Regulation FD Disclosure (Form 8-K)

Item 7.01. Regulation FD Disclosure.

A summary of a presentation providing certain information regarding Blackstone Real Estate Income Trust, Inc., a Maryland corporation ("BREIT" or the "Company"), is set forth below in this Current Report on Form 8-Kunder this Item 7.01. In addition, the Company has posted the full presentation on its website at www.breit.comunder "For Stockholders" in the "Resources" section. References herein to "we," "us" or "our" refer to the Company and its subsidiaries unless the context specifically requires otherwise.

BREIT Q3 2025 Update

Earlier this fall, we shared an update that Katie Keenan has been appointed to succeed our beloved colleague, the late Wesley LePatner, as Chief Executive Officer and a Director of BREIT, and Global Head of Core+ Real Estate at Blackstone. Katie is a long-tenured Blackstone executive who has held numerous leadership positions since joining the firm in 2012, most recently as Global Co-ChiefInvestment Officer of Blackstone Real Estate Debt Strategies and Chief Executive Officer of Blackstone Mortgage Trust, a NYSE-listed publicly-traded commercial mortgage REIT. We are confident that BREIT and our investors will benefit from Katie's strong leadership and expertise, and that she will help us carry forward Wesley's legacy.

Momentum building for BREIT

BREIT's performance continued to accelerate in the third quarter, delivering a +1.65% net return (Class I), and year-to-dateperformance through October up +5.6%, with ten consecutive months of positive performance.¹ Since inception nearly nine years ago, BREIT has generated a +9.2% annualized net return (Class I), which is 60% higher than publicly traded REITs and ~3x private real estate.^1,2 In 2024, 96% of BREIT's distribution was classified as return of capital, bringing our 4.8% pre-taxClass I distribution rate to 7.5% on a tax-equivalentbasis, and we expect BREIT's 2025 return of capital to remain in line with this level.^3,4* We believe these compelling distributions as well as sustained positive performance is strengthening investor sentiment, with repurchase requests down 96% from their peak and net flows approaching positive.⁵

BREIT's strong performance reflects the quality and resilience of its portfolio, which we believe is positioned to capture meaningful upside as the real estate recovery unfolds. With values having reset, commercial real estate stands out as a unique and compelling opportunity - especially compared to equities and fixed income, which have rallied 95% and 37% in recent years and now hover near peak levels.⁶ We believe BREIT is strategically positioned to capitalize on this opportunity and deliver attractive returns for investors.

Continued strength from data centers

Data centers have been the leading driver of BREIT's recent performance, and we expect them to remain a powerful growth engine in the years ahead. In the third quarter alone, BREIT deployed $1.2B into data center development, bringing 2025 year-to-dateinvestment in data centers to $3.7B.⁷ Blackstone's data center platform, QTS, has grown into the largest and fastest growing data center company in the world, with leased capacity up 12x and its development land bank up 6x since acquisition.^8,9** As artificial intelligence (AI) continues to be integrated into the global economy and our daily lives, we see this momentum showing no signs of slowing down. In fact, QTS' leasing pipeline doubled in just the last quarter and the largest hyperscalers are projected to spend $415B on digital infrastructure this year, up 75% from 2024.^10,11

We believe that investing in data centers, the "picks and shovels" of the AI revolution, is one of the safest and most strategic ways to capitalize on this transformative megatrend. Within this sector, BREIT has focused primarily on data center development, generally the most profitable part of the data center lifecycle, while maintaining a disciplined, risk-mitigated approach. Importantly, we've avoided speculative development given QTS' $25B+ development pipeline is fully pre-leasedto large, global technology companies.^12** Additionally, QTS' leases are 15-20years in duration, with contractual rent escalators providing stable, long-term potential cash flows. QTS has a 4,000-acreland bank in key data center markets, with most sites already having secured access to power.¹³ This land bank can support an additional $80B of future development, strengthening our ability to meet demand efficiently.^14** As new entrants continue to emerge, we believe our scale, strategic positioning and operational track record mitigate downside risk and strengthen our competitive advantage.

Healthy real estate fundamentals across BREIT's portfolio

We are seeing a dramatic decline in new supply across virtually every real estate sector globally. In fact, new construction starts in BREIT's key sectors are down two-thirdsfrom 2022 levels to over 10-yearlows.¹⁵ This pullback is the #1 reason we are bullish on real estate today as lower supply should eventually lead to stronger rent growth and higher values, and we are just beginning to see this reflected in fundamentals. At the same time, capital markets are wide open, with the overall cost of debt capital having declined ~10% from 2024 and ~40% from the peak in 2023.¹⁶ CMBS issuance volume tripled between 2023 and 2024, and YTD 2025 issuance has surpassed the recent peak in 2021.¹⁷ We are seeing this improvement across capital markets translate into more bidders and greater transaction activity, and we expect this momentum to continue as interest rates move lower.

Against this backdrop, we believe BREIT remains exceptionally well-positioned. BREIT is ~90% concentrated in our highest conviction sectors of rental housing, industrial and data centers, and 65% concentrated in fast-growing Sunbelt markets, which benefit from higher population, job and wage growth compared to the rest of the country.¹⁸ Rental housing, which represents nearly half of BREIT's portfolio, is strategically diversified across multifamily, single family, student and affordable housing, and designed to deliver sustained performance through market cycles. This positioning has been critical in recent years, as our overall rental housing performance has been resilient amid elevated supply across Sunbelt multifamily. Fortunately, BREIT's markets are now past peak deliveries and we believe are poised to reaccelerate as we look ahead.¹⁹

BREIT's second largest sector, industrial, remains on solid footing. Our focus on last-mile infill locations near dense population centers positions us to capture accelerating demand for faster delivery times and our concentration in Midwest and Sunbelt markets benefits from a surge in U.S reindustrialization, with roughly $800B of new projects announced since 2021.²⁰ This trend is driving spillover demand for warehouses across these key markets, and with market rents approximately 18% above BREIT's in-placerents, we see meaningful embedded growth potential ahead.²¹

Improving macro backdrop

With both long and short-term interest rates declining, real estate's biggest headwind in recent years is becoming a tailwind. The 10-yearUS Treasury yield has declined roughly 90bps from its October 2023 peak, creating a more supportive backdrop for valuations and investment activity in real estate.²² Should interest rates continue to move lower in a meaningful and sustained way, it would be a very powerful catalyst for increasing real estate values.

As we look to the final stretch of 2025, our conviction in BREIT's portfolio has never been stronger. New supply is contracting, capital markets are active and we believe BREIT is well-positioned to capitalize on these favorable dynamics. Central to BREIT's strength is QTS, a powerful performance engine at the center of the AI revolution. More broadly, we are encouraged that even as AI reshapes industries, the need for core real estate remains intact: people will still need places to live, warehouses will still be essential to support e-commercegrowth, and data centers are increasingly critical to the global economy.

Thank you for your trust, partnership and continued support.

Past performance does not predict future returns.Financial data is estimated and unaudited. All figures as of September 30, 2025 unless otherwise noted. Opinions expressed reflect the current opinions of BREIT as of the date appearing in the materials only and are based on BREIT's opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

The properties, sectors and geographies referenced herein do not represent all BREIT investments. The selected investment examples presented or referred to herein may not be representative of all transactions of a given type or of investments generally and are intended to be illustrative of the types of investments that have been made or may be made by BREIT in employing its investment strategies. It should not be assumed that BREIT's investment in the properties identified and discussed herein were or will be profitable or that BREIT will make equally successful or comparable investments in the future. Please refer to https://www.breit.com/properties for a complete list of real estate investments (excluding equity in public and private real estate related companies).