February 2020 - Final Debt Securities Valuations

Blackstone Real Estate Income Trust Highly Confidential and Trade Secret
Valuations
BREIT GAV Summary – Debt Securities
BREIT Debt Securities Write-down of ($8.5M) (+$7.9M Securities/-$16.4M Hedges)/(0.2%) in February
($ in thousands) Capital Activty February‐20 Adj. Inception to Date Adj.
Acquisitions/ Post FX Post FX

1/31/20 Dispositions/ Realized 1/31/20 FX Write‐Ups/ 2/29/20 MTD % Closing 2/29/20 ITD Realized ITD U/R ITD %
(1) (2)
GAV Repayments (Gain)/Loss Adjusted GAV Amortization Impact Write‐Downs GAV Change Cost Basis Amortization ROC Cost Basis Gain/(Loss) Gain/(Loss) Change
Debt Securities (Floating)
Project Sapphire $261,024 $– $– $261,024 $– $– ($236) $260,788 (0.1%) $260,000 $– $– $260,000 $– $788 0.3%
Boca Raton Resort 235,496 – – 235,496 3 – (39) 235,460 (0.0%) 234,250 27 – 234,277 – 1,183 0.5%
Boca Raton Resort (HRR) 30,020 – – 30,020 – – (5) 30,015 (0.0%) 30,000 – – 30,000 – 15 0.1%
IMC Portfolio 215,189 – – 215,189 – – (511) 214,679 (0.2%) 213,849 – – 213,849 – 830 0.4%
BioMed 145,961 – – 145,961 8 – (303) 145,666 (0.2%) 149,856 160 (5,257) 144,759 60 906 0.6%
BREP Jupiter 132,454 (5,885) – 126,569 – – (231) 126,339 (0.2%) 131,944 – (5,885) 126,059 – 279 0.2%
Willis Tower 2018 98,735 – – 98,735 2 – (143) 98,594 (0.1%) 97,651 43 – 97,694 – 900 0.9%
Great Wolf CMBS 97,815 – – 97,815 2 – 3 97,821 0.0% 97,473 5 – 97,477 – 344 0.4%
LaQuinta 89,237 (2,334) – 86,903 – – (214) 86,689 (0.2%) 100,636 – (13,949) 86,687 0 2 0.0%
FS Hualalai 80,130 – – 80,130 (0) – (247) 79,883 (0.3%) 81,119 (4) (1,090) 80,025 (0) (142) (0.2%)
Atlantis 2.0 79,300 – – 79,300 0 – (691) 78,609 (0.9%) 79,312 0 – 79,312 – (702) (0.9%)
Cosmo 77,177 – – 77,177 2 – (38) 77,142 (0.0%) 76,855 54 – 76,909 – 233 0.3%
Motel 6 72,874 – – 72,874 1 – (56) 72,819 (0.1%) 90,236 31 (17,832) 72,435 45 384 0.5%
Maui 68,858 – – 68,858 1 – (39) 68,821 (0.1%) 68,332 12 – 68,344 – 476 0.7%
Hilton Orlando 68,748 – – 68,748 (0) – (156) 68,592 (0.2%) 68,778 (11) – 68,767 – (175) (0.3%)
BX Select 67,525 – – 67,525 – – (106) 67,418 (0.2%) 79,410 – (11,912) 67,498 (0) (80) (0.1%)
Ashford Keys 62,498 4,621 – 67,119 – – (135) 66,984 (0.2%) 67,157 – – 67,157 – (173) (0.3%)
BX Apple 65,868 – – 65,868 – – (71) 65,797 (0.1%) 77,428 – (11,614) 65,814 (0) (16) (0.0%)
Rosslyn Office 65,500 – – 65,500 (0) – (0) 65,500 (0.0%) 65,472 (1) – 65,471 – 29 0.0%
Ashford 2018 57,864 – – 57,864 – – (124) 57,740 (0.2%) 79,228 (3) (21,410) 57,815 145 (75) 0.1%
280 Park 57,370 – – 57,370 0 – (92) 57,278 (0.2%) 57,330 10 – 57,340 – (62) (0.1%)
5 Bryant Park 52,349 – – 52,349 1 – (1) 52,350 (0.0%) 52,198 29 – 52,226 – 123 0.2%
River North 48,168 – – 48,168 2 – (2) 48,168 (0.0%) 47,861 37 – 47,898 – 270 0.6%
Gramercy 42,122 – – 42,122 – – (82) 42,040 (0.2%) 60,000 – (18,000) 42,000 (0) 40 0.1%
Hughes Center 36,000 – – 36,000 1 – (5) 35,997 (0.0%) 35,687 21 – 35,709 – 288 0.8%
Biltmore 36,084 – – 36,084 0 – (95) 35,989 (0.3%) 35,955 6 – 35,961 – 28 0.1%
Shutters 2018 32,098 263 – 32,360 – – 5 32,365 0.0% 32,363 – – 32,363 – 3 0.0%
Grand Lakes 30,714 – – 30,714 0 – (87) 30,627 (0.3%) 30,574 3 – 30,577 – 50 0.2%
Hyatt Regency New Orleans 30,575 – – 30,575 1 – (21) 30,555 (0.1%) 30,464 25 – 30,489 – 66 0.2%
BREIT SS 29,771 – – 29,771 – – (71) 29,700 (0.2%) 29,792 – – 29,792 – (92) (0.3%)
Kendall Square 26,889 – – 26,889 – – 1 26,890 0.0% 27,000 – – 27,000 – (110) (0.4%)
Margaritaville 24,725 – – 24,725 – – (1) 24,723 (0.0%) 24,714 – – 24,714 – 9 0.0%
Hudson / Delano 24,682 – – 24,682 (0) – (4) 24,678 (0.0%) 24,770 (12) – 24,759 – (80) (0.3%)
Forest City Life Sciences 24,650 – – 24,650 – – (93) 24,557 (0.4%) 24,500 – – 24,500 – 57 0.2%
Waikiki Beach Hotel 24,018 – – 24,018 1 – (5) 24,014 (0.0%) 23,876 9 – 23,885 – 128 0.5%
Monarch Beach Resort (2019) 22,026 – – 22,026 0 – (18) 22,008 (0.1%) 21,898 1 – 21,899 – 109 0.5%
Grand Wailea 20,067 – – 20,067 0 – (79) 19,989 (0.4%) 19,975 3 – 19,978 – 11 0.1%
Wilshire Courtyard 17,513 – – 17,513 – – (2) 17,511 (0.0%) 17,511 – – 17,511 – – –
Manatee 17,311 – – 17,311 – – (1) 17,311 (0.0%) 25,429 – (8,054) 17,375 (67) (64) (0.5%)
Ashford 8 17,259 – – 17,259 (0) – (24) 17,235 (0.1%) 37,392 (5) (20,068) 17,319 68 (84) (0.0%)
Simply Self Storage 15,509 – – 15,509 – – (25) 15,484 (0.2%) 15,500 – – 15,500 – (16) (0.1%)
Prime Hospitality 15,031 – – 15,031 – – (22) 15,008 (0.1%) 15,000 – – 15,000 – 8 0.1%
Hyatt Atlanta 14,525 – – 14,525 0 – (4) 14,521 (0.0%) 14,491 0 – 14,491 – 30 0.2%
BREIT Select Service 2019 4,656 8,915 – 13,570 0 – (25) 13,545 (0.2%) 13,531 1 – 13,532 – 13 0.1%
Invitation Homes 2018 13,431 – – 13,431 – – (0) 13,431 (0.0%) 21,420 – (7,998) 13,422 – 9 0.0%
850 3rd Ave 10,000 – – 10,000 0 – (0) 10,000 (0.0%) 9,937 6 – 9,943 – 57 0.6%
(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization) Blackstone 13

(2) Post FX ITD Realized/Unrealized Gains/(Losses) / (Closing Cost Basis + Amortization)
Valuations

(1) (2)
Shutters 9,513 25 – 9,538 (0) – (1) 9,537 (0.0%) 9,592 (0) – 9,592 – (55) (0.6%)
Silicon Valley Office 9,354 – – 9,354 – – 27 9,381 0.3% 9,435 – – 9,435 – (54) (0.6%)
Tharaldson 9,272 – – 9,272 0 – (20) 9,253 (0.2%) 11,031 (4) (1,753) 9,274 (8) (21) (0.3%)
521 Fifth Ave 9,001 – – 9,001 – – (0) 9,001 (0.0%) 9,000 – – 9,000 – 1 0.0%
IMT Multifamily 6,636 – – 6,636 – – (7) 6,630 (0.1%) 7,337 (0) (706) 6,630 (0) (1) (0.0%)
Wanamaker 5,190 – – 5,190 – – (2) 5,189 (0.0%) 5,210 – – 5,210 – (21) (0.4%)
Riva Hotel 3,304 – – 3,304 0 – (0) 3,304 (0.0%) 3,307 1 – 3,308 – (4) (0.1%)
Magnitude Hotel 3,274 – – 3,274 0 – 4 3,278 0.1% 3,280 2 – 3,282 – (4) (0.1%)
InTown Hotel 1,627 – – 1,627 (0) – (2) 1,625 (0.1%) 1,641 (1) – 1,640 – (15) (0.9%)
Lone Star 799 (255) 2 546 (0) – (1) 546 (0.1%) 14,091 (14) (13,407) 670 (136) (125) (1.8%)
Single Borrower ‐ Floating $2,817,787 $5,350 $2 $2,823,139 $28 $– ($4,096) $2,819,070 (0.1%) $2,972,079 $430 ($158,934) $2,813,574 $107 $5,498 0.2%
Freddie 2nd Loss Re‐REMIC 72,955 (1,758) – 71,197 13 – 3 71,212 0.0% 81,588 27 (11,105) 70,510 23 702 0.9%
Freddie Floating‐KSW3 18,611 – – 18,611 (3) – (4) 18,604 (0.0%) 23,044 (16) (4,382) 18,647 (83) (43) (0.5%)
Freddie Floating‐KF60 18,063 (2) 0 18,061 (1) – (10) 18,050 (0.1%) 18,058 (2) (22) 18,034 (0) 16 0.1%
Freddie Floating‐KF57 8,895 – – 8,895 (1) – (5) 8,890 (0.1%) 9,028 (1) (129) 8,898 (0) (8) (0.1%)
Freddie Floating‐KSW2 9,597 (1,367) 22 8,252 (2) – (8) 8,243 (0.1%) 16,825 (11) (8,522) 8,291 (137) (48) (1.1%)
Freddie Floating‐KF58 7,449 (1) 0 7,448 (0) – (8) 7,440 (0.1%) 8,006 (1) (575) 7,430 (0) 9 0.1%
Freddie Floating K‐44 6,730 (4) – 6,726 – – (2) 6,724 (0.0%) 12,864 – (6,109) 6,755 (1) (31) (0.2%)
Monogram 2017 Floating 6,032 – – 6,032 – – (3) 6,029 (0.0%) 7,467 – (1,457) 6,010 0 19 0.3%
Freddie Floating‐KF37 5,592 (190) 4 5,405 (1) – (0) 5,404 (0.0%) 10,188 (8) (4,775) 5,405 (88) (1) (0.9%)
Freddie Floating K‐43 5,620 (388) 0 5,232 (0) – (9) 5,223 (0.2%) 9,620 (0) (4,394) 5,226 (3) (3) (0.1%)
Freddie Floating K‐L4L 4,561 (0) (0) 4,561 2 – (3) 4,560 (0.1%) 4,976 36 (465) 4,547 24 13 0.7%
Freddie Floating K‐39 3,868 (2) 0 3,867 (0) – 7 3,873 0.2% 5,980 (3) (2,109) 3,868 (14) 4 (0.2%)
Freddie Floating K‐42 2,261 (190) – 2,072 – – (14) 2,057 (0.7%) 2,981 – (926) 2,054 (0) 3 0.1%
Freddie Floating K‐38 1,490 (1) – 1,489 – – (0) 1,489 (0.0%) 3,085 – (1,605) 1,480 (0) 10 0.3%
Freddie Mac ‐ Floating $171,726 ($3,904) $26 $167,848 $6 $– ($56) $167,798 (0.0%) $213,711 $22 ($46,577) $167,156 ($280) $642 0.4%

Valuations

(1) (2)
Agro Merchants Group 47,134 16,305 – 63,439 4 – (700) 62,743 (1.1%) 63,902 19 (328) 63,593 – (850) (1.3%)
Apollo Commercial Real Estate Finance 54,155 – – 54,155 – – (542) 53,613 (1.0%) 54,165 12 (272) 53,905 – (292) (0.5%)
Invitation Homes 46,661 – – 46,661 36 – (36) 46,661 (0.1%) 46,040 220 – 46,260 – 401 0.9%
Bay Club TL 21,533 2,438 – 23,971 3 – (161) 23,813 (0.7%) 24,108 25 (57) 24,076 0 (263) (1.1%)
Apple Leisure Group 10,639 – – 10,639 5 – (58) 10,586 (0.5%) 11,272 28 (81) 11,220 0 (634) (5.6%)
Switch 3,299 – – 3,299 0 – (9) 3,290 (0.3%) 3,298 0 (17) 3,281 – 8 0.2%
Diamond Resorts TL 842 – – 842 1 – (4) 838 (0.5%) 822 2 (2) 822 – 16 1.9%
Corporate ‐ Floating $184,261 $18,744 $– $203,005 $49 $– ($1,511) $201,544 (0.7%) $203,608 $308 ($757) $203,158 $0 ($1,614) (0.8%)
BREP German Logistics 110,383 (14) (0) 110,369 – (969) (85) 109,315 (1.0%) 110,746 – (14) 110,732 0 (1,417) (1.3%)
BREP German Logistics (Forward‐€24M) 344 – (335) 8 – 261 – 269 0.2% – – – – 335 269 0.5%
Lineage Cold Storage (UK) 35,692 – – 35,692 (0) (1,105) (10) 34,577 (3.1%) 34,292 (0) – 34,291 – 286 0.8%
Lineage Cold Storage (UK) (Forward‐£6M) – – – – – 94 – 94 0.3% – – – – – 94 0.1%
Lineage Cold Storage (UK) (Forward‐£5M) (138) – – (138) – 138 – – 0.4% – – – – (190) – (0.6%)
Loonie Dutch – 34,236 – 34,236 – – 0 34,236 0.0% 34,236 – – 34,236 – – –
European ‐ Floating⁽³⁾ $146,281 $34,223 ($336) $180,168 ($0) ($1,581) ($95) $178,492 (0.9%) $179,274 ($0) ($14) $179,260 $146 ($768) (0.5%)
Repo FX Impact 1,265
Currency Exposure⁽⁴⁾ 338
FX Impact (Net) 22
Total Floating $3,320,056 $54,412 ($307) $3,374,160 $83 ($1,581) ($5,758) $3,366,904 (0.2%) $3,568,671 $759 ($206,282) $3,363,149 ($27) $3,758 0.1%
(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization)
(3) Amounts presented in USD. USD/GBP spot rates for 1/31 and 2/29 were 1.318 and 1.277, respectively. USD/EUR spot rates for 1/31 and 2/29 were 1.108 and 1.098, respectively Blackstone 15
(4) FX PnL due to currency exposure for unsettled Loonie Dutch EUR trade (settling 3/12) and unsettled GBP coupon payment on Lineage Cold Storage (UK) as of month‐end
Valuations

(1) (2)
Debt Securities (Fixed)
JW Marriott Desert Ridge 170,006 – – 170,006 7 – 2,896 172,910 1.7% 167,278 35 – 167,313 – 5,597 3.3%
JW Marriott Desert Ridge (Swaps‐$127M) (1,339) – – (1,339) – – (2,040) (3,379) (1.2%) – – – – – (3,379) (2.0%)
Fontainebleau Miami Beach 90,829 – – 90,829 1 – 1,438 92,268 1.6% 89,541 4 – 89,545 – 2,723 3.0%
Fontainebleau Miami Beach (Swaps‐$61.75M) (651) – – (651) – – (1,052) (1,704) (1.1%) – – – – – (1,704) (1.9%)
Hilton Hawaiian Village 84,118 – – 84,118 11 – 1,307 85,436 1.6% 81,394 58 – 81,452 – 3,985 4.9%
Hilton Hawaiian Village (Swaps‐$63M) (2,450) – – (2,450) – – (1,434) (3,884) (1.7%) – – – – – (3,884) (4.8%)
300 Madison 78,398 – – 78,398 (14) – 1,359 79,744 1.7% 76,998 (28) – 76,970 – 2,774 3.6%
300 Madison (Swap‐$54M) (1,922) – – (1,922) – – (1,679) (3,600) (2.1%) – – – – – (3,600) (4.7%)
Bellagio 77,278 – – 77,278 5 – 1,620 78,904 2.1% 72,665 14 – 72,679 – 6,224 8.6%
Bellagio (Swap‐$54M) (1,476) – – (1,476) – – (1,754) (3,230) (2.2%) – – – – – (3,230) (4.4%)
PRIMA 2019‐RK1 60,867 – – 60,867 5 – 1,047 61,919 1.7% 58,739 42 – 58,780 – 3,139 5.3%
PRIMA 2019‐RK1 (Swap‐$14M) (878) – – (878) – – (380) (1,258) (0.6%) – – – – – (1,258) (2.1%)
PRIMA 2019‐RK1 (2nd Swap‐$3.25M) (205) – – (205) – – (89) (294) (0.1%) – – – – – (294) (0.5%)
PRIMA 2019‐RK1 (3rd Swap‐$11M) (706) – – (706) – – (308) (1,014) (0.5%) – – – – – (1,014) (1.7%)
55 Hudson Yards 50,447 – – 50,447 19 – 1,451 51,917 2.9% 49,076 40 – 49,116 – 2,801 5.7%
55 Hudson Yards (Swap‐$36.5M) (831) – – (831) – – (1,183) (2,015) (2.3%) – – – – – (2,015) (4.1%)
PRIMA 2019‐1S B 34,804 – – 34,804 3 – 914 35,721 2.6% 34,689 20 – 34,709 – 1,012 2.9%
PRIMA 2019‐1S B (Swap‐$26M) (96) – – (96) – – (875) (971) (2.4%) – – – – – (971) (2.8%)
Starwood Industrial 30,289 – – 30,289 7 – 611 30,907 2.0% 29,478 7 – 29,485 – 1,422 4.8%
Starwood Industrial (Swaps‐$22.25M) (641) – – (641) – – (723) (1,365) (2.3%) – – – – – (1,365) (4.6%)
Century Plaza Tower 22,803 – – 22,803 7 – 587 23,397 2.6% 22,587 15 – 22,601 – 796 3.5%
Century Plaza Tower (Swap‐$17M) (219) – – (219) – – (553) (772) (2.4%) – – – – – (772) (3.4%)
Worldwide Plaza 21,167 – – 21,167 9 – 334 21,510 1.6% 20,306 52 – 20,358 – 1,152 5.7%
Worldwide Plaza (Swap‐$12.6M) (935) – – (935) – – (328) (1,263) (1.5%) – – – – – (1,263) (6.2%)
Worldwide Plaza (Swap‐$3.15M) (99) – – (99) – – (81) (180) (0.4%) – – – – – (180) (0.9%)
180 Water 21,160 – – 21,160 4 – 306 21,469 1.4% 20,850 6 – 20,856 – 613 2.9%
180 Water (Swaps‐$14.75M) (215) – – (215) – – (248) (463) (1.2%) – – – – – (463) (2.2%)
225 Bush 19,407 – – 19,407 3 – 179 19,589 0.9% 19,070 4 – 19,074 – 515 2.7%
225 Bush (Swap‐$14M) (257) – – (257) – – (238) (495) (1.2%) – – – – – (495) (2.6%)
PRIMA 2019‐1S A 19,081 (118) (2) 18,961 2 – 288 19,251 1.5% 19,626 11 (719) 18,918 12 333 1.8%
PRIMA 2019‐1S A (Swap‐$16.5M) (62) – – (62) – – (255) (317) (1.3%) – – – – – (317) (1.7%)
IMT Multifamily (Fixed) 8,407 – – 8,407 2 – 101 8,510 1.2% 8,122 11 – 8,132 – 378 4.7%
IMT Multifamily (Swap‐$6M) (175) – – (175) – – (99) (274) (1.2%) – – – – – (274) (3.4%)
SGR 2019 (Non‐QM Resi) 4,750 – – 4,750 0 – 21 4,770 0.4% 4,700 0 – 4,700 – 70 1.5%
Home Partners of America 793 (2) – 792 0 – 23 815 2.9% 800 0 (11) 789 0 26 3.3%
STAR 2019‐INV1 3,674 (3,723) – (48) – – 48 ‐ – 3,666 0 (3,723) (57) – 57 1.6%
Single Borrower ‐ Fixed $785,122 ($3,842) ($2) $781,277 $70 $– $1,211 $782,559 0.2% $779,582 $290 ($4,453) $775,419 $12 $7,139 0.9%

Valuations

(1) (2)
Freddie MF K733 65,467 – (98) 65,369 284 – 744 66,396 1.1% 56,664 4,236 (3) 60,897 93 5,499 9.9%
Freddie MF K733 (Swap‐$8M) (768) – – (768) – – (148) (916) (0.2%) – – – – – (916) (1.5%)
Freddie K77 54,675 – – 54,675 305 – 1,255 56,235 2.3% 44,188 5,581 (95) 49,673 (13) 6,562 14.8%
Freddie MF KC04 (C Piece) 31,803 – – 31,803 155 – 135 32,093 0.4% 30,210 579 – 30,789 – 1,304 4.3%
Freddie Fixed‐K91 21,285 – – 21,285 3 – 549 21,838 2.6% 19,424 22 – 19,446 – 2,392 12.3%
Freddie Fixed‐K91 (Swap‐$15M) (1,564) – – (1,564) – – (483) (2,048) (2.2%) – – – – – (2,048) (10.5%)
Freddie 2015‐K46 20,792 – – 20,792 91 – 232 21,116 1.1% 19,941 830 – 20,771 – 344 1.7%
Freddie 2015‐K46 (Swap‐$15M) (685) – – (685) – – (265) (950) (1.3%) – – – – – (950) (4.6%)
Freddie Aragon Portfolio – 15,469 – 15,469 – – 1 15,471 0.0% 15,469 – – 15,469 – 1 0.0%
Freddie Aragon Portfolio (Swap‐$12.25M) – – – – – – (172) (172) (1.1%) – – – – – (172) (1.1%)
Freddie MF KC04 (B Piece) 14,932 – – 14,932 – – 216 15,147 1.4% 14,169 (8) – 14,162 – 986 7.0%
Freddie MF KC04 (B Piece) (Swap‐$11M) (599) – – (599) – – (318) (917) (2.1%) – – – – – (917) (6.5%)
Freddie MF K82 14,603 – – 14,603 9 – 330 14,942 2.3% 12,633 124 – 12,758 – 2,184 17.3%
Freddie MF K82 (Swap‐$10M) (1,490) – – (1,490) – – (303) (1,793) (2.0%) – – – – – (1,793) (14.1%)
Freddie Fixed‐KW08 6,514 – – 6,514 3 – 166 6,683 2.6% 5,939 29 – 5,968 – 716 12.1%
Freddie Fixed‐KW08 (Swap‐$5M) (470) – – (470) – – (141) (610) (2.1%) – – – – – (610) (10.2%)
Freddie MF KCO3 5,960 – – 5,960 4 – 85 6,049 1.4% 5,374 40 – 5,414 – 635 11.8%
Freddie MF KCO3 (Swap‐$4M) (308) – – (308) – – (82) (390) (1.4%) – – – – – (390) (7.2%)
Freddie Fixed KW07 5,051 – – 5,051 3 – 93 5,147 1.8% 4,431 40 – 4,471 – 676 15.3%
Freddie Fixed KW07 (Swap‐$4M) (536) – – (536) – – (103) (640) (2.0%) – – – – – (640) (14.3%)
Freddie Fixed 19K‐1511 4,148 – – 4,148 1 – 145 4,294 3.5% 3,722 5 – 3,727 – 566 15.2%
Freddie Fixed 19K (Swap‐$2.8M) (372) – – (372) – – (137) (509) (3.2%) – – – – – (509) (13.7%)
Freddie Fixed‐K86 2,212 – – 2,212 0 – 51 2,264 2.3% 1,940 2 – 1,943 – 322 16.6%
Freddie Fixed‐K86 (Swap‐$625K) (68) – – (68) – – (19) (86) (0.8%) – – – – – (86) (4.4%)
Freddie Fixed‐K86 (2nd Swap‐$925K) (99) – – (99) – – (28) (126) (1.2%) – – – – – (126) (6.5%)
Freddie MF K87 1,395 – – 1,395 0 – 33 1,427 2.3% 1,224 2 – 1,226 – 201 16.4%
Freddie MF K87 (Swap‐$0.7M) (82) – – (82) – – (22) (104) (1.5%) – – – – – (104) (8.5%)
Freddie Mac ‐ Fixed $241,795 $15,469 ($98) $257,166 $859 $– $1,816 $259,840 0.7% $235,329 $11,484 ($98) $246,715 $80 $13,127 5.6%
ESH Hospitality 43,985 4,650 – 48,635 0 – (1,459) 47,176 (3.0%) 56,667 (2) (8,186) 48,479 100 (1,304) (2.1%)
VICI Properties 38,583 (1,220) – 37,363 – – (651) 36,711 (1.7%) 76,375 – (39,574) 36,801 1,714 (89) 2.1%
Marriott ILG 36,402 – – 36,402 (2) – (290) 36,111 (0.8%) 58,828 (15) (25,453) 33,360 1,817 2,750 7.8%
RYMAN 26,732 – – 26,732 (1) – (641) 26,090 (2.4%) 25,875 (4) – 25,871 – 219 0.8%
Kennedy Wilson 26,185 – – 26,185 (1) – (152) 26,032 (0.6%) 25,688 (14) – 25,674 – 358 1.4%
Arbor Realty Trust – 25,000 – 25,000 – – (68) 24,932 (0.3%) 25,000 – – 25,000 – (68) (0.3%)
Greystar 24,650 – – 24,650 (2) – (54) 24,594 (0.2%) 24,029 (14) – 24,015 – 579 2.4%
Senior Housing Properties 20,444 – – 20,444 12 – (5) 20,451 (0.0%) 17,907 124 – 18,032 – 2,420 13.5%
Hilton Domestic (Swap‐$16M) (1,021) – – (1,021) – – (531) (1,552) (2.6%) – – – – – (1,552) (8.6%)
Hilton Domestic 19,957 – – 19,957 – – (401) 19,556 (2.0%) 18,872 – – 18,872 – 684 3.6%
Marriott 14,794 – – 14,794 – – (352) 14,442 (2.4%) 14,460 – – 14,460 – (18) (0.1%)
Merlin USD 12,399 – – 12,399 – – (341) 12,058 (2.7%) 11,656 – – 11,656 – 402 3.4%
Diamond Resorts 7,555 – – 7,555 (0) – (167) 7,387 (2.2%) 7,368 (3) – 7,365 – 22 0.3%
Corporate ‐ Fixed $270,665 $28,430 $– $299,095 $6 $– ($5,112) $293,989 (1.7%) $362,726 $73 ($73,213) $289,586 $3,631 $4,403 2.2%

Valuations

(1) (2)
Angel Oak 2019 (Non‐QM Resi) 10,026 (2,622) – 7,404 (0) – 81 7,485 1.1% 9,927 (0) (2,622) 7,305 – 180 1.8%
Tricon American Homes 6,931 – – 6,931 0 – 37 6,968 0.5% 6,687 1 – 6,688 – 280 4.2%
Tricon American Homes (Swap‐$5M) (175) – – (175) – – (48) (223) (0.7%) – – – – – (223) (3.3%)
CoreVest 2019‐2 4,702 – – 4,702 0 – 71 4,773 1.5% 4,451 (0) – 4,451 – 323 7.3%
CoreVest 2019‐2 (Swap‐$1M) (56) – – (56) – – (36) (92) (0.7%) – – – – – (92) (2.1%)
CoreVest 2019‐2 (2nd Swap‐$2M) (103) – – (103) – – (65) (168) (1.4%) – – – – – (168) (3.8%)
Ellington Financial Mortgage Trust 4,680 – – 4,680 0 – 53 4,733 1.1% 4,635 0 – 4,635 – 98 2.1%
CoreVest 2019‐3 4,577 – – 4,577 0 – 76 4,653 1.7% 4,470 (0) – 4,470 – 182 4.1%
CoreVest 2019‐3 (Swaps‐$3.35M) (124) – – (124) – – (107) (232) (2.3%) – – – – – (232) (5.2%)
Angelo Gordon 19‐2 (Non‐QM Resi) 4,202 – – 4,202 0 – 12 4,214 0.3% 4,134 0 – 4,134 – 80 1.9%
CoreVest 2019 3,024 – – 3,024 0 – 50 3,074 1.7% 2,762 0 – 2,762 – 313 11.3%
CoreVest 2019 (Swap‐$1.2M) (110) – – (110) – – (36) (146) (1.2%) – – – – – (146) (5.3%)
CoreVest 2019 (2nd Swap‐$415K) (38) – – (38) – – (13) (50) (0.4%) – – – – – (50) (1.8%)
CoreVest 2019 (3rd Swap‐$0.5M) (21) – – (21) – – (13) (35) (0.4%) – – – – – (35) (1.3%)
VERUS 2019 (Non‐QM Resi) 2,463 – – 2,463 (0) – 25 2,488 1.0% 2,445 (0) – 2,445 – 43 1.8%
CoreVest 2018 1,158 – – 1,158 0 – 27 1,185 2.3% 1,050 0 – 1,051 – 134 12.8%
CoreVest 2018 (Swap‐$450K) (43) – – (43) – – (12) (55) (1.0%) – – – – – (55) (5.2%)
CoreVest 2018 (2nd Swap‐$320K) (32) – – (32) – – (9) (41) (0.7%) – – – – – (41) (3.9%)
Residential ‐ Fixed $41,061 ($2,622) $– $38,440 $0 $– $92 $38,532 0.2% $40,561 $0 ($2,622) $37,939 $– $591 1.6%
Merlin EUR 13,376 – – 13,376 – (112) (789) 12,475 (6.7%) 12,682 – – 12,682 – (207) (1.6%)
Merlin EUR (Forward‐€1M) 15 – – 15 – 11 – 26 0.1% – – – – – 26 0.2%
European ‐ Fixed⁽³⁾ $13,391 $– $– $13,391 $– ($101) ($789) $12,501 (6.6%) $12,682 $– $– $12,682 $– ($181) (1.4%)
Repo FX Impact 103
FX Impact (Net) 2
Total Fixed $1,352,034 $37,436 ($101) $1,389,369 $935 ($101) ($2,782) $1,387,421 (0.2%) $1,430,880 $11,847 ($80,386) $1,362,341 $3,723 $25,079 1.8%
Private Loans
Great Wolf Mezz 134,076 – – 134,076 – – – 134,076 – 134,076 (1) – 134,075 – 1 0.0%
Total Private Loans $134,076 $– $– $134,076 $– $– $– $134,076 – $134,076 ($1) $– $134,075 $– $1 0.0%
Debt Securities Summary
Total Debt Securities (excl. Swaps & Hedges) 4,827,868 91,847 (73) 4,919,643 1,018 (2,186) 7,869 4,926,344 0.1% 5,133,628 12,605 (286,668) 4,859,565 3,551 66,782 1.4%
Total Swaps & Currency Hedges (21,702) – (335) (22,037) – 504 (16,410) (37,943) (1.5%) – – – – 146 (37,944) –
Total $4,806,166 $91,847 ($408) $4,897,606 $1,018 ($1,682) ($8,540) $4,888,401 (0.2%) $5,133,628 $12,605 ($286,668) $4,859,565 $3,696 $28,838 0.6%
Swapped Fixed Rate Bonds 900,941 15,352 (101) 916,192 468 – 15,506 932,166 1.7% 880,100 5,612 (722) 884,989 106 47,179 5.3%
(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization)
(2) Post FX ITD Realized/Unrealized Gains/(Losses) / (Closing Cost Basis + Amortization) Blackstone 18
(3) Amounts presented in USD. USD/GBP spot rates for 1/31 and 2/29 were 1.318 and 1.277, respectively. USD/EUR spot rates for 1/31 and 2/29 were 1.108 and 1.098, respectively

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Blackstone Real Estate Income Trust Highly Confidential and Trade Secret

Acquisitions/ Post FX Post FX

(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization) Blackstone 13

Acquisitions/ Post FX Post FX

(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization) Blackstone 14

Acquisitions/ Post FX Post FX

Acquisitions/ Post FX Post FX

(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization) Blackstone 16

Acquisitions/ Post FX Post FX

(1) (Write‐Ups/(Downs) + FX Impact) / (Adjusted GAV + Amortization) Blackstone 17

Acquisitions/ Post FX Post FX

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