Blackstone Inc. · NYSE:BX

Blackstone — Blackstone Digital Infrastructure Trust — Investor Presentation (August 2026)

14 slides from Blackstone's investor presentation, August 2026

1. Slide 1: Blackstone Digital Infrastructure Trust Inc. Company Presentation

   Blackstone Digital Infrastructure Trust Inc. Company Presentation AUGUST 2026 Blackstone Digital Infrastructure Trust Inc.

2. Slide 2: BXDC is a REIT focused on acquiring mission-critical data centers

   BLACKSTONE DIGITAL INFRASTRUCTURE TRUST OVERVIEW BXDC is a REIT focused on acquiring mission-critical data centers that power the modern digital economy ▪ $1.3T+ AUM marking Blackstone as the world’s largest alternative asset manager(a)(b) Preeminent ▪ $275B of data center and digital infrastructure

3. Slide 3: BXDC is managed by Blackstone, the world's largest alternative asset manager

   BLACKSTONE OVERVIEW HIGHLY CONFIDENTIAL BXDC is managed by Blackstone, the world’s largest alternative asset manager(a) $1.3T+ 40-year Blackstone AUM (b) track record (b) Business AUM (h) Credit & Insurance $469B World’s largest third-party focused credit business Real Estate $314B World’s largest o

4. Slide 4: BXDC benefits from Blackstone's position as the largest data center investor globally

   BLACKSTONE DATA CENTER PLATFORM HIGHLY CONFIDENTIAL BXDC benefits from Blackstone’s position as the largest data center investor globally(c) 12 GW $185B $190B 19 GW leased capacity Run-Rate TEV(i) future dev. Potential(i) landbank Blackstone Digital Infrastructure Trust Inc. 3

5. Slide 5: Significant opportunity to acquire stabilized data centers in top markets

   STABILIZED DATA CENTER OPPORTUNITY HIGHLY CONFIDENTIAL Significant opportunity to acquire stabilized data centers in top markets with investment-grade rated tenants U.S. Stabilized Data Center TAM (d) First-Mover Advantage Blackstone $1T+ Digital Infrastructure Trust 4x $2B growth IPO ~$275B 2025 20

6. Slide 6: Growth in data is fueling robust data center leasing demand

   DATA MEGA TREND HIGHLY CONFIDENTIAL Growth in data is fueling robust data center leasing demand Data Created, Consumed & Stored(j) Data Center Leasing in the U.S.(k) Zettabytes Megawatts 394 13,416 ~200x 37x growth increase 2 314 359 '10 '12 '14 '16 '18 '20 '22 '24 '26F '28F 2016 2017 2018 2019 2020

7. Slide 7: Advancements in AI are driving accelerated hyperscaler investment in data centers

   GROWTH HORIZON HIGHLY CONFIDENTIAL Advancements in AI are driving accelerated hyperscaler investment in data centers Data Center CapEx by 5 Largest Hyperscalers(l) What is Driving the Investment? ($ in billions) $804 Competition: AI arms race underway 9x increase More compute unlocks $415 new capabi

8. Slide 8: U.S. data center market vacancies are declining, while rent growth is accelerating

   STRONG MARKET FUNDAMENTALS HIGHLY CONFIDENTIAL U.S. data center market vacancies are declining, while rent growth is accelerating U.S. Vacancy(e) Market Rent Growth(m) Indexed, 2021 = 100 10.2% 206 2x 7.9% 890bps increase decline 5.4% 100 3.8% 2.4% 1.6% 1.3% 2019 2020 2021 2022 2023 2024 2025 2021 2

9. Slide 9: Data center supply expected to remain constrained

   CONSTRAINED SUPPLY HIGHLY CONFIDENTIAL Data center supply expected to remain constrained Land Availability Power Prime land prices have soared Power procurement now takes and local zoning has tightened 7+ years for new applications in top markets(n) Supply Chain Labor Critical components can have In

10. Slide 10: Disciplined investment focus on high-quality tenants and favorable lease terms

    TARGET INVESTMENT STRATEGY Disciplined investment focus on high-quality tenants and favorable lease terms Investment Criteria(p) Clearly Defined Buy Box(p) Asset Type Newly-constructed data center assets ✓ Stabilized, income-producing assets Size $250M - $1.5B+ (20 – 100 megawatts)(q) Markets Primar

11. Slide 11: Expect to maintain a nimble capital structure

    DISCIPLINED FINANCING STRATEGY Expect to maintain a nimble capital structure Target Capital Structure(u) Financing Highlights ◼ Long-term leverage target of ≤40% LTV(u) ◼ $1 billion revolving corporate credit facility in place, enhancing capital flexibility Debt 40 % ◼ High-quality tenant credit and

12. Slide 12: High degree of shareholder alignment

    SHAREHOLDER ALIGNMENT High degree of shareholder alignment ▪ Blackstone and employees invested in 11% of BXDC’s IPO(g) ▪ 6-month management and incentive fee holiday, post-IPO Blackstone Alignment ▪ Full integration and access to the resources and experience of the Blackstone Real Estate platform ▪

13. Slide 13: Endnotes Relating to Company Presentation

    ENDNOTES RELATING TO COMPANY PRESENTATION a. Based on Blackstone analysis of company earnings presentations and calls, as of [June 30, 2026] or latest publicly available data. b. AUM is estimated and unaudited. The AUM for Blackstone, any specific fund, account or investment strategy or business uni

14. Slide 14: Forward-Looking Statements & Important Disclosure Information

    FORWARD-LOOKING STATEMENTS & IMPORTANT DISCLOSURE INFORMATION References herein to “Blackstone Digital Infrastructure Trust,” "BXDC," “Company,” “we,” “us,” or “our” refer to Blackstone Digital Infrastructure Trust Inc. and its subsidiaries unless the context specifically requires otherwise. Opinion

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