A.J. Agarwal (BSTT) purchases 287K Blackstone Real Estate Income Trust shares

Rhea-AI Filing Summary

Blackstone Real Estate Income Trust, Inc. insider A.J. Agarwal reported a purchase of Class I common stock. On 12/01/2025, Agarwal, a director and Co-President of Blackstone Real Estate Income Trust, Inc., bought 287,319.168 shares of Class I common stock at a price of $13.9218 per share. After this transaction, he directly held 894,732.375 Class I shares. In addition, 171,827.172 Class I shares are held indirectly in a trust for the benefit of his family, for which he serves as trustee.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Agarwal A.J.

(Last) (First) (Middle)

C/O BLACKSTONE REAL ESTATE INCOME TRUST

INC. 345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Blackstone Real Estate Income Trust, Inc. [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-President

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class I Common Stock	12/01/2025		P		287,319.168	A	$13.9218	894,732.375	D
Class I Common Stock								171,827.172	I	See Footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares are held in a trust for the benefit of the Reporting Person's family, of which the Reporting Person is trustee.

Remarks:

	/s/ Leon Volchyok, Attorney-in-Fact	01/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did A.J. Agarwal report at BSTT?

A.J. Agarwal reported buying 287,319.168 shares of Class I common stock of Blackstone Real Estate Income Trust, Inc. on 12/01/2025 at a price of $13.9218 per share.

What is A.J. Agarwal’s role at Blackstone Real Estate Income Trust, Inc. (BSTT)?

A.J. Agarwal is reported as both a Director and an Officer of Blackstone Real Estate Income Trust, Inc., with the officer title of Co-President.

How many BSTT shares does A.J. Agarwal own directly after this Form 4 transaction?

Following the reported purchase, A.J. Agarwal directly beneficially owned 894,732.375 shares of Blackstone Real Estate Income Trust, Inc. Class I common stock.

Does A.J. Agarwal have indirect ownership of BSTT shares?

Yes. The Form 4 shows 171,827.172 Class I shares held indirectly in a trust for the benefit of his family, with Agarwal serving as trustee.

What does the trust footnote in the BSTT Form 4 explain?

The footnote explains that the indirectly held shares are in a trust for the benefit of the Reporting Person's family, and that the Reporting Person is the trustee of this trust.

Is this BSTT Form 4 filed for one reporting person or multiple?

The filing indicates that the Form 4 is filed by one reporting person, namely Agarwal A.J.