Blackstone Real Estate Income Trust brought in $1.2B in Q1, the fund's highest quarterly capital raise in three years, as redemption requests dipped sharply.
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The fundraise was a 44% year-over-year increase, and repurchase requests from investors fell 41% compared with the same period in 2025. BREIT had positive net inflows for the final two months of the quarter.
The REIT's strong quarter came as it rebounded from a three-year stretch in which outflows outpaced inflows. BREIT raised $1B more than it saw in outflows in 2025, the first time since September 2022 that it posted net inflows.
The fund weathered turbulence throughout 2023 as it worked through a backlog of redemption requests that took months to unspool. BREIT fulfilled all its redemption requests in February 2024 for the first time since November 2022, when investors increased their requests beyond the monthly cap.
In Q1, BREIT sold 64 properties for net proceeds of about $2B and net gains of about $462M. It also reported $135M in write-downs. The fund posted a $385M net loss for Q1, a significant improvement from the $1.8B net loss over the same period last year.
BREIT has put more than $3.7B into data center development through its QTS business line, with a $25B development pipeline preleased to global technology companies, according to AltsWire. The projects are expected to bring in $1.3B in annual rental revenue upon completion.
Blackstone acquired QTS Realty Trust, a data center developer, for $10B in 2021 and has since invested heavily in growing the business. Blackstone paid $3B to buy out the founder and CEO of QTS last year.
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