Non-traded Apr-26 Monitor: BREIT Inflows Surge-Ease Payout Strain, BX's Public CRE Buying Spree

研报英文原文证据摘录

Non-traded Apr-26 Monitor: BREIT Inflows Surge-Ease Payout Strain, BX's Public CRE Buying Spree

REITs

Nontraded REITs

NONTRADED REITS May 19, 2026

Non-traded Apr-26 Monitor: BREIT Inflows Surge-Ease

Payout Strain, BX's Public CRE Buying Spree

The Wolfe Byte

We report April updates for BREIT (who provided April financials on Friday, 5/15) Andrew Rosivach, CFA

as well as Starwood and Ares REITs as an update to our recurring research on arosivach@wolferesearch.com (646) 582-9250

Non-traded REITs. BREIT inflows continue to improve. View Andrew’s Research

View Comp Table

Today's report is an update of our recurring research on Non-traded REITs (see here) Div Gaur

dgaur@wolferesearch.com

where we track the monthly performance of BREIT (Blackstone), SREIT (Starwood), (646) 582-9262

and AREIT (Ares). In this report, we discuss the NAVs, yields, fund flows, balance Logan Epstein

sheet data for the month of April. lepstein@wolferesearch.com

(646) 582-9267

All data below is available in Excel upon request.

Ally Yaseen

We think the data could be highlighting: ayaseen@wolferesearch.com

●April data highlights a divergence in the NTR space, driven by an acceleration Andyaliu@wolferesearch.comLiu

in BREIT’s capital raising while SREIT outflows weakened.

○BREIT’s recovery went into overdrive, with net inflows nearly doubling

sequentially to $208M, confirming that strong investor demand has

returned.

○Conversely, SREIT’s net outflows accelerated to $39M, while AREIT’s

inflows cooled significantly to $11M (down from a near record $193M in

March).

●Flows versus rates. Constructive fund flows might seem surprising long term

rates had already begun to increase in March. A potential reason could be

investors compare nontraded investments to cash yields, which are well off

their peaks.