Blackstone Real Estate Income Trust, Inc.

Item 3.02. Unregistered Sales of Equity Securities Class L Common Stock On July 1, 2026, the Company sold unregistered shares of the Company’s Class L common stock (the “Class L Shares”) for aggregate consideration of approximately $70 million. The offer and sale of the Class L Shares was made as part of the Company’s continuous private offering to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act) and (b) qualified purchasers (as defined in the Investment Company Act of 1940, as amended, and the rules thereunder) and were exempt from the registration provisions of the Securities Act, pursuant to Section 4(a)(2) and Regulation D thereunder. The following table details the Class L Shares sold: Date of Unregistered Sale Number of Class L Shares Issued(1) Consideration ──────────────────────────────────────────────────────────────────────────────────────── July 1, 2026 4,805,778 $70,000,000 (1) The number of Class L Shares sold by the Company was finalized on July 15, 2026, following the calculation of the net asset value per Class L Share as of June 30, 2026.