v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:            
Net loss $ (466,185) $ (568,983)   $ (851,708) $ (2,408,767)  
Adjustments to reconcile net loss to net cash provided by operating activities:            
Management fee 176,615 166,892   348,840 335,317  
Performance participation allocation 243,066 88,824 $ 142,200 399,772 230,999  
Impairment of investments in real estate 99,250 171,113   234,467 341,371  
Depreciation and amortization 742,511 808,651   1,503,000 1,635,750  
Net gain on dispositions of real estate (393,297) (464,394)   (855,832) (600,303)  
Loss on extinguishment of debt 24,453 25,360   37,330 36,874  
Unrealized loss on financial instruments       38,318 523,569  
Loss from unconsolidated entities       16,490 738,024  
Distributions of earnings from unconsolidated entities       275,234 208,016  
Other items       56,914 75,294  
Change in assets and liabilities:            
Decrease in other assets       65,328 79,584  
(Decrease) increase in due to affiliates       (1,749) 1,214  
Decrease in other liabilities       (52,516) (15,365)  
Net cash provided by operating activities       1,213,888 1,181,577  
Cash flows from investing activities:            
Acquisitions of real estate       (10,275) 0  
Capital improvements to real estate       (561,993) (513,660)  
Proceeds from disposition of real estate       4,075,966 2,947,093  
Investment in unconsolidated entities       (306,331) (540,590)  
Dispositions of and return of capital from unconsolidated entities       134,684 101,635  
Purchase of investments in real estate debt       (1,804,391) (91,705)  
Proceeds from sale/repayment of investments in real estate debt       2,012,347 395,535  
Proceeds from repayments of real estate loans held by consolidated securitization vehicles       3,650,754 2,201,454  
Collateral released (posted) under derivative contracts       723 (1,889)  
Other investing activities       (55,246) (41,078)  
Net cash provided by investing activities       7,136,238 4,456,795  
Cash flows from financing activities:            
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities       10,883,334 5,365,475  
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities       (13,656,336) (5,761,826)  
Borrowings under secured financings of investments in real estate debt       1,290,533 261,798  
Repayments of secured financings of investments in real estate debt       (1,557,494) (316,851)  
Borrowings under unsecured revolving credit facilities and term loans       1,035,000 2,965,000  
Repayments of unsecured revolving credit facilities and term loans       (1,960,000) (2,820,000)  
Payment of deferred financing costs       (127,250) (99,250)  
Sales of senior obligations of consolidated securitization vehicles       20,066 0  
Repayments of senior obligations of consolidated securitization vehicles       (3,222,182) (1,963,927)  
Proceeds from issuance of common stock       1,558,445 953,246  
Subscriptions received in advance       198,315 124,336  
Offering costs paid       (90,217) (95,234)  
Distributions       (559,979) (576,951)  
Repurchase of common stock       (2,169,729) (3,527,096)  
Payment of withholding taxes upon delivery of equity based awards       (18,850) (13,751)  
Contributions from redeemable non-controlling interests       6,651 3,876  
Distributions to and redemption of redeemable non-controlling interests       (20,899) (2,270)  
Redemption of affiliated service provider incentive compensation awards       (2,858) (8,984)  
Contributions from non-controlling interests       116,076 207,846  
Distributions to and redemptions of non-controlling interests       (177,636) (249,827)  
Net cash used in financing activities       (8,455,010) (5,554,390)  
Net change in cash and cash equivalents and restricted cash       (104,884) 83,982  
Cash, cash equivalents and restricted cash, beginning of period     $ 2,776,894 2,345,039 2,776,894 $ 2,776,894
Effects of foreign currency translation on cash, cash equivalents and restricted cash       76 16,794  
Cash, cash equivalents and restricted cash, end of period 2,240,231 2,877,670   2,240,231 2,877,670 2,345,039
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:            
Cash and cash equivalents 1,405,134 2,065,595   1,405,134 2,065,595 1,605,053
Restricted cash 835,097 812,075   835,097 812,075 739,986
Total cash, cash equivalents and restricted cash $ 2,240,231 $ 2,877,670   2,240,231 2,877,670 $ 2,345,039
Non-cash investing and financing activities:            
Change in accrued stockholder servicing fee due to affiliate       11,302 297,042  
Issuance of Class B BREIT OP units for payment of management fees       346,221 336,083  
Issuance of Class B BREIT OP units for settlement of performance participation allocation       156,706 0  
Redeemable non-controlling interest issued as settlement of performance participation allocation       0 45,963  
Allocation to redeemable non-controlling interests       12,277 3,406  
Distribution reinvestment       602,266 598,124  
Conversion of BREIT OP units to Class I shares       1,278 0  
Accrued repurchases       288,465 439,289  
Investment in single family rental homes risk retention securities       34,125 0  
Receivable for proceeds from dispositions of real estate       10,159 0  
Payable for unsettled purchases of investments in real estate debt       214,130 0  
Mortgage loan and other liabilities assumed by purchaser in connection with real estate disposition       20,578 0  
Consolidation of securitization vehicles       991,100 0  
Increases in assets and liabilities resulting from change in control transactions:            
Investments in real estate, net       0 127,634  
Other assets       0 2,806  
Mortgage loans, net       0 (56,050)  
Other liabilities       0 (2,464)  
Non-controlling interests attributable to consolidated subsidiaries       $ 0 $ (35,344)