Blackstone Real Estate Income Trust, Inc. (BSTT) — payout ratio, three ways

Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.

Funds from operations is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is free cash flow instead.

Basis	Payout	Why it differs
GAAP earnings	negative	The company lost $0.92 per share, so there are no earnings to pay a dividend out of and no ratio exists.
Operating cash flow	50.1%	Before capital spending, so it understates the payout that free cash flow shows.
Free cash flow	107.1%	Counts property acquisitions as though they were maintenance.

Spread between highest and lowest: 57 percentage points. Same filings, different denominators.

Coverage rating 29 / 100 — Strained. ? Peer standing · not ranked Direction 4/30Stability 10/20

Free cash flow payout, last 6 years

Fiscal year	Payout
2025-12-31	107.1%
2024-12-31	131.3%
2023-12-31	120.1%
2022-12-31	88.1%
2021-12-31	59.0%
2020-12-31	65.3%

The arithmetic

GAAP earnings — dividends declared per share $0.66 ÷ diluted EPS $-0.92
Operating cash flow — dividends paid $1,146.2m ÷ operating cash flow $2,285.7m
Free cash flow — dividends paid $1,146.2m ÷ (operating cash flow $2,285.7m − capex $1,215.5m)

Where the figures came from

10-K filed 2026-02-27 · accession 0001662972-26-000032

Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.

Caveats on this company

DPS $0.66 filed as declared, but dividends paid imply $0.32 — one of the two underlying facts is wrong. The filed per-share figure is used.
FFO not derivable (derived (NAREIT approximation)) — REIT page not publishable

Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.