Blackstone Real Estate Income Trust, Inc.

What they do

BREIT invests primarily in stabilized, income-generating commercial real estate across asset classes in the United States and, to a lesser extent, outside the United States, and also invests to a lesser extent in real estate debt. The company is a Maryland corporation incorporated on November 16, 2015, is the sole general partner of BREIT Operating Partnership L.P., and owns substantially all of its assets through that operating partnership. It is externally managed by BX REIT Advisors L.L.C., part of Blackstone's real estate group, which sources, evaluates and monitors investments and handles acquisition, management, financing and disposition decisions. BREIT is a perpetual-life REIT that raises capital continuously through public and private offerings of multiple share classes.

Revenue drivers

• Rental Housing — Multifamily and other rental housing, including manufactured, student, affordable, single family rental housing and senior living; one of the property segments through which BREIT earns rental revenue.
• Industrial — Industrial real estate is operated as a separate reportable segment and is a core property category in BREIT's stabilized, income-generating portfolio.
• Net Lease — Net Lease includes the real estate assets of The Bellagio Las Vegas and The Cosmopolitan of Las Vegas, plus an unconsolidated Net Lease platform investment.
• Data Centers, Office, Hospitality, Retail and Real Estate Debt — The remaining reportable segments are Data Centers, Office, Hospitality, Retail, and Investments in Real Estate Debt; BREIT also held a Self Storage segment until it completed the disposition of all Self Storage properties in May 2026.

Recent performance

Annual revenue was $7.96 billion in 2025, down from $8.53 billion in 2024 and $8.93 billion in 2023. Net income was negative $3.28 billion in 2025, compared with negative $890.5 million in 2024, and diluted EPS was negative $0.92 in 2025 versus negative $0.23 in 2024. Operating cash flow was $2.29 billion in 2025, up from $2.09 billion in 2024. Quarterly revenue was $1.94 billion in both 2025-09-30 and 2026-03-31 and $1.86 billion in 2026-06-30. Dividends per share were $0.6593 in 2025 and $0.661 in 2024.

Strategy

BREIT continues to raise capital monthly through its continuous public offering and private offerings, having received cumulative net proceeds of $82.4 billion as of August 7, 2026, and primarily uses proceeds to invest in real estate and real estate debt and for general corporate purposes, including funding share repurchase requests. In November 2025, BREIT and BREIT OP commenced the DST Program, which issues beneficial interests in Delaware statutory trusts holding real properties to accredited investors, with BREIT OP acting as master lessee, guaranteeing the master leases and holding a fair market value purchase option. In May 2026, the company completed the disposition of all properties in the Self Storage segment, reducing the number of reportable segments from nine to eight. Net proceeds have been contributed to BREIT OP in exchange for corresponding Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, Class C and Class L units.

Risks

• Limited holding period on current investments — The 10-K states most current investments have been held only a limited period, making it difficult for investors to evaluate BREIT's success in achieving its investment objectives.
• Reliance on external adviser — BREIT is externally managed by the Adviser, which has broad discretion in selecting property types, tenants and future investments that investors cannot evaluate in advance.
• Negative earnings — Net income has been negative every year from 2021 through 2025, including a $3.28 billion loss in 2025, even as annual revenue declined to $7.96 billion in 2025.
• Segment concentration and disposition risk — BREIT's results depend on a handful of property segments, and it completed the disposition of all Self Storage properties in May 2026, reducing diversification.

Outlook

BREIT intends to continue selling shares of its common stock on a monthly basis through its continuous public offering and private offerings, which had raised cumulative net proceeds of $82.4 billion as of August 7, 2026. The company states it will continue to seek to invest substantially all future net offering proceeds, after fees and expenses, in properties and real estate debt. The 10-K describes the DST Program, commenced in November 2025, as an ongoing channel for issuing Delaware statutory trust interests to accredited investors. Management's stated objective is to bring Blackstone's institutional-quality real estate investment platform to income-focused investors.