Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (1,839,784)	$ (170,070)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	168,425	187,121
Performance participation allocation	142,175	104,966
Impairment of investments in real estate	170,258	65,714
Depreciation and amortization	827,099	913,208
Net gain on dispositions of real estate	(135,909)	(106,554)
Loss on extinguishment of debt	11,514	30,648
Unrealized loss (gain) on fair value of financial instruments	336,375	(453,383)
Loss from unconsolidated entities	765,015	24,358
Distributions of earnings from unconsolidated entities	128,959	51,317
Other items	48,079	(29,425)
Change in assets and liabilities:
Decrease (increase) in other assets	13,226	(32,542)
Increase in due to affiliates	427	17,553
Decrease in other liabilities	(63,405)	(104,423)
Net cash provided by operating activities	572,454	498,488
Cash flows from investing activities:
Capital improvements to real estate	(213,781)	(246,193)
Proceeds from disposition of real estate	990,302	858,612
Investment in unconsolidated entities	(81,863)	(141,958)
Dispositions of and return of capital from unconsolidated entities	50,136	548,690
Purchase of investments in real estate debt	(91,705)	(38,511)
Proceeds from sale/repayment of investments in real estate debt	213,084	606,609
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	435,376	300,428
Other investing activities	(39,773)	25,347
Net cash provided by investing activities	1,261,776	1,913,024
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	2,885,859	6,575,662
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(2,687,930)	(4,922,968)
Borrowings under secured financings of investments in real estate debt	231,457	54,982
Repayments of secured financings of investments in real estate debt	(116,233)	(209,815)
Borrowings under unsecured revolving credit facilities and term loans	1,250,000	650,000
Repayments of unsecured revolving credit facilities and term loans	(1,200,000)	(650,000)
Payment of deferred financing costs	(51,789)	(92,024)
Repayments of senior obligations of consolidated securitization vehicles	(396,688)	(273,283)
Proceeds from issuance of common stock	379,928	292,152
Subscriptions received in advance	325,126	144,814
Offering costs paid	(45,573)	(52,926)
Distributions	(292,590)	(330,172)
Repurchase of common stock	(1,799,379)	(2,684,064)
Contributions from redeemable non-controlling interest	3,816	66
Distributions to and redemption of redeemable non-controlling interest	(245)	(1,045)
Redemption of affiliated service provider incentive compensation awards	(6,620)	(756)
Contributions from non-controlling interests	4,374	2,658
Distributions to and redemptions of non-controlling interests	(146,828)	(131,374)
Net cash used in financing activities	(1,663,315)	(1,628,093)
Net change in cash and cash equivalents and restricted cash	170,915	783,419
Cash, cash equivalents and restricted cash, beginning of period	2,776,894	2,695,020
Effects of foreign currency translation on cash, cash equivalents and restricted cash	1,620	(892)
Cash, cash equivalents and restricted cash, end of period	2,949,429	3,477,547
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	1,933,723	2,668,894
Restricted cash	1,015,706	808,653
Total cash, cash equivalents and restricted cash	2,949,429	3,477,547
Non-cash investing and financing activities:
Issuance of Class I shares for settlement of joint venture promote liability	0	43,219
Issuance of BREIT OP units for settlement of joint venture promote liability	0	36,499
Accrued capital expenditures and acquisition related costs	0	16,136
Change in accrued stockholder servicing fee due to affiliate	(38,346)	(86,447)
Issuance of Class B units and Class I shares for payment of management fees	169,014	188,560
Allocation to redeemable non-controlling interest	846	876
Distribution reinvestment	301,259	314,729
Accrued repurchases	724,786	799,981
Receivable for proceeds from disposition of real estate	4,236	10,026
Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net	56,809	416,705
Other assets	174	5,947
Mortgage loans, net	(28,425)	(174,070)
Other liabilities	(2,366)	(18,965)
Non-controlling interests attributable to third party joint ventures	$ (14,197)	$ (122,236)