Blackstone Real Estate Income Trust (BREIT) is a non-traded, perpetual-life REIT that owns and operates a large diversified portfolio of income-generating commercial real estate, primarily in the U.S. As of December 31, 2025, BREIT owned 4,483 properties and 63,918 single-family rental homes, concentrated in Sunbelt growth markets, with roughly 65% of the portfolio in the South and West. BREIT's largest exposure is rental housing—multifamily, single-family, manufactured, student, affordable, and senior living—followed by industrial, data centers, and net lease properties. BREIT also holds smaller allocations to hospitality, self storage, retail, and office, as well as a real estate debt portfolio including CMBS, RMBS, mortgages, and mezzanine loans. BREIT generates income primarily through property-level NOI (rents less operating expenses), and targets roughly 60% leverage to amplify returns. BREIT is externally managed by a Blackstone affiliate, which handles all investment and asset management decisions and charges a management fee and performance participation allocation. BREIT's core value proposition is giving individual investors access to institutional-quality private real estate. BREIT raises capital through continuous public and private offerings across multiple share classes, and has raised $80.2B in cumulative net proceeds since inception. In late 2025, BREIT launched a Delaware Statutory Trust program allowing accredited investors to purchase interests in specific properties, typically as a 1031 exchange vehicle.