BREIT Q3 2026 10-Q: 56.1 Million Shares Repurchased at 1.6% of NAV, Class I NAV $14.6488 on Sept 30, 2026

This page reads the newest filing and compares it with the three before it. For what BREIT is, its fees and our rating, see our BREIT review; for returns year by year, BREIT performance by year; for the eleven share classes and the private sales that sit outside the public offering, BREIT's share classes. BREIT is a non-traded REIT that sells and repurchases shares at a monthly NAV. It had 4,493 properties plus 62,176 single family rental homes at September 30, 2026, concentrated by fair value in rental housing (39%), data centers (30%) and industrial (20%).

Repurchases: four quarters, one trend

The 10-Q gives one line per month. We add the three earlier 10-Qs so the trend is visible.

Four readings, each limited to what the filings show.

• There was no queue to gate. The plan allows 2% of NAV a month and 5% a quarter. The quarter used 1.6%, about a third of the quarterly cap (our arithmetic). In September, 15,580,014 shares at $14.79 is $230.4 million, against 2% of the August-end stockholder NAV of $52,106,510 thousand, or $1,042 million: 22% of the monthly cap (our arithmetic; stockholder NAV is total NAV less the third-party OP units).
• The cap is a ceiling, and the board holds the discretion. The filing says the board “may determine to repurchase fewer shares than have been requested to be repurchased” (or none) and “has in the past made exceptions to the limitations.” The 15-month pro-rating of 2022 to 2024 is covered in our review.
• Prices paid track NAV. Repurchases are made at the prior month's transaction price, and shares held under a year get 98% of it. The average of $14.62 is a mix of classes and is not a class I price.
• Cash against the flow. In the equity statement, common stock issued was $808.6 million in Q3, distributions reinvested were $310.5 million and stock and units repurchased were $822.3 million. Counting reinvested distributions, that is a net inflow of $296.8 million; counting only new subscriptions it is a net outflow of $13.7 million (our arithmetic). The same arithmetic for Q2 gives +$254.7 million and −$48.6 million, and for Q3 2025 −$543.4 million and −$838.3 million. BREIT's November 5 presentation says Q3 was “our second consecutive quarter of positive net flows” and “our strongest quarter since 2022”; the filings do not define the measure, so we show both.

Part of the subscriptions are private. In Q3 BREIT received $118.0 million from 8.1 million unregistered Class I shares and $16.4 million from 1.0 million Class C shares sold to feeder vehicles, and $100.9 million (Class I), $97.6 million (Class S-2) and $90.0 million (Class L) from accredited investors through broker-dealers: $422.9 million in all (our arithmetic), roughly half the size of the quarter's $808.6 million of common stock issued (our arithmetic; the bases differ). After quarter end, 8-Ks show a further $21.6 million of Class S-2 on October 1 and $23.4 million on November 2, 2026. How those private classes work is in our share classes page.

Two repurchases that are not in the plan's totals

The 10-Q says the Adviser submitted 2.4 million Class B BREIT OP units, previously issued for management fees, for repurchase in Q3, a total of $35.0 million at the then current transaction price. The 10-Q states these are “not considered part of our share repurchase plan, including with respect to any repurchase limits therein.” In the June 30 10-Q, Blackstone submitted no such request. Blackstone's holdings of shares and OP units were valued at $5.8 billion at September 30, 2026, $5.3 billion at June 30 and $4.8 billion at March 31, 2026. The management fee ($181.3 million in Q3) and the performance participation allocation ($163.0 million) have been paid in units so far: the 10-Q says the Adviser and the Special Limited Partner “have both always elected to be paid in a combination of shares and OP units,” a non-cash expense. The $35.0 million repurchase turns some of those units into cash.

NAV by class: September 30, 2026

Total NAV was $57,742,125 thousand on 3,938,430 thousand shares and units, against $56,567,757 thousand on 3,891,652 thousand at June 30 (+2.1% and +1.2%, our arithmetic). Class C accretes instead of paying a distribution, which is why its price runs higher and why it rises more. Class I NAV by month was $14.5256 (June 30), $14.6479 (July 31), $14.6850 (August 31) and $14.6488 (September 30), with monthly total returns of 1.1%, 1.2%, 0.6% and 0.1% (424B3 supplements). On November 5, BREIT's presentation reported +2.0% for the quarter, +7.3% year to date, +10.7% over twelve months and 9.3% a year since inception for Class I; the 10-Q's table shows the same 7.3% and 9.3%. The November 1 and the October 31 transaction prices are the September 30 NAV: Class I $14.6488.

The valuation inputs moved the wrong way for a rising NAV. The 10-Q and the June supplement print the weighted discount rate and exit capitalization rate used in the discounted cash flow valuations.

Four of seven discount rates and three of seven exit cap rates are higher than in June; only office's exit cap rate is lower. NAV still rose. The 10-Q says a 0.25 point rise in the weighted exit cap rate would cut industrial values by 3.1% and rental housing by 2.6%. The filings do not give the bridge from June to September, so we cannot say what offset the higher rates; the real estate line of the NAV fell from $92.2 billion to $88.6 billion with the sales, and the unconsolidated entities line rose from $20.5 billion to $23.2 billion.

What changed this quarter: $496.7 million of impairments

The 10-Q splits the $496.7 million as $453.7 million on certain properties “as a result of updates to the undiscounted cash flow assumptions” and $43.0 million on held-for-sale investments. The impairment was 18 times the year-earlier quarter's (our arithmetic). For nine months the 10-Q says the cash-flow update was “primarily to account for a shorter hold period,” and the quarter's sales were large: 65 rental housing properties, nine industrial and one office for $2.0 billion of net proceeds and a $366.1 million gain, including the remaining 40 manufactured housing properties for $921.0 million. Revenue fell 7.8% in the quarter as sales left the portfolio (our arithmetic), while same property NOI rose 5%. BREIT's presentation puts the year's sales at about $7 billion. The filings do not name the properties impaired.

Distributions against cash, AFFO and FAD

Class I received $0.1668 a share in the quarter, the same gross amount for every class before the servicing fee; Class S and S-2 netted $0.1353, Class D and D-2 $0.1578 and Class T and T-2 $0.1358. October's gross was $0.0557, declared October 29 and payable on or about November 20, 2026 (8-K). The 10-Q reports Class I at a 4.6% average annualized rate for the quarter, while the presentation prints 4.5%; the 10-Q averages the three monthly rates. BREIT's presentation says 100% of its 2025 distributions were return of capital; what that does to basis is in our page on return of capital in REIT distributions.

The coverage gap is not new, and the 10-Q's wording is careful: operating cash flow plus net gains “have funded 100% of our distributions” since inception. But operating cash flow includes cash from non-controlling interests and unconsolidated entities ($441.0 million of distributions of earnings in nine months), and AFFO and FAD are the figures attributable to stockholders and OP unitholders. Q3 alone shows the noise: AFFO was $232.5 million against $279.4 million a year earlier (−16.8%, our arithmetic), after an adjustment of $557.1 million for unconsolidated entities.

Leverage and the debt stack

At September 30, 2026, $33,980,100 thousand of the $52,057,197 thousand of property loans was variable rate, 65% (our arithmetic), against $27.0 billion of swaps and $19.7 billion of caps. The debt table shows $10,533,976 thousand of principal and interest due in under one year. The $75 million affiliate revolving credit facility matures December 15, 2026 and nothing was outstanding on it. The company's leverage ratio “would be higher if the indebtedness on our real estate debt investments and pro rata share of debt within our unconsolidated investments were taken into account,” the 10-Q says.

What the filings do not say

• Why September's NAV fell. Class I went from $14.6850 to $14.6488; the supplement does not attribute it.
• Which properties were impaired, and by how much each.
• October repurchases. The next 10-Q will show them; the 424B3 for October is not filed.
• The split of the $2.9 billion between the public and private share classes.
• What “net flows” means in the sponsor's presentation.

Dates to watch

What a reader can do with this

This is analysis of public documents, not investment, legal or tax advice.

• Read the pace, not just the cap. Requests ran at 1.6% of NAV against a 5% quarterly limit, so a request made in this quarter's conditions was paid in full. That can change; the board can repurchase fewer shares or none.
• Check your class. The same portfolio prices at $14.6488 (Class I), $14.6361 (S and S-2), $14.2684 (D and D-2) and $14.3804 (T and T-2). A holding bought with a load or paid through a servicing fee has a different cost basis than the NAV suggests.
• Check your basis before a sale. A repurchase at $14.6488 produces a gain or loss against your basis after years of return-of-capital distributions. The 98% early repurchase deduction applies to shares held under a year.
• Look at what offsets the NAV. The NAV rose while four discount rates rose. Ask whether you are comfortable with an appraisal-based price that is set by the Adviser and reviewed by an independent adviser, as the filings say.
• Size the position. Net loss, impairments and distributions above AFFO are the facts to weigh against a position that is large relative to the rest of your portfolio.

If a large share of your portfolio sits in BREIT, or you are weighing the tax on a repurchase or a transfer to heirs, a second opinion may help.

FAQ

All figures are from SEC filings of Blackstone Real Estate Income Trust, Inc. (CIK 1662972) read on November 7, 2026: Form 10-Q for September 30, 2026 (accession 0001662972-26-000167, filed November 6, 2026), June 30, 2026 (0001662972-26-000111), March 31, 2026 (0001662972-26-000065) and September 30, 2025 (0001662972-25-000184); Form 424B3 supplements for June (0001662972-26-000094), July (0001662972-26-000114), August (0001662972-26-000136) and September 2026 (0001662972-26-000154); Forms 8-K of November 5, 2026 (0001193125-26-448032), November 4 (0001662972-26-000162), October 29 (0001662972-26-000159), October 22 (0001662972-26-000156) and October 1, 2026 (0001662972-26-000140). The trust's last filing at the time of writing was the 10-Q of November 6, 2026. Our arithmetic is labelled in the text and in the data file. This is analysis of public documents, not investment, legal or tax advice.