254,680	(15,648,772)		2,918,812	4,422,044
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	441,026	441,026	48	84	(23)		2	440,915
Reduction in accrual for offering costs, net	20,285	20,285						20,285
Distribution reinvestment	302,123	273,729	72	112	3	8		273,534			28,394
Common stock/units repurchased	(1,721,002)	(1,706,623)	(385)	(769)	(18)	(41)	(2)	(1,705,408)				(14,379)
Amortization of compensation awards	23,045	20,342		203				20,139				2,703
Net income (loss)	(606,117)	(606,059)								(606,059)		(38,858)	38,800
Other comprehensive income (loss)	(269,674)	(203,506)							(203,506)			(12,526)	(53,642)
Distributions declared on common stock and OP units	(613,963)	(574,741)								(574,741)	$ (39,222)
Contributions from non-controlling interests	219,245											175,628	43,617
Operating distributions to non-controlling interests	(30,519)												(30,519)
Capital distributions to and redemptions of non-controlling interests	(100,940)	4,794						4,794					(105,734)
Allocation to redeemable non-controlling interests	7,791	7,791						7,791
Ending Balance at Sep. 30, 2024	$ 35,172,967	$ 27,832,111	$ 13,595	$ 21,721	$ 467	$ 1,410	$ 27	$ 43,188,983	$ 254,680	$ (15,648,772)		$ 2,918,812	$ 4,422,044

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ (1,609)	$ (1,476)	$ (4,194)	$ (2,239)
Other comprehensive income (loss) allocated to redeemable non-controlling interests	$ 24	$ 79	$ 118	$ (224)
Distributions declared on common stock (in dollars per share)	$ 0.1652	$ 0.1672	$ 0.4959	$ 0.4999

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (1,359,803)	$ 533,116
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Management fee	542,028	643,800
Impairment of investments in real estate	232,329	178,667
Depreciation and amortization	2,650,756	2,915,884
Net gain on dispositions of real estate	(1,271,414)	(1,775,016)
Loss on extinguishment of debt	71,660	35,025
Unrealized loss (gain) on fair value of financial instruments	388,180	(94,233)
Loss (income) from unconsolidated entities	137,195	(380,968)
Distributions of earnings from unconsolidated entities	170,580	231,043
Other items	57,051	(60,905)
Change in assets and liabilities:
Increase in other assets	(91,948)	(241,153)
Increase in due to affiliated entities	23,932	4,877
Increase in other liabilities	82,169	145,647
Net cash provided by operating activities	1,632,715	2,135,784
Cash flows from investing activities:
Acquisitions of real estate	0	(37,208)
Capital improvements to real estate	(832,252)	(1,063,852)
Proceeds from disposition of real estate	5,623,806	6,259,374
Investment in unconsolidated entities	(382,227)	(335,837)
Dispositions of and return of capital from unconsolidated entities	798,407	1,834,827
Purchase of investments in real estate debt	(50,081)	(147,913)
Proceeds from sale/repayment of investments in real estate debt	1,860,456	1,100,455
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	489,082	536,601
Collateral (posted) released under derivative contracts	(29,371)	9,824
Other investing activities	(126,391)	49,582
Net cash provided by investing activities	7,351,429	8,205,853
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	11,981,932	5,975,427
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(12,517,023)	(10,137,675)
Borrowings under secured financings of investments in real estate debt	628,353	238,812
Repayments of secured financings of investments in real estate debt	(1,180,202)	(590,670)
Borrowings under unsecured revolving credit facilities and term loans	3,682,638	0
Repayments of unsecured revolving credit facilities and term loans	(3,172,638)	0
Payment of deferred financing costs	(188,107)	(46,752)
Sales of senior obligations of consolidated securitization vehicles	84,671	115,677
Repayments of senior obligations of consolidated securitization vehicles	(452,859)	(479,505)
Proceeds from issuance of common stock	1,327,930	5,797,468
Subscriptions received in advance	143,247	41,167
Offering costs paid	(156,150)	(181,077)
Distributions	(950,462)	(1,112,589)
Repurchase of common stock	(7,945,123)	(9,334,191)
Contributions from redeemable non-controlling interest	1,005	351
Distributions to and redemption of redeemable non-controlling interest	(7,404)	(3,929)
Redemption of affiliated service provider incentive compensation awards	(1,233)	(215)
Contributions from non-controlling interests	27,704	259,191
Distributions to and redemptions of non-controlling interests	(483,339)	(467,370)
Net cash used in financing activities	(9,177,060)	(9,925,880)
Net change in cash and cash equivalents and restricted cash	(192,916)	415,757
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	828	(2,736)
Cash, cash equivalents and restricted cash, end of period	2,502,932	2,667,513
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,477,491	1,931,616
Restricted cash	1,025,441	735,897
Total cash, cash equivalents and restricted cash	2,502,932	2,667,513
Non-cash investing and financing activities:
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	2,178	0
Change in accrued stockholder servicing fee due to affiliate	(278,886)	(592,499)
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	547,802	646,481
Allocation to redeemable non-controlling interest	27,859	3,095
Distribution reinvestment	926,801	981,197
Accrued repurchases	476,621	649,897
Conversion of equity securities to investments in unconsolidated entities	396,120	0
Collateral used in repayment of mortgage payable	23,414	0
Preferred interest investment retained upon disposition of real estate	200,000	0
Receivable for proceeds from disposition of real estate	17,418	0
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	0	6,707
Receipt of interest rate derivative assets in exchange for interest rate contract receivables	0	321,771
Insurance receivable for involuntary conversion	24,554	26,785
Deconsolidation of securitization vehicles	1,958,620	0
Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net	290,659	335,092
Other assets	3,714	(9,031)
Mortgage loans, net	(119,883)	(126,233)
Other liabilities	(12,117)	(22,444)
Non-controlling interests attributable to third party joint ventures	(57,748)	(109,568)
Class C
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	0	65,304
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	9 Months Ended
	Sep. 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 September 30, 2024, the Company had received aggregate net proceeds of $76.5 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. As of September 30, 2024, the Company owned, in whole or in part, 4,675 properties and 63,688 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	9 Months Ended
	Sep. 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. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is also reported within non-controlling interests. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses. The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP. As of September 30, 2024, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $46.0 billion and $33.5 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 September 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 September 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): September 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) $ — $ 4,141,416 $ 1,146,290 $ 5,287,706 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 14,286,859 — 14,286,859 — 16,331,578 — 16,331,578 Equity securities (2) — — — — 62,333 273,600 — 335,933 Investments in unconsolidated entities — — 4,147,186 4,147,186 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 1,510,326 — 1,510,326 — 2,160,266 — 2,160,266 Total $ — $ 19,938,601 $ 5,293,476 $ 25,232,077 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 12,897,316 $ — $ 12,897,316 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 24,305 — 24,305 — 34,236 — 34,236 Total $ — $ 12,921,621 $ — $ 12,921,621 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $239.1 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy, as of September 30, 2024. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Investments in Total Balance as of December 31, 2023 $ 1,241,712 $ 3,672,455 $ 4,914,167 Purchases and contributions 221,108 539,191 760,299 Sales and repayments (321,730) — (321,730) Distributions received — (190,696) (190,696) Included in net income (loss) Gain from unconsolidated entities measured at fair value — 126,236 126,236 Realized loss (732) — (732) Unrealized gain 5,932 — 5,932 Balance as of September 30, 2024 $ 1,146,290 $ 4,147,186 $ 5,293,476 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,146,290 Yield method Market yield 9.6% Decrease Investments in unconsolidated entities $ 4,147,186 Discounted cash flow Weighted average cost of capital 8.2% 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 September 30, 2024, the Company recognized an aggregate $20.9 million of impairment charges related to one affordable housing property, one student housing 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 $97.9 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 6.2% to 8.6%, and the exit capitalization rate (Level 3), which ranged from 5.0% to 7.1%. Additionally, during the three months ended September 30, 2024, the Company recognized an aggregate $27.7 million of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The fair value, less estimated costs to sell, of such real estate investments at the time of impairment was $304.2 million. 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 September 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 $0.7 billion and $1.3 billion, respectively, below carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using its equity discount rate. Additionally, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of Home Partners of America (“HPA”), April Housing, and American Campus Communities (“ACC”), all of which are consolidated subsidiaries of BREIT, and certain employees of portfolio company service providers owned by Blackstone-advised investment vehicles. Such awards vest over time and stock-based compensation expense is recognized for these awards using a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three Refer to Note 10 for additional information on the awards issued to certain employees of portfolio companies owned by Blackstone-advised investment vehicles. The following table details the incentive compensation awards issued to certain employees of HPA, April Housing and ACC ($ in thousands): December 31, 2023 For the Nine Months Ended September 30, 2024 September 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 $ — $ — $ (3,246) $ 5,038 1.4 years 2023 15,413 — — (7,656) 7,757 1.4 years 2024 — — 20,282 (9,225) 11,057 2.1 years Total $ 23,697 $ — $ 20,282 $ (20,127) $ 23,852 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.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2024 December 31, 2023 Building and building improvements $ 74,225,569 $ 78,214,115 Land and land improvements 16,940,035 17,835,688 Furniture, fixtures and equipment 2,440,767 2,389,383 Right of use asset - operating leases (1) 1,061,477 1,093,479 Right of use asset - financing leases (1) 72,862 72,862 Total 94,740,710 99,605,527 Accumulated depreciation and amortization (10,199,924) (8,526,517) Investments in real estate, net $ 84,540,786 $ 91,079,010 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions There were no acquisitions during the nine months ended September 30, 2024. Dispositions The following tables detail the dispositions during the periods set forth below ($ in thousands): Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2)(3) 52 $ 3,534,145 $ 951,410 106 $ 4,736,946 $ 1,028,656 Industrial properties 3 97,714 12,868 34 789,863 198,309 Retail properties 3 90,778 16,168 13 278,422 35,925 Hospitality properties 2 43,657 8,524 2 43,657 8,524 Total 60 $ 3,766,294 $ 988,970 155 $ 5,848,888 $ 1,271,414 Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (Loss) (1) Self Storage properties 128 $ 2,146,669 $ 697,055 128 $ 2,146,669 $ 697,055 Rental Housing properties (2) 20 875,505 232,719 93 2,295,309 628,779 Hospitality properties 7 152,156 34,135 14 1,066,793 345,246 Industrial properties 2 39,624 22,136 14 473,649 97,699 Retail properties — — — 4 104,450 7,093 Office properties 1 172,504 (856) 1 172,504 (856) Total 158 $ 3,386,458 $ 985,189 254 $ 6,259,374 $ 1,775,016 (1) For the three months ended September 30, 2024, net gain includes gains of $1.0 billion and losses of $18.2 million. For the nine months ended September 30, 2024, net gain includes gains of $1.3 billion and losses of $49.4 million. For the three months ended September 30, 2023, net gain (loss) includes gains of $989.1 million and losses of $3.9 million. For the nine months ended September 30, 2023, net gain (loss) includes gains of $1.8 billion and losses of $48.0 million. (2) The number of properties excludes single family rental homes sold. (3) For the three months and nine months ended September 30, 2024, net proceeds includes a $200.0 million preferred interest investment retained upon the sale of 19 student housing properties. Properties Held-for-Sale As of September 30, 2024, nine properties in the industrial segment, seven properties in the rental housing segment, one property in the hospitality segment, one property in the self storage segment, one property in the retail segment and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: September 30, 2024 Investments in real estate, net $ 665,663 Other assets 7,856 Total assets $ 673,519 Liabilities: Mortgage loans, net $ 249,303 Other liabilities 15,785 Total liabilities $ 265,088 Impairment During the three months ended September 30, 2024, the Company recognized an aggregate $48.6 million of impairment charges including (i) $20.9 million related to one affordable housing property, one student housing 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) $27.7 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 nine months ended September 30, 2024, the Company recognized an aggregate $232.3 million of impairment charges including (i) $133.0 million related to four student housing properties, three 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) $99.3 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 September 30, 2023, the Company recognized an aggregate $61.0 million of impairment charges related predominantly to seven affordable housing properties, and to a lesser extent, single family rental homes as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period. During the nine months ended September 30, 2023, the Company recognized an aggregate $178.7 million of impairment charges including (i) $166.2 million related to one office property, 19 affordable housing properties, and to a lesser extent, single family rental homes as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $12.5 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 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): September 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 1 100 35.7% $ 1,299,186 Rental Housing investments (2) Rental Housing 11 7 12.2% - 67.0% 797,829 Hospitality investment Hospitality 1 196 30.0% 281,883 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 254,404 Retail investments Retail 2 8 50.0% 89,807 Total unconsolidated entities carried at historical cost 18 367 2,723,109 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,070 12.4% - 85.0% 3,271,381 Office investment Office 1 1 49.0% 461,488 Rental Housing investment (5) Rental Housing 1 11 11.6% 414,317 Total unconsolidated entities carried at fair value 13 2,082 4,147,186 Total 31 2,449 $ 6,870,295 (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 10,427 single family rental homes that are not included in the number of properties. (3) Includes $254.4 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. As of September 30, 2024, the number of properties excludes 37,297 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 investment 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 September 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (227,994) $ 2,057 Rental Housing investments Rental Housing (5,152) (10,320) Hospitality investment Hospitality (1,701) (2,032) Industrial investments Industrial (3,175) (3,557) Retail investments Retail (1,159) 873 Total unconsolidated entities carried at historical cost (239,181) (12,979) Unconsolidated entities carried at fair value: Industrial investments Industrial 88,417 (154,177) Data Center investments Data Centers — (3,084) Office investment Office (6,535) 16,584 Rental Housing investments Rental Housing 82,460 — Total unconsolidated entities carried at fair value 164,342 (140,677) Total $ (74,839) $ (153,656) For the Nine Months Ended September 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (212,008) $ (46,462) Rental Housing investments Rental Housing (19,030) (25,467) Hospitality investment Hospitality (6,806) (2,746) Industrial investments Industrial (5,641) (9,492) Retail investments Retail (2,887) 498 MGM Grand & Mandalay Bay (1) Net Lease — 432,528 Total unconsolidated entities carried at historical cost (246,372) 348,859 Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 37,607 29,267 Data Center investments (3) Data Centers (17,698) 351 Office investment Office 7,053 2,491 Rental Housing investments Rental Housing 82,215 — Total unconsolidated entities carried at fair value 109,177 32,109 Total $ (137,195) $ 380,968 (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	9 Months Ended
	Sep. 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): September 30, 2024 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.2% 4/1/2032 $ 4,149,767 $ 4,127,894 $ 3,885,019 RMBS 4.2% 5/31/2058 184,317 180,637 147,078 Corporate bonds 4.9% 6/6/2028 56,119 56,003 52,182 Total real estate securities 8.9% 2/21/2033 4,390,203 4,364,534 4,084,279 Commercial real estate loans +4.4% 5/15/2027 1,096,174 1,091,916 1,088,403 Other investments (5)(6) 5.7% 9/21/2029 333,109 316,146 354,089 Total investments in real estate debt 8.7% 11/2/2031 $ 5,819,486 $ 5,772,596 $ 5,526,771 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 $1.9 billion and $0.6 billion as of September 30, 2024 and December 31, 2023, respectively. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”). The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): September 30, 2024 December 31, 2023 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,076,317 $ 2,030,006 37% $ 2,556,000 $ 2,429,510 36% Rental Housing (2) 1,940,968 1,918,950 35% 2,081,681 1,954,601 29% Net Lease 858,036 860,902 15% 950,174 941,125 14% Hospitality 345,231 333,854 6% 899,669 869,858 13% Office 378,673 217,619 4% 417,846 252,754 4% Other 121,046 117,881 2% 297,394 288,748 4% Diversified 52,325 47,559 1% 60,941 54,036 —% Total $ 5,772,596 $ 5,526,771 100% $ 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): September 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 59,200 57,842 1% 84,021 81,783 1% BBB 773,344 771,758 14% 868,440 850,277 13% BB 802,138 769,969 14% 1,356,535 1,229,290 18% B 610,061 557,387 10% 1,045,548 931,583 14% CCC and below 122,954 30,494 1% 89,771 42,032 1% Private commercial real estate loans 1,091,916 1,088,403 20% 1,200,548 1,196,640 18% Not rated (2) 2,312,983 2,250,918 40% 2,541,642 2,383,008 34% Total $ 5,772,596 $ 5,526,771 100% $ 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 September 30, 2024, not rated positions have a weighted-average loan-to-value (“LTV”) at origination of 58%, are primarily composed of 53% industrial and 43% rental housing assets, and include interest-only securities with a fair value of $6.5 million. The following table details the Company’s income from investments in real estate debt ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income $ 149,193 $ 176,464 $ 483,423 $ 531,489 Unrealized gain 53,559 23,458 178,929 90,820 Realized loss (5,160) (24,134) (43,510) (41,492) Total 197,592 175,788 618,842 580,817 Net realized and unrealized (loss) gain on derivatives (5,710) 8,185 (748) 1,068 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (6,810) 9,409 37 782 Other expense (223) (1,237) (8,014) (1,719) Total income from investments in real estate debt $ 184,849 $ 192,145 $ 610,117 $ 580,948 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 such real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, September 30, 2024 December 31, 2023 2024 2023 2024 2023 CMBS $ 798,496 $ 1,525,134 $ 21,977 $ 39,088 $ 111,361 $ 113,676 Commercial real estate loans 455,178 557,549 17,221 12,309 43,514 80,492 Total $ 1,253,674 $ 2,082,683 $ 39,198 $ 51,397 $ 154,875 $ 194,168 The Company acquired such CMBS from third parties on market terms negotiated by the majority third party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS. The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company’s involvement. As of September 30, 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 nine months ended September 30, 2024, the Company recognized $55.1 million and $194.1 million of income, respectively, related to such CMBS. During the three and nine months ended September 30, 2023, the Company recognized $69.3 million and $190.4 million of income, respectively, related to such CMBS.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	9 Months Ended
	Sep. 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): September 30, 2024 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 199 $ 13,997,167 $ 14,286,859 6.7 % 12/20/2025 Senior obligations of consolidated securitization vehicles 19 12,530,636 12,897,316 6.5 % 12/28/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 19 $ 1,466,531 $ 1,389,543 8.2 % 10/14/2025 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	9 Months Ended
	Sep. 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): September 30, 2024 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum September 30, 2024 December 31, 2023 Fixed rate loans: Fixed rate mortgages (4) 3.8% 8/15/2029 N/A $ 22,283,122 $ 23,872,148 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 11/9/2027 N/A 32,708,839 32,316,849 Variable rate warehouse facilities (5) +2.1% 7/30/2025 $ 4,008,497 2,972,009 3,541,543 Variable rate secured revolving credit facilities +1.9% 8/19/2027 $ 3,704,708 3,694,691 2,489,784 Total variable rate loans +2.4% 8/30/2027 39,375,539 38,348,176 Total loans secured by real estate 6.2% 5/15/2028 61,658,661 62,220,324 (Discount) premium on assumed debt, net (97,803) (103,828) Deferred financing costs, net (429,452) (422,818) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 61,131,406 $ 61,693,678 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, Canadian Overnight Repo Rate Average (“CORRA”), and EURIBOR as applicable to each loan. As of September 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 $11.9 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 $293.8 million and $293.3 million of loans related to investments in affordable housing properties as of September 30, 2024 and December 31, 2023, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval. The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of September 30, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 1,037,671 2025 4,302,498 2026 14,228,828 2027 19,997,612 2028 4,603,220 2029 10,130,457 Thereafter 7,358,375 Total $ 61,658,661 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 $19.6 million and $71.7 million for the three and nine months ended September 30, 2024, respectively. The Company incurred an aggregate net realized loss on extinguishment of debt of $26.5 million and $35.0 million, for the three and nine months ended September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, the Company’s secured financings of investments in real estate debt was $3.8 billion and $4.4 billion, respectively. As of September 30, 2024, the secured financings had a weighted average maturity date of October 20, 2025, and a weighted average interest rate of 1.5% over the relevant floating benchmark rates of the applicable financings, which include SOFR, EURIBOR, and SONIA. As of September 30, 2024 and December 31, 2023, the Company had interest rate swaps outstanding with a notional value of $0.4 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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, the maximum capacity of the credit facilities was $6.1 billion and $5.6 billion, respectively. As of September 30, 2024, the aggregate outstanding balance of borrowings under these unsecured credit facilities was $0.5 billion. 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 September 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 September 30, 2024 and December 31, 2023, the Company had no outstanding borrowings under the Line of Credit.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliated Entities The following table details the components of due to affiliated entities ($ in thousands): September 30, 2024 December 31, 2023 Accrued stockholder servicing fee $ 682,768 $ 961,654 Accrued management fee 57,731 63,505 Accrued service provider expenses 30,636 5,283 Other 1,220 2,641 Total $ 772,355 $ 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 unitholders 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 unitholders 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 nine months ended September 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 of September 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 three and nine months ended September 30, 2023, the Company’s total return did not exceed the hurdle amount and, as a result, no performance participation allocation expense was recognized. During the nine months ended September 30, 2024, the Company accrued interest income of $1.0 million, related to the 2022 Quarterly Shortfall. During the three months ended September 30, 2024, the Company did not record any such interest income because the 2022 Quarterly Shortfall was no longer outstanding. During the three and nine months ended September 30, 2023, the Company accrued interest income of $1.0 million and $2.9 million, respectively, related to the 2022 Quarterly Shortfall. As of November 8, 2024, Blackstone owned shares of the Company and units of BREIT OP valued at an aggregate $3.0 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 nine months ended September 30, 2024, the Company incurred management fees of $174.3 million, and $542.0 million, respectively. During the three and nine months ended September 30, 2023, the Company incurred management fees of $209.3 million, and $643.8 million, respectively. During the nine months ended September 30, 2024, the Company issued 38.8 million units of BREIT OP to the Adviser as payment for management fees. During the nine months ended September 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 $57.7 million and $63.5 million related to the management fees as of September 30, 2024 and December 31, 2023, respectively. During October 2024, the Adviser was issued 4.1 million units of BREIT OP as payment for the management fees accrued as of September 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 nine months ended September 30, 2024 and 2023. Accrued 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 these 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. The expenses related to these providers, including the 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 portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands): Service Provider Expenses Amortization of Service Provider Incentive Compensation Awards Capitalized Transaction Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 30,935 $ 30,807 $ 6,518 $ 5,968 $ 147 $ 330 LivCor, LLC 26,860 24,974 4,672 5,928 2,887 1,670 Revantage Corporate Services, LLC 8,536 7,827 1,952 176 — — ShopCore Properties TRS Management LLC 7,829 9,862 166 210 672 258 BRE Hotels and Resorts LLC 3,393 3,844 312 292 — — EQ Management, LLC 1,439 2,069 58 44 69 75 Beam Living 683 748 364 (649) — — Longview Senior Housing, LLC 342 490 — — — — $ 80,017 $ 80,621 $ 14,042 $ 11,969 $ 3,775 $ 2,333 Service Provider Expenses Amortization of Service Provider Incentive Compensation Awards Capitalized Transaction Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 90,045 $ 92,138 $ 17,622 $ 9,672 $ 963 $ 1,010 LivCor, LLC 77,511 75,172 16,224 9,973 7,367 7,092 ShopCore Properties TRS Management LLC 25,397 26,327 812 450 2,190 923 Revantage Corporate Services, LLC 19,564 20,034 6,356 270 — — BRE Hotels and Resorts LLC 9,717 12,967 1,136 555 — — EQ Management, LLC 4,697 4,420 174 150 74 104 Beam Living 2,399 1,930 1,093 (511) — — Longview Senior Housing, LLC 852 1,572 — — — — $ 230,182 $ 234,560 $ 43,417 $ 20,559 $ 10,594 $ 9,129 The Company issues incentive compensation awards to certain employees of portfolio company service providers. None of Blackstone, the Adviser, or the portfolio company service providers owned by Blackstone-advised investment vehicles receive any incentive compensation from the aforementioned arrangements. The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Nine Months Ended September 30, 2024 September 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 $ — $ — $ (8,112) $ 2,760 0.3 years 2022 18,825 — — (8,041) 10,784 1.2 years 2023 36,637 — — (13,739) 22,898 1.9 years 2024 — — 54,256 (13,525) 40,731 2.6 years $ 66,334 $ — $ 54,256 $ (43,417) $ 77,173 Other As of September 30, 2024 and December 31, 2023, the Company had an outstanding balance due to the Adviser of $1.2 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 nine months ended September 30, 2024, the Company paid LNLS $4.4 million and $18.9 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 September 30, 2024, the Company contributed $123.5 million of capital to the captive insurance company owned by it and other Blackstone-advised investment vehicles. Of this amount, $2.4 million was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. During the nine months ended September 30, 2024, the Company contributed $123.2 million of capital to the captive insurance company, which includes a net refund of $0.3 million received by the Company 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. Included in the $123.2 million of capital contributed is $2.4 million attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. During the three and nine months ended September 30, 2023, the Company contributed $163.9 million and $167.2 million, respectively, of capital to the captive insurance company for insurance premiums and its pro-rata share of other expenses. Of these amounts, $3.2 million and $3.3 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to the captive insurance company. The capital contributed and fees paid to the captive insurance company are in lieu of insurance premiums and fees that would otherwise be paid to third party insurance companies. Other As of September 30, 2024 and December 31, 2023, the Company had a receivable of $52.6 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	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Interest rate and foreign currency hedging derivatives $ 1,510,326 $ 2,160,266 Intangible assets, net 994,805 1,146,840 Straight-line rent receivable 785,288 665,747 Receivables, net 685,849 793,651 Held-for-sale assets 673,519 453,823 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 223,384 178,140 Deferred leasing costs, net 153,364 141,526 Securities held in trust 148,877 — Due from affiliate (1) 95,024 78,671 Deferred financing costs, net 57,577 62,651 Equity securities (2) — 335,933 Other 236,317 245,260 Total $ 5,865,048 $ 6,563,226 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. (2) The balance as of December 31, 2023 reflects the Company's investment in common and preferred stock of Tricon, which was converted to an interest in the newly formed joint venture on May 1, 2024 and is recorded under investments in unconsolidated entities. Refer to Note 4 for additional information. The following table details the components of other liabilities ($ in thousands): September 30, 2024 December 31, 2023 Right of use lease liability - operating leases $ 610,848 $ 643,803 Stock repurchases payable 476,621 574,958 Real estate taxes payable 449,392 327,947 Accounts payable and accrued expenses 421,970 427,744 Accrued interest expense 385,846 395,814 Liabilities related to held-for-sale assets 265,088 282,350 Tenant security deposits 217,635 228,994 Distribution payable 203,511 222,174 Intangible liabilities, net 197,149 244,596 Prepaid rental income 177,835 232,447 Financing of affordable housing development 147,524 — Subscriptions received in advance 143,247 113,764 Right of use lease liability - financing leases 79,192 78,257 Securitized debt obligations, net 39,640 47,172 Interest rate and foreign currency hedging derivatives 24,305 34,236 Other 151,465 124,409 Total $ 3,991,268 $ 3,978,665

Intangibles

Intangibles	9 Months Ended
	Sep. 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): September 30, 2024 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,259,547 $ (776,840) $ 482,707 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 58,345 (35,949) 22,396 Other intangibles 410,674 (105,054) 305,620 Total intangible assets $ 1,912,648 $ (917,843) $ 994,805 Intangible liabilities Below-market lease intangibles 405,262 (208,113) 197,149 Total intangible liabilities $ 405,262 $ (208,113) $ 197,149 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 September 30, 2024 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 (remaining) $ 34,309 $ 1,567 $ 9,515 $ (12,249) 2025 116,550 5,757 37,591 (44,089) 2026 90,055 4,438 36,418 (35,817) 2027 66,335 3,167 32,949 (25,320) 2028 51,812 2,340 28,820 (19,534) 2029 38,449 1,733 24,149 (14,836) Thereafter 85,197 3,394 136,178 (45,304) Total $ 482,707 $ 22,396 $ 305,620 $ (197,149)

Derivatives

Derivatives	9 Months Ended
	Sep. 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): September 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 $ 6,317,307 2.6% SOFR 3.9 Derivatives not designated as hedging instruments Interest rate caps – property debt 166 11,914,033 7.3% SOFR 0.8 Interest rate swaps – property debt 51 26,010,089 1.4% SOFR, EURIBOR 3.2 Interest rate swaps – secured financings of investments in real estate debt 15 418,915 3.6% SOFR 6.0 Total $ 38,343,037 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): September 30, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 6 € 65,900 9 € 139,913 Buy USD / Sell GBP Forward 6 £ 39,993 9 £ 57,377 Buy EUR / Sell USD Forward 1 € 240 2 € 10,421 Buy GBP / Sell USD Forward 1 £ 74 — £ — Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Interest rate swaps – property debt $ 148,982 $ 246,350 $ 1,560 $ 1,320 Total derivatives designated as hedging instruments 148,982 246,350 1,560 1,320 Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 9,573 31,134 5,561 17,020 Interest rate swaps – property debt 1,349,150 1,874,065 1,454 — Interest rate swaps – secured financings of investments in real estate debt 2,621 8,643 13,723 12,210 Foreign currency forward contracts — 74 2,007 3,686 Total derivatives not designated as hedging instruments 1,361,344 1,913,916 22,745 32,916 Total interest rate and foreign currency hedging derivatives $ 1,510,326 $ 2,160,266 $ 24,305 $ 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 $85.9 million and $189.7 million as of September 30, 2024 and December 31, 2023, respectively. The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended September 30, 2024 2023 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (787,930) $ 105,398 Interest rate swap – property debt Realized gain (1) — 318,596 Interest rate caps – property debt Unrealized loss (1) (8,867) (31,802) Interest rate swap – secured financings of investments in real estate debt Unrealized (loss) gain (1) (18,415) 18,463 Foreign currency forward contract Realized (loss) (2) (3,231) (3,725) Foreign currency forward contract Unrealized (loss) gain (2) (2,479) 11,910 Total $ (820,922) $ 418,840 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized (loss) gain (210,629) 141,370 Total $ (1,031,551) $ 560,210 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Nine Months Ended September 30, 2024 2023 Included in Net Loss Interest rate swap – property debt Unrealized (loss) gain (1) $ (519,510) $ 94,150 Interest rate swap – property debt Realized gain (1) — 318,596 Interest rate caps – property debt Realized gain (1) 542 — Interest rate caps – property debt Unrealized loss (1) (25,840) (104,574) Interest rate swaps – secured financings of investments in real estate debt Unrealized loss (1) (7,842) (51,104) Foreign currency forward contract Realized loss (2) (2,431) (20,819) Foreign currency forward contract Unrealized gain (2) 1,683 21,887 Total $ (553,398) $ 258,136 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized (loss) gain (105,330) 162,127 Total $ (658,728) $ 420,263 (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 nine months ended September 30, 2024, net gain of $46.0 million and $137.2 million, respectively, was reclassified from accumulated other comprehensive income into net income. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of September 30, 2024, the Company was in a net liability position and posted collateral of $18.4 million with one of its counterparties as required under the derivative contracts. As of December 31, 2023, the Company was in a net liability position and posted collateral of $23.4 million with three of its counterparties as required under the derivatives contracts.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of September 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 September 30, 2024 (1) Class S Class I Class T Class D Class C Total June 30, 2024 1,386,026 2,209,162 50,494 144,324 2,726 3,792,732 Common stock issued (2) 4,814 28,648 (2,316) (50) 193 31,289 Distribution reinvestment 7,230 11,189 312 805 — 19,536 Common stock repurchased (38,607) (76,980) (1,768) (4,096) (259) (121,710) Independent directors’ restricted stock grant (3) — 71 — — — 71 September 30, 2024 1,359,463 2,172,090 46,722 140,983 2,660 3,721,918 Nine Months Ended September 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) 13,533 101,128 (6,828) 1,522 796 110,151 Distribution reinvestment 22,085 34,491 1,014 2,499 — 60,089 Common stock repurchased (164,352) (366,559) (6,710) (17,832) (272) (555,725) Independent directors’ restricted stock grant (3) — 71 — — — 71 September 30, 2024 1,359,463 2,172,090 46,722 140,983 2,660 3,721,918 (1) As of September 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 three and nine months ended September 30, 2024. (3) The independent directors’ restricted stock grant for the three months and nine months ended September 30, 2024 represents $0.2 million of the annual compensation paid to each of the independent directors. The cost of each grant is amortized over the one-year service period for each grant. 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. The Company fulfilled all repurchase requests for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company repurchased 555.7 million shares of common stock and 8.7 million units of BREIT OP for a total of $8.0 billion. 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 September 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1652 $ 0.1652 $ 0.1652 $ 0.1652 Stockholder servicing fee per share of common stock (0.0299) — (0.0294) (0.0086) Net distributions declared per share of common stock $ 0.1353 $ 0.1652 $ 0.1358 $ 0.1566 Nine Months Ended September 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4959 $ 0.4959 $ 0.4959 $ 0.4959 Stockholder servicing fee per share of common stock (0.0900) — (0.0886) (0.0259) Net distributions declared per share of common stock $ 0.4059 $ 0.4959 $ 0.4073 $ 0.4700 (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 nine months ended September 30, 2024 and 2023 ($ in thousands): Nine Months Ended September 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 — (65,304) GAAP income allocation (353) 1,923 Distributions (61) (1,308) Fair value allocation 452 (102) Ending balance $ 15,759 $ 364 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of September 30, 2024 and December 31, 2023, $158.3 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 $7.8 million and $27.9 million, during the three and nine months ended September 30, 2024, respectively, and $18.5 million and $3.1 million, during the three and nine months ended September 30, 2023, respectively, to reflect their redemption value.

Leases

Leases	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fixed lease payments $ 1,719,514 $ 1,804,577 $ 5,300,044 $ 5,499,152 Variable lease payments 134,742 121,250 429,821 359,381 Rental revenue $ 1,854,256 $ 1,925,827 $ 5,729,865 $ 5,858,533 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 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) $ 458,253 2025 1,817,557 2026 1,691,636 2027 1,483,836 2028 1,263,142 2029 1,057,666 Thereafter 14,966,055 Total $ 22,738,145 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of September 30, 2024, the Company had 90 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and certain operating leases contain renewal options. The following table details the future lease payments due under the Company’s ground leases as of September 30, 2024 ($ in thousands): Operating Financing 2024 (remaining) $ 8,916 $ 1,136 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 2,290,752 578,762 Difference between undiscounted cash flows and discounted cash flows (1,679,904) (499,570) Total lease liability $ 610,848 $ 79,192 The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of September 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fixed ground rent expense $ 6,369 $ 6,543 $ 14,041 $ 14,391 Variable ground rent expense 9,230 2,729 25,549 15,554 Total cash portion of ground rent expense 15,599 9,272 39,590 29,945 Straight-line ground rent expense 2,247 2,546 12,933 13,469 Total operating lease costs $ 17,846 $ 11,818 $ 52,523 $ 43,414 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest on lease liabilities $ 1,080 $ 1,050 $ 3,211 $ 3,098 Amortization of right-of-use assets 297 304 913 943 Total financing lease costs $ 1,377 $ 1,354 $ 4,124 $ 4,041

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Rental Housing $ 60,089,801 $ 64,665,680 Industrial 19,264,173 20,050,095 Net Lease 8,047,188 8,117,528 Office 2,863,974 2,945,455 Hospitality 2,742,352 2,867,166 Retail 2,216,170 2,505,146 Data Centers 2,124,488 2,927,807 Self Storage 726,971 739,743 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 19,731,375 23,264,164 Other (Corporate) 1,786,199 2,715,011 Total assets $ 119,592,691 $ 130,797,795 The following table details the financial results by segment for the three months ended September 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,225,267 $ 352,796 $ 150,384 $ 40,818 $ — $ 53,636 $ 13,215 $ 18,140 $ — $ 1,854,256 Hospitality revenue — — — — 137,847 — — — — 137,847 Other revenue 91,555 6,492 — 2,208 — 893 — 1,415 — 102,563 Total revenues 1,316,822 359,288 150,384 43,026 137,847 54,529 13,215 19,555 — 2,094,666 Expenses: Rental property operating 772,232 117,137 673 13,637 — 22,959 2,367 9,020 — 938,025 Hospitality operating — — — — 97,870 — — — — 97,870 Total expenses 772,232 117,137 673 13,637 97,870 22,959 2,367 9,020 — 1,035,895 Income (loss) from unconsolidated entities 77,308 85,242 — (6,535) (1,701) (1,159) (227,994) — — (74,839) Income from investments in real estate debt 1,300 — — — — — — — 183,549 184,849 Changes in net assets of consolidated securitization vehicles — — — — — — — — 44,170 44,170 GAAP segment net income (loss) $ 623,198 $ 327,393 $ 149,711 $ 22,854 $ 38,276 $ 30,411 $ (217,146) $ 10,535 $ 227,719 $ 1,212,951 Depreciation and amortization $ (537,343) $ (178,348) $ (51,878) $ (23,005) $ (22,811) $ (22,653) $ (5,541) $ (6,635) $ — $ (848,214) General and administrative (15,368) Management fee (174,252) Impairment of investments in real estate (48,571) Loss from interest rate derivatives (815,212) Net gain on dispositions of real estate 988,970 Interest expense, net (853,014) Loss on extinguishment of debt (19,608) Other expense (35,408) Net loss $ (607,726) Net income attributable to non-controlling interests in third party joint ventures $ (37,374) Net loss attributable to non-controlling interests in BREIT OP unitholders 39,041 Net loss attributable to BREIT stockholders $ (606,059) The following table details the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,257,638 $ 351,055 $ 150,384 $ 46,589 $ — $ 58,350 $ 12,838 $ 48,973 $ — $ 1,925,827 Hospitality revenue — — — — 145,837 — — — — 145,837 Other revenue 102,478 6,476 — 1,966 — 1,083 — 3,566 — 115,569 Total revenues 1,360,116 357,531 150,384 48,555 145,837 59,433 12,838 52,539 — 2,187,233 Expenses: Rental property operating 774,713 113,575 480 15,068 — 26,369 2,278 26,088 — 958,571 Hospitality operating — — — — 103,585 — — — — 103,585 Total expenses 774,713 113,575 480 15,068 103,585 26,369 2,278 26,088 — 1,062,156 (Loss) income from unconsolidated entities (10,320) (157,735) — 16,585 (2,032) 873 (1,027) — — (153,656) Income from investments in real estate debt — — — — — — — — 192,145 192,145 Changes in net assets of consolidated securitization vehicles — — — — — — — — 53,244 53,244 Loss from investments in equity securities (1) (34,700) — — — — — — — — (34,700) GAAP segment net income $ 540,383 $ 86,221 $ 149,904 $ 50,072 $ 40,220 $ 33,937 $ 9,533 $ 26,451 $ 245,389 $ 1,182,110 Depreciation and amortization $ (585,907) $ (191,877) $ (51,878) $ (23,335) $ (23,166) $ (32,841) $ (5,535) $ (14,324) $ — $ (928,863) General and administrative (16,960) Management fee (209,297) Impairment of investments in real estate (60,952) Income from interest rate derivatives 410,655 Net gain on dispositions of real estate 985,189 Interest expense, net (808,169) Loss on extinguishment of debt (26,484) Other expense (1) (10,602) Net income $ 516,627 Net loss attributable to non-controlling interests in third party joint ventures $ 100,087 Net income attributable to non-controlling interests in BREIT OP unitholders (28,420) Net income attributable to BREIT stockholders $ 588,294 (1) Included within Other expense on the Condensed Consolidated Statements of Operations is $38.4 million of net unrealized loss related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 3,815,805 $ 1,076,474 $ 451,153 $ 126,660 $ — $ 166,719 $ 39,650 $ 53,404 $ — $ 5,729,865 Hospitality revenue — — — — 421,153 — — — — 421,153 Other revenue 260,359 15,534 — 7,346 — 3,583 — 4,287 — 291,109 Total revenues 4,076,164 1,092,008 451,153 134,006 421,153 170,302 39,650 57,691 — 6,442,127 Expenses: Rental property operating 2,245,347 358,739 2,000 43,842 — 70,560 7,369 26,335 — 2,754,192 Hospitality operating — — — — 291,754 — — — — 291,754 Total expenses 2,245,347 358,739 2,000 43,842 291,754 70,560 7,369 26,335 — 3,045,946 Income (loss) from unconsolidated entities 63,184 31,967 — 7,052 (6,806) (2,887) (229,705) — — (137,195) Income from investments in real estate debt 1,299 — — — — — — — 608,818 610,117 Changes in net assets of consolidated securitization vehicles — — — — — — — — 160,596 160,596 Income from investments in equity securities (1) 61,482 — — — — — — — — 61,482 GAAP segment net income (loss) $ 1,956,782 $ 765,236 $ 449,153 $ 97,216 $ 122,593 $ 96,855 $ (197,424) $ 31,356 $ 769,414 $ 4,091,181 Depreciation and amortization $ (1,694,465) $ (550,116) $ (155,635) $ (70,753) $ (68,477) $ (74,791) $ (16,624) $ (19,895) $ — $ (2,650,756) General and administrative (49,668) Management fee (542,028) Impairment of investments in real estate (232,329) Loss from interest rate derivatives (552,650) Net gain on dispositions of real estate 1,271,414 Interest expense, net (2,542,584) Loss on extinguishment of debt (71,660) Other expense (1) (80,723) Net loss $ (1,359,803) Net loss attributable to non-controlling interests in third party joint ventures $ 31,685 Net loss attributable to non-controlling interests in BREIT OP unitholders 70,547 Net loss attributable to BREIT stockholders $ (1,257,571) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 3,838,602 $ 1,051,836 $ 451,153 $ 142,878 $ — $ 176,221 $ 38,524 $ 159,319 $ — $ 5,858,533 Hospitality revenue — — — — 564,802 — — — — 564,802 Other revenue 278,164 19,506 — 5,747 7,686 3,330 — 10,460 — 324,893 Total revenues 4,116,766 1,071,342 451,153 148,625 572,488 179,551 38,524 169,779 — 6,748,228 Expenses: Rental property operating 2,200,319 338,505 1,724 43,269 — 75,668 7,016 81,269 — 2,747,770 Hospitality operating — — — — 384,997 — — — — 384,997 Total expenses 2,200,319 338,505 1,724 43,269 384,997 75,668 7,016 81,269 — 3,132,767 (Loss) income from unconsolidated entities (25,467) 19,774 432,528 2,492 (2,746) 498 (46,111) — — 380,968 Income from investments in real estate debt — — — — — — — — 580,948 580,948 Changes in net assets of consolidated securitization vehicles — — — — — — — — 145,183 145,183 Loss from investments in equity securities (1) (3,763) — — — — — — — — (3,763) GAAP segment net income (loss) $ 1,887,217 $ 752,611 $ 881,957 $ 107,848 $ 184,745 $ 104,381 $ (14,603) $ 88,510 $ 726,131 $ 4,718,797 Depreciation and amortization $ (1,849,657) $ (576,401) $ (155,634) $ (73,239) $ (88,199) $ (106,044) $ (16,558) $ (50,152) $ — $ (2,915,884) General and administrative (51,258) Management fee (643,800) Impairment of investments in real estate (178,667) Income from interest rate derivatives 257,068 Net gain on dispositions of real estate 1,775,016 Interest expense, net (2,336,050) Loss on extinguishment of debt (35,025) Other expense (1) (57,081) Net income $ 533,116 Net loss attributable to non-controlling interests in third party joint ventures $ 243,700 Net income attributable to non-controlling interests in BREIT OP unitholders (34,643) Net income attributable to BREIT stockholders $ 742,173 (1) Included within Other expense on the Condensed Consolidated Statements of Operations is $15.0 million of net unrealized loss related to equity securities.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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)	9 Months Ended
	Sep. 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.
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 September 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 September 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): September 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) $ — $ 4,141,416 $ 1,146,290 $ 5,287,706 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 14,286,859 — 14,286,859 — 16,331,578 — 16,331,578 Equity securities (2) — — — — 62,333 273,600 — 335,933 Investments in unconsolidated entities — — 4,147,186 4,147,186 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 1,510,326 — 1,510,326 — 2,160,266 — 2,160,266 Total $ — $ 19,938,601 $ 5,293,476 $ 25,232,077 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 12,897,316 $ — $ 12,897,316 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 24,305 — 24,305 — 34,236 — 34,236 Total $ — $ 12,921,621 $ — $ 12,921,621 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $239.1 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy, as of September 30, 2024. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Investments in Total Balance as of December 31, 2023 $ 1,241,712 $ 3,672,455 $ 4,914,167 Purchases and contributions 221,108 539,191 760,299 Sales and repayments (321,730) — (321,730) Distributions received — (190,696) (190,696) Included in net income (loss) Gain from unconsolidated entities measured at fair value — 126,236 126,236 Realized loss (732) — (732) Unrealized gain 5,932 — 5,932 Balance as of September 30, 2024 $ 1,146,290 $ 4,147,186 $ 5,293,476 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,146,290 Yield method Market yield 9.6% Decrease Investments in unconsolidated entities $ 4,147,186 Discounted cash flow Weighted average cost of capital 8.2% 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 September 30, 2024, the Company recognized an aggregate $20.9 million of impairment charges related to one affordable housing property, one student housing 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 $97.9 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 6.2% to 8.6%, and the exit capitalization rate (Level 3), which ranged from 5.0% to 7.1%. Additionally, during the three months ended September 30, 2024, the Company recognized an aggregate $27.7 million of impairment charges related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs. The fair value, less estimated costs to sell, of such real estate investments at the time of impairment was $304.2 million. 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 September 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 $0.7 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 portfolio company service providers owned by Blackstone-advised investment vehicles. Such awards vest over time and stock-based compensation expense is recognized for these awards using a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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): September 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) $ — $ 4,141,416 $ 1,146,290 $ 5,287,706 $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 Real estate loans held by consolidated securitization vehicles, at fair value — 14,286,859 — 14,286,859 — 16,331,578 — 16,331,578 Equity securities (2) — — — — 62,333 273,600 — 335,933 Investments in unconsolidated entities — — 4,147,186 4,147,186 — 549,138 3,672,455 4,221,593 Interest rate and foreign currency hedging derivatives (2) — 1,510,326 — 1,510,326 — 2,160,266 — 2,160,266 Total $ — $ 19,938,601 $ 5,293,476 $ 25,232,077 $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 12,897,316 $ — $ 12,897,316 $ — $ 14,777,146 $ — $ 14,777,146 Interest rate and foreign currency hedging derivatives (3) — 24,305 — 24,305 — 34,236 — 34,236 Total $ — $ 12,921,621 $ — $ 12,921,621 $ — $ 14,811,382 $ — $ 14,811,382 (1) Excludes $239.1 million of investments measured at fair value using NAV as a practical expedient that are not classified in the fair value hierarchy, as of September 30, 2024. (2) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Investments in Total Balance as of December 31, 2023 $ 1,241,712 $ 3,672,455 $ 4,914,167 Purchases and contributions 221,108 539,191 760,299 Sales and repayments (321,730) — (321,730) Distributions received — (190,696) (190,696) Included in net income (loss) Gain from unconsolidated entities measured at fair value — 126,236 126,236 Realized loss (732) — (732) Unrealized gain 5,932 — 5,932 Balance as of September 30, 2024 $ 1,146,290 $ 4,147,186 $ 5,293,476
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): September 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 $ 1,146,290 Yield method Market yield 9.6% Decrease Investments in unconsolidated entities $ 4,147,186 Discounted cash flow Weighted average cost of capital 8.2% 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 Nine Months Ended September 30, 2024 September 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 $ — $ — $ (3,246) $ 5,038 1.4 years 2023 15,413 — — (7,656) 7,757 1.4 years 2024 — — 20,282 (9,225) 11,057 2.1 years Total $ 23,697 $ — $ 20,282 $ (20,127) $ 23,852 The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Nine Months Ended September 30, 2024 September 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 $ — $ — $ (8,112) $ 2,760 0.3 years 2022 18,825 — — (8,041) 10,784 1.2 years 2023 36,637 — — (13,739) 22,898 1.9 years 2024 — — 54,256 (13,525) 40,731 2.6 years $ 66,334 $ — $ 54,256 $ (43,417) $ 77,173

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2024 December 31, 2023 Building and building improvements $ 74,225,569 $ 78,214,115 Land and land improvements 16,940,035 17,835,688 Furniture, fixtures and equipment 2,440,767 2,389,383 Right of use asset - operating leases (1) 1,061,477 1,093,479 Right of use asset - financing leases (1) 72,862 72,862 Total 94,740,710 99,605,527 Accumulated depreciation and amortization (10,199,924) (8,526,517) Investments in real estate, net $ 84,540,786 $ 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 Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2)(3) 52 $ 3,534,145 $ 951,410 106 $ 4,736,946 $ 1,028,656 Industrial properties 3 97,714 12,868 34 789,863 198,309 Retail properties 3 90,778 16,168 13 278,422 35,925 Hospitality properties 2 43,657 8,524 2 43,657 8,524 Total 60 $ 3,766,294 $ 988,970 155 $ 5,848,888 $ 1,271,414 Three Months Ended Nine Months Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (Loss) (1) Self Storage properties 128 $ 2,146,669 $ 697,055 128 $ 2,146,669 $ 697,055 Rental Housing properties (2) 20 875,505 232,719 93 2,295,309 628,779 Hospitality properties 7 152,156 34,135 14 1,066,793 345,246 Industrial properties 2 39,624 22,136 14 473,649 97,699 Retail properties — — — 4 104,450 7,093 Office properties 1 172,504 (856) 1 172,504 (856) Total 158 $ 3,386,458 $ 985,189 254 $ 6,259,374 $ 1,775,016 (1) For the three months ended September 30, 2024, net gain includes gains of $1.0 billion and losses of $18.2 million. For the nine months ended September 30, 2024, net gain includes gains of $1.3 billion and losses of $49.4 million. For the three months ended September 30, 2023, net gain (loss) includes gains of $989.1 million and losses of $3.9 million. For the nine months ended September 30, 2023, net gain (loss) includes gains of $1.8 billion and losses of $48.0 million. (2) The number of properties excludes single family rental homes sold. (3) For the three months and nine months ended September 30, 2024, net proceeds includes a $200.0 million preferred interest investment retained upon the sale of 19 student housing properties.
Schedule of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: September 30, 2024 Investments in real estate, net $ 665,663 Other assets 7,856 Total assets $ 673,519 Liabilities: Mortgage loans, net $ 249,303 Other liabilities 15,785 Total liabilities $ 265,088

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 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): September 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 1 100 35.7% $ 1,299,186 Rental Housing investments (2) Rental Housing 11 7 12.2% - 67.0% 797,829 Hospitality investment Hospitality 1 196 30.0% 281,883 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 254,404 Retail investments Retail 2 8 50.0% 89,807 Total unconsolidated entities carried at historical cost 18 367 2,723,109 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,070 12.4% - 85.0% 3,271,381 Office investment Office 1 1 49.0% 461,488 Rental Housing investment (5) Rental Housing 1 11 11.6% 414,317 Total unconsolidated entities carried at fair value 13 2,082 4,147,186 Total 31 2,449 $ 6,870,295 (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 10,427 single family rental homes that are not included in the number of properties. (3) Includes $254.4 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. As of September 30, 2024, the number of properties excludes 37,297 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 investment 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 September 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (227,994) $ 2,057 Rental Housing investments Rental Housing (5,152) (10,320) Hospitality investment Hospitality (1,701) (2,032) Industrial investments Industrial (3,175) (3,557) Retail investments Retail (1,159) 873 Total unconsolidated entities carried at historical cost (239,181) (12,979) Unconsolidated entities carried at fair value: Industrial investments Industrial 88,417 (154,177) Data Center investments Data Centers — (3,084) Office investment Office (6,535) 16,584 Rental Housing investments Rental Housing 82,460 — Total unconsolidated entities carried at fair value 164,342 (140,677) Total $ (74,839) $ (153,656) For the Nine Months Ended September 30, BREIT (Loss) Income from Unconsolidated Entities Segment 2024 2023 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (212,008) $ (46,462) Rental Housing investments Rental Housing (19,030) (25,467) Hospitality investment Hospitality (6,806) (2,746) Industrial investments Industrial (5,641) (9,492) Retail investments Retail (2,887) 498 MGM Grand & Mandalay Bay (1) Net Lease — 432,528 Total unconsolidated entities carried at historical cost (246,372) 348,859 Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 37,607 29,267 Data Center investments (3) Data Centers (17,698) 351 Office investment Office 7,053 2,491 Rental Housing investments Rental Housing 82,215 — Total unconsolidated entities carried at fair value 109,177 32,109 Total $ (137,195) $ 380,968 (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)	9 Months Ended
	Sep. 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): September 30, 2024 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.2% 4/1/2032 $ 4,149,767 $ 4,127,894 $ 3,885,019 RMBS 4.2% 5/31/2058 184,317 180,637 147,078 Corporate bonds 4.9% 6/6/2028 56,119 56,003 52,182 Total real estate securities 8.9% 2/21/2033 4,390,203 4,364,534 4,084,279 Commercial real estate loans +4.4% 5/15/2027 1,096,174 1,091,916 1,088,403 Other investments (5)(6) 5.7% 9/21/2029 333,109 316,146 354,089 Total investments in real estate debt 8.7% 11/2/2031 $ 5,819,486 $ 5,772,596 $ 5,526,771 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 $1.9 billion and $0.6 billion as of September 30, 2024 and December 31, 2023, respectively. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”).
Schedule of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): September 30, 2024 December 31, 2023 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,076,317 $ 2,030,006 37% $ 2,556,000 $ 2,429,510 36% Rental Housing (2) 1,940,968 1,918,950 35% 2,081,681 1,954,601 29% Net Lease 858,036 860,902 15% 950,174 941,125 14% Hospitality 345,231 333,854 6% 899,669 869,858 13% Office 378,673 217,619 4% 417,846 252,754 4% Other 121,046 117,881 2% 297,394 288,748 4% Diversified 52,325 47,559 1% 60,941 54,036 —% Total $ 5,772,596 $ 5,526,771 100% $ 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): September 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 59,200 57,842 1% 84,021 81,783 1% BBB 773,344 771,758 14% 868,440 850,277 13% BB 802,138 769,969 14% 1,356,535 1,229,290 18% B 610,061 557,387 10% 1,045,548 931,583 14% CCC and below 122,954 30,494 1% 89,771 42,032 1% Private commercial real estate loans 1,091,916 1,088,403 20% 1,200,548 1,196,640 18% Not rated (2) 2,312,983 2,250,918 40% 2,541,642 2,383,008 34% Total $ 5,772,596 $ 5,526,771 100% $ 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 September 30, 2024, not rated positions have a weighted-average loan-to-value (“LTV”) at origination of 58%, are primarily composed of 53% industrial and 43% rental housing assets, and include interest-only securities with a fair value of $6.5 million.
Schedule of Real Estate Investment	The following table details the Company’s income from investments in real estate debt ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income $ 149,193 $ 176,464 $ 483,423 $ 531,489 Unrealized gain 53,559 23,458 178,929 90,820 Realized loss (5,160) (24,134) (43,510) (41,492) Total 197,592 175,788 618,842 580,817 Net realized and unrealized (loss) gain on derivatives (5,710) 8,185 (748) 1,068 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (6,810) 9,409 37 782 Other expense (223) (1,237) (8,014) (1,719) Total income from investments in real estate debt $ 184,849 $ 192,145 $ 610,117 $ 580,948
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in such real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, September 30, 2024 December 31, 2023 2024 2023 2024 2023 CMBS $ 798,496 $ 1,525,134 $ 21,977 $ 39,088 $ 111,361 $ 113,676 Commercial real estate loans 455,178 557,549 17,221 12,309 43,514 80,492 Total $ 1,253,674 $ 2,082,683 $ 39,198 $ 51,397 $ 154,875 $ 194,168

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	9 Months Ended
	Sep. 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): September 30, 2024 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 199 $ 13,997,167 $ 14,286,859 6.7 % 12/20/2025 Senior obligations of consolidated securitization vehicles 19 12,530,636 12,897,316 6.5 % 12/28/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 19 $ 1,466,531 $ 1,389,543 8.2 % 10/14/2025 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)	9 Months Ended
	Sep. 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): September 30, 2024 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum September 30, 2024 December 31, 2023 Fixed rate loans: Fixed rate mortgages (4) 3.8% 8/15/2029 N/A $ 22,283,122 $ 23,872,148 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 11/9/2027 N/A 32,708,839 32,316,849 Variable rate warehouse facilities (5) +2.1% 7/30/2025 $ 4,008,497 2,972,009 3,541,543 Variable rate secured revolving credit facilities +1.9% 8/19/2027 $ 3,704,708 3,694,691 2,489,784 Total variable rate loans +2.4% 8/30/2027 39,375,539 38,348,176 Total loans secured by real estate 6.2% 5/15/2028 61,658,661 62,220,324 (Discount) premium on assumed debt, net (97,803) (103,828) Deferred financing costs, net (429,452) (422,818) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 61,131,406 $ 61,693,678 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, Canadian Overnight Repo Rate Average (“CORRA”), and EURIBOR as applicable to each loan. As of September 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 $11.9 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 $293.8 million and $293.3 million of loans related to investments in affordable housing properties as of September 30, 2024 and December 31, 2023, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval.
Schedule of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of September 30, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 1,037,671 2025 4,302,498 2026 14,228,828 2027 19,997,612 2028 4,603,220 2029 10,130,457 Thereafter 7,358,375 Total $ 61,658,661

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Components of Due to Affiliated Entities	The following table details the components of due to affiliated entities ($ in thousands): September 30, 2024 December 31, 2023 Accrued stockholder servicing fee $ 682,768 $ 961,654 Accrued management fee 57,731 63,505 Accrued service provider expenses 30,636 5,283 Other 1,220 2,641 Total $ 772,355 $ 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 portfolio companies owned by Blackstone-advised investment vehicles ($ in thousands): Service Provider Expenses Amortization of Service Provider Incentive Compensation Awards Capitalized Transaction Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 30,935 $ 30,807 $ 6,518 $ 5,968 $ 147 $ 330 LivCor, LLC 26,860 24,974 4,672 5,928 2,887 1,670 Revantage Corporate Services, LLC 8,536 7,827 1,952 176 — — ShopCore Properties TRS Management LLC 7,829 9,862 166 210 672 258 BRE Hotels and Resorts LLC 3,393 3,844 312 292 — — EQ Management, LLC 1,439 2,069 58 44 69 75 Beam Living 683 748 364 (649) — — Longview Senior Housing, LLC 342 490 — — — — $ 80,017 $ 80,621 $ 14,042 $ 11,969 $ 3,775 $ 2,333 Service Provider Expenses Amortization of Service Provider Incentive Compensation Awards Capitalized Transaction Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 2024 2023 Link Logistics Real Estate Holdco LLC $ 90,045 $ 92,138 $ 17,622 $ 9,672 $ 963 $ 1,010 LivCor, LLC 77,511 75,172 16,224 9,973 7,367 7,092 ShopCore Properties TRS Management LLC 25,397 26,327 812 450 2,190 923 Revantage Corporate Services, LLC 19,564 20,034 6,356 270 — — BRE Hotels and Resorts LLC 9,717 12,967 1,136 555 — — EQ Management, LLC 4,697 4,420 174 150 74 104 Beam Living 2,399 1,930 1,093 (511) — — Longview Senior Housing, LLC 852 1,572 — — — — $ 230,182 $ 234,560 $ 43,417 $ 20,559 $ 10,594 $ 9,129
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 Nine Months Ended September 30, 2024 September 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 $ — $ — $ (3,246) $ 5,038 1.4 years 2023 15,413 — — (7,656) 7,757 1.4 years 2024 — — 20,282 (9,225) 11,057 2.1 years Total $ 23,697 $ — $ 20,282 $ (20,127) $ 23,852 The following table details the incentive compensation awards ($ in thousands): December 31, 2023 For the Nine Months Ended September 30, 2024 September 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 $ — $ — $ (8,112) $ 2,760 0.3 years 2022 18,825 — — (8,041) 10,784 1.2 years 2023 36,637 — — (13,739) 22,898 1.9 years 2024 — — 54,256 (13,525) 40,731 2.6 years $ 66,334 $ — $ 54,256 $ (43,417) $ 77,173

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Interest rate and foreign currency hedging derivatives $ 1,510,326 $ 2,160,266 Intangible assets, net 994,805 1,146,840 Straight-line rent receivable 785,288 665,747 Receivables, net 685,849 793,651 Held-for-sale assets 673,519 453,823 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 223,384 178,140 Deferred leasing costs, net 153,364 141,526 Securities held in trust 148,877 — Due from affiliate (1) 95,024 78,671 Deferred financing costs, net 57,577 62,651 Equity securities (2) — 335,933 Other 236,317 245,260 Total $ 5,865,048 $ 6,563,226 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. (2) The balance as of December 31, 2023 reflects the Company's investment in common and preferred stock of Tricon, which was converted to an interest in the newly formed joint venture on May 1, 2024 and is recorded under investments in unconsolidated entities. Refer to Note 4 for additional information.
Schedule of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): September 30, 2024 December 31, 2023 Right of use lease liability - operating leases $ 610,848 $ 643,803 Stock repurchases payable 476,621 574,958 Real estate taxes payable 449,392 327,947 Accounts payable and accrued expenses 421,970 427,744 Accrued interest expense 385,846 395,814 Liabilities related to held-for-sale assets 265,088 282,350 Tenant security deposits 217,635 228,994 Distribution payable 203,511 222,174 Intangible liabilities, net 197,149 244,596 Prepaid rental income 177,835 232,447 Financing of affordable housing development 147,524 — Subscriptions received in advance 143,247 113,764 Right of use lease liability - financing leases 79,192 78,257 Securitized debt obligations, net 39,640 47,172 Interest rate and foreign currency hedging derivatives 24,305 34,236 Other 151,465 124,409 Total $ 3,991,268 $ 3,978,665

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 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): September 30, 2024 Gross Carrying Amount Accumulated Amortization Total Intangible Assets/Liabilities, net Intangible assets In-place lease intangibles $ 1,259,547 $ (776,840) $ 482,707 Indefinite life intangibles 184,082 — 184,082 Above-market lease intangibles 58,345 (35,949) 22,396 Other intangibles 410,674 (105,054) 305,620 Total intangible assets $ 1,912,648 $ (917,843) $ 994,805 Intangible liabilities Below-market lease intangibles 405,262 (208,113) 197,149 Total intangible liabilities $ 405,262 $ (208,113) $ 197,149 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 September 30, 2024 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 (remaining) $ 34,309 $ 1,567 $ 9,515 $ (12,249) 2025 116,550 5,757 37,591 (44,089) 2026 90,055 4,438 36,418 (35,817) 2027 66,335 3,167 32,949 (25,320) 2028 51,812 2,340 28,820 (19,534) 2029 38,449 1,733 24,149 (14,836) Thereafter 85,197 3,394 136,178 (45,304) Total $ 482,707 $ 22,396 $ 305,620 $ (197,149)

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 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): September 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 $ 6,317,307 2.6% SOFR 3.9 Derivatives not designated as hedging instruments Interest rate caps – property debt 166 11,914,033 7.3% SOFR 0.8 Interest rate swaps – property debt 51 26,010,089 1.4% SOFR, EURIBOR 3.2 Interest rate swaps – secured financings of investments in real estate debt 15 418,915 3.6% SOFR 6.0 Total $ 38,343,037 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): September 30, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 6 € 65,900 9 € 139,913 Buy USD / Sell GBP Forward 6 £ 39,993 9 £ 57,377 Buy EUR / Sell USD Forward 1 € 240 2 € 10,421 Buy GBP / Sell USD Forward 1 £ 74 — £ —
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Interest rate swaps – property debt $ 148,982 $ 246,350 $ 1,560 $ 1,320 Total derivatives designated as hedging instruments 148,982 246,350 1,560 1,320 Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 9,573 31,134 5,561 17,020 Interest rate swaps – property debt 1,349,150 1,874,065 1,454 — Interest rate swaps – secured financings of investments in real estate debt 2,621 8,643 13,723 12,210 Foreign currency forward contracts — 74 2,007 3,686 Total derivatives not designated as hedging instruments 1,361,344 1,913,916 22,745 32,916 Total interest rate and foreign currency hedging derivatives $ 1,510,326 $ 2,160,266 $ 24,305 $ 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 $85.9 million and $189.7 million as of September 30, 2024 and December 31, 2023, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Three Months Ended September 30, 2024 2023 Included in Net Income (Loss) Interest rate swap – property debt Unrealized (loss) gain (1) $ (787,930) $ 105,398 Interest rate swap – property debt Realized gain (1) — 318,596 Interest rate caps – property debt Unrealized loss (1) (8,867) (31,802) Interest rate swap – secured financings of investments in real estate debt Unrealized (loss) gain (1) (18,415) 18,463 Foreign currency forward contract Realized (loss) (2) (3,231) (3,725) Foreign currency forward contract Unrealized (loss) gain (2) (2,479) 11,910 Total $ (820,922) $ 418,840 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized (loss) gain (210,629) 141,370 Total $ (1,031,551) $ 560,210 Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Nine Months Ended September 30, 2024 2023 Included in Net Loss Interest rate swap – property debt Unrealized (loss) gain (1) $ (519,510) $ 94,150 Interest rate swap – property debt Realized gain (1) — 318,596 Interest rate caps – property debt Realized gain (1) 542 — Interest rate caps – property debt Unrealized loss (1) (25,840) (104,574) Interest rate swaps – secured financings of investments in real estate debt Unrealized loss (1) (7,842) (51,104) Foreign currency forward contract Realized loss (2) (2,431) (20,819) Foreign currency forward contract Unrealized gain (2) 1,683 21,887 Total $ (553,398) $ 258,136 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized (loss) gain (105,330) 162,127 Total $ (658,728) $ 420,263 (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 nine months ended September 30, 2024, net gain of $46.0 million and $137.2 million, respectively, was reclassified from accumulated other comprehensive income into net income.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 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 September 30, 2024 (1) Class S Class I Class T Class D Class C Total June 30, 2024 1,386,026 2,209,162 50,494 144,324 2,726 3,792,732 Common stock issued (2) 4,814 28,648 (2,316) (50) 193 31,289 Distribution reinvestment 7,230 11,189 312 805 — 19,536 Common stock repurchased (38,607) (76,980) (1,768) (4,096) (259) (121,710) Independent directors’ restricted stock grant (3) — 71 — — — 71 September 30, 2024 1,359,463 2,172,090 46,722 140,983 2,660 3,721,918 Nine Months Ended September 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) 13,533 101,128 (6,828) 1,522 796 110,151 Distribution reinvestment 22,085 34,491 1,014 2,499 — 60,089 Common stock repurchased (164,352) (366,559) (6,710) (17,832) (272) (555,725) Independent directors’ restricted stock grant (3) — 71 — — — 71 September 30, 2024 1,359,463 2,172,090 46,722 140,983 2,660 3,721,918 (1) As of September 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 three and nine months ended September 30, 2024. (3) The independent directors’ restricted stock grant for the three months and nine months ended September 30, 2024 represents $0.2 million of the annual compensation paid to each of the independent directors. The cost of each grant is amortized over the one-year service period for each grant.
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: (1) Three Months Ended September 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1652 $ 0.1652 $ 0.1652 $ 0.1652 Stockholder servicing fee per share of common stock (0.0299) — (0.0294) (0.0086) Net distributions declared per share of common stock $ 0.1353 $ 0.1652 $ 0.1358 $ 0.1566 Nine Months Ended September 30, 2024 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.4959 $ 0.4959 $ 0.4959 $ 0.4959 Stockholder servicing fee per share of common stock (0.0900) — (0.0886) (0.0259) Net distributions declared per share of common stock $ 0.4059 $ 0.4959 $ 0.4073 $ 0.4700
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 nine months ended September 30, 2024 and 2023 ($ in thousands): Nine Months Ended September 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 — (65,304) GAAP income allocation (353) 1,923 Distributions (61) (1,308) Fair value allocation 452 (102) Ending balance $ 15,759 $ 364

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fixed lease payments $ 1,719,514 $ 1,804,577 $ 5,300,044 $ 5,499,152 Variable lease payments 134,742 121,250 429,821 359,381 Rental revenue $ 1,854,256 $ 1,925,827 $ 5,729,865 $ 5,858,533 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest on lease liabilities $ 1,080 $ 1,050 $ 3,211 $ 3,098 Amortization of right-of-use assets 297 304 913 943 Total financing lease costs $ 1,377 $ 1,354 $ 4,124 $ 4,041
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of September 30, 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) $ 458,253 2025 1,817,557 2026 1,691,636 2027 1,483,836 2028 1,263,142 2029 1,057,666 Thereafter 14,966,055 Total $ 22,738,145
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of September 30, 2024 ($ in thousands): Operating Financing 2024 (remaining) $ 8,916 $ 1,136 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 2,290,752 578,762 Difference between undiscounted cash flows and discounted cash flows (1,679,904) (499,570) Total lease liability $ 610,848 $ 79,192
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fixed ground rent expense $ 6,369 $ 6,543 $ 14,041 $ 14,391 Variable ground rent expense 9,230 2,729 25,549 15,554 Total cash portion of ground rent expense 15,599 9,272 39,590 29,945 Straight-line ground rent expense 2,247 2,546 12,933 13,469 Total operating lease costs $ 17,846 $ 11,818 $ 52,523 $ 43,414

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Rental Housing $ 60,089,801 $ 64,665,680 Industrial 19,264,173 20,050,095 Net Lease 8,047,188 8,117,528 Office 2,863,974 2,945,455 Hospitality 2,742,352 2,867,166 Retail 2,216,170 2,505,146 Data Centers 2,124,488 2,927,807 Self Storage 726,971 739,743 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 19,731,375 23,264,164 Other (Corporate) 1,786,199 2,715,011 Total assets $ 119,592,691 $ 130,797,795 The following table details the financial results by segment for the three months ended September 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,225,267 $ 352,796 $ 150,384 $ 40,818 $ — $ 53,636 $ 13,215 $ 18,140 $ — $ 1,854,256 Hospitality revenue — — — — 137,847 — — — — 137,847 Other revenue 91,555 6,492 — 2,208 — 893 — 1,415 — 102,563 Total revenues 1,316,822 359,288 150,384 43,026 137,847 54,529 13,215 19,555 — 2,094,666 Expenses: Rental property operating 772,232 117,137 673 13,637 — 22,959 2,367 9,020 — 938,025 Hospitality operating — — — — 97,870 — — — — 97,870 Total expenses 772,232 117,137 673 13,637 97,870 22,959 2,367 9,020 — 1,035,895 Income (loss) from unconsolidated entities 77,308 85,242 — (6,535) (1,701) (1,159) (227,994) — — (74,839) Income from investments in real estate debt 1,300 — — — — — — — 183,549 184,849 Changes in net assets of consolidated securitization vehicles — — — — — — — — 44,170 44,170 GAAP segment net income (loss) $ 623,198 $ 327,393 $ 149,711 $ 22,854 $ 38,276 $ 30,411 $ (217,146) $ 10,535 $ 227,719 $ 1,212,951 Depreciation and amortization $ (537,343) $ (178,348) $ (51,878) $ (23,005) $ (22,811) $ (22,653) $ (5,541) $ (6,635) $ — $ (848,214) General and administrative (15,368) Management fee (174,252) Impairment of investments in real estate (48,571) Loss from interest rate derivatives (815,212) Net gain on dispositions of real estate 988,970 Interest expense, net (853,014) Loss on extinguishment of debt (19,608) Other expense (35,408) Net loss $ (607,726) Net income attributable to non-controlling interests in third party joint ventures $ (37,374) Net loss attributable to non-controlling interests in BREIT OP unitholders 39,041 Net loss attributable to BREIT stockholders $ (606,059) The following table details the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 1,257,638 $ 351,055 $ 150,384 $ 46,589 $ — $ 58,350 $ 12,838 $ 48,973 $ — $ 1,925,827 Hospitality revenue — — — — 145,837 — — — — 145,837 Other revenue 102,478 6,476 — 1,966 — 1,083 — 3,566 — 115,569 Total revenues 1,360,116 357,531 150,384 48,555 145,837 59,433 12,838 52,539 — 2,187,233 Expenses: Rental property operating 774,713 113,575 480 15,068 — 26,369 2,278 26,088 — 958,571 Hospitality operating — — — — 103,585 — — — — 103,585 Total expenses 774,713 113,575 480 15,068 103,585 26,369 2,278 26,088 — 1,062,156 (Loss) income from unconsolidated entities (10,320) (157,735) — 16,585 (2,032) 873 (1,027) — — (153,656) Income from investments in real estate debt — — — — — — — — 192,145 192,145 Changes in net assets of consolidated securitization vehicles — — — — — — — — 53,244 53,244 Loss from investments in equity securities (1) (34,700) — — — — — — — — (34,700) GAAP segment net income $ 540,383 $ 86,221 $ 149,904 $ 50,072 $ 40,220 $ 33,937 $ 9,533 $ 26,451 $ 245,389 $ 1,182,110 Depreciation and amortization $ (585,907) $ (191,877) $ (51,878) $ (23,335) $ (23,166) $ (32,841) $ (5,535) $ (14,324) $ — $ (928,863) General and administrative (16,960) Management fee (209,297) Impairment of investments in real estate (60,952) Income from interest rate derivatives 410,655 Net gain on dispositions of real estate 985,189 Interest expense, net (808,169) Loss on extinguishment of debt (26,484) Other expense (1) (10,602) Net income $ 516,627 Net loss attributable to non-controlling interests in third party joint ventures $ 100,087 Net income attributable to non-controlling interests in BREIT OP unitholders (28,420) Net income attributable to BREIT stockholders $ 588,294 (1) Included within Other expense on the Condensed Consolidated Statements of Operations is $38.4 million of net unrealized loss related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2024 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 3,815,805 $ 1,076,474 $ 451,153 $ 126,660 $ — $ 166,719 $ 39,650 $ 53,404 $ — $ 5,729,865 Hospitality revenue — — — — 421,153 — — — — 421,153 Other revenue 260,359 15,534 — 7,346 — 3,583 — 4,287 — 291,109 Total revenues 4,076,164 1,092,008 451,153 134,006 421,153 170,302 39,650 57,691 — 6,442,127 Expenses: Rental property operating 2,245,347 358,739 2,000 43,842 — 70,560 7,369 26,335 — 2,754,192 Hospitality operating — — — — 291,754 — — — — 291,754 Total expenses 2,245,347 358,739 2,000 43,842 291,754 70,560 7,369 26,335 — 3,045,946 Income (loss) from unconsolidated entities 63,184 31,967 — 7,052 (6,806) (2,887) (229,705) — — (137,195) Income from investments in real estate debt 1,299 — — — — — — — 608,818 610,117 Changes in net assets of consolidated securitization vehicles — — — — — — — — 160,596 160,596 Income from investments in equity securities (1) 61,482 — — — — — — — — 61,482 GAAP segment net income (loss) $ 1,956,782 $ 765,236 $ 449,153 $ 97,216 $ 122,593 $ 96,855 $ (197,424) $ 31,356 $ 769,414 $ 4,091,181 Depreciation and amortization $ (1,694,465) $ (550,116) $ (155,635) $ (70,753) $ (68,477) $ (74,791) $ (16,624) $ (19,895) $ — $ (2,650,756) General and administrative (49,668) Management fee (542,028) Impairment of investments in real estate (232,329) Loss from interest rate derivatives (552,650) Net gain on dispositions of real estate 1,271,414 Interest expense, net (2,542,584) Loss on extinguishment of debt (71,660) Other expense (1) (80,723) Net loss $ (1,359,803) Net loss attributable to non-controlling interests in third party joint ventures $ 31,685 Net loss attributable to non-controlling interests in BREIT OP unitholders 70,547 Net loss attributable to BREIT stockholders $ (1,257,571) (1) Included within Other (expense) income on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Rental Housing Industrial Net Office Hospitality Retail Data Centers Self Investments in Total Revenues: Rental revenue $ 3,838,602 $ 1,051,836 $ 451,153 $ 142,878 $ — $ 176,221 $ 38,524 $ 159,319 $ — $ 5,858,533 Hospitality revenue — — — — 564,802 — — — — 564,802 Other revenue 278,164 19,506 — 5,747 7,686 3,330 — 10,460 — 324,893 Total revenues 4,116,766 1,071,342 451,153 148,625 572,488 179,551 38,524 169,779 — 6,748,228 Expenses: Rental property operating 2,200,319 338,505 1,724 43,269 — 75,668 7,016 81,269 — 2,747,770 Hospitality operating — — — — 384,997 — — — — 384,997 Total expenses 2,200,319 338,505 1,724 43,269 384,997 75,668 7,016 81,269 — 3,132,767 (Loss) income from unconsolidated entities (25,467) 19,774 432,528 2,492 (2,746) 498 (46,111) — — 380,968 Income from investments in real estate debt — — — — — — — — 580,948 580,948 Changes in net assets of consolidated securitization vehicles — — — — — — — — 145,183 145,183 Loss from investments in equity securities (1) (3,763) — — — — — — — — (3,763) GAAP segment net income (loss) $ 1,887,217 $ 752,611 $ 881,957 $ 107,848 $ 184,745 $ 104,381 $ (14,603) $ 88,510 $ 726,131 $ 4,718,797 Depreciation and amortization $ (1,849,657) $ (576,401) $ (155,634) $ (73,239) $ (88,199) $ (106,044) $ (16,558) $ (50,152) $ — $ (2,915,884) General and administrative (51,258) Management fee (643,800) Impairment of investments in real estate (178,667) Income from interest rate derivatives 257,068 Net gain on dispositions of real estate 1,775,016 Interest expense, net (2,336,050) Loss on extinguishment of debt (35,025) Other expense (1) (57,081) Net income $ 533,116 Net loss attributable to non-controlling interests in third party joint ventures $ 243,700 Net income attributable to non-controlling interests in BREIT OP unitholders (34,643) Net income attributable to BREIT stockholders $ 742,173 (1) Included within Other expense on the Condensed Consolidated Statements of Operations is $15.0 million of net unrealized loss related to equity securities.

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Billions	9 Months Ended
	Sep. 30, 2024 USD ($) property rentalHome segment
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 76.5
Number of owned properties | property	4,675
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	63,688
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)
Significant Of Accounting Policies [Line Items]
Total assets	$ 119,592,691		$ 119,592,691		$ 130,797,795
Total liabilities	84,245,651		84,245,651		86,977,764
Impairment of investments in real estate	48,571	$ 60,952	232,329	$ 178,667
Real estate, held-for-sale	97,900		97,900
Rental Housing and Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate	$ 20,900	$ 61,000	$ 133,000	$ 166,200
Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	1	7	3	19
Student Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	1		4
Held-For-Sale Real Estate Investments
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate	$ 27,700		$ 99,300	$ 12,500
Real estate, held-for-sale	304,200		$ 304,200
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	$ 700,000		$ 700,000		1,300,000
Level 3 | Minimum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.062		0.062
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	0.086		0.086
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	$ 46,000,000		$ 46,000,000		50,300,000
Total liabilities	$ 33,500,000		$ 33,500,000		$ 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	Sep. 30, 2024	Dec. 31, 2023
Assets:
Investments in real estate debt	$ 5,526,771	$ 6,790,632
Real estate loans held by consolidated securitization vehicles, at fair value	14,286,859	16,331,578
Equity securities	0	335,933
Investments in unconsolidated entities	4,147,186	4,221,593
Interest rate and foreign currency hedging derivatives	1,510,326	2,160,266
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	12,897,316	14,777,146
Interest rate and foreign currency hedging derivatives	24,305	34,236
Recurring
Assets:
Investments in real estate debt	5,287,706	6,790,632
Real estate loans held by consolidated securitization vehicles, at fair value	14,286,859	16,331,578
Equity securities	0	335,933
Investments in unconsolidated entities	4,147,186	4,221,593
Interest rate and foreign currency hedging derivatives	1,510,326	2,160,266
Total	25,232,077	29,840,002
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	12,897,316	14,777,146
Interest rate and foreign currency hedging derivatives	24,305	34,236
Total	12,921,621	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	4,141,416	5,548,920
Real estate loans held by consolidated securitization vehicles, at fair value	14,286,859	16,331,578
Equity securities	0	273,600
Investments in unconsolidated entities	0	549,138
Interest rate and foreign currency hedging derivatives	1,510,326	2,160,266
Total	19,938,601	24,863,502
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	12,897,316	14,777,146
Interest rate and foreign currency hedging derivatives	24,305	34,236
Total	12,921,621	14,811,382
Recurring | Level 3
Assets:
Investments in real estate debt	1,146,290	1,241,712
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	0	0
Investments in unconsolidated entities	4,147,186	3,672,455
Interest rate and foreign currency hedging derivatives	0	0
Total	5,293,476	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	$ 239,100

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	9 Months Ended
	Sep. 30, 2024 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 4,914,167
Purchases and contributions	760,299
Sales and repayments	(321,730)
Distributions received	(190,696)
Gain from unconsolidated entities measured at fair value	126,236
Realized loss	(732)
Unrealized gain	5,932
Ending balance	5,293,476
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,241,712
Purchases and contributions	221,108
Sales and repayments	(321,730)
Distributions received	0
Gain from unconsolidated entities measured at fair value	0
Realized loss	(732)
Unrealized gain	5,932
Ending balance	1,146,290
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	3,672,455
Purchases and contributions	539,191
Sales and repayments	0
Distributions received	(190,696)
Gain from unconsolidated entities measured at fair value	126,236
Realized loss	0
Unrealized gain	0
Ending balance	$ 4,147,186

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	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,293,476	$ 4,914,167
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,146,290	$ 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	0.096	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	$ 1,146,290	$ 1,241,712
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,147,186	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	$ 4,147,186	$ 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	0.082	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	9 Months Ended
	Sep. 30, 2024 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 66,334
Forfeiture of Unvested Awards	0
Value of Awards Issued	54,256
Amortization of Compensation Cost	(43,417)
Unrecognized Compensation Cost, ending balance	77,173
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	20,282
Amortization of Compensation Cost	(20,127)
Unrecognized Compensation Cost, ending balance	23,852
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	(8,041)
Unrecognized Compensation Cost, ending balance	$ 10,784
Remaining Amortization Period	1 year 2 months 12 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	(3,246)
Unrecognized Compensation Cost, ending balance	$ 5,038
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	(13,739)
Unrecognized Compensation Cost, ending balance	$ 22,898
Remaining Amortization Period	1 year 10 months 24 days
2023 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 15,413
Forfeiture of Unvested Awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(7,656)
Unrecognized Compensation Cost, ending balance	$ 7,757
Remaining Amortization Period	1 year 4 months 24 days
2024
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of Unvested Awards	0
Value of Awards Issued	54,256
Amortization of Compensation Cost	(13,525)
Unrecognized Compensation Cost, ending balance	$ 40,731
Remaining Amortization Period	2 years 7 months 6 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	20,282
Amortization of Compensation Cost	(9,225)
Unrecognized Compensation Cost, ending balance	$ 11,057
Remaining Amortization Period	2 years 1 month 6 days

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 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	$ 74,225,569	$ 78,214,115
Land and land improvements	16,940,035	17,835,688
Furniture, fixtures and equipment	2,440,767	2,389,383
Right of use asset - operating leases	1,061,477	1,093,479
Right of use asset - financing leases	72,862	72,862
Total	94,740,710	99,605,527
Accumulated depreciation and amortization	(10,199,924)	(8,526,517)
Investments in real estate, net	$ 84,540,786	$ 91,079,010

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Real Estate Properties [Line Items]
Number of Properties | property	60	158	155	254
Net Proceeds	$ 3,766,294	$ 3,386,458	$ 5,848,888	$ 6,259,374
Net Gain	988,970	985,189	1,271,414	1,775,016
Gains included in net gain on disposition of assets	1,000,000	989,100	1,300,000	1,800,000
Losses included in net gain on disposition of assets	$ (18,200)	$ (3,900)	$ (49,400)	$ (48,000)
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | property	52	20	106	93
Net Proceeds	$ 3,534,145	$ 875,505	$ 4,736,946	$ 2,295,309
Net Gain	$ 951,410	$ 232,719	$ 1,028,656	$ 628,779
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	3	2	34	14
Net Proceeds	$ 97,714	$ 39,624	$ 789,863	$ 473,649
Net Gain	$ 12,868	$ 22,136	$ 198,309	$ 97,699
Retail properties
Real Estate Properties [Line Items]
Number of Properties | property	3	0	13	4
Net Proceeds	$ 90,778	$ 0	$ 278,422	$ 104,450
Net Gain	$ 16,168	$ 0	$ 35,925	$ 7,093
Hospitality properties
Real Estate Properties [Line Items]
Number of Properties | property	2	7	2	14
Net Proceeds	$ 43,657	$ 152,156	$ 43,657	$ 1,066,793
Net Gain	$ 8,524	$ 34,135	$ 8,524	$ 345,246
Self Storage properties
Real Estate Properties [Line Items]
Number of Properties | property		128		128
Net Proceeds		$ 2,146,669		$ 2,146,669
Net Gain		$ 697,055		$ 697,055
Office Properties:
Real Estate Properties [Line Items]
Number of Properties | property		1		1
Net Proceeds		$ 172,504		$ 172,504
Net Gain		$ (856)		$ (856)
Student Housing Properties
Real Estate Properties [Line Items]
Number of Properties | property	19		19
Net Proceeds	$ 200,000		$ 200,000

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 48,571	$ 60,952	$ 232,329	$ 178,667
Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	9		9
Number of real estate properties related to impairment			1
Rental Housing
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	7		7
Hospitality
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	1		1
Self Storage
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	1		1
Retail properties
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 | $	$ 20,900	$ 61,000	$ 133,000	$ 166,200
Affordable Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment	1	7	3	19
Student Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment	1		4
Held-For-Sale Real Estate Investments
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 27,700		$ 99,300	$ 12,500
Office Properties:
Real Estate Properties [Line Items]
Number of real estate properties related to impairment				1

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	Sep. 30, 2024	Dec. 31, 2023
Assets:
Investments in real estate, net	$ 665,663
Other assets	7,856
Total assets	673,519
Liabilities:
Mortgage loans, net	249,303
Other liabilities	15,785
Total liabilities	$ 265,088	$ 282,350

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Sep. 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	31			57
Number of Properties	2,449			2,466
Book Value | $	$ 6,870,295			$ 7,338,329
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	18			44
Number of Properties	367			379
Book Value | $	$ 2,723,109			$ 3,116,736
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	100			89
Ownership Interest	35.70%			35.70%
Book Value | $	$ 1,299,186			$ 1,530,875
Rental Housing investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11			37
Number of Properties	7			31
Book Value | $	$ 797,829			$ 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	67%			58.20%
Single Family Rental Home
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	10,427	37,297		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 | $	$ 281,883			$ 297,990
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3			3
Number of Properties	56			56
Book Value | $	$ 254,404			$ 244,226
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3			3
Book Value | $	$ 254,400			$ 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	8			7
Ownership Interest	50%			50%
Book Value | $	$ 89,807			$ 94,877
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	13			13
Number of Properties	2,082			2,087
Book Value | $	$ 4,147,186			$ 4,221,593
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11			11
Number of Properties	2,070			2,086
Book Value | $	$ 3,271,381			$ 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 investment
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	1			1
Ownership Interest	49%			49%
Book Value | $	$ 461,488			$ 487,626
Rental housing investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1
Number of Properties	11
Ownership Interest	11.60%
Book Value | $	$ 414,317
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		9 Months Ended
	Mar. 27, 2024	May 25, 2023	Jan. 09, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (74,839)	$ (153,656)	$ (137,195)	$ 380,968
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				(239,181)	(12,979)	(246,372)	348,859
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (227,994)	2,057	$ (212,008)	(46,462)
Ownership Interest				35.70%		35.70%		35.70%
Rental Housing investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (5,152)	(10,320)	$ (19,030)	(25,467)
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (1,701)	(2,032)	$ (6,806)	(2,746)
Ownership Interest				30%		30%		30%
Industrial investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (3,175)	(3,557)	$ (5,641)	(9,492)
Retail investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (1,159)	873	$ (2,887)	498
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				$ 164,342	(140,677)	109,177	32,109
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				88,417	(154,177)	37,607	29,267
Data Center investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				0	(3,084)	(17,698)	351
Ownership Interest	8.80%							8.80%
Proceeds from sale of investment	$ 531,400
Gain on sale	$ 17,400
Office investment
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ (6,535)	16,584	$ 7,053	2,491
Ownership Interest				49%		49%		49%
Rental housing investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ 82,460	$ 0	$ 82,215	$ 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	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.70%	8.80%
Face Amount	$ 5,819,486	$ 7,329,314
Cost Basis	5,772,596	7,263,705
Fair Value	$ 5,526,771	$ 6,790,632
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.90%	8.80%
Face Amount	$ 4,390,203	$ 5,729,058
Cost Basis	4,364,534	5,695,427
Fair Value	$ 4,084,279	$ 5,232,240
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.20%	4%
Face Amount	$ 4,149,767	$ 5,342,253
Cost Basis	4,127,894	5,316,300
Fair Value	$ 3,885,019	$ 4,933,372
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.20%	4.20%
Face Amount	$ 184,317	$ 294,493
Cost Basis	180,637	285,059
Fair Value	$ 147,078	$ 214,124
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.90%	5%
Face Amount	$ 56,119	$ 92,312
Cost Basis	56,003	94,068
Fair Value	$ 52,182	$ 84,744
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.40%	5.90%
Face Amount	$ 1,096,174	$ 1,208,030
Cost Basis	1,091,916	1,200,548
Fair Value	$ 1,088,403	$ 1,196,640
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 333,109	$ 392,226
Cost Basis	316,146	367,730
Fair Value	354,089	361,752
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 1,900,000	$ 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	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 5,772,596	$ 7,263,705
Fair Value	$ 5,526,771	$ 6,790,632
Percentage Based on Fair Value	100%	100%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,076,317	$ 2,556,000
Fair Value	$ 2,030,006	$ 2,429,510
Percentage Based on Fair Value	37%	36%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,940,968	$ 2,081,681
Fair Value	$ 1,918,950	$ 1,954,601
Percentage Based on Fair Value	35%	29%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 858,036	$ 950,174
Fair Value	$ 860,902	$ 941,125
Percentage Based on Fair Value	15%	14%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 345,231	$ 899,669
Fair Value	$ 333,854	$ 869,858
Percentage Based on Fair Value	6%	13%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 378,673	$ 417,846
Fair Value	$ 217,619	$ 252,754
Percentage Based on Fair Value	4%	4%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 121,046	$ 297,394
Fair Value	$ 117,881	$ 288,748
Percentage Based on Fair Value	2%	4%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 52,325	$ 60,941
Fair Value	$ 47,559	$ 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	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 5,772,596	$ 7,263,705
Fair Value	$ 5,526,771	$ 6,790,632
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 6,500
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	$ 59,200	$ 84,021
Fair Value	$ 57,842	$ 81,783
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 773,344	$ 868,440
Fair Value	$ 771,758	$ 850,277
Percentage Based on Fair Value	14%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 802,138	$ 1,356,535
Fair Value	$ 769,969	$ 1,229,290
Percentage Based on Fair Value	14%	18%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 610,061	$ 1,045,548
Fair Value	$ 557,387	$ 931,583
Percentage Based on Fair Value	10%	14%
CCC and below
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 122,954	$ 89,771
Fair Value	$ 30,494	$ 42,032
Percentage Based on Fair Value	1%	1%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,091,916	$ 1,200,548
Fair Value	$ 1,088,403	$ 1,196,640
Percentage Based on Fair Value	20%	18%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,312,983	$ 2,541,642
Fair Value	$ 2,250,918	$ 2,383,008
Percentage Based on Fair Value	40%	34%
Weighted average LTV at origination	58%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	53%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	43%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Interest income	$ 149,193	$ 176,464	$ 483,423	$ 531,489
Unrealized gain	53,559	23,458	178,929	90,820
Realized loss	(5,160)	(24,134)	(43,510)	(41,492)
Total	197,592	175,788	618,842	580,817
Net realized and unrealized (loss) gain on derivatives	(5,710)	8,185	(748)	1,068
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt	(6,810)	9,409	37	782
Other expense	(223)	(1,237)	(8,014)	(1,719)
Total income from investments in real estate debt	$ 184,849	$ 192,145	$ 610,117	$ 580,948

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 5,526,771		$ 5,526,771		$ 6,790,632
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	798,496		798,496		1,525,134
Income (Loss)	21,977	$ 39,088	111,361	$ 113,676
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	455,178		455,178		557,549
Income (Loss)	17,221	12,309	43,514	80,492
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,253,674		1,253,674		$ 2,082,683
Income (Loss)	$ 39,198	$ 51,397	$ 154,875	$ 194,168

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Marketable Securities [Line Items]
Investments in real estate debt	$ 5,772,596		$ 5,772,596		$ 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)	$ 55,100	$ 69,300	$ 194,100	$ 190,400

Consolidated Securitization V_3

Consolidated Securitization Vehicles (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Transfers and Servicing [Abstract]
Real estate loans held by consolidated securitization vehicles, count | loan	199	291
Senior obligations of consolidated securitization vehicles, count | loan	19	21
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, count | loan	19	21
Real estate loans held by consolidated securitization vehicles, at principal value	$ 13,997,167	$ 16,551,341
Senior obligations of consolidated securitization vehicles, at principal value	12,530,636	14,835,899
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,466,531	1,715,442
Real estate loans held by consolidated securitization vehicles, at fair value	14,286,859	16,331,578
Senior obligations of consolidated securitization vehicles, at fair value	12,897,316	14,777,146
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,389,543	$ 1,554,432
Real estate loans held by consolidated securitization vehicles, weighted average yield	6.70%	6.30%
Senior obligations of consolidated securitization vehicles, weighted average cost	6.50%	6.10%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	8.20%	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 ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.50%
Total loans secured by real estate	$ 61,658,661,000	$ 62,220,324,000
(Discount) premium on assumed debt, net	(97,803,000)	(103,828,000)
Deferred financing costs, net	(429,452,000)	(422,818,000)
Mortgage loans, secured term loans, and secured revolving credit facilities, net	61,131,406,000	61,693,678,000
Outstanding interest rate swaps	$ 38,343,037,000	36,177,869,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	6.20%
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 32,300,000,000
Interest rate caps – property debt
Debt Instrument [Line Items]
Outstanding interest rate swaps	11,900,000,000
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 39,375,539,000	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	$ 293,800,000	293,300,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 32,708,839,000	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	$ 22,283,122,000	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	$ 2,972,009,000	3,541,543,000
Warehouse facilities | Total variable rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.10%
Secured Revolving Credit Facility | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 3,704,708,000
Total loans secured by real estate	$ 3,694,691,000	$ 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	Sep. 30, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (remaining)	$ 1,037,671
2025	4,302,498
2026	14,228,828
2027	19,997,612
2028	4,603,220
2029	10,130,457
Thereafter	7,358,375
Total	$ 61,658,661	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ 19,608	$ 26,484	$ 71,660	$ 35,025

Secured Financings of Investm_2

Secured Financings of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Secured financings of investments in real estate debt	$ 3,816,383	$ 4,368,269
Weighted average interest rate	1.50%
Notional Amount	$ 38,343,037	36,177,869
Interest rate swaps – secured financings of investments in real estate debt | Non-designated Hedges
Debt Instrument [Line Items]
Notional Amount	$ 418,915	$ 581,915

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities and Term Loans (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	$ 6,100	$ 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 Affiliated Entities (Details) - Related Party - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 772,355	$ 1,033,083
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Other liabilities	682,768	961,654
Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	57,731	63,505
Accrued service provider expenses
Related Party Transaction [Line Items]
Other liabilities	30,636	5,283
Other
Related Party Transaction [Line Items]
Other liabilities	$ 1,220	$ 2,641

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Nov. 08, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Performance participation allocation shortfall				$ 105,000		$ 105,000		$ 74,900
Accrued interest related to Quarterly Shortfall				4,800
Management fee		$ 174,252			$ 209,297	542,028	$ 643,800
Net refunds from insurance premiums contributed to captive		123,500			163,900	123,200	167,200
Net refunds from insurance premiums paid contributed to captive						300
Payment for management fee		2,400			3,200	2,400	3,300
Other assets		5,865,048				$ 5,865,048				$ 6,563,226
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent									$ 3,000,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent									$ 1,400,000
Blackstone Advisory Partners L.P.
Related Party Transaction [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share						8.75%
Special Limited Partner
Related Party Transaction [Line Items]
Percentage of annual hurdle amount						5%
Related party allocation percentage of annual total return						12.50%
Percentage of management fee on NAV per annum						12.50%
Accrued interest related to Quarterly Shortfall		0			1,000	$ 1,000	$ 2,900
Performance participation allocation				9,900
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return						87.50%
Adviser
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum						1.25%
Management fee					$ 209,300
Adviser | Performance participation allocation
Related Party Transaction [Line Items]
Performance participation allocation, payout			$ 15,400
Adviser | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)	4.1
Adviser | Class I | Performance participation allocation
Related Party Transaction [Line Items]
Common stock issued (in shares)			1.1
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)						38.8	24.8
Related Party
Related Party Transaction [Line Items]
Other liabilities		772,355				$ 772,355				1,033,083
Related Party | Link Logistics Real Estate Holdco LLC
Related Party Transaction [Line Items]
Other assets		52,600				52,600				46,500
Related Party | Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities				$ 25,300
Related Party | Accrued Management Fee
Related Party Transaction [Line Items]
Other liabilities		57,731				57,731				63,505
Related Party | Adviser
Related Party Transaction [Line Items]
Other liabilities		1,200				1,200				$ 2,600
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments		$ 4,400				$ 18,900

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 80,017	$ 80,621	$ 230,182	$ 234,560
Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	14,042	11,969	43,417	20,559
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	3,775	2,333	10,594	9,129
Link Logistics Real Estate Holdco LLC | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	30,935	30,807	90,045	92,138
Link Logistics Real Estate Holdco LLC | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	6,518	5,968	17,622	9,672
Link Logistics Real Estate Holdco LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	147	330	963	1,010
LivCor, LLC | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	26,860	24,974	77,511	75,172
LivCor, LLC | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	4,672	5,928	16,224	9,973
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	2,887	1,670	7,367	7,092
ShopCore Properties TRS Management LLC | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	7,829	9,862	25,397	26,327
ShopCore Properties TRS Management LLC | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	166	210	812	450
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	672	258	2,190	923
Revantage Corporate Services, LLC | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	8,536	7,827	19,564	20,034
Revantage Corporate Services, LLC | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	1,952	176	6,356	270
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 | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	3,393	3,844	9,717	12,967
BRE Hotels and Resorts LLC | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	312	292	1,136	555
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
EQ Management, LLC | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	1,439	2,069	4,697	4,420
EQ Management, LLC | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	58	44	174	150
EQ Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	69	75	74	104
Beam Living | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	683	748	2,399	1,930
Beam Living | Amortization of Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	364	(649)	1,093	(511)
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Longview Senior Housing, LLC | Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	342	490	852	1,572
Longview Senior Housing, LLC | Amortization of 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	9 Months Ended
	Sep. 30, 2024 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 66,334
Forfeiture of Unvested Awards	0
Value of Awards Issued	54,256
Amortization of Compensation Cost	(43,417)
Unrecognized Compensation Cost, ending balance	77,173
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	(8,112)
Unrecognized Compensation Cost, ending balance	$ 2,760
Remaining Amortization Period	3 months 18 days
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 18,825
Forfeiture of Unvested Awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(8,041)
Unrecognized Compensation Cost, ending balance	$ 10,784
Remaining Amortization Period	1 year 2 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	(13,739)
Unrecognized Compensation Cost, ending balance	$ 22,898
Remaining Amortization Period	1 year 10 months 24 days
2024
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of Unvested Awards	0
Value of Awards Issued	54,256
Amortization of Compensation Cost	(13,525)
Unrecognized Compensation Cost, ending balance	$ 40,731
Remaining Amortization Period	2 years 7 months 6 days

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Interest rate and foreign currency hedging derivatives	$ 1,510,326	$ 2,160,266
Intangible assets, net	994,805	1,146,840
Straight-line rent receivable	785,288	665,747
Receivables, net	685,849	793,651
Held-for-sale assets	673,519	453,823
Single family rental homes risk retention securities	300,718	300,718
Prepaid expenses	223,384	178,140
Deferred leasing costs, net	153,364	141,526
Securities held in trust	148,877	0
Deferred financing costs, net	57,577	62,651
Equity securities	0	335,933
Total	$ 5,865,048	$ 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	$ 236,317	$ 245,260

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Right of use lease liability - operating leases	$ 610,848	$ 643,803
Stock repurchases payable	476,621	574,958
Real estate taxes payable	449,392	327,947
Accounts payable and accrued expenses	421,970	427,744
Accrued interest expense	385,846	395,814
Liabilities related to held-for-sale assets	265,088	282,350
Tenant security deposits	217,635	228,994
Distribution payable	203,511	222,174
Intangible liabilities, net	197,149	244,596
Prepaid rental income	177,835	232,447
Financing of affordable housing development	147,524	0
Subscriptions received in advance	143,247	113,764
Right of use lease liability - financing leases	79,192	78,257
Securitized debt obligations, net	39,640	47,172
Interest rate and foreign currency hedging derivatives	24,305	34,236
Other	$ 151,465	$ 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	$ 3,991,268	$ 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	Sep. 30, 2024	Dec. 31, 2023
Intangible assets
Indefinite life intangibles	$ 184,082	$ 184,082
Total intangible assets	1,912,648	2,264,778
Accumulated Amortization	(917,843)	(1,117,938)
Total Intangible Assets/Liabilities, net	994,805	1,146,840
Total intangible assets	994,805	1,146,840
Intangible liabilities
Below market lease, gross	405,262	441,391
Below market lease, accumulated amortization	(208,113)	(196,795)
Finite lived intangible liabilities net	197,149	244,596
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,259,547	1,641,489
Accumulated Amortization	(776,840)	(1,007,698)
Total Intangible Assets/Liabilities, net	482,707	633,791
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	58,345	61,888
Accumulated Amortization	(35,949)	(32,800)
Total Intangible Assets/Liabilities, net	22,396	29,088
Other intangibles
Intangible assets
Finite-lived intangible assets	410,674	377,319
Accumulated Amortization	(105,054)	(77,440)
Total Intangible Assets/Liabilities, net	$ 305,620	$ 299,879

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lease Intangibles
Total Intangible Assets/Liabilities, net	$ 994,805	$ 1,146,840
Below-market Lease Intangibles
2024 (remaining)	(12,249)
2025	(44,089)
2026	(35,817)
2027	(25,320)
2028	(19,534)
2029	(14,836)
Thereafter	(45,304)
Total	(197,149)
In-place Lease Intangibles
Lease Intangibles
2024 (remaining)	34,309
2025	116,550
2026	90,055
2027	66,335
2028	51,812
2029	38,449
Thereafter	85,197
Total Intangible Assets/Liabilities, net	482,707	633,791
Above-market Lease Intangibles
Lease Intangibles
2024 (remaining)	1,567
2025	5,757
2026	4,438
2027	3,167
2028	2,340
2029	1,733
Thereafter	3,394
Total Intangible Assets/Liabilities, net	22,396	29,088
Other intangibles
Lease Intangibles
2024 (remaining)	9,515
2025	37,591
2026	36,418
2027	32,949
2028	28,820
2029	24,149
Thereafter	136,178
Total Intangible Assets/Liabilities, net	$ 305,620	$ 299,879

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) derivative	Sep. 30, 2024 EUR (€) derivative	Sep. 30, 2024 GBP (£) derivative	Dec. 31, 2023 EUR (€) derivative	Dec. 31, 2023 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 38,343,037	$ 36,177,869
Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 11,900,000
Designated as Hedging Instrument | Interest rate swaps – property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	20	21	20	20	21	21
Notional Amount | $	$ 6,317,307	$ 6,386,770
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	3 years 10 months 24 days	4 years 7 months 6 days
Non-designated Hedges | Interest rate swaps – property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	51	51	51	51	51	51
Notional Amount | $	$ 26,010,089	$ 26,015,600
Weighted Average Strike	1.40%	1.60%	1.40%	1.40%	1.60%	1.60%
Weighted Average Maturity (Years)	3 years 2 months 12 days	4 years 6 months
Non-designated Hedges | Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	166	153	166	166	153	153
Notional Amount | $	$ 11,914,033	$ 9,580,354
Weighted Average Strike	7.30%	5.80%	7.30%	7.30%	5.80%	5.80%
Weighted Average Maturity (Years)	9 months 18 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 | $	$ 418,915	$ 581,915
Weighted Average Strike	3.60%	3.40%	3.60%	3.60%	3.40%	3.40%
Weighted Average Maturity (Years)	6 years	6 years 7 months 6 days
Non-designated Hedges | Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 65,900		€ 139,913
Number of Instruments	6	9	6	6	9	9
Non-designated Hedges | Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 39,993		£ 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 | €			€ 240		€ 10,421
Number of Instruments	1	2	1	1	2	2
Non-designated Hedges | Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 74		£ 0
Number of Instruments	1	0	1	1	0	0

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 1,510,326	$ 2,160,266
Fair Value of Derivatives in a Liability Position	24,305	34,236
Interest rate cap	85,900	189,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	148,982	246,350
Fair Value of Derivatives in a Liability Position	1,560	1,320
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,361,344	1,913,916
Fair Value of Derivatives in a Liability Position	22,745	32,916
Interest rate swaps – property debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	148,982	246,350
Fair Value of Derivatives in a Liability Position	1,560	1,320
Interest rate swaps – property debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,349,150	1,874,065
Fair Value of Derivatives in a Liability Position	1,454	0
Interest rate caps – property debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	9,573	31,134
Fair Value of Derivatives in a Liability Position	5,561	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	2,621	8,643
Fair Value of Derivatives in a Liability Position	13,723	12,210
Foreign currency forward contracts | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	0	74
Fair Value of Derivatives in a Liability Position	$ 2,007	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	$ (820,922)	$ 418,840	$ (553,398)	$ 258,136
Unrealized (loss) gain on derivatives	(210,629)	141,370	(105,330)	162,127
Total	(1,031,551)	560,210	(658,728)	420,263
Gain reclassified to earnings	46,000		137,200
Interest rate swaps – property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(787,930)	105,398	(519,510)	94,150
Realized gain (loss)	0	318,596	0	318,596
Unrealized (loss) gain on derivatives	(210,629)	141,370	(105,330)	162,127
Interest rate caps – property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(8,867)	(31,802)	(25,840)	(104,574)
Realized gain (loss)			542	0
Interest rate swaps – secured financings of investments in real estate debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(18,415)	18,463	(7,842)	(51,104)
Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(2,479)	11,910	1,683	21,887
Realized gain (loss)	$ (3,231)	$ (3,725)	$ (2,431)	$ (20,819)

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of assets that posted collateral | $	$ 18.4	$ 23.4
Number of derivative counterparties | counterparty	1	3

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Sep. 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) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	3,792,732	4,107,332
Common stock issued (transferred)	31,289	110,151
Distribution reinvestment (in shares)	19,536	60,089
Common stock repurchased (in shares)	(121,710)	(555,725)
Independent directors' restricted stock grant (in shares)	71	71
Ending balance (in shares)	3,721,918	3,721,918
Restricted Stock
Common Stock, Shares Outstanding [Roll Forward]
Independent directors' restricted stock grant, value	$ 0.2	$ 0.2
Award requisite service period (in years)		1 year
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,386,026	1,488,197
Common stock issued (transferred)	4,814	13,533
Distribution reinvestment (in shares)	7,230	22,085
Common stock repurchased (in shares)	(38,607)	(164,352)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	1,359,463	1,359,463
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,209,162	2,402,959
Common stock issued (transferred)	28,648	101,128
Distribution reinvestment (in shares)	11,189	34,491
Common stock repurchased (in shares)	(76,980)	(366,559)
Independent directors' restricted stock grant (in shares)	71	71
Ending balance (in shares)	2,172,090	2,172,090
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	50,494	59,246
Common stock issued (transferred)	(2,316)	(6,828)
Distribution reinvestment (in shares)	312	1,014
Common stock repurchased (in shares)	(1,768)	(6,710)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	46,722	46,722
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	144,324	154,794
Common stock issued (transferred)	(50)	1,522
Distribution reinvestment (in shares)	805	2,499
Common stock repurchased (in shares)	(4,096)	(17,832)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	140,983	140,983
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,726	2,136
Common stock issued (transferred)	193	796
Distribution reinvestment (in shares)	0	0
Common stock repurchased (in shares)	(259)	(272)
Independent directors' restricted stock grant (in shares)	0	0
Ending balance (in shares)	2,660	2,660

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Equity [Line Items]
Common stock repurchased, value	$ 1,721,002	$ 4,142,698	$ 7,964,044	$ 10,970,783
Non-controlling interests attributable to third party joint ventures	4,422,044		4,422,044		$ 4,709,621
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	7,791	$ 18,537	$ 27,859	$ (3,095)
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	$ 158,300		$ 158,300		$ 197,200
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent			2%
Quarterly maximum percent			5%
Common stock repurchased during period (in shares)			555.7
BREIT OP units repurchased (in units)			8.7
Common stock repurchased, value			$ 8,000,000

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1652	$ 0.1672	$ 0.4959	$ 0.4999
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1652		0.4959
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0299)		(0.0900)
Net distributions declared per share of common stock (in dollars per share)	0.1353		0.4059
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1652		0.4959
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)	0.1652		0.4959
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1652		0.4959
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0294)		(0.0886)
Net distributions declared per share of common stock (in dollars per share)	0.1358		0.4073
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1652		0.4959
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0086)		(0.0259)
Net distributions declared per share of common stock (in dollars per share)	$ 0.1566		$ 0.4700

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			$ 197,537
Settlement of prior quarter(s) performance participation allocation			15,370	$ 0
GAAP income allocation	$ 1,609	$ 1,476	4,194	2,239
Ending balance	174,073		174,073
Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units			0	(65,304)
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			351	344,145
Settlement of prior quarter(s) performance participation allocation			15,370	0
GAAP income allocation			(353)	1,923
Distributions			(61)	(1,308)
Fair value allocation			452	(102)
Ending balance	$ 15,759	$ 364	15,759	364
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	$ (65,304)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 1,719,514	$ 1,804,577	$ 5,300,044	$ 5,499,152
Variable lease payments	134,742	121,250	429,821	359,381
Rental revenue	$ 1,854,256	$ 1,925,827	$ 5,729,865	$ 5,858,533
Operating lease, lease income, statement of income or comprehensive income [extensible enumeration]	Total revenues	Total revenues	Total revenues	Total revenues

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessor, Operating Lease, Payments to be Received
2024 (remaining)	$ 458,253
2025	1,817,557
2026	1,691,636
2027	1,483,836
2028	1,263,142
2029	1,057,666
Thereafter	14,966,055
Total	$ 22,738,145

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 2024 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	90
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	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 8,916
2025	36,293
2026	36,456
2027	36,772
2028	37,070
2029	37,199
Thereafter	2,098,046
Total undiscounted future lease payments	2,290,752
Difference between undiscounted cash flows and discounted cash flows	(1,679,904)
Total lease liability	610,848	$ 643,803
Financing Leases
2024 (remaining)	1,136
2025	4,386
2026	4,509
2027	4,635
2028	4,764
2029	5,164
Thereafter	554,168
Total undiscounted future lease payments	578,762
Difference between undiscounted cash flows and discounted cash flows	(499,570)
Total lease liability	$ 79,192	$ 78,257

Leases - Schedule of Fixed and

Leases - Schedule of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed ground rent expense	$ 6,369	$ 6,543	$ 14,041	$ 14,391
Variable ground rent expense	9,230	2,729	25,549	15,554
Total cash portion of ground rent expense	15,599	9,272	39,590	29,945
Straight-line ground rent expense	2,247	2,546	12,933	13,469
Total operating lease costs	$ 17,846	$ 11,818	$ 52,523	$ 43,414

Leases - Schedule of Fixed an_2

Leases - Schedule of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Interest on lease liabilities	$ 1,080	$ 1,050	$ 3,211	$ 3,098
Amortization of right-of-use assets	297	304	913	943
Total financing lease costs	$ 1,377	$ 1,354	$ 4,124	$ 4,041

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 119,592,691	$ 130,797,795
Rental Housing
Segment Reporting Information [Line Items]
Total assets	60,089,801	64,665,680
Industrial
Segment Reporting Information [Line Items]
Total assets	19,264,173	20,050,095
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,047,188	8,117,528
Office
Segment Reporting Information [Line Items]
Total assets	2,863,974	2,945,455
Hospitality
Segment Reporting Information [Line Items]
Total assets	2,742,352	2,867,166
Retail
Segment Reporting Information [Line Items]
Total assets	2,216,170	2,505,146
Data Centers
Segment Reporting Information [Line Items]
Total assets	2,124,488	2,927,807
Self Storage
Segment Reporting Information [Line Items]
Total assets	726,971	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	19,731,375	23,264,164
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 1,786,199	$ 2,715,011

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 2,094,666	$ 2,187,233	$ 6,442,127	$ 6,748,228
Expenses:
Total expenses	1,035,895	1,062,156	3,045,946	3,132,767
Income (loss) from unconsolidated entities	(74,839)	(153,656)	(137,195)	380,968
Income from investments in real estate debt	184,849	192,145	610,117	580,948
Change in net assets of consolidated securitization vehicles	44,170	53,244	160,596	145,183
Income loss from investments in equity securities		(34,700)	61,482	(3,763)
GAAP segment net income (loss)	1,212,951	1,182,110	4,091,181	4,718,797
Depreciation and amortization	(848,214)	(928,863)	(2,650,756)	(2,915,884)
General and administrative	(15,368)	(16,960)	(49,668)	(51,258)
Management fee	(174,252)	(209,297)	(542,028)	(643,800)
Impairment of investments in real estate	(48,571)	(60,952)	(232,329)	(178,667)
(Loss) income from interest rate derivatives	(815,212)	410,655	(552,650)	257,068
Net gain on dispositions of real estate	988,970	985,189	1,271,414	1,775,016
Interest expense, net	(853,014)	(808,169)	(2,542,584)	(2,336,050)
Loss on extinguishment of debt	(19,608)	(26,484)	(71,660)	(35,025)
Other expense	(35,408)	(10,602)	(80,723)	(57,081)
Net (loss) income	(607,726)	516,627	(1,359,803)	533,116
Net (income) loss attributable to non-controlling interests in third party joint ventures	(37,374)	100,087	31,685	243,700
Net loss (income) attributable to non-controlling interests in BREIT OP unitholders	39,041	(28,420)	70,547	(34,643)
Net (loss) income attributable to BREIT stockholders	(606,059)	588,294	(1,257,571)	742,173
Net realized and unrealized gain (loss) on equity securities		(38,400)	58,800	(15,000)
Rental Housing
Revenues:
Total revenues	1,316,822	1,360,116	4,076,164	4,116,766
Expenses:
Total expenses	772,232	774,713	2,245,347	2,200,319
Income (loss) from unconsolidated entities	77,308	(10,320)	63,184	(25,467)
Income from investments in real estate debt	1,300	0	1,299	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Income loss from investments in equity securities		(34,700)	61,482	(3,763)
GAAP segment net income (loss)	623,198	540,383	1,956,782	1,887,217
Depreciation and amortization	(537,343)	(585,907)	(1,694,465)	(1,849,657)
Industrial
Revenues:
Total revenues	359,288	357,531	1,092,008	1,071,342
Expenses:
Total expenses	117,137	113,575	358,739	338,505
Income (loss) from unconsolidated entities	85,242	(157,735)	31,967	19,774
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	327,393	86,221	765,236	752,611
Depreciation and amortization	(178,348)	(191,877)	(550,116)	(576,401)
Net Lease
Revenues:
Total revenues	150,384	150,384	451,153	451,153
Expenses:
Total expenses	673	480	2,000	1,724
Income (loss) 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
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	149,711	149,904	449,153	881,957
Depreciation and amortization	(51,878)	(51,878)	(155,635)	(155,634)
Office
Revenues:
Total revenues	43,026	48,555	134,006	148,625
Expenses:
Total expenses	13,637	15,068	43,842	43,269
Income (loss) from unconsolidated entities	(6,535)	16,585	7,052	2,492
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	22,854	50,072	97,216	107,848
Depreciation and amortization	(23,005)	(23,335)	(70,753)	(73,239)
Hospitality
Revenues:
Total revenues	137,847	145,837	421,153	572,488
Expenses:
Total expenses	97,870	103,585	291,754	384,997
Income (loss) from unconsolidated entities	(1,701)	(2,032)	(6,806)	(2,746)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	38,276	40,220	122,593	184,745
Depreciation and amortization	(22,811)	(23,166)	(68,477)	(88,199)
Retail
Revenues:
Total revenues	54,529	12,838	170,302	38,524
Expenses:
Total expenses	22,959	2,278	70,560	7,016
Income (loss) from unconsolidated entities	(1,159)	(1,027)	(2,887)	(46,111)
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	30,411	9,533	96,855	(14,603)
Depreciation and amortization	(22,653)	(5,535)	(74,791)	(16,558)
Data Centers
Revenues:
Total revenues	13,215	59,433	39,650	179,551
Expenses:
Total expenses	2,367	26,369	7,369	75,668
Income (loss) from unconsolidated entities	(227,994)	873	(229,705)	498
Income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	(217,146)	33,937	(197,424)	104,381
Depreciation and amortization	(5,541)	(32,841)	(16,624)	(106,044)
Self Storage
Revenues:
Total revenues	19,555	52,539	57,691	169,779
Expenses:
Total expenses	9,020	26,088	26,335	81,269
Income (loss) 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
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	10,535	26,451	31,356	88,510
Depreciation and amortization	(6,635)	(14,324)	(19,895)	(50,152)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Income (loss) from unconsolidated entities	0	0	0	0
Income from investments in real estate debt	183,549	192,145	608,818	580,948
Change in net assets of consolidated securitization vehicles	44,170	53,244	160,596	145,183
Income loss from investments in equity securities		0	0	0
GAAP segment net income (loss)	227,719	245,389	769,414	726,131
Depreciation and amortization	0	0	0	0
Rental revenue
Revenues:
Total revenues	1,854,256	1,925,827	5,729,865	5,858,533
Expenses:
Total expenses	938,025	958,571	2,754,192	2,747,770
Rental revenue | Rental Housing
Revenues:
Total revenues	1,225,267	1,257,638	3,815,805	3,838,602
Expenses:
Total expenses	772,232	774,713	2,245,347	2,200,319
Rental revenue | Industrial
Revenues:
Total revenues	352,796	351,055	1,076,474	1,051,836
Expenses:
Total expenses	117,137	113,575	358,739	338,505
Rental revenue | Net Lease
Revenues:
Total revenues	150,384	150,384	451,153	451,153
Expenses:
Total expenses	673	480	2,000	1,724
Rental revenue | Office
Revenues:
Total revenues	40,818	46,589	126,660	142,878
Expenses:
Total expenses	13,637	15,068	43,842	43,269
Rental revenue | Hospitality
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Rental revenue | Retail
Revenues:
Total revenues	53,636	12,838	166,719	38,524
Expenses:
Total expenses	22,959	2,278	70,560	7,016
Rental revenue | Data Centers
Revenues:
Total revenues	13,215	58,350	39,650	176,221
Expenses:
Total expenses	2,367	26,369	7,369	75,668
Rental revenue | Self Storage
Revenues:
Total revenues	18,140	48,973	53,404	159,319
Expenses:
Total expenses	9,020	26,088	26,335	81,269
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality
Revenues:
Total revenues	137,847	145,837	421,153	564,802
Expenses:
Total expenses	97,870	103,585	291,754	384,997
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	137,847	145,837	421,153	564,802
Expenses:
Total expenses	97,870	103,585	291,754	384,997
Hospitality | Retail
Revenues:
Total revenues	0		0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Data Centers
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Self Storage
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Other revenue
Revenues:
Total revenues	102,563	115,569	291,109	324,893
Other revenue | Rental Housing
Revenues:
Total revenues	91,555	102,478	260,359	278,164
Other revenue | Industrial
Revenues:
Total revenues	6,492	6,476	15,534	19,506
Other revenue | Net Lease
Revenues:
Total revenues	0	0	0	0
Other revenue | Office
Revenues:
Total revenues	2,208	1,966	7,346	5,747
Other revenue | Hospitality
Revenues:
Total revenues	0	0	0	7,686
Other revenue | Retail
Revenues:
Total revenues	893	0	3,583	0
Other revenue | Data Centers
Revenues:
Total revenues	0	1,083	0	3,330
Other revenue | Self Storage
Revenues:
Total revenues	1,415	3,566	4,287	10,460
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0