Blackstone Real Estate Income Trust, Inc.
Sponsored by Blackstone. REIT structure focused on private real estate.
REITPrivate Real Estate
- Net assets
- $50.77B
source
Prospectus supplement (Form 424B3) · filed 2026-06-15 · period 2026-05-31
424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
“to disclose the calculation of our May 31, 2026 NAV per share ... Transaction Price (per share) Class I $ 14.4253 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-05-31 - NAV / share
- $14.43
source
Prospectus supplement (Form 424B3) · filed 2026-06-15 · period 2026-05-31
424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
“to disclose the calculation of our May 31, 2026 NAV per share ... Transaction Price (per share) Class I $ 14.4253 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-05-31 - Net flows, last qtr
- -0.9% qtr ended 2026-03-31
- Distribution coverage (reported FFO)
- 25% period ended 2026-03-31
- Leverage in use
- 71% debt / equity 2.13x
- Total return, 12m
- +9.6% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2026-06-02)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 2, 2026, Zaneta Koplewicz resigned from Blackstone Real Estate Income Trust, Inc. (the “Company”) as Co-President, Head of Shareholder Relations and as a member of the Company’s Board of Directors (the “Board”), effective June 24, 2026. Ms. Koplewicz’s departure was a personal decision and was not due to any disagreement with the Company, the Board or Blackstone. Ms. Koplewicz has been an incredible leader and friend to the Blackstone Real E
Why it matters and what changed
Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312526253829/d41828d8k.htm | Item 5.02
Net flows deteriorated to $-452.4M from $-599.3M (period ended 2026-03-31).
Net flows deteriorated to $-452.4M from $-599.3M (period ended 2026-03-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)
Why it matters and what changed
The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.
$-599.3M -> $-452.4M (up 24.5% vs prior period); trailing 4-period average $-769.9M; same period prior year $-1,419.5M; breach persisted 12 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars
FFO was negative in the period ended 2026-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2026-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed FFO (funds from operations, the standard REIT earnings measure that adds real-estate depreciation back to net income). The gap is funded from capital or gains, and a stated yield propped up this way is fragile -- the same read as C21, on the earnings concept that actually applies to a real-estate distributing vehicle.
-54.62 -> -10.07 (up 81.6% vs prior period); trailing 4-period average -30.01; same period prior year -167.98; breach persisted 8 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: ffo / distributions_declared * 100 (windows matched on both ends)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2026-02-26)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 26, 2026, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (the “Company”) appointed Paul Kolodziej as Chief Financial Officer and Treasurer of the Company, effective as of the close of business on February 27, 2026. Concurrent with this appointment and effective as of the close of business on February 27, 2026, Anthony Marone stepped down from his role as the Company’s Chief Financial Officer and Treasur
Why it matters and what changed
Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312526083116/d21535d8k.htm | Item 5.02
Net flows deteriorated to $-599.3M from $-859.9M (period ended 2025-12-31).
Net flows deteriorated to $-599.3M from $-859.9M (period ended 2025-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)
Why it matters and what changed
The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.
$-859.9M -> $-599.3M (up 30.3% vs prior period); trailing 4-period average $-1,011.7M; same period prior year $-762.5M; breach persisted 11 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars
Mortgage collateral taken (foreclosure / deed in lieu / REO): mercially reasonable terms or at all; • acquired properties may fail to perform as expected; • acquired properties... (2025-12-31)
Mortgage collateral taken (foreclosure / deed in lieu / REO): mercially reasonable terms or at all; • acquired properties may fail to perform as expected; • acquired properties may be located in new markets in which we may face risks associated with a lack of market knowledge or understanding of the local economy, lack
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000166297226000032/breit-20251231.htm | collateral taken
FFO was negative in the period ended 2025-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2025-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed FFO (funds from operations, the standard REIT earnings measure that adds real-estate depreciation back to net income). The gap is funded from capital or gains, and a stated yield propped up this way is fragile -- the same read as C21, on the earnings concept that actually applies to a real-estate distributing vehicle.
-31.00 -> -54.62 (down 76.2% vs prior period); trailing 4-period average -69.48; same period prior year 70.93; breach persisted 7 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: ffo / distributions_declared * 100 (windows matched on both ends)
Item 8.01. (2025-11-04)
Item 8.01. Other Events. Share Repurchase Plan Effective November 3, 2025, the Company amended its share repurchase plan (the “Share Repurchase Plan”) to incorporate the New Share Classes in the Share Repurchase Plan. The foregoing summary description of the Share Repurchase Plan does not purport to be complete and is qualified in its entirety by reference to the Share Repurchase Plan, a copy of w
Why it matters and what changed
The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525263107/d52486d8k.htm | Item 8.01
On November 3, 2025, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”)... (2025-11-03)
On November 3, 2025, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”) to increase the number of shares of capital stock that the Company has authority to issue to 17,400,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 17,300,000,000. Immediately following the filing of the Articles of Amendment, the Company filed with SDAT Articles Supplementary (the “Articles Supplementary” and, together with the Articles of Amendme
Why it matters and what changed
Governance documents changed. Usually technical; occasionally it moves a shareholder protection, so the specific provision is worth a read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525263107/d52486d8k.htm | Item 5.03
Sixth Amended and Restated Advisory Agreement On November 3, 2025, the Company entered into a Sixth Amended and Restated Advisory Agreement (the “Advisory Agreement”), by and... (2025-11-03)
Sixth Amended and Restated Advisory Agreement On November 3, 2025, the Company entered into a Sixth Amended and Restated Advisory Agreement (the “Advisory Agreement”), by and among the Company, the Operating Partnership and BX REIT Advisors L.L.C. (the “Adviser”), to (i) facilitate the establishment and management of the Program, (ii) make certain updates reflecting the designation of the New Share Classes, including the payment of a management fee with respect to such New Share Classes, and (iii) incorporate other administrative updates. As amended, the Company will pay the Adviser a managem
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525263107/d52486d8k.htm | Item 1.01
Credit facility new or amended: 11 occurrence(s), 2017-01-23 to 2025-11-03
Most recent (2025-11-03): Sixth Amended and Restated Advisory Agreement On November 3, 2025, the Company entered into a Sixth Amended and Restated Advisory Agreement (the “Advisory Agreement”), by and among the Company, the Operating Partnership and BX REIT Advisors L.L.C. (the “Adviser”), to (i) facilitate the establishment and management of the Program, (ii) make certain updates reflecting the designation of the New Share Classes, including the payment of a management fee with respect to such New Share Classes, and (iii) incorporate other administrative updates. As amended, the Company will pay the Adviser a managem
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 11 of these in the covered window; the cadence itself is part of the signal.
11 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525263107/d52486d8k.htm | Item 1.01
Net flows deteriorated to $-859.9M from $-1,168.2M (period ended 2025-09-30).
Net flows deteriorated to $-859.9M from $-1,168.2M (period ended 2025-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)
Why it matters and what changed
The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.
$-1,168.2M -> $-859.9M (up 26.4% vs prior period); trailing 4-period average $-1,052.5M; same period prior year $-1,599.3M; breach persisted 10 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars
FFO was negative in the period ended 2025-09-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2025-09-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed FFO (funds from operations, the standard REIT earnings measure that adds real-estate depreciation back to net income). The gap is funded from capital or gains, and a stated yield propped up this way is fragile -- the same read as C21, on the earnings concept that actually applies to a real-estate distributing vehicle.
-24.34 -> -31.00 (down 27.4% vs prior period); trailing 4-period average -38.10; same period prior year -121.64; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: ffo / distributions_declared * 100 (windows matched on both ends)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2025-09-19)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 19, 2025, Blackstone Real Estate Income Trust, Inc. (the “Company”) announced that the Company’s Board of Directors (the “Board”) has appointed Katharine A. Keenan as Chief Executive Officer of the Company and Zaneta Koplewicz as Co-President of the Company, alongside A.J. Agarwal, one of the Company’s current Co-Presidents, in each case, effective November 10, 2025. Additionally, the Board elected Mses. Keenan and Koplewicz to each ser
Why it matters and what changed
Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525208243/d71225d8k.htm | Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2025-08-07)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 7, 2025, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (the “Company” or “BREIT”) appointed Robert Harper as Interim Chief Executive Officer of the Company, effective immediately. Mr. Harper will continue to serve as the Company’s Co-President and a director. Mr. Harper’s appointment follows the loss of Wesley M. LePatner, who served as the Company’s Chief Executive Officer until her tragic passing on Ju
Why it matters and what changed
Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525175486/d932235d8k.htm | Item 5.02
Item 8.01. (2025-07-21)
Item 8.01. Other Events. Share Repurchase Plan Effective July 18, 2025, the Board amended the Company’s share repurchase plan (the “Share Repurchase Plan”) to incorporate the New Share Classes and additional governance protections in the Share Repurchase Plan. The foregoing summary description of the Share Repurchase Plan does not purport to be complete and is qualified in its entirety by referenc
Why it matters and what changed
The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525161984/d917566d8k.htm | Item 8.01
On July 18, 2025, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”) to... (2025-07-18)
On July 18, 2025, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”) to increase the number of shares of capital stock that the Company has authority to issue to 16,400,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 16,300,000,000. Immediately following the filing of the Articles of Amendment, the Company filed with SDAT Articles Supplementary (the “Articles Supplementary” and, together with the Articles of Amendment,
Why it matters and what changed
Governance documents changed. Usually technical; occasionally it moves a shareholder protection, so the specific provision is worth a read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525161984/d917566d8k.htm | Item 5.03
Fifth Amended and Restated Advisory Agreement On July 18, 2025, the Company entered into a Fifth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among... (2025-07-18)
Fifth Amended and Restated Advisory Agreement On July 18, 2025, the Company entered into a Fifth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, BREIT Operating Partnership, L.P. (the “Operating Partnership”) and BX REIT Advisors L.L.C. (the “Adviser”) to make certain updates to reflect the designation of the New Share Classes and other administrative changes. Fifth Amended and Restated Limited Partnership Agreement of BREIT Operating Partnership L.P. On July 18, 2025, the Company entered into a Fifth Amended and Restated Limited Partnership Agreeme
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1662972/000119312525161984/d917566d8k.htm | Item 1.01
Historical findings (65)
Redemptions prorated for the period ending 2024-01-31: 2.3% requested, only 88.0% of requests fulfilled. (2024-01-31)
Redemptions prorated for the period ending 2023-12-31: 1.9% requested, only 53.0% of requests fulfilled. (2023-12-31)
Redemptions prorated for the period ending 2023-11-30: 3.0% requested, only 67.0% of requests fulfilled. (2023-11-30)
Redemptions prorated for the period ending 2023-10-31: 3.6% requested, only 56.0% of requests fulfilled. (2023-10-31)
Redemptions prorated for the period ending 2023-09-30: 3.5% requested, only 29.0% of requests fulfilled. (2023-09-30)
Redemptions prorated for the period ending 2023-08-31: 4.7% requested, only 43.0% of requests fulfilled. (2023-08-31)
Redemptions prorated for the period ending 2023-07-31: 5.9% requested, only 34.0% of requests fulfilled. (2023-07-31)
Redemptions prorated for the period ending 2023-06-30: 5.9% requested, only 17.0% of requests fulfilled. (2023-06-30)
Redemptions prorated for the period ending 2023-05-31: 6.7% requested, only 30.0% of requests fulfilled. (2023-05-31)
Redemptions prorated for the period ending 2023-04-30: 6.9% requested, only 29.0% of requests fulfilled. (2023-04-30)
Redemptions prorated for the period ending 2023-03-31: 6.7% requested, only 15.0% of requests fulfilled. (2023-03-31)
Redemptions prorated for the period ending 2023-02-28: 5.7% requested, only 35.0% of requests fulfilled. (2023-02-28)
Redemptions prorated for the period ending 2023-01-31: 8.0% requested, only 25.0% of requests fulfilled. (2023-01-31)
Redemptions prorated for the period ending 2022-12-31: 5.0% requested, only 4.0% of requests fulfilled. (2022-12-31)
Redemptions prorated for the period ending 2022-11-30: 4.7% requested, only 43.0% of requests fulfilled. (2022-11-30)
NAV per share fell 8.6% from $11.42 to $10.44 (2020-03-31).
Net flows deteriorated to $-1,168.2M from $-1,419.5M (period ended 2025-06-30).
FFO was negative in the period ended 2025-06-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
Net flows deteriorated to $-1,419.5M from $-762.5M (period ended 2025-03-31).
FFO was negative in the period ended 2025-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2025-03-06)
Net flows deteriorated to $-762.5M from $-1,599.3M (period ended 2024-12-31).
FFO covered only 71% of distributions in the period ended 2024-12-31; the gap was funded from capital or gains.
Net flows deteriorated to $-1,599.3M from $-2,626.0M (period ended 2024-09-30).
FFO was negative in the period ended 2024-09-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2024-08-21)
Net flows deteriorated to $-2,626.0M from $-2,391.9M (period ended 2024-06-30).
Net flows deteriorated to $-2,391.9M from $-2,676.3M (period ended 2024-03-31).
NAV per share ($14.12) is 1.2% below its trailing four-observation average ($14.29) as of 2024-01-31.
Net flows deteriorated to $-2,676.3M from $-2,791.4M (period ended 2023-12-31).
NAV per share ($14.10) is 2.5% below its trailing four-observation average ($14.46) as of 2023-12-31.
FFO was negative in the period ended 2023-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
ar month in BREIT’s discretion. (2023-10-31)
Net flows deteriorated to $-2,791.4M from $-2,859.5M (period ended 2023-09-30).
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On August 14, 2023, the Board of... (2023-08-14)
FFO covered only 39% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains.
Item 8.01. (2023-01-06)
On December 30, 2022, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”)... (2022-12-30)
Amended and Restated Advisory Agreement On December 30, 2022, the Company entered into a Third Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the... (2022-12-30)
Redemptions accelerated to $3,468.7M from $1,976.7M the prior period (period ended 2022-09-30).
Redemptions accelerated to $1,976.7M from $965.7M the prior period (period ended 2022-06-30).
Item 8.01. (2022-03-04)
FFO covered only 65% of distributions in the period ended 2021-12-31; the gap was funded from capital or gains.
FFO covered only 31% of distributions in the period ended 2021-09-30; the gap was funded from capital or gains.
On March 10, 2021, the Board of Directors of Blackstone Real Estate Income Trust, Inc. (2021-03-10)
NAV per share ($10.55) is 1.6% below its trailing four-observation average ($10.71) as of 2020-05-31.
NAV per share ($10.45) is 4.5% below its trailing four-observation average ($10.95) as of 2020-04-30.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2020-04-06)
On March 31, 2020, Blackstone Real Estate Income Trust, Inc. (2020-03-31)
FFO was negative in the period ended 2020-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO covered only 90% of distributions in the period ended 2019-12-31; the gap was funded from capital or gains.
FFO covered only 63% of distributions in the period ended 2019-09-30; the gap was funded from capital or gains.
On August 15, 2019, Blackstone Real Estate Income Trust, Inc. (2019-08-15)
On March 13, 2019, the Board of Directors of Blackstone Real Estate Income Trust, Inc. (2019-03-13)
FFO covered only 31% of distributions in the period ended 2018-12-31; the gap was funded from capital or gains.
FFO covered only 95% of distributions in the period ended 2018-09-30; the gap was funded from capital or gains.
FFO covered only 90% of distributions in the period ended 2018-06-30; the gap was funded from capital or gains.
The fund leaned harder on leverage: 47% -> 61% of its allowed leverage in use in one period (period ended 2018-03-31).
FFO covered only 94% of distributions in the period ended 2018-03-31; the gap was funded from capital or gains.
FFO covered only 96% of distributions in the period ended 2017-12-31; the gap was funded from capital or gains.
FFO covered only 57% of distributions in the period ended 2017-09-30; the gap was funded from capital or gains.
On July 26, 2017, Blackstone Real Estate Income Trust, Inc. (2017-07-26)
FFO covered only 78% of distributions in the period ended 2017-06-30; the gap was funded from capital or gains.
NAV per share ($10.05) is -0.2% below its trailing four-observation average ($10.03) as of 2017-04-30.
On January 19, 2017, Brian Kim, 37, was appointed Head of Acquisitions and Capital Markets. (2017-01-19)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Coverage basis note
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
Stated cap: 2% of NAV/month. Rationed in 15 of 28 disclosed periods; last gated Jan 2024.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2025-09-30 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2025-06-30 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2025-03-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2024-09-30 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2024-06-30 | Not disclosed | 100% | Not disclosed | filled |
| 2024-05-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2024-03-31 | Not disclosed | 100% | Not disclosed | filled |
| 2024-02-29 | Not disclosed | 100% | Not disclosed | filled |
| 2024-01-31 | 2.3% | 88% | 100% | rationed |
| 2023-12-31 | 1.9% | 53% | 100% | rationed |
| 2023-11-30 | 3.0% | 67% | 100% | rationed |
| 2023-10-31 | 3.6% | 56% | 100% | rationed |
| 2023-09-30 | 3.5% | 29% | 100% | rationed |
| 2023-08-31 | 4.7% | 43% | 100% | rationed |
| 2023-07-31 | 5.9% | 34% | 100% | rationed |
| 2023-06-30 | 5.9% | 17% | 100% | rationed |
| 2023-05-31 | 6.7% | 30% | 100% | rationed |
| 2023-04-30 | 6.9% | 29% | 100% | rationed |
| 2023-03-31 | 6.7% | 15% | 100% | rationed |
| 2023-02-28 | 5.7% | 35% | 100% | rationed |
| 2023-01-31 | 8.0% | 25% | 100% | rationed |
| 2022-12-31 | 5.0% | 4% | 100% | rationed |
| 2022-11-30 quarter | 4.7% | 43% | 100% | rationed |
| 2022-09-30 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2022-06-30 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2022-03-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2021-12-31 | Not disclosed | 100% | Not disclosed | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of nav by share class per year. source. The Adviser is entitled to an annual management fee equal to (i) 1.25% of the NAV of the Company attributable to Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C shares (BREIT's primary, currently-offered classes), corresponding BREIT OP units and Class B units, (ii) 1.0% of the NAV attributable to the legacy Class L shares/units, and (iii) 0.85% of the NAV attributable to the legacy Class L-2 shares/units, payable monthly. The fee is typically paid in shares/OP units rather than cash.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Adviser is entitled to an annual management fee equal to (i) 1.25% of the NAV of the Company attributable to Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and Class C shares (BREIT's primary, currently-offered classes), corresponding BREIT OP units and Class B units, (ii) 1.0% of the NAV attributable to the legacy Class L shares/units, and (iii) 0.85% of the NAV attributable to the legacy Class L-2 shares/units, payable monthly. The fee is typically paid in shares/OP units rather than cash. | 1.25 pct_annual_of_nav_by_share_class | Date not captured |
| leverage_ceiling | ed in substantial part by borrowing, which increases our exposure to loss. Under our charter, we have a limitation that precludes us from borrowing in excess of 300% of our net assets, which approximates borrowing 75% of the cost of our investments (unless a majority of our independent directors approv | 300.0 pct_of_net_assets | Date not captured |
| repurchase_program_terms | Share Repurchase Plan: repurchases limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months); board may make exceptions or suspend the plan. | 2.0 pct_of_aggregate_nav_per_month | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-30 | 8-K | 0001193125-26-290492 |
| 2026-06-17 | 8-K | 0001662972-26-000081 |
| 2026-06-15 | 424B3 | 0001662972-26-000078 |
| 2026-06-04 | 8-K | 0001193125-26-257393 |
| 2026-06-03 | DEFA14A | 0001193125-26-255588 |
| 2026-06-02 | 8-K | 0001193125-26-253829 |
| 2026-05-29 | 8-K | 0001662972-26-000074 |
| 2026-05-21 | 8-K | 0001193125-26-232959 |
| 2026-05-15 | 424B3 | 0001662972-26-000072 |
| 2026-05-08 | 10-Q | 0001662972-26-000065 |
| 2026-05-05 | 8-K | 0001193125-26-206559 |
| 2026-04-30 | 8-K | 0001662972-26-000059 |
| 2026-04-23 | 8-K | 0001662972-26-000057 |
| 2026-04-23 | 424B3 | 0001662972-26-000055 |
| 2026-04-07 | 8-K | 0001193125-26-145624 |