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The information on this website (“Site”) is provided for informational purposes only. Nothing on the Site shall be used or considered as an offer to sell or a solicitation of any offer to buy the securities or services of Blackstone or any other issuer. Past performance does not predict future returns; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

Blackstone is not utilizing the Site to provide investment or other advice, and no information or material at the Site is to be deemed a recommendation to buy or sell any securities or is to be relied upon for the purpose of making or communicating investment or other decisions. In addition, certain information contained on the Site discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed or relied upon as investment, legal, accounting, tax or other professional advice or in connection with any offer or sale of securities. Any transactions listed on the Site are included as representative transactions and are not necessarily reflective of overall performance.

Opinions and any other contents available on or through the Site are subject to change without notice.

This Site may contain forward-looking statements; such statements are subject to various risks and uncertainties. Due to various risks and uncertainties, actual events or results or the actual performance of any investments made in this industry may differ materially from those reflected or contemplated in any forward-looking statements made. For information about Blackstone’s business, including risks and financial information, please refer to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. For additional information, see Blackstone’s public filings at http://ir.blackstone.com.

1. Blackstone data as of January 31, 2024. Market data sourced from public filings and fund websites, as of December 31, 2023, and is latest available for the peer set. Based on Blackstone’s analysis of publicly available data of the total net asset value (NAV) of alternative investment firms that offer solutions for individual (non-institutional) investors to invest in private equity, real estate, infrastructure, and private credit through U.S.-domiciled semi-liquid, perpetual private market funds (including non-traded REITs and non-traded BDCs). Blackstone’s analysis compares the total NAV as of January 31, 2024 for Blackstone’s non-traded REIT, non-traded BDC products, and private equity vehicle for individual investors, to the total NAV as of December 31, 2023 of comparable products offered by alternative investment firms. This selection of alternative investment firms for comparison may not be representative of all in the category or sector. Private placement REIT and BDC products have been excluded from the dataset. 

2. Based on estimated market value per Real Capital Analytics, as of December 31, 2023.

3. As of November 30, 2024. Past performance does not predict future returns. Inception to date (“ITD”) returns for BREIT are annualized consistent with the IPA Practice Guideline 2018. The inception dates for the Class S, T, D and I shares are January 1, 2017, June 1, 2017, May 1, 2017 and January 1, 2017, respectively. ITD returns for all share classes were as follows: Class S shares (no sales load) 8.8%; Class S shares (with sales load) 8.3%; Class T shares (no sales load) 8.9%; Class T shares (with sales load) 8.4%; Class D shares (no sales load) 9.5%; Class D shares (with sales load) 9.3%; Class I shares 9.7%. The foregoing reflects 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. Class S, Class T and Class D shares listed as (with sales load) reflect the returns after the maximum upfront selling commission and dealer manager fees. Class S, Class T and Class D shares listed as (no sales load) exclude upfront selling commissions and dealer manager fees. With sales load returns assume payment of the maximum upfront sales charge at initial subscription (3.5% for Class S and Class T shares; 1.5% for Class D shares). The sales charge for Class D shares became effective May 1, 2018. No upfront selling commissions or stockholder servicing fees are paid for sales of any Class I shares. NAV is not a measure used under generally accepted accounting principles (“GAAP”) and will likely differ from the GAAP value of BREIT’s equity reflected in BREIT’s financial statements. Return information presented will be impacted should be assumptions on which NAV was determined prove to be incorrect. Additional information about BREIT’s net income (loss) as calculated under GAAP is included in BREIT’s annual and interim financial statements.

4. Based on AUM as of December 31, 2023.

5. As of October 31, 2024. Past performance does not predict future returns. Total Net Return (annualized) is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. All returns are derived from unaudited financial information and are net of all BCRED expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, 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. ITD returns for the other class shares are as follows. Class S (with upfront placement fee) shares: 8.5%; Class D (no/with upfront placement fee) shares: 9.7% / 9.2%; Class I shares: 10.4%. Class S and Class D shares listed as (with upfront placement fee) reflect the returns after the maximum upfront selling. Class S and Class D listed as (no upfront placement fee) exclude upfront placement fees. In addition, no upfront selling commissions or shareholder servicing and/or distribution fees are paid for sales of any Class I shares and financial intermediaries will not charge transaction or other such fees on Class I shares. The returns have been prepared using unaudited data and valuations of the underlying investments in BCRED’s portfolio, which are estimates of fair value and form the basis for BCRED’s NAV. Valuations based on 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.

6. Private Equity International (PEI), as of June 2024, based on capital raised.

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