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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Total Assets and Financial Results by Segment
The following table details the total assets by segment ($ in thousands):
 September 30, 2025December 31, 2024
Rental Housing$54,363,609 $58,567,894 
Industrial16,531,507 17,771,159 
Net Lease7,995,129 8,029,195 
Office2,792,237 2,759,646 
Hospitality2,487,350 2,696,612 
Retail1,975,249 2,119,705 
Data Centers1,739,636 2,442,748 
Self Storage701,389 714,617 
Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value14,176,765 18,801,660 
Other (Corporate)1,368,173 2,335,005 
Total assets$104,131,044 $116,238,241 
The following table details the financial results by segment for the three months ended September 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitalityRetail
Data Centers
Self
Storage
Investments in
Real Estate
Debt(1)
Total
Revenues:
Rental revenue$1,122,936 $321,059 $150,384 $42,741 $— $50,338 $13,300 $18,385 $— $1,719,143 
Hospitality revenue— — — — 123,399 — — — — 123,399 
Other revenue90,591 2,757 — 5,222 — 989 — 1,343 — 100,902 
Total revenues1,213,527 323,816 150,384 47,963 123,399 51,327 13,300 19,728 — 1,943,444 
Expenses:
Rental property operating665,652 113,878 552 14,964 — 20,468 2,796 9,499 — 827,809 
Hospitality operating— — — — 89,125 — — — — 89,125 
Total expenses665,652 113,878 552 14,964 89,125 20,468 2,796 9,499 — 916,934 
(Loss) Income from unconsolidated entities(12,990)(54,950)(123)8,629 (2,643)(393)(87,322)— — (149,792)
Income from investments in real estate debt— — — — — — — — 142,396 142,396 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 18,613 18,613 
GAAP segment income (loss)$534,885 $154,988 $149,709 $41,628 $31,631 $30,466 $(76,818)$10,229 $161,009 $1,037,727 
Depreciation and amortization$(504,176)$(159,828)$(49,555)$(21,401)$(22,247)$(18,897)$(5,546)$(6,825)$— $(788,475)
General and administrative(17,958)
Management fee(166,757)
Performance participation allocation(124,029)
Impairment of investments in real estate(27,386)
Loss from interest rate derivatives
(159,269)
Net gain on dispositions of real estate332,883 
Interest expense, net
(768,735)
Loss on extinguishment of debt(17,186)
Other expense
(14,332)
Net loss$(713,517)
Net loss attributable to non-controlling interests in third party joint ventures$18,164 
Net loss attributable to non-controlling interests in BREIT OP
56,671 
Net loss attributable to BREIT stockholders
$(638,682)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the three months ended September 30, 2024 ($ in thousands):
Rental HousingIndustrialNet
Lease		OfficeHospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:
Rental revenue$1,225,267 $352,796 $150,384 $40,818 $— $53,636 $13,215 $18,140 $— $1,854,256 
Hospitality revenue— — — — 137,847 — — — — 137,847 
Other revenue91,555 6,492 — 2,208 — 893 — 1,415 — 102,563 
Total revenues1,316,822 359,288 150,384 43,026 137,847 54,529 13,215 19,555 — 2,094,666 
Expenses:
Rental property operating772,232 117,137 673 13,637 — 22,959 2,367 9,020 — 938,025 
Hospitality operating— — — — 97,870 — — — — 97,870 
Total expenses772,232 117,137 673 13,637 97,870 22,959 2,367 9,020 — 1,035,895 
Income (loss) from unconsolidated entities77,308 85,242 — (6,535)(1,701)(1,159)(227,994)— — (74,839)
Income from investments in real estate debt
1,300 — — — — — — — 183,549 184,849 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 44,170 44,170 
GAAP segment income (loss)$623,198 $327,393 $149,711 $22,854 $38,276 $30,411 $(217,146)$10,535 $227,719 $1,212,951 
Depreciation and amortization$(537,343)$(178,348)$(51,878)$(23,005)$(22,811)$(22,653)$(5,541)$(6,635)$— $(848,214)
General and administrative(15,368)
Management fee(174,252)
Impairment of investments in real estate(48,571)
Loss from interest rate derivatives(815,212)
Net gain on dispositions of real estate988,970 
Interest expense, net
(853,014)
Loss on extinguishment of debt(19,608)
Other expense
(35,408)
Net loss
$(607,726)
Net income attributable to non-controlling interests in third party joint ventures$(37,374)
Net loss attributable to non-controlling interests in BREIT OP
39,041 
Net loss attributable to BREIT stockholders
$(606,059)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the nine months ended September 30, 2025 ($ in thousands):
Rental HousingIndustrialNet
Lease		Office
Hospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate
Debt(1)
Total
Revenues:         
Rental revenue$3,515,163 $979,205 $451,153 $128,677 $— $153,687 $40,547 $53,760 $— $5,322,192 
Hospitality revenue— — — — 396,714 — — — — 396,714 
Other revenue250,688 10,919 — 9,124 259 3,120 19 3,962 — 278,091 
Total revenues3,765,851 990,124 451,153 137,801 396,973 156,807 40,566 57,722 — 5,996,997 
Expenses:
Rental property operating2,027,514 343,604 1,895 46,924 — 60,491 8,873 26,283 — 2,515,584 
Hospitality operating— — — — 281,232 — — — — 281,232 
Total expenses2,027,514 343,604 1,895 46,924 281,232 60,491 8,873 26,283 — 2,796,816 
(Loss) Income from unconsolidated entities(40,433)157,976 (520)16,519 (7,709)(2,947)(1,010,702)— — (887,816)
Income from investments in real estate debt— — — — — — — — 408,928 408,928 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 89,005 89,005 
GAAP segment income (loss)$1,697,904 $804,496 $448,738 $107,396 $108,032 $93,369 $(979,009)$31,439 $497,933 $2,810,298 
Depreciation and amortization$(1,558,932)$(488,020)$(148,666)$(64,342)$(68,200)$(59,196)$(16,638)$(20,231)$— $(2,424,225)
General and administrative(50,958)
Management fee(502,074)
Performance participation allocation(355,028)
Impairment of investments in real estate(368,757)
Loss from interest rate derivatives
(758,028)
Net gain on dispositions of real estate933,186 
Interest expense, net
(2,312,297)
Loss on extinguishment of debt(54,060)
Other expense
(40,341)
Net loss
$(3,122,284)
Net loss attributable to non-controlling interests in third party joint ventures$78,416 
Net loss attributable to non-controlling interests in BREIT OP
220,071 
Net loss attributable to BREIT stockholders
$(2,823,797)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
The following table details the financial results by segment for the nine months ended September 30, 2024 ($ in thousands):
 Rental HousingIndustrialNet
Lease		Office
Hospitality
Retail
Data Centers
Self
Storage
Investments in
Real Estate Debt(1)
Total
Revenues:         
Rental revenue$3,815,805 $1,076,474 $451,153 $126,660 $— $166,719 $39,650 $53,404 $— $5,729,865 
Hospitality revenue— — — — 421,153 — — — — 421,153 
Other revenue260,359 15,534 — 7,346 — 3,583 — 4,287 — 291,109 
Total revenues4,076,164 1,092,008 451,153 134,006 421,153 170,302 39,650 57,691 — 6,442,127 
Expenses:
Rental property operating2,245,347 358,739 2,000 43,842 — 70,560 7,369 26,335 — 2,754,192 
Hospitality operating— — — — 291,754 — — — — 291,754 
Total expenses2,245,347 358,739 2,000 43,842 291,754 70,560 7,369 26,335 — 3,045,946 
Income (loss) from unconsolidated entities63,184 31,967 — 7,052 (6,806)(2,887)(229,705)— — (137,195)
Income from investments in real estate debt1,299 — — — — — — — 608,818 610,117 
Changes in net assets of consolidated securitization vehicles— — — — — — — — 160,596 160,596 
Income from investments in equity securities(2)
61,482 — — — — — — — — 61,482 
GAAP segment income (loss)$1,956,782 $765,236 $449,153 $97,216 $122,593 $96,855 $(197,424)$31,356 $769,414 $4,091,181 
Depreciation and amortization$(1,694,465)$(550,116)$(155,635)$(70,753)$(68,477)$(74,791)$(16,624)$(19,895)$— $(2,650,756)
General and administrative(49,668)
Management fee(542,028)
Impairment of investments in real estate(232,329)
Loss from interest rate derivatives
(552,650)
Net gain on dispositions of real estate1,271,414 
Interest expense, net
(2,542,584)
Loss on extinguishment of debt
(71,660)
Other expense(2)
(80,723)
Net loss$(1,359,803)
Net loss attributable to non-controlling interests in third party joint ventures$31,685 
Net loss attributable to non-controlling interests in BREIT OP
70,547 
Net loss attributable to BREIT stockholders$(1,257,571)
(1)Includes real estate loans held by consolidated securitization vehicles, at fair value.
(2)Included within Other expense on the Condensed Consolidated Statements of Operations is $58.8 million of net unrealized/realized gain related to equity securities.