Sell Blackstone Real Estate Income Trust (BREIT) Shares

Investment Overview

Blackstone Real Estate
Income Trust

Blackstone Real Estate Income Trust, Inc. ("BREIT") is a perpetual-life, public non-listed real estate investment trust sponsored by Blackstone.

BREIT invests primarily in institutional-quality commercial real estate and related investments. Its shares are not listed for trading on a national securities exchange, which means investors do not have access to the continuous public-market liquidity available with exchange-traded REITs.

Shareholder liquidity is generally evaluated through BREIT’s share repurchase program or, where appropriate and transferable, through a separately negotiated private transaction.

Investors considering liquidity should review the applicable share class, purchase history, holding period, account registration, current NAV, issuer repurchase terms, and potential secondary market options for non-traded REIT shares.

Investment Snapshot

BREIT At A Glance

Portfolio

A Large Diversified
Real Estate Portfolio

BREIT has historically emphasized sectors including rental housing, industrial real estate, hospitality, data centers, and other income-producing real estate strategies.

Portfolio composition can change over time as the company acquires, finances, manages, and disposes of investments.

Property-level operating performance, occupancy, tenant demand, financing costs, capital expenditures, geographic exposure, asset valuations, and strategic dispositions can all influence company NAV and investor liquidity considerations.

The scale of BREIT’s portfolio does not eliminate the structural liquidity limitations associated with a non-listed REIT.

Current NAV

Understanding
BREIT Net Asset Value

BREIT publishes class-specific NAV and transaction-price information through SEC-filed prospectus supplements and related investor reports.

NAV is an important issuer valuation reference because subscriptions and company-sponsored repurchases generally operate within BREIT’s NAV-based framework.

However, NAV should not be interpreted as a guaranteed sale price or as the amount an investor would necessarily receive in a separately negotiated private transaction.

A private purchaser may consider BREIT’s reported NAV together with share class, holding period, transferability, position size, portfolio fundamentals, leverage, expected future liquidity, and required investment return.

Share Repurchase Plan

Issuer-Sponsored Liquidity
Is Subject To Program Limits

BREIT maintains a share repurchase program intended to provide a potential source of issuer-sponsored liquidity for eligible shareholders.

Repurchase requests remain subject to the terms of the applicable plan, including eligibility requirements, holding periods, available capacity, monthly or quarterly limitations, possible proration, suspension provisions, and board discretion.

A shareholder submitting a repurchase request should therefore not assume that the request will necessarily be fulfilled in full or on the requested timetable.

BREIT’s repurchase program should be viewed as a limited liquidity mechanism rather than the equivalent of continuous exchange-traded liquidity.

Recent 2026 Repurchase Activity

Current Repurchase
Conditions Matter

BREIT continues to publish 2026 NAV and repurchase information through SEC-filed prospectus supplements and related disclosures.

Shareholders evaluating a potential exit should review the most recent monthly or quarterly supplement for the applicable share class, current repurchase limits, request volumes, fulfillment levels, and any notice of proration, restriction, or suspension.

Historical fulfillment of repurchase requests does not guarantee that future requests will be accepted under the same conditions.

Current issuer liquidity should therefore be evaluated using the most recent available disclosure rather than older repurchase history alone.

Distributions

Distribution Income
And Liquidity Are Separate

BREIT may make distributions to shareholders subject to operating performance, portfolio cash flow, financing requirements, and board approval.

Distribution history can be relevant when evaluating an investment, but distributions should be considered separately from shareholder liquidity.

The payment of distributions does not establish a current secondary market price and does not guarantee that shares can be repurchased or sold at NAV.

Financial / Balance Sheet Update

Financial Condition
Can Influence Liquidity

BREIT’s most recent quarterly and annual filings should be reviewed for current total assets, liabilities, debt, leverage, liquidity resources, portfolio valuation changes, operating performance, and material investment activity.

Changes in interest rates, financing costs, property values, debt maturities, asset sales, and capital requirements can influence both reported NAV and the amount of liquidity available for shareholder repurchases.

Balance-sheet strength is therefore relevant not only to investment performance but also to the company’s ability to maintain its repurchase program over time.

Secondary Market

Can BREIT Shares
Be Sold?

Potentially. BREIT shares are not listed on a national securities exchange, so investors generally cannot place a conventional public-market sell order.

Eligible shareholders may first evaluate BREIT’s issuer-sponsored repurchase program. If an investor is not eligible, encounters capacity limitations, or wants to evaluate another possible exit pathway, a private secondary transaction may also be considered in certain circumstances.

A private transaction would be separate from BREIT’s repurchase program and may involve different pricing, eligibility requirements, transfer procedures, documentation, timing, and buyer underwriting.

Investors seeking additional background can review AIL’s guide to the non-traded REIT secondary market.

Valuation Considerations

What May Affect
BREIT Share Value?

Current NAV

BREIT’s reported NAV provides an important issuer valuation reference, but it should be considered separately from any potential private-market transaction price.

Share Class

BREIT has multiple share classes that may have different fee structures, NAVs, transaction prices, and ownership characteristics. The specific class should be confirmed before evaluating a position.

Repurchase Availability

Current issuer liquidity may affect the level of private-market demand and the price a buyer is willing to consider.

Portfolio Fundamentals

Property performance, sector exposure, occupancy, valuations, financing conditions, capital expenditures, and asset sales can influence both NAV and investor expectations.

Debt And Leverage

Borrowing levels, interest expense, refinancing requirements, and debt maturities may influence future cash flow, asset values, and shareholder liquidity.

Secondary Market Demand

A private purchaser may consider position size, share class, transferability, expected holding period, current issuer liquidity, portfolio fundamentals, and required return when determining whether to pursue a transaction.

For additional context, see AIL’s guide on how to sell a non-traded REIT.

Documentation

Information Commonly
Requested For Review

A recent account statement is generally the most useful starting point when reviewing a BREIT position.

The statement can help confirm the share class, number of shares, account registration, custodian, ownership structure, and current reported value.

Additional documentation may include purchase confirmations, distribution history, repurchase correspondence, subscription documents, transfer forms, or ownership records.

Positions held through an IRA, trust, estate, partnership, LLC, or other entity may require additional documentation before a transfer can be evaluated.

Marketability Assessment

What Determines Whether
A BREIT Position Can Be Reviewed?

Not every BREIT position will necessarily require or qualify for a private secondary market transaction.

Shareholders who meet the issuer’s eligibility requirements may first consider BREIT’s share repurchase program.

A private liquidity review may become more relevant when an investor is not eligible for the issuer program, faces repurchase limitations, seeks a different transaction structure, or wants to evaluate available alternatives.

Marketability may depend on share class, purchase history, account registration, position size, transferability, available documentation, current issuer liquidity, NAV, portfolio fundamentals, and private buyer demand.

Confidential Investment Review

Evaluate Your BREIT
Liquidity Options

Alternative Investment Liquidity reviews BREIT positions on a case-by-case basis to help determine what liquidity pathways may currently be available.

A review can consider share class, account registration, purchase history, current NAV, issuer repurchase eligibility, documentation, transferability, and potential private-market demand.

Requesting a review does not obligate an investor to sell and does not guarantee that a transaction will be available.

Investors, trustees, estate representatives, attorneys, financial professionals, and other authorized representatives can request a Confidential Investment Review.

Source References

BREIT Research Sources

This profile should be read together with Blackstone Real Estate Income Trust’s current SEC filings, prospectus supplements, NAV disclosures, share repurchase plan materials, quarterly reports, and official sponsor information.

• Blackstone Real Estate Income Trust SEC Filings
• Blackstone Real Estate