Blackstone Digital Infrastructure Trust (BXDC) investor relations material

Executive summary

• Completed IPO in May 2026, raising $2 billion, the largest blind pool REIT IPO in history, with 100.6 million shares outstanding as of June 30, 2026.

• Focuses on acquiring newly built, stabilized, income-generating data centers in Tier 1 U.S. markets, fully leased to investment-grade hyperscale tenants on long-term contracts; no assets acquired as of June 30, 2026.

• Operates as a REIT, externally managed by a Blackstone affiliate, with 11% insider investment at IPO and a 6-month management fee holiday post-IPO.

• Benefits from Blackstone’s global leadership and sector expertise, leveraging robust acquisition pipeline and strong market fundamentals.

• Market fundamentals are strong, with U.S. data center vacancy at all-time lows and rents more than doubling since 2021.

Financial highlights

• Q2 2026 GAAP net income: $7.1 million ($0.14 per share); FFO: $0.07 per share; AFFO: $0.08 per share.

• Interest income totaled $9.3 million for Q2 2026, primarily from investing IPO proceeds in cash and equivalents.

• General and administrative expenses were $1.4 million, including $535,000 IPO-related costs.

• Interest expense was $800,000, related to credit facility fees and deferred financing costs.

• Total assets at quarter-end: $2 billion, nearly all in cash and equivalents.

Outlook and guidance

• Q2 results not indicative of future performance; earnings expected to increase as capital is deployed into stabilized data centers.

• Confident in ability to deploy IPO capital within three quarters, prioritizing assets that generate rent upon closing.

• Targets a $1T+ total addressable market for stabilized U.S. data centers by 2030, with robust demand driven by AI, cloud, and content growth.

• Expects continued strong rent growth (22% YoY) and low vacancy (1.3%) in the U.S. data center market.

• Management and incentive fees are waived through November 15, 2026, to align with deployment timeline.