BSTT on OTC
Blackstone Real Estate Income Trust, Inc.
American real estate investment trust based in New York, active since 20152
In its 2026 annual report the company says: “We also invest to a lesser extent in real estate debt investments. Our objective is to bring Blackstone’s leading institutional quality real estate investment platform to income focused investors. We are externally managed by the Adviser, a subsidiary of Blackstone Inc.”8 Its shares trade on OTC under the symbol BSTT.2
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Last updated Oct 21, 2026.
Overview
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- TickerBSTT on OTC2
- IndustryReal Estate Investment Trusts2
- HeadquartersBaltimore, United States2
- Incorporated inMD4
- Business address345 Park Avenue, New York, Ny 101544
- Filer categoryNon-accelerated filer4
- Legal formCorporation2
- Kind of organizationReal estate investment trust2
- LEI549300EH0EOHB5JIRB052
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D168805022
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References herein to “Blackstone Real Estate Income Trust,” the “Company,” “BREIT,” “we,” “us,” or “our” refer to Blackstone Real Estate Income Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.8 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
50.7%Operating margin3
-41.2%Net margin3
-6.7%Revenue growth, 20253
-17.0%Return on equity3
2.87×Debt to equity3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Rental brought in 47% of the revenue Blackstone Real Estate Income Trust, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Rental | $7.8B | $7.6B | $7.1B |
| Rental Property | $7.8B | $7.6B | $7.1B |
| Hospitality | $694.5M | $546.4M | $514.1M |
| Real Estate, Other | $423.7M | $380.5M | $373.4M |
Business segments
Rental Housing Property brought in 63% of the revenue Blackstone Real Estate Income Trust, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Rental Housing Property | $5.5B | $5.4B | $5.0B |
| Industrial | $1.4B | $1.4B | $1.3B |
| Net Lease | $601.5M | $601.5M | $602.6M |
| Hospitality | $702.2M | $546.8M | $515.4M |
| Retail | $238.3M | $221.8M | $207.2M |
| Office | $194.9M | $178.3M | $181.1M |
| Self Storage | $189.5M | $77.1M | $76.7M |
| Data Center | $51.4M | $52.9M | $56.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue46¢$3.7B
- Other costs54¢$4.3B
- Income tax0¢$1.2M
Out of $8.0B in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid16¢$1.1B
- Share buybacks84¢$6.1B
Out of $2.3B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $8.0B | $8.5B | $8.9B |
| Operating expenses | $3.7B | $4.1B | $4.1B |
| General and administrative | $69.5M | $64.5M | $69.2M |
| Management fee | $671.0M | $713.6M | $839.2M |
| Performance participation allocation | $592.9M | $0 | $0 |
| Impairment of investments in real estate | $630.4M | $382.2M | $236.1M |
| Depreciation and amortization | $3.2B | $3.6B | $3.8B |
| Total expenses | $8.9B | $8.8B | $9.1B |
| BREIT (loss) income from unconsolidated entities | -$868.7M | -$82.6M | $119.9M |
| Income from investments in real estate debt | $525.5M | $744.9M | $798.2M |
| Change in net assets of consolidated securitization vehicles | $107.5M | $201.6M | $191.7M |
| Loss from interest rate derivatives | -$872.7M | -$208.2M | -$755.5M |
| Net gain on dispositions of real estate | $1.6B | $2.1B | $1.9B |
| Interest expense, net | -$3.1B | -$3.3B | -$3.1B |
| Loss on extinguishment of debt | -$76.8M | -$107.7M | -$40.3M |
| Other expense | -$83.7M | -$63.4M | -$3.3M |
| Total other income (expense) | -$2.7B | -$721.0M | -$827.0M |
| Net loss | -$3.6B | -$979.8M | -$980.0M |
| Net loss attributable to non-controlling interests attributable to consolidated subsidiaries | $100.6M | $33.6M | $248.0M |
| Net loss attributable to non-controlling interests in BREIT OP | $262.9M | $55.6M | $40.1M |
| Net loss attributable to BREIT stockholders | -$3.3B | -$890.5M | -$691.8M |
| Net loss per share of common stock basic (in dollars per share) | -$0.92 | -$0.23 | -$0.16 |
| Net loss per share of common stock diluted (in dollars per share) | -$0.92 | -$0.23 | -$0.16 |
| Weighted-average shares of common stock outstanding, basic (in shares) | 3.6B shares | 3.8B shares | 4.4B shares |
| Weighted-average shares of common stock outstanding, diluted (in shares) | 3.6B shares | 3.8B shares | 4.4B shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Investments in real estate, net | $73.9B | $81.5B | ||
| Investments in unconsolidated entities (includes $3,843,300 and $3,861,077 at fair value as of December 31, 2025 and 2024, respectively) | $6.1B | $6.9B | ||
| Investments in real estate debt | $4.1B | $5.3B | ||
| Real estate loans held by consolidated securitization vehicles, at fair value | $7.0B | $13.6B | ||
| Cash and cash equivalents | $1.6B | $1.9B | $1.9B | |
| Restricted cash | $740.0M | $843.8M | $749.8M | |
| Other assets | $5.1B | $6.2B | ||
| Total assets | $98.6B | $116.2B | ||
| Mortgage loans, secured term loans, and secured revolving credit facilities, net | $55.5B | $58.5B | ||
| Secured financings of investments in real estate debt | $2.9B | $3.6B | ||
| Senior obligations of consolidated securitization vehicles, at fair value | $6.3B | $12.2B | ||
| Unsecured revolving credit facilities and term loans | $2.5B | $2.5B | ||
| Total liabilities | $71.9B | $81.4B | ||
| Commitments and contingencies | $0 | $0 | ||
| Redeemable non-controlling interests | $141.1M | $173.7M | ||
| Common stock, $0.01 par value per share | $35.2M | $36.9M | ||
| Additional paid-in capital | $40.3B | $42.8B | ||
| Accumulated other comprehensive income | $307.9M | $383.3M | ||
| Accumulated deficit and cumulative distributions | -$21.3B | -$15.8B | ||
| Total stockholders equity | $19.3B | $27.4B | ||
| Non-controlling interests attributable to consolidated subsidiaries | $3.7B | $4.4B | ||
| Non-controlling interests attributable to BREIT OP | $3.5B | $3.0B | ||
| Total equity | $26.5B | $34.7B | $43.6B | $50.2B |
| Total liabilities and equity | $98.6B | $116.2B | ||
| Investments in unconsolidated entities | $3.8B | $3.9B | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Investments in real estate, net | $73.9B | $81.5B | ||
| Investments in unconsolidated entities (includes $3,843,300 and $3,861,077 at fair value as of December 31, 2025 and 2024, respectively) | $6.1B | $6.9B | ||
| Investments in real estate debt | $4.1B | $5.3B | ||
| Real estate loans held by consolidated securitization vehicles, at fair value | $7.0B | $13.6B | ||
| Cash and cash equivalents | $1.6B | $1.9B | $1.9B | |
| Restricted cash | $740.0M | $843.8M | $749.8M | |
| Other assets | $5.1B | $6.2B | ||
| Total assets | $98.6B | $116.2B | ||
| Mortgage loans, secured term loans, and secured revolving credit facilities, net | $55.5B | $58.5B | ||
| Secured financings of investments in real estate debt | $2.9B | $3.6B | ||
| Senior obligations of consolidated securitization vehicles, at fair value | $6.3B | $12.2B | ||
| Unsecured revolving credit facilities and term loans | $2.5B | $2.5B | ||
| Total liabilities | $71.9B | $81.4B | ||
| Commitments and contingencies | $0 | $0 | ||
| Redeemable non-controlling interests | $141.1M | $173.7M | ||
| Common stock, $0.01 par value per share | $35.2M | $36.9M | ||
| Additional paid-in capital | $40.3B | $42.8B | ||
| Accumulated other comprehensive income | $307.9M | $383.3M | ||
| Accumulated deficit and cumulative distributions | -$21.3B | -$15.8B | ||
| Total stockholders equity | $19.3B | $27.4B | ||
| Non-controlling interests attributable to consolidated subsidiaries | $3.7B | $4.4B | ||
| Non-controlling interests attributable to BREIT OP | $3.5B | $3.0B | ||
| Total equity | $26.5B | $34.7B | $43.6B | $50.2B |
| Total liabilities and equity | $98.6B | $116.2B | ||
| Investments in unconsolidated entities | $3.8B | $3.9B | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$3.6B | -$979.8M | -$980.0M |
| Management fee | $671.0M | $713.6M | $839.2M |
| Performance participation allocation | $592.9M | $0 | $0 |
| Impairment of investments in real estate | $630.4M | $382.2M | $236.1M |
| Depreciation and amortization | $3.2B | $3.6B | $3.8B |
| Net gain on dispositions of real estate | -$1.6B | -$2.1B | -$1.9B |
| Loss on extinguishment of debt | $76.8M | $107.7M | $40.3M |
| Unrealized loss on fair value of financial instruments | $781.0M | $52.1M | $770.7M |
| Realized gain on real estate-related equity securities | $0 | -$131.2M | -$26.1M |
| Loss (income) from unconsolidated entities | $868.7M | $82.6M | -$119.9M |
| Distributions of earnings from unconsolidated entities | $405.7M | $262.9M | $322.5M |
| Other items | $282.2M | $177.1M | $7.0M |
| Decrease (increase) in other assets | $46.6M | $1.6M | -$222.5M |
| Increase (decrease) in due to affiliates | $8.6M | -$774.0K | -$8.6M |
| Decrease in other liabilities | -$59.9M | -$23.9M | -$28.4M |
| Net cash provided by operating activities | $2.3B | $2.1B | $2.7B |
| Acquisitions of real estate | $0 | $0 | -$41.4M |
| Capital improvements to real estate | -$1.2B | -$1.1B | -$1.5B |
| Proceeds from disposition of real estate | $6.6B | $8.7B | $7.4B |
| Investment in unconsolidated entities | -$772.8M | -$543.3M | -$408.5M |
| Dispositions of and return of capital from unconsolidated entities | $235.6M | $984.8M | $2.0B |
| Purchase of investments in real estate debt | -$109.7M | -$51.4M | -$368.0M |
| Proceeds from sale/repayment of investments in real estate debt | $1.3B | $2.1B | $1.7B |
| Purchase of real estate-related equity securities | $0 | $0 | -$376.0K |
| Proceeds from sale of real estate-related equity securities | $0 | $0 | $232.1M |
| Proceeds from sale/repayments of real estate loans held by consolidated securitization vehicles | $5.6B | $1.2B | $655.9M |
| Collateral (posted) released under derivative contracts and other secured financings | -$5.9M | -$20.6M | $12.6M |
| Other investing activities | -$97.7M | -$129.2M | $125.5M |
| Net cash provided by investing activities | $11.5B | $11.1B | $9.9B |
| Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities | $6.8B | $15.9B | $9.2B |
| Repayments of mortgage loans, secured term loans, and secured revolving credit facilities | -$9.6B | -$18.9B | -$12.8B |
| Borrowings under secured financings of investments in real estate debt | $348.2M | $697.0M | $432.6M |
| Repayments of secured financings of investments in real estate debt | -$1.1B | -$1.4B | -$1.0B |
| Borrowings under unsecured revolving credit facilities and term loans | $4.7B | $5.2B | $0 |
| Repayments of unsecured revolving credit facilities and term loans | -$4.7B | -$3.8B | $0 |
| Payment of deferred financing costs | -$149.6M | -$345.3M | -$67.5M |
| Sales of senior obligations of consolidated securitization vehicles | $11.0M | $88.2M | $148.7M |
| Sales/Repayments of senior obligations of consolidated securitization vehicles | -$5.0B | -$1.1B | -$588.1M |
| Proceeds from issuance of common stock | $2.1B | $1.9B | $6.2B |
| Subscriptions received in advance | $142.4M | $143.0M | $113.8M |
| Offering costs paid | -$181.9M | -$204.8M | -$237.6M |
| Distributions | -$1.1B | -$1.2B | -$1.5B |
| Repurchase of common stock | -$6.1B | -$9.3B | -$12.4B |
| Repurchase of management fee shares | $0 | $0 | -$833.1M |
| Contributions of proceeds from repurchase of management fee shares to non-controlling interests in BREIT OP | $0 | $0 | $833.1M |
| Contributions from redeemable non-controlling interests | $17.6M | $17.9M | $495.0K |
| Distributions to and redemption of redeemable non-controlling interests | -$4.6M | -$25.6M | -$4.3M |
| Redemption of affiliated service provider incentive compensation awards | -$10.1M | -$1.2M | -$2.0M |
| Contributions from non-controlling interests | $234.8M | $21.5M | $1.2B |
| Distributions to and redemptions of non-controlling interests | -$526.1M | -$661.8M | -$755.1M |
| Net cash used in financing activities | -$14.2B | -$13.1B | -$12.1B |
| Net change in cash and cash equivalents and restricted cash | -$435.5M | $83.2M | $444.6M |
| Effects of foreign currency translation on cash, cash equivalents and restricted cash | $3.6M | -$1.3M | -$4.1M |
| Interest paid | $2.8B | $3.2B | $2.8B |
| Issuance of Class I shares for settlement of joint venture promote liability | $0 | $43.2M | $0 |
| Issuance of BREIT OP units for settlement of joint venture promote liability | $0 | $36.5M | $84.6M |
| Accrued capital expenditures and acquisition related costs | $24.4M | -$3.6M | $0 |
| Change in accrued stockholder servicing fee due to affiliate | $264.2M | -$337.1M | -$626.5M |
| Redeemable non-controlling interest issued as settlement of performance participation allocation | $134.8M | $15.4M | $0 |
| Issuance of Class C BREIT OP units as settlement of performance participation allocation | $361.9M | $0 | $0 |
| Issuance of Class B BREIT OP units for payment of management fees | $670.6M | $720.7M | $847.4M |
| Allocation to redeemable non-controlling interests | $16.3M | $30.8M | $4.2M |
| Distribution reinvestment | $1.2B | $1.2B | $1.3B |
| Conversion of redeemable non-controlling interest to non-controlling interest | $156.2M | $0 | $0 |
| Conversion of Class I and Class C BREIT OP units to Class C shares | $488.3M | $0 | $0 |
| Exchange of Class I BREIT OP units for Class I shares | $13.5M | $0 | $0 |
| Accrued repurchases | $374.9M | $462.9M | $575.0M |
| Investment in single family rental homes risk retention securities | $43.8M | $0 | $0 |
| Conversion of equity securities to investments in unconsolidated entities | $0 | $396.1M | $0 |
| Collateral used in repayment of mortgage payable | $0 | $23.4M | $0 |
| Preferred interest investment retained upon disposition of real estate | $0 | $200.0M | $0 |
| Receivable for proceeds from disposition of real estate | $29.4M | $3.6M | $2.5M |
| Interest rate contract receivables resulting from terminated interest rate derivative assets | $0 | $0 | $321.8M |
| Receipt of interest rate derivative assets in exchange for interest rate contract receivables | $0 | $0 | $276.8M |
| Insurance receivable for involuntary conversion | $8.6M | $24.6M | $20.1M |
| Deconsolidation of securitization vehicles | $1.1B | $2.0B | $302.1M |
| Investments in real estate, net | -$139.7M | $290.7M | $668.7M |
| Other assets | $574.0K | $3.7M | $3.9M |
| Mortgage loans, net | $38.3M | -$119.9M | -$265.1M |
| Other liabilities | $17.5M | -$10.3M | -$27.2M |
| Non-controlling interests attributable to consolidated subsidiaries | $140.1M | -$57.7M | -$191.7M |
No quarter-by-quarter statement was filed.
Compare Blackstone Real Estate Income Trust, Inc. with another company
Corporate structure
Blackstone Real Estate Income Trust, Inc. sits at the top of its group. 57 entities, 9 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Blackstone Real Estate Income Trust, Inc.
- University of California Regents Filed SCHEDULE 13G/A on Blackstone Real Estate Income Trust, Inc., latest Jan 28, 2025 (2 filings since Jan 24, 2024)
- Blackstone Real Estate Income Trust, Inc. Baltimore, Maryland, United States
- BCORE DENALI IN OWNER LLC New York, New York, United States
- BREIT ATLANTA LIGHT INDUSTRIAL OWNER LLC New York, New York, United States
- Tricon Residential Inc. Stake · Toronto, Canada
- Archer Finco S.à r.l. Subsidiary · Luxembourg
- Atwater Building Investments L.P. Subsidiary · Canada
- BEPIF Emerald Holdco S.à r.l. and 11 subsidiaries Subsidiary · Luxembourg
- Blackstone Mileway Aggregator I SCSp and 7 subsidiaries Subsidiary · Luxembourg
- Blackstone Mileway Aggregator II SCSp and 5 subsidiaries Subsidiary · Luxembourg
- BREIT TH MHC JV L.P. Subsidiary · Chicago, Illinois, United States
- Brixton 1 S.à r.l. Subsidiary · Luxembourg
- Brixton 2 S.à r.l. Subsidiary · Luxembourg
- Brixton 3 S.à r.l. Subsidiary · Luxembourg
- Cloghran Airport Business Park (Management Company) Ltd. Subsidiary · Ireland
- Daisy Mia KB Subsidiary · Sweden
- ELI Investment S.à r.l. Subsidiary · Luxembourg
- GER LOG 1 S.à r.l. Subsidiary · Luxembourg
- GER LOG 4 S.à r.l. Subsidiary · Luxembourg
- GER LOG 5 S.à r.l. Subsidiary · Luxembourg
- GER LOG 6 S.à r.l. Subsidiary · Luxembourg
- GER LOG 7 S.à r.l. Subsidiary · Luxembourg
- GER LOG 8 S.à r.l. Subsidiary · Luxembourg
- GER LOG 9 S.à r.l. Subsidiary · Luxembourg
- Mileway BV and 10 subsidiaries Subsidiary · Netherlands
- Mileway DirectorCo S.A. Subsidiary · Luxembourg
- Mileway Germany Management GmbH Subsidiary · Germany
- and 31 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Blackstone Real Estate Income Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land and buildings | $15.2B3 Dec 31, 2025 | $16.4B3 Dec 31, 2024 | −7.5% |
| Accumulated depreciation | $1.2B3 Dec 31, 2025 | $1.0B11 Dec 31, 2024 | +20.0% |
| Property and equipment, net | $2.4B3 Dec 31, 2025 | $2.4B11 Dec 31, 2024 | 0% |
| Finance-lease assets | $72.9M3 Dec 31, 2025 | $72.9M3 Dec 31, 2024 | 0% |
| Operating-lease assets (leased space) | $1.0B3 Dec 31, 2025 | $1.1B3 Dec 31, 2024 | −1.1% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $73.9B3 Dec 31, 2025 | $81.5B3 Dec 31, 2024 | −9.2% |
| Real estate investments, at cost | $86.5B3 Dec 31, 2025 | $92.0B3 Dec 31, 2024 | −6.0% |
| Real estate accumulated depreciation | $12.6B3 Dec 31, 2025 | $10.6B3 Dec 31, 2024 | +18.8% |
| Real estate properties | 2,6213 Dec 31, 2025 | 2,4493 Dec 31, 2024 | +7.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $1.6B3 Dec 31, 2025 | $1.9B3 Dec 31, 2024 | −17.0% |
| Equity securities at fair value | $011 Dec 31, 2024 | $335.9M11 Dec 31, 2023 | −100.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $662.8M3 Dec 31, 2025 | $826.9M3 Dec 31, 2024 | −19.8% |
| Indefinite-lived intangibles (excluding goodwill) | $94.1M3 Dec 31, 2025 | $94.1M3 Dec 31, 2024 | 0% |
| Accumulated amortization | $932.3M3 Dec 31, 2025 | $925.1M3 Dec 31, 2024 | +0.8% |
| Finite-lived intangibles, net | $662.8M3 Dec 31, 2025 | $826.9M3 Dec 31, 2024 | −19.8% |
Properties, in its own words
For an overview of our real estate investments, see Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio.”
Principal Executive Offices
The rest of Item 2
Our principal executive and administrative offices are located in leased space at 345 Park Avenue, New York, New York 10154. We consider these facilities to be suitable and adequate for the management and operations of our business.
Item 2 of the 10-K filed Feb 27, 2026.8
Leadership
Who has led Blackstone Real Estate Income Trust, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief operating officer
20202025
- Chief executive officerKatharine A. Keenan Nov 17, 2025 to now19
- Chief executive officerFrank Cohen Apr 30, 2018 to Aug 2, 202220
- PresidentA.j. Agarwal Apr 30, 2018 to now21
- Chief operating officerGlen Bartley Mar 17, 2025 to now22
Board members and other officers (12)
- Head of Shareholder RelationsZaneta Koplewicz Dec 15, 2023 to Dec 15, 202323
- Chief Accounting OfficerPaul Kolodziej Mar 20, 2019 to Mar 20, 201924
- Head of Investor RelationsKaren Sprogis Apr 30, 2018 to Apr 30, 201825
- OfficerLeon Volchyok Apr 30, 2018 to Apr 30, 201826
- OfficerPaul D. Quinlan Apr 30, 2018 to Apr 30, 201827
- Board memberKatharine A. Keenan Nov 17, 2025 to now19
- Board memberSusan Carras Jan 22, 2021 to now28
- Board memberA.j. Agarwal Apr 30, 2018 to now21
- Board memberField Griffith Apr 30, 2018 to now29
- Board memberFrank Cohen Apr 30, 2018 to now20
- Board memberRaymond J. Beier Apr 30, 2018 to now30
- Board memberRichard I. Gilchrist Apr 30, 2018 to now31
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (GLEIF)
Also consolidated
Subsidiaries (Exhibit 21)
- Archer Finco S.à r.l. Luxembourg5
- Atwater Building Investments L.P. Canada (Quebec)5
- BEPIF Emerald Holdco S.à r.l. and 11 subsidiaries Luxembourg5
- Blackstone Mileway Aggregator I SCSp and 7 subsidiaries Luxembourg5
- Blackstone Mileway Aggregator II SCSp and 5 subsidiaries Luxembourg5
- Brixton 1 S.à r.l. Luxembourg5
- Brixton 2 S.à r.l. Luxembourg5
- Brixton 3 S.à r.l. Luxembourg5
- Cloghran Airport Business Park (Management Company) Ltd. Ireland5
- Daisy Mia KB Sweden5
- ELI Investment S.à r.l. Luxembourg5
- GER LOG 1 S.à r.l. Luxembourg5
- GER LOG 4 S.à r.l. Luxembourg5
- GER LOG 5 S.à r.l. Luxembourg5
- GER LOG 6 S.à r.l. Luxembourg5
- GER LOG 7 S.à r.l. Luxembourg5
- GER LOG 8 S.à r.l. Luxembourg5
- GER LOG 9 S.à r.l. Luxembourg5
- MLET Germany 37 S.à r.l. Luxembourg5
- MLET Germany EB8 S.à r.l. Luxembourg5
- MLET Germany GLI S.à r.l Luxembourg5
- MLET Germany Lincoln S.à r.l. Luxembourg5
- MLET Netherlands Holding B.V. and 10 subsidiaries Netherlands5
- Mileway BV and 10 subsidiaries Netherlands5
All 52 listed subsidiaries
- Mileway DirectorCo S.A. Luxembourg5
- Mileway Germany Management GmbH Germany5
- Mileway Minority DirectorCo S.A. Luxembourg5
- Onyx (Denmark) Finco S.à r.l. and 1 subsidiary Luxembourg5
- Onyx Finco S.à r.l. Luxembourg5
- Onyx German Finco S.à r.l. Luxembourg5
- Onyx Investment 2017 Pledgeco S.à r.l. and 8 subsidiaries Luxembourg5
- Paradise Holdco S.a.r.l. Luxembourg5
- Platinum Limited Partnership and 12 subsidiaries Canada5
- Sardonyx Enköping KB Sweden5
- Sardonyx Frasaren KB Sweden5
- Sardonyx Halmstad KB Sweden5
- Sardonyx Helsingborg KB Sweden5
- Sardonyx Krysspricken KB Sweden5
- Sardonyx Ostanbrack KB Sweden5
- Sardonyx Phoenix 2 AB Sweden5
- Sun Swedish Boländerna HB Sweden5
- Sun Swedish Elektrikern 3 HB Sweden5
- Sun Swedish Hand HB Sweden5
- Sun Swedish Veddesta 2:23 Handelsbolag HB Sweden5
- United Denmark 2019 Propco K/S Denmark5
- United Denmark 2020 B Propco K/S Denmark5
- United Denmark 2020 Propco K/S Denmark5
- United Denmark 2021 Propco K/S Denmark5
- United Germany 2021 Topco S.à r.l. Luxembourg5
- United UK 2021 C Propco 19 Ltd Jersey5
- WBORO Cluster Estate Management Ltd. Ireland5
- Westlink Industrial Estate Management Company Ltd. Ireland5
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 15, 20268-K Unregistered sale of shares33
- Oct 5, 20268-K Unregistered sale of shares34
- Sep 30, 20268-K Regulation FD disclosure35
- Sep 3, 20268-K Unregistered sale of shares36
- Aug 31, 20268-K Regulation FD disclosure37
- Aug 20, 20268-K Unregistered sale of shares38
- Aug 5, 20268-K Unregistered sale of shares39
- Jul 31, 20268-K Regulation FD disclosure40
- Jul 24, 20268-K Regulation FD disclosure41
- Jul 23, 20268-K Results of operations42
- Jul 20, 20268-K Unregistered sale of shares43
- Jul 6, 20268-K Unregistered sale of shares44
- Nov 17, 2025New chief executive Katharine A. Keenan becomes CEO19
- Apr 30, 2018New chief executive Frank Cohen becomes CEO20
- Nov 16, 2015Founded Blackstone Real Estate Income Trust, Inc. is founded2
Calendar
Coming up
- Around Oct 22, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Jul 23, 2026Reported quarterly or annual results42
- Apr 23, 2026Reported quarterly or annual results45
- Jan 29, 2026Reported quarterly or annual results46
- Oct 23, 2025Reported quarterly or annual results47
- Aug 18, 2025Reported quarterly or annual results48
- Jul 24, 2025Reported quarterly or annual results49
- May 8, 2025Reported quarterly or annual results50
- Apr 17, 2025Reported quarterly or annual results51
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
373 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 159 major events, 60 insider forms, 2 large holders, 2 private raises, 129 other. The latest 20:
- Oct 15, 20268-K EDGAR
- Oct 5, 20268-K EDGAR
- Sep 30, 20268-K EDGAR
- Sep 16, 2026424B3 EDGAR
- Sep 3, 20268-K EDGAR
- Sep 3, 20264 EDGAR
- Aug 31, 20268-K EDGAR
- Aug 20, 20268-K EDGAR
- Aug 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 17, 2026424B3 EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 5, 20268-K EDGAR
- Jul 31, 20268-K EDGAR
- Jul 24, 20268-K EDGAR
- Jul 23, 20268-K EDGAR
The 373 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
28 open-market trades by officers, directors and large owners since October 2021: 28 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Harper Robert G IVHead of Asset Management | Buy | 956 | $14.65 | $14.0K | Form 4 |
| Jun 1, 2026 | Harper Robert G IVHead of Asset Management | Buy | 2,439 | $14.35 | $35.0K | Form 4 |
| Apr 1, 2026 | Harper Robert G IVHead of Asset Management | Buy | 773 | $14.24 | $11.0K | Form 4 |
| Mar 2, 2026 | Carras SusanDirector | Buy | 7,038 | $14.21 | $100.0K | Form 4 |
| Jan 2, 2026 | Harper Robert G IVHead of Asset Management | Buy | 1,356 | $14.01 | $19.0K | Form 4 |
| Dec 1, 2025 | Agarwal A.J.Co-President | Buy | 287,319 | $13.92 | $4.0M | Form 4 |
| Sep 1, 2025 | Harper Robert G IVHead of Asset Management | Buy | 253 | $13.82 | $3.5K | Form 4 |
| Jun 2, 2025 | Harper Robert G IVHead of Asset Management | Buy | 1,125 | $13.78 | $15.5K | Form 4 |
| Mar 3, 2025 | Harper Robert G IVHead of Asset Management | Buy | 836 | $13.76 | $11.5K | Form 4 |
| Dec 2, 2024 | Harper Robert G IVHead of Asset Management | Buy | 465 | $13.97 | $6.5K | Form 4 |
| Sep 3, 2024 | Harper Robert G IVHead of Asset Management | Buy | 250 | $14.02 | $3.5K | Form 4 |
| Jun 3, 2024 | Harper Robert G IVHead of Asset Management | Buy | 388 | $14.19 | $5.5K | Form 4 |
| Mar 1, 2024 | Harper Robert G IVHead of Asset Management | Buy | 177 | $14.12 | $2.5K | Form 4 |
| Dec 1, 2023 | Harper Robert G IVHead of Asset Management | Buy | 1,814 | $14.61 | $26.5K | Form 4 |
| Sep 1, 2023 | Harper Robert G IVHead of Asset Management | Buy | 270 | $14.81 | $4.0K | Form 4 |
| Jun 1, 2023 | Harper Robert G IVHead of Asset Management | Buy | 996 | $14.56 | $14.5K | Form 4 |
| Jun 1, 2023 | Kim BrianSee Remarks | Buy | 618 | $14.56 | $9.0K | Form 4 |
| Jan 3, 2023 | Harper Robert G IVHead of Asset Management | Buy | 571 | $14.88 | $8.5K | Form 4 |
| Jan 3, 2023 | Kim BrianSee Remarks | Buy | 302 | $14.88 | $4.5K | Form 4 |
| Dec 1, 2022 | GILCHRIST RICHARD IDirector | Buy | 16,597 | $15.06 | $249.9K | Form 4 |
All 28 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- University of California RegentsSCHEDULE 13G/A, 2 filings Jan 24, 2024 to Jan 28, 202552
Stakes it holds
Blackstone Real Estate Income Trust, Inc. has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).
- Tricon Residential Inc.SC 13G/A Feb 11, 2022 to Feb 9, 202353
Money raised
Private offerings the company reported to the SEC on Form D.
- Sep 2, 2025Raised $367.5 million in a private offering of equity Form D: 2,080 investors so far Form D
SEC filer profile
How Blackstone Real Estate Income Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBlackstone Real Estate Income Trust, Inc.1
- CIK0001662972
- Employer ID (EIN)81-06969668
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company8
- Incorporated inMaryland8
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address345 Park Avenue, New York, NY 101541
- Phone212-583-50001
- Shares outstanding2,151,108,000 Common Class I shares; 1,189,247,000 Common Class S shares; 26,005,000 Common Class S2 shares; 98,515,000 Common Class D shares; 3,912,000 Common Class D2 shares; 32,399,000 Common Class T shares; 164,000 Common Class T2 shares; 37,353,000 Common Class C shares; 4,317,000 Common Class L shares; 0 Common Class L2 shares; 0 Common Class F shares as of Feb 27, 20268
- Public float$0 as of Jun 30, 20253
- AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting8
- On EDGAR sinceFeb 1, 20161
- Filings688 in all: 8-K (254), 424B3 (134), 4 (81), 10-Q (30), EFFECT (20), POS EX (20), 3 (19), POS AM (16)1
All 38 form types
CORRESP (13), UPLOAD (12), 10-K (10), DEF 14A (10), IRANNOTICE (10), S-11/A (8), DEFA14A (6), S-11 (5), 5 (4), ARS (4), DRSLTR (4), 8-K/A (3), 40-APP/A (2), DRS/A (2), PRE 14A (2), S-8 (2), SC 13D (2), SC 13D/A (2), SC 13G (2), 10-K/A (1), 10-Q/A (1), 40-APP (1), 8-A12G (1), D (1), D/A (1), DEFR14A (1), DRS (1), S-8 POS (1), SC 13G/A (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Mar 27, 2026
Latest 8-K (8-K) Oct 15, 2026
Risk factors and legal proceedings
The risks Blackstone Real Estate Income Trust, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 78 risks under these headings, as written.8
- Risks Related to Our Organizational Structure
- We have held most of our current investments for only a limited period of time and you will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.
- We disclose funds from operations (“FFO”), adjusted funds from operations (“AFFO”), and funds available for distribution (“FAD”), each a non-U.S. Generally Accepted Accounting Policies (“GAAP”) financial measure, in communications with investors, including documents filed with the SEC. However, these measures are not equivalent to our net income or loss as determined under GAAP, and do not represent a complete measure of our financial position and results of operations.
- We have incurred net losses under GAAP in the past and may incur net losses in the future, and we have an accumulated deficit and may continue to have an accumulated deficit in the future.
- The Adviser manages our portfolio pursuant to very broad investment guidelines and generally is not required to seek the approval of our board of directors for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and which could adversely affect our results of operations and financial condition.
- There is currently no public trading market for shares of our common stock; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.
- Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our results of operations and financial condition.
- We face risks associated with the deployment of our capital.
- If we are unable to successfully integrate new investments and manage our growth, our results of operations and financial condition may suffer.
- The amount and source of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.
- We may pay distributions from sources other than our cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses, and we have no limits on the amounts we may fund from such sources.
- Payments to the Adviser or the Special Limited Partner in the form of common stock or Operating Partnership units they elect to receive in lieu of fees or distributions will dilute future cash available for distribution to our stockholders.
The other 67 risks
- Purchases and repurchases of shares of our common stock are not made based on the current NAV per share of our common stock.
- Valuations and appraisals of our real estate and real estate debt are estimates of fair value and may not necessarily correspond to realizable value.
- Our NAV per share amounts may change materially if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
- It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.
- NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
- Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that a stockholder would receive a “control premium” for his or her shares.
- Our charter permits our board of directors to authorize us to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.
- Maryland law limits, in some cases, the ability of a third party to vote shares acquired in a “control share acquisition.”
- Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.
- Maryland law limits our stockholders’ ability to amend our charter or dissolve us without the approval of our board of directors.
- Your interest in us will be diluted if we issue additional shares. Your interest in our assets will also be diluted if the Operating Partnership issues additional units.
- We are not required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
- Our UPREIT structure may result in potential conflicts of interest with limited partners in our Operating Partnership whose interests may not be aligned with those of our stockholders.
- Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
- We depend on the Adviser and its affiliates to develop appropriate systems and procedures to control operational risk.
- Cybersecurity risks and data protection could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.
- We may experience risk related to the use of artificial intelligence.
- We may experience risks related to the use of social media and publicity platforms.
- We may experience risks related to developing global data security and privacy laws.
- Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in the Current Offering, which could harm our ability to achieve our investment objectives.
- The DST Program could subject us to liabilities from litigation or otherwise.
- The DST Program will not shield us from risks related to the performance of the DST Properties held through such structures.
- We own beneficial interests in trusts owning DST Properties that will be subject to the agreements under our DST Program, which may have an adverse effect on our results of operations, relative to if the DST Program agreements did not exist.
- Certain tax considerations may impact our ability to generate cash that could be used for other purposes if DST Properties reacquired by the Operating Partnership are subsequently sold.
- Cash payments to redeem Operating Partnership units will reduce cash available for distribution to our stockholders or to honor their repurchase requests under our share repurchase program.
- Certain funds and accounts may invest in us and may at times have substantial investments in us.
- Risks Related to Investments in Real Estate
- Our operating results will be affected by risks inherent in the ownership and operation of real estate and real estate-related businesses and assets.
- Our success is dependent on general market and economic conditions.
- We face risks associated with epidemics and pandemics.
- The commercial real estate markets in which we operate are also affected by a number of specific conditions and the performance of the local real estate markets.
- Trade negotiations and related government actions may create regulatory uncertainty for us and our tenants and adversely affect the profitability of investments.
- We are subject to the requirements of the U.S. Outbound Investment Security Program.
- We may be involved in disputes over ownership of land.
- Elevated inflation may adversely affect our financial condition and results of operations.
- We face risks related to certain developments in the banking sector.
- Financial regulatory changes in the United States could adversely affect our business.
- We, the Adviser, the Dealer Manager and respective affiliates are subject to regulatory oversight, which could negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business.
- We are subject to additional risks from our non-U.S. investments.
- Our portfolio is currently concentrated in certain industries and geographies and may in the future be concentrated in a limited number of industries, geographies or investments.
- We may change our investment and operational policies without stockholder consent.
- We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions.
- We face risks associated with property acquisitions.
- We face risks associated with privatization of state-owned assets.
- The sale and disposition of real properties carry certain litigation risks at the property level that may reduce our profitability and the return on your investment.
- Competition for investment opportunities may reduce our profitability and the return on your investment.
- We may make a substantial amount of joint venture investments, including with Blackstone affiliates. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.
- Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
- In the event we obtain options to acquire properties, we may lose the amount paid for such options whether or not the underlying property is purchased.
- The due diligence process that the Adviser undertakes in regard to investment opportunities may not reveal all facts that may be relevant in connection with an investment, and if the Adviser incorrectly evaluates the risks of our investments, we may experience losses.
- There can be no assurance that the Adviser will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices during the due diligence investigation or during its efforts to monitor the investment on an ongoing basis or that any risk management procedures implemented by the Adviser will be adequate.
- We may be subject to expenses and liabilities related to employees of certain portfolio entities owned by us.
- We rely on property managers to operate our properties and leasing agents to lease vacancies in our properties.
- We depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space and could adversely affect our income, performance, operations and ability to pay distributions.
- We may be unable to renew leases as leases expire and our leases may be terminated early.
- Investments in retail assets subjects us to particular economic and operating risks.
- Our properties face significant competition.
- Our properties may be leased at below-market rates under long-term leases.
- We face risks associated with leasing real estate.
- We may experience material losses or damage related to our properties and such losses may not be covered by insurance.
- We could become subject to liability for environmental violations, regardless of whether we caused such violations.
- Our costs associated with complying with the Americans with Disabilities Act of 1990 (the “ADA”) may affect cash available for distributions.
- Our properties are, and any properties we acquire in the future will be, subject to property taxes that may increase in the future, which could adversely affect our cash flow.
- Certain of our investments are in the form of ground leases, which provide limited rights to the underlying property.
- Certain of our industrial properties may be special use and/or build-to-suit and may be difficult to sell or re-let upon tenant defaults or lease terminations.
- Certain properties may require an expedited transaction, which may result in limited information being available about the property prior to its acquisition.
- We face risks in effecting operating improvements.
- Many factors affect the single-family rental housing market, and we may be negatively affected by our assumptions surrounding and general conditions of the single-family rental housing market.
Legal proceedings
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, we were not involved in any material legal proceedings.
The opening of Item 3, Legal Proceedings.8
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 20SEC EDGARFrank Cohen, Chief executive officer
- 21SEC EDGARA.j. Agarwal, President
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- 26SEC EDGARLeon Volchyok, Officer
- 27SEC EDGARPaul D. Quinlan, Officer
- 28SEC EDGARSusan Carras, Board member
- 29SEC EDGARField Griffith, Board member
- 30SEC EDGARRaymond J. Beier, Board member
- 31SEC EDGARRichard I. Gilchrist, Board member
- 32
- 33SEC EDGARUnregistered sale of shares
- 34SEC EDGARUnregistered sale of shares
- 35SEC EDGARRegulation FD disclosure
- 36SEC EDGARUnregistered sale of shares
- 37SEC EDGARRegulation FD disclosure
- 38SEC EDGARUnregistered sale of shares
- 39SEC EDGARUnregistered sale of shares
- 40SEC EDGARRegulation FD disclosure
- 41SEC EDGARRegulation FD disclosure
- 42SEC EDGARResults of operations
- 43SEC EDGARUnregistered sale of shares
- 44SEC EDGARUnregistered sale of shares
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