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Q3 2026 Stockholder Letter

FOR EXISTING STOCKHOLDERS ONLY

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BREIT Highlights

Trailing twelve-month Class I net return [ 1 ]

+10.7%

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

+9.3%

Class I tax-equivalent distribution rate [ 5 ]

+7.2%

November 4, 2026

Dear BREIT Stockholder,

BREIT’s strong performance continued in the third quarter, with a +2.0% return in the quarter bringing our net return to +7.3% year-to-date and +10.7% over the trailing twelve months (Class I). [ 1 ] BREIT has now delivered 21 consecutive months of positive performance, building on our strong +8.1% net return in 2025 (Class I). [ 1 ]

Since inception nearly 10 years ago, BREIT has delivered a 9.3% annualized net return (Class I), ~55% higher than publicly traded REITs and ~3x the broader private real estate universe on an annualized basis. [ 1 ][ 2 ]

Consistent Income with Potential Tax Benefits

An important component supporting BREIT’s consistent long-term returns is our current distribution. BREIT is generating a 4.5% annualized distribution rate (Class I) and has paid effectively the same amount every month for nearly 10 years. [ 3 ][ 4 ] In 2025, 100% of BREIT’s distributions were classified as return of capital, bringing our annualized distribution rate to 7.2% on a tax-equivalent basis. [ 5 ][ 6 ]* For investors in high-tax states, BREIT’s distributions are even more compelling at ~9% on a tax-equivalent basis. [ 7 ]

Even in today’s higher rate environment, BREIT’s 7.2% tax-equivalent distribution rate remains attractive relative to many fixed income alternatives such as investment grade and municipal bonds. [ 5 ][ 8 ] Importantly, BREIT also offers the potential for capital appreciation, providing investors with both attractive current income and long-term growth potential.

Capital Flows

Amid AI disruption and geopolitical uncertainty, investors are increasingly turning to tangible, cash-flowing assets for diversification and ballast in their portfolios. [ 9 ] We are seeing this in our fundraising, with year-to-date subscriptions up ~40% year-over-year and Q3 marking our second consecutive quarter of positive net flows and our strongest quarter since 2022. [ 10 ]

This includes fundraising from our recently launched 1031 DST exchange program, Blackstone Real Estate Exchange (“BXREX”), which gives us the opportunity to expand and diversify our capital-raising strategies. BXREX allows real estate owners to exchange eligible properties for institutional-quality real estate identified and managed by Blackstone Real Estate through a DST structure. To learn more about the BXREX program, please visit the BXREX website.

Navigating Higher Rates

BREIT has delivered performance across market environments, from a period of persistently low interest rates to a global pandemic, through one of the fastest rate-hiking cycles in history, and into today’s higher-for-longer environment. [ 11 ] While interest rates are a relevant factor for real estate, they are not the only factor. Over the last year, the 10‑Year Treasury has risen by over 100 basis points and yet, over the same period, BREIT has delivered a +10.7% net return for investors (Class I). [ 1 ][ 12 ] We believe a portfolio built around cash flow growth and anchored to long-term fundamentals can continue to deliver over time, even in a higher rate environment.

History shows that it’s more common than not for real estate to deliver positive returns following higher or rising rates. [ 13 ] Over the last 50 years, following a period of rising rates, real estate has delivered a positive annual return ~90% of the time. [ 14 ] The post-COVID period was a notable exception, when rates rose by more than 300 basis points as cash flow growth was slowing, supply was peaking, and real estate valuations were elevated. [ 12 ][ 15 ][ 16 ][ 17 ] Today, the backdrop is markedly different: rates have increased but by a fraction of that amount, cash flow growth is accelerating, new supply is at decade-plus lows, and real estate values have reset. [ 12 ][ 15 ][ 16 ][ 17 ] At the same time, many of the forces contributing to higher rates today, including economic growth and significant investment in digital infrastructure, are also supporting demand across many of BREIT’s key sectors.

Real Estate Recovery Underway

Strengthening fundamentals continue to reinforce the real estate recovery. Supply is a leading indicator for real estate and the primary reason we remain bullish today. New construction starts in BREIT’s key sectors of multifamily and industrial are down ~60% from their 2022 peaks to their lowest levels in over a decade. [ 16 ] This is in part due to a ~50% increase in construction costs since 2019, and today’s higher rates should make it even more expensive to build and further constrain supply. [ 18 ] Ultimately, lower supply should support rent growth and real estate values over time. Meanwhile, debt markets remain resilient despite higher base rates. U.S. CMBS issuance is up 20% year-to-date to its highest level in nearly two decades, and we are seeing that the overall cost of capital is well below its 2023 peak. [ 19 ][ 20 ] With values still 13% below their prior peak, we believe real estate offers attractive absolute and relative value today. [ 17 ][ 21 ]

Actively Managed, High Conviction Portfolio

Active portfolio management has long been a hallmark of BREIT’s strategy, and we continue to manage the portfolio to reflect Blackstone Real Estate’s best ideas at each moment in time to drive performance and growth. 2026 is a great example of this. Year-to-date, we have sold ~$7B of non-core assets, including our remaining self-storage and manufactured housing portfolios, and redeployed that capital into sectors with higher growth potential like data centers and industrial. [ 22 ]

Data Centers: The world’s largest technology companies continue to invest in their digital infrastructure, and BREIT is uniquely positioned to capture this demand. [ 23 ] We believe QTS’s best-in-class team, ~10,000-acre land bank that is largely entitled and zoned, and 25-year track record of delivering for customers positions QTS as the data center provider of choice. [ 24 ]** BREIT deployed an additional $3.4B into pre-leased data center developments in the third quarter, bringing our total deployment to $9B+ year-to-date supported by our robust leasing momentum. [ 25 ] In fact, QTS leasing roughly doubled year-over-year in the third quarter, bringing trailing twelve-month leasing to the highest level in the company’s history, as hyperscalers continue to invest in and monetize their digital infrastructure. [ 26 ][ 27 ]**

Just as important as demand is our disciplined approach. QTS’s $30B development pipeline is pre-leased, in substantially all cases, to investment grade technology companies on 15+ year leases with annual rent escalators, which are expected to generate stable cash flow upon completion. [ 28 ]** And importantly, we are not investing in chips or servers. BREIT is investing in the long-lived physical infrastructure that supports that equipment. We believe this is an important distinction because technology can evolve quickly, while data centers allow us to invest behind the long-term growth of AI and cloud computing with less direct exposure to technology risk. [ 29 ]

Industrial: BREIT’s portfolio of last-mile, infill warehouses near dense population centers sits at the intersection of three trillion-dollar trends: the continued growth in e-commerce, the reindustrialization of the U.S., and the digital infrastructure buildout. [ 23 ][ 30 ][ 31 ] Consumer expectations for faster delivery times directly translate into warehouse demand, as same- or next-day delivery requires 4x the space as two-day delivery, and that’s why Amazon alone has leased 30% more warehouse space thus far in 2026 than all of 2025 combined. [ 32 ] Meanwhile, manufacturing-related demand has grown 5x since 2019 as companies commit to manufacturing in the U.S. and onshore their supply chains. [ 33 ] And more recently, an entire logistics ecosystem has emerged around the data center buildout, with warehouse leasing from data center suppliers up 6x over the last two years. [ 34 ]

The convergence of these demand drivers is translating into strong leasing activity across BREIT’s portfolio, with industrial leasing up ~80% year-over-year and leases being signed at rents 31% above prior levels on average. [ 35 ][ 36 ] More broadly, the third quarter was the strongest leasing quarter on record for Blackstone’s U.S. logistics business. [ 37 ] Together with declining new supply, we believe our industrial portfolio will be an increasingly important driver of BREIT’s performance moving forward.

Rental Housing: BREIT’s strategically diversified rental housing portfolio has proven resilient amid a slower recovery in multifamily, as sectors like affordable housing and single-family rental have seen strong performance this year. [ 38 ] Our long-term conviction in rental housing remains unchanged, underpinned by the structural undersupply of housing and relative affordability, and we are starting to see tailwinds emerge within our multifamily portfolio. [ 39 ][ 40 ] Nearly all of BREIT’s markets are at or past peak supply, and we have started to see leasing spreads inflect positively across the Sunbelt in recent months. [ 41 ][ 42 ] With new supply starts at decade-plus lows, we believe the supply and demand balance is moving in our favor. [ 16 ]

As we look ahead, we believe the opportunity in private real estate remains compelling, and BREIT is well positioned to capture the opportunity. The recovery is underway, fundamentals remain attractive, and strong cash flow growth across BREIT’s highest conviction sectors can provide an important counterbalance to higher rates over time. For nearly a decade now, BREIT has navigated dramatically different market environments while delivering consistent income and strong long-term performance for investors. Today, we believe BREIT’s portfolio is positioned to capitalize on the next chapter of growth in real estate.

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



* Assumes that the investment in BREIT shares is not sold or redeemed. The tax-equivalent distribution rate (Federal) would be up to 1.5% lower taking into account deferred capital gains tax that would be payable upon repurchase. See notes 3 and 5 and “Important Disclosure Information — Tax Information” for more information.
** In 2021, BREIT along with certain Blackstone-managed investment vehicles formed a joint venture and acquired all outstanding shares of common stock of QTS. QTS figures shown at 100% ownership. As of September 30, 2026, BREIT’s ownership in QTS was 34.8% and the QTS investment accounted for 29.0% of BREIT’s real estate asset value.

Real Estate Returns Following Rising Rates [ 14 ]
# of Quarters Following a YoY Increase in the 10-Year U.S. Treasury Since 1980

BREIT Class I Annualized Distribution Rate vs. Bond Yields [ 3 ][ 5 ][ 6 ][ 8 ]
As of September 30, 2026

Why Now?

  • Hard assets can offer diversification and durable value in a changing world
  • Entry point attractive on an absolute and relative basis [ 21 ]
  • Ongoing recovery driven by healthy supply / demand fundamentals [ 15 ][ 16 ]
  • Resilient and open real estate debt capital markets [ 19 ]
  • Higher interest rate environment offset by macro growth [ 43 ]

Why BREIT?

  • ~10-year track record of outperformance across market cycles [ 1 ][ 2 ]
  • Actively managed portfolio backed by Blackstone’s scale and insights
  • Differentiated data center exposure is a value creation engine

Property Sector [ 44 ]
~90% concentrated in Rental Housing*, Industrial and Data Centers

Region Concentration [ 44 ]
~60% concentrated in the Sunbelt markets of the U.S.

* Rental Housing includes the following subsectors: multifamily (17%), affordable housing (8%), student housing (8%), and single family rental housing (6%).

Key Portfolio Metrics

Key Portfolio Metrics
Net Asset Value $58B Leverage Ratio [ 48 ] 43%
Total Asset Value [ 45 ] $103B % Fixed-Rate Financing [ 49 ] 83%
Number of Properties [ 46 ] 4,493 Real Estate Investments [ 50 ] 96%
Occupancy [ 47 ] 94% Debt Investments [ 50 ] 4%

Key Portfolio Metrics
Net Asset Value
Total Asset Value [ 45 ]
Number of Properties [ 46 ]
Occupancy [ 47 ]

Performance Summary

Total Returns (% Net of Fees) as of September 30, 2026 [ 1 ]

Performance Summary

Total Returns (% Net of Fees) as of September 30, 2026 [ 1 ]
Share Class YTD 2026 1-Year 3-Year 5-Year Annualized ITD
Class I 7.3% 10.7% 4.4% 6.4% 9.3%
Legacy Class D** (No Sales Load)
(With Sales Load) [ 51 ] 		7.0%
5.4% 		10.3%
8.7% 		4.1%
3.6% 		6.1%
5.8% 		9.1%
8.9%
Class D-2 (No Sales Load)
(With Sales Load) [ 51 ] 		7.8%
6.2% 		10.4%
8.8% 		N/A
N/A 		N/A
N/A 		10.3%
8.8%
Legacy Class S** (No Sales Load)
(With Sales Load) [ 51 ] 		6.6%
3.0% 		9.7%
6.0% 		3.5%
2.3% 		5.5%
4.8% 		8.4%
8.0%
Class S-2 (No Sales Load)
(With Sales Load) [ 51 ] 		7.0%
3.4% 		9.8%
6.1% 		N/A
N/A 		N/A
N/A 		9.6%
6.2%
Legacy Class T** (No Sales Load)
(With Sales Load) [ 51 ] 		6.6%
3.0% 		9.7%
6.0% 		3.5%
2.3% 		5.5%
4.8% 		8.5%
8.1%
Class T-2 (No Sales Load)
(With Sales Load) [ 51 ] 		6.8%
3.2% 		9.8%
6.1% 		N/A
N/A 		N/A
N/A 		9.6%
6.2%

Performance Summary

Total Returns (% Net of Fees) as of September 30, 2026 [ 1 ]
Share Class
Class I
Legacy Class D**
Class D-2
Legacy Class S**
Class S-2
Legacy Class T**
Class T-2

** Class D shares, Class S shares and Class T shares are no longer available for purchase in BREIT’s primary offering and 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 our primary offering and through our distribution reinvestment plan. The inception date for Class S-2, T-2 and D-2 shares is September 1, 2025.

Annualized Distribution Rate [ 3 ]

Annualized Distribution Rate [ 3 ]
Class I Legacy Class D** Class D-2 Legacy Class S** Class S-2 Legacy Class T** Class T-2
4.5% 4.4% 4.4% 3.7% 3.7% 3.8% 3.8%

Annualized Distribution Rate [ 3 ]
Class I
4.5%

** Class D shares, Class S shares, and Class T shares are no longer available for purchase in BREIT’s primary offering and 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 our primary offering and through our distribution reinvestment plan. The inception date for Class S-2, T-2, and D-2 shares is September 1, 2025.

Q3 2026 Stockholder Letter
Q3 2026 Stockholder Letter
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Important Disclosure Information

As of September 30, 2026, unless otherwise indicated. Represents BREIT Class I shares. Financial information is approximate and unaudited. Represents BREIT’s view of the current market environment as of the date appearing in this material only, which is subject to change. There can be no assurances that any of the trends described herein will continue or will not reverse. Past performance does not predict future returns. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its investment objectives or avoid substantial losses. Elevated interest rates have in recent years created downward pressure on the value of BREIT’s assets. Higher interest rates may increase BREIT’s borrowing costs, reduce the value of BREIT’s investments, and negatively impact returns, including in interest-rate sensitive sectors. There is no assurance that real estate fundamentals will offset these effects. NFI-ODCE is shown for illustrative purposes only, should not be considered reflective of the performance of BREIT and does not reflect how BREIT has performed or will perform in the future, including in a rising interest rate environment. An investment in BREIT differs from the NFI-ODCE in that such index represents various private real estate funds with differing terms and strategies. Historical returns reflect specific market conditions that may not recur. See “Disclosures-Trends.”

Important Disclosure Information
Index Definitions
Forward-Looking Disclosure
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Represents BREIT Class I shares. 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. Returns for periods less than one year are not annualized. 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. 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%. Q3’26 net returns for the other share classes: Legacy Class S shares (no sales load): 1.8%; Legacy Class S shares (with sales load): -1.7%; Class S-2 shares (no sales load): 1.8%; Class S-2 shares (with sales load): -1.7%; Legacy Class T shares (no sales load): 1.8%; Legacy Class T shares (with sales load): -1.7%. Class T-2 shares (no sales load): 1.8%; Class T-2 shares (with sales load): -1.7%; Legacy Class D shares (no sales load): 1.9%; Legacy Class D shares (with sales load): 0.4%; Class D-2 shares (no sales load): 1.9%; and Class D-2 shares (with sales load): 0.4%. Please see page 5 for YTD 2026, 1-year, 3-year, 5-year and inception-to-date (“ITD”) net returns. Please see www.breit.com/performance for information on BREIT’s returns. See “Important Disclosure Information — Returns” and “— Use of Leverage.”
Publicly traded REITs reflect the MSCI U.S. REIT Index total return as of September 30, 2026. Private real estate reflects the NFI-ODCE annualized net total return as of September 30, 2026. BREIT’s Class I inception date is January 1, 2017. During the period from January 1, 2017 to September 30, 2026, BREIT’s Class I annualized total net returns of 9.3% was 55% higher than the MSCI U.S. REIT Index annualized total return of 6.0%. During the period from January 1, 2017 to September 30, 2026, BREIT Class I’s annualized total return of 9.3% was 2.6x the NFI-ODCE annualized total net return of 3.6%. 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.”
As of September 30, 2026. 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: 3.7%; Class S-2: 3.7%; Legacy Class T: 3.8%; Class T-2: 3.8%; Legacy Class D: 4.4%; Class D-2: 4.4%. 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 June 30, 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.
As of September 30, 2026, BREIT has delivered 115, 115, 112, and 113 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 13, 13, and 13 months of consecutive distributions for the Class S-2, T-2, and D-2 shares, respectively, as of September 30, 2026.
7.2% 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 4.5% 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: 5.9%; Class S-2: 5.9%; Class T: 6.0%; Class T-2: 6.0%; Class D: 7.0% and Class D-2: 7.0%. The tax-equivalent distribution rate would be reduced by 1.2%, 1.2%, 1.2%, 1.2%, 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.
Represents states with the highest state tax rate. State tax rate assumes top marginal tax rates plus any applicable surtaxes. HI: 11.0%; NY State: 10.9%; NYC: 3.876%; CA: 13.3%; Includes 37% federal tax rate. NYC Resident tax rate includes the New York State Tax Rate. BREIT tax equivalent distribution rate: HI: 8.7%; NY State: 8.7%; NYC: 9.4%; CA: 9.1%.
Investment Grade Corporate Bonds are represented by the total return of the Bloomberg U.S. Aggregate Bond Index. 10-Year U.S. Treasury reflects U.S. Department of the Treasury data and represents the yield to maturity of a newly-issued 10-year Treasury note. Municipal bonds are represented by the Bloomberg U.S. Municipal Index. Investment Grade Corporate Bonds and U.S. Treasury Notes assume 100% of coupon payments are taxable as ordinary income for federal tax purposes and subject to the top ordinary federal rate of 37%. As municipal bond coupon payments are tax-exempt and thus not subject to federal taxes, an investor in a theoretical taxable investment would need to receive a 7.1% pre-tax yield to maturity to match the 4.5% after-tax municipal bond yield assuming that all income earned on the theoretical taxable investment is taxed at the top ordinary rate of 37%. Investors may also be subject to net investment income taxes of 3.8% and/or state income tax in their state of residence which would lower the after-tax yield received by the investor. U.S. Municipal Bonds and Treasury Notes are also exempt from state taxes. The investment grade fixed income indices referenced herein are generally subject to lower fees than an investment in BREIT. There can be no assurance that BREIT will achieve capital appreciation, and BREIT’s NAV may decline. Fixed income investments may also appreciate in value, including when interest rates decline. See “Important Disclosure Information–Index Definitions”.
“Turning to tangible, cash-flowing 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.
As of September 30, 2026. Represents total BREIT fundraising from all sources. Monthly net flows represent share repurchase requests and subscriptions from all sources. Represents net flows (subscriptions net of gross repurchase requests) under the share repurchase plan, inclusive of DRIP and OP units and excluding subscription from UC Investments. Represents BREIT’s highest quarterly net flows since Q3’22. Past flows are not indicative of future flows, and there can be no assurance that net flows will remain positive.
“Across market environments” reflects BREIT’s positive performance over the long term and does not mean that performance has been positive in every period. See breit.com/performance for BREIT’s monthly performance since inception. BREIT’s NAV may fluctuate and BREIT shares are significantly less liquid than publicly traded securities. An investment in BREIT does not assure a profit or protect against loss.
U.S. Department of the Treasury, as of September 30, 2026. Past market performance is not indicative of future results. For illustrative purposes only. Reflects change from January 3, 2022 to cycle peak on October 19, 2023. Today reflects September 30, 2025 (4.2%) to September 30, 2026 (5.3%).
Elevated interest rates have in recent years created downward pressure on the value of BREIT’s assets. Higher interest rates may increase BREIT’s borrowing costs, reduce the value of BREIT’s investments, and negatively impact returns, including in interest-rate sensitive sectors. There is no assurance that real estate fundamentals will offset these effects.
Total Return: NFI-ODCE. Reflects the number of quarters with positive annual total returns for the one-year period following a year-over-year increase in the U.S. 10-Year Treasury yield. Observations reflect overlapping rolling one-year periods. The 11 negative total return quarters include the early ’90s (3) and the COVID-19 pandemic (8). NFI-ODCE is shown for illustrative purposes only, should not be considered reflective of the performance of BREIT and does not reflect how BREIT has performed or will perform in the future, including in a rising interest rate environment. An investment in BREIT differs from the NFI-ODCE in that such index represents various private real estate funds with differing terms and strategies. Historical returns reflect specific market conditions that may not recur.
Citi, as of September 30, 2026. Represents REIT simple weighted total average same-store net operating income growth. 2022-2024 reflects change from peak in Q1 2022 to trough in Q3 2024. Today reflects change from Q4 2024 to Q2 2026.
Refers to declines in multifamily and industrial new construction starts. Multifamily represents RealPage Market Analytics, as of June 30, 2026. Represents change in annual starts as a percent of prior year end stock figures for the trailing twelve months as of Q2’26 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 September 30, 2026, the multifamily sector accounted for 17% of BREIT’s real estate asset value. Industrial: CoStar, as of July 15, 2026. Represents change in annual starts as a percent of prior year-end stock figures for the trailing twelve months as of Q2’26 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 September 30, 2026, the industrial sector accounted for 20% of BREIT’s real estate asset value.
Green Street Advisors, as of September 30, 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. 13% reflects decrease from April 30, 2022 peak. See “Important Disclosure Information — Index Definitions.”
Blackstone Proprietary Data as of September 30, 2026.
Refers to 20% year-over-year increase in YTD commercial mortgage-backed securities (“CMBS”) issuances. JP Morgan, as of September 30, 2026. Represents total U.S. CMBS volume (includes SASB, Conduit and CRE CLO) as of September 30, 2026, compared to September 30, 2025.
Blackstone Proprietary Data, as of October 7, 2026. Represents estimated all-in borrowing costs for high-quality logistics transactions at ~65%–70% avg. LTV assuming ~5% cap rates. Spread reflects weighted average spread across all rating tranches applied to estimated rating agency capital structures from each respective period. ’23 Wide reflects peak base rate and spreads for representative logistics BX SASB CMBS transactions in ’23. Sep’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.
Refers to CPPI’s increase from November 30, 2023 trough in comparison to increase in S&P 500 total gross returns from October 12, 2022 trough. Please refer to note 17 for more information.
“Non-core” represents assets outside BREIT’s highest conviction sectors or lower growth assets. Reflects dispositions for the year-to-date period ending September 30, 2026. Includes dispositions closed and under non-refundable contract. Reflects gross sales price. There can be no assurance dispositions under non-refundable contract will be completed on its contemplated terms, or at all. The dispositions referenced herein are provided for illustrative purposes only, are not representative of all BREIT dispositions and are not representative of BREIT’s entire portfolio. These dispositions are highlighted to illustrate BREIT’s active capital rotation and were not selected on the basis of performance. These transactions may not be representative of future dispositions or deployments. 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).
Digital infrastructure buildout reflects 2026F hyperscaler capex spend. 2026F reflects management commentary (GOOGL, AWS, MSFT, META) and latest Morgan Stanley equity research estimates (ORCL). AWS shown excluding eCommerce; 2026F management forecast of $220 billion includes eCommerce. MSFT 2026F CapEx includes ~$60 billion of long-term finance lease liabilities.
Blackstone Proprietary Data. Represents QTS’s U.S. land bank.
Represents BREIT’s deployment into QTS data center developments for the year-to-date period ended September 30, 2026 of $9.1B. As of September 30, 2026, BREIT’s ownership in QTS was 34.8% and the QTS investment accounted for 29.0% of BREIT’s real estate asset value. There can be no assurance that these development projects will commence or be completed on their current expected terms, or at all, and this information should not be considered an indication of future performance. Blackstone Proprietary Data.
Blackstone Proprietary Data. There can be no assurance that leasing or deployment momentum will continue.
Blackstone Proprietary Data. Represents QTS leasing volume for the third quarter year-over-year ended September 30, 2026, which was the highest year-over-year period in QTS’s history. 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 total cost for committed development projects as of September 30, 2026, at 100% ownership. Reflects signed leases. As of September 30, 2026, BREIT’s ownership in QTS was 34.8% and the QTS investment accounted for 29% 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.
Data center investments remain subject to risks, including changes in technology that may affect demand for or the design of data centers, tenant concentration, power availability and development risk. There can be no assurance that demand for data centers will continue.
U.S. Census Bureau, as of June 30, 2026.
Blackstone Proprietary Data, as of October 2026.
Amazon delivery as of February 3, 2026. Amazon leasing reflects MWPVL and Link Research Fundamentals, as of June 30, 2026.
JLL Research, Industrial Tenant Demand Study. Surveys demand requirements across more than 60 U.S. markets. 2025 reflects the latest period available.
Represents trailing twelve-month warehouse leasing from data center suppliers as of 2Q26 compared to 2Q24, based on observed leasing across tracked markets including Dallas-Fort Worth, Phoenix, Atlanta, Reno, Northern Virginia, Columbus, Austin, and Memphis.
Blackstone Proprietary Data, as of September 30, 2026. Reflects the total square footage leased, including both new leases and renewals, for the year-to-date period ended September 30, 2026 compared to the year-to-date period ended September 30, 2025.
Blackstone Proprietary Data, as of September 30, 2026. Represents YTD leasing spreads and compares new or renewal rents to prior rents or expiring rents, as applicable.
Blackstone Proprietary Data, as of September 30, 2026. Reflects Blackstone’s U.S. logistics business across vehicles and is not limited to BREIT; not indicative of BREIT’s results. See “Important Disclosure Information-Sponsor”.
Reflects year-over-year market rent growth for multifamily, single family rental, student housing, and affordable housing weighted by BREIT real estate asset value in each sector compared to just multifamily market rent growth. Multifamily (excluding affordable housing) reflects Axiometrics data and represents year-over-year effective market rent growth for the month as of September 30, 2026 in BREIT’s markets weighted by unit count. Single family rental reflects Blackstone Proprietary Data and represents leasing spreads and compares new or renewal rents to prior rents or expiring rents, as applicable. Student housing reflects Blackstone Proprietary Data as of October 12, 2026 and is based on a ~2% decrease in rents for the 2026–2027 academic year compared to 2025–2026 academic year based on 93% pre-leasing to date, assumes current asking rents are achieved for the remainder of the lease-up, of which there can be no assurance, and this information should not be considered an indication of future performance. Affordable housing reflects increases in max legal rents for 2026.
Blackstone Proprietary Data, as of September 30, 2026. Reflects the cumulative shortfall for total residential units (owned and rented).
Blackstone Proprietary Data as of September 30, 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 3.5% down payment; 7.7% FHA 30-yr. fixed rate mortgage (including 0.5% mortgage insurance); 3.5% amortized loan closing costs; 1% maintenance costs; insurance, HOA, and Real Estate Taxes.
Blackstone Proprietary Data, as of June 30, 2026.
Represents BREIT’s apartments portfolio at +1% as of September 20, 2026 and -2% as of September 20, 2025. Represents trailing 4-week average leasing spreads and compares new or renewal rents to prior rents or expiring rents, as applicable.
U.S. Bureau of Economic Analysis (BEA). The U.S. real GDP grew at an annualized rate of 2.2% in the second quarter of 2026.
“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 interests in such real estate investments. Rental housing includes the following subsectors: multifamily (17%), student housing (8%), affordable housing (8%), and single family rental housing (6%). Please see the 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 interests in such real estate properties. Sunbelt reflects the South and West regions of the U.S. as defined by NCREIF. “Non-U.S.” reflects investments in Europe and Canada.
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. The average occupancy rate for our hospitality investments was 74% for the 12 months ended September 30, 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. Blackstone Proprietary Data.
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 and Class D-2 shares; 3.5% for Class S, Class S-2, Class T and Class T-2 shares).