For Stockholders
For Stockholders
Highlights from BREIT’s Q1 2026 Stockholder Event
For Stockholders
Highlights from BREIT’s Q1 2026 Stockholder Event
Note: As of March 31, 2026, unless otherwise indicated. Past performance does not predict future returns. Financial data is estimated and unaudited. Additional information regarding our operations is available in our annual and interim financial statements filed with the SEC. Represents Blackstone’s and BREIT’s view of the current market environment as of the date appearing in this material only, which is subject to change. The data shown is for illustrative purposes only. Investors are cautioned on relying upon the data presented as there is no guarantee that historical trends will continue or that BREIT could benefit from such trends. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives or avoid substantial losses. The selected BREIT investments herein are provided for illustrative purposes only, are not representative of all BREIT investments of a given property type and are not representative of BREIT’s entire portfolio. See www.breit.com/properties for the complete list of BREIT’s real estate investments (excluding equity in public and private real estate related companies) including BREIT’s ownership interest in such investments. There can be no assurance that the trends described herein will continue or not reverse. See “Important Disclosure Information, “–Blackstone Proprietary Data”, “–Index Definitions”, “–NAV Calculation and Reconciliation”, “–Property Sector and Region Concentration”, “–Returns”, “–Sponsor”, “–Trends”, and “–Use of Leverage”.
Class D shares, Class S shares and Class T shares were offered in BREIT’s primary offering but are currently only available to existing holders of such classes pursuant to BREIT’s distribution reinvestment plan. Class D-2 shares, Class S-2 shares, Class T-2 shares and Class I shares may be purchased in BREIT’s primary offering and through BREIT’s distribution reinvestment plan. Returns listed as (with sales load) assume payment of the full upfront sales charge at initial subscription (1.5% for Class D and D-2 shares; 3.5% for Class S and S-2 and Class T and T-2 shares). The sales charge for Class D shares became effective May 1, 2018. The sales charge for Class D-2, S-2 and T-2 shares became effective September 1, 2025. Returns listed as (no sales load) exclude up-front selling commissions and dealer manager fees. Due to the short duration since inception, ITD returns for the -2 classes are not yet meaningful. Please see performance information for Class S, D and T shares for additional information. Returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to BREIT’s distribution reinvestment plan, are derived from unaudited financial information, and are net of all BREIT expenses, including general and administrative expenses, transaction-related expenses, management fees, performance participation allocation, and share class-specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. The inception dates for the Class I, D, S and T shares are January 1, 2017, May 1, 2017, January 1, 2017 and June 1, 2017, respectively. The inception date for the Class S-2, T-2 and D-2 shares is September 1, 2025. The returns have been prepared using unaudited data and valuations of the underlying investments in BREIT’s portfolio, which are estimates of fair value and form the basis for BREIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. Past performance does not predict future returns. Returns for periods greater than one year are annualized consistent with the IPA Practice Guidelines 2018. Returns for periods of less than one year are not annualized. BREIT no longer offers Class D, S, and T shares in its primary offering, and instead offers Class D-2, S-2 and T-2 shares in its primary offering. Please see www.breit.com/performance for information on BREIT returns. Also see “Important Disclosure Information, “–NAV Calculation and Reconciliation”, “–Returns” and “–Use of Leverage”.
1. Source: Bloomberg. Public markets volatility 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.
2. Represents BREIT Class I shares. Returns for periods less than one year are not annualized. 2026 year-to-date net returns for the other share classes: Legacy Class S shares (no sales load): 1.8%; Legacy Class S shares (with sales load): -1.6%; Class S-2 shares (no sales load): 2.2%; Class S-2 shares (with sales load): -1.2%; Legacy Class T shares (no sales load): 1.8%; Legacy Class T shares (with sales load): -1.6%. Class T-2 shares (no sales load): 2.0%; Class T-2 shares (with sales load): -1.4%; 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): 2.6%; and Class D-2 shares (with sales load): 1.1%. See “Note” above and “Important Disclosure Information–Returns” for more information on BREIT’s returns.
3. Volatility represented by CBOE Global Markets Volatility Index (VIX) 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. 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 (which may fluctuate and may be worth less than initial price) and is not subject to market pricing forces as is the price of the indices presented. BREIT shares are significantly less liquid than publicly traded companies and may fluctuate. See “Important Disclosure Information–Index Definitions” and “-Trends”.
4. Source: Bloomberg as of March 26, 2026. Traditional sources of diversification represented by gold & bond performance from 2022 to 2026. During this period, gold & bond performance had positive performance on 28% of S&P 500 Index down days and had negative performance on 72% of S&P 500 Index down days. See “Important Disclosure Information–Index Definitions” and “–Trends”.
5. Morningstar Direct, NCREIF, 20-year period ending December 31, 2025. Reflects long-term private real estate correlation versus other asset classes over the last 20 years of 0.1 for public traded REITs, 0.0 for equities, -0.3 for investment grade bonds and -0.3 for municipal bonds. Diversification does not assure a profit or protect against a loss. Indices are meant to illustrate general market performance. 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. Publicly Traded REITs are represented by the total return of the MSCI U.S. REIT Index. 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. Comparisons shown are for informational purposes only, do not represent specific investments and are not a portfolio allocation recommendation. An investment in BREIT has material differences from a direct investment in real estate, including related to fees and expenses, liquidity and tax treatment. 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 (which may fluctuate and may be worth less than initial price) and is not subject to market pricing forces as is the price of the indices presented. BREIT shares are significantly less liquid than publicly traded companies and may fluctuate. See “Important Disclosure Information”, including “Index Definitions” and “Trends”.
6. Performance since inception represents BREIT Class I shares. 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) 8.3%; Legacy Class S shares (with sales load) 7.9%; 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) 8.0%; 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) 8.8%; 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. Returns for periods greater than one year are annualized consistent with the IPA Practice Guideline 2018. See “Note” above and “Important Disclosure Information–Returns” for more information on BREIT’s returns.
7. Publicly traded REITs reflect the MSCI U.S. REIT Index total return as of March 31, 2026. Private real estate reflects the preliminary NFI-ODCE net total return as of March 31, 2026. BREIT’s Class I inception date is January 1, 2017. During the period from January 1, 2017 to March 31, 2026, BREIT’s Class I annualized total net returns 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 preliminary 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”.
8. 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. 8% reflects increase from November 30, 2023 trough. Indices are meant to illustrate general market performance. Comparisons shown are for informational purposes only, do not represent specific investments and are not a portfolio allocation recommendation.
9. 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”.
10. Institutional demand represented by Private Equity Real Estate (“PERE”) 2026 Investor Perspectives as of February 3, 2026.
11. Retail demand represented by Blackstone Advisor Pulse Survey as of January 2026. See “Important Disclosure Information–Blackstone Proprietary Data”.
12. 2020 refers to BREIT’s real estate portfolio as of December 31, 2020. “Today” refers to March 31, 2026. Other rental housing represents manufactured housing (1%). See “Important Disclosure Information–Property Sector and Region Concentration” and “–Trends”.
13. BREIT’s ownership interest at acquisition was 33% ($3.2B purchase price at share). As of March 31, 2026, the QTS investment accounted for 22.5% of BREIT’s real estate asset value. See “Important Disclosure Information–Logos” and “–Trends”.
14. 2025 Deployment represents BREIT’s deployment into QTS data center developments for the twelve months ended December 31, 2025.
15. Year-over-year leasing pipeline compares QTS’ leasing pipeline as of March 31, 2026 to March 31, 2025.
16. Blackstone Proprietary Data, as of December 31, 2025. Reflects the average quarterly square footage leased, including both new leases and renewals.
17. Data center CapEx by five largest hyperscalers includes finance lease liabilities. Historical figures reflect publicly reported data. 2026E based on respective company guidance and Morgan Stanley Equity Research, as of February 2026.
18. datacenterHawk and TD Cowen, as of September 30, 2025.
19. Supply chain lead time: Power Magazine, as of June 2024.
20. Power procurement for new applications: Bloomberg, as of August 2024.
21. Development pipeline reflects total cost for committed development projects as of March 31, 2026, at 100% ownership. 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. 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. See “Important Disclosure Information — Trends.”
22. Potential pipeline reflects cost estimate of developing data center projects on existing land bank acres and excludes committed development projects, at 100% ownership, as of March 31, 2026. 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.
23. 15–20-year leases reflect typical lease length of QTS data center properties, which are substantially all leased to investment grade tenants.
For Stockholders
BREIT 2026 Proxy
For Stockholders
BREIT 2026 Proxy
Your vote at at BREIT’s annual stockholder meeting matters. Take two minutes to vote your shares.
Click the link below or call 1-866-853-2088 Monday to Friday, 9:00am to 10:00pm ET to speak with a proxy specialist.
Note: As of February 28, 2026, 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. Diversification does not assure a profit or protection against loss. 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 $3.5 billion in net losses, excluding net losses attributable to non-controlling interests in third-party JV interests, for the year ended December 31, 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%. February net returns for the other share classes: Legacy Class S shares (no sales load): 0.5%; Legacy Class S shares (with sales load): -2.9%; Class S-2 shares (no sales load): 0.5%; Class S-2 shares (with sales load): -2.9%; Legacy Class T shares (no sales load): 0.5%; Legacy Class T shares (with sales load): -2.9%. Class T-2 shares (no sales load): 0.5%; Class T-2 shares (with sales load): -2.9%; Legacy Class D shares (no sales load): 0.5%; Legacy Class D shares (with sales load): -0.9%; Class D-2 shares (no sales load): 0.5%; and Class D-2 shares (with sales load): -0.9%. 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 February 28, 2026. Private real estate reflects the NFI-ODCE 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 January 31, 2026, BREIT’s Class I annualized total net returns of 9.3% was 63% higher than the MSCI U.S. REIT Index annualized total return of 5.7%. During the period from January 1, 2017 to December 31, 2025, BREIT Class I’s annualized total return of 9.3% was 2.7x the NFI-ODCE annualized total net return of 3.5%. BREIT does not trade on a national securities exchange, and therefore, is generally illiquid. The volatility and risk profile of the indices presented are likely to be materially different from that of BREIT including that BREIT’s fees and expenses may be higher and BREIT shares are significantly less liquid than publicly traded REITs. See “Important Disclosure Information–Index Definitions” and “–NAV Calculation and Reconciliation”.
3. As of February 28, 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: 3.8%; 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 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 December 31, 2025. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Distributions” in BREIT’s Yearly Report on Form 10-K 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 4.6% 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: 6.1%; Class T: 6.2%; Class T-2: 6.2%; Class D: 7.1% and Class D-2: 7.1%. The tax-equivalent distribution rate would be reduced by 1.3%, 1.3%, 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.
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 January 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. 7% reflects increase from November 30, 2023 trough.
9. S&P 500 reflects total gross return, as of January 31, 2026. “All time high” refers to the closing price of the S&P 500 on January 27, 2026. Corporate bonds reflect the total return of the ICE BofA U.S. High Yield Index, as of January 31, 2026. “All time high” refers to the closing price of the ICE BofA U.S. High Yield Index on February 18, 2026. 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 January 31, 2026, 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 January 31, 2026, 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 (8%), 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 33% 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. Largest and fastest growing data center company reflects Blackstone Proprietary Data, as of June 30, 2025 and datacenterhawk, as of June 30. 2025. “Largest” refers to leased megawatts; and “fastest growing” refers to numerical growth in leased megawatts since Q4 2019 of QTS relative to a peer set of the largest data center companies in the world. Reflects total cost for committed development projects as of December 31, 2025, at 100% ownership. As of January 31, 2026, BREIT’s ownership in QTS was 35% and the QTS investment accounted for 20.8% 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).
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.
FOR STOCKHOLDERS
BREIT Today & 2026 Outlook
Learn about BREIT’s strong performance across market cycles, high conviction thematic portfolio and why we believe real estate stands out as a compelling opportunity today.
FOR STOCKHOLDERS
2025 Year-End Letter
Learn about BREIT’s meaningful outperformance in 2025, why we think today is such a compelling time to be invested in real estate, and the engines driving BREIT’s strong performance outlook.
Wall Street Journal: Blackstone Real-Estate Fund Stages Comeback With Best Return in Three Years
Read The Wall Street Journal’s reporting on how BREIT delivered its strongest performance in three years, fueled by booming data center investments and a broader rebound in commercial property.
FOR STOCKHOLDERS
Access the BREIT Investor Portal
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Additional Stockholder Materials
Share Class Transaction Prices
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The share class information represents the transaction price for each share class of our common stock for subscriptions accepted as of May 1, 2026 (and repurchases as of April 30, 2026). The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class. The transaction price presented is rounded to two decimal places.
Tax Information
Form 1099-DIV
Distributions are reported to you on Form 1099-DIV. The tax character of each year’s distribution as a percent of each year’s total distribution is detailed below:
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Copies of BREIT’s filings are available on this page for your convenience. For the full list of BREIT filings and the original versions of such filings, please click here.
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Important Disclosure Information
Represents BREIT’s view of the current market environment as of the date appearing in this material only, which is subject to change. Past performance does not predict future returns. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives, or avoid substantial losses. Financial information is approximate and as of March 31, 2026, unless otherwise noted. The words “we”, “us”, and “our” refer to BREIT, together with its consolidated subsidiaries, including BREIT Operating Partnership L.P. (the “Operating Partnership”), unless the context requires otherwise. See “Important Disclosure Information” below, including “Trends”.
NAV Calculation and Reconciliation. This material contains references to our net asset value (“NAV”) and NAV based calculations, which involve significant professional judgment. Our NAV is generally equal to the fair value of our assets less outstanding liabilities, calculated in accordance with our valuation guidelines. The calculated value of our assets and liabilities may differ from our actual realizable value or future value which would affect the NAV as well as any returns derived from that NAV, and ultimately the value of your investment. 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. NAV is not a measure used under generally accepted accounting principles (“GAAP”) and will likely differ from the GAAP value of our equity reflected in our financial statements. As of March 31, 2026, our total equity under GAAP, excluding non-controlling interests in consolidated subsidiaries, was $21.9 billion and our NAV was $54.9 billion. As of March 31, 2026, our NAV per share was $14.24, $14.24, $14.00, $14.00, $13.89, $13.89 and $14.25 for Class S, Class S-2, Class T, Class T-2, Class D, Class D-2 and Class I shares, respectively, and GAAP equity per share/unit was $5.69. GAAP equity accounts for net loss as calculated under GAAP, and we have incurred $0.4 billion in net losses, excluding net losses attributable to non-controlling interests in consolidated subsidiaries, for the quarter ended March 31, 2026. Our net loss as calculated under GAAP and a reconciliation of our GAAP equity, excluding non-controlling interests in consolidated subsidiaries, to our NAV are provided in our annual and interim financial statements. 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. For further information, please refer to “Net Asset Value Calculation and Valuation Guidelines” in BREIT’s prospectus, which describes our valuation process and the independent third parties who assist us.