Blackstone Real Estate Income Trust adds 1% bonus share incentive

Blackstone Real Estate Income Trust Inc. is introducing a temporary Investor Incentive Program that grants investors bonus shares equal to 1% of their subscription amount.

Rhea-AI Filing Summary

Blackstone Real Estate Income Trust Inc. is introducing a temporary Investor Incentive Program that grants investors bonus shares equal to 1% of their subscription amount. The offer applies to subscriptions dated between January 1, 2026 and April 1, 2026, and the bonus shares are the same class as the shares purchased. The adviser or its affiliates will pay the full purchase price of these bonus shares from their own assets, so investors do not bear extra cost.

All bonus shares have the same rights as other shares and may be repurchased on the same terms under the share repurchase plan. For U.S. federal income tax purposes, the company believes an investor’s tax basis in both purchased and bonus shares generally equals only the cash the investor pays, although investors are urged to consult their own tax advisors. The adviser may amend, extend, or terminate the program, and certain feeder or other vehicles may apply it differently or not participate.

FAQ

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What is Blackstone Real Estate Income Trust (BSTT)'s Investor Incentive Program?

The Investor Incentive Program provides 1% of an investor’s subscription amount in bonus shares for subscriptions with a subscription date between January 1, 2026 and April 1, 2026. The bonus shares are the same class as the purchased shares and are funded by the adviser or its affiliates at no additional cost to the investor.

Which investors in BSTT are eligible to receive bonus shares?

Each investor subscribing for shares of Blackstone Real Estate Income Trust Inc. in its continuous public and private offerings with a subscription date between January 1, 2026 and April 1, 2026 is eligible to receive 1% bonus shares, except for certain feeder or other vehicles that may implement the program differently or may not be eligible.

How does the 1% bonus share calculation work for BSTT investors?

If an investor subscribes for $10,000 of Class I shares at $10.00 per share, they would receive 1,000 Class I shares from their subscription plus 10 Class I bonus shares, for a total of 1,010 Class I shares. The 10 bonus shares represent 1% of the subscription amount.

Who pays for the bonus shares under BSTT's Investor Incentive Program?

The adviser and/or its affiliates will contribute the full purchase price of the bonus shares from their own assets. Investors pay only for their original subscription amount and incur no additional cost for the bonus shares.

Do BSTT bonus shares have the same rights and fees as other shares?

All bonus shares have the same rights as other shares and are credited as of the relevant subscription date. They may be submitted for repurchase on the same terms. Class T-2, Class S-2 and Class D-2 bonus shares bear stockholder servicing fees as described in the prospectus but are not subject to upfront selling commissions or dealer manager fees.

How are BSTT bonus shares treated for U.S. federal income tax purposes?

The company believes that for U.S. federal income tax purposes an investor’s tax basis in shares purchased during the incentive period and any related bonus shares generally equals the cash actually paid to the company. For example, if an investor pays $10,000 for 1,000 shares and receives 10 bonus shares, the total basis in 1,010 shares would be $10,000, or about $9.90 per share. Investors are encouraged to consult their own tax advisors.

Can BSTT change or end the Investor Incentive Program?

Unless otherwise extended by the adviser, the Investor Incentive Program ends after the April 1, 2026 incentive period, and later investors will not receive bonus shares. The adviser reserves the right to amend, extend or terminate the program at any time.

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Accepted by SEC EDGAR 01/05/2026 - 08:30 AM Learn about SEC filing dates

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-280059

BLACKSTONE REAL ESTATE INCOME TRUST INC.

SUPPLEMENT NO. 6 DATED JANUARY 5, 2026

TO THE PROSPECTUS DATED AUGUST 5, 2025

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Blackstone Real Estate Income Trust Inc., dated August 5, 2025 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the “Company,” “BREIT,” “we,” “us,” or “our” refer to Blackstone Real Estate Income Trust Inc. and its subsidiaries unless the context specifically requires otherwise.

The purpose of this Supplement is to describe the Company’s Investor Incentive Program (as defined below).

Investor Incentive Program

Each investor subscribing for shares of the Company with a subscription date between January 1, 2026 and April 1, 2026 (the “Incentive Period”) will receive an additional 1% of their subscription amount in shares (such amount, the “Bonus Shares”) issued by the Company (the “Investor Incentive Program”) except as set forth below with respect to certain feeder vehicles. The Adviser and/or its affiliates will contribute the full purchase price for such Bonus Shares to the Company from its own assets and at no additional cost to the investor. The Bonus Shares issued will be the same class of shares purchased by the investor. For example, if an investor subscribes for $10,000 in Class I shares at an initial purchase price of $10.00 per share, pursuant to the Investor Incentive Program, the investor will receive a total of 1,010 Class I shares (i.e., 1,000 Class I shares related to the investor’s subscription and 10 Class I Bonus Shares). Each investor subscribing in the Company’s continuous public and private offerings will be eligible to receive Bonus Shares during the Incentive Period.

All Bonus Shares will have the same rights as other shares in all regards and will be credited to the investor’s account as of the relevant subscription date. Shares, including Bonus Shares, may be submitted for repurchase subject to the same terms as the other shares pursuant to the share repurchase plan. Class T-2, Class S-2 and Class D-2 Bonus Shares will bear stockholder servicing fees as described in the Prospectus but will not be subject to upfront selling commissions and dealer manager fees. The Company intends to take the position that such Bonus Shares are issued in connection with the initial purchase of shares during the Incentive Period and that the receipt of such Bonus Shares does not represent taxable income to the investor.

For U.S. federal income tax purposes, an investor’s tax basis in its shares purchased during the Incentive Period and any Bonus Shares received in connection with a purchase of shares during the Incentive Period will generally equal the amount of cash the investor actually paid to the Company for such shares. For example, if the investor purchased 1,000 Class I shares for $10,000 and received 10 Bonus Shares worth $100 in connection with their purchase, the investor’s tax basis in the 1,010 shares received would be $10,000 or approximately $9.90 in each share (including the Bonus Shares). While the Company believes that this is the appropriate tax treatment for the receipt of Bonus Shares under U.S. federal income tax laws, there can be no assurances to that effect, or as to the consequences under the investor’s jurisdiction. As a result, prospective investors should consult their tax advisors regarding all aspects of their participation in the offering.

Unless otherwise extended by the Adviser, the Investor Incentive Program will terminate after the Incentive Period, and investors participating in the offering after such date will not receive any Bonus Shares. The Adviser reserves the right to amend, extend or terminate the Investor Incentive Program at any time.

The Investor Incentive Program may create an incentive for shareholders to invest additional amounts in the Company.

Certain feeder or other vehicles created to hold the Company’s shares and other assets, which in turn sell interests in themselves to other investors (including non-U.S. persons) may implement the Investor Incentive Program differently for operational reasons (including administrative or systems limitations) or may not be eligible to participate in the Investor Incentive Program as determined by the Company in its sole discretion.