Blackstone Digital Infrastructure Trust (BXDC) Registration filing summary

Company overview and business model

• Focuses on acquiring and owning newly constructed, income-generating, stabilized data center properties in the U.S. leased to investment-grade hyperscale tenants on long-term contracts.

• Externally managed by an affiliate of Blackstone Inc., leveraging Blackstone’s expertise and relationships in digital infrastructure.

• Intends to qualify as a REIT for U.S. federal income tax purposes and operate through an UPREIT structure.

• No data center assets acquired yet; considered a “blind pool” at IPO.

• Strategy targets predictable yields and stable cash flows via long-term leases with fixed annual rent escalators and tenant expense reimbursement structures.

Financial performance and metrics

• As of March 31, 2026, no revenues or operating activities; balance sheet reflects no assets or liabilities except for organizational costs advanced by the manager.

• Organizational and offering costs of $3.6 million incurred by the manager, not yet recorded as liabilities.

• No prior programs with similar investment objectives; prior Blackstone real estate programs focused on other asset classes.

Use of proceeds and capital allocation

• Net proceeds will be invested primarily in data center assets in line with the stated investment strategy and for general corporate purposes.

• Target to complete investment in data center assets within six to twelve months post-IPO.

• Until fully invested, proceeds may be held in money market instruments, government securities, or high-quality corporate debt.