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. 2026 year-to-date net returns for the other share classes: Legacy Class S shares (no sales load): 6.6%; Legacy Class S shares (with sales load): 3.0%; Class S-2 shares (no sales load): 7.0%; Class S-2 shares (with sales load): 3.4%; Legacy Class T shares (no sales load): 6.6%; Legacy Class T shares (with sales load): 3.0%. Class T-2 shares (no sales load): 6.8%; Class T-2 shares (with sales load): 3.2%; Legacy Class D shares (no sales load): 7.0%; Legacy Class D shares (with sales load): 5.4%; Class D-2 shares (no sales load): 7.8%; and Class D-2 shares (with sales load): 6.2%. Q3 2026 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%. 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) 9.1%; Legacy Class D shares (with sales load) 8.9%; Class D-2 shares (no sales load) 10.3%; Class D-2 shares (with sales load) 8.8%; 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) 9.6%; Class S-2 shares (with sales load) 6.2%; 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) 9.6%; Class T-2 shares (with sales load) 6.2%. 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%. Trailing twelve-month net return for the other share classes: Legacy Class S shares (no sales load): 9.7%; Legacy Class S shares (with sales load): 6.0%; Class S-2 shares (no sales load): 9.8%; Class S-2 shares (with sales load): 6.1%; Legacy Class T shares (no sales load): 9.7%; Legacy Class T shares (with sales load): 6.0%. Class T-2 shares (no sales load): 9.8%; Class T-2 shares (with sales load): 6.1%; Legacy Class D shares (no sales load): 10.3%; Legacy Class D shares (with sales load): 8.7%; Class D-2 shares (no sales load): 10.4%; and Class D-2 shares (with sales load): 8.8%. 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. 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. 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. See the Note above for more information on BREIT’s returns.

2. 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.

3. 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. 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. See “Important Disclosure Information–Tax Information” for more information.

4. 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.

5. An investment in shares of BREIT differs materially from investment grade corporate bonds, U.S. Treasury Notes and municipal bonds. See “Important Disclosure Information–Index Definitions” and “–Tax Information” for more information.

6. References to consistency reflect BREIT’s historical distributions. Distributions are not guaranteed. 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.

7. 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. 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. See “Important Disclosure Information–Tax Information” for more information.

8. 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.

9. Represents BREIT’s view of the primary factors contributing to the increase in the U.S. 10-Year Treasury yield over the last year. 10-Year Treasury Yield reflects 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 September 30, 2025 (4.2%) to September 30, 2026 (5.3%). Inflation reflects U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), 12-month change as of September 30, 2026 (3.7%). Economic growth reflects U.S. Bureau of Economic Analysis, real gross domestic product, annualized quarter-over-quarter change for Q3 2026 (3.4%), based on the advance estimate released October 29, 2026, which is subject to revision. Demand for capital reflects significant investment in data centers, power infrastructure and broader reindustrialization, which BREIT believes is creating increased competition for capital, including AI-related capital expenditures by the five largest hyperscalers, which have grown nine-fold since 2021 to more than $800 billion in 2026F. Hyperscaler capex reflects spend by five largest hyperscalers (includes finance lease liabilities). Historical figures reflect publicly reported data. 2026F based on respective company guidance (Amazon, Google, Meta, and Microsoft), as of July 2026. Oracle based on Morgan Stanley Equity Research, as of February 2026. Other factors, including government deficits, monetary policy and geopolitical events, may also affect interest rates, and the relative contribution of any factor cannot be precisely measured. There can be no assurance that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

10. 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.

11. “Real estate has historically performed well during periods of strong economic growth and moderate inflation” reflects the annualized returns of private real estate, as measured by the NFI-ODCE, from September 30, 2004 to December 31, 2025. Private real estate generated positive returns in each of four macro regimes (high / low Real GDP growth and high / low Core Inflation), including 6.8% in high growth / low inflation and 4.6% in high growth / high inflation periods. Regimes are defined by whether 12-month Real GDP growth and Core Inflation were above or below their medians (2.3% and 2.2%). Annualized returns are calculated from quarterly returns. The data reflect an asset class analysis and are not representative of the performance of BREIT or any Blackstone product. Past performance does not predict future returns. There can be no assurance that any alternative asset class will achieve its objectives or avoid significant losses. See “Important Disclosure Information–Index Definitions” and “–Trends”.

12. “Highest conviction real estate sectors” refers to the rental housing, industrial and data centers sectors, which as of September 30, 2026 accounted for 89% of BREIT’s real estate asset value. Please refer to www.breit.com/portfolio/ for a more detailed summary of BREIT’s property sector concentration. See “Important Disclosure Information-Property Sector and Region Concentration”.

13. Outperformance” refers to BREIT’s outperformance since inception relative to the MSCI U.S. REIT Index and the NFI-ODCE. Publicly traded REITs reflect the MSCI U.S. REIT Index total return as of September 30, 2026. Private real estate reflects the NFI-ODCE Preliminary annualized net total return as of September 30, 2026. Represents BREIT Class I shares. 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 Preliminary 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. 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) 9.6%; Class S-2 shares (with sales load) 6.2%; 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) 9.6%; Class T-2 shares (with sales load) 6.2%; Legacy Class D shares (no sales load) 9.1%; Legacy Class D shares (with sales load) 8.9%; Class D-2 shares (no sales load) 10.3%; Class D-2 shares (with sales load) 8.8%. Returns for periods greater than one year are annualized consistent with the IPA Practice Guideline 2018. See “Important Disclosure Information — Returns” for more information on BREIT’s returns.

14. “The last year” refers to the year-to-date period ended September 30, 2026.~$7B amount 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.

15. “Higher growth sectors” reflects Blackstone’s opinion and its 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 these sectors will continue to experience higher growth. See “Important Disclosure Information–Trends”.

16. “Non-core” represents assets outside BREIT’s highest conviction sectors or lower growth assets.

17. The selected BREIT investments and dispositions 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 companies). The disposition transactions above represent the largest exclusively BREIT dispositions during the relevant time period, and the deployments represent BREIT’s largest deployments during the relevant time period. These transactions are highlighted to illustrate BREIT’s active capital rotation into higher growth opportunities and were not selected on the basis of performance. These transactions may not be representative of future dispositions or deployments.

18. Reflects deployments closed during the year-to-date period ending September 30, 2026.

19. Represents BREIT’s deployment into QTS data center developments for the year-to-date period ended September 30, 2026 of $9B. 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.

20. 2021 reflects run-rate revenue as of acquisition date of August 31, 2021; 2026 reflects run-rate revenue as of September 30, 2026. Run-rate revenue includes the contractual revenue contribution from signed leases that had not yet commenced. 2x YoY increase in leasing reflects leased megawatts for the twelve months ended September 30, 2026 compared to the twelve months ended September 30, 2025 (at 100% ownership). Record leasing over the last year reflects QTS’s trailing twelve-month leasing volume as of September 30, 2026, which was the highest trailing twelve-month period in QTS’s history. 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.

21. U.S. e-commerce sales reflects U.S. Census Bureau, as of June 30, 2026.

22. Announced U.S. manufacturing investment reflects Blackstone Proprietary Data, as of October 2026.

23. Expected hyperscaler capex reflects S&P, as of September 2026. 2030F reflects management commentary (GOOGL, AWS, MSFT, META) and latest Morgan Stanley equity research estimates (ORCL). AWS shown excluding eCommerce; 2030F management forecast of $220 billion includes eCommerce. MSFT 2030F CapEx includes ~$60 billion of long-term finance lease liabilities.

24. Industrial Portfolio leasing reflects 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.

25. Re-leasing spreads reflect 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.