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Past performance does not predict future returns. All information is as of December 31, 2023, unless otherwise noted. Financial data is estimated and unaudited. This tax information is provided for informational purposes only, is subject to material change, and should not be relied upon as a guarantee or prediction of tax effects. This material also does not constitute tax advice to, and should not be relied upon by, potential investors, who should consult their own tax advisors regarding the matters discussed herein and the tax consequences of an investment. A return of capital in this context is intended to mean a current income distribution which is not a taxable dividend (as defined in IRC Section 316) and which reduces or exceeds the adjusted basis of the shareholder’s stock (i.e., a Section 301(c)(2) or Section 302(c)(3) distribution). No inference should be made about the source of the current income distribution (including the taxable and non‑taxable components). 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 September 30, 2023, our total equity under GAAP, excluding non‑controlling third‑party JV interests, was $43.1 billion and our NAV was $66.0 billion. As of September 30, 2023, our NAV per share was $14.81, $14.48, $14.80 and $14.58 for Class I, Class D, Class S and Class T shares, respectively, and GAAP equity per share/unit was $9.66. GAAP equity accounts for net income as calculated under GAAP, and we have incurred $776.8 million in net income, excluding net losses attributable to non‑controlling interests in third‑party JV interests, for the nine months ended September 30, 2023. Our net income (loss) as calculated under GAAP and a reconciliation of our GAAP equity, excluding non‑controlling third‑party JV interests, to our NAV are provided in our annual and interim financial statements. As of September 30, 2023, 100% of inception to date distributions were funded from cash flows from operations. 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.

The words “we”, “us”, and “our” refer to BREIT, together with its consolidated subsidiaries, including BREIT Operating Partnership L.P., unless the context requires otherwise.

1. As of December 31, 2023, BREIT has delivered 82, 80, 82 and 79 months of consecutive distributions for the Class I, D, S and T shares, respectively. 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.
2. As of December 31, 2023. Performance varies by share class. Distribution rates (pre‑tax) for the other class shares are as follows: Class D: 4.5%; Class S: 3.8% and Class T: 3.8%. Reflects the current month’s distribution as of December 31, 2023 annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of directors. As of September 30, 2023, 100% of inception to date distributions were funded from cash flows from operations. Class I shares require a minimum investment of $1,000,000, unless waived by the dealer manager, and are generally available for purchase only through fee‑based programs, also known as wrap accounts, or other similar alternative fee arrangements that provide access to Class I shares, or by our officers and directors, officers and employees of our affiliates, and their immediate family members. Before making an investment decision, prospective investors should consult with their investment adviser regarding their account type and classes of common stock they may be eligible to purchase.
3. 7.1% tax‑equivalent distribution rate assumes continued ownership of BREIT Class I shares. The tax‑equivalent distribution rate would be lower after taking into account deferred capital gains tax that would be payable upon redemption. Please see Note 6.
4. Tax dilution refers to the difference between the pre‑tax and after‑tax distribution rates. The dilution for all share classes based on BREIT’s annualized distribution rate as of December 31, 2023, were as follows: Class I: 0.17%; Class D: 0.16%; Class S: 0.14%; Class T: 0.14%. Reflects BREIT’s 2023 ROC of 85%. BREIT’s ROC in 2017, 2018, 2019, 2020, 2021 and 2022 was 66%, 97%, 90%, 100%, 92% and 94%, respectively.
5. BREIT’s after‑tax distribution rate for all share classes as of December 31, 2023 were as follows: Class I: 4.5% (4.6% pre‑tax ‑ 0.17% tax dilution = 4.5% after‑tax); Class D: 4.3% (4.5% pre‑tax ‑ 0.16% tax dilution = 4.3% after‑tax); Class S: 3.6% (3.8% pre‑tax ‑ 0.14% tax dilution = 3.6% after‑tax); Class T: 3.7% (3.8% pre‑tax ‑ 0.14% tax dilution = 3.7% after‑tax). Calculations may not sum due to rounding. After‑tax distribution rate is reflective of the current tax year and does not take into account other taxes that may be owed on an investment in a REIT when the investor redeems his or her shares. 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.
6. Tax‑equivalent distribution rate herein 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 in 2023, 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 D: 6.9%; Class S: 5.8%; and Class T: 5.9%. The tax‑equivalent distribution rate would be reduced by 1.3%, 1.2%, 1.0% and 1.1% for Class I, D, S and T 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. Other fixed income products with different characteristics, such as municipal bonds, may also provide tax advantages. The availability of certain tax benefits, such as tax losses from other investments, may also increase the after‑tax distribution rate of other fixed income products for an investor. Investors should consult their own tax advisors.
7. 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 5.1% pre‑tax yield to maturity to match the 3.2% after‑tax municipal bond yield assuming that all income earned on the theoretical taxable investment is taxed at the top ordinary rate of 37%. For more information, please see Note 9.
8. An investment in shares of BREIT differs materially from U.S. municipal bonds, investment grade corporate bonds and 10-Year U.S. Treasury notes. For a discussion of such differences please see Note 9.
9. Investment Grade Corporate Bond represented by the Markit iBoxx USD Liquid Investment Grade Index yield to maturity. 10-Year U.S. Treasury reflects U.S. Department of the Treasury data and represents yield to maturity of a newly‑issued 10‑year Treasury note. U.S. Municipal Bonds represented by the ICE AMT-Free U.S. National Municipal Index yield to maturity. Please note, an investor in a theoretical taxable investment would need to receive a 5.1% pre‑tax yield to maturity to match the 3.2% after‑tax municipal bond yield assuming that all income earned on the theoretical taxable investment is taxed at the top ordinary rate of 37%. 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 rate of 37%. Municipal Bonds coupon payments are tax‑exempt and thus are not subject to federal taxes. 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. We believe that these indices are appropriate and accepted indices for the purpose of evaluating the yields of investment grade U.S. fixed income investments, which generally are bonds issued by governments, municipalities or companies with a high credit quality rating and rated Baa/BBB or higher by rating agencies. We believe the selected indices are representative of the largest segments of the U.S. fixed income market and, in our view, such segments are relevant investment options for BREIT stockholders who are generally income‑focused. An investment grade rating typically indicates that there is a relatively low risk of default on such bonds. An investment in BREIT has material differences from an investment in investment grade fixed income, including, among other things, those related to costs and expenses, liquidity, volatility, risk profile and tax treatment. Unlike BREIT stockholders, holders of bonds do not hold an ownership interest in the issuer. Investment grade bonds are typically issued in $1,000 or $5,000 denominations and when purchased as a new issue, are not subject to fees or expenses. The purchase price of BREIT shares is generally the prior month’s NAV per share for the applicable class, plus upfront selling commissions and dealer manager fees for Class D, S and T shares. Such share classes are also subject to stockholder servicing fees. While the liquidity of an investment grade bond depends on its credit rating and market conditions, there exists a secondary market for such bonds. There is no public trading market for shares of BREIT and an investor’s ability to dispose of shares will likely be limited to repurchase by us, subject to the limitations described in BREIT’s prospectus. The volatility and risk profile of investment grade fixed income is also likely to be materially different from that of BREIT because, among other things, BREIT’s shares are not fixed‑rate debt instruments and such bonds represent debt issued by governments, municipalities and corporations across a variety of issuers with varying pricing, terms and conditions. BREIT’s share price may be subject to less volatility because its per share NAV is based on the value of real estate assets it owns and is not subject to market pricing forces in the same way as are the prices of investment grade fixed income, but is not immune to fluctuations. The bonds in the indices referenced herein bear a contractual interest rate for periods of over one year and are rated investment grade, whereas BREIT’s distribution is generated primarily by rental income, including leases that are short‑term, and these rental obligations are not rated. Furthermore, issuers of investment grade bonds are contractually obligated to pay periodic interest and repay a fixed principal amount at maturity, whereas we cannot guarantee that we will make any distributions and investing in BREIT involves a high degree of risk, as described in BREIT’s prospectus. In addition, the indices referenced herein employ different investment guidelines and criteria than BREIT; as a result, the holdings in BREIT may differ significantly from the holdings of the securities that comprise the indices. Such bonds generally provide investors with current income, and BREIT’s primary objective is to provide current income with some appreciation. While BREIT invests primarily in stabilized income‑generating commercial real estate investments across asset classes in the U.S. and, to a lesser extent, real estate debt investments, an investment in BREIT is not a direct investment in real estate.
10. Return of capital 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 noncash deductions, such as depreciation and amortization, lower the taxable income for REIT distributions.
11. Investors should be aware that a REIT’s ROC percentage may vary significantly in a given year and, as a result, the impact of the tax law may vary significantly from year to year. The hypothetical example is intended to show the likely effects of existing tax laws and is for information purposes only. There can be no assurance that the actual results will be similar to the example set forth herein or that BREIT will be able to effectively implement its investment strategy, achieve its investment objectives, be profitable or avoid losses. While we currently believe that the estimations and assumptions referenced herein are reasonable under the circumstances, there is no guarantee that the conditions upon which such assumptions are based will materialize or are otherwise applicable. This example does not constitute a forecast, and all assumptions herein are subject to uncertainties, changes and other risks, any of which may cause the relevant actual, financial and other results to be materially different from the results expressed or implied by the information presented herein. No assurance, representation or warranty is made by any person that any of the estimations herein will be achieved, and no recipient of this example should rely on such estimations. 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 distribution rate received by the investor.
12. Eligibility for this benefit is dependent on the investor’s specific facts and circumstances. This information does not constitute tax advice to, and should not be relied upon by, potential investors, who should consult their own tax advisors.
13. At this time, the 20% rate deduction to individual tax rates on the ordinary income portion of distributions is set to expire on December 31, 2025. The tax benefits are not applicable to capital gain dividends or certain qualified dividend income and are only available for qualified REITs. If BREIT did not qualify as a REIT, the tax benefit would be unavailable. BREIT’s board also has the authority to revoke its REIT election. There may be adverse legislative or regulatory tax changes and other investments may offer tax advantages without the set expiration. An accelerated depreciation schedule does not guarantee a profitable return on investment and return of capital reduces the basis of the investment.

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