Document

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Blackstone Real Estate Income Trust, Inc., dated April 16, 2024 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the "Company," "BREIT," "we," "us," or "our" refer to Blackstone Real Estate Income Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.

On or around July 29, 2024, the Company expects to publish its Q2 2024 Update for stockholders, which will be available on its website at www.breit.com. This web link is provided for convenience only, and the contents of the piece or the website are not incorporated by reference in or otherwise a part of this prospectus.

The August 1 transaction price for each of our share classes is equal to such class’s NAV per share as of June 30, 2024. A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class.

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.breit.com and is made available on our toll-free, automated telephone line at (844) 702-1299. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for how our NAV is determined. The Adviser is ultimately responsible for determining our NAV. All our property investments are appraised annually by third party appraisal firms in accordance with our valuation guidelines. Transactions or events have occurred since June 30, 2024 that could have a material impact on our NAV per share, upon which our transaction price is based. We have included a breakdown of the components of total NAV and NAV per share for June 30, 2024 along with the immediately preceding month.

1 BREIT’s Class D NAV per share was $13.77, Class S NAV per share was $14.09, Class T NAV per share was $13.87 and Class C NAV per share was $15.07. BREIT’s Class D total return was 0.0%, Class S total return was 0.0%, Class T total return was 0.0%, and Class C total return was 0.1% for June 2024.

Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, Class D, and Class C common stockholders, as well as partnership interests of BREIT Operating Partnership held by parties other than the Company. The following table provides a breakdown of the major components of our total NAV as of June 30, 2024 ($ and shares in thousands):


Components of NAV	June 30, 2024
Investments in real estate(1)	$	107,722,924
Investments in real estate debt	7,059,201
Investments in unconsolidated entities(2)	12,326,500
Cash and cash equivalents	1,629,851
Restricted cash	957,101
Other assets	4,495,075
Mortgage notes, term loans, and revolving credit facilities, net	(64,124,997)
Secured financings on investments in real estate debt	(3,697,400)
Subscriptions received in advance	(98,836)
Other liabilities	(3,333,778)
Accrued performance participation allocation	—
Management fee payable	(59,220)
Accrued stockholder servicing fees(3)	(14,598)
Non-controlling interests in joint ventures	(6,184,339)
Net asset value	$	56,677,484
Number of outstanding shares/units	4,024,904

(1)Investments in real estate reflects the entire value of our consolidated real estate properties, including the $96.3 billion allocable to us and $11.4 billion allocable to third-party joint venture interests in such investments as of June 30, 2024.

(2)Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of June 30, 2024, our allocable share of the gross real estate asset value held by such entities was $22.7 billion.

(3)Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under accounting principles generally accepted in the United States of America (“GAAP”), we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares. As of June 30, 2024, the Company has accrued under GAAP $0.8 billion of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T and Class D shares sold. The Dealer Manager does not retain any of these fees, all of which are retained by, or re-allowed (paid) to, participating broker-dealers.


											Third-party
											Operating
	Class S		Class I		Class T		Class D		Class C		Partnership
NAV Per Share/Unit	Shares		Shares		Shares		Shares		Shares		Units(1)		Total
Net asset value	$	19,529,028	$	31,146,176	$	700,104	$	1,987,773	$	41,087	$	3,273,316	$	56,677,484
Number of outstanding shares/units	1,386,026		2,209,162		50,494		144,324		2,726		232,172		4,024,904
NAV Per Share/Unit as of June 30, 2024	$	14.0899	$	14.0986	$	13.8651	$	13.7730	$	15.0742	$	14.0986

(1)Includes the partnership interests of BREIT Operating Partnership held by BREIT Special Limited Partner, Class B unit holders, and other BREIT Operating Partnership interests held by parties other than the Company.


Property Type	Discount Rate	Exit Capitalization Rate
Rental Housing	7.3%	5.5%
Industrial	7.5%	5.9%
Net Lease	7.2%	5.6%
Hospitality	10.5%	9.1%
Data Centers	7.5%	6.1%
Self Storage	8.0%	6.7%
Office	7.0%	5.3%
Retail	7.7%	6.5%

These assumptions are determined by the Adviser, and reviewed by our independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

Rental

Housing

Industrial

Net Lease

Hospitality

Data Centers

Self Storage

Office

Retail

Hypothetical

Investment

Input

Change

Values

Discount Rate

0.25% decrease

+1.9%

+2.0%

+1.8%

+1.7%

+0.8%

+1.8%

+1.9%

+1.8%

(weighted average)

0.25% increase

(1.9)%

(1.8)%

(1.6)%

(0.6)%

(1.7)%

(1.9)%

(1.8)%

Exit Capitalization Rate

0.25% decrease

+3.0%

+3.2%

+2.7%

+1.5%

+0.9%

+2.2%

+3.4%

+2.4%

(weighted average)

0.25% increase

(2.7)%

(3.0)%

(2.5)%

(1.4)%

(0.8)%

(2.0)%

(3.1)%

(2.3)%

Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, and Class D common stockholders, as well as partnership interests of BREIT Operating Partnership held by parties other than the Company. The following table provides a breakdown of the major components of our total NAV as of May 31, 2024 ($ and shares in thousands):


Components of NAV	May 31, 2024
Investments in real estate(1)	$	108,206,769
Investments in real estate debt	7,579,000
Investments in unconsolidated entities(2)	11,951,253
Cash and cash equivalents	3,003,865
Restricted cash	966,795
Other assets	4,857,288
Mortgage notes, term loans, and revolving credit facilities, net	(64,542,294)
Secured financings on investments in real estate debt	(4,005,406)
Subscriptions received in advance	(128,485)
Other liabilities	(4,238,698)
Accrued performance participation allocation	—
Management fee payable	(59,908)
Accrued stockholder servicing fees(3)	(15,298)
Non-controlling interests in joint ventures	(6,241,283)
Net asset value	$	57,333,598
Number of outstanding shares/units	4,057,916

(1)Investments in real estate reflects the entire value of our consolidated real estate properties, including the $96.8 billion allocable to us and $11.4 billion allocable to third-party joint venture interests in such investments as of May 31, 2024.

(2)Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of May 31, 2024, our allocable share of the gross real estate asset value held by such entities was $22.4 billion.

(3)Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares. As of May 31, 2024, the Company has accrued under GAAP $0.8 billion of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T and Class D shares sold. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers.


											Third-party
											Operating
	Class S		Class I		Class T		Class D		Class C		Partnership
NAV Per Share/Unit	Shares		Shares		Shares		Shares		Shares		Units(1)		Total
Net asset value	$	19,781,862	$	31,535,154	$	731,303	$	2,022,713	$	40,059	$	3,222,507	$	57,333,598
Number of outstanding shares/units	1,399,263		2,229,270		52,563		146,357		2,659		227,804		4,057,916
NAV Per Share/Unit as of May 31, 2024	$	14.1373	$	14.1460	$	13.9130	$	13.8204	$	15.0663	$	14.1460

(1)Includes the partnership interests of BREIT Operating Partnership held by BREIT Special Limited Partnership, Class B unit holders, and other BREIT Operating Partnership interests held by parties other than the Company.

We are currently offering on a continuous basis up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in our primary offering and up to $12.0 billion in shares pursuant to our distribution reinvestment plan. As of the date of this Supplement, we had issued and sold in the Offering (i) 836,701,607 shares of our common stock (consisting of 305,466,184 Class S Shares, 404,308,327 Class I Shares, 16,076,808 Class T Shares, and 110,850,288 Class D Shares) in the primary offering for total proceeds of $12.4 billion (including shares converted from operating partnership units by the Special Limited Partner) and (ii) 168,027,685 shares of our common stock (consisting of 72,413,741 Class S Shares, 78,251,148 Class I Shares, 3,684,459 Class T Shares, and 13,678,337 Class D Shares) pursuant to our distribution reinvestment plan for a total value of $2.5 billion. As of June 30, 2024, our aggregate NAV was $56.7 billion. We intend to continue selling shares in the Offering on a monthly basis.


	Transaction Price (per share)
Class S	$	14.0899
Class I	$	14.0986
Class T	$	13.8651
Class D	$	13.7730
Class C	$	15.0742