Blackstone Real Estate Income Trust, Inc. filings document a Maryland corporation real estate income trust with multiple classes of common stock. Form 8-K disclosures cover class-specific distributions, stockholder servicing fees, distribution reinvestment, unregistered equity sales, NAV-based purchase pricing and exemptions under Section 4(a)(2), Regulation D and Regulation S.
Proxy filings cover annual meeting matters, director elections and ratification of the independent registered public accounting firm. The company also reports property operating information, including same-property net operating income and related measures of occupancy, rents, leasing activity and property expenses.
Blackstone Real Estate Income Trust, Inc. (BREIT) is a non-traded, perpetual-life REIT that invests primarily in stabilized, income-generating commercial real estate across multiple sectors, mainly in the United States, with some exposure to Europe and Canada.
BREIT is externally managed by a Blackstone affiliate and, as of December 31, 2025, held a diversified portfolio of 4,483 properties and 63,918 single family rental homes, concentrated in rental housing, industrial, data centers and, to a lesser extent, net lease, office, hospitality, retail and self storage. As of February 27, 2026, it had raised cumulative net proceeds of $80.2 billion through continuous public and private offerings.
The company targets a leverage ratio of about 60% and uses borrowings at both property and entity level, which increases sensitivity to interest rates and market downturns. In 2025, BREIT reported a GAAP net loss attributable to stockholders of $3.3 billion and an accumulated deficit of $8.2 billion, largely driven by real estate depreciation and amortization, while generating funds available for distribution of $1.1 billion.
BREIT highlights key risks, including limited liquidity because there is no public market for its multiple share classes and stockholder exits depend on a discretionary share repurchase plan subject to strict monthly and quarterly limits that have been exceeded in the past, leading to pro rata redemptions. Other principal risks include reliance on its external adviser, potential conflicts of interest within Blackstone, use of leverage, concentration in certain geographies and sectors, valuation subjectivity in monthly NAV-based pricing, and the possibility that distributions are paid from sources other than cash flow from operations, such as borrowings, asset sales or offering proceeds.
Blackstone Real Estate Income Trust, Inc. declared February 2026 distributions for all outstanding common stock classes except Class C. Each class will receive a gross distribution of $0.0544 per share, with net amounts differing by class based on stockholder servicing fees.
For example, net distributions per share are $0.0544 for Class I and Class L, $0.0451 for Class S and Class S-2, $0.0517 for Class D and Class D-2, and $0.0453 for Class T and Class T-2. These net distributions are payable to stockholders of record immediately after the close of business on February 28, 2026 and are expected to be paid on or about March 20, 2026.
Distributions will be paid in cash or automatically reinvested in additional shares for investors enrolled in the distribution reinvestment plan. Class C has no stated cash distribution because it is generally an accumulating share class, with its share of income added into net asset value instead of being paid out.
Blackstone Real Estate Income Trust, Inc. (BREIT) updates investors on its portfolio, net asset value and offering terms. As of January 31, 2026, aggregate NAV was $54.6 billion, supported primarily by $95.7 billion of consolidated real estate and $17.9 billion in unconsolidated investments, offset by secured debt and other liabilities.
BREIT sets its March 1, 2026 transaction prices equal to January 31 NAV per share, including $14.2081 for Class I, $14.1976 for Class S‑2, $13.8537 for Class D‑2 and $13.9550 for Class T‑2. January Class I total return was 0.9%, while 2025 net returns ranged from 7.2% to 8.1% across major share classes.
The supplement notes that BREIT’s continuous public offering authorizes up to $60.0 billion of shares; it has sold about $0.9 billion in the primary offering and $0.4 billion via its distribution reinvestment plan. An investor incentive program grants an extra 1% in shares for subscriptions dated January 1 through April 1, 2026, and NAV allocation rules now combine legacy and “‑2” share classes. The document also revises state suitability standards, including detailed limits for Alabama residents, and replaces the subscription agreement.
Blackstone Real Estate Income Trust, Inc. reported that on February 2, 2026 it sold unregistered shares of its common stock in a private transaction to accredited investors, raising aggregate consideration of approximately $8.0 million.
The company sold 565,571 Class S-2 shares for $7,990,770 under its continuous private offering, relying on the Section 4(a)(2) and Regulation D exemptions from Securities Act registration.
Blackstone Real Estate Income Trust, Inc. declared January 2026 distributions for all classes of its common stock. Each class earns a gross distribution of $0.0554 per share, with different stockholder servicing fees reducing the net amount for certain share classes.
Net monthly distributions per share range from $0.0451–$0.0554 depending on class. They are payable to stockholders of record immediately after the close of business on January 31, 2026 and will be paid on or about February 20, 2026 in cash or reinvested through the distribution reinvestment plan. Class C is generally an accumulating share class, so its income is reflected in its net asset value rather than a stated cash distribution.
Blackstone Real Estate Income Trust, Inc. (BREIT) released preliminary, unaudited results indicating that same property net operating income (NOI) for the year ended December 31, 2025 increased by approximately 3% versus 2024, based on the midpoint of its estimated range.
For 2025, BREIT estimates GAAP net loss between $3,536,045 and $3,717,381 (thousands), compared with an actual net loss of $979,782 (thousands) in 2024. The company provides a detailed reconciliation from this net loss to estimated same property NOI attributable to BREIT stockholders between $4,608,097 and $4,844,409 (thousands), versus actual same property NOI of $4,610,856 (thousands) in 2024.
BREIT emphasizes that NOI is a non-GAAP measure used to assess property-level operating performance and that these results are subject to change pending completion of its year-end audit.
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.
Blackstone Real Estate Income Trust, Inc. reported an unregistered sale of its Class C common stock. On January 14, 2026, the company issued 234,941 Class C shares to a feeder vehicle primarily created to hold its Class I and Class C common stock, for total consideration of $3,812,371. This feeder vehicle, in turn, offers interests in itself to certain non-U.S. persons.
The transaction was conducted as a private offering, relying on exemptions from registration under Section 4(a)(2) of the Securities Act of 1933 and Regulation S, which are commonly used for offerings to sophisticated or non-U.S. investors.
Blackstone Real Estate Income Trust (BREIT) provides a portfolio, NAV and offering update. For December 31, 2025, Class I NAV per share was $14.13, and the February 1, 2026 transaction price equals each class’s NAV per share, including $14.1339 for Class I, $14.0621 for Class S-2, $13.6905 for Class D-2 and $13.8542 for Class T-2.
BREIT reports total net asset value of $54.3 billion, supported by $96.1 billion of consolidated real estate investments and $17.4 billion in unconsolidated entities. Data center developments through its QTS platform are 100% pre-leased and are expected to generate $1.3 billion of incremental annual cash rental revenues in their first year of operation, after deploying $5.8 billion in 2025, a 96% increase over 2024. All 2025 distributions were characterized as return of capital for U.S. federal income tax purposes. The trust is offering up to $60.0 billion of shares and has sold approximately $0.7 billion in the primary offering and $0.3 billion via its distribution reinvestment plan to date.
Blackstone Real Estate Income Trust, Inc. reported that on January 2, 2026 it sold unregistered shares of its common stock in a private transaction. The company issued 874,792 Class S-2 shares for aggregate consideration of about $12,264,543, providing additional equity capital to the trust. These shares were sold as part of the company’s continuous private offering to investors who qualify as accredited investors under Regulation D.
The transaction was conducted under an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933 and Regulation D, meaning the shares were not registered with the SEC and were placed privately rather than through a public offering.