Blackstone Real Estate Income Trust, Inc. (BSTT)

Quarterly Report Filed: 2026-05-08

Key Insights

The filing shows BSTT is a diversified real estate investment trust with exposure across multiple property segments including Rental, Hospitality, and Real Estate Other categories, with multiple share classes (I, S, S2, D, D2, T, T2, C, L, L2, F) indicating complex distribution structures for different investor types.
The trust utilizes sophisticated valuation methodologies including yield method for real estate debt and discounted cash flow techniques for unconsolidated entities, with Level 3 fair value measurements indicating significant reliance on management judgments and unobservable inputs.
BSTT maintains exposure to real estate debt investments and unconsolidated entities alongside consolidated properties, suggesting a blended investment strategy that combines income generation from direct property ownership with yield from debt instruments and equity method investments.
The filing indicates the trust had active offering programs during Q1 2026 including Follow-On Offerings, IPO, and Distribution Reinvestment Plan activities, suggesting ongoing capital raising efforts to fund acquisitions and manage the portfolio.

Current Report Filed: 2026-05-05

Key Insights

The Company raised $32.6 million through a private offering of 2,275,592 Class S-2 shares at the March 31, 2026 NAV, indicating continued capital raising activity and investor demand for the fund.
Shares were sold exclusively to accredited investors under Regulation D exemptions, reflecting BSTT's structure as a non-traded REIT with restricted distribution channels and limited secondary market liquidity.
Upfront selling commissions of $195,547 (0.6% of aggregate consideration) were paid to broker-dealers, which is a standard practice for non-traded REITs but represents a cost borne by investors.
The use of Class S-2 shares with upfront commissions suggests a tiered share class structure designed to offer different investor options with varying fee arrangements.

Current Report Filed: 2026-04-30

Key Insights

BSTT declared a consistent gross distribution of $0.0551 per share across all share classes, indicating stable cash generation and maintained commitment to shareholders despite market conditions.
Net distributions vary significantly by share class due to different stockholder servicing fees (ranging from $0.00 to $0.01 per share), with Class I and Class L receiving the full $0.0551 while classes with fees retain $0.0451-$0.0522, reflecting different investor cost structures.
The distribution reinvestment plan (DRIP) option remains available to shareholders, providing flexibility for investors to compound returns or receive cash distributions as of the May 20, 2026 payment date.
Class C shares continue to operate as an accumulating share class with no current distribution, suggesting the company maintains different strategies for different investor segments within its portfolio.

Current Report Filed: 2026-04-23

Key Insights

Same property NOI grew approximately 3% year-over-year for Q1 2026, indicating stable operational performance despite a significant net loss of $375.8 million, which was primarily driven by non-cash charges including $131.8 million in real estate impairment.
The company reported substantial losses from unconsolidated entities ($41.1 million), suggesting challenges in equity-method investments and joint ventures that may warrant investor scrutiny regarding portfolio quality.
Large adjustments in impairment charges and derivative losses indicate significant portfolio valuation pressures and interest rate exposure that continue to impact reported results, though core property operations remain resilient.

Current Report Filed: 2026-04-07

Key Insights

Blackstone Real Estate Income Trust, Inc. (BSTT) sold unregistered shares of its common stock (Class S-2) for aggregate consideration of approximately $63.2 million on April 1, 2026.
The purchase price was equal to the net asset value per Class S-2 share as of February 28, 2026, plus applicable upfront selling commissions, which were retained by or paid to participating broker-dealers.
The offer and sale of the shares were made as part of the company's continuous private offering to accredited investors and were exempt from the registration provisions of the Securities Act.

Insider Trading Filed: 2026-04-03

Key Insights

Insider Robert G. Harper IV, Head of Asset Management, acquired 772.667 shares of Blackstone Real Estate Income Trust, Inc. (BSTT) on April 1, 2026, increasing his direct beneficial ownership to 564,811.152 shares.
The purchase price of $14.2364 per share suggests confidence in the issuer's future performance and growth potential.
The transaction was made pursuant to a written plan, indicating a long-term investment strategy rather than a short-term speculative move.

Current Report Filed: 2026-03-31

Key Insights

Blackstone Real Estate Income Trust, Inc. (BREIT) declared regular monthly distributions for its various share classes, indicating the continued stability and consistency of the company's income stream.
The distribution amounts are unchanged from previous periods, suggesting that BREIT's underlying portfolio and operations remain solid.
The company maintains different share class structures with varying stockholder servicing fees, providing investors with options to choose the class that best suits their investment needs.

Current Report Filed: 2026-03-19

Key Insights

Blackstone Real Estate Income Trust, Inc. sold unregistered shares of its Class C common stock to a feeder vehicle primarily created to hold the Company's Class I and Class C common stock.
The offer and sale of the shares was exempt from registration under the Securities Act of 1933 by virtue of Section 4(a)(2) and Regulation S.
The Company issued a total of 1,240,458 shares of Class C common stock to the feeder vehicle on February 12, 2026 and March 13, 2026 for total consideration of $20,408,369.

Current Report Filed: 2026-03-06

Key Insights

Blackstone Real Estate Income Trust, Inc. (BSTT) sold unregistered shares of its common stock (Class S-2) for aggregate consideration of approximately $60.4 million on March 2, 2026.
The purchase price for the Class S-2 shares was equal to the net asset value per share as of January 31, 2026, plus applicable upfront selling commissions.
The offer and sale of the shares were made as part of the company's continuous private offering to accredited investors and were exempt from the registration requirements of the Securities Act.

Insider Trading Filed: 2026-03-03

Key Insights

The reporting person, Susan Carras, acquired 7,038.239 shares of Class I Common Stock of Blackstone Real Estate Income Trust, Inc. on March 2, 2026, increasing her direct ownership to 71,525.179 shares.
In addition, Carras holds an indirect beneficial ownership of 17,542.629 shares through a limited liability company.
This purchase of Class I Common Stock suggests that the reporting person has confidence in the company and believes in its long-term growth potential.

Annual Report Filed: 2026-02-27

Key Insights

Blackstone Real Estate Income Trust (BREIT) reported strong financial performance in 2025, with growth in revenue, net income, and investment property value.
BREIT continues to diversify its real estate portfolio, expanding into new property types like hospitality and residential rentals.
The company has increased its leverage and debt levels, which could expose it to greater risk in an economic downturn.

Current Report Filed: 2026-02-27

Key Insights

Blackstone Real Estate Income Trust, Inc. (BSTT) declared distributions for each class of its common stock, including net distributions ranging from $0.0451 to $0.0544 per share.
The distributions will be paid in cash or reinvested in the applicable class of shares for stockholders participating in the company's distribution reinvestment plan.
Class C currently has no distribution amount presented, as it is generally an accumulating share class where income accretes into the net asset value (NAV).

Current Report Filed: 2026-02-27

Key Insights

Blackstone Real Estate Income Trust, Inc. (BSTT) has appointed a new Chief Financial Officer and Treasurer, Paul Kolodziej, effective February 27, 2026, replacing Anthony Marone who will continue to serve as the Global Head of Real Estate Finance for Blackstone.
Paul Kolodziej has extensive experience with Blackstone Real Estate, having served as the Company's Deputy Chief Financial Officer, Chief Accounting Officer, and Controller over the past decade, providing continuity in the leadership team.
The transition in the CFO role is likely a routine change to strengthen the financial management of the Company and does not appear to signal any significant strategic shifts or issues.

Current Report Filed: 2026-02-05

Key Insights

Blackstone Real Estate Income Trust, Inc. sold unregistered shares of its Class S-2 common stock for approximately $8 million, indicating continued investor demand for the company's real estate investment offerings.
The shares were sold at the net asset value per share as of December 31, 2025, plus applicable upfront selling commissions, suggesting the company is pricing its shares appropriately for the current market.
The unregistered offering was limited to accredited investors, which may provide the company with more flexibility in managing its shareholder base and capital raising activities.

Current Report Filed: 2026-01-30

Key Insights

Blackstone Real Estate Income Trust, Inc. (BREIT) has declared regular monthly distributions for its various share classes, demonstrating stable and consistent cash flow for investors.
The distribution rates across the share classes are uniform, suggesting the company is managing its cash flows and capital allocation effectively.
The absence of a distribution for the Class C share class indicates it is an accumulating share class, where income accretes into the net asset value (NAV) rather than being paid out.

Current Report Filed: 2026-01-29

Key Insights

BREIT reported a 3% increase in same property net operating income (NOI) for the year ended December 31, 2025 compared to the prior year, indicating strong operating performance.
The company recorded significant adjustments to reconcile GAAP net loss to same property NOI, including large impairment charges and losses from unconsolidated entities and interest rate derivatives.
With the audit for 2025 still ongoing, there is a risk that the preliminary financial results could be materially adjusted, which could impact investor sentiment.

Insider Trading Filed: 2026-01-23

Key Insights

The reporting person, A.J. Agarwal, purchased a significant amount of 287,319.168 shares of Class I Common Stock of Blackstone Real Estate Income Trust, Inc. at $13.9218 per share, indicating insider confidence in the company.
The reporting person also owns an additional 171,827.172 shares indirectly through a trust, further demonstrating their commitment to the company.
The large insider purchase, representing a substantial increase in the reporting person's ownership stake, suggests a positive outlook on the company's future performance.

Current Report Filed: 2026-01-20

Key Insights

Blackstone Real Estate Income Trust, Inc. sold unregistered shares of its Class C common stock to a feeder vehicle primarily created to hold the company's Class I common stock and Class C common stock.
The sale of the shares was exempt from the registration provisions of the Securities Act of 1933 under Section 4(a)(2) and Regulation S.
The company sold 234,941 shares of Class C common stock to the feeder vehicle for a consideration of $3,812,371.

Current Report Filed: 2026-01-08

Key Insights

Blackstone Real Estate Income Trust, Inc. (BSTT) sold $12.3 million worth of unregistered Class S-2 shares on January 2, 2026, likely to raise additional capital for investments.
The shares were sold at the net asset value per Class S-2 share as of November 30, 2025, plus applicable upfront selling commissions, indicating ongoing investor demand for the company's private real estate offerings.
The sale of unregistered shares is part of the company's continuous private offering to accredited investors, which allows it to raise funds outside of the public markets.

Current Report Filed: 2025-12-31

Key Insights

Blackstone Real Estate Income Trust (BSTT) has declared its December 2025 distributions, maintaining the same gross distribution amounts across all share classes.
The net distributions (gross distribution less stockholder servicing fees) vary by share class, with Class I common stock receiving the highest net distribution of $0.0553 per share.
Class C common stock currently has no distribution amount presented, as it is an accumulating share class where income accretes into the net asset value (NAV).

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Important Information