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BLACKSTONE RL EST CL1 (BSTT) Financials

BSTT
Trailing 12 months to June 30, 2026
Revenue $7.7B -6.4% YoY
Net Income -$1.9B +23.4% YoY
EPS (Diluted) -$0.92 FY2025 annual
Operating Cash Flow $2.3B +9.5% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BSTT SEC filings page.

BLACKSTONE RL EST CL1 (BSTT) reported $7.7B in revenue over the twelve months to Jun 30, 2026, down 6.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BSTT FY2025

The business produces operating cash, but heavy leverage and below-gross-profit costs now overwhelm otherwise stable gross margins.

By FY2025, debt-to-equity had reached 2.9x while net margin was -41.3%, linking the balance-sheet burden to unusually weak earnings retention. Operating cash flow remains positive, but the combination of substantial liabilities and recurring net losses leaves a thinner equity cushion for owners.

Gross margin held near prior-year levels at 53.6% in FY2025, yet net loss reached $3.3B; the deterioration therefore sits largely below the direct-cost layer rather than in reported product economics. Operating cash flow of $2.3B remained positive, so accounting losses and cash losses are not matching one-for-one.

Liabilities were $71.9B versus equity of $19.3B, giving creditors a much larger book claim than owners' capital. The reported investing inflow of $11.5B alongside financing outflow of $14.2B means cash activity was shaped heavily by transactions outside day-to-day operations, while no free-cash-flow figure is available to test recurring reinvestment economics.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

BLACKSTONE RL EST CL1 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
5/8

BLACKSTONE RL EST CL1 passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
N/A

BLACKSTONE RL EST CL1 reported a net loss of $3.3B while generating $2.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk
1.32x

BLACKSTONE RL EST CL1 earns $1.32 in operating income for every $1 of interest expense ($4.0B vs $3.1B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.9B
YoY-6.9%
QoQ-4.0%
5Y CAGR+18.1%

BLACKSTONE RL EST CL1 generated $1.9B in revenue in Q2 2026. This represents a decrease of 6.9% from the same quarter a year earlier. Against the prior quarter it is down 4.0%.

EBITDA
$1.9B
YoY-10.6%
QoQ0.0%
5Y CAGR+8.7%

BLACKSTONE RL EST CL1's EBITDA was $1.9B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Net Income
-$401.4M
YoY+17.8%
QoQ-12.3%

BLACKSTONE RL EST CL1 reported -$401.4M in net income in Q2 2026. This represents an increase of 17.8% from the same quarter a year earlier. Against the prior quarter it is down 12.3%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt
$1.4B
YoY-32.0%
QoQ+10.1%
5Y CAGR-3.5%
10Y CAGR+142.5%

BLACKSTONE RL EST CL1 held $1.4B in cash against $52.5B in long-term debt as of Q2 2026.

Dividends Per Share
$0.17
YoY+0.8%
QoQ+0.4%
5Y CAGR+0.5%

BLACKSTONE RL EST CL1 paid $0.17 per share in dividends in Q2 2026. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 0.4%.

Shares Outstanding
3.53B
YoY-0.6%
QoQ+0.4%
5Y CAGR+7.3%

BLACKSTONE RL EST CL1 had 3.53B shares outstanding in Q2 2026. This represents a decrease of 0.6% from the same quarter a year earlier. Against the prior quarter it is up 0.4%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Gross Margin
53.7%
YoY+0.1pp
QoQ-0.3pp
5Y change-6.4pp

BLACKSTONE RL EST CL1's gross margin was 53.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.

Operating Margin
60.0%
YoY-3.6pp
QoQ+3.3pp

BLACKSTONE RL EST CL1's operating margin was 60.0% in Q2 2026, reflecting core business profitability. This is down 3.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.3 percentage points.

Net Margin
-21.6%
YoY+2.9pp
QoQ-3.1pp
5Y change0.0pp

BLACKSTONE RL EST CL1's net profit margin was -21.6% in Q2 2026, showing the share of revenue converted to profit. This is up 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.1 percentage points.

Return on Equity
-2.3%
YoY0.0pp
QoQ-0.3pp
5Y change-1.5pp

BLACKSTONE RL EST CL1's ROE was -2.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.

Capital Allocation

Share Buybacks
$969.3M
YoY-43.9%
QoQ-19.2%
5Y CAGR+24.8%

BLACKSTONE RL EST CL1 spent $969.3M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 43.9% from the same quarter a year earlier. Against the prior quarter it is down 19.2%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

BSTT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BSTT quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$1.9B-6.9%$1.9B-5.7%$2.0B-5.9%$1.9B-7.2%$2.0B-7.4%$2.1B-6.1%$2.1B-4.4%$2.1B-4.2%
Cost of Revenue$861.6M-7.0%$890.6M-6.6%$895.3M-11.4%$916.9M-11.5%$926.8M-7.8%$953.1M-5.2%$1.0B+1.1%$1.0B-2.5%
Gross Profit$999.0M-6.8%$1.0B-5.0%$1.1B-0.8%$1.0B-3.0%$1.1B-7.1%$1.1B-6.9%$1.1B-9.1%$1.1B-5.9%
SG&A Expenses$18.1M+7.2%$14.4M-10.4%$18.5M+25.0%$18.0M+16.9%$16.9M-5.9%$16.1M-1.4%$14.8M-17.2%$15.4M-9.4%
Operating Income$1.1B-12.1%$1.1B+119.0%$1.2B-6.5%$1.0B-14.4%$1.3B-3.6%$502.1M-67.8%$1.3B+5.0%$1.2B+2.6%
EBITDA$1.9B-10.6%$1.9B+39.9%$2.0B-9.6%$1.8B-11.4%$2.1B-5.8%$1.3B-46.2%$2.2B+4.2%$2.1B-2.4%
Interest Expense$604.6M-22.3%$695.5M-9.2%$743.4M-6.3%$768.7M-9.9%$777.8M-9.3%$765.8M-7.9%$793.3M+7.7%$853.0M+5.5%
Net Income-$401.4M+17.8%-$357.5M+78.9%-$460.4M-225.4%-$638.7M-5.4%-$488.5M+5.8%-$1.7B-1175.5%$367.0M+125.6%-$606.1M-203.0%
EPS (Basic)N/AN/A-$0.13-230.0%-$0.18-12.5%-$0.14-7.7%-$0.47-1466.7%$0.10+131.3%-$0.16-214.3%
EPS (Diluted)N/AN/A-$0.13-230.0%-$0.18-12.5%-$0.14-7.7%-$0.47-1466.7%$0.10+131.3%-$0.16-214.3%
Diluted Shares (Avg)N/AN/AN/A3.53B-5.7%3.56B-7.4%3.64B-9.1%N/A3.74B-13.2%

Not reported in any period shown, so not listed: R&D Expenses, Income Tax.

BSTT Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BSTT quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$90.8B-16.7%$93.6B-17.1%$98.6B-15.2%$104.1B-12.9%$109.0B-13.4%$112.9B-13.0%$116.2B-11.1%$119.6B-11.2%
Cash & Equivalents$1.4B-32.0%$1.3B-34.0%$1.6B-17.0%$1.6B+11.1%$2.1B+26.7%$1.9B-27.5%$1.9B-0.6%$1.5B-23.5%
Short-Term Investments$0$0$0$0$0$0$0$0
Accounts Receivable$373.1M-37.0%$481.4M-24.1%$448.6M-30.1%$572.2M-16.6%$592.7M-18.8%$634.1M-17.4%$641.6M-19.2%$685.8M-16.6%
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$65.4B-17.7%$67.9B-17.0%$71.9B-11.6%$76.5B-9.2%$79.6B-9.7%$81.7B-7.7%$81.4B-6.4%$84.2B-3.3%
Long-Term Debt$52.5B-9.7%$54.4B-7.7%$55.5B-5.1%$57.0B-6.8%$58.2B-8.1%$58.9B-7.3%$58.5B-5.1%$61.1B+0.5%
Total Equity$17.6B-19.1%$18.3B-22.8%$19.3B-29.3%$20.0B-28.0%$21.8B-27.8%$23.7B-29.1%$27.4B-24.7%$27.8B-31.4%
Retained Earnings-$23.1B-21.0%-$22.2B-22.7%-$21.3B-34.5%-$20.3B-29.8%-$19.1B-32.3%-$18.1B-35.5%-$15.8B-25.7%-$15.6B-48.5%

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities.

BSTT Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BSTT quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$740.1M+21.5%$473.8M-17.2%$564.1M+24.1%$540.0M+12.4%$609.1M-6.8%$572.5M+14.8%$454.6M-20.3%$480.4M-23.7%
Depreciation & Amortization$742.5M-8.2%$760.5M-8.1%$792.4M-14.1%$788.5M-7.0%$808.7M-9.1%$827.1M-9.4%$922.7M+3.1%$848.2M-8.7%
Investing Cash Flow$2.9B-10.4%$4.3B+238.7%$3.5B-8.3%$3.6B+1.4%$3.2B+70.9%$1.3B-34.0%$3.8B+128.7%$3.6B-8.2%
Financing Cash Flow-$3.4B+12.1%-$5.0B-202.7%-$4.1B-3.8%-$4.6B-11.2%-$3.9B-14.0%-$1.7B-2.2%-$3.9B-80.2%-$4.1B+8.2%
Dividends Paid$280.8M-1.3%$279.2M-4.6%$283.6M-4.6%$285.6M-6.0%$284.4M-10.1%$292.6M-11.4%$297.4M-13.8%$303.9M-17.6%
Share Buybacks$969.3M-43.9%$1.2B-33.3%$1.2B-8.9%$1.4B-33.2%$1.7B-46.3%$1.8B-33.0%$1.4B-55.8%$2.0B-36.1%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.

BSTT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BSTT quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Gross Margin53.7%+0.1pp54.0%+0.4pp54.4%+2.8pp52.8%+2.3pp53.6%+0.2pp53.6%-0.4pp51.6%-2.7pp50.5%-0.9pp
Operating Margin60.0%-3.6pp56.8%+32.3pp62.3%-0.4pp53.4%-4.5pp63.6%+2.5pp24.4%-46.8pp62.7%+5.6pp57.9%+3.9pp
Net Margin-21.6%+2.9pp-18.4%+64.1pp-23.4%-41.0pp-32.9%-3.9pp-24.4%-0.4pp-82.5%-76.5pp17.6%+83.2pp-28.9%-55.8pp
Return on Equity-2.3%0.0pp-1.9%+5.2pp-2.4%-3.7pp-3.2%-1.0pp-2.2%-0.5pp-7.1%-6.7pp1.3%+5.3pp-2.2%-3.6pp
Return on Assets-0.4%0.0pp-0.4%+1.1pp-0.5%-0.8pp-0.6%-0.1pp-0.4%0.0pp-1.5%-1.4pp0.3%+1.4pp-0.5%-1.0pp
Debt-to-Equity2.98+0.3x2.97+0.5x2.87+0.7x2.84+0.6x2.67+0.6x2.48+0.6x2.14+0.4x2.20+0.7x
Asset Turnover0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x

Not reported in any period shown, so not listed: Current Ratio, FCF Margin.

Frequently Asked Questions

What is BLACKSTONE RL EST CL1's annual revenue?

BLACKSTONE RL EST CL1 (BSTT) reported $8.0B in total revenue for fiscal year 2025. This represents a -6.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is BLACKSTONE RL EST CL1's revenue growing?

BLACKSTONE RL EST CL1 (BSTT) revenue declined by 6.7% year-over-year, from $8.5B to $8.0B in fiscal year 2025.

Is BLACKSTONE RL EST CL1 profitable?

No, BLACKSTONE RL EST CL1 (BSTT) reported a net income of -$3.3B in fiscal year 2025, with a net profit margin of -41.3%.

BLACKSTONE RL EST CL1 (BSTT) reported diluted earnings per share of -$0.92 for fiscal year 2025. This represents a -300.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

BLACKSTONE RL EST CL1 (BSTT) had EBITDA of $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, BLACKSTONE RL EST CL1 (BSTT) had $1.6B in cash and equivalents against $55.5B in long-term debt.

BLACKSTONE RL EST CL1 (BSTT) had a gross margin of 53.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

BLACKSTONE RL EST CL1 (BSTT) had an operating margin of 50.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

BLACKSTONE RL EST CL1 (BSTT) had a net profit margin of -41.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, BLACKSTONE RL EST CL1 (BSTT) paid $0.66 per share in dividends during fiscal year 2025.

BLACKSTONE RL EST CL1 (BSTT) has a return on equity of -17.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

BLACKSTONE RL EST CL1 (BSTT) generated $2.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

BLACKSTONE RL EST CL1 (BSTT) had $98.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, BLACKSTONE RL EST CL1 (BSTT) spent $6.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

BLACKSTONE RL EST CL1 (BSTT) had 3.52B shares outstanding as of fiscal year 2025.

BLACKSTONE RL EST CL1 (BSTT) had a debt-to-equity ratio of 2.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

BLACKSTONE RL EST CL1 (BSTT) had a return on assets of -3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

BLACKSTONE RL EST CL1 (BSTT) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

BLACKSTONE RL EST CL1 (BSTT) reported a net loss of $3.3B while generating $2.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

BLACKSTONE RL EST CL1 (BSTT) has an interest coverage ratio of 1.32x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

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