BSTT on OTC
Blackstone Real Estate Income Trust, Inc.
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Last updated Oct 16, 2026.
Overview
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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 margin2
-41.2%Net margin2
-6.7%Revenue growth, 20252
-17.0%Return on equity2
2.87×Debt to equity2
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.2 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.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| 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 |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| 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 |
| 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 in the latest annual report, as filed.2
| 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 |
Compare Blackstone Real Estate Income Trust, Inc. with another company
Recent filings
- Oct 5, 20268-K
- Sep 30, 20268-K
- Sep 16, 2026424B3
- Sep 3, 20264
- Sep 3, 20268-K
- Aug 31, 20268-K
- Aug 20, 20268-K
- Aug 18, 20264
- Aug 18, 20264
- Aug 18, 20264
- Aug 18, 20264
- Aug 18, 20264
- Aug 18, 20264
- Aug 17, 2026424B3
- Aug 7, 202610-Q
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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