## Where Blackstone discusses exposure to U.S. housing / residential real estate (latest 10‑K and 10‑Q) ### 1) 10‑K (FY ended Dec. 31, 2024): Real Estate business description (direct “what we invest in” exposure) Blackstone explicitly ties its Real Estate segment to **rental housing** in the “Business” section describing its Real Estate platforms—i.e., exposure can come through equity real estate funds/vehicles that invest in rental housing assets. ["made significant investments in…rental housing"](0001193125-25-042469|0) It also describes **BREIT** (its non‑listed REIT) as providing investors access to “institutional quality real estate,” which (while not exclusively residential) is part of the firm’s core real estate exposure framework. ["BREIT…provide income-focused…real estate"](0001193125-25-042469|0) In MD&A/business commentary, Blackstone flags **U.S. multifamily** as a sector where “near‑term supply” has mattered to growth/valuations—another place residential exposure shows up as an economic driver (even when not framed as “housing policy”). ["U.S. multifamily"](0001193125-25-042469|0) ### 2) 10‑Q (Q3 2025): Real Estate segment narrative (current-period framing of residential exposure) In the most recent 10‑Q, Blackstone again describes its real estate investing footprint and includes **rental housing** as part of the opportunity set in its BREP platform description. ["investments in…rental housing"](0001193125-25-272343|0) It also discusses quarterly performance with a specific callout to **multifamily** as a driver of appreciation (“continued momentum in…multifamily investments”). ["momentum in…multifamily investments"](0001193125-25-272343|0) ### 3) 10‑Q: Risk factor approach (important nuance) The latest 10‑Q does **not** restate a full residential/housing risk factor in-line; instead, it directs readers back to the 10‑K “Risk Factors” and notes that those risks “may be updated from time to time.” ["see the information under…“Risk Factors”…Annual Report on Form 10-K"](0001193125-25-272343|0) --- ## Risk language most relevant to potential restrictions on institutional home buying (10‑K risk factors) ### A) The “institutional single‑family homes” restriction is explicitly named Blackstone’s FY2024 10‑K includes a **direct, high-relevance** statement that certain states have considered—and others may seek to enact—legislation to **restrict institutional investment in single-family homes**, and that such laws “may impact” the ability of its funds to invest in certain assets/sectors. ["legislation to restrict institutional investment in single-family homes"](0001193125-25-042469|0) ["Such laws may impact the ability of our funds to invest"](0001193125-25-042469|0) **Why this is the key snippet for “institutional home buying” restrictions (SEO intent match):** it uses the exact concept (institutional investment + single-family homes) and links it to investability constraints for private funds. ["restrict institutional investment"](0001193125-25-042469|0) ### B) Broader residential regulatory framework: rent regulation / rent control and affordability-driven policy risk Separately, Blackstone flags that its “businesses and assets” are subject to changes in law and regulation including **rent control / rent regulation** and other regulations impacting **residential real estate investments**, explicitly tying this to “residential affordability” and “undersupply of housing” in certain U.S. and European markets. ["rent control and other regulations impacting our residential real estate investments"](0001193125-25-042469|0) ["rent regulation…address residential affordability…undersupply of housing"](0001193125-25-042469|0) **Why this matters for the “restriction” theme:** even if a policy debate starts as “stop institutions buying homes,” it can land as a broader package of housing affordability rules (rent caps, zoning constraints, etc.) that pressure operating performance (e.g., via rent growth limits). ["may contribute to adverse operating performance…by moderating rent growth"](0001193125-25-042469|0) ### C) “Regulatory agencies may impose restrictions on private funds’ investments” (mechanism risk) The single-family-home sentence sits inside a broader risk statement: state regulatory agencies may impose restrictions on private funds’ investments in certain asset types/industries, which can affect the ability to “find attractive and diversified investments” and to complete investments “in a timely manner.” ["may impose restrictions on private funds’ investments"](0001193125-25-042469|0) ["affect our funds’ ability to find attractive…investments"](0001193125-25-042469|0) **Why this is relevant:** it provides the “how it hits the business” mechanism—restrictions can reduce opportunity set and slow/complicate deployment, not just reduce returns. ["ability to…complete such investments in a timely manner"](0001193125-25-042469|0)

## Where Blackstone discusses exposure to U.S. housing / residential real estate (latest 10‑K and 10‑Q) ### 1) 10‑K (FY ended Dec. 31, 2024): Real Estate business description (direct “what we invest in” exposure) Blackstone explicitly ties its Real Estate segment to **rental housing** in the “Business” section describing its Real Estate platforms—i.e., exposure can come through equity real estate funds/vehicles that invest in rental housing assets. ["made significant investments in…rental housing"](0001193125-25-042469|0) It also describes **BREIT** (its non‑listed REIT) as providing investors access to “institutional quality real estate,” which (while not exclusively residential) is part of the firm’s core real estate exposure framework. ["BREIT…provide income-focused…real estate"](0001193125-25-042469|0) In MD&A/business commentary, Blackstone flags **U.S. multifamily** as a sector where “near‑term supply” has mattered to growth/valuations—another place residential exposure shows up as an economic driver (even when not framed as “housing policy”). ["U.S. multifamily"](0001193125-25-042469|0) ### 2) 10‑Q (Q3 2025): Real Estate segment narrative (current-period framing of residential exposure) In the most recent 10‑Q, Blackstone again describes its real estate investing footprint and includes **rental housing** as part of the opportunity set in its BREP platform description. ["investments in…rental housing"](0001193125-25-272343|0) It also discusses quarterly performance with a specific callout to **multifamily** as a driver of appreciation (“continued momentum in…multifamily investments”). ["momentum in…multifamily investments"](0001193125-25-272343|0) ### 3) 10‑Q: Risk factor approach (important nuance) The latest 10‑Q does **not** restate a full residential/housing risk factor in-line; instead, it directs readers back to the 10‑K “Risk Factors” and notes that those risks “may be updated from time to time.” ["see the information under…“Risk Factors”…Annual Report on Form 10-K"](0001193125-25-272343|0) --- ## Risk language most relevant to potential restrictions on institutional home buying (10‑K risk factors) ### A) The “institutional single‑family homes” restriction is explicitly named Blackstone’s FY2024 10‑K includes a **direct, high-relevance** statement that certain states have considered—and others may seek to enact—legislation to **restrict institutional investment in single-family homes**, and that such laws “may impact” the ability of its funds to invest in certain assets/sectors. ["legislation to restrict institutional investment in single-family homes"](0001193125-25-042469|0) ["Such laws may impact the ability of our funds to invest"](0001193125-25-042469|0) **Why this is the key snippet for “institutional home buying” restrictions (SEO intent match):** it uses the exact concept (institutional investment + single-family homes) and links it to investability constraints for private funds. ["restrict institutional investment"](0001193125-25-042469|0) ### B) Broader residential regulatory framework: rent regulation / rent control and affordability-driven policy risk Separately, Blackstone flags that its “businesses and assets” are subject to changes in law and regulation including **rent control / rent regulation** and other regulations impacting **residential real estate investments**, explicitly tying this to “residential affordability” and “undersupply of housing” in certain U.S. and European markets. ["rent control and other regulations impacting our residential real estate investments"](0001193125-25-042469|0) ["rent regulation…address residential affordability…undersupply of housing"](0001193125-25-042469|0) **Why this matters for the “restriction” theme:** even if a policy debate starts as “stop institutions buying homes,” it can land as a broader package of housing affordability rules (rent caps, zoning constraints, etc.) that pressure operating performance (e.g., via rent growth limits). ["may contribute to adverse operating performance…by moderating rent growth"](0001193125-25-042469|0) ### C) “Regulatory agencies may impose restrictions on private funds’ investments” (mechanism risk) The single-family-home sentence sits inside a broader risk statement: state regulatory agencies may impose restrictions on private funds’ investments in certain asset types/industries, which can affect the ability to “find attractive and diversified investments” and to complete investments “in a timely manner.” ["may impose restrictions on private funds’ investments"](0001193125-25-042469|0) ["affect our funds’ ability to find attractive…investments"](0001193125-25-042469|0) **Why this is relevant:** it provides the “how it hits the business” mechanism—restrictions can reduce opportunity set and slow/complicate deployment, not just reduce returns. ["ability to…complete such investments in a timely manner"](0001193125-25-042469|0)