“Performance momentum” reflects the continuation of positive monthly net returns for BREIT’s Class I shares during each month of Q1 2026. Monthly returns during this period have varied and have not been consistent with the annualized pace of 2025 results. Past performance does not predict future returns, and there can be no assurance that positive monthly returns will continue. BREIT’s share price is subject to less volatility because its per share NAV is based on the value of real estate assets it owns and not subject to market pricing forces as are the prices of publicly traded companies. Although BREIT’s share price is subject to less volatility, BREIT shares are significantly less liquid than publicly traded companies, and are not immune to fluctuations.
Represents BREIT Class I shares. Please see page 5 for Q1’26, 1-Year, 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 March 31, 2026. BREIT’s Class I inception date is January 1, 2017. Private real estate reflects the NFI-ODCE net total return as of March 31, 2026. During the period from January 1, 2017 to March 31, 2026, BREIT’s Class I annualized total net return of 9.3% was 60% higher than the MSCI U.S. REIT Index annualized total return of 5.8%. During the period from January 1, 2017 to March 31, 2026, 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”.
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: 3.8%; Class S-2: 3.8%; Legacy Class T: 3.9%; Class T-2: 3.9%; Legacy Class D: 4.5%; Class D-2: 4.5%. 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 March 31, 2026. 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.
7.4% 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: 6.0%; Class S-2: 6.0%; Class T: 6.2%; Class T-2: 6.2%; Class D: 7.2% and Class D-2: 7.2%. The tax-equivalent distribution rate would be reduced by 1.2%, 1.2%, 1.3%, 1.3%, 1.4% 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. See “Important Disclosure Information–Tax Information” for more information.
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 2021, 2022, 2023, 2024 and 2025 was 92%, 94%, 85%, 96% and 100%, respectively.
State tax rate assumes top marginal tax rates plus any applicable surtaxes. NY State: 10.9%; NYC: 3.876%; CA: 13.3%; HI: 11.1%; DC: 10.75%; NJ: 10.75%. Includes 37% federal tax rate. NYC Resident tax rate includes the New York State Tax Rate.
As of March 31, 2026, BREIT has delivered 109, 109, 106 and 107 months of consecutive distributions for the Class I, S, T and D shares, respectively. Class S-2, T-2 and D-2 shares were first sold on September 1, 2025, and BREIT has delivered 7, 7 and 7 months of consecutive distributions for the Class S-2, T-2 and D-2 shares, respectively, as of March 31, 2026.
Bloomberg. Represents the number of U.S. equity market trading days during Q1 2026 in which the S&P 500 Index experienced an intra-day price movement of at least ±1% relative to the prior trading day’s closing price, based on daily high and low levels. Percentages reflect the share of total trading days in the period meeting this threshold.
Reflects difference in Q1 2026 returns of the S&P 500 from January 27, 2026 peak to March 30, 2026 trough.
Represents Bloomberg as of March 26, 2026.
Correlation measures how one investment performs in relation to another, with a coefficient of +1 being a perfect, positive correlation and a coefficient of -1 being a perfect, negative correlation. When two asset classes have a correlation of +1, they will both move up or down by the same amount in the same direction. Conversely, a correlation of -1 indicates that when one asset class moves up or down, the other moves in the opposite direction by the same amount. In general, asset classes with a correlation of less than 0.70 or greater than -0.70 are considered to have relatively low correlation. Private real estate is represented by the NFI-ODCE. Equities are represented by the total return of the S&P 500 Index, including dividends. Investment grade bonds are represented by the total return of the Bloomberg U.S. Aggregate Bond Index. Municipal bonds are represented by the Bloomberg U.S. Municipal Index. See “Important Disclosure Information–Index Definitions” and “–Trends”.
Represents BREIT Class I shares. 2018 net returns for the other share classes: Legacy Class S shares (no sales load): 7.6%; Legacy Class S shares (with sales load): 3.9%; Legacy Class T shares (no sales load): 7.4%; Legacy Class T shares (with sales load): 3.7%; Legacy Class D shares (no sales load): 7.9%; Legacy Class D shares (with sales load): 6.3%. 2022 net returns for the other share classes: Legacy Class S shares (no sales load): 7.5%; Legacy Class S shares (with sales load): 3.8%; Legacy Class T shares (no sales load): 7.4%; Legacy Class T shares (with sales load): 3.7%; Legacy Class D shares (no sales load): 8.0%; Legacy Class D shares (with sales load): 6.4%. 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. Class S-2, T-2 and D-2 shares were first sold on September 1, 2025. See “Important Disclosure Information–Returns” for more information on BREIT’s returns. Morningstar. S&P 500 reflects total returns, private real estate reflects the NFI-ODCE net total return and the MSCI U.S. REIT Index total return. 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. See “Important Disclosure Information–Index Definitions”.
Green Street Advisors, as of March 31, 2026. 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…but still remain 15% below the peak” refers to the November 30, 2023 trough. See “Important Disclosure Information–Index Definitions”.
S&P 500 reflects total gross return, as of March 31, 2026. “Near all-time high” refers to the closing price of the S&P 500 on March 31, 2026. Corporate bonds reflect the total return of the ICE BofA U.S. High Yield Index, as of March 31, 2026. “Near all-time high” refers to the closing price of the ICE BofA U.S. High Yield Index on March 31, 2026. See “Important Disclosure Information–Index Definitions”.
Declining new supply refers to new construction starts in the multifamily and industrial sectors. Multifamily: RealPage Market Analytics, as of March 31, 2026. Represents change in annual starts as a percent of prior year end stock figures for the trailing months as of Q1’26 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 March 31, 2026, the multifamily sector accounted for 19% of BREIT’s real estate asset value. Industrial: CoStar, as of April 15, 2026. Represents change in annual starts as a percent of prior year-end stock figures for the trailing twelve months as of Q1’26 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 March 31, 2026, the industrial sector accounted for 21% of BREIT’s real estate asset value.
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.
JP Morgan, as of March 31, 2026. Represents total U.S CMBS volume (includes SASB, Conduit and CRE CLO) as of the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Comparisons are included for illustrative purposes only, and there can be no assurance that CMBS issuance volume will continue to increase.
Blackstone Proprietary Data, as of March 31, 2026. 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. March ’26 reflects all-in borrowing costs across recent logistics BX SASB CMBS 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.
MSCI Real Capital Analytics, as of February 2026. Reflects transactions over $2.5M.
“Pivoting to tangible, hard assets” refers to increased demand for commercial real estate focused investment products. Private Equity Real Estate (“PERE”) 2026 Investor Perspectives as of February 3, 2026. Blackstone Advisor Pulse Survey as of January 2026. See “Important Disclosure Information–Blackstone Proprietary Data”.
Real Capital Analytics, as of March 31, 2026, represents world’s largest owner of commercial real estate and reflects estimated market value. Largest buyer and seller reflect transaction volume since January 1, 2000. No compensation was paid by Blackstone in exchange for, or connection with, Real Capital Analytics’ reports. The ranking should not be considered an endorsement of Blackstone or BREIT by Real Capital Analytics. Green Street Advisors, as of December 31, 2025, represents Blackstone’s position as the most active borrower in the SASB real estate market in 2025. No compensation was paid by Blackstone in exchange for, or connection with, Green Street Advisors’ reports. The ranking should not be considered an endorsement of Blackstone or BREIT by Green Street Advisors. $600B as of December 31, 2025. Represents the total real estate value of all drawn, closed and committed investments in Blackstone’s opportunistic real estate private equity funds, core+ real estate private equity funds, and the Blackstone real estate debt funds plus dry powder. There can be no assurance that committed but not yet closed transactions will close as expected or at all. Blackstone Inc. (“Blackstone”)is a premier global investment manager. The real estate group of Blackstone, Blackstone Real Estate, is BREIT’s sponsor and an affiliate of BREIT’s adviser, BX REIT Advisors L.L.C. (the “Adviser”). Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of BREIT’s sponsor and its affiliates. An investment in BREIT is not an investment in BREIT’s sponsor or Blackstone as BREIT is a separate and distinct legal entity.
“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. “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.
$5.8B represents BREIT’s deployment into QTS data center developments for the twelve months ended December 31, 2025. $2.4B represents BREIT’s deployment into QTS data center developments for the three months ended March 31, 2026. As of March 31, 2026, BREIT’s ownership in QTS was 35% and the QTS investment accounted for 22.5% of BREIT’s real estate asset value.
Year-over-year compares QTS’ leasing pipeline as of March 31, 2026 to March 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.
The White House, as of April 2026.
Blackstone Proprietary Data, as of December 31, 2025. Reflects manufacturing-related leasing activity year-over-year.
Blackstone Proprietary Data, as of December 31, 2025. Reflects the average quarterly square footage leased, including both new leases and renewals, for the fourth quarter of 2025 compared to the fourth quarter of 2024.
Brookings Institute, as of November 2024. Reflects the cumulative shortfall for total residential units (owned and rented) from 2006 – 2023.
Axiometrics, as of December 2025. Reflects national multifamily occupancy presented on a trailing 4-quarter average from 2000 to 2025.
RealPage Market Analytics. Represents average quarterly same-store effective rent growth from January 1, 2000 to December 31, 2025.
CBOE Global Markets as of March 31, 2026. The VIX reflects the market’s expectation of 30-day volatility based on S&P 500 index options. VIX 10-day moving average (January 2012–March 2026). Past market volatility is not indicative of future results. For illustrative purposes only. LT average reflects average of the CBOE Volatility Index from January 2012—March 2026.
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.
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 and manufactured housing 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 March 31, 2026 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.
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.
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.
