Note: As of September 30, 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. September total net returns for all share classes are as follows: Class I shares 0.7%; Legacy Class D shares (no sales load) 0.6%; Legacy Class D shares (with sales load) -0.9%; Class D-2 shares (no sales load) 0.6%; Class D-2 shares (with sales load) -0.9%; Legacy Class S shares (no sales load) 0.6%; Legacy Class S shares (with sales load) -2.8%; Class S-2 shares (no sales load) 0.6%; Class S-2 shares (with sales load) -2.8%; Legacy Class T shares (no sales load) 0.6%; Legacy Class T shares (with sales load) -2.8%; Class T-2 shares (no sales load) 0.6%; Class T-2 shares (with sales load) -2.8%. Year-to-date total net returns for all share classes are as follows: Class I shares 4.8%; Legacy Class D shares (no sales load): 4.6%; Legacy Class D shares (with sales load): 3.0%; Class D-2 shares (no sales load): 0.6%; Class D-2 shares (with sales load): -0.9%; Legacy Class S shares (no sales load): 4.1%; Legacy Class S shares (with sales load): 0.6%; Class S-2 shares (no sales load): 0.6%; Class S-2 shares (with sales load): -2.8%; Legacy Class T shares (no sales load): 4.1%; Legacy Class T shares (with sales load): 0.6%. Class T-2 shares (no sales load): 0.6%; and Class T-2 shares (with sales load): -2.8%. Inception-to-date annualized net returns for all share classes are as follows: Class I shares 9.2%; Legacy Class D shares (no sales load) 8.9%; Legacy Class D shares (with sales load) 8.7%; 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) 8.3%; Legacy Class S shares (with sales load) 7.8%; 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) 8.4%; Legacy Class T shares (with sales load) 7.9%; 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. As measured by the spread of Bloomberg U.S. Corporate High Yield Total Return Index to daily Secured Overnight Financing Rate (SOFR). ’23 wide as of March 2023 compared to ’25 tights as of September 2025.

2. Refers to Blackstone Inc. (“Blackstone”). An investment in BREIT is not an investment in our sponsor or Blackstone as BREIT is a separate and distinct legal entity. See “Important Disclosure Information–Sponsor”.

3. Real estate represented by the Green Street Advisors’ Commercial Property Price Index for All Property as of September 30, 2025, which captures the prices at which U.S. commercial real estate transactions are currently being negotiated and contracted. Other major asset classes represented by S&P 500 total gross return, as of September 30, 2025 and total return of the ICE BofA U.S. High Yield Index, as of September 30, 2025. S&P 500 trough refers to October 12, 2022. ICE BofA U.S. High Yield Index trough refers to September 29, 2022. During the period from September 30, 2022 to September 30, 2025, S&P 500 total returns were 95.0% and corporate bonds total returns were 36.7%. 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”.

4. Blackstone Proprietary Data, as of September 30, 2025. Represents estimated all-in borrowing costs for high-quality logistics transactions at ~65-70% avg. LTV. Base rate reflects 3-year SOFR swap rate (’23 wide as of October 18, 2023, and today as of September 30, 2025). 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. Sep’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.

5. RealPage Market Analytics, as of June 30, 2025. Represents change in annual U.S. multifamily construction starts as a percent of prior year end stock figures for the trailing twelve months as of Q2’25 compared to the year-ended 2022. Data reflects institutional-quality product across RealPage Market Analytics Top 150-tracked markets. Multifamily starts are distinct from U.S. Census completions (which have recently been elevated), starts and permits and total housing supply (which include both single family and multifamily), which may differ in volume over a given period. As of September 30, 2025, the multifamily (including senior housing) and affordable housing sectors accounted for 20% and 8% of BREIT’s real estate asset value, respectively.

6. CoStar, as of June 30, 2025. Represents change in annual U.S. industrial construction starts as a percent of prior year-end stock figures for the trailing twelve months as of Q2’25 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 September 30, 2025, the industrial sector accounted for 23% of BREIT’s real estate asset value.

7. Rental Housing: RealPage Market Analytics as of September 30, 2025. Reflects average quarterly U.S. gross absorption in institutionally-managed multifamily properties tracked by RealPage.

8. Industrial: Blackstone Proprietary Data, as of September 2025.

9. Data Centers: Based on leased megawatts at QTS acquisition vs. September 30, 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.

10. Largest and fastest growing data center company refers to QTS and 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. As of September 30, 2025, BREIT’s ownership interest in QTS was 35% and the QTS investment accounted for 17.4% of BREIT’s real estate asset value.

11. 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.

12. SimilarWeb, as of August 2025

13. 2020 refers to BREIT’s data center concentration as of December 31, 2020. Today refers to BREIT’s data center concentration as of September 30, 2025. See “Important Disclosure Information -Property Sector and Region Concentration”.

14. As of September 30, 2025, BREIT’s ownership interest in QTS was 35% and the QTS investment accounted for 17.4% of BREIT’s real estate value.