Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 81,457,935	$ 91,079,010
Investments in unconsolidated entities (includes $3,861,077 and $4,221,593 at fair value as of December 31, 2024 and 2023, respectively)	6,866,405	7,338,329
Investments in real estate debt	5,279,928	6,790,632
Real estate loans held by consolidated securitization vehicles, at fair value	13,616,526	16,331,578
Cash and cash equivalents	1,933,084	1,945,260
Restricted cash	843,810	749,760
Other assets	6,240,553	6,563,226
Total assets	116,238,241	130,797,795
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	58,540,235	61,693,678
Secured financings of investments in real estate debt	3,624,698	4,368,269
Senior obligations of consolidated securitization vehicles, at fair value	12,233,141	14,777,146
Unsecured revolving credit facilities and term loans	2,501,923	1,126,923
Total liabilities	81,370,449	86,977,764
Commitments and contingencies	0	0
Redeemable non-controlling interests	173,662	197,537
Equity
Additional paid-in capital	42,781,930	48,576,100
Accumulated other comprehensive income	383,272	345,975
Accumulated deficit and cumulative distributions	(15,848,197)	(12,612,581)
Total stockholders’ equity	27,353,907	36,350,567
Non-controlling interests attributable to third party joint ventures	4,375,668	4,709,621
Non-controlling interests attributable to BREIT OP unitholders	2,964,555	2,562,306
Total equity	34,694,130	43,622,494
Total liabilities and equity	116,238,241	130,797,795
Related Party
Liabilities and Equity
Other liabilities	682,747	1,027,800
Nonrelated Party
Liabilities and Equity
Other liabilities	3,787,705	3,983,948
Class S
Equity
Common stock value	13,395	14,882
Class I
Equity
Common stock value	21,651	24,030
Class T
Equity
Common stock value	439	592
Class D
Equity
Common stock value	1,389	1,548
Class C
Equity
Common stock value	$ 28	$ 21