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 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 assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives or avoid substantial losses. There can be no assurance that the trends described herein will continue or not reverse. See “Important Disclosure Information–Trends”.

1. Represents BREIT Class I shares. Class S shares, Class T shares and Class D 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 S-2 shares, Class T-2 shares, Class D-2 shares and Class I shares may be purchased in BREIT’s primary offering and through BREIT’s distribution reinvestment plan. 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. Return information is not a measure used under GAAP. BREIT has incurred $3.0 billion in net losses, excluding net losses attributable to non-controlling interests in third-party JV interests, for the nine months ended September 30, 2025. This amount largely reflects the expense of real estate depreciation and amortization in accordance with GAAP. Additional information about our net income (loss) as calculated under GAAP is included in our annual and interim financial statements. 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. January 1, 2017 reflects BREIT Class I’s inception date. Inception to date net returns for the other share classes: : 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; 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.  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. 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%.  Returns for periods greater than one year are annualized consistent with the IPA Practice Guideline 2018. BREIT no longer offers Class S, T, and D shares in its primary offering, and instead offers Class S-2, T-2 and D-2 shares in its primary offering.  See “Important Disclosure Information–Returns” for more information on BREIT’s returns.

2. Publicly traded REITs reflect the MSCI U.S. REIT Index total return as of December 31, 2025. Private real estate reflects the NFI-ODCE preliminary net total return as of December 31, 2025, which is the latest available. BREIT’s Class I inception date is January 1, 2017. During the period from January 1, 2017 to December 31, 2025, BREIT’s Class I annualized total net returns 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 preliminary 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” and “–NAV Calculation and Reconciliation”.

3. 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.

4. 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 return of capital (“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.

5. State tax rate assumes top marginal tax rates plus any applicable surtaxes.

6. Combined tax rate includes 37% federal tax rate.

7. NYC Resident tax rate includes the New York State Tax Rate.

8. 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.

9. 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 100.1% and corporate bonds total returns were 38.8%. See “Important Disclosure Information-Index Definitions”.

10. Multifamily reflects 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 sectors accounted for 19% of BREIT’s real estate asset value. 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.

11. 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 estimated rating agency capital structures from each respective period. ’23 wide reflects peak base rate and spreads for representative BX CMBS transactions in ’23. Dec ’25 reflects all-in borrowing costs across 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.

12. J.P. Morgan as of December 31, 2025. Represents Conduit, SASB and CLO volume as of YTD period ended December 31, 2025 compared to YTD period ended December 31, 2024.

13. 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%). Please see the prospectus for more information on BREIT’s investments.

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 April 22, 2025. Estimated new warehouse demand based on recent announcements using approximate number of employees required per square foot by sector. Estimated manufacturing space and warehouse distribution space associated with U.S. manufacturing investment announcements.

16. The markets (metropolitan statistical areas, or “MSA”) and states displayed above accounted for 55% of BREIT’s industrial real estate value. BREIT is invested in additional MSAs and states which are not named above. Measured as the asset value of real estate properties in each market or state listed above divided by the asset value of all of BREIT’s real estate industrial properties, excluding the value of any third-party interests in such properties. See “Important Disclosure Information–Blackstone Proprietary Data”, “–Property Sector and Region Concentration” and “–Trends”.

17. 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.

18. As of December 31, 2025. Reflects cost estimate of developing data center projects on existing land bank acres and excludes committed development projects, at 100% ownership. This information is provided to illustrate the potential for additional development projects at QTS’s existing land bank acres, and there can be no assurance that any development projects will arise at these land bank acres. In addition, future land bank opportunities could be allocated to other Blackstone vehicles instead of to QTS or BREIT.

19. 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.

20. Blackstone Proprietary Data, as of December 31, 2025.

21. Blackstone Proprietary Data, as of December 31, 2025. Represents BREIT’s 2025 deployment in data centers (at BREIT’s share).20.

22. Blackstone Proprietary Data. “Most profitable part of the data center lifecycle” refers to data center development and represents realized profit margins from 2025 Blackstone developments. There can be no assurance that QTS and BREIT will be able to realize a similar level of profit margins or at all.