Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (3,122,284)	$ (1,359,803)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	502,074	542,028
Performance participation allocation	355,028	0
Impairment of investments in real estate	368,757	232,329
Depreciation and amortization	2,424,225	2,650,756
Net gain on dispositions of real estate	(933,186)	(1,271,414)
Loss on extinguishment of debt	54,060	71,660
Unrealized loss on fair value of financial instruments	651,637	388,180
Loss from unconsolidated entities	887,816	137,195
Distributions of earnings from unconsolidated entities	290,346	170,580
Other items	152,660	57,051
Change in assets and liabilities:
Increase in other assets	(3,172)	(91,948)
Increase in due to affiliates	4,651	23,932
Increase in other liabilities	88,995	82,169
Net cash provided by operating activities	1,721,607	1,632,715
Cash flows from investing activities:
Capital improvements to real estate	(851,680)	(832,252)
Proceeds from disposition of real estate	4,676,128	5,623,806
Investment in unconsolidated entities	(642,229)	(382,227)
Dispositions of and return of capital from unconsolidated entities	151,411	798,407
Purchase of investments in real estate debt	(107,361)	(50,081)
Proceeds from sale/repayment of investments in real estate debt	869,525	1,860,456
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	4,154,359	489,082
Collateral posted under derivative contracts	(4,291)	(29,371)
Other investing activities	(171,530)	(126,391)
Net cash provided by investing activities	8,074,332	7,351,429
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	5,971,159	11,981,932
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(7,344,845)	(12,517,023)
Borrowings under secured financings of investments in real estate debt	307,542	628,353
Repayments of secured financings of investments in real estate debt	(673,086)	(1,180,202)
Borrowings under unsecured revolving credit facilities and term loans	3,920,000	3,682,638
Repayments of unsecured revolving credit facilities and term loans	(3,980,000)	(3,172,638)
Payment of deferred financing costs	(119,789)	(188,107)
Sales of senior obligations of consolidated securitization vehicles	8,679	84,671
Repayments of senior obligations of consolidated securitization vehicles	(3,712,022)	(452,859)
Proceeds from issuance of common stock	1,444,137	1,327,930
Subscriptions received in advance	122,929	143,247
Offering costs paid	(138,936)	(156,150)
Distributions	(862,566)	(950,462)
Repurchase of common stock	(4,891,636)	(7,945,123)
Contributions from redeemable non-controlling interest	13,414	1,005
Distributions to and redemption of redeemable non-controlling interest	(3,224)	(7,404)
Redemption of affiliated service provider incentive compensation awards	(9,528)	(1,233)
Contributions from non-controlling interests	211,427	27,704
Distributions to and redemptions of non-controlling interests	(417,518)	(483,339)
Net cash used in financing activities	(10,153,863)	(9,177,060)
Net change in cash and cash equivalents and restricted cash	(357,924)	(192,916)
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	4,424	828
Cash, cash equivalents and restricted cash, end of period	2,423,394	2,502,932
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	1,640,838	1,477,491
Restricted cash	782,556	1,025,441
Total cash, cash equivalents and restricted cash	2,423,394	2,502,932
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	31,071	2,178
Change in accrued stockholder servicing fee due to affiliate	269,814	(278,886)
Redeemable non-controlling interest issued as settlement of performance participation allocation	134,787	15,370
Issuance of Class B units for payment of management fees	502,861	547,802
Allocation to redeemable non-controlling interest	482	27,859
Distribution reinvestment	893,041	926,801
Accrued repurchases	413,346	476,621
Investment in single family rental homes risk retention securities	43,760	0
Conversion of equity securities to investments in unconsolidated entities	0	396,120
Collateral used in repayment of mortgage payable	0	23,414
Preferred interest investment retained upon disposition of real estate	0	200,000
Receivable for proceeds from disposition of real estate	0	17,418
Insurance receivable for involuntary conversion	8,564	24,554
Deconsolidation of securitization vehicles	0	1,958,620
Increases (decreases) in assets and liabilities resulting from change in control transactions:
Investments in real estate, net	(94)	290,659
Other assets	1,685	3,714
Mortgage loans, net	(7,824)	(119,883)
Other liabilities	4,473	(12,117)
Non-controlling interests attributable to third party joint ventures	$ 46,764	$ (57,748)