BREIT launches DST program and new Class L/L-2 shares for accredited investors with lower fees

Blackstone Real Estate Income Trust, Inc.

DST program sells beneficial interests in real properties to accredited investors via private offerings; includes master lease and FMV purchase option for OP units.
New Class L ($50M min) and Class L-2 ($250M min) shares created for accredited investors under Rule 506(c); management fees 1.00% and 0.85% vs 1.25% for other classes.
Sixth amended advisory and OP agreements to support DST program and new share classes; new OP unit classes T-1, S-1, D-1 designated for FMV exchanges.
Charter amended: authorized common shares increased to 17.3B; 500M Class L and 500M Class L-2 shares designated.
Share repurchase plan amended to include the new share classes.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Blackstone Real Estate Income Trust, Inc.: Articles of Amendment increased authorized shares of capital stock to 17,400,000,000 and common stock to 17,300,000,000; Articles Supplementary designated 500,000,000 shares as Class L and 500,000,000 as Class L-2 common stock (effective 2025-11-03).

Change: charter amendment
Effective: 2025-11-03

Exact text from the filing

On November 3, 2025, the Company filed Articles of Amendment (the "Articles of Amendment") to its charter with the Maryland State Department of Assessments and Taxation ("SDAT") to increase the number of shares of capital stock that the Company has authority to issue to 17,400,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 17,300,000,000. Immediately following the filing of the Articles of Amendment, the Company filed with SDAT Articles Supplementary (the "Articles Supplementary" and, together with the Articles of Amendment, the "Charter Amendments") to its charter, pursuant to which the Company classified and designated the following authorized but unissued shares of common stock: 500,000,000 as Class L shares and 500,000,000 as Class L-2 shares.

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Blackstone Real Estate Income Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-263107

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