BREIT Share Redemption Request Form: Filing, Proration, Timeline

To redeem shares of Blackstone Real Estate Income Trust, you complete the BREIT share redemption request form (officially the repurchase authorization form), gather any supporting documents, and get everything to the transfer agent by 4:00 p.m. Eastern on the second-to-last business day of the month. Miss that cutoff and your request rolls to the next monthly repurchase cycle. Because BREIT shares don’t trade on a public exchange, this form paired with the fund’s monthly share repurchase program is the standard way to cash out.¹

Where to Get the Current Form

The form is posted on BREIT’s website at breit.com and is attached to the Share Repurchase Plan filed with the SEC.¹ Your financial advisor or broker-dealer can also send you a copy. Use the most current version. Outdated forms are a common reason requests get kicked back for resubmission.

What to Have in Front of You Before You Start

Pull your most recent account statement first. You’ll need your full legal name exactly as it appears on the account, your mailing address, your Blackstone account number, and your Taxpayer Identification Number (usually your Social Security number). Any mismatch between what you write and what’s on file can trigger a rejection.

You also need to know your share class. BREIT publicly offers Class T, Class S, Class D, and Class I, each with different fee structures and commission arrangements.² The class determines the NAV applied to your repurchase, so getting it wrong means the wrong valuation. Your statement lists it clearly.

Filling Out the Form

After your personal and account details, you specify how much to redeem, either as a dollar amount or a share count. For a partial redemption, keep the $500 minimum account balance in mind. If your remaining balance would drop below that threshold, the fund may repurchase all your remaining shares automatically.³

The form also asks you to pick a cost basis accounting method, typically First-In, First-Out (FIFO), which treats your oldest shares as sold first. Your choice affects how capital gains or losses are calculated at tax time.⁴ If you want a different method, such as specific identification, indicate it clearly.

Every registered owner or authorized signer must sign. Accounts held by a corporation, trust, or estate need documentation proving signing authority: corporate resolutions for a business entity, trust documents for a trust. If an account holder has died, the legal representative attaches a death certificate and letters testamentary or the equivalent.

The Early Repurchase Deduction

Shares held less than one year are subject to an Early Repurchase Deduction. Instead of receiving the full transaction price (generally the prior month’s NAV per share), you receive 98%, a 2% haircut.⁵ The one-year clock runs from your subscription closing date to the repurchase date at month-end.

BREIT waives the deduction in limited cases, including redemptions caused by the death or qualifying disability of a shareholder, and forced repurchases triggered by falling below the $500 minimum.³ If you’re close to the one-year mark, waiting a few weeks can be worth it.

When You Need a Medallion Signature Guarantee

A Medallion Signature Guarantee is a stamp from a financial institution confirming that the person signing is who they say they are. BREIT may require one for larger redemptions or when payment instructions differ from what’s on file, for example when you’re directing proceeds to a new bank account. Thresholds and triggers can change, so confirm the current requirement with your advisor or the transfer agent before submitting.

Banks, credit unions, and brokerage firms that participate in a Medallion program can issue the guarantee. Fees run from nothing for long-standing customers to around $50 or more elsewhere. Not every branch offers it, so call ahead. A notary public is not a substitute. The transfer agent will reject a notarized form when a Medallion is required.⁶

Where and How to Submit

Most investors send the form through the advisor or broker-dealer who originally sold them the shares, and the advisor transmits it internally. If you manage the account directly, submit it to BREIT’s transfer agent, SS&C GIDs, Inc.¹

Regular mail: SS&C GIDs, Inc., PO Box 219349, Kansas City, MO 64121-9349
Overnight delivery: SS&C GIDs, Inc., 430 W 7th St., Suite 219349, Kansas City, MO 64105
Phone inquiries: 844-702-1299

BREIT also offers electronic upload through its investor portal, which gives you a digital confirmation trail and takes the mail out of the equation. Whichever route you pick, the request must arrive in good order by 4:00 p.m. Eastern on the second-to-last business day of the month.⁷ Even a few minutes late pushes you to the next monthly cycle.

How Proration Can Cut Your Payout

BREIT caps monthly repurchases at 2% of the fund’s total NAV, with a separate quarterly cap limiting total outflows to 5% of NAV over any three-month period.¹ These caps exist so the fund isn’t forced to sell real estate at fire-sale prices to meet a rush of withdrawals.

When total requests exceed the cap, the fund prorates. Every requesting shareholder gets the same percentage of their request filled. If the fund can honor only half the total dollars asked for, a $10,000 request pays out $5,000, and you keep the rest of the shares. The unfilled portion does not carry over automatically. You have to submit a fresh form to re-enter the queue for the next period.³ BREIT saw sustained proration from late 2022 through much of 2024, and during periods like that, investors seeking a full exit file consistently each month until all shares are liquidated.

Timeline After You Submit

Once the transfer agent receives the form, it’s reviewed for completeness and compliance. You should receive a receipt confirmation through the investor portal or by mail. Confirmation means your request is in the queue. It does not guarantee full payment, because proration may apply.

Repurchases occur as of the last calendar day of the month, the Repurchase Date, and shares are priced at the transaction price in effect that day, generally the prior month’s NAV per share.⁵ Settlement, the actual cash deposit, happens within three business days of the Repurchase Date.³ Check that your banking instructions are current before the Repurchase Date so the wire doesn’t bounce or get held up.

Tax Consequences

Redeeming BREIT shares is a taxable event. The difference between your proceeds and your adjusted cost basis is a capital gain or loss. Shares held more than one year are generally taxed at long-term capital gains rates; shorter holding periods draw ordinary income rates.

BREIT issues tax documents each February. You’ll receive a Form 1099-B reporting sale proceeds from redemptions during the prior year, and you may also receive a Form 1099-DIV reporting income distributions.⁸ Because BREIT invests in real estate, some distributions may include return of capital, which reduces your cost basis rather than creating immediate taxable income. Your eventual gain on redemption can therefore be larger than expected if return-of-capital distributions have been lowering your basis year after year. A tax advisor familiar with non-traded REITs can help you work through the 1099 reporting before you file.

1
U.S. Securities and Exchange Commission. Blackstone Real Estate Income Trust Class T, S, D, I, F and C Share Repurchase Plan
2
Securities and Exchange Commission. BREIT March 2024 Prosupp
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U.S. Securities and Exchange Commission. Blackstone Real Estate Income Trust Class T, S, D and I Share Repurchase Plan
4
FINRA. Cost Basis Basics
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Securities and Exchange Commission. BREIT NAV April 2025
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U.S. Securities and Exchange Commission. Medallion Signature Guarantees: Preventing the Unauthorized Transfer of Securities
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Blackstone Real Estate Income Trust, Inc. Blackstone Real Estate Income Trust, Inc. Class T, S, D and I Share Repurchase Plan
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Blackstone Real Estate Income Trust. Investor Services FAQs