v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:            
Net loss $ (296,125) $ (713,517)   $ (1,147,833) $ (3,122,284)  
Adjustments to reconcile net loss to net cash provided by operating activities:            
Management fee 181,275 166,757   530,115 502,074  
Performance participation allocation 163,016 124,029 $ 142,200 562,788 355,028  
Impairment of investments in real estate 496,681 27,386   731,148 368,757  
Depreciation and amortization 721,775 788,475   2,224,775 2,424,225  
Net gain on dispositions of real estate (366,087) (332,883)   (1,221,919) (933,186)  
Loss on extinguishment of debt (17,607) 17,186   19,723 54,060  
Unrealized (gain) loss on financial instruments       (66,242) 651,637  
(Income) loss from unconsolidated entities       (459,125) 887,816  
Distributions of earnings from unconsolidated entities       441,025 290,346  
Other items       160,366 152,660  
Change in assets and liabilities:            
Increase in other assets       (70,136) (3,172)  
(Decrease) increase in due to affiliates       (3,386) 4,651  
Increase in other liabilities       65,868 88,995  
Net cash provided by operating activities       1,767,167 1,721,607  
Cash flows from investing activities:            
Acquisitions of real estate       (10,275) 0  
Capital improvements to real estate       (899,613) (851,680)  
Proceeds from dispositions of real estate       5,940,268 4,676,128  
Pre-acquisition costs/deposits       (5,942) 0  
Investment in unconsolidated entities       (486,316) (642,229)  
Dispositions of and return of capital from unconsolidated entities       215,296 151,411  
Purchase of investments in real estate debt       (2,979,254) (107,361)  
Proceeds from sale/repayment of investments in real estate debt       2,603,020 869,525  
Proceeds from repayments of real estate loans held by consolidated securitization vehicles       4,458,861 4,154,359  
Collateral released (posted) under derivative contracts and other secured financings       12,346 (4,291)  
Other investing activities       (192,413) (171,530)  
Net cash provided by investing activities       8,655,978 8,074,332  
Cash flows from financing activities:            
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities       18,905,465 5,971,159  
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities       (22,632,977) (7,344,845)  
Borrowings under secured financings of investments in real estate debt       2,210,790 307,542  
Repayments of secured financings of investments in real estate debt       (2,277,010) (673,086)  
Borrowings under unsecured revolving credit facilities and term loans       1,105,000 3,920,000  
Repayments of unsecured revolving credit facilities and term loans       (2,130,000) (3,980,000)  
Payment of deferred financing costs       (240,574) (119,789)  
Sales of senior obligations of consolidated securitization vehicles       43,977 8,679  
Repayments of senior obligations of consolidated securitization vehicles       (3,983,761) (3,712,022)  
Proceeds from issuance of common stock       2,365,431 1,458,875  
Subscriptions received in advance       154,801 122,929  
Offering costs paid       (136,099) (138,936)  
Distributions       (844,623) (862,566)  
Repurchase of common stock       (3,046,961) (4,891,636)  
Repurchase of non-controlling interests held by the Adviser       (35,000) 0  
Payment of withholding taxes upon delivery of equity based awards       (19,497) (14,738)  
Contributions from redeemable non-controlling interests       34,857 13,414  
Distributions to and redemption of redeemable non-controlling interests       (21,063) (3,224)  
Redemption of affiliated service provider incentive compensation awards       (3,366) (9,528)  
Contributions from non-controlling interests       273,889 211,427  
Distributions to and redemptions of non-controlling interests       (296,906) (417,518)  
Net cash used in financing activities       (10,573,627) (10,153,863)  
Net change in cash and cash equivalents and restricted cash       (150,482) (357,924)  
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       621 4,424  
Cash, cash equivalents and restricted cash, end of period 2,195,178 2,423,394   2,195,178 2,423,394 2,345,039
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:            
Cash and cash equivalents 1,409,420 1,640,838   1,409,420 1,640,838 1,605,053
Restricted cash 785,758 782,556   785,758 782,556 739,986
Total cash, cash equivalents and restricted cash $ 2,195,178 $ 2,423,394   2,195,178 2,423,394 $ 2,345,039
Non-cash investing and financing activities:            
Accrued capital expenditures and acquisition related costs       0 31,071  
Change in accrued stockholder servicing fee due to affiliate       18,511 269,814  
Issuance of Class B BREIT OP units for payment of management fees       526,372 502,861  
Issuance of Class B BREIT OP units for settlement of performance participation allocation       399,772 0  
Redeemable non-controlling interest issued as settlement of performance participation allocation       0 134,787  
Allocation to redeemable non-controlling interests       14,761 482  
Distribution reinvestment       912,721 893,041  
Conversion of BREIT OP units to Class I shares       1,278 0  
Accrued repurchases       231,150 413,346  
Investment in real estate risk retention securities       105,625 43,760  
Receivable for proceeds from dispositions of real estate       8,069 0  
Payable for unsettled purchases of investments in real estate debt       281,845 0  
Insurance receivable for involuntary conversion       0 8,564  
Mortgage loan and other liabilities assumed by purchaser in connection with real estate dispositions       115,410 0  
Extinguishment of debt       41,998 0  
Obligation to issue BREIT OP units for contribution to unconsolidated entity       55,047 0  
Consolidation of securitization vehicles       991,100 0  
Increases (decreases) in assets and (increases) decreases in liabilities resulting from change in control transactions:            
Investments in real estate, net       (105,536) (94)  
Other assets       (176) 1,685  
Mortgage loans, net       38,867 (7,824)  
Other liabilities       3,900 4,473  
Non-controlling interests attributable to consolidated subsidiaries       $ 80,479 $ 46,764