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2025 Year-End Shareholder Letter

FOR EXISTING STOCKHOLDERS ONLY

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Bonus Shares

BREIT Highlights

Annualized net return for Class I since inception in January 2017 [ 1 ]

+9.3%

2025 Class I net return [ 1 ]

+8.1%

Distributions characterized as return of capital (“ROC”) in 2025 [ 7 ]

100%

FEbruary 19, 2026

Dear BREIT Stockholder,

As we turn the page on 2025, BREIT stands as a powerful example of our ability to deliver strong, differentiated results to investors across market cycles.

Since inception nine years ago (2017), BREIT has generated a +9.3% annualized net return (Class I), outperforming publicly traded REITs by ~70% and private real estate by ~3x on an annualized basis. [ 1 ][ 2 ] BREIT has delivered this strong performance through a global pandemic and one of the fastest interest rate increases in history, driven by our early positioning in data centers (acquired QTS in 2021), proactively hedging our balance sheet and our focus on fast-growing Sunbelt markets. [ 3 ][ 4 ]*

We continued to see BREIT’s performance accelerate, delivering an +8.1% net return (Class I) in 2025 with positive performance each month. [ 1 ] To contextualize these results, BREIT meaningfully outperformed — by about three times or more — the broader real estate universe, including our non-traded REIT peers, the publicly traded REITs and the broader private real estate index. [ 2 ][ 5 ] Beyond total returns, BREIT continues to provide consistent income with potential tax benefits. In 2025, 100% of BREIT’s distribution was classified as return of capital (“ROC”), bringing our 4.7% pre-tax Class I distribution rate to 7.5% on a tax-equivalent basis, which is even more compelling in high-tax states (9%–10%). [ 6 ][ 7 ][ 8 ]** At the heart of BREIT’s differentiated results is powerful value creation from our data center platform, QTS, combined with the benefit of real estate entering a steeper phase of the recovery, which we think will continue to power performance as we look ahead.


Performance Engines Firing on all Cylinders

Today, we believe the opportunity in commercial real estate is particularly compelling because real estate values have reset to historically attractive levels, creating one of the best entry points in the market in recent years. This is especially true relative to equities and fixed income, which are at or near record highs, as well as cash given declining yields. [ 9 ] We believe there is meaningful upside as we enter a steeper part of the real estate recovery. When you compare today’s recovery to previous cycles, we believe we are still in the early innings, which is why we have conviction that now is the time to be invested in real estate. History shows us that following prior downturns, private real estate has delivered years of positive performance and double-digit average annual returns in the initial five years of the recovery. [ 10 ] As we look ahead, we believe BREIT’s $105 billion portfolio is strategically positioned to capitalize on this opportunity and deliver strong performance. [ 11 ]

Constrained supply: New construction starts across our portfolio have declined dramatically, with new supply in BREIT’s key sectors down more than two-thirds to decade lows. [ 12 ] This decline is driven by the fact that construction costs are up 50% over the last five years due to higher input and financing costs, while tariffs and immigration policy in the U.S. will likely increase build costs further. [ 13 ] When replacement costs increase, the value of existing assets usually go up as well. This is a key reason why we are bullish on real estate today, as lower supply eventually leads to stronger rent growth and higher values. Supply trends are a powerful leading indicator, as it can take a few years for supply to ramp up or down, and we are just starting to see this flow into fundamentals across our markets.

Healthy capital markets: Real estate values are closely tied to the availability and cost of debt financing, both of which are notably stronger today. The overall cost of debt capital is down ~40% from the 2023 peak, and commercial mortgage-backed securities (“CMBS”) issuance in 2025 was up 40% year-over-year. [ 14 ][ 15 ] As we move into 2026, we expect issuance to be even higher as liquidity continues to return to the market. We believe this improving backdrop is driving greater transaction activity and stronger pricing, as increased liquidity leads to more bidders showing up to buy assets at better prices. In fact, transaction volume increased 21% year-over-year, and recent Blackstone transactions continue to reflect upward movement in pricing. [ 16 ] All of this is supportive of valuations, and we expect this momentum to continue as interest rates move lower. With rates declining, what has been real estate’s biggest headwind in recent years is becoming a tailwind that has historically led to meaningful real estate outperformance.

Data center development: This sector has been the fastest growing part of BREIT’s portfolio and largest driver of recent performance, benefitting from an explosion in data creation driven by cloud computing and artificial intelligence (“AI”). While consumer adoption of AI is expanding, enterprise adoption and emerging applications such as robotics and autonomous vehicles are expected to drive substantially higher compute demand over time. To meet this demand, hyperscalers are expected to invest more than $2 trillion in digital infrastructure over the next five years. [ 17 ] While this level of spending naturally raises concerns around a bubble, we believe capex spend remains both reasonable and rational relative to the opportunity ahead. Technology companies today are spending only ~25% of revenues on capex, far below prior transformative periods, and consistently cite compute capacity, not demand, as the primary constraint on growth. [ 18 ]

We believe Blackstone’s data center platform, QTS, has what these technology companies need, creating a deep competitive moat. QTS has strategically secured ~5,000 acres of land in key markets, with the majority of sites already having access to power. [ 19 ] With over 20 years of experience serving the world’s largest hyperscalers, QTS’ long-standing track record sets us apart as a trusted partner in the data center space. [ 20 ] Importantly, we execute our strategy with a highly disciplined and risk-mitigated approach, avoiding speculative development entirely and only building a data center once a lease has been signed. QTS’ $30B+ development pipeline is pre-leased to large, investment grade global technology companies on 15–20-year leases with contractual rent escalators, and is expected to generate stable, long-term cash flows. [ 21 ][ 22 ]*

Since Blackstone and BREIT privatized QTS in 2021, leased capacity has grown 14x. [ 23 ] This momentum continues to drive significant value creation for BREIT, and in 2025 alone, BREIT invested $5.8 billion into pre-leased data center developments. [ 24 ] We believe this pace of deployment will be substantially higher in 2026 as QTS’s leasing pipeline has more than doubled over the last six months, positioning us for sustained growth potential well into the future. [ 25 ]


Now is the time for BREIT

While we believe data center development will continue to be a powerful performance engine for BREIT in the years ahead, the strength of our portfolio extends well beyond any single sector. We believe BREIT is exceptionally well-positioned to benefit from the real estate recovery underway, with ~90% of the portfolio concentrated in our highest conviction sectors of rental housing, industrial, and data centers, and ~65% concentrated in fast-growing Sunbelt markets. [ 4 ]

Across rental housing, our diversified portfolio is underpinned by a structural undersupply of housing combined with resilient demand, given it is 40% more expensive to own versus rent today. [ 26 ] Despite this healthy demand backdrop, multifamily rent growth has moderated in the short-term by an influx of supply from projects that began construction during the pandemic, when development costs were substantially lower. [ 27 ] Looking ahead, new deliveries are forecasted to decline ~50% this year from the 2024 peak to the same level of deliveries as the pre-COVID period, which experienced healthy rent growth. [ 27 ] Importantly, we believe this sets the stage for an improvement in rent growth to more normalized, healthy levels as supply continues to be absorbed in each market.

Fundamentals are also strengthening across our industrial portfolio. BREIT remains focused on last-mile, infill locations, which continue to benefit from demand for faster e-commerce delivery times. [ 28 ] Additionally, BREIT’s industrial portfolio is largely concentrated in the Sunbelt and Midwest, where we are seeing significant onshoring of manufacturing. [ 29 ] More than $800 billion of new manufacturing investments have been announced in the U.S. since 2021, driving spillover demand for warehouses in these key markets. [ 29 ] With new warehouse construction starts at twelve-year lows, this healthy supply / demand backdrop should position the sector for sustained rent growth and strong fundamentals going forward. [ 12 ][ 30 ] These “green shoots” are already evident in Chicago, BREIT’s top industrial market, where lower supply has driven higher rent growth and lower market vacancy than the national average. [ 31 ]

As always, performance remains our north star, and we believe BREIT is well-positioned to capture the expected cyclical recovery, while also continuing to deliver long-term wealth creation, consistent income with potential tax advantages and diversification benefits. For nine years, BREIT has done just this for our investors, and as we look ahead, our conviction in BREIT has never been stronger.

Thank you for your trust, partnership, and continued support.

We recently announced a special offering for BREIT investors.

Investors that subscribe to BREIT through the April 1st, 2026 trade date will receive bonus shares equal to 1% of the subscription amount, increasing their exposure and the number of shares they own. These bonus shares are fully funded by Blackstone and in no way dilutive to existing stockholders.

We believe this offering will benefit all BREIT shareholders by enhancing our ability to deploy capital into an opportunity-rich environment. We believe BREIT is a terrific place to be invested, not only to capture the cyclical recovery, but also to build long-term wealth, generate income with potential tax benefits and for diversification in your portfolio.

Illustrative Example
At $13.95 purchase price per share

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein.

2025 BREIT Highlights

BREIT’s Strong Performance Momentum

Strong, Consistent Distributions with Potential Tax Benefits

Now Is the Time for Real Estate

Property Sector & Region Concentration

Key Portfolio Metrics

Performance Summary**

Annualized Distribution Rate [ 6 ]

2025 Year-End Shareholder Letter
2025 Year-End Shareholder Letter
Download PDF
BREIT Brochure
Highlights from BREIT’s Q4 2025 Stockholder Event
Highlights from BREIT’s Q4 2025 Stockholder Event

Hear takeaways from our Q4 2025 stockholder event with Nadeem Meghji, Katie Keenan and Zaneta Koplewicz.

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Note: As of December 31, 2025, unless otherwise indicated. Past performance does not predict future returns. Financial data is estimated and unaudited. Additional information regarding our operations is available in our annual and interim financial statements filed with the SEC. Represents Blackstone’s and BREIT’s view of the current market environment as of the date appearing in this material only, which is subject to change. The data shown is for illustrative purposes only. Investors are cautioned on relying upon the data presented as there is no guarantee that historical trends will continue or that BREIT could benefit from such trends. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives or avoid substantial losses. The selected BREIT investments herein are provided for illustrative purposes only, are not representative of all BREIT investments of a given property type and are not representative of BREIT’s entire portfolio. See www.breit.com/properties for the complete list of BREIT’s real estate investments (excluding equity in public and private real estate related companies) including BREIT’s ownership interest in such investments.  There can be no assurance that the trends described herein will continue or not reverse. See “Important Disclosure Information, “–Blackstone Proprietary Data”, “–Index Definitions”, “–NAV Calculation and Reconciliation”, “–Property Sector and Region Concentration”, “–Returns”, “–Sponsor”, “–Trends”, and “–Use of Leverage”.
 
Class D shares, Class S shares and Class T shares were offered in BREIT’s primary offering but are currently only available to existing holders of such classes pursuant to BREIT’s distribution reinvestment plan. Class D-2 shares, Class S-2 shares, Class T-2 shares and Class I shares may be purchased in BREIT’s primary offering and through BREIT’s distribution reinvestment plan. December total net returns for all share classes are as follows: Class I shares 1.2%; Legacy Class D shares (no sales load): 1.2%; Legacy Class D shares (with sales load): -0.3%; Class D-2 shares (no sales load): 0.8%; Class D-2 shares (with sales load): -0.7%; Legacy Class S shares (no sales load): 1.2%; Legacy Class S shares (with sales load): -2.2%; Class S-2 shares (no sales load): 1.0%; Class S-2 shares (with sales load): -2.4%; Legacy Class T shares (no sales load): 1.2%; Legacy Class T shares (with sales load): -2.2%. Class T-2 shares (no sales load): 1.1%; and Class T-2 shares (with sales load): -2.3%. 2025 total net returns for all share classes are as follows: Class I shares 8.1%; Legacy Class D shares (no sales load): 7.8%; Legacy Class D shares (with sales load): 6.2%; Class D-2 shares (no sales load): 3.1%; Class D-2 shares (with sales load): 1.6%; Legacy Class S shares (no sales load): 7.2%; Legacy Class S shares (with sales load): 3.5%; Class S-2 shares (no sales load): 3.2%; Class S-2 shares (with sales load): -0.3%; Legacy Class T shares (no sales load): 7.2%; Legacy Class T shares (with sales load): 3.5%. Class T-2 shares (no sales load): 3.4%; and Class T-2 shares (with sales load): -0.1%. Inception-to-date annualized net returns for all share classes are as follows: Class I shares 9.3%; Legacy Class D shares (no sales load) 9.0%; Legacy Class D shares (with sales load) 8.9%; Class D-2 shares (no sales load) N/M; Class D-2 shares (with sales load) N/M; Legacy Class S shares (no sales load) 8.4%; Legacy Class S shares (with sales load) 8.0%;  Class S-2 shares (no sales load) N/M; Class S-2 shares (with sales load) N/M; Legacy Class T shares (no sales load) 8.5%; Legacy Class T shares (with sales load) 8.1%; Class T-2 shares (no sales load) N/M; Class T-2 shares (with sales load) N/M. Returns listed as (with sales load) assume payment of the full upfront sales charge at initial subscription (1.5% for Class D and D-2 shares; 3.5% for Class S and S-2 and Class T and T-2 shares). The sales charge for Class D shares became effective May 1, 2018. The sales charge for Class D-2, S-2 and T-2 shares became effective September 1, 2025. Returns listed as (no sales load) exclude up-front selling commissions and dealer manager fees. Due to the short duration since inception, ITD returns for the -2 classes are not yet meaningful. Please see performance information for Class S, D and T shares for additional information. Returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to BREIT’s distribution reinvestment plan, are derived from unaudited financial information, and are net of all BREIT expenses, including general and administrative expenses, transaction-related expenses, management fees, performance participation allocation, and share class-specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. The inception dates for the Class I, D, S and T shares are January 1, 2017, May 1, 2017, January 1, 2017 and June 1, 2017, respectively. The inception date for the Class S-2, T-2 and D-2 shares is September 1, 2025. The returns have been prepared using unaudited data and valuations of the underlying investments in BREIT’s portfolio, which are estimates of fair value and form the basis for BREIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. Past performance does not predict future returns. Returns for periods greater than one year are annualized consistent with the IPA Practice Guidelines 2018. Returns for periods of less than one year are not annualized. BREIT no longer offers Class D, S, and T shares in its primary offering, and instead offers Class D-2, S-2 and T-2 shares in its primary offering. Please see www.breit.com/performance for information on BREIT returns. Also see “Important Disclosure Information, “–NAV Calculation and Reconciliation”, “–Returns” and “–Use of Leverage”.


1. Green Street Advisors, as of December 31, 2025. Reflects the Commercial Property Price Index for All Property, which captures the prices at which U.S. commercial real estate transactions are currently being negotiated and contracted. 7% reflects increase from November 30, 2023 trough. Indices are meant to illustrate general market performance. Comparisons shown are for informational purposes only, do not represent specific investments and are not a portfolio allocation recommendation.

2. S&P 500 reflects total gross return, as of December 31, 2025. Oct’22 Trough refers to October 12, 2022. Corporate bonds reflect the total return of the ICE BofA U.S. High Yield Index, as of December 31, 2025. Sep’22 Trough refers to September 29, 2022. During the period from September 30, 2022 to December 31, 2025, S&P 500 total returns were 100.6% and corporate bonds total returns were 38.8%. See “Important Disclosure Information-Index Definitions”.

3. Represents BREIT Class I shares. Class D shares, Class S shares and Class T shares were offered in BREIT’s primary offering but are currently only available to existing holders of such classes pursuant to BREIT’s distribution reinvestment plan. Class D-2 shares, Class S-2 shares, Class T-2 shares and Class I shares may be purchased in BREIT’s primary offering and through BREIT’s distribution reinvestment plan. Returns for periods less than one year are not annualized. 2025 net returns for the other share classes: Legacy Class S shares (no sales load): 7.2%; Legacy Class S shares (with sales load): 3.5%; Class S-2 shares (no sales load): 3.2%; Class S-2 shares (with sales load): -0.3%; Legacy Class T shares (no sales load): 7.2%; Legacy Class T shares (with sales load): 3.5%. Class T-2 shares (no sales load): 3.4%; Class T-2 shares (with sales load): -0.1%; Legacy Class D shares (no sales load): 7.8%; Legacy Class D shares (with sales load): 6.2%; Class D-2 shares (no sales load): 3.1%; and Class D-2 shares (with sales load): 1.6%. BREIT no longer offers Class D, S, and T shares in its primary offering, and instead offers Class D-2, S-2 and T-2 shares in its primary offering.  See “Important Disclosure Information–Returns” for more information on BREIT’s returns.

4. As of December 31, 2025. Represents Class I shares. Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. Annualized distribution rate for the other share classes: Legacy Class S: 3.9%; Class S-2: 3.9%; Legacy Class T: 3.9%; Class T-2: 4.0%; Legacy Class D: 4.6%; Class D-2: 4.6%. Class S-2, Class T-2 and Class D-2 shares were first sold on September 1, 2025. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses. We have no limits on the amounts we may fund from such sources. Our inception to date cash flows from operating activities, along with inception to date net gains from investment realizations, have funded 100% of our distributions through September 30, 2025. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Distributions” in BREIT’s Quarterly Report on Form 10-Q for more information.

5. Return of capital (“ROC”) distributions reduce the stockholder’s tax basis in the year the distribution is received, and generally defer taxes on that portion until the stockholder’s stock is sold via redemption. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the return of capital distributions. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions. BREIT’s ROC in 2021, 2022, 2023, 2024 and 2025 was 92%, 94%, 85%, 96% and 100%, respectively.

6. 7.5% tax-equivalent distribution rate assumes that the investment in BREIT shares is not sold or redeemed and reflects the pre-tax distribution rate an investor would need to receive from a theoretical investment to match the 4.7% after-tax distribution rate earned by a BREIT Class I stockholder based on BREIT’s 2025 ROC of 100%, if the distributions from the theoretical investment (i) were classified as ordinary income subject to tax at the top marginal tax rate of 37%, (ii) did not benefit from the 20% tax rate deduction and (iii) were not classified as ROC. The ordinary income tax rate could change in the future. Tax-equivalent distribution rate for the other share classes are as follows: Class S: 6.1%; Class S-2: 6.2%; Class T: 6.3%; Class T-2: 6.3%; Class D: 7.3% and Class D-2: 7.3%. The tax-equivalent distribution rate would be reduced by 1.2%, 1.3%, 1.3%, 1.3%, 1.5% 1.4% and 1.5% for Class S, S-2, T, T-2, D, D-2, and I shares, respectively, taking into account deferred capital gains tax that would be payable upon redemption. This assumes a one-year holding period and includes the impact of deferred capital gains tax incurred in connection with a redemption of BREIT shares. Upon redemption, an investor is assumed to be subject to tax on all prior return of capital distributions at the current maximum capital gains rate of 20%. The capital gains rate could change in the future. ROC distributions reduce the stockholder’s tax basis in the year the distribution is received, and generally defer taxes on that portion until the stockholder’s stock is sold via redemption. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the return of capital distributions.

7. U.S. Multifamily: RealPage Market Analytics, as of September 30, 2025. Represents change in annual starts as a percent of prior year end stock figures for the trailing twelve months as of Q3’25 compared to the year-ended 2022. Data reflects institutional-quality product across RealPage Market Analytics Top 150-tracked markets and excludes New York City. As of December 31, 2025, the multifamily sector accounted for 19% of BREIT’s real estate asset value.

8. U.S. Industrial: CoStar, as of September 30, 2025. Represents change in annual starts as a percent of prior year-end stock figures for the trailing twelve months as of Q3’25 compared to the year-ended 2022. Data reflects the following Logistics and Flex subsectors per CoStar: Light Manufacturing, Manufacturing, Showroom, Bulk Warehouse, Distribution, Light Distribution, Light Industrial and Warehouse. As of December 31, 2025, the industrial sector accounted for 22% of BREIT’s real estate asset value.

9. Improved Financing Costs: Blackstone Proprietary Data, as of December 2025. Represents estimated all-in borrowing costs for high-quality logistics transactions at ~65-70% avg. LTV. Spread reflects weighted average spread across all rating tranches applied to est. rating agency capital structures from each respective period. ’23 wide reflects peak base rate and spreads for representative BX SASB CMBS transactions in ’23. Dec’25 reflects all-in borrowing costs across SASB CMBS and bank balance sheet transactions. There can be no assurance that financing costs will continue to decline and changes in this measure may have a negative impact on BREIT’s performance.

10. More Debt Available: JP Morgan, as of December 31, 2025. Represents total U.S. commercial mortgage-backed securities (“CMBS”) volume (includes SASB, Conduit and CRE CLO) as of the year ended December 31, 2025, compared to the year ended December 31, 2024.

11. Open Transaction Markets: ~21% YoY increase reflects transactions over $2.5M, MSCI Real Capital Analytics, as of November 30, 2025. 2-3% price improvement from Blackstone Proprietary Data as of December 31, 2025.

12. This expectation is based on the assumption that interest rate decline persists long-term and that there are no other changes to factors influencing real estate values. There is no assurance that these assumptions will materialize.

13. Based on the NCREIF ODCE Total Return Index (gross returns), indexed to 100 at the cycle trough. Historical recovery periods reflect the Early 1990s downturn (Q3 1993–Q2 2008) and the post‑Global Financial Crisis period (Q1 2010–Q3 2022). Average annualized returns of greater than 10% reflect the initial five years following the respective cycle troughs. There can be no assurance that the current recovery will follow historical patterns, that returns comparable to prior recoveries will be achieved, or that the NCREIF ODCE Total Return Index will not decline further. The NCREIF ODCE Total Return Index should not be considered reflective of BREIT’s performance. The property value of private real estate may fluctuate. An investment in BREIT has material differences from a direct investment in real estate, including related to fees and expenses, liquidity and tax treatment. Past performance does not predict future returns.

14. Sunbelt markets refer to the South and West regions of the U.S. as defined by NCREIF. The three states displayed accounted for 34% of BREIT’s real estate asset value. See “Important Disclosure Information-Property Sector and Region Concentration”.

15. Blackstone Proprietary Data, as of December 31, 2025. $5.8B represents BREIT’s 2025 deployment in data centers (at BREIT’s share). Leasing pipeline refers to Blackstone Proprietary Data, as of December 31, 2025. There can be no assurance that these leases will commence on their current expected terms, or at all, and this information should not be considered an indication of future performance.

16. U.S. housing shortfall: Brookings Institute, as of November 2024. Reflects the cumulative shortfall for total residential units (owned and rented) from 2006–2023.

17. Record high homeownership costs: Blackstone Proprietary Data as of January 2, 2026. Represents the difference between monthly cost of ownership (including mortgage payments, taxes, maintenance costs, insurance, and HOA fees) and monthly rents for HPA and Tricon portfolios. Cost of ownership assumes 30-yr. fixed rate FHA mortgage, 3.5% amortized loan closing costs, and 3.5% down payment.

18. $800B+ U.S. manufacturing investment announcements: Blackstone Proprietary Data, as of January 21, 2026. 4x estimated number of warehouses: Blackstone Proprietary Data, as of January 21, 2026. 65% increase in Amazon Prime same day and overnight deliveries YoY: Amazon earnings as of December 31, 2024.

Important Disclosure Information

Represents BREIT’s view of the current market environment as of the date appearing in this material only, which is subject to change. Past performance does not predict future returns. There can be no assurance that any of the trends described herein will continue in the future or will not reverse. Diversification does not assure a profit or protect against a loss. BREIT does not trade on a national securities exchange, and therefore, is generally illiquid. The volatility and risk profile of the indices presented are likely to be materially different from that of BREIT including that BREIT’s fees and expenses may be higher and BREIT shares are significantly less liquid than publicly traded companies. Indices are meant to illustrate general market performance. Comparisons shown are for informational purposes only, do not represent specific investments and are not a portfolio allocation recommendation. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives or avoid substantial losses. See “Important Disclosure Information — Index Definitions” and “— Trends”.

* In 2021, BREIT along with certain Blackstone-managed investment vehicles formed a joint venture and acquired all outstanding shares of common stock of QTS. As of December 31, 2025, BREIT’s ownership interest in QTS was 35% and the QTS investment accounted for 20.4% of BREIT’s real estate asset value

** Assumes that the investment in BREIT shares is not sold or redeemed. The tax-equivalent distribution rate would be up to 1.5% lower taking into account deferred capital gains tax that would be payable upon repurchase. See notes 6, 7 and 8 for more information.

Important Disclosure Information
Index Definitions
Forward-Looking Disclosure
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Represents BREIT Class I shares. Please see page 5 for 2025, 3-Year, 5-Year and Inception to date (“ITD”) net returns. Returns for periods greater than one year are annualized consistent with the IPA Practice Guideline 2018. Returns for periods of less than one year are not annualized. January 1, 2017 reflects BREIT Class I’s inception date. Returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to BREIT’s distribution reinvestment plan, are derived from unaudited financial information, and are net of all BREIT expenses, including general and administrative expenses, transaction related expenses, management fees, performance participation allocation, and share class-specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Past performance does not predict future returns. Class D shares, Class S shares and Class T shares were offered in BREIT’s primary offering but are currently only available to existing holders of such classes pursuant to BREIT’s distribution reinvestment plan. Class D-2 shares, Class S-2 shares, Class T-2 shares and Class I shares may be purchased in BREIT’s primary offering and through BREIT’s distribution reinvestment plan. The inception dates for the Class I, D, S and T shares are January 1, 2017, May 1, 2017, January 1, 2017 and June 1, 2017, respectively. The inception date for Class D-2, S-2 and T-2 shares is September 1, 2025. The returns have been prepared using unaudited data and valuations of the underlying investments in BREIT’s portfolio, which are estimates of fair value and form the basis for BREIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. Returns listed as (with sales load) assume payment of the full upfront sales charge at initial subscription (1.5% for Class D and D-2 shares; 3.5% for Class S and S-2 and Class T and T-2 shares). The sales charge for Class D shares became effective May 1, 2018. The sales charge for Class D-2, S-2 and T-2 shares became effective September 1, 2025. Returns listed as (no sales load) exclude up-front selling commissions and dealer manager fees. BREIT no longer offers Class D, S, and T shares in its primary offering, and instead offers Class D-2, S-2 and T-2 shares in its primary offering. Due to the short duration since inception, ITD returns for the -2 classes are not yet meaningful. Please see performance information for Class S, T and D shares for additional information. Please see www.breit.com/performance for information on BREIT returns. See “Important Disclosure Information — Use of Leverage”.
Publicly traded REITs reflect the MSCI U.S. REIT Index total return as of December 31, 2025. BREIT’s Class I inception date is January 1, 2017. Private real estate reflects the NFI-ODCE net total return as of December 31, 2025. During the period from January 1, 2017 to December 31, 2025, BREIT Class I’s annualized total net return of 9.3% was 72% higher than the MSCI U.S. REIT Index annualized total return of 5.4%. During the period from January 1, 2017 to December 31, 2025, BREIT Class I’s annualized total return of 9.3% was 2.7x the NFI-ODCE annualized total net return of 3.5%. BREIT does not trade on a national securities exchange, and therefore, is generally illiquid. The volatility and risk profile of the indices presented are likely to be materially different from that of BREIT including that BREIT’s fees and expenses may be higher and BREIT shares are significantly less liquid than publicly traded REITs. See “Important Disclosure Information — Index Definitions”.
Hedged balance sheet refers to BREIT’s fixed rate financing as of December 31, 2025. The percentage of fixed -rate financing is measured by dividing (i) the sum of our consolidated fixed -rate debt, secured financings on investments in real estate debt, and the outstanding notional principal amount of corporate and consolidated interest rate swaps, by (ii) total consolidated debt outstanding inclusive of secured financings on investments in real estate debt. Hedged balance sheet contribution to performance reflect increase in value of BREIT’s hedged balance sheet corresponding to increases in interest rates.
“Property Sector” weighting is measured as the asset value of real estate investments for each sector category divided by the asset value of all of BREIT’s real estate investments, excluding the value of any third-party interests in such real estate investments. Rental housing includes the following subsectors: multifamily (19%), student housing (9%), affordable housing (8%), single family rental housing (7%) and other rental housing (1%, including manufactured housing, which accounts for 1%, and senior housing, which accounts for <1%). See BREIT’s prospectus for more information on BREIT’s investments “Region Concentration” represents regions as defined by the National Council of Real Estate Investment Fiduciaries (“NCREIF”) and the weighting is measured as the asset value of real estate properties for each regional category divided by the asset value of all of BREIT’s real estate properties, excluding the value of any third-party interests in such real estate properties. “Sunbelt” reflects comparison between the South and West regions versus the rest of the United States as defined by NCREIF. Population growth reflects U.S. Bureau of Economic Analysis, as of June 30, 2025. Represents 5-year compound annual growth rate of population from mid-quarter Q2 2020 to mid-quarter Q2 2025. Job growth reflects U.S. Bureau of Labor Statistics data as of June 30, 2025. Represents 5-year compound annual growth rate of seasonally adjusted employees on nonfarm payrolls from June 2020 to June 2025. Wage growth reflects U.S. Bureau of Labor Statistics, as of March 31, 2025. Represents 5-year compound annual growth rate of employment-weighted average weekly wages from Q1 2020 to Q1 2025. Although a market may be a growth market as of the date of the publication of this material, demographics and trends may change and investors are cautioned on relying upon the data presented as there is no guarantee that historical trends will continue or that BREIT could benefit from such trends. BREIT’s portfolio is currently concentrated in certain industries and geographies, and, as a consequence, BREIT’s aggregate return may be substantially affected by adverse economic or business conditions affecting that particular type of asset or geography.
Non-listed peer set consists of Ares Real Estate Income Trust, Brookfield Real Estate Income Trust, JLL Income Property Trust, KKR Real Estate Select Trust Inc., Nuveen Global Cities REIT and Starwood Real Estate Income Trust. Average peers return reflects simple average of the peer set as publicly disclosed by each peer as of December 31, 2025. Any peer that has not publicly disclosed its returns information for each month in the relevant period above is excluded. As of December 31, 2025, the peer set excludes Ares Real Estate Income Trust. Performance for each peer varies; some peers have higher performance than BREIT or the foregoing average and/or have higher performance than BREIT or such average over different periods. Please refer to the websites and public filings of each issuer for its financial and returns information. This group of issuers was selected by us as our peer set as we believe they are currently the larger and more active net asset value based non-listed REITs (“NAV REITs”) sponsored by other institutional investment managers that have a diversified investment strategy. This peer set does not represent all NAV REITs or other non-listed REITs in existence. Other NAV REITs may use methodologies to calculate their NAV and returns that differ from BREIT’s (and in certain cases, could be higher than the peer set selected).
Represents Class I Shares. Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. Annualized distribution rate for the other share classes: Class D: 4.6%, Class D-2: 4.6%, Class S: 3.9%, Class S-2: 3.9%, Class T: 3.9% and Class T-2: 4.0%. Class D-2, Class S-2 and Class T-2 shares were first sold on September 1, 2025 and the annualized distribution rate reflects the current month’s distribution for such share class annualized and divided by the net asset value of Class D, Class S and Class T shares as of the prior month. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of our assets, repayments of our real estate debt investments, ROC or offering proceeds, and advances or the deferral of fees and expenses. We have no limits on the amounts we may fund from such sources. Our inception to date cash flows from operating activities, along with inception to date net gains from investment realizations, have funded 100% of our distributions through December 31, 2025. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Distributions” in BREIT’s Quarterly Report on Form 10-Q for more information. A portion of REIT ordinary income distributions may be tax deferred given the ability to characterize ordinary income as ROC. ROC distributions reduce the stockholder’s tax basis in the year the distribution is received, and generally defer taxes on that portion until the stockholder’s stock is sold via redemption. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the ROC distributions. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions. BREIT’s ROC in 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 was 66%, 97%, 90%, 100%, 92%, 94%, 85%, 96% and 100% respectively. See “Important Disclosure Information — Tax Information”.
7.5% tax-equivalent distribution rate assumes that the investment in BREIT shares is not sold or redeemed and reflects the pre-tax distribution rate an investor would need to receive from a theoretical investment to match the 4.7% after-tax distribution rate earned by a BREIT Class I stockholder based on BREIT’s 2025 ROC of 100%, if the distributions from the theoretical investment (i) were classified as ordinary income subject to tax at the top marginal tax rate of 37%, (ii) did not benefit from the 20% tax rate deduction and (iii) were not classified as ROC. The ordinary income tax rate could change in the future. Tax-equivalent distribution rate for the other share classes are as follows: Class D: 7.3%; Class D-2: 7.3%; Class S: 6.1%; Class S-2: 6.2%; Class T: 6.3%; and Class T-2: 6.3%. The tax-equivalent distribution rate would be reduced by 1.5%, 1.5%, 1.4%, 1.2%, 1.3%, 1.3% and 1.3% for Class I, D, D-2. S, S-2, T and T-2 shares, respectively, taking into account deferred capital gains tax that would be payable upon redemption. This assumes a one-year holding period and includes the impact of deferred capital gains tax incurred in connection with a redemption of BREIT shares. Upon redemption, an investor is assumed to be subject to tax on all prior return of capital distributions at the current maximum capital gains rate of 20%. The capital gains rate could change in the future. ROC distributions reduce the stockholder’s tax basis in the year the distribution is received, and generally defer taxes on that portion until the stockholder’s stock is sold via redemption. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the return of capital distributions. See “Important Disclosure Information — Tax Information” for more information.
State tax rate assumes top marginal tax rates plus any applicable surtaxes. Includes 37% federal tax rate. NYC Resident tax rate includes the New York State Tax Rate.
“Equities” refers to the S&P 500 total gross return, as of December 31, 2025. “All time high” refers to the closing price of the S&P 500 on January 27, 2026. “Fixed income” refers to the Corporate bond total return of the ICE BofA U.S. High Yield Index, as of December 31, 2025. “All time high” refers to the closing price of the ICE BofA U.S. High Yield Index on February 10, 2026. Real estate values reflect Green Street Advisors, as of December 31, 2025. Reflects the Commercial Property Price Index for All Property, which captures the prices at which U.S. commercial real estate transactions are currently being negotiated and contracted. Real estate values “Reset” refers to the low on November 30, 2023. During the period from November 30, 2023 to December 31, 2025, real estate value total returns were 7%. See “Important Disclosure Information — Index Definitions”.
Refers to NCREIF ODCE Total Return Index — Gross Returns. Early 90s: Q3 1993 – Q2 2008. Post-GFC: Q1 2010 – Q3 2022. Today: Q3 2024 – Q3 2025. NCREIF ODCE should not be considered reflective of the performance of BREIT. Although we believe Q3 2024 is the most recent trough, there can be no assurance that the NCREIF ODCE total return will not decline further or that it will continue to improve or have any similarities to prior periods.
Total asset value is measured as (i) the asset value of real estate investments (based on fair value), excluding any third party interests in such real estate investments, plus (ii) the equity in our real estate debt investments measured at fair value (defined as the asset value of our real estate debt investments less the financing on such investments), but excluding any other assets (such as cash or any other cash equivalents). The total asset value would be higher if such amounts were included and the value of our real estate debt investments was not decreased by the financing on such investments. “Real estate investments” include wholly-owned property investments, BREIT’s share of property investments held through joint ventures and equity in public and private real estate related companies. “Real estate debt investments” include BREIT’s investments in commercial mortgage-backed securities, residential mortgage-backed securities, mortgage loans and other debt secured by real estate and real estate related assets, as described in BREIT’s prospectus. The Consolidated GAAP Balance Sheet included in our annual and interim financial statements reflects the loan collateral underlying certain of our real estate debt investments on a gross basis. These amounts are excluded from our real estate debt investments as they do not reflect our economic interest in such assets.
Declining new supply refers to new construction starts in the multifamily and industrial sectors. RealPage Market Analytics, as of September 30, 2025. Represents change in annual starts as a percent of prior year end stock figures for the trailing twelve months as of Q3’25 compared to the year-ended 2022. Data reflects institutional-quality product across RealPage Market Analytics Top 150-tracked markets and excludes New York City. As of December 31, 2025, the multifamily and affordable housing sectors accounted for 19% and 8% of BREIT’s real estate asset value, respectively. Industrial reflects CoStar, as of September 30, 2025. Represents change in annual starts as a percent of prior year-end stock figures for the trailing twelve months as of Q3’25 compared to the year-ended 2022. Data reflects the following Logistics and Flex subsectors per CoStar: Light Manufacturing, Manufacturing, Showroom, Bulk Warehouse, Distribution, Light Distribution, Light Industrial and Warehouse. As of December 31, 2025, the industrial sector accounted for 22% of BREIT’s real estate asset value.
Blackstone Proprietary Data, as of September 30, 2025.
Blackstone Proprietary Data, as of December 2025. Represents estimated all-in borrowing costs for high-quality logistics transactions at ~65%–70% avg. LTV. Spread reflects weighted average spread across all rating tranches applied to est. rating agency capital structures from each respective period. ’23 wide reflects peak base rate and spreads for representative BX SASB CMBS transactions in ’23. Dec’25 reflects all-in borrowing costs across SASB CMBS and bank balance sheet transactions. There can be no assurance that financing costs will continue to decline and changes in this measure may have a negative impact on BREIT’s performance.
JP Morgan, as of December 31, 2025. Represents total U.S. CMBS volume (includes SASB, Conduit and CRE CLO) as of the year ended December 31, 2025, compared to the year ended December 31, 2024.
MSCI Real Capital Analytics, as of November 30, 2025. Reflects transactions over $2.5M.
Dell’Oro Research, as of July 2025. Hyperscaler investment expected over the next 5 years.
St. Louis Federal Reserve, Federal Reserve Bank of San Francisco, OECD, Morgan Stanley Tech Research and public filings as of Q3’25. “Big 5 hyperscalers” reflects Microsoft, Amazon, Google, Meta and Oracle. Includes finance lease liabilities from Stargate volume.
Blackstone Proprietary Data, as of December 31, 2025. Represents QTS’ current land bank in acres.
QTS Data Centers, as of Q1 2026.
Reflects total cost for committed development projects as of December 31, 2025, at 100% ownership. As of December 31, 2025, BREIT’s ownership in QTS was 35% and the QTS investment accounted for 20.4% of BREIT’s real estate asset value. There can be no assurance that these leases will commence on their current expected terms, or at all, and this information should not be considered an indication of future performance.
Reflects typical lease length of QTS data center properties, which are substantially all leased to investment grade tenants. The tenants’ lease obligations are subject to various contingencies, including the need to complete the development on time.
Based on leased megawatts at acquisition vs. December 31, 2025 (at 100% ownership). There can be no assurance that these leases will commence on their current expected terms, or at all, and this information should not be considered an indication of future performance.
Blackstone Proprietary Data, as of December 31, 2025. Represents BREIT’s 2025 deployment in data centers (at BREIT’s share).
Blackstone Proprietary Data, as of December 31, 2025.
Blackstone Proprietary Data as of January 2, 2026. Represents the difference between monthly cost of ownership (including mortgage payments, taxes, maintenance costs, insurance, and HOA fees) and monthly rents for HPA and Tricon portfolios. Cost of ownership assumes 30-yr. fixed rate FHA mortgage, 3.5% amortized loan closing costs, and 3.5% down payment.
RealPage Market Analytics, as of December 31, 2025. Represents annual deliveries as a percent of prior year-end stock figures. Data reflects institutional-quality product across RealPage Market Analytics Top 150-tracked markets and excludes New York City. Rent growth reflects same-store effective rent growth. 3.5% reflects avg. YoY rent growth.
Blackstone Proprietary Data, as of December 9, 2025.
Blackstone Proprietary Data, as of January 21, 2026.
Blackstone Proprietary Data, as of December 31, 2025.
Blackstone Proprietary Data and third party estimate as of December 31, 2025.
Number of properties reflects real estate investments only, including unconsolidated properties, and does not include real estate debt investments. Single family rental homes are not reflected in the number of properties.
Occupancy is an important real estate metric because it measures the utilization of properties in the portfolio. Occupancy is weighted by the total value of all consolidated real estate properties, excluding our hospitality investments, and any third-party interests in such properties. For our industrial, net lease, data centers, office and retail investments, occupancy includes all leased square footage as of the date indicated. For our multifamily, student housing and affordable housing investments, occupancy is defined as the percentage of actual rent divided by gross potential rent (defined as actual rent for occupied units and market rent for vacant units) for the three months ended on the date indicated. For our single family rental housing investments, the occupancy rate includes occupied homes for the month ended on the date indicated. For our self storage, manufactured housing and senior living investments, the occupancy rate includes occupied square footage, occupied sites and occupied units, respectively, as of the date indicated. The average occupancy rate for our hospitality investments was 72% for the twelve months ended September 30, 2025 and includes paid occupied rooms. Hospitality investments owned less than 12 months are excluded from the average occupancy rate calculation. Unconsolidated investments are excluded from occupancy rate calculations.
Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our settled real estate debt investments. Indebtedness incurred (i) in connection with funding a deposit in advance of the closing of an investment or (ii) as other working capital advances will not be included as part of the calculation above. The leverage ratio would be higher if the indebtedness on our real estate debt investments and the pro rata share of debt within our unconsolidated investments were taken into account. The use of leverage involves a high degree of financial risk and may increase the exposure of the investments to adverse economic factors
Investment allocation is measured as the asset value of each investment category (real estate investments or real estate debt investments) divided by the total asset value of all investment categories, excluding the value of any third party interests in such assets.
Assumes payment of the full upfront sales charge at initial subscription (1.5% for Class D shares; 3.5% for Class S and Class T shares). The sales charge for Class D shares became effective May 1, 2018.