Blackstone Inc.’s $55 billion BREIT fund recorded net inflows last month for the first time since 2022, signaling renewed investor confidence in commercial real estate. The non-listed REIT had faced significant pressure from higher interest rates, which depressed property values and triggered heavy withdrawal requests, including a peak $4.5 billion in a single month.

BREIT ultimately had to cap withdrawals and spent over a year clearing the backlog. The fund’s recent rebound reflects both improved market sentiment and its strong performance relative to publicly traded REITs. Last year, BREIT outperformed its public peers by nearly three times and delivered a 65% advantage over its nine-year history.

A spokesperson credited the fund’s resilience to its differentiated portfolio, including data center company QTS and a massive logistics platform. The fund’s ability to attract new capital while keeping withdrawal requests at four-year lows underscores its improved positioning amid the cyclical recovery in real estate.