Blackstone (BXREX)

Launch and filed structure

A Form 8-K reporting November 3, 2025 as the date of the earliest reported event stated that Blackstone Real Estate Income Trust, Inc. and BREIT Operating Partnership, L.P. launched a Delaware Statutory Trust program, and that Blackstone Real Estate Exchange LLC, an indirect wholly owned subsidiary of BREIT, became the DST Sponsor on that date. The same filing describes a DST property held in a DST and leased back by a wholly owned Operating Partnership subsidiary under a master lease guaranteed by the Operating Partnership, and gives the Operating Partnership a fair-market-value purchase option, not an obligation, to acquire DST Interests during a defined period in exchange for Operating Partnership units or, in certain cases, cash ².

Property sourcing and consolidation

BREIT's Form 10-K for the year ended December 31, 2025 states that DST properties may be sourced from BREIT real properties or acquired from third parties, held in separate DSTs, and leased to wholly owned BREIT Operating Partnership subsidiaries under master leases. That filing also states that BREIT considers the DSTs variable interest entities, determined that it was their primary beneficiary, and consolidated them, presenting DST Interests as non-controlling interests and including DST rental revenues and operating expenses in its consolidated statements ³.

Filed programs

Three DST programs have been filed under the platform: BXREX Portfolio I DST, first filed in 2025, and BXREX Portfolio II DST and Eterno HoldCo DST, each first filed in 2026 ⁴. In its Form D filed October 31, 2025, BXREX Portfolio I DST reported a total offering amount of $175,555,053 ⁵. In a July 23, 2026 update, BREIT said Blackstone and BREIT had recently launched BXREX as a 1031 DST exchange program ⁶.