Blackstone Real Estate Income Trust (BREIT) reported a third-quarter net loss as real estate sales slowed and non-cash charges weighed on results. Total revenues were $1,943,444 for Q3 2025 versus $2,094,666 a year ago. Net loss was $713,517 for Q3 2025, compared with $607,726 in Q3 2024. Net loss per share was $0.18.
Year to date, revenues were $5,996,997 and net loss was $3,122,284. Key drivers included depreciation and amortization of $2,424,225, impairments of $368,757, management fees of $502,074, a performance participation allocation of $355,028, and net interest expense of $2,312,297.
On the balance sheet, total assets were $104,131,044 at September 30, 2025, down from $116,238,241 at December 31, 2024, reflecting lower investments in real estate and securitized loans. Total liabilities were $76,498,037, and total equity was $27,320,485, compared with $34,694,130 at year-end. Cash flow from operations was $1,721,607 for the nine months; investing provided $8,074,332 and financing used $(10,153,863). Cash, cash equivalents and restricted cash ended at $2,423,394.
As of November 7, 2025, outstanding shares included 2,130,304 thousand Class I and 1,232,121 thousand Class S, among other classes.
Blackstone Real Estate Income Trust (BSTT) reported the sale of unregistered common stock in a private transaction. On November 1, 2025, the company sold 570,186 Class S-2 shares for aggregate consideration of $7,943,299.
The shares were offered as part of the company’s continuous private offering to accredited investors and were issued under exemptions from registration provided by Section 4(a)(2) and Regulation D of the Securities Act. The transaction brings cash into the company through a non‑public capital raise.
Blackstone Real Estate Income Trust (BREIT) launched a Delaware Statutory Trust (DST) program to offer DST interests to accredited investors in private placements under Section 4(a)(2) and Regulation D. DST properties will be master‑leased by a BREIT subsidiary, and the Operating Partnership holds a fair market value purchase option to acquire DST interests for Operating Partnership units or, in certain cases, cash, with unit redemptions later settled in BREIT common stock, cash, or both at the Company’s discretion.
BREIT also introduced new private share classes, Class L and Class L‑2, with minimum initial investments of $50 million and $250 million and added holding and repurchase limits. The advisory agreement now sets annual management fees of 1.25% of NAV for most existing classes, 1.00% for Class L, and 0.85% for Class L‑2, payable monthly. BREIT increased authorized capital to 17,400,000,000 shares (common authorized at 17,300,000,000) and designated 500,000,000 shares each for Class L and Class L‑2. The share repurchase plan was amended to include the new classes.
Blackstone Real Estate Income Trust, Inc. (BSTT) declared October 2025 distributions for all common stock classes with a gross distribution of $0.0552 per share. Net amounts reflect class-specific stockholder servicing fees.
Net distributions per share: Class I $0.0552; Class D $0.0523; Class D-2 $0.0523; Class S $0.0451; Class S-2 $0.0452; Class T $0.0453; Class T-2 $0.0453. Stockholders of record immediately after the close of business on October 31, 2025 will be paid on or about November 20, 2025.
Distributions will be paid in cash or reinvested through the distribution reinvestment plan. Class C has no distribution amount presented; it is generally an accumulating share class whereby its share of income accretes into NAV.
Blackstone Real Estate Income Trust (BSTT) reported preliminary estimated unaudited results, expecting same property NOI for the nine months ended September 30, 2025 to increase about 3% from the prior-year period. Management bases this on the midpoint of its preliminary range.
For the nine months ended September 30, 2025, preliminary same property NOI attributable to BREIT stockholders is listed between $3,495,173 and $3,674,411 (thousands). The filing also presents a preliminary GAAP net loss range for 2025 of $(3,044,229) to $(3,200,343) (thousands), compared with $(1,359,803) (thousands) for 2024 actual. NOI is a non‑GAAP measure reflecting property-level revenues less certain operating expenses and excludes items such as depreciation and amortization, interest expense, gains/losses on real estate transactions, corporate costs, and similar adjustments.
The figures are preliminary and unaudited; actual results may differ materially.
Blackstone Real Estate Income Trust (BREIT) updated its continuous public offering, which permits sales of up to $60.0 billion in common stock, consisting of up to $48.0 billion in the primary offering and up to $12.0 billion via the distribution reinvestment plan.
For subscriptions as of November 1, 2025, the transaction price equals September 30, 2025 NAV per share: Class I $13.8639, Class S-2 $13.8432, Class D-2 $13.5155, and Class T-2 $13.6103. Purchase prices add applicable upfront commissions and dealer manager fees where relevant; repurchases use the transaction price.
BREIT reported aggregate NAV of $53.0 billion as of September 30, 2025. September total return was 0.7% for Class I and 0.6% for Class S-2, Class D-2, and Class T-2. As of this supplement, shares issued and sold totaled 16,534,726 in the primary offering for proceeds of $0.2 billion, and 15,553,657 through the distribution reinvestment plan for value of $0.2 billion. BREIT intends to continue monthly sales.
Blackstone Real Estate Income Trust, Inc. reported unregistered sales of Class C common stock to a feeder vehicle formed to hold the Company’s Class I and Class C shares. The sales were made pursuant to Section 4(a)(2) and Regulation S.
On September 15, 2025, the Company issued 12,703 Class C shares for $198,522. On October 14, 2025, it issued 2,949,001 Class C shares for $46,387,790. The feeder vehicle offers interests in itself to certain non-U.S. persons.
Blackstone Real Estate Income Trust, Inc. reported an unregistered sale of its common stock on October 1, 2025. The company sold approximately $7.2 million of Class S-2 shares in a private transaction.
The sale covered 513,844 Class S-2 shares for aggregate consideration of $7,162,642. These shares were sold as part of the company’s continuous private offering to accredited investors under Regulation D and Section 4(a)(2) of the Securities Act.
Blackstone Real Estate Income Trust, Inc. declared monthly distributions for September 2025 on all listed common stock classes at a gross rate of $0.0548 per share. The net amount each stockholder receives varies slightly by share class after deducting stockholder servicing fees.
Net distributions per share are $0.0451 for Class S and S-2, $0.0548 for Class I, $0.0452 for Class T and T-2, and $0.0520 for Class D and D-2. These distributions are payable to stockholders of record immediately after the close of business on September 30, 2025 and are expected to be paid on or about October 20, 2025.
Stockholders can receive the distributions in cash or have them reinvested in additional shares through the company’s distribution reinvestment plan. Class C shares are described as an accumulating share class, so their share of income is reflected through increases in net asset value rather than a stated cash distribution amount.
Blackstone Real Estate Income Trust, Inc. disclosed senior leadership and board changes: two executives were appointed as Co-Presidents, joining A.J. Agarwal, with those roles effective November 10, 2025. The board also elected Mses. Keenan and Koplewicz as directors effective November 10, 2025. A previously serving Co-President and director stepped down from those roles and returned to the role of Head of Asset Management and will serve as a board observer. The filing highlights Ms. Keenan's background overseeing commercial real estate debt investments at Blackstone and her leadership roles at Blackstone Mortgage Trust.