Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q3 2026 › vs Q2 2026
Blackstone Real Estate Income Trust (BSTT) Q3 2026 vs Q2 2026 (quarter over quarter)
Blackstone Real Estate Income Trust's revenue fell $68.2M (-4%) from $1.9B in Q2 2026 to $1.8B in Q3 2026. The biggest changes: Rental Housing Property −$52.1M (-5%); Hospitality −$12.5M (-9%); Industrial +$3.2M (+1%).
Blackstone Real Estate Income Trust, Q3 2026: revenue $1.8B (-8% year over year), operating margin 81.8%, net loss $296M, operating cash flow $553M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 12.0% | 24.1% | -12.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Rental Housing Property | $1.1B | $1.1B | −$52.1M | -5% |
| Industrial | $305M | $302M | $3.2M | +1% |
| Net Lease | $152M | $152M | $169K | +0.1% |
| Hospitality | $133M | $145M | −$12.5M | -9% |
| Retail | $51.2M | $49.9M | $1.3M | +3% |
| Office | $41.6M | $43.1M | −$1.5M | -3% |
| Data Centers | $17.9M | $15.6M | $2.3M | +15% |
| Revenue | $1.8B | $1.9B | −$68.2M | -4% |
| Net loss | $296M | $466M | −$170M | -36% |
| Costs & expenses | $2.1B | $2.3B | −$238M | -10% |
| Operating costs | $326M | $744M | −$418M | -56% |
| Interest & other, net | $1.8B | $1.6B | $180M | +11% |
| General & admin | $12.7M | $18.1M | −$5.4M | -30% |
| Other operating costs | $313M | $726M | −$413M | -57% |
| Operating cash sources | $849M | $1.2B | −$357M | -30% |
| Depreciation & amortization | $722M | $743M | −$20.7M | -3% |
| Working capital & other | $128M | $464M | −$336M | -72% |
| Net loss absorbed | $296M | $466M | −$170M | -36% |
| Operating cash flow | $553M | $740M | −$187M | -25% |
| Free cash flow (OCF − capex) | $216M | $449M | −$233M | -52% |
| Capital expenditures | $338M | $291M | $46.5M | +16% |
Questions
How much did Blackstone Real Estate Income Trust's revenue grow quarter over quarter in Q3 2026?
Blackstone Real Estate Income Trust's revenue fell $68.2M (-4%) from $1.9B in Q2 2026 to $1.8B in Q3 2026.
What drove Blackstone Real Estate Income Trust's revenue change in Q3 2026?
Rental Housing Property −$52.1M (-5%); Hospitality −$12.5M (-9%); Industrial +$3.2M (+1%).