Blackstone Inc.’s $66 billion real estate trust limited investor redemptions for a 12th straight month in October.

Blackstone Real Estate Income Trust’s investors sought to pull $2.2 billion last month, compared with $2.1 billion in September, according to a letter to shareholders Wednesday. BREIT returned about $1.3 billion to investors, or about 56% of what was requested, the “highest payout percentage” since redemptions were restricted last year, according to the letter.

The real estate trust is a colossus in US property markets, with its reach spanning from apartments to data centers. In late 2022, BREIT curbed withdrawals after redemption requests picked up and its wealthy clients became jittery about having money locked into commercial real estate. Property values have fallen as the costs of borrowing increased with the Federal Reserve’s rate hikes.

A major share class for BREIT posted a net return of about 3.3% this year through September. The fund had an 8.4% gain for all of 2022 and a 30% return in 2021.

Unlike publicly traded real estate investment trusts that offer daily liquidity, BREIT limits withdrawals to about 2% of assets each month and 5% per quarter. The fund has returned $12.5 billion to investors since Nov. 30, when it first limited outflows.

“This semi-liquid structure was designed to both prevent a liquidity mismatch and maximize long-term shareholder value and has worked as intended,” according to the letter.

This article was provided by Bloomberg News.