Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Investments in real estate, net	$ 80,145,188	$ 81,457,935
Investments in unconsolidated entities (includes $3,896,500 and $3,861,077 at fair value as of March 31, 2025 and December 31, 2024, respectively)	5,983,300	6,866,405
Investments in real estate debt	5,194,969	5,279,928
Real estate loans held by consolidated securitization vehicles, at fair value	13,203,864	13,616,526
Cash and cash equivalents	1,933,723	1,933,084
Restricted cash	1,015,706	843,810
Other assets	5,454,468	6,240,553
Total assets	112,931,218	116,238,241
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	58,879,573	58,540,235
Secured financings of investments in real estate debt	3,754,489	3,624,698
Senior obligations of consolidated securitization vehicles, at fair value	11,853,523	12,233,141
Unsecured revolving credit facilities and term loans	2,551,923	2,501,923
Total liabilities	81,739,895	81,370,449
Commitments and contingencies	0	0
Redeemable non-controlling interests	177,125	173,662
Equity
Additional paid-in capital	41,500,103	42,781,930
Accumulated other comprehensive income	306,645	383,272
Accumulated deficit and cumulative distributions	(18,101,064)	(15,848,197)
Total stockholders’ equity	23,741,675	27,353,907
Non-controlling interests attributable to third party joint ventures	4,283,753	4,375,668
Non-controlling interests attributable to BREIT OP	2,988,770	2,964,555
Total equity	31,014,198	34,694,130
Total liabilities and equity	112,931,218	116,238,241
Related Party
Liabilities and Equity
Other liabilities	648,446	682,747
Nonrelated Party
Liabilities and Equity
Other liabilities	4,051,941	3,787,705
Class S
Equity
Common stock value	12,994	13,395
Class I
Equity
Common stock value	21,213	21,651
Class T
Equity
Common stock value	407	439
Class D
Equity
Common stock value	1,348	1,389
Class C
Equity
Common stock value	$ 29	$ 28