Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q3 2025
Blackstone Real Estate Income Trust (BSTT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Blackstone Real Estate Income Trust (BSTT) reported revenue of $1.9B for the third quarter 2025 (Q3 2025), -7% from a year earlier and -3% from the quarter before. Operating margin was 53.4%, net loss $714M (36.7% of revenue).
Blackstone Real Estate Income Trust, Q3 2025: revenue $1.9B (-7% year over year), operating margin 53.4%, net loss $714M, operating cash flow $540M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | -3% | -7% |
| Operating profit | $1.0B | -18% | — |
| Net earnings | −$714M | — | — |
| Operating cash flow | $540M | -11% | +12% |
| Free cash flow | $202M | -35% | +14% |
What changed
Revenue was $1.9B in Q3 2025, down 7% year over year and down 3% from the previous quarter. Rental Housing Properties: was the largest line at 62% of revenue. Rental Housing Properties: lost $0.10B year over year (down 8%), 68% of the total change.
Operating profit was $1.0B, a 53.4% margin (down 4.5 points year over year). Total costs grew 3% against a revenue fall of 7%. The fastest-growing cost line was General & admin (+17%). The quarter ended with a net loss of $0.71B, wider than the previous quarter's $0.57B loss. Minority interests bore $0.07B of it: to shareholders the quarter was a loss of $0.64B. Net interest and other expense of $1.8B was the main reason.
Operating cash flow was $0.54B (up 12% year over year). Non-cash charges added back $0.79B of depreciation and amortization. Working capital and other items added $0.47B. Capital expenditures of $0.34B left free cash flow of $0.20B.
Questions
What was Blackstone Real Estate Income Trust's revenue in the third quarter 2025?
Blackstone Real Estate Income Trust (BSTT) reported revenue of $1.9B for the third quarter 2025 (Q3 2025), -7% from a year earlier and -3% from the quarter before.
Was Blackstone Real Estate Income Trust profitable in the third quarter 2025?
Operating profit was $1.0B (53.4% of revenue) and net loss $714M.
Source: Blackstone Real Estate Income Trust 10-Q on SEC EDGAR.