Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Investments in real estate, net	$ 75,915,073	$ 81,457,935
Investments in unconsolidated entities (includes $3,936,702 and $3,861,077 at fair value as of September 30, 2025 and December 31, 2024, respectively)	6,147,795	6,866,405
Investments in real estate debt	4,637,713	5,279,928
Real estate loans held by consolidated securitization vehicles, at fair value	9,587,901	13,616,526
Cash and cash equivalents	1,640,838	1,933,084
Restricted cash	782,556	843,810
Other assets	5,419,168	6,240,553
Total assets	104,131,044	116,238,241
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	56,965,184	58,540,235
Secured financings of investments in real estate debt	3,285,561	3,624,698
Senior obligations of consolidated securitization vehicles, at fair value	8,637,447	12,233,141
Unsecured revolving credit facilities and term loans	2,441,923	2,501,923
Total liabilities	76,498,037	81,370,449
Commitments and contingencies	0	0
Redeemable non-controlling interests	312,522	173,662
Equity
Common stock, $0.01 par value per share	35,119	36,902
Additional paid-in capital	40,044,808	42,781,930
Accumulated other comprehensive income	273,264	383,272
Accumulated deficit and cumulative distributions	(20,315,418)	(15,848,197)
Total stockholders’ equity	20,037,773	27,353,907
Non-controlling interests attributable to third party joint ventures	3,921,067	4,375,668
Non-controlling interests attributable to BREIT OP	3,361,645	2,964,555
Total equity	27,320,485	34,694,130
Total liabilities and equity	104,131,044	116,238,241
Related Party
Liabilities and Equity
Other liabilities	956,269	682,747
Nonrelated Party
Liabilities and Equity
Other liabilities	$ 4,211,653	$ 3,787,705