Eterno HoldCo DST filed a Form D on July 31, 2026 for an offering amount below either of the two BXREX Portfolio notices that preceded it. It is also the first of the three Delaware Statutory Trust (DST) notices Blackstone (BXREX) has been named on since October 2025 to drop the Portfolio label.
AltsWire's December 4, 2025 sales roundup described BXREX Portfolio I DST as Blackstone Real Estate Exchange's multifamily offering with assets in Nevada and Texas, detail that Trust's own Form D did not carry. Eterno's Form D carries blanks of the same kind. The difference is that as of August 1, 2026 no national or trade publication has named this Trust at all; the only public mention of it is the filing.
Trust | Form D filed | Offering amount | First sale, per filing |
|---|---|---|---|
October 31, 2025 | $175,555,053 | Yet to occur | |
May 11, 2026 | $187,308,863 | Yet to occur | |
July 31, 2026 | $54,951,483 | Yet to occur |
All three notices report the first sale as yet to occur, which means the amounts above are what each Trust is authorized to sell and not money in the door. Eterno filed under Rule 506(b), which prohibits general solicitation and advertising, and it names one broker-dealer, Blackstone Securities Partners L.P., the firm's own.
Top1031 tracks 230 active offerings. Across the tracked market's trailing twelve months the median offering amount is $46,331,389, which makes this filing small for its sponsor and unremarkable for the market. The minimum is a different matter. The tracked median minimum investment is $100,000, and Eterno's Form D states no minimum and no sales commissions, against a 6.0% median commission across the tracked market. Those are blank fields on a notice, not terms.
Three related persons appear, each listed as an executive officer at 345 Park Avenue: BXREX Eterno Manager, LLC, BXREX Eterno Depositor, LLC and Blackstone Real Estate Exchange LLC. The first two carry the Trust's own name; the third is the entity BREIT's November 3, 2025 Form 8-K identified as sponsor when it and its operating partnership launched the DST program. The signature block reads Leon Volhyok, Senior Managing Director, the title the Portfolio II notice also carries. The research record spells the name Leon Volchyok on both Portfolio signatures and in the 8-K; this report uses the spelling on the filing at hand. That same 8-K gives the signer's title as Chief Legal Officer, and the two titles, coming from different filings, are reported rather than reconciled.
Blackstone's listed vehicles report on a calendar. The parent's second-quarter release of July 23, 2026 named no new BXREX offering, and BREIT's Form 8-K of July 22, 2026 put a preliminary same-property NOI figure for the six months ended June 30, 2026 in front of the market. The exchange business speaks one Form D at a time. For a reader inside the identification window, the figures that decide whether Eterno is reachable at all, the subscription minimum and the selling commission, sit in a private placement memorandum the notice does not attach.