(Bloomberg) -- Investor requests to pull money out of Blackstone Inc.’s $67 billion real estate trust eased to the lowest in almost a year.

Blackstone Real Estate Income Trust is making some headway in resolving its backlog. In September, investors sought to pull out $2.1 billion, or 28% less than what they requested to withdraw in August, according to a letter Monday. Withdrawal requests were the lowest since October 2022.

BREIT returned about 29% of what investors requested in September, or about $625 million, according to the letter. That’s the 11th straight month of restrictions as BREIT seeks to prevent having to quickly sell off properties.

The real estate trust is a colossus in the property markets, with its reach spanning from apartments to data centers, as well as student housing. In late 2022, BREIT curbed withdrawals after redemption requests picked up and wealthy individuals became more jittery about having money tied up. 

A major share class for BREIT posted a net return of about 3.5% this year through the end of August, compared with an 8.4% gain in all of 2022 and a 30% increase in 2021. 

“A shareholder who began submitting repurchase requests when proration began has received approximately 97% of their money back and the semi-liquid structure is working as intended,” BREIT said in the letter.

--With assistance from Dawn Lim.

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