BSTT Blackstone Real Estate Income Trust, Inc.

Overview and Growth

In fiscal 2025, Blackstone Real Estate Income Trust, Inc. recorded $7.96B of revenue, net loss of $3.28B, and an operating cash inflow of $2.29B. The $7.96B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 6.7% below fiscal 2024 revenue of $8.53B, marking a top-line contraction. On a per-share basis, diluted EPS was -$0.92, which connects the reported earnings outcome with the company’s diluted share count. Diluted shares averaged 3.56B; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 6.9% from 3.82B in fiscal 2024, leaving the current share base lower year over year. At period end, total assets were $98.60B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.08x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $4.27B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 53.6%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $4.03B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 50.7%, showing how efficiently sales converted into operating profit. After all below-operating-line items, the company recorded a net loss of $3.28B for the fiscal year. The net loss equaled 41.2% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was $7.25B, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. The reported tax benefit was $1.20M, favorably bridging the pretax and after-tax results. The net loss equaled 12.4% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 3.3%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $890.55M in fiscal 2024 to $3.28B.

Liquidity and Capital Structure

Total assets were $98.60B, supported by $71.93B of liabilities and $26.53B of shareholder equity. Cash and equivalents totaled $1.61B, identifying the most liquid reported component available within the broader current-asset balance. The company carried $55.54B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 2.09x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 56.3%, comparing borrowing with the total asset balance. Book equity represented 26.9% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 73.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 1.6% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $116.24B in fiscal 2024, the current asset base moved 15.2% and finished lower. Book equity was 23.5% lower than fiscal 2024 equity of $34.69B, showing how shareholder capital changed year over year. Compared with $1.93B in fiscal 2024, the current cash balance moved 17.0% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was $2.29B, a reported cash inflow that can be compared directly with net income and capital spending. The operating cash outcome moved from $2.09B in fiscal 2024 to $2.29B, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.