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.
As of March 31, 2025.
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 I, D, S and T shares are January 1, 2017, May 1, 2017, January 1, 2017 and June 1, 2017, respectively. ITD net returns for the other share classes were as follows: Class D shares (no sales load) 9.2%; Class D shares (with sales load) 9.0%; Class S shares (no sales load) 8.5%; Class S shares (with sales load) 8.0%; Class T shares (no sales load) 8.6%; Class T shares (with sales load) 8.1%. 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 D, Class S and Class T shares listed as (with sales load) reflect the returns after the maximum upfront selling commission and dealer manager fees. Class D, Class S and Class T 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 (1.5% for Class D shares; 3.5% for Class S and Class T shares). The sales charge for Class D shares became effective May 1, 2018.
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. Please see
https://www.breit.com/performance, including “Use of Leverage”, for additional information about BREIT’s performance.
As of March 31, 2025. 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 rates for the other share classes were as follows: Class D shares 4.7%; Class S shares 3.9%; Class T shares 4.0%. Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, the sale of BREIT’s assets, repayments of BREIT’s real estate debt investments, return of capital or offering proceeds, and advances or the deferral of fees and expenses. BREIT has no limits on the amounts it may fund from such sources. BREIT’s inception to date cash flows from operating activities, along with net gains from investment realizations, have funded 100% of its distributions through December 31, 2024. See “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities-Distributions” on BREIT’s Annual Report on Form 10-K for more information.
As of March 31, 2025.
Past performance does not predict future returns. Inception Date for Class I and S shares: January 7, 2021. Inception date for Class D shares: May 1, 2021. Total Net Return 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. Returns greater than one year are annualized.
All returns shown 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. Inception-to-date (“ITD”) returns for the other class shares are as follows. Class S (without / with upfront placement fees or brokerage commissions) shares: 9.3%/8.4%; Class D (without / with upfront placement fees or brokerage commissions) shares: 9.5%/9.1%. Class S and Class D listed as (With Upfront Placement Fee or Brokerage Commissions) reflect the returns after the maximum upfront placement fees (3.5% for Class S and 1.5% for Class D). Class S and Class D listed as (No Upfront Placement Fee or Brokerage Commissions) excludes upfront placement fees. Class I does not have upfront placement fees.
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 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. Please see
https://www.bcred.com/performance, including “Use of Leverage”, for additional information about BCRED’s performance.
Annualized Distribution Rate reflects April’s distribution annualized and divided by last reported NAV from March. Distributions are not guaranteed. Past performance does not predict future returns. Distributions have been and may in the future be funded through sources other than net investment income. See BCRED’s prospectus. Please visit the Shareholders page on BCRED’s website for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. BCRED cannot guarantee that it will make distributions, and if it does it may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although BCRED generally expects to fund distributions from cash flow from operations, BCRED has not established limits on the amounts it may pay from such sources. As of March 31, 2025, 100% of inception to date distributions were funded from net investment income or realized short-term capital gains, rather than a return of capital. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by BCRED’s adviser or its affiliates, that may be subject to reimbursement to BCRED’s adviser or its affiliates. The repayment of any amounts owed to BCRED’s affiliates will reduce future distributions to which an investor would otherwise be entitled. Annualized Distribution Rate for other share classes are as follows: 9.6% for Class S and 10.2% for Class D.
Private Equity International (PEI), as of June 2024, based on capital raised.
