Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Investments in real estate, net	$ 77,906,189	$ 81,457,935
Investments in unconsolidated entities (includes $4,011,447 and $3,861,077 at fair value as of June 30, 2025 and December 31, 2024, respectively)	6,342,029	6,866,405
Investments in real estate debt	5,067,463	5,279,928
Real estate loans held by consolidated securitization vehicles, at fair value	11,512,832	13,616,526
Cash and cash equivalents	2,065,595	1,933,084
Restricted cash	812,075	843,810
Other assets	5,297,755	6,240,553
Total assets	109,003,938	116,238,241
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	58,153,793	58,540,235
Secured financings of investments in real estate debt	3,585,679	3,624,698
Senior obligations of consolidated securitization vehicles, at fair value	10,346,961	12,233,141
Unsecured revolving credit facilities and term loans	2,646,923	2,501,923
Total liabilities	79,552,228	81,370,449
Commitments and contingencies	0	0
Redeemable non-controlling interests	222,399	173,662
Equity
Additional paid-in capital	40,555,177	42,781,930
Accumulated other comprehensive income	306,101	383,272
Accumulated deficit and cumulative distributions	(19,135,477)	(15,848,197)
Total stockholders’ equity	21,761,336	27,353,907
Non-controlling interests attributable to third party joint ventures	4,183,837	4,375,668
Non-controlling interests attributable to BREIT OP	3,284,138	2,964,555
Total equity	29,229,311	34,694,130
Total liabilities and equity	109,003,938	116,238,241
Related Party
Liabilities and Equity
Other liabilities	985,518	682,747
Nonrelated Party
Liabilities and Equity
Other liabilities	3,833,354	3,787,705
Class S
Equity
Common stock value	12,765	13,395
Class I
Equity
Common stock value	21,030	21,651
Class T
Equity
Common stock value	380	439
Class D
Equity
Common stock value	1,329	1,389
Class C
Equity
Common stock value	$ 31	$ 28