BREIT NAV Climbs to $57.7 Billion as Blackstone Names David Levine and Giovanni Cutaia Real Estate Co-Heads

Consolidated property holdings were marked lower for the month while unconsolidated stakes, cash and DST program proceeds all grew.

September 17, 2026

Blackstone Real Estate Income Trust closed August with an aggregate net asset value of $57.7 billion, up from $57.4 billion a month earlier, and posted a 0.6% total return across its primary share classes for the month. The September 16 prospectus supplement also formally records a change at the top of Blackstone’s real estate business: David Levine and Giovanni Cutaia have been named Global Co-Heads following the departure of Nadeem Meghji.

Pricing and Returns

Class I NAV per share ended August at $14.69, with Class S-2 at $14.67, Class D-2 at $14.31 and Class T-2 at $14.42. Each class returned 0.6% for the month on a non-annualized basis. Those August 31 marks set the October 1 transaction prices for new subscriptions and the September 30 repurchase prices:

• Class I: $14.6850
• Class S-2: $14.6722
• Class D-2: $14.3051
• Class T-2: $14.4170

Consolidated Property Book Marked Lower

The gain in total NAV came alongside a lower carrying value for BREIT’s consolidated real estate. Investments in real estate stood at $89.4 billion at August 31, of which $78.6 billion was allocable to BREIT and $10.8 billion to third-party joint venture partners, down from $91.0 billion at July 31. Moving the other direction, investments in unconsolidated entities rose to $22.8 billion from $22.1 billion, and BREIT’s allocable share of gross real estate held through those entities climbed to $48.2 billion from $46.9 billion. Real estate debt investments edged up to $4.8 billion, and cash and equivalents grew to $1.5 billion from $1.3 billion.

On the liability side, mortgage notes, term loans and revolving credit facilities declined to $53.3 billion from $54.0 billion. The accrued performance participation allocation rose to $152.1 million from $99.9 million. Non-controlling interests in consolidated subsidiaries, which include the trust’s DST Program, stood at $5.7 billion; net offering proceeds raised through the DST Program reached $230.8 million at August 31, up from $156.3 million a month earlier.

Outstanding shares and units totaled roughly 3.93 billion, versus 3.92 billion at the end of July. Class I remains the largest bloc at $32.2 billion of NAV, followed by Class S at $16.3 billion, while third-party operating partnership units accounted for $5.6 billion.

Valuation Inputs by Property Type

Weighted average discount rates ranged from 6.8% for net lease to 10.9% for hospitality, with rental housing at 7.2%, industrial at 7.4%, retail at 7.9%, office at 8.0% and data centers at 8.7%. Exit capitalization rates ran from 5.4% for rental housing to 9.3% for hospitality, with data centers at 6.4%. In the disclosed sensitivity table, data centers show the smallest response to rate changes: a 25 basis point decrease in the exit cap rate would lift data center values by 0.9%, against 3.4% for industrial and 3.2% for office.

Offering Status

The current offering, registered for up to $60.0 billion including $12.0 billion under the distribution reinvestment plan, had sold about 151.1 million primary shares for $2.1 billion as of the supplement date, plus roughly 56.3 million reinvestment shares valued at $0.8 billion. Class I accounted for the bulk of primary sales at 98.4 million shares, with Class S-2 at 43.8 million. BREIT intends to keep selling shares monthly and published its second-quarter stockholder update on July 23.

Leadership Above the Trust

The Levine and Cutaia appointments were announced on September 8. Meghji, the former Global Head of Blackstone Real Estate, has stepped down and will leave Blackstone at year-end after 19 years with the firm. The change sits at the platform level rather than within BREIT’s own officer roster, which the trust laid out in June alongside its May results, when it reported $56.1 billion in net assets under CEO Katharine Keenan.