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Organization and Business Purpose <div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">References herein to “we,” “us,” “our,” “BXDC” and the “company” refer to Blackstone Digital Infrastructure Trust Inc. and its subsidiaries unless the context specifically requires otherwise.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blackstone Digital Infrastructure Trust Inc. was formed on November 21, 2025 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We are the sole general partner of BXDC Operating Partnership LP, a Delaware limited partnership (“BXDC OP”). BXDC GP LLC, a Delaware limited liability company and our wholly owned subsidiary, serves as the initial limited partner of BXDC OP.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Our focus is on acquiring and owning newly-constructed, income-generating, stabilized data center properties in the United States leased to investment-grade hyperscale tenants on long-term contracts.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of our business will be conducted through BXDC OP. We and BXDC OP are externally managed by BX REIT Advisors L.L.C., a Delaware limited liability company (our “Manager”), an affiliate of Blackstone Inc. As of June 30, 2026, we have neither purchased nor contracted to purchase any investments.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On May 15, 2026, we closed our initial public offering (“IPO”) of 87,500,000 shares of our common stock, $0.01 par value per share, at a public offering price of $20.00 per share. On May 20, 2026, we issued and sold an additional 13,119,900 shares of common stock at a public offering price of $20.00 per share pursuant to the underwriters’ exercise in full of their option to purchase additional shares in the IPO. We received aggregate net proceeds from the IPO of $1.9 billion, net of underwriting discounts and commissions of $79.9 million and other offering costs of $8.0 million.</span></div>

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Summary of Significant Accounting Policies<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Principles of Consolidation and Basis of Presentation</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing our condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements included in our prospectus dated May 13, 2026, as filed with the SEC on May 15, 2026.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Cash and Cash Equivalents</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash and cash equivalents include cash in banks and short-term investments. We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits. For the three and six months ended June 30, 2026, we recognized $9.3 million of interest income on cash and cash equivalents.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We intend to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with our taxable year ending December 31, 2025. If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income tax to the extent we distribute 90% of our taxable income to our stockholders. REITs are subject to a number of other organizational and operational requirements. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Organization and Offering Costs</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Organization expenses are expensed as incurred and included within general and administrative expenses on the accompanying condensed consolidated statements of operations. Offering costs are reflected as a reduction to additional paid-in capital as incurred.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Our Manager has agreed to advance certain organization and offering expenses on our behalf (including legal, accounting, and other expenses attributable to our organization, but excluding underwriting discounts and commissions payable). We will reimburse our Manager for all such advanced expenses ratably over a 5-year period following June 30, 2027.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2026, our Manager and its affiliates had incurred organization and offering expenses on our behalf of $8.4 million, consisting of organization costs of $0.5 million and offering costs of $7.9 million. These organization and offering costs were recorded in the accompanying condensed consolidated statements of operations and condensed consolidated statements of changes in equity, respectively, for the three and six months ended June 30, 2026, and the related payable to our Manager and its affiliates is recorded as due to affiliates on the accompanying condensed consolidated balance sheets.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the three and six months ended June 30, 2026, we incurred underwriting discounts and commissions of $79.9 million in connection with the IPO, of which $17.8 million is payable on November 15, 2026 and is reflected within other liabilities as of June 30, 2026. These offering costs were recorded in the accompanying condensed consolidated statements of changes in equity for the three and six months ended June 30, 2026.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Deferred Financing Costs</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Deferred financing costs include legal, structuring, and other loan costs related to our financing agreements. Deferred financing costs related to our secured revolving credit facilities are amortized over the term of the applicable financing agreements. As of June 30, 2026, we had $10.3 million of deferred financing costs, net within other assets on our condensed consolidated balance sheets. Amortization of deferred financing costs is recorded as interest expense in the condensed consolidated statements of operations. Our Manager and its affiliates paid $0.2 million of deferred financing costs on our behalf, which is recorded as due to affiliates on the accompanying condensed consolidated balance sheets.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net Income Per Share</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Basic net income per share of common stock is calculated by dividing net income by the weighted-average shares of common stock and unvested participating shares of restricted common stock outstanding for the period. Diluted net income per share of common stock reflects the impact of all dilutive securities, including interests in BXDC OP held by third-parties, if any.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Stock-Based Compensation</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Restricted stock awards granted to non-employee directors under our stock incentive plan are measured at fair value on the grant date and recognized as compensation expense on a straight-line basis over the applicable vesting period. </span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Recent Accounting Pronouncements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements of specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We did not early adopt ASU 2024-03 and are still evaluating the impact on our condensed consolidated financial statements.</span></div>

<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Principles of Consolidation and Basis of Presentation</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing our condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements included in our prospectus dated May 13, 2026, as filed with the SEC on May 15, 2026.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</span></div>

<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</span></div>

<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>

<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Cash and Cash Equivalents</span></div>Cash and cash equivalents include cash in banks and short-term investments. We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits.

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<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We intend to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with our taxable year ending December 31, 2025. If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income tax to the extent we distribute 90% of our taxable income to our stockholders. REITs are subject to a number of other organizational and operational requirements. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income.</span></div>

<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Organization and Offering Costs</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Organization expenses are expensed as incurred and included within general and administrative expenses on the accompanying condensed consolidated statements of operations. Offering costs are reflected as a reduction to additional paid-in capital as incurred.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Our Manager has agreed to advance certain organization and offering expenses on our behalf (including legal, accounting, and other expenses attributable to our organization, but excluding underwriting discounts and commissions payable). We will reimburse our Manager for all such advanced expenses ratably over a 5-year period following June 30, 2027.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2026, our Manager and its affiliates had incurred organization and offering expenses on our behalf of $8.4 million, consisting of organization costs of $0.5 million and offering costs of $7.9 million. These organization and offering costs were recorded in the accompanying condensed consolidated statements of operations and condensed consolidated statements of changes in equity, respectively, for the three and six months ended June 30, 2026, and the related payable to our Manager and its affiliates is recorded as due to affiliates on the accompanying condensed consolidated balance sheets.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the three and six months ended June 30, 2026, we incurred underwriting discounts and commissions of $79.9 million in connection with the IPO, of which $17.8 million is payable on November 15, 2026 and is reflected within other liabilities as of June 30, 2026. These offering costs were recorded in the accompanying condensed consolidated statements of changes in equity for the three and six months ended June 30, 2026.</span></div>

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<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Deferred Financing Costs</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Deferred financing costs include legal, structuring, and other loan costs related to our financing agreements. Deferred financing costs related to our secured revolving credit facilities are amortized over the term of the applicable financing agreements. As of June 30, 2026, we had $10.3 million of deferred financing costs, net within other assets on our condensed consolidated balance sheets. Amortization of deferred financing costs is recorded as interest expense in the condensed consolidated statements of operations. Our Manager and its affiliates paid $0.2 million of deferred financing costs on our behalf, which is recorded as due to affiliates on the accompanying condensed consolidated balance sheets.</span></div>

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<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net Income Per Share</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Basic net income per share of common stock is calculated by dividing net income by the weighted-average shares of common stock and unvested participating shares of restricted common stock outstanding for the period. Diluted net income per share of common stock reflects the impact of all dilutive securities, including interests in BXDC OP held by third-parties, if any.</span></div>

<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Stock-Based Compensation</span></div>Restricted stock awards granted to non-employee directors under our stock incentive plan are measured at fair value on the grant date and recognized as compensation expense on a straight-line basis over the applicable vesting period.

<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Recent Accounting Pronouncements</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements of specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We did not early adopt ASU 2024-03 and are still evaluating the impact on our condensed consolidated financial statements.</span></div>

Secured Revolving Credit Facility<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On May 15, 2026, we entered into a $1.0 billion senior secured revolving credit facility (the “Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto. The Credit Facility matures on May 15, 2030, includes borrowing capacity for letters of credit and, subject to customary conditions and additional lender commitments, may be increased to up to $4.0 billion of aggregate revolving commitments.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest on borrowings under the Credit Facility is based on the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.35% per annum. The applicable margin is based on our leverage ratio and ranges from 2.00% to 2.50% per annum for SOFR borrowings and 1.00% to 1.50% per annum for alternate base rate borrowings. </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2026, we had no outstanding borrowings under the Credit Facility. For the three and six months ended June 30, 2026, we recognized $0.8 million of interest expense</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related to commitment fees and amortization of deferred financing costs.</span></div>

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800000

Equity<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Authorized Capital and Common Stock</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We are authorized to issue up to 1.0 billion shares of common stock with a $0.01 par value per share and up to 50.0 million shares of preferred stock with a $0.01 par value per share. As of June 30, 2026, 100,649,905 shares of common stock were issued and outstanding and there were no shares of preferred stock issued or outstanding.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2026, all common units of partnership interests in BXDC OP (“OP units”) were held by us and there were 100,649,905 OP units outstanding.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net Income Per Share</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the calculation of basic and diluted net income per share during the periods set forth below ($ in thousands, except share and per share data):</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.594%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.205%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.207%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.57pt;padding-right:-2.63pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">Three Months Ended June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">Six Months Ended June 30, 2026</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net income</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,080 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,080 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Weighted-average shares of common stock outstanding, basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1.97pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">50,157,102</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1.97pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">25,217,107</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net income per share, basic and diluted</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.14 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.28 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

1000000000.0

0.01

50000000.0

0.01

100649905

<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the calculation of basic and diluted net income per share during the periods set forth below ($ in thousands, except share and per share data):</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.594%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.205%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.207%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.57pt;padding-right:-2.63pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">Three Months Ended June 30, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:120%">Six Months Ended June 30, 2026</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net income</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,080 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,080 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Weighted-average shares of common stock outstanding, basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1.97pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">50,157,102</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1.97pt 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">25,217,107</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:1.5pt 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net income per share, basic and diluted</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.14 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">0.28 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

7080000

50157102

25217107

0.14

0.28

Stock-Based Compensation<div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We maintain our stock incentive plan, under which 5,035,000 shares of common stock have initially been reserved for issuance, subject to annual evergreen increases.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Concurrent with the pricing of our IPO, a total of 30,000 shares of restricted common stock with a grant date fair value of $600,000 were granted to non-employee directors pursuant to our stock incentive plan. All of the shares granted vest in full on the first anniversary of the grant date.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the three and six months ended June 30, 2026, we recognized $0.1 million of stock-based compensation expense on a straight-line basis, with $0.5 million remaining to be recognized through May 15, 2027.</span></div>

5035000

30000

600000

100000

500000

Related Party Transactions and Other Transactions<div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Management Agreement</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We entered into a management agreement (the “Management Agreement”) with our Manager upon completion of our IPO. Pursuant to the Management Agreement, our Manager is responsible for sourcing, evaluating and monitoring our investment opportunities and making decisions related to the acquisition, management, financing and disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations, subject to oversight by our board of directors. </span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In consideration for investment management services, our Manager is entitled to receive a management fee payable in cash equal to a tiered percentage of our Market Capitalization (as defined in the Management Agreement) as of the last trading day of the applicable calendar quarter. The Management Fee will be measured and paid quarterly in arrears (subject to pro-rating for partial periods) and will equal (i) 1.00% per annum of our Market Capitalization (up to a total Market Capitalization of $25.0 billion); </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">plus</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(ii) 0.90% per annum of the excess, if any, of our Market Capitalization over $25.0 billion (up to a total Market Capitalization of $50.0 billion); </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">plus </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(iii) 0.80% per annum of the excess, if any, of our Market Capitalization over $50.0 billion (up to a total Market Capitalization of $75.0 billion); </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">plus </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(iv) 0.70% per annum of the excess, if any, of our Market Capitalization over $75.0 billion. For purposes of calculating Market Capitalization, to the extent any OP units held by any person other than us are outstanding on any trading day during such calendar quarter, then the number of shares of our common stock outstanding on such trading day will be adjusted to include the number of shares of our common stock issuable upon exchange of such OP units in accordance with the partnership agreement of BXDC OP.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In addition, our Manager is entitled to an incentive fee payable in cash equal to 0.25% per annum of our Market Capitalization for each calendar quarter with respect to which (i) our Total Shareholder Return (as defined in the Management Agreement) is 8.0% or higher for the applicable Reference Period (as defined in the Management Agreement) and (ii) the Daily VWAP (as defined in the Management Agreement) of our common stock for the 90-day period prior to the last trading day of such calendar quarter exceeds $20.00. For any calendar quarter with respect to which either or both of the conditions in clause (i) or (ii) above is not satisfied, no incentive fee will be payable. The incentive fee will be calculated and paid quarterly in arrears (subject to pro-rating for partial periods).</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Our Manager has agreed to waive the management and incentive fees through November 15, 2026.</span></div><div style="margin-bottom:4pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Other Transactions</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accrued service provider expenses</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We have engaged and expect to continue to engage Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l. (collectively “Revantage”), portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, corporate support services, including, without limitation, accounting, legal, tax, treasury, valuation support services, information technology, transaction support services, human resources, operational services, and management services. During the three and six months ended June 30, 2026, we accrued $0.3 million of expenses due to Revantage for corporate support services and such amount is included in general and administrative expenses in the condensed consolidated statements of operations and recorded as due to affiliates on the condensed consolidated balance sheets.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Blackstone Securities Partners L.P., an affiliate of Blackstone Inc. (“BXCM”), served as an underwriter of 9,975,386 of the 100,619,900 shares of common stock issued in the IPO. BXCM received approximately $9.0 million of underwriting discounts and commissions, of which $2.0 million is payable on November 15, 2026 and is reflected within other liabilities as of June 30, 2026.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Further, the Manager and its affiliates paid approximately $17.8 million to fund 888,205 of the 100,619,900 shares of common stock issued to investors in the IPO, representing an additional 1% of each such investor’s investment amount, at no additional cost to such investors (the “Bonus Shares”). There were no Bonus Shares issued to participants in the directed share program, or to Blackstone Treasury Holdings III L.L.C., an affiliate of Blackstone Inc. (the “Blackstone Investor”).</span></div>As of June 30, 2026, the Blackstone Investor, Blackstone employees, and our directors held an aggregate 10,941,498 shares, of which the Blackstone Investor owned 9,111,800 shares of our common stock.

0.0100 25000000000.0 0.0090 25000000000.0 50000000000.0 0.0080 50000000000.0 75000000000.0 0.0070 75000000000.0 0.0025 0.080 P90D 20.00

300000

9975386

100619900

9000000.0

2000000.0

17800000

888205

100619900

0.01

10941498

9111800

Economic Dependency<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We are dependent on the Manager and its affiliates for certain services that are essential to us, including investment acquisition and disposition decisions, and certain other responsibilities. In the event that the Manager and its affiliates are unable to provide such services, we would be required to find alternative service providers.</span></div>

Segment Reporting<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We have determined that we have one reportable segment based on how the CODM reviews and manages the business. Our CODM reviews, among other things, net income that is reported on the condensed consolidated statements of operations to make decisions, allocate resources and assess performance. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.</span></div>

Commitments and Contingencies<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2026, we were not subject to any material litigation, nor are we aware of any material litigation threatened against us.</span></div>

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