Blackstone’s BREIT Paid Out More than It Generated in 2023 (1)

Blackstone Real Estate Income Trust, the alternative asset manager’s flagship fund for wealthy investors, paid out more to investors than it generated last year.

BREIT paid out more than $2.8 billion in distributions during 2023, exceeding cash flows of $2.7 billion, according to its annual report. The fund’s performance was hit by investor requests for their money back, which prompted it to sell assets and keep cash in liquid investments. Distributions included both payouts in BREIT stock and those that elect to receive cash.

Blackstone Inc. launched BREIT in 2017 as it looked to branch out to retail investors, ...