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Blackstone Real Estate Income Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$216M in Q3 2026 · $1.1B over twelve months

Operating cash flow$553M
Capital spending−$338M
Free cash flow+$216M

Analysis

In Q3 2026, Blackstone Real Estate Income Trust generated $553M of operating cash flow and spent $338M on capital projects, leaving free cash flow of $216M. That is $13.6M more than in Q3 2025 ($202M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.3B; the largest uses were other financing ($12.1B), buybacks ($4.3B), capital spending ($1.3B); besides operations, cash came from asset & business sales ($7.9B), other investing ($5.5B); the cash balance fell by $228M.

Operating cash flow was $553M against net income of −$296M. The largest differences: depreciation & amortization +$722M, gains on disposals −$366M, prepaid and other assets −$135M.

Free cash flow

Blackstone Real Estate Income Trust: free cash flow by quarterBlackstone Real Estate Income Trust: free cash flow by quarter$150MQ4 2024$359MQ1 2025$309MQ2 2025$202MQ3 2025$200MQ4 2025$203MQ1 2026$449MQ2 2026$216MQ3 2026
Operating cash flow less capital spending.
Blackstone Real Estate Income Trust: operating cash flow against capital spendingBlackstone Real Estate Income Trust: operating cash flow against capital spendingOperating cash flowCapital spending$455M$305MQ4 2024$572M$214MQ1 2025$609M$300MQ2 2025$540M$338MQ3 2025$564M$364MQ4 2025$474M$271MQ1 2026$740M$291MQ2 2026$553M$338MQ3 2026
Latest (Q3 2026): Operating cash flow $553M, Capital spending $338M.

Capital allocation, year by year

Blackstone Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearBlackstone Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.8BFY2021: Shares issued $23.0BFY2021: Asset sales $267MFY2021: Capital spending −$576MFY2021: Buybacks −$1.1BFY2021: Dividends −$712M$25.1BFY2021FY2022: Operating cash flow $2.7BFY2022: Shares issued $17.5BFY2022: Asset sales $2.9BFY2022: Capital spending −$1.3BFY2022: Buybacks −$10.4BFY2022: Dividends −$1.2B$23.1BFY2022FY2023: Operating cash flow $2.7BFY2023: Shares issued $6.2BFY2023: Asset sales $7.4BFY2023: Capital spending −$1.5BFY2023: Buybacks −$12.4BFY2023: Dividends −$1.5B$16.3BFY2023FY2024: Operating cash flow $2.1BFY2024: Shares issued $1.9BFY2024: Asset sales $8.7BFY2024: Capital spending −$1.1BFY2024: Buybacks −$9.3BFY2024: Dividends −$1.2B$12.7BFY2024FY2025: Operating cash flow $2.3BFY2025: Shares issued $2.1BFY2025: Asset sales $6.6BFY2025: Capital spending −$1.2BFY2025: Buybacks −$6.1BFY2025: Dividends −$1.1B$11.0BFY2025
Over these 5 years operating cash flow totalled $11.6B; the largest uses were buybacks ($39.4B) and dividends ($5.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debt$51.6B
Net debt$50.2B
Due within a year$10.9B

Blackstone Real Estate Income Trust funds itself: free cash flow was $1.1B over the last twelve months, and $1.4B of cash and investments stands against $51.6B of debt ($10.9B due within a year, 0.1× covered by cash).

Blackstone Real Estate Income Trust: debt maturities by year (FY2025)Blackstone Real Estate Income Trust: debt maturities by year (FY2025)$10.9BYear 1$15.0BYear 2$4.3BYear 3$12.6BYear 4$4.8BYear 5$8.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.4B of cash and investments now.

Where the cash came from and went

Blackstone Real Estate Income Trust: sources (+) and uses (−) of cash, Q3 2026Blackstone Real Estate Income Trust: sources (+) and uses (−) of cash, Q3 2026Asset & business sales$1.9BOther financing−$1.8BBuybacks−$877MShares issued$807MOperating cash flow$553MCapital spending−$338MDividends−$285MCash drawn (+) / kept (−)$45.1MPartners$38.4MOther investing−$6.9MTaxes on employees’ shares−$647KExchange rates$545K
Blackstone Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Blackstone Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$12.1BAsset & business sales$7.9BOther investing$5.5BBuybacks−$4.3BShares issued$3.0BOperating cash flow$2.3BCapital spending−$1.3BDividends−$1.1BCash drawn (+) / kept (−)$228MPartners−$131MExchange rates−$195K

From profit to cash

Blackstone Real Estate Income Trust: net income to operating cash flow, Q3 2026Blackstone Real Estate Income Trust: net income to operating cash flow, Q3 2026Net income−$296MDepreciation & amortization$722MGains on disposals−$366MPrepaid and other assets−$135MOther liabilities$118MOperating cash flow$553M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$553M−$338M−$877M−$285M$807M$45.1M$216M
Q2 2026$740M−$291M−$969M−$281M$810M−$181M$449M
Q1 2026$474M−$271M−$1.2B−$279M$748M$286M$203M
Q4 2025$564M−$364M−$1.2B−$284M$627M$78.4M$200M
Q3 2025$540M−$338M−$1.4B−$286M$506M$454M$202M
Q2 2025$609M−$300M−$1.7B−$284M$562M$71.8M$309M
Q1 2025$572M−$214M−$1.8B−$293M$391M−$173M$359M
Q4 2024$455M−$305M−$1.4B−$297M$600M−$274M$150M

Blackstone Real Estate Income Trust: income statement and cash flow

Blackstone Real Estate Income Trust, Q3 2026: revenue $1.8B (-8% year over year), operating margin 81.8%. The chart follows the revenue to costs, profit and cash.

Blackstone Real Estate Income Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.