10-K: Blackstone REIT Reports $3.3B Net Loss in 2025 Amid Market Shifts

Blackstone Real Estate Income Trust, Inc. (BREIT) reported a substantial net loss of $3.3 billion in 2025, driven by increased impairment charges and a decline in net asset value, despite strategic investments in data centers and net lease properties.

Summary

• Blackstone Real Estate Income Trust, Inc. (BREIT) reported a net loss attributable to stockholders of $3.28 billion for the year ended December 31, 2025, a significant increase from $890.5 million in 2024.
• The company's Net Asset Value (NAV) per share for Class I shares decreased from $14.7420 on January 31, 2023, to $14.1339 on December 31, 2025.
• Funds Available for Distribution (FAD) decreased to $1.09 billion in 2025 from $1.21 billion in 2024.
• Total revenues decreased to $7.96 billion in 2025 from $8.53 billion in 2024, primarily due to a $0.6 billion decrease in Non-Same Property rental revenues.
• Impairment of investments in real estate increased by $248.3 million to $630.4 million in 2025, compared to $382.2 million in 2024.
• Net gain on dispositions of real estate decreased to $1.59 billion in 2025 from $2.13 billion in 2024.
• The company deployed $5.8 billion (BREIT's share) into data center development through its QTS platform in 2025, a 96% increase over 2024, with these developments being 100% pre-leased to investment-grade tenants.
• 177 net lease properties were acquired for $106.3 million (BREIT's share) through the Reliant Net Lease Platform.
• BREIT raised $3.6 billion from the sale of common stock and OP units in 2025, while repurchasing $6.2 billion of shares and units from investors, fulfilling all requests for the year.
• The portfolio as of December 31, 2025, consisted of 96% real estate investments and 4% real estate debt, with 4,483 properties and 63,918 single-family rental homes.
• Rental Housing (44%), Industrial (22%), and Data Centers (21%) were the primary property sectors by fair value, concentrated in the South (36%), West (28%), and East (20%) regions of the U.S.
• The company's leverage ratio was approximately 47% as of December 31, 2025.
• Total indebtedness was $61.35 billion as of December 31, 2025, down from $65.20 billion in 2024, with a net decrease in financings of $3.9 billion.
• The company launched the DST Program in November 2025 to issue beneficial interests in Delaware statutory trusts holding real properties through private offerings, aiming to expand capital-raising strategies.
• Distributions declared for 2025 were characterized as 100% return of capital for federal income tax purposes, compared to 96.27% return of capital and 3.73% capital gains in 2024.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative filing due to the substantial increase in net loss, decline in FAD, and significant impairment charges, which overshadow the strategic investments and successful repurchase fulfillment. The overall financial performance indicates a challenging operating environment.

Positives

• Successfully deployed $5.8 billion (BREIT's share) into data center development via the QTS platform in 2025, representing a 96% increase over 2024, with all developments 100% pre-leased to investment-grade tenants.
• Acquired 177 net lease properties for $106.3 million (BREIT's share) through the Reliant Net Lease Platform, indicating continued strategic expansion.
• Maintained sufficient liquidity with $6.7 billion as of February 26, 2026, including $5.6 billion in undrawn revolving credit facilities and $1.1 billion in unrestricted cash.
• Successfully fulfilled all $6.2 billion in share and unit repurchase requests received during 2025, demonstrating commitment to shareholder liquidity within plan limits.
• Reduced total indebtedness by a net $3.9 billion in 2025, indicating a deleveraging effort.
• Same Property Net Operating Income (NOI) attributable to BREIT stockholders increased by $117.1 million (3%) in 2025 compared to 2024, driven by increased base rental revenue and ancillary income in rental housing properties.
• Same Property NOI from unconsolidated entities increased by $47.3 million (7%) in 2025, primarily due to increased occupancy at QTS Data Centers.

Negatives

• Reported a significant net loss attributable to BREIT stockholders of $3.28 billion in 2025, a substantial increase from $890.5 million in 2024.
• Accumulated loss increased to approximately $8.2 billion as of December 31, 2025, from $4.9 billion in 2024.
• Funds Available for Distribution (FAD) decreased to $1.09 billion in 2025 from $1.21 billion in 2024.
• Total revenues decreased by $568.8 million in 2025 compared to 2024, primarily due to dispositions.
• Impairment of investments in real estate increased by $248.3 million to $630.4 million in 2025, reflecting updates to undiscounted cash flow assumptions and held-for-sale properties.
• Net gain on dispositions of real estate decreased by $0.5 billion in 2025 compared to 2024.
• Loss from unconsolidated entities significantly increased to $868.7 million in 2025, primarily due to unrealized losses on interest rate derivatives and one-time buyout costs at QTS Data Centers.
• Income from investments in real estate debt decreased by $219.4 million in 2025, mainly due to lower interest income from sales and repayments and decreased net unrealized/realized gains.
• Loss from interest rate derivatives increased by $664.5 million in 2025, primarily due to a decrease in the fair value of derivatives.
• The average annualized distribution rate for Class S-2, D-2, and T-2 shares, assuming maximum upfront selling commissions, showed negative total returns of (0.3)%, 1.6%, and (0.1)% respectively since September 1, 2025.

Risks

• Limited liquidity for common stock due to no public trading market, with repurchases subject to discretion, available liquidity, and significant restrictions (2% monthly, 5% quarterly of aggregate NAV).
• Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including borrowings, asset sales, return of capital, or offering proceeds, with no limits on such funding.
• Valuation of properties is inherently subjective, and NAV may not accurately reflect actual liquidation prices, potentially leading to investors paying more or receiving less than realizable value.
• Dependence on BX REIT Advisors L.L.C. (the Adviser) for operations, facing conflicts of interest in investment allocation, time management, and substantial fees.
• Principal and interest payments on borrowings reduce funds available for distribution or new investments, increasing exposure to adverse economic factors like rising interest rates.
• Restrictions on ownership and transferability of shares, including a 9.9% ownership limit to maintain REIT status.
• Lack of ownership of the 'Blackstone' name, with potential harm to business if the trademark license agreement is terminated or used by competitors.
• Risk of failing to qualify as a REIT, which would result in substantial tax liability and materially decrease NAV and cash available for distribution.
• Acquisition of investment properties may be financed by substantial borrowing, increasing exposure to loss from adverse economic factors.
• Investing in commercial real estate involves risks such as tenant inability to pay rent, interest rate increases, financing unavailability, tenant turnover, vacancies, and changes in supply/demand.
• Operating results are affected by global and national economic and market conditions, including elevated inflation, increased energy costs, geopolitical issues, rising vacancy rates, and changes in government regulations.
• Portfolio concentration in certain industries (rental housing, industrial, data centers) and geographies (Southern and Western U.S.) makes returns susceptible to adverse conditions in those specific areas.
• Competition for investment opportunities may reduce profitability and investment returns.
• Difficulty in selling properties due to illiquidity, potentially limiting flexibility and ability to pay distributions.
• Risks associated with property acquisitions, including inability to complete transactions, obtain financing, or integrate new investments successfully.
• Risks associated with privatization of state-owned assets, including unpredictable terms, re-examination by regulatory bodies, or return to state ownership.
• Litigation risks at the property level during sale and disposition, potentially reducing profitability.
• Joint venture investments carry risks from lack of sole decision-making authority, reliance on partners' financial condition, and potential disputes.
• Exposure to material losses or damage to properties not covered by insurance, especially for catastrophic events like wars, natural disasters, or terrorist attacks.
• Liability for environmental violations, regardless of causation, including costs of remediation and potential liens on contaminated assets.
• Costs associated with complying with the Americans with Disabilities Act (ADA) may affect cash available for distributions.
• Property taxes may increase, adversely affecting cash flow, especially for rental housing properties where taxes cannot be passed to residents.
• Investments in ground leases provide limited rights to the underlying property and expose the company to loss upon termination or breach.
• Special use and/or build-to-suit industrial properties may be difficult to sell or re-let upon tenant defaults.
• Expedited transactions for property acquisitions may result in limited information and increased risk.
• Risks in effecting operating improvements at properties, with no assurance of successful identification and implementation of restructuring programs.
• Negative impacts from assumptions and general conditions of the single-family rental housing market, including rent controls and tenant rights regulations.
• Risks from homeowners associations (HOAs) for rental housing properties, including restrictive rules, additional fees, and litigation.
• Industrial tenants may be adversely affected by a decline in U.S. manufacturing activity.
• Negative impact from the condition of Fannie Mae or Freddie Mac and changes in government support for rental housing.
• Short-term leases expose the company to declining market rents and impact cash distributions.
• Increased unemployment levels could adversely affect occupancy and rental rates of rental housing properties.
• Increased competition from single-family homes and condominiums for rent in multifamily markets.
• Residential real estate assets are subject to particular economic, operating, and regulatory risks, including potential legislation restricting institutional ownership of single-family homes.
• Investments in low-income areas or affordable housing developments are subject to governmental regulatory restrictions, lower market rates, and greater management expertise requirements.
• Data center investments are subject to risks from changes in demand, technology, tenant preferences, and competition, including obsolescence and power constraints.
• Retail tenants face significant competition from various retail channels, including online shopping.
• Retail properties depend on anchor tenants, and their loss could impact other leases and revenues.
• Office real estate industry trends, such as telecommuting and shared office spaces, could erode demand and place downward pressure on occupancy and rental rates.
• Manufactured housing markets face increased competition, decreased demand, and restrictive zoning ordinances.
• Manufactured home loans may be subject to greater credit risk, higher delinquency rates, and depreciation of home values.
• Investments in real estate associated with gaming facilities are impacted by risks in the gaming and tourism industries, including competition and changes in consumer trends.
• Self-storage investments are subject to risks from fluctuating demand and competition, including overbuilding.
• Net lease properties expose the company to losses if tenants fail to meet obligations, especially for single-tenant properties.
• Technological or other innovations may disrupt markets and sectors, increasing competition or negatively impacting property values.
• Supply chain disruptions could create unexpected renovation or maintenance costs or delays, and impact tenant businesses.
• Investments in land for development are subject to risks related to zoning, permitting, construction costs, and market changes.
• Investing in troubled assets involves higher risk of loss and requires additional capital for repositioning.
• Risks associated with governmental action, such as nationalization, condemnation, or eminent domain.
• Force majeure events (e.g., natural disasters, pandemics, wars) could adversely affect operations and financial results.
• Real estate debt investments are subject to creditor risks, early redemption features, prepayment risk, and interest rate fluctuations.
• Investments in high-yield debt are subject to greater price volatility, principal and income risk, and potential issuer default.
• Distressed securities investments have a high risk of default and may be illiquid.
• Risks associated with CMBS, including decreased liquidity, holding period restrictions, and dependence on collateral quality and servicer performance.
• Commercial mortgage loans are often non-recourse, limiting financial recovery options in default.
• Structured products involve leverage, covenants, and dependence on underlying asset performance.
• Residential credit investments (RMBS) are subject to credit, market, interest rate, structural, and legal risks, including consumer protection laws.
• Investments in collateralized debt obligations (CDOs) carry risks related to collateral quality, subordination, and complex structures.
• Subordinated debt investments are subject to greater credit risk and absorb losses before senior tranches.
• Mezzanine loans are dependent on underlying property operations and may have limited financial recovery options.
• Broad investment guidelines for real estate debt may lead to investments in new, untested instruments with unanticipated risks.
• Inability to access funding could have a material adverse effect on operations and business growth.
• Restrictive covenants in loan agreements could limit distribution ability and operational flexibility.
• Financing arrangements with balloon payments may adversely affect distribution ability if refinancing or sales are not favorable.
• Reverse repurchase agreements expose the company to market value declines and counterparty default risk.
• Failure to effectively hedge against interest rate changes may materially adversely affect results.
• Credit ratings may not reflect all risks of debt securities.
• Dependence on the Adviser for cybersecurity systems and procedures, with risks of operational failures, data breaches, and regulatory actions.
• Risks related to the use of artificial intelligence (AI) technologies, including disruption of business models, data center demand impact, accuracy issues, bias, and legal/regulatory uncertainties.
• Risks related to the use of social media and publicity platforms for rapid dissemination of misinformation.
• Evolving global data security and privacy laws (e.g., GLBA, GDPR, CPRA, Bulk Data Transfer Rule) increase compliance costs and enforcement risk.
• Compliance with SEC's Regulation Best Interest may negatively impact capital raising.
• The DST Program could subject the company to litigation liabilities and does not shield from property performance risks.
• Tax considerations for DST Properties reacquired by the Operating Partnership may limit cash generation from subsequent sales.
• Large repurchases or investments by substantial shareholders could adversely impact performance and liquidity.
• Maryland law limits stockholders' ability to amend the charter or dissolve the company without board approval.
• Dilution of interest if additional shares or Operating Partnership units are issued.
• UPREIT structure may result in conflicts of interest with limited partners.
• Exemption from certain reporting requirements (e.g., auditor attestation for internal controls) due to non-accelerated filer status.
• Conflicts of interest arising from Blackstone's numerous activities and relationships, including allocation of investment opportunities, personnel time, and fees.
• Adviser's fees based on NAV may incentivize higher valuations or delayed repurchases.
• Performance participation interest may incentivize riskier or more speculative investments based on unrealized gains.
• Blackstone personnel working on other projects may divert attention from BREIT's business.
• Blackstone's multiple business lines create conflicts, regulatory oversight, and contractual restrictions that may limit BREIT's opportunities.
• Blackstone's data and information access provides benefits to Blackstone or other accounts without compensation to BREIT.
• Engagement of various advisors and operating partners who may co-invest alongside BREIT, potentially reducing BREIT's share of opportunities.
• Transactions with affiliates of the Adviser may not be on arms-length terms.
• Other Blackstone Accounts have similar or overlapping investment objectives, potentially leading to fewer or lower-return opportunities for BREIT.
• Conflicts of interest in the DST Program due to affiliated Dealer Manager and Manager.
• Co-investing with Regulated Funds may impose restrictions and limitations on investment allocations.
• Adviser may not pursue certain investment opportunities for BREIT due to various reasons, including prior investments or other Blackstone accounts' interests.
• Blackstone's potential involvement in financing third-party purchases of BREIT assets could create conflicts.
• Disputes between Blackstone and joint venture partners with pre-existing investments may affect BREIT's investments.
• Blackstone personnel's financial interests in other Blackstone Accounts may create conflicts in investment decisions for BREIT.
• Blackstone's public company status may introduce additional considerations in managing BREIT's business.
• Contributions to charitable initiatives or political activities may not align with or be adverse to BREIT's interests.
• Non-U.S. investments may subject BREIT to additional taxes and complications for REIT qualification.
• Tax protection agreements could limit ability to sell or dispose of property contributed to the Operating Partnership or require maintaining certain debt levels.
• Retirement plan risks, including civil penalties for fiduciaries if investments in BREIT shares fail ERISA standards.
• Risk of BREIT's assets being deemed 'plan assets' under ERISA, leading to rescission of transactions, tax/fiduciary liability, and ERISA/Code violations.
• Potential control group liability under ERISA for defined benefit pension plans.
• Risks arising from operating as a VCOC or REOC to avoid plan asset status, potentially restricting investments or requiring liquidation at disadvantageous times.
• Dependence on public utilities and services, with potential adverse effects from reductions or interruptions.
• Documentation and legal risks in investments, including unclear contracts and potential disputes.
• Risks associated with short sales, including unlimited theoretical loss and limited benefit from market increases.
• Contingent liabilities in connection with asset dispositions, including indemnification obligations and litigation risks.
• Risks associated with hedging transactions, including counterparty failure and ineffectiveness.
• Risks associated with foreign currencies and exchange rates, impacting returns on non-U.S. investments.
• Changes in laws or regulations governing operations may adversely affect business or require altering business strategy.

Future Outlook

The company intends to continue selling shares of its common stock on a monthly basis through its continuous public offering and private offerings. It also plans to expand and diversify capital-raising strategies through the newly commenced DST Program. The economic outlook for 2026 remains uncertain, with elevated inflation and interest rates posing potential challenges, though gradual decreases in interest rates during 2025 and U.S. economic resilience contributed to improved investor sentiment and capital markets activity towards the end of 2025. The company will continue to assess and monitor incoming information regarding interest rate adjustments.

Management Comments

• Our objective is to bring Blackstone's leading institutional quality real estate investment platform to income-focused investors.
• We believe that the expectations reflected in the forward-looking statements are reasonable, but we cannot guarantee future results, levels of activity, performance, or achievements.
• We believe Funds from Operations (FFO) is a meaningful non-GAAP supplemental measure of our operating results.
• We believe Adjusted FFO (AFFO) is an additional meaningful non-GAAP supplemental measure of our operating results.
• We believe Funds Available for Distribution (FAD) is an additional meaningful non-GAAP supplemental measure of our operating results.
• We believe we have sufficient liquidity to operate our business, with $6.7 billion of liquidity as of February 26, 2026.
• We continue to believe that our current liquidity position is sufficient to meet the needs of our business.

Industry Context

StockSavvy.ai notes that BREIT's significant net loss and increased impairment charges in 2025 reflect broader challenges in the commercial real estate sector, particularly with rising interest rates and economic uncertainty impacting property valuations. The strategic pivot towards data centers, with substantial pre-leasing to investment-grade tenants, aligns with a growing industry trend of favoring resilient, technology-driven real estate assets. However, the decline in FAD and increased share repurchases, despite a reduction in overall debt, suggest ongoing pressure on cash flow and investor demand for liquidity, a common theme among non-traded REITs in volatile markets. The introduction of the DST Program is an innovative approach to capital raising, potentially tapping into a different investor base seeking tax-advantaged real estate exposure, which could be a differentiator in a competitive fundraising environment.

Comparison to Industry Standards

• BREIT's reported net loss of $3.28 billion in 2025 contrasts sharply with the performance of some publicly traded REITs that have shown more stability or even growth in net income, particularly those with strong balance sheets and diversified portfolios less exposed to specific distressed segments.
• The 47% leverage ratio is within the typical range for real estate investment vehicles, but the increased cost of debt due to rising interest rates could put pressure on returns compared to historical benchmarks or less leveraged peers.
• The 96% increase in data center development deployment in 2025, with 100% pre-leasing to investment-grade tenants, positions BREIT favorably against competitors who may struggle to secure high-quality tenants in this high-demand sector. This is comparable to the aggressive expansion strategies seen in leading data center REITs like Equinix (EQIX) or Digital Realty (DLR).
• The decline in FAD from $1.21 billion to $1.09 billion indicates a tightening of cash available for distributions, which could be a concern for income-focused investors, especially when compared to more stable dividend-paying REITs or other income-generating investment vehicles.
• The fulfillment of all $6.2 billion in repurchase requests, while positive for investor confidence, highlights the significant demand for liquidity, a challenge that has affected other non-traded REITs and private real estate funds, such as Starwood Real Estate Income Trust (SREIT) and other similar funds, which have also faced redemption limits or suspensions in recent periods.

Corporate Governance

Legal Proceedings

• As of December 31, 2025, the company was not involved in any material legal proceedings.

Related Party Transactions

• The Adviser (BX REIT Advisors L.L.C.), a subsidiary of Blackstone Inc., manages BREIT and receives a management fee of 1.25% of NAV, which was $671.0 million in 2025. The Adviser elected to receive this fee in Class B units of BREIT OP.
• The Special Limited Partner (BREIT Special Limited Partner L.P.), a wholly-owned subsidiary of Blackstone, holds a performance participation interest in BREIT OP, entitling it to an allocation of BREIT OP's total return after other unitholders receive a 5% total return. This allocation was $592.9 million in 2025 and was paid in units of BREIT OP.
• The company has an uncommitted line of credit of up to $75.0 million with Blackstone Holdings Finance Co. L.L.C., an affiliate of Blackstone, with an interest rate of SOFR +2.5% or a third-party lender's rate. No outstanding borrowings as of December 31, 2025.
• Blackstone Securities Partners L.P. (the Dealer Manager), an affiliate of the Adviser, serves as the dealer manager for the Current Offering and DST Program, receiving selling commissions, dealer manager fees, and stockholder servicing fees, all of which are re-allowed to participating broker-dealers.
• The company paid Lexington National Land Services (LNLS), a Blackstone affiliate, $26.9 million for title services in 2025. LNLS earns fees for these services, which would otherwise be paid to third parties.
• The company is a member of a captive insurance company (the Captive) owned by BREIT and other Blackstone-managed investment vehicles. A Blackstone affiliate provides oversight and management services to the Captive, receiving fees based on a percentage of premiums. BREIT contributed $93.3 million to the Captive in 2025.
• BREIT engages various portfolio companies owned by Blackstone-advised investment vehicles (e.g., Link, Tricon, LivCor, Revantage, Perform Properties, BRE Hotels & Resorts, Apartment Income REIT, Beam Living, Longview, Brio) to provide management, corporate support, and transaction support services. Expenses for these services, including incentive compensation awards, are borne by BREIT or its portfolio entities and do not offset the Adviser's management fees.
• Certain portfolio companies owned by BREIT earned $8.7 million in revenue from other Blackstone-advised investment vehicles for management and corporate support services in 2025.
• BREIT had a receivable of $50.9 million from certain portfolio companies owned by Blackstone-advised investment vehicles related to prepayment of corporate service fees and incentive compensation awards as of December 31, 2025.
• BREIT's investments in real estate debt included $767.9 million in CMBS and commercial real estate loans collateralized by properties owned by other Blackstone-advised investment vehicles as of December 31, 2025, generating $108.7 million in income for BREIT in 2025. BREIT forgoes non-economic rights in these investments.
• BREIT's investments in real estate debt also included $1.6 billion of CMBS collateralized, in part, by BREIT's own mortgage loans, generating $151.4 million in income in 2025.

Stakeholder Impact

• **Shareholders**: Experience significant dilution of ownership interest due to substantial net losses and accumulated deficit. Liquidity is limited by the share repurchase plan, which may not always satisfy all requests. Distributions are not guaranteed and may be funded from non-operating sources, impacting long-term returns. The complex fee structure and related-party transactions may reduce overall returns to shareholders.
• **Employees**: The company has no direct employees other than those acquired through certain portfolio company acquisitions. The Adviser's key real estate professionals are critical to success, and their retention is a risk. Employees of portfolio companies may be subject to various employment-related liabilities and operational risks.
• **Customers/Tenants**: Face risks from economic downturns, increased competition, and potential inability to pay rent, especially for single or significant tenants. Changes in market conditions, rent control laws, or specific industry trends (e.g., retail, office, student housing) can adversely affect their businesses and lease terms. Data center tenants are exposed to technology changes and power availability risks.
• **Suppliers/Service Providers**: Affiliated service providers (e.g., Link, Tricon, Revantage, LNLS) benefit from fees and compensation from BREIT, which are not shared with shareholders. The company's reliance on these providers, and the potential for non-arms-length terms, could impact costs.
• **Creditors**: The company's significant debt levels and variable rate loans expose it to interest rate risk. Financial covenants in loan documents may restrict operations. Foreclosure risks exist for real estate debt investments, and non-recourse loans limit recovery options. The distress or failure of banking institutions could impact access to funds.
• **Regulatory Bodies**: The company is subject to extensive regulation, including SEC, CFTC, and various federal, state, and local laws. Compliance costs are increasing, especially with evolving cybersecurity, data protection, and sustainability disclosure standards. Failure to comply could result in penalties and reputational damage.

Next Steps

• Continue selling shares of common stock on a monthly basis through continuous public and private offerings.
• Further implement and expand the DST Program to issue and sell beneficial interests in Delaware statutory trusts.
• Board of directors to consider at least quarterly whether the continued suspension of the share repurchase plan is in the best interest of the company and its stockholders, if applicable.
• Monitor and assess incoming information regarding future interest rate adjustments.
• File the definitive proxy statement for the 2026 annual meeting of stockholders by April 30, 2026.

Key Dates

Recommendation

BREIT's 2025 results show significant financial deterioration with a substantial net loss and declining FAD, indicating a challenging operating environment and potential pressure on future distributions. While strategic investments in data centers and net lease properties are positive, and the company successfully managed repurchase requests, the overall financial performance is concerning. The extensive list of risk factors, particularly those related to illiquidity, conflicts of interest with the Adviser, and market volatility, warrant caution. A 'hold' recommendation is appropriate for seasoned investors to monitor the effectiveness of the new DST Program, the impact of deleveraging efforts, and any improvements in core real estate market conditions before considering further investment or divestment. The current environment suggests a period of stabilization and risk mitigation rather than immediate growth.

Keywords

Real Estate Investment Trust, REIT, Blackstone, Commercial Real Estate, Net Asset Value, NAV, SEC Filing, 10-K, Financial Performance, Real Estate Debt, Rental Housing, Industrial Properties, Data Centers, Net Lease, Hospitality, Self Storage, Office Properties, Distributions, Share Repurchase Plan, Investment Strategy, Risk Factors, Corporate Governance, Affiliate Transactions, Cybersecurity, Artificial Intelligence, ESG, Sustainability, CMBS, RMBS, Leverage, Interest Rates, Inflation, Geopolitical Risk, Delaware Statutory Trust, DST Program