Blackstone Real Estate Income Trust (BREIT), Blackstone’s $70 billion private wealth platform, has pumped the brakes on its deluge of repurchase requests for another month.
In a May 1 notice to stockholders, BREIT said it received $4.5 billion of repurchase requests in April, but it is fulfilling only $1.3 billion of those, in accordance with its share repurchase plan. This number is the equivalent of 2 percent of net asset value and represents 29 percent of the shares submitted for repurchase. According to Bloomberg, this is the sixth consecutive month BREIT has limited redemptions.
Since BREIT was formed more than six years ago, its share repurchase plan has allowed for repurchases up to 2 percent of net asset value in any month and 5 percent of net asset value in a calendar quarter, subject to the discretion of BREIT’s majority independent board of directors. BREIT said this structure was designed to both prevent a liquidity mismatch and maximize long-t