The non-traded REIT held its monthly value broadly steady while detailing a leadership lineup now headed by CEO Katharine Keenan.

June 16, 2026

Blackstone Real Estate Income Trust, the firm’s flagship non-traded real estate vehicle for individual investors, reported an aggregate net asset value of approximately $56.1 billion as of May 31, 2026, holding broadly stable from the prior month even as its directly held property valuation declined modestly. The trust, commonly known as BREIT, disclosed updated transaction prices, monthly returns, valuation assumptions, and a refreshed leadership roster in its latest prospectus supplement dated June 15, 2026.

Portfolio Performance and Transaction Pricing

For the month ended May 31, 2026, BREIT’s Class I shares posted a net asset value of $14.43 per share and delivered a total return of 0.9% for the month, on a non-annualized basis. Other share classes recorded comparable results, with Class S-2 returning 0.8%, Class D-2 returning 0.9%, and Class T-2 returning 0.8%.

The trust set its transaction prices for subscriptions accepted as of July 1, 2026 — and repurchases as of June 30 — equal to each class’s May 31 net asset value:

• Class I: $14.4253
• Class S-2: $14.4136
• Class D-2: $14.0569
• Class T-2: $14.1649

The purchase price for each class equals the transaction price plus any applicable upfront selling commissions and dealer manager fees, while the repurchase price matches the transaction price directly. Class I shares carry no upfront selling commissions, dealer manager fees, or stockholder servicing fees. BREIT currently offers four share classes in its primary public offering and seven through its distribution reinvestment plan, with Class S, Class D, and Class T shares available only to existing holders reinvesting distributions.

Net Asset Value Composition

As of May 31, 2026, investments in real estate were valued at approximately $92.8 billion, of which $81.9 billion was allocable to BREIT and $10.9 billion to third-party joint venture interests. The trust also held roughly $4.0 billion in real estate debt investments and approximately $19.7 billion in unconsolidated entities, where its allocable share of gross real estate asset value reached $42.7 billion.

Offsetting these assets were substantial liabilities, including approximately $54.5 billion in mortgage notes, term loans, and revolving credit facilities, $2.3 billion in secured financings on real estate debt, and $5.9 billion in non-controlling interests in consolidated subsidiaries. After accounting for all components, the trust arrived at total net asset value of approximately $56.1 billion across roughly 3.88 billion outstanding shares and units.

Compared with the prior month, the figures reflect a slight shift. As of April 30, 2026, total NAV stood at approximately $55.5 billion, with directly held real estate valued higher at $94.1 billion. The month-over-month increase in total NAV came despite the decline in directly held property value, driven in part by growth in unconsolidated entity investments and share issuance activity.

Valuation Assumptions

The supplement disclosed the key assumptions underpinning the discounted cash flow methodology used in its May valuations, which vary considerably by property type. Discount rates ranged from 6.6% for net lease properties to 10.8% for hospitality assets, while exit capitalization rates spanned from 5.4% for rental housing to 9.0% for hospitality. Data centers carried a discount rate of 8.4%, industrial properties 7.5%, office 7.8%, and retail 7.9%.

These assumptions, determined by the Adviser and reviewed by an independent valuation advisor, materially affect property values. The trust illustrated this sensitivity: a 0.25% decrease in exit capitalization rates would lift industrial investment values by 3.4%, while a corresponding increase would reduce them by 3.1%. Data center valuations proved least sensitive to such adjustments. All property investments are appraised annually by third-party appraisal firms under the trust’s valuation guidelines.

Offering Status

BREIT continues its continuous public offering of up to $60.0 billion in common stock, consisting of up to $48.0 billion in its primary offering and up to $12.0 billion through its distribution reinvestment plan. As of the supplement date, the trust had issued and sold roughly 120.5 million shares in the primary offering for total proceeds of $1.7 billion, alongside nearly 46.0 million shares through the reinvestment plan valued at $0.6 billion. The trust intends to continue selling shares on a monthly basis.

Leadership Team Updates

A significant portion of the supplement was devoted to BREIT’s directors and executive officers. Katharine A. Keenan, 41, serves as Chief Executive Officer and a director, a role she has held since November 2025. Keenan is also a Senior Managing Director in Blackstone Real Estate and Global Head of the firm’s Core+ Real Estate business. She previously served as Global Co-Chief Investment Officer of Blackstone Real Estate Debt Strategies and as Chief Executive Officer, President, and a director of Blackstone Mortgage Trust. Keenan joined Blackstone in 2012.

A.J. Agarwal, 59, serves as President and a director, having returned to the role in March 2025 after previously holding it from 2015 to 2023. Agarwal, who joined Blackstone in 1992, focuses on the Global Core+ business and has overseen more than $50 billion in investment transactions. Other executive officers include Glen Bartley as Chief Operating Officer, Paul Kolodziej as Chief Financial Officer and Treasurer, Leon Volchyok as Chief Legal Officer, Robert Harper as Head of Asset Management, and Kate O’Neil as Deputy Chief Legal Officer and Secretary, effective June 24, 2026.

Frank Cohen, 53, continues as Chairman of the Board, a position he has held since July 2016, after serving as the trust’s Chief Executive Officer from 2016 to December 2024. The board also includes independent directors Raymond J. Beier, who chairs the audit committee, Susan Carras, Richard I. Gilchrist, Field Griffith, and Edward Lewis, a co-founder of Essence Communications. These directors bring deep experience across real estate investment, financial reporting, capital markets, and institutional asset management. Several officers concurrently hold senior positions across Blackstone’s real estate platform and its other individual-investor vehicles.

Investor Suitability

The supplement also updated suitability standards for Minnesota investors, who must have either a minimum annual gross income of $100,000 combined with a minimum net worth of $100,000, or a minimum net worth of $350,000. Additionally, their total investment in BREIT and similar non-traded direct participation programs generally may not exceed 10% of their liquid net worth, though this limit does not apply to accredited investors or to distributions reinvested through the plan.

BREIT’s latest update reflects the ongoing scale and complexity of Blackstone’s individual-investor real estate platform, which operates alongside the firm’s other private wealth vehicles, including Blackstone Private Credit Fund, Blackstone Private Real Estate Credit and Income Fund, and Blackstone Private Equity Strategies Fund.