Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (2,408,767)	$ (752,077)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	335,317	367,776
Performance participation allocation	230,999	0
Impairment of investments in real estate	341,371	183,758
Depreciation and amortization	1,635,750	1,802,542
Net gain on dispositions of real estate	(600,303)	(282,444)
Loss on extinguishment of debt	36,874	52,052
Unrealized loss (gain) on fair value of financial instruments	523,569	(365,470)
Loss from unconsolidated entities	738,024	62,356
Distributions of earnings from unconsolidated entities	208,016	113,931
Other items	75,294	(44,531)
Change in assets and liabilities:
Decrease in other assets	79,584	53,128
Increase in due to affiliates	1,214	19,746
Decrease in other liabilities	(15,365)	(58,450)
Net cash provided by operating activities	1,181,577	1,152,317
Cash flows from investing activities:
Capital improvements to real estate	(513,660)	(529,664)
Proceeds from disposition of real estate	2,947,093	2,081,578
Investment in unconsolidated entities	(540,590)	(316,194)
Dispositions of and return of capital from unconsolidated entities	101,635	772,571
Purchase of investments in real estate debt	(91,705)	(50,078)
Proceeds from sale/repayment of investments in real estate debt	395,535	1,393,750
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	2,201,454	410,492
Collateral posted under derivative contracts	(1,889)	(7,750)
Other investing activities	(41,078)	27,911
Net cash provided by investing activities	4,456,795	3,782,616
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	5,365,475	11,654,277
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(5,761,826)	(10,055,756)
Borrowings under secured financings of investments in real estate debt	261,798	222,787
Repayments of secured financings of investments in real estate debt	(316,851)	(886,810)
Borrowings under unsecured revolving credit facilities and term loans	2,965,000	1,490,000
Repayments of unsecured revolving credit facilities and term loans	(2,820,000)	(990,000)
Payment of deferred financing costs	(99,250)	(166,601)
Sales of senior obligations of consolidated securitization vehicles	0	70,898
Repayments of senior obligations of consolidated securitization vehicles	(1,963,927)	(377,845)
Proceeds from issuance of common stock	953,246	885,158
Subscriptions received in advance	124,336	98,837
Offering costs paid	(95,234)	(106,775)
Distributions	(576,951)	(646,548)
Repurchase of common stock	(3,540,847)	(5,903,091)
Contributions from redeemable non-controlling interest	3,876	1,002
Distributions to and redemption of redeemable non-controlling interest	(2,270)	(7,329)
Redemption of affiliated service provider incentive compensation awards	(8,984)	(879)
Contributions from non-controlling interests	207,846	7,709
Distributions to and redemptions of non-controlling interests	(249,827)	(330,505)
Net cash used in financing activities	(5,554,390)	(5,041,471)
Net change in cash and cash equivalents and restricted cash	83,982	(106,538)
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	16,794	(1,530)
Cash, cash equivalents and restricted cash, end of period	2,877,670	2,586,952
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	2,065,595	1,629,851
Restricted cash	812,075	957,101
Total cash, cash equivalents and restricted cash	2,877,670	2,586,952
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	2,033
Change in accrued stockholder servicing fee due to affiliate	297,042	(208,207)
Redeemable non-controlling interest issued as settlement of performance participation allocation	45,963	15,370
Issuance of Class B units for payment of management fees	336,083	372,061
Allocation to redeemable non-controlling interest	3,406	20,068
Distribution reinvestment	598,124	624,676
Accrued repurchases	439,289	808,612
Conversion of equity securities to investments in unconsolidated entities	0	396,120
Collateral used in repayment of mortgage payable	0	23,414
Receivable for proceeds from disposition of real estate	0	1,016
Receivable for unsettled investments in real estate debt	0	16,819
Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net	127,634	211,768
Other assets	2,806	705
Mortgage loans, net	(56,050)	(88,722)
Other liabilities	(2,464)	(11,405)
Non-controlling interests attributable to third party joint ventures	$ (35,344)	$ (34,126)