As of July 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 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. Diversification does not assure a profit or protect against a loss. 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 $0.8 billion in net losses, excluding net losses attributable to non-controlling interests in consolidated subsidiaries, for the six months ended June 30, 2026. 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) 8.5%; Legacy Class S shares (with sales load) 8.1%; 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) 8.6%; Legacy Class T shares (with sales load) 8.2%;  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) 9.2%; Legacy Class D shares (with sales load) 9.0%; Class D-2 shares (no sales load) N/M; Class D-2 shares (with sales load) N/M. Returns for periods less than one year are not annualized. July net returns for the other share classes: Legacy Class S shares (no sales load): 1.2%; Legacy Class S shares (with sales load): -2.3%; Class S-2 shares (no sales load): 1.2%; Class S-2 shares (with sales load): -2.3%; Legacy Class T shares (no sales load): 1.2%; Legacy Class T shares (with sales load): -2.3%; Class T-2 shares (no sales load): 1.2%; Class T-2 shares (with sales load): -2.3%; Legacy Class D shares (no sales load): 1.2%; Legacy Class D shares (with sales load): -0.3%; Class D-2 shares (no sales load): 1.2%; and Class D-2 shares (with sales load): -0.3%. 2026 year-to-date net returns for the other share classes: Legacy Class S shares (no sales load): 5.9%; Legacy Class S shares (with sales load): 2.3%; Class S-2 shares (no sales load): 6.4%; Class S-2 shares (with sales load): 2.8%; Legacy Class T shares (no sales load): 5.9%; Legacy Class T shares (with sales load): 2.4%. Class T-2 shares (no sales load): 6.20%; Class T-2 shares (with sales load): 2.6%; Legacy Class D shares (no sales load): 6.3%; Legacy Class D shares (with sales load): 4.7%; Class D-2 shares (no sales load): 7.0%; and Class D-2 shares (with sales load): 5.4%.  LTM net returns for the other share classes: Legacy Class S shares (no sales load): 10.1%; Legacy Class S shares (with sales load): 6.4%; 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): 10.1%; Legacy Class T shares (with sales load): 6.4%. 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): 10.7%; Legacy Class D shares (with sales load): 9.1%; Class D-2 shares (no sales load): N/M; and Class D-2 shares (with sales load): N/M.  Due to the short duration, ITD and LTM 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. 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”, “–NAV Calculation and Reconciliation”, “–Trends” and “–Use of Leverage” for more information on BREIT’s returns.

2. “Accelerating returns” refers to increase in net returns for BREIT Class I shares in the second quarter of 2026 compared to the first quarter of 2026. Monthly returns varied within this period. Past performance does not predict future returns.

3. Performance returns reflect reinvested distributions and changes in the NAV per share. Additional share class-specific fees may be paid with respect to Class D-2, S-2 and T-2 shares, which would lower returns. Class D, S and T shares are still subject to ongoing stockholder servicing fees. Growth since inception for each share class was as follows: Legacy Class S (no sales load): 2.2x; Class S-2 (no sales load): N/M; Legacy Class T (no sales load): 2.1x; Class T-2 (no sales load): N/M; Legacy Class D (no sales load): 2.3x; Class D-2 (no sales load): N/M and Class I: 2.4x. Legacy Class S, Class S-2, Legacy Class T, Class T-2, Legacy Class D and Class D-2 shares listed as (no sales load) exclude up-front selling commissions and dealer manager fees. Payment of the upfront sales charge would reduce returns. The $100K amount used in this illustration is hypothetical, was chosen arbitrarily and should in no way be interpreted as a recommended investment amount. Suitability rules for investors may apply, such as an investment limit in the issuer to 10% of such investor’s liquid net worth. Minimum initial investment for Class S-2, T-2 and D-2 shares is $2,500. Class I shares require a minimum investment of $1,000,000, unless waived. Class I shares are generally available only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating broker-dealers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers, among others. See BREIT’s prospectus for more information.

4. Publicly traded REITs reflect the MSCI U.S. REIT Index total return as of July 31, 2026. Private real estate reflects the NFI-ODCE annualized net total return as of June 30, 2026, which is the latest available. BREIT’s Class I inception date is January 1, 2017. During the period from January 1, 2017 to July 31, 2026, BREIT’s Class I annualized total net returns of 9.4% was 33% higher than the MSCI U.S. REIT Index annualized total return of 7.1%. During the period from January 1, 2017 to June 30, 2026, BREIT Class I’s annualized total return of 9.4% 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”.

5. Private real estate has exhibited 68% less volatility than publicly traded REITs based on the annualized standard deviation of the NFI-ODCE index relative to the MSCI U.S. REIT Index for the 20-year period ending June 30, 2026. See “Important Disclosure Information–Trends”. 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.

6. As of July 31, 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: 4.5%; 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 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. 7.3% 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 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: 6.1%; Class T-2: 6.1%; Class D: 7.1% and Class D-2: 7.1%. The tax-equivalent distribution rate would be reduced by 1.2%, 1.2%, 1.3%, 1.3%, 1.4% 1.4% and 1.5% for Class S, S-2, T, T-2, D, D-2, and I shares, respectively, taking into account deferred capital gains tax that would be payable upon redemption. This assumes a one-year holding period and includes the impact of deferred capital gains tax incurred in connection with a redemption of BREIT shares. Upon redemption, an investor is assumed to be subject to tax on all prior return of capital distributions at the current maximum capital gains rate of 20%. The capital gains rate could change in the future. ROC distributions reduce the stockholder’s tax basis in the year the distribution is received, and generally defer taxes on that portion until the stockholder’s stock is sold via redemption. Upon redemption, the investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the return of capital distributions. See “Important Disclosure Information–Tax Information” for more information.

8. State tax rate assumes top marginal tax rates plus any applicable surtaxes. NY State: 10.9%; NYC: 3.876%; CA: 13.3%; HI: 11.0%; DC: 10.75%; NJ: 10.75%. Includes 37% federal tax rate. NYC Resident tax rate includes the New York State Tax Rate. State-level tax-equivalent distribution rates for the five states with the highest state tax rate are as follows: [NY State: 8.8%; NYC: 9.5%; CA: 9.3%; HI: 8.8%; DC: 8.8%; NJ: 8.8%.

9. Rental housing includes the following subsectors: multifamily (17%), student housing (8%), affordable housing (8%), single family rental housing (6%) and other rental housing (represents manufactured housing (1%)). Please see the prospectus for more information on BREIT’s investments.

10. Sunbelt markets refer to the South and West regions of the U.S. as defined by NCREIF. The three states displayed accounted for 32% of BREIT’s real estate asset value. See “Important Disclosure Information–Property Sector and Region Concentration”.

11. Represents BREIT’s deployment into QTS data center developments for the twelve months ended June 30, 2026.

12. See “Important Disclosure Information–Select Images”.

13. The White House, as of April 2026. There can be no assurance that these investments will occur as announced, on any particular timeline, or at all, or that any resulting spillover demand will materialize.

14. Blackstone Proprietary Data, as of March 31, 2026. Reflects the shortfall for total residential units (owned and rented).

15. Green Street Advisors, as of July 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. 13% reflects decrease from the April 30, 2022 peak, and 10% 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. See “Important Disclosure Information–Index Definitions” and “–Trends”. 

16. S&P 500 reflects total gross return, as of July 31, 2026. 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 July 31, 2026. Sep’22 trough refers to September 29, 2022. See “Important Disclosure Information-Index Definitions”.

17. Blackstone Proprietary Data, as of June 30, 2026. Represents estimated all-in borrowing costs for high-quality logistics transactions at ~65-70% avg. LTV. Spread reflects weighted average spread across all rating tranches applied to est. rating agency capital structures from each respective period. ’23 wide reflects peak base rate and spreads for representative BX SASB CMBS transactions in ’23. June ’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.

18. JP Morgan, as of June 30, 2026. Represents total U.S. commercial mortgage-backed securities (“CMBS”) volume (includes SASB, Conduit and CRE CLO) as of June 30, 2026, compared to June 30, 2025.

19. MSCI Real Capital Analytics, as of May 31, 2026. Reflects transactions over $2.5M.

20. Blackstone Proprietary Data as of March 31, 2026.

21. 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 July 31, 2026, the multifamily sector accounted for 17% of BREIT’s real estate asset value.

22. 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 July 31, 2026, the industrial sector accounted for 20% of BREIT’s real estate asset value.