BREIT Performance by Year: Every Annual Return Since 2017, by Share Class, From Its Own 10-Ks

Where these numbers come from

BREIT reports its own total return once a year, in the “Highlights” table of each annual report's MD&A, and twice more a year in the 10-Qs. The definition is the same in every filing: total return “is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period, and assumes any distributions are reinvested under our distribution reinvestment plan.” Multi-year figures are annualized. All returns below are without upfront selling commissions. A Class S or Class T buyer who paid the upfront load started behind; the 10-Ks also print returns assuming the maximum load, which we left out of the tables.

What the trust's own website and fact sheets show is mostly the current year and the inception-to-date number. What follows is every year side by side, from nine annual reports, with the NAV per share at each year-end next to it. For the redemption gate itself, the UC investment and the valuation debate, see our full BREIT review.

Every year, by share class

Three things stand out.

2021 is a third of the whole record. The 30.2% Class I return came from NAV per share rising from $11.5547 to $14.2998 in twelve months, 23.8% (our arithmetic), while the fund grew from $21.05 billion to $54.08 billion of NAV. Compounded, Class I made 87.2% in 2017-2021, or 13.4% a year, and 18.9% in 2022-2025, or 4.4% a year (our arithmetic). Someone who bought after 2021 has owned the second fund, not the first.

The NAV has not moved in almost five years. Class I NAV was $14.2998 at the end of 2021. It peaked at $15.1083 on September 30, 2022, weeks before BREIT stopped filling every request (the 10-K says all were fulfilled through October 31, 2022), slid 7.5% to $13.7133 by December 2024, and was $14.6850 on August 31, 2026: 2.7% above the end of 2021 and 2.8% below the peak (our arithmetic). The 2022-2026 return is almost entirely the monthly distribution.

2023 is the only negative year, and it was small. Class I lost 0.5% in 2023, the year BREIT paid out $13.3 billion of repurchases. The NAV is set monthly by the adviser from appraisals and models, not by a market price; whether those marks are right is the debate covered in our BREIT review. The filings only show the marks.

What the "since inception" number has done

BREIT advertises an inception-to-date return. Here is that figure as printed at each year-end, which shows how it has been drifting down since 2021:

Our compounding of the nine annual Class I returns gives $10,000 growing to about $22,266 by December 31, 2025, which is the 9.3% a year the 10-K prints, so the annual figures and the since-inception figure agree. Class D was first sold in May 2017 and Class T in June 2017, so their since-inception periods are a few months shorter than Class I's.

Class S versus Class I: the fee, every year

Class I and Class S hold the same assets and get the same gross distribution. The difference is the stockholder servicing fee of 0.85% a year on Class S, deducted from its distribution. In every full year from 2018 to 2025 Class S returned 0.7 to 1.5 points less than Class I, about 0.9 points on average (our arithmetic). Over 2017-2025 that turned the same $10,000 into about $20,646 in Class S against $22,266 in Class I.

A detail in the distribution tables makes the mechanism visible. Class S has received exactly $0.5412 per share in net distributions every year from 2019 to 2025, while the gross distribution per share moved from $0.6363 (2019) to $0.6685 (2022) and back to $0.6593 (2025). The servicing fee absorbed every change.

The last column is why BREIT's distribution is attractive in a taxable account: return of capital is not taxed when received but lowers your cost basis, so the tax arrives when you sell. It also means the distribution is not, for tax purposes, income the trust earned that year. For how this compares with other NAV REITs, see Section 199A dividends vs return of capital. The Class I average annualized distribution rate was 4.8% in 2025 and 4.6% in the second quarter of 2026; for Class S, 3.9% and 3.8%. The gross distribution declared for September 2026 was $0.0554 per share (8-K of September 30, 2026).

What Blackstone earned each year, and what holders could take out

The performance participation allocation is Blackstone's 12.5% share of total return above a 5% annual hurdle. It worked as designed in the down years: nothing for 2023 and 2024. The two years after the 2021 run paid $2.12 billion between them (our sum), and 2025's 8.1% Class I return brought back $592.9 million. Across 2017-2025 the management fee and the performance allocation add up to about $6.99 billion (our sum of the 10-K figures).

The repurchase column is the other half of the story. In the last three months of 2023, the 10-K says BREIT “fulfilled repurchases equal to 2.0 %, 2.0 % and 1.0 % of NAV, or 56 %, 67 % and 53 % of repurchase requests, respectively.” From 2022 through June 2026 BREIT paid out about $41.5 billion of repurchases (our sum), and aggregate NAV went from $68.52 billion at the end of 2022 to $57.73 billion in August 2026, down 15.8%. From February 2024 through June 2026 it satisfied every request. Which funds are still gated is in our NAV REIT redemption tracker.

2026 so far, by share class

The June 2026 10-Q reports a first-half return for nine share classes:

The S-2, D-2 and T-2 classes were first sold on September 1, 2025 and Class L was first outstanding on January 1, 2026, so the 10-Q does not yet print a since-inception figure for them. Neither Class L nor Class C is among the classes offered to the public in the current prospectus; we covered those private channels in BREIT's eleven share classes. The monthly supplements add July (Class I 1.2%) and August (0.6%), which with the first half compound to about 7.1% for January-August 2026 (our arithmetic). That is already above the 5% hurdle for Blackstone's performance allocation. For how BREIT's year compares with the other big-brand NAV REITs, see the 2026 comparison and, for Starwood's fund, SREIT's performance and every month of redemptions.

What a holder can do with this

• Check your own class. Your statement shows a class letter. Class S and T holders have earned roughly a point a year less than the Class I figure BREIT headlines; the table above gives your class's number for each year.
• Know which BREIT you owned. If you bought in 2017-2019, your since-inception return is close to the 9% the trust reports. If you bought in 2022, your return is closer to the 2022-2025 figures: about 4.4% a year in Class I and 3.5% in Class S, mostly from distributions (our arithmetic).
• Track your cost basis. With 85% to 100% of each year's distributions characterized as return of capital, your basis falls every year; the gain shows up when you redeem. Your 1099-DIV box 3 has the figure.
• Redemptions are open. BREIT satisfied all requests in 2025 and the first half of 2026, at the prior month's NAV. Shares held less than a year are subject to an early repurchase deduction.

FAQ

All figures are from Blackstone Real Estate Income Trust's SEC filings read on EDGAR on October 5, 2026: Forms 10-K for fiscal years 2017 to 2025 (accessions 0001564590-18-006224, 0001564590-19-008057, 0001564590-20-012309, 0001564590-21-013907, 0001662972-22-000027, 0001662972-23-000030, 0001662972-24-000036, 0001662972-25-000027 and 0001662972-26-000032), the Form 10-Q for the quarter ended June 30, 2026 (0001662972-26-000111), the Form 424B3 NAV supplements filed August 17 and September 16, 2026 (0001662972-26-000114 and 0001662972-26-000136) and the Form 8-K filed September 30, 2026 (0001662972-26-000138). Compounded returns, period sub-totals, the Class S-Class I gap, NAV changes and fee and repurchase sums are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.