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Blackstone Real Estate Income Trust (BREIT)
Key Statistics
Fund Size
$57,400M
Annualized Return
9.4%
Launch Year
2017
Min. Investment
€2,500
Availability
Open through selected distributors
Structure
Non-Traded REIT
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% performance participation over 5% hurdle
Hurdle Rate
5%
High Water Mark
Yes
Catch-Up Mechanism
100% catch-up
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Monthly repurchases up to 2% of NAV
Highlights
US Fund Metrics
NAV per Share
$14.65
Distribution Frequency
Monthly
Redemption Notice
Requests due by second-to-last business day of the month
Tax Form
1099-DIV
Liquidity Terms
Monthly repurchases at the prior month's NAV under the share repurchase plan; requests due by the second-to-last business day of the month. Shares held under one year are repurchased at 98% of the transaction price. Aggregate repurchases are limited to 2% of NAV per month and 5% of NAV per calendar quarter, and the board may repurchase fewer shares or suspend the plan. Requests exceeded these caps from November 2022 to January 2024 and were prorated; all requests have been met in full since February 2024.
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class I — Performance from 2017-01-01 to 2026-07-31
NAV: 14.65
Performance Comparison
MTD
1.2%
Year to Date
6.5%
1-Year Return
11.1%
3-Year Return
4.4%
Annualized Since Inception
9.4%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 6.46% |
| 2025 | 8.08% |
| 2024 | 1.95% |
| 2023 | -0.50% |
| 2022 | 8.44% |
| 2021 | 30.19% |
| 2020 | 6.92% |
| 2019 | 12.22% |
| 2018 | 8.33% |
| 2017 | 10.66% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $14.25 | $14.53 | — | — |
| 2025 | $13.81 | $13.80 | $13.86 | $14.13 |
| 2024 | $14.19 | $14.10 | $13.94 | $13.71 |
Class S (legacy) — Performance from 2017-01-01 to 2026-06-30
NAV: 14.51
Performance Comparison
Year to Date
4.7%
1-Year Return
9.3%
3-Year Return
3.5%
Annualized Since Inception
8.4%
Class T (legacy) — Performance from 2017-01-01 to 2026-06-30
NAV: 14.26
Performance Comparison
Year to Date
4.7%
1-Year Return
9.3%
3-Year Return
3.5%
Annualized Since Inception
8.6%
Class D (legacy) — Performance from 2017-01-01 to 2026-06-30
NAV: 14.15
Performance Comparison
Year to Date
5.0%
1-Year Return
10.0%
3-Year Return
4.1%
Annualized Since Inception
9.1%
Class S-2 — Performance from 2025-09-01 to 2026-06-30
NAV: 14.51
Performance Comparison
Year to Date
5.2%
Class T-2 — Performance from 2025-09-01 to 2026-06-30
NAV: 14.26
Performance Comparison
Year to Date
4.9%
Class D-2 — Performance from 2025-09-01 to 2026-06-30
NAV: 14.15
Performance Comparison
Year to Date
5.7%
Information about fund
BREIT at a Glance
Blackstone Real Estate Income Trust (BREIT) is a non-listed, perpetual-life REIT sponsored by the Real Estate Group of Blackstone Inc. and advised by BX REIT Advisors L.L.C. Launched with a Class I inception date of January 1, 2017, it has grown into the largest non-traded REIT, investing in stabilized, income-generating commercial real estate in the United States.
Key Figures (31 July 2026)
Net Asset Value
$57.4B
Total asset value ~$104B
Properties
4,531
94% occupancy
Since-Inception Return
9.4%
Class I annualized since Jan 2017
Distribution Rate
4.6%
Class I annualized, paid monthly since inception
Leverage
44%
83% fixed-rate financing (30 June 2026)
Fees
1.25% + 12.5%
Management + performance over 5% hurdle, with HWM
Portfolio (31 July 2026)
| Rental Housing | 40% of real estate asset value |
| Data Centers | 29% |
| Industrial | 20% |
| Net Lease / Hospitality / Office / Retail | 5% / 2% / 2% / 2% |
| Geography | ~65% of properties in Sunbelt markets |
Terms & Liquidity
| Share Classes | S-2, T-2, D-2 (min $2,500) and I (min $1,000,000); legacy S, T, D closed to new purchases |
| Subscriptions | Monthly at the prior month’s NAV |
| Repurchases | Monthly, capped at 2% of NAV per month and 5% per quarter; 98% of price if held under one year |
| Eligibility | $250,000 net worth, or $70,000 income + $70,000 net worth (stricter in some states) |
| Tax | Maryland REIT, Form 1099-DIV; 100% of 2025 distributions were return of capital |
The repurchase limits have bound in practice: from November 2022 through January 2024 redemption requests exceeded the caps and were fulfilled pro rata — about 43% of requests were met in November 2022 — before requests normalized and were fully met from February 2024 onward. The second quarter of 2026 was BREIT’s first quarter of positive net flows in roughly four years. Non-US investors are generally served through separate access funds created to hold BREIT shares rather than through the US offering.
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