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 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. December total net returns for all share classes are as follows: Class I shares 1.2%; 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): 0.8%; Class D-2 shares (with sales load): -0.7%; Legacy Class S shares (no sales load): 1.2%; Legacy Class S shares (with sales load): -2.2%; Class S-2 shares (no sales load): 1.0%; Class S-2 shares (with sales load): -2.4%; Legacy Class T shares (no sales load): 1.2%; Legacy Class T shares (with sales load): -2.2%. Class T-2 shares (no sales load): 1.1%; and Class T-2 shares (with sales load): -2.3%. 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%. 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) 9.0%; 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; 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. 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. 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. 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.

2. 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 100.6% and corporate bonds total returns were 38.8%. See “Important Disclosure Information-Index Definitions”.

3. 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. 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%. 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.  See “Important Disclosure Information–Returns” for more information on BREIT’s returns.

4. 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.

5. Return of capital (“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.

6. 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 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.

7. U.S. Multifamily: 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 sector accounted for 19% of BREIT’s real estate asset value.

8. U.S. Industrial: 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.

9. Improved Financing Costs: 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 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. Dec’25 reflects all-in borrowing costs across SASB 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.

10. More Debt Available: JP Morgan, as of December 31, 2025. Represents total U.S. commercial mortgage-backed securities (“CMBS”) volume (includes SASB, Conduit and CRE CLO) as of the year ended December 31, 2025, compared to the year ended December 31, 2024.

11. Open Transaction Markets: ~21% YoY increase reflects transactions over $2.5M, MSCI Real Capital Analytics, as of November 30, 2025. 2-3% price improvement from Blackstone Proprietary Data as of December 31, 2025.

12. This expectation is based on the assumption that interest rate decline persists long-term and that there are no other changes to factors influencing real estate values. There is no assurance that these assumptions will materialize.

13. Based on the NCREIF ODCE Total Return Index (gross returns), indexed to 100 at the cycle trough. Historical recovery periods reflect the Early 1990s downturn (Q3 1993–Q2 2008) and the post‑Global Financial Crisis period (Q1 2010–Q3 2022). Average annualized returns of greater than 10% reflect the initial five years following the respective cycle troughs. There can be no assurance that the current recovery will follow historical patterns, that returns comparable to prior recoveries will be achieved, or that the NCREIF ODCE Total Return Index will not decline further. The NCREIF ODCE Total Return Index should not be considered reflective of BREIT’s performance. The property value of private real estate may fluctuate. An investment in BREIT has material differences from a direct investment in real estate, including related to fees and expenses, liquidity and tax treatment. Past performance does not predict future returns.

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 December 31, 2025. $5.8B represents BREIT’s 2025 deployment in data centers (at BREIT’s share). Leasing pipeline refers to Blackstone Proprietary Data, as of December 31, 2025. 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.

16. U.S. housing shortfall: Brookings Institute, as of November 2024. Reflects the cumulative shortfall for total residential units (owned and rented) from 2006–2023.

17. Record high homeownership costs: Blackstone Proprietary Data as of January 2, 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 30-yr. fixed rate FHA mortgage, 3.5% amortized loan closing costs, and 3.5% down payment.

18. $800B+ U.S. manufacturing investment announcements: Blackstone Proprietary Data, as of January 21, 2026. 4x estimated number of warehouses: Blackstone Proprietary Data, as of January 21, 2026. 65% increase in Amazon Prime same day and overnight deliveries YoY: Amazon earnings as of December 31, 2024.