Blackstone Real Estate Income Trust Raises $21.6 Million in Private Class S-2 Share Sale

The shares were priced off the trust’s August 31 net asset value, with roughly $147,000 in upfront selling commissions passed through to participating broker-dealers.

October 6, 2026

Blackstone Real Estate Income Trust (BREIT) raised approximately $21.6 million on October 1, 2026, selling 1,458,820 Class S-2 shares through its continuous private offering to accredited investors. The non-traded REIT disclosed the sale on October 5.

Priced Off the August NAV

The shares were sold at the Class S-2 net asset value per share as of August 31, 2026, plus applicable upfront selling commissions. Aggregate consideration came to $21,550,813, of which approximately $146,709 represented upfront selling commissions. All of those commissions were retained by, or reallowed to, the participating broker-dealers that placed the shares.

Because the commissions sit on top of NAV rather than being taken out of it, BREIT receives the NAV-based portion of each purchase, while the selling compensation passes through to the distribution channel.

The August 31 marks behind the sale were published last month, when the trust reported an aggregate net asset value of $57.7 billion. Class S-2 NAV per share stood at $14.67 at that date, and the class's October 1 transaction price was set at $14.6722.

A Private Channel Alongside the Public Offering

Measured against a vehicle of BREIT's size, the October 1 raise is a small increment. What it shows is that the trust continues to draw capital through a private placement that runs separately from its registered public offering. The channel is not new: in September 2025, BREIT raised roughly $9.6 million through a private sale of Class S-2 and Class I shares. The private offering relies on the exemptions under Section 4(a)(2) of the Securities Act and Regulation D, which allow the shares to be sold without registration so long as the buyers are accredited investors.

The choice of share class keeps the brokerage channel at the center of that effort. Class S-2 carries upfront selling commissions, and on this sale the full amount went to the participating broker-dealers. For advisors tracking where BREIT's inflows are coming from, the private offering adds a second, accredited-only route into the trust's commission-bearing shares, priced on the same month-end NAV as its public classes.