Blackstone Real Estate Income Trust, Inc.

Data through 2026-07-30 · latest filing 8-K filed 2026-07-31

Sponsored by Blackstone. REIT structure focused on private real estate.

REITPrivate Real Estate

Sponsor: Blackstone
CIK: 0001662972
Liquidity: Share repurchase plan
Inception: 2016

Net assets: $51.12B

source

Prospectus supplement (Form 424B3) · filed 2026-07-23 · period 2026-06-30

424B3 monthly pricing supplement (transaction price = NAV/share per its own text)

“to disclose the calculation of our June 30, 2026 NAV per share ... Transaction Price (per share) Class I $ 14.5256 ”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1662972/000166297226000094/breitnavjune2026.htm | 424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
NAV / share: $14.53

source

Prospectus supplement (Form 424B3) · filed 2026-07-23 · period 2026-06-30

424B3 monthly pricing supplement (transaction price = NAV/share per its own text)

“to disclose the calculation of our June 30, 2026 NAV per share ... Transaction Price (per share) Class I $ 14.5256 ”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1662972/000166297226000094/breitnavjune2026.htm | 424B3 monthly pricing supplement (transaction price = NAV/share per its own text)
Net flows, last qtr: -0.9%
Distribution coverage (reported FFO): 25%
Annualized distribution rate: 4.57%
Trailing 12-month distribution rate: 4.55%
Leverage in use: 71%
Total return, 12m: +10.3%

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Yellow flag

On June 2, 2026, Zaneta Koplewicz resigned from Blackstone Real Estate Income Trust, Inc. (2026-06-02)

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

Yellow flag

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

Yellow flag

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)

Yellow flag

On February 26, 2026, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (2026-02-26)

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

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

Yellow flag

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

Yellow flag

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

-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)

Yellow flag

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... (2025-11-04)

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

Yellow flag

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

Yellow flag

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... (2025-11-03)

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

The contract between the fund and its manager changed. Advisory agreements set the economics and the duty of care shareholders actually get; even technical amendments deserve a read for fee or termination-provision drift.

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

Yellow flag

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

Yellow flag

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

Yellow flag

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

-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)

Yellow flag

On September 19, 2025, Blackstone Real Estate Income Trust, Inc. (2025-09-19)

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

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

Historical findings (84)

Redemptions prorated for the period ending 2024-01-31: only 88.0% of requests fulfilled. (2024-01-31)
Redemptions prorated for the period ending 2024-01-31: only 88.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 88% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-01-31).
Tender offer filled only 88% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-01-31). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2023-12-31: only 53.0% of requests fulfilled. (2023-12-31)
Redemptions prorated for the period ending 2023-12-31: only 53.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 53% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-12-31).
Tender offer filled only 53% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-12-31). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2023-11-30: only 67.0% of requests fulfilled. (2023-11-30)
Redemptions prorated for the period ending 2023-11-30: only 67.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 67% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-11-30).
Tender offer filled only 67% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-11-30). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2023-10-31: only 56.0% of requests fulfilled. (2023-10-31)
Redemptions prorated for the period ending 2023-10-31: only 56.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 56% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-10-31).
Tender offer filled only 56% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-10-31). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2023-09-30: only 29.0% of requests fulfilled. (2023-09-30)
Redemptions prorated for the period ending 2023-09-30: only 29.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 29% of tendered shares were repurchased (offer expired 2023-09-30).
Redemption requests ran at least twice the tender offer's capacity; only 29% of tendered shares were repurchased (offer expired 2023-09-30). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-08-31: only 43.0% of requests fulfilled. (2023-08-31)
Redemptions prorated for the period ending 2023-08-31: only 43.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 43% of tendered shares were repurchased (offer expired 2023-08-31).
Redemption requests ran at least twice the tender offer's capacity; only 43% of tendered shares were repurchased (offer expired 2023-08-31). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-07-31: only 34.0% of requests fulfilled. (2023-07-31)
Redemptions prorated for the period ending 2023-07-31: only 34.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 34% of tendered shares were repurchased (offer expired 2023-07-31).
Redemption requests ran at least twice the tender offer's capacity; only 34% of tendered shares were repurchased (offer expired 2023-07-31). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-06-30: only 17.0% of requests fulfilled. (2023-06-30)
Redemptions prorated for the period ending 2023-06-30: only 17.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 17% of tendered shares were repurchased (offer expired 2023-06-30).
Redemption requests ran at least twice the tender offer's capacity; only 17% of tendered shares were repurchased (offer expired 2023-06-30). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-05-31: only 30.0% of requests fulfilled. (2023-05-31)
Redemptions prorated for the period ending 2023-05-31: only 30.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 30% of tendered shares were repurchased (offer expired 2023-05-31).
Redemption requests ran at least twice the tender offer's capacity; only 30% of tendered shares were repurchased (offer expired 2023-05-31). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-04-30: only 29.0% of requests fulfilled. (2023-04-30)
Redemptions prorated for the period ending 2023-04-30: only 29.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 29% of tendered shares were repurchased (offer expired 2023-04-30).
Redemption requests ran at least twice the tender offer's capacity; only 29% of tendered shares were repurchased (offer expired 2023-04-30). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-03-31: only 15.0% of requests fulfilled. (2023-03-31)
Redemptions prorated for the period ending 2023-03-31: only 15.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 15% of tendered shares were repurchased (offer expired 2023-03-31).
Redemption requests ran at least twice the tender offer's capacity; only 15% of tendered shares were repurchased (offer expired 2023-03-31). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-02-28: only 35.0% of requests fulfilled. (2023-02-28)
Redemptions prorated for the period ending 2023-02-28: only 35.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 35% of tendered shares were repurchased (offer expired 2023-02-28).
Redemption requests ran at least twice the tender offer's capacity; only 35% of tendered shares were repurchased (offer expired 2023-02-28). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2023-01-31: only 25.0% of requests fulfilled. (2023-01-31)
Redemptions prorated for the period ending 2023-01-31: only 25.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 25% of tendered shares were repurchased (offer expired 2023-01-31).
Redemption requests ran at least twice the tender offer's capacity; only 25% of tendered shares were repurchased (offer expired 2023-01-31). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2022-12-31: only 4.0% of requests fulfilled. (2022-12-31)
Redemptions prorated for the period ending 2022-12-31: only 4.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 4% of tendered shares were repurchased (offer expired 2022-12-31).
Redemption requests ran at least twice the tender offer's capacity; only 4% of tendered shares were repurchased (offer expired 2022-12-31). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Redemptions prorated for the period ending 2022-11-30: only 43.0% of requests fulfilled. (2022-11-30)
Redemptions prorated for the period ending 2022-11-30: only 43.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemption requests ran at least twice the tender offer's capacity; only 43% of tendered shares were repurchased (offer expired 2022-11-30).
Redemption requests ran at least twice the tender offer's capacity; only 43% of tendered shares were repurchased (offer expired 2022-11-30). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

NAV per share fell 8.6% from $11.42 to $10.44 (2020-03-31).
NAV per share fell 8.6% from $11.42 to $10.44 (2020-03-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

On August 7, 2025, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (2025-08-07)
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

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... (2025-07-21)
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

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,

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. (2025-07-18)
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

Net flows deteriorated to $-1,168.2M from $-1,419.5M (period ended 2025-06-30).
Net flows deteriorated to $-1,168.2M from $-1,419.5M (period ended 2025-06-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO was negative in the period ended 2025-06-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2025-06-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Net flows deteriorated to $-1,419.5M from $-762.5M (period ended 2025-03-31).
Net flows deteriorated to $-1,419.5M from $-762.5M (period ended 2025-03-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO was negative in the period ended 2025-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2025-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On March 6, 2025, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (2025-03-06)
On March 6, 2025, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (the “Company”) (1) appointed A.J. Agarwal as Co-President of the Company and a director, (2) designated Robert Harper, the Company’s current President, as Co-President alongside Mr. Agarwal, and (3) appointed Glen Bartley as the Company’s Chief Operating Officer, in each case, effective immediately. Mr. Agarwal, formerly the Company’s President and a

Net flows deteriorated to $-762.5M from $-1,599.3M (period ended 2024-12-31).
Net flows deteriorated to $-762.5M from $-1,599.3M (period ended 2024-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO covered only 71% of distributions in the period ended 2024-12-31; the gap was funded from capital or gains.
FFO covered only 71% of distributions in the period ended 2024-12-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Net flows deteriorated to $-1,599.3M from $-2,626.0M (period ended 2024-09-30).
Net flows deteriorated to $-1,599.3M from $-2,626.0M (period ended 2024-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO was negative in the period ended 2024-09-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2024-09-30; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On August 21, 2024, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (2024-08-21)
On August 21, 2024, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (the “Company”) promoted Wesley LePatner, the Company’s current Chief Operating Officer and a director, to be the Company’s new Chief Executive Officer, effective January 1, 2025. Ms. LePatner will continue to serve as the Company’s Chief Operating Officer until such effective time of her new role. Ms. LePatner’s appointment coincides with the notic

Net flows deteriorated to $-2,626.0M from $-2,391.9M (period ended 2024-06-30).
Net flows deteriorated to $-2,626.0M from $-2,391.9M (period ended 2024-06-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

Net flows deteriorated to $-2,391.9M from $-2,676.3M (period ended 2024-03-31).
Net flows deteriorated to $-2,391.9M from $-2,676.3M (period ended 2024-03-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

NAV per share ($14.12) is 1.2% below its trailing four-observation average ($14.29) as of 2024-01-31.
NAV per share ($14.12) is 1.2% below its trailing four-observation average ($14.29) as of 2024-01-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Net flows deteriorated to $-2,676.3M from $-2,791.4M (period ended 2023-12-31).
Net flows deteriorated to $-2,676.3M from $-2,791.4M (period ended 2023-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

NAV per share ($14.10) is 3.8% below its trailing four-observation average ($14.66) as of 2023-12-31.
NAV per share ($14.10) is 3.8% below its trailing four-observation average ($14.66) as of 2023-12-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

FFO was negative in the period ended 2023-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2023-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Further, BREIT’s board of directors has the discretion to make exceptions to, modify or suspend BREIT’s share repurchase plan (including to make exceptions to the repurchase... (2023-10-31)
ar month in BREIT’s discretion. Further, BREIT’s board of directors has the discretion to make exceptions to, modify or suspend BREIT’s share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer shares than such repurchase caps). See BREIT’s prospectus, periodic reporting and www.breit.com for more detailed information. Shares outstanding for less than one

Net flows deteriorated to $-2,791.4M from $-2,859.5M (period ended 2023-09-30).
Net flows deteriorated to $-2,791.4M from $-2,859.5M (period ended 2023-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

On August 14, 2023, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (2023-08-14)
On August 14, 2023, the Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (the “Company” or “BREIT”) appointed Robert Harper, BREIT’s current Head of Asset Management and Head of Blackstone Real Estate Asset Management Americas, as BREIT’s new President and a member of its Board. A.J. Agarwal will be taking a continuing education sabbatical beginning September 15, 2023 for nine months, and is stepping down from his role as

FFO covered only 39% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains.
FFO covered only 39% of distributions in the period ended 2023-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Effective December 30, 2022, the Board amended the Company’s share repurchase plan (the “Share Repurchase Plan”) to incorporate Class C shares in the Share Repurchase Plan. (2023-01-06)
Effective December 30, 2022, the Board amended the Company’s share repurchase plan (the “Share Repurchase Plan”) to incorporate Class C shares 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 which is included as

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)
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”) to increase the number of shares of capital stock that the Company has authority to issue to 10,600,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 10,500,000,000. 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 Amendm

On December 30, 2022, the Company entered into a Third Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, BREIT Operating Partnership, L.P. (2022-12-30)
On December 30, 2022, the Company entered into a Third 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. to make certain updates reflecting the designation of Class C shares. The foregoing summary description of the Advisory Agreement does not purport to be complete and is qualified in its entirety by reference to the Advisory Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and in

Redemptions accelerated to $3,468.7M from $1,976.7M the prior period (period ended 2022-09-30).
Redemptions accelerated to $3,468.7M from $1,976.7M the prior period (period ended 2022-09-30). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

Redemptions accelerated to $1,976.7M from $965.7M the prior period (period ended 2022-06-30).
Redemptions accelerated to $1,976.7M from $965.7M the prior period (period ended 2022-06-30). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

Effective March 31, 2022, the Company’s board of directors (“Board”) amended the share repurchase plan of the Company (the “Share Repurchase Plan”) to, among other things, modify... (2022-03-04)
Effective March 31, 2022, the Company’s board of directors (“Board”) amended the share repurchase plan of the Company (the “Share Repurchase Plan”) to, among other things, modify the price at which shares that have not been outstanding for at least one year will be repurchased (subject to limited exceptions), from 95% to 98% of the transaction price (an “Early Repurchase D

FFO covered only 65% of distributions in the period ended 2021-12-31; the gap was funded from capital or gains.
FFO covered only 65% of distributions in the period ended 2021-12-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 31% of distributions in the period ended 2021-09-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On March 10, 2021, the Board of Directors of Blackstone Real Estate Income Trust, Inc. (2021-03-10)
On March 10, 2021, the Board of Directors of Blackstone Real Estate Income Trust, Inc. (the “Company”) appointed Anthony F. Marone, Jr. to the position of Chief Financial Officer and Treasurer (Principal Financial Officer) of the Company, effective as of March 31, 2021. Mr. Marone, 38, is a Managing Director of Blackstone and is based in New York. Mr. Marone has been the Chief Financial Officer of Blackstone Real Estate Debt Strategies since January 2016, Chief Financial Officer and Assistant Secretary since March 2016 and Principal Accounting Officer since September 2013 of Blackstone Mortgag

NAV per share ($10.55) is 3.7% below its trailing four-observation average ($10.95) as of 2020-05-31.
NAV per share ($10.55) is 3.7% below its trailing four-observation average ($10.95) as of 2020-05-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($10.45) is 6.7% below its trailing four-observation average ($11.20) as of 2020-04-30.
NAV per share ($10.45) is 6.7% below its trailing four-observation average ($11.20) as of 2020-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Election of New Directors The Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (2020-04-06)
Election of New Directors The Board of Directors (the “Board”) of Blackstone Real Estate Income Trust, Inc. (the “Company”) approved an increase in the number of directors by two to a total of nine directors and appointed Ms. Susan Carras and Mr. Brian Kim to fill the newly created vacancies of the Board, effective as of January 15, 2021. The Board determined that Ms. Carras qualifies as an independent director in accordance with the criteria in the

On March 31, 2020, Blackstone Real Estate Income Trust, Inc. (2020-03-31)
On March 31, 2020, Blackstone Real Estate Income Trust, Inc. (the "Company") filed Articles of Amendment to its charter with the Maryland State Department of Assessments and Taxation to update its authorized share amounts to the following: 500,000,000 shares of Class D common stock, 6,000,000,000 shares of Class I common stock, 3,000,000,000 shares of Class S common stock, 500,000,000 shares of Class T common stock and 100,000,000 shares of preferred stock. The foregoing description of the Articles of Amendment does not purport to be complete and is qualified in its entirety by reference to th

FFO was negative in the period ended 2020-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2020-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 90% of distributions in the period ended 2019-12-31; the gap was funded from capital or gains.
FFO covered only 90% of distributions in the period ended 2019-12-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 63% of distributions in the period ended 2019-09-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On August 15, 2019, Blackstone Real Estate Income Trust, Inc. (2019-08-15)
On August 15, 2019, Blackstone Real Estate Income Trust, Inc. (the “ Company ”) filed Articles of Amendment to its charter with the Maryland State Department of Assessments and Taxation, which Articles of Amendment were immediately effective. The Articles of Amendment increase the number of shares of Class S common stock and Class I common stock the Company is authorized to issue from 500,000,000 shares to 1,000,000,000 shares, in each case, and accordingly increase the number of shares of capital stock that the Company is authorized to issue from 2,100,000,000 shares to 3,100,000,000 shares.

On March 13, 2019, the Board of Directors of Blackstone Real Estate Income Trust, Inc. (2019-03-13)
On March 13, 2019, the Board of Directors of Blackstone Real Estate Income Trust, Inc. (the “Company”) appointed Paul Kolodziej to the position of Chief Accounting Officer, effective immediately. He will also serve as the Company’s principal accounting officer, effective March 13, 2019, replacing Paul Quinlan with respect to that role. Mr. Quinlan continues to serve as the Company’s Chief Financial Officer and Treasurer and acts as the Company’s principal financial officer. Mr. Kolodziej, 39, was previously the Company’s Controller since June 2016 and is a Senior Vice President in Blackstone R

FFO covered only 31% of distributions in the period ended 2018-12-31; the gap was funded from capital or gains.
FFO covered only 31% of distributions in the period ended 2018-12-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 95% of distributions in the period ended 2018-09-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 90% of distributions in the period ended 2018-06-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

The fund leaned harder on leverage: 47% -> 61% of its allowed leverage in use in one period (period ended 2018-03-31).
The fund leaned harder on leverage: 47% -> 61% of its allowed leverage in use in one period (period ended 2018-03-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

FFO covered only 94% of distributions in the period ended 2018-03-31; the gap was funded from capital or gains.
FFO covered only 94% of distributions in the period ended 2018-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 96% of distributions in the period ended 2017-12-31; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 57% of distributions in the period ended 2017-09-30; 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. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

On July 26, 2017, Blackstone Real Estate Income Trust, Inc. (2017-07-26)
On July 26, 2017, Blackstone Real Estate Income Trust, Inc. (the “Company”) reconvened its 2017 Annual Meeting of Stockholders (the “Annual Meeting”), at which the Company’s stockholders approved Proposal 3, an amendment and restatement of the Company’s Articles of Amendment and Restatement (the “Charter”) to change the calculation of the cap from a per share basis to a per account basis with respect to total upfront selling commissions, dealer manager fees and stockholder servicing fees. Pursuant to Proposal 3, Section 5.2.3 of the Charter will be amended to provide that all Class T, Class S

FFO covered only 78% of distributions in the period ended 2017-06-30; the gap was funded from capital or gains.
FFO covered only 78% of distributions in the period ended 2017-06-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

NAV per share ($10.05) is -0.2% below its trailing four-observation average ($10.03) as of 2017-04-30.
NAV per share ($10.05) is -0.2% below its trailing four-observation average ($10.03) as of 2017-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

On January 19, 2017, Brian Kim, 37, was appointed Head of Acquisitions and Capital Markets. (2017-01-19)
On January 19, 2017, Brian Kim, 37, was appointed Head of Acquisitions and Capital Markets. Mr. Kim is a Managing Director with Blackstone Real Estate and is based in New York. Since joining Blackstone in 2008, Mr. Kim has played a key role in a number of Blackstone’s investments including the take private and subsequent sale of Strategic Hotels & Resorts, the acquisition of Peter Cooper Village / Stuyvesant Town and the creation of BRE Select Hotels Corp, Blackstone’s select service hotel platform. Prior to joining Blackstone, Mr. Kim worked at Apollo Real Estate Advisors, Max Capital Managem

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

Total return index

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

Filed performance

Window	Class	Basis	Return	Source
2026-06-01 to 2026-06-30 month · not annualized	Class I	at NAV	+1.10%	SEC source 0001662972-26-000094 424B3 filed 2026-07-23
2026-05-01 to 2026-05-31 month · not annualized	Class I	at NAV	+0.90%	SEC source 0001662972-26-000078 424B3 filed 2026-06-15
2026-04-01 to 2026-04-30 month · not annualized	Class I	at NAV	+1.10%	SEC source 0001662972-26-000072 424B3 filed 2026-05-15
2026-03-01 to 2026-03-31 month · not annualized	Class I	at NAV	+0.50%	SEC source 0001662972-26-000055 424B3 filed 2026-04-23
2026-02-01 to 2026-02-28 month · not annualized	Class I	at NAV	+0.60%	SEC source 0001662972-26-000039 424B3 filed 2026-03-16

Derived

Window	Class	Basis	Return	Method & constituents
2025-07-01 to 2026-06-30 trailing 12m	Class I	at NAV	+10.28%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2026-06-30] / index[2025-06-30] - 1 = 10.275789919167%; distribution cadence and aggregate completeness checks passed Independent verification: Manager-published figure independently reproduced from filed NAVs and distributions within 2.42 bps. nav_per_share · instant to 2025-06-30 · 0001662972-25-000097 nav_per_share · instant to 2025-07-31 · 0001662972-25-000112 nav_per_share · instant to 2025-08-31 · 0001662972-25-000154 nav_per_share · instant to 2025-09-30 · 0001662972-25-000172 nav_per_share · instant to 2025-10-31 · 0001662972-25-000187 nav_per_share · instant to 2025-11-30 · 0001662972-25-000199 nav_per_share · instant to 2025-12-31 · 0001662972-26-000006 nav_per_share · instant to 2026-01-31 · 0001662972-26-000021 nav_per_share · instant to 2026-02-28 · 0001662972-26-000039 nav_per_share · instant to 2026-03-31 · 0001662972-26-000055 nav_per_share · instant to 2026-04-30 · 0001662972-26-000072 nav_per_share · instant to 2026-05-31 · 0001662972-26-000078 nav_per_share · instant to 2026-06-30 · 0001662972-26-000094 dist_per_share · instant to 2025-07-30 · 0001662972-25-000102 dist_per_share · instant to 2025-08-28 · 0001662972-25-000146 dist_per_share · instant to 2025-09-29 · 0001662972-25-000158 dist_per_share · instant to 2025-10-30 · 0001662972-25-000177 dist_per_share · instant to 2025-11-26 · 0001662972-25-000195 dist_per_share · instant to 2025-12-30 · 0001662972-25-000204 dist_per_share · instant to 2026-01-29 · 0001662972-26-000018 dist_per_share · instant to 2026-02-26 · 0001662972-26-000029 dist_per_share · instant to 2026-03-30 · 0001662972-26-000048 dist_per_share · instant to 2026-04-29 · 0001662972-26-000059 dist_per_share · instant to 2026-05-28 · 0001662972-26-000074 dist_per_share · instant to 2026-06-29 · 0001193125-26-290492
2023-07-01 to 2026-06-30 trailing 3y	Class I	at NAV	+13.82%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2026-06-30] / index[2023-06-30] - 1 = 13.816317917532%; distribution cadence and aggregate completeness checks passed Independent verification: Manager-published figure independently reproduced from filed NAVs and distributions within 0.83 bps. nav_per_share · instant to 2023-06-30 · 0001662972-23-000084 nav_per_share · instant to 2023-07-31 · 0001662972-23-000098 nav_per_share · instant to 2023-08-31 · 0001662972-23-000104 nav_per_share · instant to 2023-09-30 · 0001662972-23-000114 nav_per_share · instant to 2023-10-31 · 0001662972-23-000123 nav_per_share · instant to 2023-11-30 · 0001662972-23-000133 nav_per_share · instant to 2023-12-31 · 0001662972-24-000003 nav_per_share · instant to 2024-01-31 · 0001662972-24-000015 nav_per_share · instant to 2024-02-29 · 0001662972-24-000026 nav_per_share · instant to 2024-03-31 · 0001662972-24-000044 nav_per_share · instant to 2024-04-30 · 0001662972-24-000065 nav_per_share · instant to 2024-05-31 · 0001662972-24-000077 nav_per_share · instant to 2024-06-30 · 0001662972-24-000087 nav_per_share · instant to 2024-07-31 · 0001662972-24-000121 nav_per_share · instant to 2024-08-31 · 0001662972-24-000132 nav_per_share · instant to 2024-09-30 · 0001662972-24-000142 nav_per_share · instant to 2024-10-31 · 0001662972-24-000161 nav_per_share · instant to 2024-11-30 · 0001662972-24-000170 nav_per_share · instant to 2024-12-31 · 0001662972-25-000005 nav_per_share · instant to 2025-01-31 · 0001662972-25-000014 nav_per_share · instant to 2025-02-28 · 0001662972-25-000033 nav_per_share · instant to 2025-03-31 · 0001628280-25-018417 nav_per_share · instant to 2025-04-30 · 0001662972-25-000070 nav_per_share · instant to 2025-05-31 · 0001662972-25-000086 nav_per_share · instant to 2025-06-30 · 0001662972-25-000097 nav_per_share · instant to 2025-07-31 · 0001662972-25-000112 nav_per_share · instant to 2025-08-31 · 0001662972-25-000154 nav_per_share · instant to 2025-09-30 · 0001662972-25-000172 nav_per_share · instant to 2025-10-31 · 0001662972-25-000187 nav_per_share · instant to 2025-11-30 · 0001662972-25-000199 nav_per_share · instant to 2025-12-31 · 0001662972-26-000006 nav_per_share · instant to 2026-01-31 · 0001662972-26-000021 nav_per_share · instant to 2026-02-28 · 0001662972-26-000039 nav_per_share · instant to 2026-03-31 · 0001662972-26-000055 nav_per_share · instant to 2026-04-30 · 0001662972-26-000072 nav_per_share · instant to 2026-05-31 · 0001662972-26-000078 nav_per_share · instant to 2026-06-30 · 0001662972-26-000094 dist_per_share · instant to 2023-07-28 · 0001662972-23-000087 dist_per_share · instant to 2023-08-30 · 0001662972-23-000101 dist_per_share · instant to 2023-09-28 · 0001662972-23-000108 dist_per_share · instant to 2023-10-30 · 0001662972-23-000116 dist_per_share · instant to 2023-11-29 · 0001662972-23-000125 dist_per_share · instant to 2023-12-28 · 0001662972-23-000137 dist_per_share · instant to 2024-01-30 · 0001662972-24-000010 dist_per_share · instant to 2024-02-28 · 0001662972-24-000020 dist_per_share · instant to 2024-03-27 · 0001662972-24-000034 dist_per_share · instant to 2024-04-29 · 0001662972-24-000057 dist_per_share · instant to 2024-05-30 · 0001662972-24-000070 dist_per_share · instant to 2024-06-27 · 0001662972-24-000081 dist_per_share · instant to 2024-07-30 · 0001662972-24-000091 dist_per_share · instant to 2024-08-29 · 0001662972-24-000125 dist_per_share · instant to 2024-09-27 · 0001662972-24-000136 dist_per_share · instant to 2024-10-30 · 0001662972-24-000148 dist_per_share · instant to 2024-11-27 · 0001662972-24-000166 dist_per_share · instant to 2024-12-30 · 0001662972-24-000175 dist_per_share · instant to 2025-01-30 · 0001662972-25-000011 dist_per_share · instant to 2025-02-27 · 0001662972-25-000018 dist_per_share · instant to 2025-03-28 · 0001662972-25-000040 dist_per_share · instant to 2025-04-29 · 0001662972-25-000057 dist_per_share · instant to 2025-05-29 · 0001662972-25-000078 dist_per_share · instant to 2025-06-27 · 0001193125-25-152835 dist_per_share · instant to 2025-07-30 · 0001662972-25-000102 dist_per_share · instant to 2025-08-28 · 0001662972-25-000146 dist_per_share · instant to 2025-09-29 · 0001662972-25-000158 dist_per_share · instant to 2025-10-30 · 0001662972-25-000177 dist_per_share · instant to 2025-11-26 · 0001662972-25-000195 dist_per_share · instant to 2025-12-30 · 0001662972-25-000204 dist_per_share · instant to 2026-01-29 · 0001662972-26-000018 dist_per_share · instant to 2026-02-26 · 0001662972-26-000029 dist_per_share · instant to 2026-03-30 · 0001662972-26-000048 dist_per_share · instant to 2026-04-29 · 0001662972-26-000059 dist_per_share · instant to 2026-05-28 · 0001662972-26-000074 dist_per_share · instant to 2026-06-29 · 0001193125-26-290492
2021-07-01 to 2026-06-30 trailing 5y	Class I	at NAV	+45.28%	computed from filed NAVs + distributions Calculation & filed sources existing total_return_series index[2026-06-30] / index[2021-06-30] - 1 = 45.282792888612%; distribution cadence and aggregate completeness checks passed Independent verification: Manager-published figure independently reproduced from filed NAVs and distributions within 4.37 bps. nav_per_share · instant to 2021-06-30 · 0001564590-21-036759 nav_per_share · instant to 2021-07-31 · 0001662972-21-000010 nav_per_share · instant to 2021-08-31 · 0001662972-21-000019 nav_per_share · instant to 2021-09-30 · 0001662972-21-000025 nav_per_share · instant to 2021-10-31 · 0001662972-21-000042 nav_per_share · instant to 2021-11-30 · 0001662972-21-000049 nav_per_share · instant to 2021-12-31 · 0001662972-22-000004 nav_per_share · instant to 2022-01-31 · 0001662972-22-000016 nav_per_share · instant to 2022-02-28 · 0001662972-22-000033 nav_per_share · instant to 2022-03-31 · 0001662972-22-000041 nav_per_share · instant to 2022-04-30 · 0001662972-22-000063 nav_per_share · instant to 2022-05-31 · 0001662972-22-000076 nav_per_share · instant to 2022-06-30 · 0001662972-22-000088 nav_per_share · instant to 2022-07-31 · 0001662972-22-000108 nav_per_share · instant to 2022-08-31 · 0001662972-22-000115 nav_per_share · instant to 2022-09-30 · 0001662972-22-000127 nav_per_share · instant to 2022-10-31 · 0001662972-22-000138 nav_per_share · instant to 2022-11-30 · 0001662972-22-000143 nav_per_share · instant to 2022-12-31 · 0001662972-23-000005 nav_per_share · instant to 2023-01-31 · 0001662972-23-000016 nav_per_share · instant to 2023-02-28 · 0001662972-23-000034 nav_per_share · instant to 2023-03-31 · 0001193125-23-106752 nav_per_share · instant to 2023-04-30 · 0001662972-23-000058 nav_per_share · instant to 2023-05-31 · 0001662972-23-000068 nav_per_share · instant to 2023-06-30 · 0001662972-23-000084 nav_per_share · instant to 2023-07-31 · 0001662972-23-000098 nav_per_share · instant to 2023-08-31 · 0001662972-23-000104 nav_per_share · instant to 2023-09-30 · 0001662972-23-000114 nav_per_share · instant to 2023-10-31 · 0001662972-23-000123 nav_per_share · instant to 2023-11-30 · 0001662972-23-000133 nav_per_share · instant to 2023-12-31 · 0001662972-24-000003 nav_per_share · instant to 2024-01-31 · 0001662972-24-000015 nav_per_share · instant to 2024-02-29 · 0001662972-24-000026 nav_per_share · instant to 2024-03-31 · 0001662972-24-000044 nav_per_share · instant to 2024-04-30 · 0001662972-24-000065 nav_per_share · instant to 2024-05-31 · 0001662972-24-000077 nav_per_share · instant to 2024-06-30 · 0001662972-24-000087 nav_per_share · instant to 2024-07-31 · 0001662972-24-000121 nav_per_share · instant to 2024-08-31 · 0001662972-24-000132 nav_per_share · instant to 2024-09-30 · 0001662972-24-000142 nav_per_share · instant to 2024-10-31 · 0001662972-24-000161 nav_per_share · instant to 2024-11-30 · 0001662972-24-000170 nav_per_share · instant to 2024-12-31 · 0001662972-25-000005 nav_per_share · instant to 2025-01-31 · 0001662972-25-000014 nav_per_share · instant to 2025-02-28 · 0001662972-25-000033 nav_per_share · instant to 2025-03-31 · 0001628280-25-018417 nav_per_share · instant to 2025-04-30 · 0001662972-25-000070 nav_per_share · instant to 2025-05-31 · 0001662972-25-000086 nav_per_share · instant to 2025-06-30 · 0001662972-25-000097 nav_per_share · instant to 2025-07-31 · 0001662972-25-000112 nav_per_share · instant to 2025-08-31 · 0001662972-25-000154 nav_per_share · instant to 2025-09-30 · 0001662972-25-000172 nav_per_share · instant to 2025-10-31 · 0001662972-25-000187 nav_per_share · instant to 2025-11-30 · 0001662972-25-000199 nav_per_share · instant to 2025-12-31 · 0001662972-26-000006 nav_per_share · instant to 2026-01-31 · 0001662972-26-000021 nav_per_share · instant to 2026-02-28 · 0001662972-26-000039 nav_per_share · instant to 2026-03-31 · 0001662972-26-000055 nav_per_share · instant to 2026-04-30 · 0001662972-26-000072 nav_per_share · instant to 2026-05-31 · 0001662972-26-000078 nav_per_share · instant to 2026-06-30 · 0001662972-26-000094 dist_per_share · instant to 2021-07-29 · 0001564590-21-039530 dist_per_share · instant to 2021-08-30 · 0001662972-21-000017 dist_per_share · instant to 2021-09-29 · 0001662972-21-000023 dist_per_share · instant to 2021-10-28 · 0001662972-21-000032 dist_per_share · instant to 2021-11-29 · 0001662972-21-000046 dist_per_share · instant to 2021-12-30 · 0001662972-22-000001 dist_per_share · instant to 2022-01-28 · 0001662972-22-000013 dist_per_share · instant to 2022-02-25 · 0001662972-22-000021 dist_per_share · instant to 2022-03-30 · 0001662972-22-000037 dist_per_share · instant to 2022-04-28 · 0001662972-22-000046 dist_per_share · instant to 2022-05-27 · 0001662972-22-000070 dist_per_share · instant to 2022-06-29 · 0001662972-22-000081 dist_per_share · instant to 2022-07-28 · 0001662972-22-000093 dist_per_share · instant to 2022-08-30 · 0001662972-22-000110 dist_per_share · instant to 2022-09-29 · 0001662972-22-000119 dist_per_share · instant to 2022-10-28 · 0001662972-22-000131 dist_per_share · instant to 2022-11-29 · 0001662972-22-000140 dist_per_share · instant to 2022-12-29 · 0001662972-22-000145 dist_per_share · instant to 2023-01-30 · 0001662972-23-000011 dist_per_share · instant to 2023-02-27 · 0001662972-23-000023 dist_per_share · instant to 2023-03-30 · 0001662972-23-000039 dist_per_share · instant to 2023-04-27 · 0001662972-23-000047 dist_per_share · instant to 2023-05-30 · 0001662972-23-000064 dist_per_share · instant to 2023-06-29 · 0001662972-23-000075 dist_per_share · instant to 2023-07-28 · 0001662972-23-000087 dist_per_share · instant to 2023-08-30 · 0001662972-23-000101 dist_per_share · instant to 2023-09-28 · 0001662972-23-000108 dist_per_share · instant to 2023-10-30 · 0001662972-23-000116 dist_per_share · instant to 2023-11-29 · 0001662972-23-000125 dist_per_share · instant to 2023-12-28 · 0001662972-23-000137 dist_per_share · instant to 2024-01-30 · 0001662972-24-000010 dist_per_share · instant to 2024-02-28 · 0001662972-24-000020 dist_per_share · instant to 2024-03-27 · 0001662972-24-000034 dist_per_share · instant to 2024-04-29 · 0001662972-24-000057 dist_per_share · instant to 2024-05-30 · 0001662972-24-000070 dist_per_share · instant to 2024-06-27 · 0001662972-24-000081 dist_per_share · instant to 2024-07-30 · 0001662972-24-000091 dist_per_share · instant to 2024-08-29 · 0001662972-24-000125 dist_per_share · instant to 2024-09-27 · 0001662972-24-000136 dist_per_share · instant to 2024-10-30 · 0001662972-24-000148 dist_per_share · instant to 2024-11-27 · 0001662972-24-000166 dist_per_share · instant to 2024-12-30 · 0001662972-24-000175 dist_per_share · instant to 2025-01-30 · 0001662972-25-000011 dist_per_share · instant to 2025-02-27 · 0001662972-25-000018 dist_per_share · instant to 2025-03-28 · 0001662972-25-000040 dist_per_share · instant to 2025-04-29 · 0001662972-25-000057 dist_per_share · instant to 2025-05-29 · 0001662972-25-000078 dist_per_share · instant to 2025-06-27 · 0001193125-25-152835 dist_per_share · instant to 2025-07-30 · 0001662972-25-000102 dist_per_share · instant to 2025-08-28 · 0001662972-25-000146 dist_per_share · instant to 2025-09-29 · 0001662972-25-000158 dist_per_share · instant to 2025-10-30 · 0001662972-25-000177 dist_per_share · instant to 2025-11-26 · 0001662972-25-000195 dist_per_share · instant to 2025-12-30 · 0001662972-25-000204 dist_per_share · instant to 2026-01-29 · 0001662972-26-000018 dist_per_share · instant to 2026-02-26 · 0001662972-26-000029 dist_per_share · instant to 2026-03-30 · 0001662972-26-000048 dist_per_share · instant to 2026-04-29 · 0001662972-26-000059 dist_per_share · instant to 2026-05-28 · 0001662972-26-000074 dist_per_share · instant to 2026-06-29 · 0001193125-26-290492
2025-06-01 to 2026-05-31 trailing 12m	Class I	at NAV	+9.59%	chained from SEC-filed monthly returns Calculation & filed sources compound (1 + 0.400000000000/100) × (1 + 0.500000000000/100) × (1 + 0.500000000000/100) × (1 + 0.700000000000/100) × (1 + 0.800000000000/100) × (1 + 1.100000000000/100) × (1 + 1.200000000000/100) × (1 + 0.900000000000/100) × (1 + 0.600000000000/100) × (1 + 0.500000000000/100) × (1 + 1.100000000000/100) × (1 + 0.900000000000/100) - 1 = 9.593560753493% filed return · 2025-06-01 to 2025-06-30 · 0001662972-25-000097 filed return · 2025-07-01 to 2025-07-31 · 0001662972-25-000112 filed return · 2025-08-01 to 2025-08-31 · 0001662972-25-000154 filed return · 2025-09-01 to 2025-09-30 · 0001662972-25-000172 filed return · 2025-10-01 to 2025-10-31 · 0001662972-25-000187 filed return · 2025-11-01 to 2025-11-30 · 0001662972-25-000199 filed return · 2025-12-01 to 2025-12-31 · 0001662972-26-000006 filed return · 2026-01-01 to 2026-01-31 · 0001662972-26-000021 filed return · 2026-02-01 to 2026-02-28 · 0001662972-26-000039 filed return · 2026-03-01 to 2026-03-31 · 0001662972-26-000055 filed return · 2026-04-01 to 2026-04-30 · 0001662972-26-000072 filed return · 2026-05-01 to 2026-05-31 · 0001662972-26-000078
2025-05-01 to 2026-04-30 trailing 12m	Class I	at NAV	+9.16%	chained from SEC-filed monthly returns Calculation & filed sources compound (1 + 0.500000000000/100) × (1 + 0.400000000000/100) × (1 + 0.500000000000/100) × (1 + 0.500000000000/100) × (1 + 0.700000000000/100) × (1 + 0.800000000000/100) × (1 + 1.100000000000/100) × (1 + 1.200000000000/100) × (1 + 0.900000000000/100) × (1 + 0.600000000000/100) × (1 + 0.500000000000/100) × (1 + 1.100000000000/100) - 1 = 9.159096687077% filed return · 2025-05-01 to 2025-05-31 · 0001662972-25-000086 filed return · 2025-06-01 to 2025-06-30 · 0001662972-25-000097 filed return · 2025-07-01 to 2025-07-31 · 0001662972-25-000112 filed return · 2025-08-01 to 2025-08-31 · 0001662972-25-000154 filed return · 2025-09-01 to 2025-09-30 · 0001662972-25-000172 filed return · 2025-10-01 to 2025-10-31 · 0001662972-25-000187 filed return · 2025-11-01 to 2025-11-30 · 0001662972-25-000199 filed return · 2025-12-01 to 2025-12-31 · 0001662972-26-000006 filed return · 2026-01-01 to 2026-01-31 · 0001662972-26-000021 filed return · 2026-02-01 to 2026-02-28 · 0001662972-26-000039 filed return · 2026-03-01 to 2026-03-31 · 0001662972-26-000055 filed return · 2026-04-01 to 2026-04-30 · 0001662972-26-000072

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Manager-reported performance

Manager-reported; not from SEC filings. These exact-window values appear only where no SEC-filed or SEC-derived observation covers the same fund, canonical class, and window.

Window	Class	Return	Manager source
Jun 1–Jun 30, 2026	Class I	+1.08%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
May 1–May 31, 2026	Class I	+0.89%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Apr 1–Apr 30, 2026	Class I	+1.08%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Mar 1–Mar 31, 2026	Class I	+0.51%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Feb 1–Feb 28, 2026	Class I	+0.58%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Jan 1–Jan 31, 2026	Class I	+0.92%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Dec 1–Dec 31, 2025	Class I	+1.24%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Nov 1–Nov 30, 2025	Class I	+1.06%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Oct 1–Oct 31, 2025	Class I	+0.82%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Sep 1–Sep 30, 2025	Class I	+0.66%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Aug 1–Aug 31, 2025	Class I	+0.48%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Jul 1–Jul 31, 2025	Class I	+0.50%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Jun 1–Jun 30, 2025	Class I	+0.44%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
May 1–May 31, 2025	Class I	+0.54%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Apr 1–Apr 30, 2025	Class I	+0.19%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Mar 1–Mar 31, 2025	Class I	+0.51%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Feb 1–Feb 28, 2025	Class I	+0.58%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Jan 1–Jan 31, 2025	Class I	+0.77%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Dec 1–Dec 31, 2024	Class I	-1.09%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Nov 1–Nov 30, 2024	Class I	+0.01%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Oct 1–Oct 31, 2024	Class I	+0.64%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Sep 1–Sep 30, 2024	Class I	+0.13%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Aug 1–Aug 31, 2024	Class I	+0.11%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt
Jul 1–Jul 31, 2024	Class I	-0.19%	Blackstone source Citation and archived evidence Retrieved 2026-08-01T18:49:25.885188+00:00 Archived-content SHA-256: `0ecd28fdb10dc40071ea29ecf2bc02cba68c1dba38cbe8bd4980f33fa3ca99c6` View evidence excerpt

Monthly performance eligibility

Canonical class: Class I · basis: manager-stated monthly total return · qualifying history: 114 months through 2026-06-30.

1y: eligible; 3y: eligible; 5y: eligible Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

Coverage basis note

The comparative FFO series is a consolidated-GAAP proxy built from the fund's own XBRL (net income plus real-estate depreciation and amortization, less gains on real-estate sales). It can differ from sponsor-reported FFO because sponsor reconciliations may include additional adjustments.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 2% of net assets/month; 5% of net assets/quarter. Rationed in 15 of 44 disclosed periods; last gated Jan 2024.

Requested redemptions versus cap

Period	Requested	Filled	Cap used	Status
2026-03-31	Pending	100%	Pending	filled
2026-02-28	Pending	100%	Pending	filled
2026-01-31 quarter	Pending	100%	Pending	filled
2025-09-30	Pending	100%	Pending	filled
2025-08-31	Pending	100%	Pending	filled
2025-07-31	Pending	100%	Pending	filled
2025-06-30	Pending	100%	Pending	filled
2025-05-31	Pending	100%	Pending	filled
2025-04-30	Pending	100%	Pending	filled
2025-03-31	Pending	100%	Pending	filled
2025-02-28	Pending	100%	Pending	filled
2025-01-31 quarter	Pending	100%	Pending	filled
2024-09-30	3.3% of shares source Quarterly report (Form 10-Q) · filed 2024-11-08 · period 2024-09-30 explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100; numerator 0001662972-24-000155; denominator 0001662972-24-000155 “Full-fill identity: The Company fulfilled all repurchase requests for the three months ended September 30, 2024. \| Repurchased quantity: July 2024 49,013,432 $ 14.08 49,013,432 1.3 % — \| August 2024 39,023,786 $ 14.00 39,023,786 1.1 % — \| September 2024 33,673,260 $ 13.96 33,673,260 0.9 % —” Why this source Both constituents are filed for the same fund and pass the recorded date, scale, and basis assertions. Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator {"assertions":{"basis":"shares_outstanding","candidate_artifact_sha256":"89e62c05bb5a338d60af7156df2384304f6e55782dbae9b5edc4875fa308c61e","full_fill_statement":{"accession":"0001662972-24-000155","cap_inference":"none","locator":"https://www.sec.gov/Archives/edgar/data/1662972/000166297224000155/breit-20240930.htm","raw_snippet":"The Company fulfilled all repurchase requests for the three months ended September 30, 2024.","strict":true},"identity_yields_number_only":true,"no_under_cap_inference":true,"quantity_unit":"shares","same_date":true,"same_fund":true,"same_scale":true},"denominator":{"accession":"0001662972-24-000155","locator":"https://www.sec.gov/Archives/edgar/data/1662972/000166297224000155/breit-20240930.htm","name":"filed_shares_outstanding","period_end":"2024-09-30","raw_snippet":"{'end': '2024-09-30', 'val': 3721918000, 'accn': '0001662972-24-000155', 'fy': 2024, 'fp': 'Q3', 'form': '10-Q', 'filed': '2024-11-08', 'frame': 'CY2024Q3I', 'unit': 'shares'}","value":3721918000.0},"formula":"explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100","kind":"derived_redemption_demand","metric":"redemptions_requested_pct","numerator":{"accession":"0001662972-24-000155","locator":"https://www.sec.gov/Archives/edgar/data/1662972/000166297224000155/breit-20240930.htm","name":"explicit_full_fill_repurchased_shares","period_end":"2024-09-30","raw_snippet":"July 2024 49,013,432 $ 14.08 49,013,432 1.3 % — \| August 2024 39,023,786 $ 14.00 39,023,786 1.1 % — \| September 2024 33,673,260 $ 13.96 33,673,260 0.9 % —","value":121710478}} shares formula Numerator: 121,710,478.00 as of 2024-09-30; SEC source 0001662972-24-000155 Denominator: 3,721,918,000.00 as of 2024-09-30; SEC source 0001662972-24-000155	100%	Pending	filled
2024-08-31	Pending	100%	Pending	filled
2024-07-31	Pending	100%	Pending	filled
2024-06-30	Pending	100%	Pending	filled
2024-05-31 quarter	Pending	100%	Pending	filled
2024-03-31	Pending	100%	Pending	filled
2024-02-29	Pending	100%	Pending	filled
2024-01-31	Pending	88%	100%	rationed
2023-12-31	Pending	53%	100%	rationed
2023-11-30	Pending	67%	100%	rationed
2023-10-31	Pending	56%	100%	rationed
2023-09-30	Pending	29%	100%	rationed
2023-08-31	Pending	43%	100%	rationed
2023-07-31	Pending	34%	100%	rationed
2023-06-30	Pending	17%	100%	rationed
2023-05-31	Pending	30%	100%	rationed
2023-04-30	Pending	29%	100%	rationed
2023-03-31	Pending	15%	100%	rationed
2023-02-28	Pending	35%	100%	rationed
2023-01-31	Pending	25%	100%	rationed
2022-12-31	Pending	4%	100%	rationed
2022-11-30 quarter	Pending	43%	100%	rationed
2022-09-30	Pending	100%	Pending	filled
2022-08-31	Pending	100%	Pending	filled
2022-07-31	Pending	100%	Pending	filled
2022-06-30	Pending	100%	Pending	filled
2022-05-31	Pending	100%	Pending	filled
2022-04-30	Pending	100%	Pending	filled
2022-03-31	Pending	100%	Pending	filled
2022-02-28	Pending	100%	Pending	filled
2022-01-31	Pending	100%	Pending	filled
2021-12-31	Pending	100%	Pending	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

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.

Not attributed 100.0%

Share of total net assets ($18,324,273,000) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class I	Pending	Pending	Pending	Pending	Pending

Management fee: 1.25% of nav by share class per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001662972-26-000072.

Filed fee conditions

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.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I	1.25%	12.5% of total return, 5% hurdle + high-water mark; 10% of total return, 5% hurdle + high-water mark * Performance Participation Allocation: 12.50% of annual total return after recouping any loss carryforward amount (Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2 and Class C units); 5.0% annual hurdle plus loss carryforward; catch-up applies until the 12.5%/87.5% allocation is reached. SEC source 0001662972-26-000072 Performance Participation Allocation: 10.00% of annual total return after recouping any loss carryforward amount (Class L and Class L-2 units); 5.0% annual hurdle plus loss carryforward; catch-up applies until the 10%/90% allocation is reached. SEC source 0001662972-26-000072	Pending	Pending	Pending	Pending

Fee component	Rate	Basis / class	Condition
Performance · Performance Participation Allocation	12.50%	annual total return after recouping any loss carryforward amount Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2 and Class C units	5.0% annual hurdle plus loss carryforward; catch-up applies until the 12.5%/87.5% allocation is reached.^*
Performance · Performance Participation Allocation	10.00%	annual total return after recouping any loss carryforward amount Class L and Class L-2 units	5.0% annual hurdle plus loss carryforward; catch-up applies until the 10%/90% allocation is reached.^*

SEC source 0001662972-26-000072 · SEC source 0001662972-26-000072

^* Catch-up applies; detailed mechanics remain in the cited filing.

07 / Sources

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	Pending
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	Pending
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	Pending

Recent filings

Filed	Form	Accession
2026-07-31	8-K	0001662972-26-000098
2026-07-24	8-K	0001193125-26-315159
2026-07-23	8-K	0001662972-26-000096
2026-07-23	424B3	0001662972-26-000094
2026-07-20	8-K	0001662972-26-000087
2026-07-06	8-K	0001662972-26-000085
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