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Blackstone Real Estate Income Trust (BREIT)
Key Statistics
Fund Size
$57,400M
Target Return
N/A
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.
Deepdive & Related Funds
Blackstone ECRED
Blackstone European Private Credit Fund (ECRED) is Blackstone’s evergreen European direct-lending vehicle: a Luxembourg SICAV launched in October 2022 that originates floating-rate, first-lien senior secured and unitranche loans to upper-mid-market European companies. €2.5 billion across 243 investments as of February 2026, 8.7% annualized net return since inception (A-A EUR), monthly subscriptions and gated monthly redemptions from €25,000.
Blackstone Private Credit Fund (BCRED)
Blackstone Private Credit Fund (BCRED) is the largest non-traded BDC in existence today. The perpetual-life US direct lending vehicle has an aggregate net asset value of $43.0 billion and a $77 billion portfolio that is 91% first lien senior secured, with 99.8% of performing debt floating rate. Subscriptions are accepted monthly at NAV, quarterly share repurchases are capped at 5% of shares outstanding, and the fund charges a 1.25% management fee plus a 12.5% incentive fee above a 5% hurdle.
Other Blackstone Funds
Blackstone Private Equity Strategies (BXPE)
Blackstone Private Equity Strategies (BXPE) functions as an evergreen private equity fund which lets qualified investors join Blackstone's worldwide buyout operations through a semi-liquid investment vehicle. The fund operates under Blackstone Inc. management which operates as the world's largest alternative asset manager to provide private equity access to institutional investors through BXPE.
Blackstone Secured Lending Fund (BXSL)
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This fund profile is verified and managed by Blackstone on Fundscouter