<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019e4139-ca3d-704d-badd-96aeee783c14,g:2865371a-50eb-42d4-a1c4-aaba02b3e0ca-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.blackstone.com/role/CondensedConsolidatedBalanceSheetsUnaudited" xlink:type="simple" xlink:href="breit-20260630.xsd#CondensedConsolidatedBalanceSheetsUnaudited"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/CondensedConsolidatedBalanceSheetsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019e4139-de3d-7ed3-ad6d-c94c2a72d5bc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_019e4139-de3d-7bd7-bd6a-41fbd979b842" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4139-de3d-7ed3-ad6d-c94c2a72d5bc" xlink:to="loc_us-gaap_CommonStockValue_019e4139-de3d-7bd7-bd6a-41fbd979b842" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_019e4139-de3d-7fe1-8c96-9473c2063f33" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4139-de3d-7ed3-ad6d-c94c2a72d5bc" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock_019e4139-de3d-7fe1-8c96-9473c2063f33" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7bcc-9d5c-22b6d910c006" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4139-de3d-7ed3-ad6d-c94c2a72d5bc" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7bcc-9d5c-22b6d910c006" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019e4139-de3d-79db-9e56-d5714a4097a2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4139-de3d-7ed3-ad6d-c94c2a72d5bc" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019e4139-de3d-79db-9e56-d5714a4097a2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019e4139-de3d-7217-b352-ff65dc84a4d8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_019e4139-de3d-75a9-9323-ba181bdef964" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4139-de3d-7217-b352-ff65dc84a4d8" xlink:to="loc_us-gaap_OtherLiabilities_019e4139-de3d-75a9-9323-ba181bdef964" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnsecuredDebt_019e4139-de3d-76b0-8c54-262a88683ffb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnsecuredDebt"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4139-de3d-7217-b352-ff65dc84a4d8" xlink:to="loc_us-gaap_UnsecuredDebt_019e4139-de3d-76b0-8c54-262a88683ffb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_019e4139-de3d-747a-9c7d-fbe824aca343" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuredDebtRepurchaseAgreements"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4139-de3d-7217-b352-ff65dc84a4d8" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_019e4139-de3d-747a-9c7d-fbe824aca343" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingLiabilityAtFairValueAmount_019e4139-de3d-719f-896e-2dcbab0ac25d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingLiabilityAtFairValueAmount"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4139-de3d-7217-b352-ff65dc84a4d8" xlink:to="loc_us-gaap_ServicingLiabilityAtFairValueAmount_019e4139-de3d-719f-896e-2dcbab0ac25d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredLongTermDebt_019e4139-de3d-7c98-a761-f364419d8b46" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuredLongTermDebt"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4139-de3d-7217-b352-ff65dc84a4d8" xlink:to="loc_us-gaap_SecuredLongTermDebt_019e4139-de3d-7c98-a761-f364419d8b46" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-76b3-9ebd-8eaef660645c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019e4139-de3d-7fb3-a121-746d85a5d7c9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-76b3-9ebd-8eaef660645c" xlink:to="loc_us-gaap_StockholdersEquity_019e4139-de3d-7fb3-a121-746d85a5d7c9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestInJointVentures_019e4139-de3d-779a-8922-ec697c852406" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterestInJointVentures"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-76b3-9ebd-8eaef660645c" xlink:to="loc_us-gaap_MinorityInterestInJointVentures_019e4139-de3d-779a-8922-ec697c852406" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestInOperatingPartnerships_019e4139-de3d-7ffe-836e-c9d95038cf0e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterestInOperatingPartnerships"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-76b3-9ebd-8eaef660645c" xlink:to="loc_us-gaap_MinorityInterestInOperatingPartnerships_019e4139-de3d-7ffe-836e-c9d95038cf0e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_019e4139-de3d-7992-9896-36be86dcea6e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_OtherAssets_019e4139-de3d-7992-9896-36be86dcea6e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmount_019e4139-de3d-71fd-8fa1-0e2d89e22502" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingAssetAtFairValueAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_ServicingAssetAtFairValueAmount_019e4139-de3d-71fd-8fa1-0e2d89e22502" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4139-de3d-781d-84b2-b69638727f9c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4139-de3d-781d-84b2-b69638727f9c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecurities_019e4139-de3d-75c3-b2e1-dfce0c904eb7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TradingSecurities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_TradingSecurities_019e4139-de3d-75c3-b2e1-dfce0c904eb7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyNet_019e4139-de3d-7b3c-aa39-8bfcaf166ef7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyNet"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyNet_019e4139-de3d-7b3c-aa39-8bfcaf166ef7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures_019e4139-de3d-7723-9147-f5b8a65ce71b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures_019e4139-de3d-7723-9147-f5b8a65ce71b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4139-de3d-744f-8144-f2b2967b4174" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4139-de3d-7772-9698-b5e3b980cadf" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4139-de3d-744f-8144-f2b2967b4174" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4139-de3d-7cb8-9395-281bad78e0d2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019e4139-de3d-73b3-acfd-4e072dd23444" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4139-de3d-7cb8-9395-281bad78e0d2" xlink:to="loc_us-gaap_Liabilities_019e4139-de3d-73b3-acfd-4e072dd23444" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_019e4139-de3d-7cb0-ac56-79fdb4e538f3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4139-de3d-7cb8-9395-281bad78e0d2" xlink:to="loc_us-gaap_CommitmentsAndContingencies_019e4139-de3d-7cb0-ac56-79fdb4e538f3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019e4139-de3d-7426-8ec1-d99635416f42" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4139-de3d-7cb8-9395-281bad78e0d2" xlink:to="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019e4139-de3d-7426-8ec1-d99635416f42" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-73d9-8699-5ed41711847c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4139-de3d-7cb8-9395-281bad78e0d2" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-73d9-8699-5ed41711847c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/CondensedConsolidatedStatementsofOperationsUnaudited" xlink:type="simple" xlink:href="breit-20260630.xsd#CondensedConsolidatedStatementsofOperationsUnaudited"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/CondensedConsolidatedStatementsofOperationsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4139-de3d-7028-a0c3-b2dd9b414172" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-7aca-95ab-d946b5a546fe" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-de3d-7028-a0c3-b2dd9b414172" xlink:to="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-7aca-95ab-d946b5a546fe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7799-9b4b-a54305d19789" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-de3d-7028-a0c3-b2dd9b414172" xlink:to="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7799-9b4b-a54305d19789" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019e4139-de3d-7831-b761-9e76e32c84a3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-de3d-7028-a0c3-b2dd9b414172" xlink:to="loc_us-gaap_Revenues_019e4139-de3d-7831-b761-9e76e32c84a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold_019e4139-de3d-79fb-a8d9-42a4eb66862c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSold_019e4139-de3d-79fb-a8d9-42a4eb66862c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_019e4139-de3d-7eaf-bda3-d90430d99d04" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_019e4139-de3d-7eaf-bda3-d90430d99d04" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_019e4139-de3d-731a-bb38-621323e678fa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:to="loc_us-gaap_DepreciationAndAmortization_019e4139-de3d-731a-bb38-621323e678fa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementFeeExpense_019e4139-de3d-76c3-a02b-92ccd0647bb9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ManagementFeeExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:to="loc_us-gaap_ManagementFeeExpense_019e4139-de3d-76c3-a02b-92ccd0647bb9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_PerformanceParticipationAllocation_019e4139-de3d-70c1-b0e6-34dcdca8bff6" xlink:href="breit-20260630.xsd#breit_PerformanceParticipationAllocation"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:to="loc_breit_PerformanceParticipationAllocation_019e4139-de3d-70c1-b0e6-34dcdca8bff6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges_019e4139-de3d-709d-8649-a21d651fd92d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TangibleAssetImpairmentCharges"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4139-de3d-7eb1-a283-acd9f7782ae3" xlink:to="loc_us-gaap_TangibleAssetImpairmentCharges_019e4139-de3d-709d-8649-a21d651fd92d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019e4139-de3d-7cc6-8778-0164b0ccd9a9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4139-de3d-7d58-9fb1-cce424f8e62e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e4139-de3d-7cc6-8778-0164b0ccd9a9" xlink:to="loc_us-gaap_ProfitLoss_019e4139-de3d-7d58-9fb1-cce424f8e62e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable_019e4139-de3d-758e-9770-39d6e7b090b1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e4139-de3d-7cc6-8778-0164b0ccd9a9" xlink:to="loc_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable_019e4139-de3d-758e-9770-39d6e7b090b1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_019e4139-de3d-7cce-9f94-cab4c80afe4e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e4139-de3d-7cc6-8778-0164b0ccd9a9" xlink:to="loc_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_019e4139-de3d-7cce-9f94-cab4c80afe4e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_019e4139-de3d-7090-8203-7929b8e2912a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_019e4139-de3d-7090-8203-7929b8e2912a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e4139-de3d-7edd-955e-d800972eab9a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e4139-de3d-7edd-955e-d800972eab9a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019e4139-de3d-7e92-a592-0a0d1fd3366a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_019e4139-de3d-7e92-a592-0a0d1fd3366a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_019e4139-de3d-7ff5-8c8a-284c6e7a101a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_DerivativeGainLossOnDerivativeNet_019e4139-de3d-7ff5-8c8a-284c6e7a101a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_IncomeLossFromInvestmentInRealEstateDebt_019e4139-de3d-7454-b721-ee49b26120ff" xlink:href="breit-20260630.xsd#breit_IncomeLossFromInvestmentInRealEstateDebt"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_breit_IncomeLossFromInvestmentInRealEstateDebt_019e4139-de3d-7454-b721-ee49b26120ff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e4139-de3d-7060-97d1-a6c35bec4746" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e4139-de3d-7060-97d1-a6c35bec4746" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSecuritizationOfFinancialAssets_019e4139-de3d-723a-a06e-fd8db12da14d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnSecuritizationOfFinancialAssets"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_GainLossOnSecuritizationOfFinancialAssets_019e4139-de3d-723a-a06e-fd8db12da14d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNonoperatingNet_019e4139-de3d-79bc-8f2e-be47eeae9f19" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeExpenseNonoperatingNet"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e4139-de3d-713f-82ee-0929e8428b23" xlink:to="loc_us-gaap_InterestIncomeExpenseNonoperatingNet_019e4139-de3d-79bc-8f2e-be47eeae9f19" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeLossUnaudited" xlink:type="simple" xlink:href="breit-20260630.xsd#CondensedConsolidatedStatementsofComprehensiveIncomeLossUnaudited"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeLossUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-7b73-9b52-2da571f7213b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4139-de3d-716f-8a54-41ddfb61f1cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-7b73-9b52-2da571f7213b" xlink:to="loc_us-gaap_ProfitLoss_019e4139-de3d-716f-8a54-41ddfb61f1cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7917-8412-64d96f36c7d8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-7b73-9b52-2da571f7213b" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7917-8412-64d96f36c7d8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e4139-de3d-7163-875c-7db44306b5e7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-7a18-8a52-921178c9e88d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e4139-de3d-7163-875c-7db44306b5e7" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e4139-de3d-7a18-8a52-921178c9e88d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenturesPartnersRedeemable_019e4139-de3d-7cff-89c1-511938d1693f" xlink:href="breit-20260630.xsd#breit_ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenturesPartnersRedeemable"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e4139-de3d-7163-875c-7db44306b5e7" xlink:to="loc_breit_ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestJointVenturesPartnersRedeemable_019e4139-de3d-7cff-89c1-511938d1693f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnershipsRedeemable_019e4139-de3d-7d7a-a30e-49efd12c8b3f" xlink:href="breit-20260630.xsd#breit_ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnershipsRedeemable"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e4139-de3d-7163-875c-7db44306b5e7" xlink:to="loc_breit_ComprehensiveIncomeLossNetOfTaxAttributableToNoncontrollingInterestOperatingPartnershipsRedeemable_019e4139-de3d-7d7a-a30e-49efd12c8b3f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7ce9-9074-a32bb5530d14" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_019e4139-de3d-7248-8bbc-212f9f9b5d94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7ce9-9074-a32bb5530d14" xlink:to="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_019e4139-de3d-7248-8bbc-212f9f9b5d94" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTaxUnconsolidatedEntities_019e4139-de3d-705c-a3c2-4700a31734e6" xlink:href="breit-20260630.xsd#breit_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTaxUnconsolidatedEntities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7ce9-9074-a32bb5530d14" xlink:to="loc_breit_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTaxUnconsolidatedEntities_019e4139-de3d-705c-a3c2-4700a31734e6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_019e4139-de3d-772d-b968-e975263206c8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e4139-de3d-7ce9-9074-a32bb5530d14" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_019e4139-de3d-772d-b968-e975263206c8" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/CondensedConsolidatedStatementsofCashFlowsUnaudited" xlink:type="simple" xlink:href="breit-20260630.xsd#CondensedConsolidatedStatementsofCashFlowsUnaudited"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/CondensedConsolidatedStatementsofCashFlowsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_PaymentsToAcquireRealEstateExcludingCapitalImprovements_019e4139-de3d-71dd-ae04-92d3fa2b3f2a" xlink:href="breit-20260630.xsd#breit_PaymentsToAcquireRealEstateExcludingCapitalImprovements"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_breit_PaymentsToAcquireRealEstateExcludingCapitalImprovements_019e4139-de3d-71dd-ae04-92d3fa2b3f2a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForCapitalImprovements_019e4139-de3d-7a95-a885-569431ae817d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForCapitalImprovements"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_us-gaap_PaymentsForCapitalImprovements_019e4139-de3d-7a95-a885-569431ae817d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_019e4139-de3d-7edb-9007-dac431587ca7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_019e4139-de3d-7edb-9007-dac431587ca7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_019e4139-de3d-721b-974a-d5c9d9145f94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_019e4139-de3d-721b-974a-d5c9d9145f94" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019e4139-de3d-7de5-8f9f-690178b7594f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019e4139-de3d-7de5-8f9f-690178b7594f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_PaymentsToAcquireInvestmentInRealEstateRelatedDebt_019e4139-de3d-7e02-a0b4-a4259a418543" xlink:href="breit-20260630.xsd#breit_PaymentsToAcquireInvestmentInRealEstateRelatedDebt"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_breit_PaymentsToAcquireInvestmentInRealEstateRelatedDebt_019e4139-de3d-7e02-a0b4-a4259a418543" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ProceedsFromSettlementOfRealEstateRelated_019e4139-de3d-7c64-85bb-6fc51562b4e8" xlink:href="breit-20260630.xsd#breit_ProceedsFromSettlementOfRealEstateRelated"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_breit_ProceedsFromSettlementOfRealEstateRelated_019e4139-de3d-7c64-85bb-6fc51562b4e8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSecuritizationsOfLoansHeldForInvestment_019e4139-de3d-7a91-8079-a297cec17faa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromSecuritizationsOfLoansHeldForInvestment"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_us-gaap_ProceedsFromSecuritizationsOfLoansHeldForInvestment_019e4139-de3d-7a91-8079-a297cec17faa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_CollateralReleasedPostedUnderDerivativeContracts_019ecf50-a517-74df-99f4-cb2e87c92081" xlink:href="breit-20260630.xsd#breit_CollateralReleasedPostedUnderDerivativeContracts"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_breit_CollateralReleasedPostedUnderDerivativeContracts_019ecf50-a517-74df-99f4-cb2e87c92081" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_019e4139-de3d-7b84-a74b-fdcb2c64b2bf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-79d1-a673-7f501af92a37" xlink:to="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_019e4139-de3d-7b84-a74b-fdcb2c64b2bf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019e4139-de3d-786e-86f0-72bc6f4e3533" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4139-de3d-764d-8d9b-be04f2095be8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019e4139-de3d-786e-86f0-72bc6f4e3533" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4139-de3d-764d-8d9b-be04f2095be8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4139-de3d-7ec1-9420-171612d9fbd6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019e4139-de3d-786e-86f0-72bc6f4e3533" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4139-de3d-7ec1-9420-171612d9fbd6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_BorrowingsFromMortgageNotesTermLoansAndSecuredRevolvingCreditFacilities_019e4139-de3d-799e-922c-5dac6edbd549" xlink:href="breit-20260630.xsd#breit_BorrowingsFromMortgageNotesTermLoansAndSecuredRevolvingCreditFacilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_BorrowingsFromMortgageNotesTermLoansAndSecuredRevolvingCreditFacilities_019e4139-de3d-799e-922c-5dac6edbd549" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_RepaymentsOfMortgageNotesTermLoansAndSecuredRevolvingCreditFacilities_019e4139-de3d-7423-910a-dbda0fd98245" xlink:href="breit-20260630.xsd#breit_RepaymentsOfMortgageNotesTermLoansAndSecuredRevolvingCreditFacilities"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_RepaymentsOfMortgageNotesTermLoansAndSecuredRevolvingCreditFacilities_019e4139-de3d-7423-910a-dbda0fd98245" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ProceedsUnderSecuredFinancingsOnInvestmentsInRealEstateDebt_019e4139-de3d-755f-8297-38c92646abf6" xlink:href="breit-20260630.xsd#breit_ProceedsUnderSecuredFinancingsOnInvestmentsInRealEstateDebt"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_ProceedsUnderSecuredFinancingsOnInvestmentsInRealEstateDebt_019e4139-de3d-755f-8297-38c92646abf6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_RepaymentsOfSecuredFinancingsOnInvestmentsInRealEstateDebt_019e4139-de3d-7a7e-baa5-403027d35307" xlink:href="breit-20260630.xsd#breit_RepaymentsOfSecuredFinancingsOnInvestmentsInRealEstateDebt"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_RepaymentsOfSecuredFinancingsOnInvestmentsInRealEstateDebt_019e4139-de3d-7a7e-baa5-403027d35307" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ProceedsFromUnsecuredRevolvingCreditFacilities_019e4139-de3d-720e-96f6-3da187194f3b" xlink:href="breit-20260630.xsd#breit_ProceedsFromUnsecuredRevolvingCreditFacilities"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_ProceedsFromUnsecuredRevolvingCreditFacilities_019e4139-de3d-720e-96f6-3da187194f3b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_RepaymentsOfUnsecuredRevolvingLinesOfCredit_019e4139-de3d-7ce1-bd6d-c0aff89a44ce" xlink:href="breit-20260630.xsd#breit_RepaymentsOfUnsecuredRevolvingLinesOfCredit"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_RepaymentsOfUnsecuredRevolvingLinesOfCredit_019e4139-de3d-7ce1-bd6d-c0aff89a44ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_019e4139-de3d-7513-90bf-c11f8e042c8e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsOfFinancingCosts_019e4139-de3d-7513-90bf-c11f8e042c8e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromAccountsReceivableSecuritization_019f875d-afcf-71b6-983c-5eb8e7438cb6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromAccountsReceivableSecuritization"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_ProceedsFromAccountsReceivableSecuritization_019f875d-afcf-71b6-983c-5eb8e7438cb6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfAccountsReceivableSecuritization_019e4139-de3d-72da-9ec6-1f65ee15d538" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfAccountsReceivableSecuritization"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_RepaymentsOfAccountsReceivableSecuritization_019e4139-de3d-72da-9ec6-1f65ee15d538" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019e4139-de3d-751b-9d62-055dd0f029e4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019e4139-de3d-751b-9d62-055dd0f029e4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ProceedsFromSubscriptionsReceivedInAdvance_019e4139-de3d-7868-93cb-1258d85b5b56" xlink:href="breit-20260630.xsd#breit_ProceedsFromSubscriptionsReceivedInAdvance"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_ProceedsFromSubscriptionsReceivedInAdvance_019e4139-de3d-7868-93cb-1258d85b5b56" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts_019e4139-de3d-7929-91d5-e5037019c17d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfStockIssuanceCosts"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts_019e4139-de3d-7929-91d5-e5037019c17d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividends_019e4139-de3d-7b7d-b6ce-af6d442799cc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfDividends"/>
    <link:calculationArc order="13" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsOfDividends_019e4139-de3d-7b7d-b6ce-af6d442799cc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019e4139-de3d-782e-ad34-bd43e5f198bc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="14" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019e4139-de3d-782e-ad34-bd43e5f198bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_019e4139-de3d-7a14-b195-9f95c14c7f5c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation"/>
    <link:calculationArc order="15" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_019e4139-de3d-7a14-b195-9f95c14c7f5c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ProceedsFromRedeemableNoncontrollingInterests_019e4139-de3d-751a-b529-2cae8a1779cb" xlink:href="breit-20260630.xsd#breit_ProceedsFromRedeemableNoncontrollingInterests"/>
    <link:calculationArc order="16" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_ProceedsFromRedeemableNoncontrollingInterests_019e4139-de3d-751a-b529-2cae8a1779cb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_019e4139-de3d-709c-b9e3-791c73a7af74" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest"/>
    <link:calculationArc order="17" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_019e4139-de3d-709c-b9e3-791c73a7af74" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_PaymentForRepurchaseOfAffiliateServiceProviderIncentiveCompensationAwards_019e4139-de3d-7797-8233-bac954868303" xlink:href="breit-20260630.xsd#breit_PaymentForRepurchaseOfAffiliateServiceProviderIncentiveCompensationAwards"/>
    <link:calculationArc order="18" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_breit_PaymentForRepurchaseOfAffiliateServiceProviderIncentiveCompensationAwards_019e4139-de3d-7797-8233-bac954868303" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMinorityShareholders_019e4139-de3d-72fe-ba11-c657a32f1f55" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromMinorityShareholders"/>
    <link:calculationArc order="19" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_ProceedsFromMinorityShareholders_019e4139-de3d-72fe-ba11-c657a32f1f55" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders_019e4139-de3d-760a-bf0e-da4c0491ceb9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:calculationArc order="20" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-791d-bab8-74aed702f51f" xlink:to="loc_us-gaap_PaymentsToMinorityShareholders_019e4139-de3d-760a-bf0e-da4c0491ceb9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e4139-de3d-715a-949a-fd583ef305a2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-77d2-a368-3ce04cd82c73" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e4139-de3d-715a-949a-fd583ef305a2" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-77d2-a368-3ce04cd82c73" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-74b2-ad3c-56a3b4e55819" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e4139-de3d-715a-949a-fd583ef305a2" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4139-de3d-74b2-ad3c-56a3b4e55819" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-7c19-a02d-37d3f8d9b7ac" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e4139-de3d-715a-949a-fd583ef305a2" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4139-de3d-7c19-a02d-37d3f8d9b7ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4139-de3d-7534-bfb7-35c3876e0f4d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_ProfitLoss_019e4139-de3d-7534-bfb7-35c3876e0f4d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementFeeExpense_019e4139-de3d-79fb-a1b3-e0a9467697b2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ManagementFeeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_ManagementFeeExpense_019e4139-de3d-79fb-a1b3-e0a9467697b2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_PerformanceParticipationAllocation_019e4139-de3d-798e-a1cd-1e68ad9c37ee" xlink:href="breit-20260630.xsd#breit_PerformanceParticipationAllocation"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_breit_PerformanceParticipationAllocation_019e4139-de3d-798e-a1cd-1e68ad9c37ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges_019e4139-de3d-7002-bf97-d10e48d44927" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TangibleAssetImpairmentCharges"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_TangibleAssetImpairmentCharges_019e4139-de3d-7002-bf97-d10e48d44927" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_019e4139-de3d-7c96-b716-f297e63838fe" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_DepreciationAndAmortization_019e4139-de3d-7c96-b716-f297e63838fe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_019e4139-de3d-70e4-a7d5-cb9b28da8ab4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_019e4139-de3d-70e4-a7d5-cb9b28da8ab4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e4139-de3d-7fd4-803c-d30f474ae4bf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e4139-de3d-7fd4-803c-d30f474ae4bf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnInvestments_019e4139-de3d-7123-ab26-97ca9495f12d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnrealizedGainLossOnInvestments"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_UnrealizedGainLossOnInvestments_019e4139-de3d-7123-ab26-97ca9495f12d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ResultsOfOperationsFromEquityMethodInvestmentsExcludingAmortization_019e4139-de3d-7181-8b0f-8bfc1dd2dc80" xlink:href="breit-20260630.xsd#breit_ResultsOfOperationsFromEquityMethodInvestmentsExcludingAmortization"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_breit_ResultsOfOperationsFromEquityMethodInvestmentsExcludingAmortization_019e4139-de3d-7181-8b0f-8bfc1dd2dc80" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_019e4139-de3d-7179-92fc-0c24dcd72994" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_019e4139-de3d-7179-92fc-0c24dcd72994" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement_019e4139-de3d-7858-aa43-e03cc746dd2c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherOperatingActivitiesCashFlowStatement"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement_019e4139-de3d-7858-aa43-e03cc746dd2c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_019e4139-de3d-708a-b4ff-b5ae34cffad3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_019e4139-de3d-708a-b4ff-b5ae34cffad3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToAffiliates_019e4139-de3d-734a-ab3a-e1121127ee3f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInDueToAffiliates"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToAffiliates_019e4139-de3d-734a-ab3a-e1121127ee3f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_019e4139-de3d-7996-ac6d-35ae6e2b2217" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
    <link:calculationArc order="14" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4139-de3d-707b-bde4-53a23a778afa" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_019e4139-de3d-7996-ac6d-35ae6e2b2217" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/SummaryofSignificantAccountingPoliciesScheduleofAssetsandLiabilitiesMeasuredatFairValueonaRecurringBasisDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#SummaryofSignificantAccountingPoliciesScheduleofAssetsandLiabilitiesMeasuredatFairValueonaRecurringBasisDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/SummaryofSignificantAccountingPoliciesScheduleofAssetsandLiabilitiesMeasuredatFairValueonaRecurringBasisDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_019e4139-de3d-738f-98e7-ed6ecc348cb1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecurities_019e4139-de3d-7120-8a88-0f537c07e32b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TradingSecurities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e4139-de3d-738f-98e7-ed6ecc348cb1" xlink:to="loc_us-gaap_TradingSecurities_019e4139-de3d-7120-8a88-0f537c07e32b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmount_019e4139-de3d-7ad4-aa7c-56c1262c3ddd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingAssetAtFairValueAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e4139-de3d-738f-98e7-ed6ecc348cb1" xlink:to="loc_us-gaap_ServicingAssetAtFairValueAmount_019e4139-de3d-7ad4-aa7c-56c1262c3ddd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_019e4139-de3d-7ec9-80c4-93ba65fa0e8f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e4139-de3d-738f-98e7-ed6ecc348cb1" xlink:to="loc_us-gaap_InvestmentsFairValueDisclosure_019e4139-de3d-7ec9-80c4-93ba65fa0e8f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019e4139-de3d-70ea-a5e0-25018760658f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e4139-de3d-738f-98e7-ed6ecc348cb1" xlink:to="loc_us-gaap_DerivativeAssets_019e4139-de3d-70ea-a5e0-25018760658f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_019e4139-de3d-7785-b0d4-98f5f14a9f6c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e4139-de3d-7722-8514-ec2afffbddbc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019e4139-de3d-7785-b0d4-98f5f14a9f6c" xlink:to="loc_us-gaap_DerivativeLiabilities_019e4139-de3d-7722-8514-ec2afffbddbc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingLiabilityAtFairValueAmount_019e4139-de3d-7cba-8b7e-5cfed3a09680" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingLiabilityAtFairValueAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019e4139-de3d-7785-b0d4-98f5f14a9f6c" xlink:to="loc_us-gaap_ServicingLiabilityAtFairValueAmount_019e4139-de3d-7cba-8b7e-5cfed3a09680" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/InvestmentsinRealEstateScheduleofInvestmentsinRealEstateNetDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#InvestmentsinRealEstateScheduleofInvestmentsinRealEstateNetDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/InvestmentsinRealEstateScheduleofInvestmentsinRealEstateNetDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyNet_019e4139-df0d-73ff-b50e-34aed2acb24b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-71c6-bcbf-d7fd35c5376b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAtCost"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyNet_019e4139-df0d-73ff-b50e-34aed2acb24b" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-71c6-bcbf-d7fd35c5376b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_019e4139-df0d-7024-8f19-397acd1ecd50" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyNet_019e4139-df0d-73ff-b50e-34aed2acb24b" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_019e4139-df0d-7024-8f19-397acd1ecd50" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-7240-8aea-2af1c36cc92f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAtCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentBuildingAndBuildingImprovements_019e4139-df0d-73cb-867c-3c228d434ece" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentBuildingAndBuildingImprovements"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-7240-8aea-2af1c36cc92f" xlink:to="loc_us-gaap_InvestmentBuildingAndBuildingImprovements_019e4139-df0d-73cb-867c-3c228d434ece" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LandAndLandImprovements_019e4139-df0d-7d77-9c5b-1651bd7cca3c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LandAndLandImprovements"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-7240-8aea-2af1c36cc92f" xlink:to="loc_us-gaap_LandAndLandImprovements_019e4139-df0d-7d77-9c5b-1651bd7cca3c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FixturesAndEquipmentGross_019e4139-df0d-71df-b328-00d113a8e94c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FixturesAndEquipmentGross"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-7240-8aea-2af1c36cc92f" xlink:to="loc_us-gaap_FixturesAndEquipmentGross_019e4139-df0d-71df-b328-00d113a8e94c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset_019e4139-df0d-778f-96af-ee613ae99e2e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-7240-8aea-2af1c36cc92f" xlink:to="loc_us-gaap_OperatingLeaseRightOfUseAsset_019e4139-df0d-778f-96af-ee613ae99e2e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAsset_019e4139-df0d-7e9a-9b02-129e1fa2fe4b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseRightOfUseAsset"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e4139-df0d-7240-8aea-2af1c36cc92f" xlink:to="loc_us-gaap_FinanceLeaseRightOfUseAsset_019e4139-df0d-7e9a-9b02-129e1fa2fe4b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/InvestmentsinRealEstateScheduleofAssetsandLiabilitiesofPropertiesClassifiedasHeldforSaleDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#InvestmentsinRealEstateScheduleofAssetsandLiabilitiesofPropertiesClassifiedasHeldforSaleDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/InvestmentsinRealEstateScheduleofAssetsandLiabilitiesofPropertiesClassifiedasHeldforSaleDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_019e4139-df0d-7d13-a7d6-f2106d596ce3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_AssetsHeldForSaleNotPartOfDisposalGroupInvestmentsInRealEstateNet_019e4139-df0d-73b5-bfd2-4f752dd4c43a" xlink:href="breit-20260630.xsd#breit_AssetsHeldForSaleNotPartOfDisposalGroupInvestmentsInRealEstateNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_019e4139-df0d-7d13-a7d6-f2106d596ce3" xlink:to="loc_breit_AssetsHeldForSaleNotPartOfDisposalGroupInvestmentsInRealEstateNet_019e4139-df0d-73b5-bfd2-4f752dd4c43a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_AssetsHeldForSaleNotPartOfDisposalGroupOtherAssets_019e4139-df0d-701d-b917-583676e49e2a" xlink:href="breit-20260630.xsd#breit_AssetsHeldForSaleNotPartOfDisposalGroupOtherAssets"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_019e4139-df0d-7d13-a7d6-f2106d596ce3" xlink:to="loc_breit_AssetsHeldForSaleNotPartOfDisposalGroupOtherAssets_019e4139-df0d-701d-b917-583676e49e2a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_019e4139-df0d-7657-82e3-7224fdb8d302" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_LiabilitiesAssociatedWithPropertiesHeldForSaleMortgageNotesNet_019e4139-df0d-717f-90ca-cb55e1ce128c" xlink:href="breit-20260630.xsd#breit_LiabilitiesAssociatedWithPropertiesHeldForSaleMortgageNotesNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_019e4139-df0d-7657-82e3-7224fdb8d302" xlink:to="loc_breit_LiabilitiesAssociatedWithPropertiesHeldForSaleMortgageNotesNet_019e4139-df0d-717f-90ca-cb55e1ce128c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_LiabilitiesAssociatedWithPropertiesHeldForSaleOtherLiabilities_019e4139-df0d-7b6f-b5f6-c713ecbd3ddb" xlink:href="breit-20260630.xsd#breit_LiabilitiesAssociatedWithPropertiesHeldForSaleOtherLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_019e4139-df0d-7657-82e3-7224fdb8d302" xlink:to="loc_breit_LiabilitiesAssociatedWithPropertiesHeldForSaleOtherLiabilities_019e4139-df0d-7b6f-b5f6-c713ecbd3ddb" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/InvestmentsinRealEstateDebtatFairValueScheduleofRealEstateInvestmentDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#InvestmentsinRealEstateDebtatFairValueScheduleofRealEstateInvestmentDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/InvestmentsinRealEstateDebtatFairValueScheduleofRealEstateInvestmentDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4139-df0d-771d-9bf2-862827c0fcdf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingGainLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest_019e4139-df0d-79ed-8deb-3c33704dd108" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentIncomeInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4139-df0d-771d-9bf2-862827c0fcdf" xlink:to="loc_us-gaap_InvestmentIncomeInterest_019e4139-df0d-79ed-8deb-3c33704dd108" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_019e4139-df0d-7a01-895c-0b78f5afd250" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingUnrealizedGainLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4139-df0d-771d-9bf2-862827c0fcdf" xlink:to="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_019e4139-df0d-7a01-895c-0b78f5afd250" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingRealizedGainLoss_019e4139-df0d-72ac-b6b1-7e5b8e911bc4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingRealizedGainLoss"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4139-df0d-771d-9bf2-862827c0fcdf" xlink:to="loc_us-gaap_DebtSecuritiesTradingRealizedGainLoss_019e4139-df0d-72ac-b6b1-7e5b8e911bc4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_DebtSecuritiesTradingIncomeLossFromInvestmentsInReadEstateDebt_019e4139-df0d-71da-bedd-d5b7c99ef8bc" xlink:href="breit-20260630.xsd#breit_DebtSecuritiesTradingIncomeLossFromInvestmentsInReadEstateDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4139-df0d-7b51-af41-831f9b525901" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingGainLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_DebtSecuritiesTradingIncomeLossFromInvestmentsInReadEstateDebt_019e4139-df0d-71da-bedd-d5b7c99ef8bc" xlink:to="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4139-df0d-7b51-af41-831f9b525901" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_DebtSecuritiesTradingOtherLoss_019e4139-df0d-7a06-92c1-1b5ec966d463" xlink:href="breit-20260630.xsd#breit_DebtSecuritiesTradingOtherLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_DebtSecuritiesTradingIncomeLossFromInvestmentsInReadEstateDebt_019e4139-df0d-71da-bedd-d5b7c99ef8bc" xlink:to="loc_breit_DebtSecuritiesTradingOtherLoss_019e4139-df0d-7a06-92c1-1b5ec966d463" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_DebtSecuritiesTradingIncomeLossFromDerivatives_019e4139-df0d-7d0b-ac3e-a5bac12a9f09" xlink:href="breit-20260630.xsd#breit_DebtSecuritiesTradingIncomeLossFromDerivatives"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_DebtSecuritiesTradingIncomeLossFromInvestmentsInReadEstateDebt_019e4139-df0d-71da-bedd-d5b7c99ef8bc" xlink:to="loc_breit_DebtSecuritiesTradingIncomeLossFromDerivatives_019e4139-df0d-7d0b-ac3e-a5bac12a9f09" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_DebtSecuritiesTradingIncomeLossFromSecuredFinancingsOfInvestmentsInRealEstateDebt_019e4139-df0d-733d-b045-39e59067b481" xlink:href="breit-20260630.xsd#breit_DebtSecuritiesTradingIncomeLossFromSecuredFinancingsOfInvestmentsInRealEstateDebt"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_DebtSecuritiesTradingIncomeLossFromInvestmentsInReadEstateDebt_019e4139-df0d-71da-bedd-d5b7c99ef8bc" xlink:to="loc_breit_DebtSecuritiesTradingIncomeLossFromSecuredFinancingsOfInvestmentsInRealEstateDebt_019e4139-df0d-733d-b045-39e59067b481" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/ConsolidatedSecuritizationVehiclesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#ConsolidatedSecuritizationVehiclesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/ConsolidatedSecuritizationVehiclesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_breit_LoansHeldByServicingAssetAtFairValueNet_019e4139-df0d-79ea-a507-0e34e07e7dac" xlink:href="breit-20260630.xsd#breit_LoansHeldByServicingAssetAtFairValueNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingLiabilityAtFairValueAmount_019e4139-df0d-74d9-9d5e-ccd8551fa8f9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingLiabilityAtFairValueAmount"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_LoansHeldByServicingAssetAtFairValueNet_019e4139-df0d-79ea-a507-0e34e07e7dac" xlink:to="loc_us-gaap_ServicingLiabilityAtFairValueAmount_019e4139-df0d-74d9-9d5e-ccd8551fa8f9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmount_019e4139-df0d-7fd3-a60a-f3da2aaa30a3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingAssetAtFairValueAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_LoansHeldByServicingAssetAtFairValueNet_019e4139-df0d-79ea-a507-0e34e07e7dac" xlink:to="loc_us-gaap_ServicingAssetAtFairValueAmount_019e4139-df0d-7fd3-a60a-f3da2aaa30a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio_019e4139-df0d-7059-8d50-652a7a6255b6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized_019e4139-df0d-7f1f-97b8-2c16fe55756a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrincipalAmountOutstandingOnLoansSecuritized"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio_019e4139-df0d-7059-8d50-652a7a6255b6" xlink:to="loc_us-gaap_PrincipalAmountOutstandingOnLoansSecuritized_019e4139-df0d-7f1f-97b8-2c16fe55756a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_019e4139-df0d-7323-af4b-7a65dc64bc4c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio_019e4139-df0d-7059-8d50-652a7a6255b6" xlink:to="loc_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_019e4139-df0d-7323-af4b-7a65dc64bc4c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/MortgageLoansSecuredTermLoansandSecuredRevolvingCreditFacilitiesNetScheduleofCompanysMortgageNotesTermLoansandSecuredRevolvingCreditFacilitiesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#MortgageLoansSecuredTermLoansandSecuredRevolvingCreditFacilitiesNetScheduleofCompanysMortgageNotesTermLoansandSecuredRevolvingCreditFacilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/MortgageLoansSecuredTermLoansandSecuredRevolvingCreditFacilitiesNetScheduleofCompanysMortgageNotesTermLoansandSecuredRevolvingCreditFacilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_019e4139-df0d-770f-991e-204183651fff" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7151-87a0-102bfa8398f0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019e4139-df0d-770f-991e-204183651fff" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7151-87a0-102bfa8398f0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_019e4139-df0d-7176-ad39-870dd43c395b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019e4139-df0d-770f-991e-204183651fff" xlink:to="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_019e4139-df0d-7176-ad39-870dd43c395b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_019e4139-df0d-7cd4-8871-3ed1e3a6644a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredFinanceCostsNet"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019e4139-df0d-770f-991e-204183651fff" xlink:to="loc_us-gaap_DeferredFinanceCostsNet_019e4139-df0d-7cd4-8871-3ed1e3a6644a" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/MortgageLoansSecuredTermLoansandSecuredRevolvingCreditFacilitiesNetScheduleofFuturePrincipalPaymentDueUnderCompanysMortgageNotesTermLoansandSecuredRevolvingCreditFacilitiesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#MortgageLoansSecuredTermLoansandSecuredRevolvingCreditFacilitiesNetScheduleofFuturePrincipalPaymentDueUnderCompanysMortgageNotesTermLoansandSecuredRevolvingCreditFacilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/MortgageLoansSecuredTermLoansandSecuredRevolvingCreditFacilitiesNetScheduleofFuturePrincipalPaymentDueUnderCompanysMortgageNotesTermLoansandSecuredRevolvingCreditFacilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019e4139-df0d-753a-a291-c4af0c924c4e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019e4139-df0d-753a-a291-c4af0c924c4e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019e4139-df0d-71b6-9cd6-c533de0370d5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019e4139-df0d-71b6-9cd6-c533de0370d5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019e4139-df0d-7bfa-a5df-cf50807478ed" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019e4139-df0d-7bfa-a5df-cf50807478ed" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019e4139-df0d-78c9-81ab-d6023fd9a075" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019e4139-df0d-78c9-81ab-d6023fd9a075" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019e4139-df0d-7d4b-a8aa-bb191f7ccacc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019e4139-df0d-7d4b-a8aa-bb191f7ccacc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_019e4139-df0d-7efa-a0d6-d96a526a9b27" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_019e4139-df0d-7efa-a0d6-d96a526a9b27" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_019e4139-df0d-72b4-a9fd-800069d78c84" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount_019e4139-df0d-7534-a3dd-a7c2ee07acf7" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_019e4139-df0d-72b4-a9fd-800069d78c84" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/OtherAssetsandOtherLiabilitiesScheduleofComponentsofOtherAssetsDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#OtherAssetsandOtherLiabilitiesScheduleofComponentsofOtherAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/OtherAssetsandOtherLiabilitiesScheduleofComponentsofOtherAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCostsLeasingNet_019e4139-df0d-7732-9315-87378421dcd5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredCostsLeasingNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_DeferredCostsLeasingNet_019e4139-df0d-7732-9315-87378421dcd5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsMiscellaneous_019e4139-df0d-761a-8afe-a433c5e22dd7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssetsMiscellaneous"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_OtherAssetsMiscellaneous_019e4139-df0d-761a-8afe-a433c5e22dd7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentsOther_019e4139-df0d-79d5-bcc6-f60eda76fd2d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentsOther"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_RealEstateInvestmentsOther_019e4139-df0d-79d5-bcc6-f60eda76fd2d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure_019e4139-df0d-7cd8-be31-1386be5ce0c1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure_019e4139-df0d-7cd8-be31-1386be5ce0c1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7353-beec-a0735d46789b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7353-beec-a0735d46789b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NontradeReceivables_019e4139-df0d-7425-ae92-ff2aaa63c54c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NontradeReceivables"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_NontradeReceivables_019e4139-df0d-7425-ae92-ff2aaa63c54c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_019e4139-df0d-740a-a72a-9768cc738f4c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_019e4139-df0d-740a-a72a-9768cc738f4c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsHeldInTrust_019e4139-df0d-75db-80fd-63056a7de061" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsHeldInTrust"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_AssetsHeldInTrust_019e4139-df0d-75db-80fd-63056a7de061" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCostsAndOtherAssets_019e4139-df0d-7926-b515-b70a3d72236a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredCostsAndOtherAssets"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_DeferredCostsAndOtherAssets_019e4139-df0d-7926-b515-b70a3d72236a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredRentReceivablesNet_019e4139-df0d-7cf9-a903-553b5fe0ff3b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredRentReceivablesNet"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_DeferredRentReceivablesNet_019e4139-df0d-7cf9-a903-553b5fe0ff3b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsReceivableNet_019e4139-df0d-73c6-9510-2abccba635fc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsReceivableNet"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_AccountsReceivableNet_019e4139-df0d-73c6-9510-2abccba635fc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019e4139-df0d-7443-9d4c-7141fa0564fc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherAssets_019e4139-df0d-7b9a-8f60-527d18031771" xlink:to="loc_us-gaap_DerivativeAssets_019e4139-df0d-7443-9d4c-7141fa0564fc" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/OtherAssetsandOtherLiabilitiesScheduleofComponentsofOtherLiabilitiesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#OtherAssetsandOtherLiabilitiesScheduleofComponentsofOtherLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/OtherAssetsandOtherLiabilitiesScheduleofComponentsofOtherLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_019e4139-df0d-7787-9d8d-f9df7cf2d7f7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_AccountsPayableAndOtherAccruedLiabilities_019e4139-df0d-7787-9d8d-f9df7cf2d7f7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability_019e4139-df0d-7d2d-aa6c-e671d33853bc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_FinanceLeaseLiability_019e4139-df0d-7d2d-aa6c-e671d33853bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdvanceRent_019e4139-df0d-70ca-948c-0db23d8c38a9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdvanceRent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_AdvanceRent_019e4139-df0d-70ca-948c-0db23d8c38a9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAccountsPayableAndAccruedLiabilities_019e4139-df0d-7cfe-a6c2-821969872dc0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAccountsPayableAndAccruedLiabilities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_OtherAccountsPayableAndAccruedLiabilities_019e4139-df0d-7cfe-a6c2-821969872dc0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AffordableHousingProgramObligation_019e4139-df0d-740c-8b66-465b813c15b2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AffordableHousingProgramObligation"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_AffordableHousingProgramObligation_019e4139-df0d-740c-8b66-465b813c15b2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4139-df0d-78cb-bdc9-fd7d5d0b721e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4139-df0d-78cb-bdc9-fd7d5d0b721e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_InvestmentInRealEstateDebtPayable_019e4139-df0d-7e08-b371-fc3a2e6680a6" xlink:href="breit-20260630.xsd#breit_InvestmentInRealEstateDebtPayable"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_breit_InvestmentInRealEstateDebtPayable_019e4139-df0d-7e08-b371-fc3a2e6680a6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_SubscriptionsReceivedInAdvance_019e4139-df0d-7663-a6a9-ac43ba648984" xlink:href="breit-20260630.xsd#breit_SubscriptionsReceivedInAdvance"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_breit_SubscriptionsReceivedInAdvance_019e4139-df0d-7663-a6a9-ac43ba648984" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e4139-df0d-7f38-91dd-ea21484788bf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_DerivativeLiabilities_019e4139-df0d-7f38-91dd-ea21484788bf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_019e4139-df0d-7210-8cb0-2361498f2514" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent_019e4139-df0d-7210-8cb0-2361498f2514" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_019e4139-df0d-743d-9468-75d3f9bfc4a9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_019e4139-df0d-743d-9468-75d3f9bfc4a9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_019e4139-df0d-7c23-b9ca-fa18d9641375" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent_019e4139-df0d-7c23-b9ca-fa18d9641375" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_019e4139-df0d-7524-8490-5bf87e9e1f81" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_019e4139-df0d-7524-8490-5bf87e9e1f81" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_FiniteLivedIntangibleLiabilitiesNet_019e4139-df0d-7b38-93bf-d878efd88d25" xlink:href="breit-20260630.xsd#breit_FiniteLivedIntangibleLiabilitiesNet"/>
    <link:calculationArc order="14" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_breit_FiniteLivedIntangibleLiabilitiesNet_019e4139-df0d-7b38-93bf-d878efd88d25" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_019e4139-df0d-756d-b64e-1a1b3a3ca73e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="15" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_OperatingLeaseLiability_019e4139-df0d-756d-b64e-1a1b3a3ca73e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecurityDepositLiability_019e4139-df0d-74b2-b730-a155c8952f07" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecurityDepositLiability"/>
    <link:calculationArc order="16" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_us-gaap_SecurityDepositLiability_019e4139-df0d-74b2-b730-a155c8952f07" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_AccruedServiceProviderExpenses_019e4139-df0d-7d41-aab9-b8b2e671125b" xlink:href="breit-20260630.xsd#breit_AccruedServiceProviderExpenses"/>
    <link:calculationArc order="17" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherLiabilities_019e4139-df0d-727a-b138-19821422fd99" xlink:to="loc_breit_AccruedServiceProviderExpenses_019e4139-df0d-7d41-aab9-b8b2e671125b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/IntangiblesScheduleofGrossCarryingAmountandAccumulatedAmortizationofIntangibleAssetsandLiabilitiesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#IntangiblesScheduleofGrossCarryingAmountandAccumulatedAmortizationofIntangibleAssetsandLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/IntangiblesScheduleofGrossCarryingAmountandAccumulatedAmortizationofIntangibleAssetsandLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e4139-df0d-7bbe-8b9a-634f6cbe527f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsGrossExcludingGoodwill"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019e4139-df0d-7cb3-bd08-75c211cdfc17" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e4139-df0d-7bbe-8b9a-634f6cbe527f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019e4139-df0d-7cb3-bd08-75c211cdfc17" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill_019e4139-df0d-7fcc-ac25-315dbcc9e747" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e4139-df0d-7bbe-8b9a-634f6cbe527f" xlink:to="loc_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill_019e4139-df0d-7fcc-ac25-315dbcc9e747" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e4139-df0d-7bdc-a4d7-11164c76365e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e4139-df0d-7d3f-85bc-1e39c0606146" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsGrossExcludingGoodwill"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e4139-df0d-7bdc-a4d7-11164c76365e" xlink:to="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e4139-df0d-7d3f-85bc-1e39c0606146" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019e4139-df0d-71bd-9245-ceb6b4d50706" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e4139-df0d-7bdc-a4d7-11164c76365e" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019e4139-df0d-71bd-9245-ceb6b4d50706" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_FiniteLivedIntangibleLiabilitiesNet_019e4139-df0d-70b1-9f08-058c7cc03bf2" xlink:href="breit-20260630.xsd#breit_FiniteLivedIntangibleLiabilitiesNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseGross_019e4139-df0d-7657-81da-99c1f791e22f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_FiniteLivedIntangibleLiabilitiesNet_019e4139-df0d-70b1-9f08-058c7cc03bf2" xlink:to="loc_us-gaap_BelowMarketLeaseGross_019e4139-df0d-7657-81da-99c1f791e22f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization_019e4139-df0d-7a4a-87a3-f426dd98c067" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_FiniteLivedIntangibleLiabilitiesNet_019e4139-df0d-70b1-9f08-058c7cc03bf2" xlink:to="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization_019e4139-df0d-7a4a-87a3-f426dd98c067" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-71c7-baac-5408ca23a529" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019e4139-df0d-700e-9d84-48436f25bf3f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-71c7-baac-5408ca23a529" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsGross_019e4139-df0d-700e-9d84-48436f25bf3f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019e4139-df0d-7557-9639-3b0d83c3201e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-71c7-baac-5408ca23a529" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019e4139-df0d-7557-9639-3b0d83c3201e" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/IntangiblesScheduleofEstimatedFutureAmortizationDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#IntangiblesScheduleofEstimatedFutureAmortizationDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/IntangiblesScheduleofEstimatedFutureAmortizationDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_019e4139-df0d-701c-9960-933cf0e02f05" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_019e4139-df0d-701c-9960-933cf0e02f05" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_019e4139-df0d-7f99-a5e3-3c5d619597ee" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_019e4139-df0d-7f99-a5e3-3c5d619597ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_019e4139-df0d-7d8d-be07-78b4af697bdb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_019e4139-df0d-7d8d-be07-78b4af697bdb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_019e4139-df0d-7721-a27b-ed2533a3a77d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_019e4139-df0d-7721-a27b-ed2533a3a77d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_019e4139-df0d-7858-b855-2188b372213b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_019e4139-df0d-7858-b855-2188b372213b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_019e4139-df0d-70b8-ba8d-469609bc0427" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_019e4139-df0d-70b8-ba8d-469609bc0427" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_019e4139-df0d-7613-92d8-8092ecdf977a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e4139-df0d-7203-9107-c3eac4b4043f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_019e4139-df0d-7613-92d8-8092ecdf977a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_019e4139-df0d-7519-8560-077a40ee778e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearFour"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFour_019e4139-df0d-7519-8560-077a40ee778e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_019e4139-df0d-7324-94a0-94c0eaa1ef9a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeNextTwelveMonths_019e4139-df0d-7324-94a0-94c0eaa1ef9a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_019e4139-df0d-76d9-b417-2b7c282cc536" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearFive"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_019e4139-df0d-76d9-b417-2b7c282cc536" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_019e4139-df0d-73ff-ae29-e984d6476f48" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearThree_019e4139-df0d-73ff-ae29-e984d6476f48" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_019e4139-df0d-70ba-b0c1-ffd3cba84a01" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_019e4139-df0d-70ba-b0c1-ffd3cba84a01" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_019e4139-df0d-7582-8cb1-177c0993d03e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearTwo_019e4139-df0d-7582-8cb1-177c0993d03e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear_019e4139-df0d-73bf-a2ba-3fa9b145c8e4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BelowMarketLeaseNet_019e4139-df0d-73a8-ae37-253a24f5900c" xlink:to="loc_us-gaap_BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear_019e4139-df0d-73bf-a2ba-3fa9b145c8e4" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/DerivativesScheduleofEffectofDerivativeFinancialInstrumentsonCondensedConsolidatedStatementsofOperationsDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#DerivativesScheduleofEffectofDerivativeFinancialInstrumentsonCondensedConsolidatedStatementsofOperationsDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/DerivativesScheduleofEffectofDerivativeFinancialInstrumentsonCondensedConsolidatedStatementsofOperationsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_breit_DerivativeFinancialInstrumentsTotal_019e4139-dfd8-76ff-ab07-cbca010317d8" xlink:href="breit-20260630.xsd#breit_DerivativeFinancialInstrumentsTotal"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_019e4139-dfd8-795b-97c3-e2df10261f33" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_DerivativeFinancialInstrumentsTotal_019e4139-dfd8-76ff-ab07-cbca010317d8" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_019e4139-dfd8-795b-97c3-e2df10261f33" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_019e4139-dfd8-75a9-a076-db52b4413520" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_DerivativeFinancialInstrumentsTotal_019e4139-dfd8-76ff-ab07-cbca010317d8" xlink:to="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_019e4139-dfd8-75a9-a076-db52b4413520" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/EquityandRedeemableNoncontrollingInterestScheduleofCompanysAuthorizedCapitalDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#EquityandRedeemableNoncontrollingInterestScheduleofCompanysAuthorizedCapitalDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/EquityandRedeemableNoncontrollingInterestScheduleofCompanysAuthorizedCapitalDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_breit_NumberOfSharesAuthorized_019e4139-dfd8-70fb-88b0-0992022b9c50" xlink:href="breit-20260630.xsd#breit_NumberOfSharesAuthorized"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_019e4139-dfd8-7ee7-b7e8-76430a8a7c0b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PreferredStockSharesAuthorized"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_NumberOfSharesAuthorized_019e4139-dfd8-70fb-88b0-0992022b9c50" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_019e4139-dfd8-7ee7-b7e8-76430a8a7c0b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_019e4139-dfd8-730e-97f3-efb03857c9d5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockSharesAuthorized"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_NumberOfSharesAuthorized_019e4139-dfd8-70fb-88b0-0992022b9c50" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_019e4139-dfd8-730e-97f3-efb03857c9d5" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/EquityandRedeemableNoncontrollingInterestScheduleofAggregateDistributionsDeclaredforApplicableClassofCommonStockDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#EquityandRedeemableNoncontrollingInterestScheduleofAggregateDistributionsDeclaredforApplicableClassofCommonStockDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/EquityandRedeemableNoncontrollingInterestScheduleofAggregateDistributionsDeclaredforApplicableClassofCommonStockDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared_019e4139-dfd8-75bb-a906-5790648daec7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_ShareholderServicingFeePerShareOfCommonStock_019e4139-dfd8-7ced-b7db-70d66e99b717" xlink:href="breit-20260630.xsd#breit_ShareholderServicingFeePerShareOfCommonStock"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared_019e4139-dfd8-75bb-a906-5790648daec7" xlink:to="loc_breit_ShareholderServicingFeePerShareOfCommonStock_019e4139-dfd8-7ced-b7db-70d66e99b717" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareCashPaid_019e4139-dfd8-7ca3-bdb3-a927fc71365b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockDividendsPerShareCashPaid"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared_019e4139-dfd8-75bb-a906-5790648daec7" xlink:to="loc_us-gaap_CommonStockDividendsPerShareCashPaid_019e4139-dfd8-7ca3-bdb3-a927fc71365b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/LeasesScheduleofComponentsofOperatingLeaseIncomefromLeasesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#LeasesScheduleofComponentsofOperatingLeaseIncomefromLeasesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/LeasesScheduleofComponentsofOperatingLeaseIncomefromLeasesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome_019e4139-dfd8-7990-9d39-046dbabced24" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncomeLeasePayments_019e4139-dfd8-72d6-939d-f94e10e85e05" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncomeLeasePayments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncome_019e4139-dfd8-7990-9d39-046dbabced24" xlink:to="loc_us-gaap_OperatingLeaseLeaseIncomeLeasePayments_019e4139-dfd8-72d6-939d-f94e10e85e05" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseVariableLeaseIncome_019e4139-dfd8-76f9-bc3d-8aae3c8aec43" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseVariableLeaseIncome"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncome_019e4139-dfd8-7990-9d39-046dbabced24" xlink:to="loc_us-gaap_OperatingLeaseVariableLeaseIncome_019e4139-dfd8-76f9-bc3d-8aae3c8aec43" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/LeasesScheduleofUndiscountedFutureMinimumRentalIncomeDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#LeasesScheduleofUndiscountedFutureMinimumRentalIncomeDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/LeasesScheduleofUndiscountedFutureMinimumRentalIncomeDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_019e4139-dfd8-7e3b-bc63-f520b3ec29c8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_019e4139-dfd8-7e3b-bc63-f520b3ec29c8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_019e4139-dfd8-7c49-a26b-1847d047197e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_019e4139-dfd8-7c49-a26b-1847d047197e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_019e4139-dfd8-72e3-9815-6575ae0c2d71" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_019e4139-dfd8-72e3-9815-6575ae0c2d71" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_019e4139-dfd8-7d62-a58d-2c7981add664" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_019e4139-dfd8-7d62-a58d-2c7981add664" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_019e4139-dfd8-7ff2-b435-e4a63f6ed3a3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_019e4139-dfd8-7ff2-b435-e4a63f6ed3a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_019e4139-dfd8-749f-9397-1d12f636b901" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_019e4139-dfd8-749f-9397-1d12f636b901" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_019e4139-dfd8-7746-880c-d0ad2784c54d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived_019e4139-dfd8-706e-9c07-77bf7ad90e92" xlink:to="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear_019e4139-dfd8-7746-880c-d0ad2784c54d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/LeasesScheduleofFutureLeasePaymentsDueUnderGroundLeasesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#LeasesScheduleofFutureLeasePaymentsDueUnderGroundLeasesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/LeasesScheduleofFutureLeasePaymentsDueUnderGroundLeasesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-77c5-be28-088832e97bb8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_019e4139-dfd8-7b60-8e79-3888a0e067dd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-77c5-be28-088832e97bb8" xlink:to="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_019e4139-dfd8-7b60-8e79-3888a0e067dd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability_019e4139-dfd8-7b83-9fa4-ee423223b84b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-77c5-be28-088832e97bb8" xlink:to="loc_us-gaap_FinanceLeaseLiability_019e4139-dfd8-7b83-9fa4-ee423223b84b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019e4139-dfd8-7263-9ce5-cbb5aa4f7e0a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_019e4139-dfd8-7263-9ce5-cbb5aa4f7e0a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019e4139-dfd8-7166-9539-207c46a3aa39" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_019e4139-dfd8-7166-9539-207c46a3aa39" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_019e4139-dfd8-70c6-9c2f-45f93bb5a2a5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_019e4139-dfd8-70c6-9c2f-45f93bb5a2a5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_019e4139-dfd8-77d3-b458-d34d5119c476" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_019e4139-dfd8-77d3-b458-d34d5119c476" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019e4139-dfd8-764e-9799-b68b82e6659c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_019e4139-dfd8-764e-9799-b68b82e6659c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019e4139-dfd8-7811-b2d3-0debad6ffdaf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_019e4139-dfd8-7811-b2d3-0debad6ffdaf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019e4139-dfd8-7bfc-90d5-675156336aaf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-75cf-be53-6734ca850cc4" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_019e4139-dfd8-7bfc-90d5-675156336aaf" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/LeasesScheduleofFutureLeasePaymentsDueUnderGroundLeasesDetails_1" xlink:type="simple" xlink:href="breit-20260630.xsd#LeasesScheduleofFutureLeasePaymentsDueUnderGroundLeasesDetails_1"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/LeasesScheduleofFutureLeasePaymentsDueUnderGroundLeasesDetails_1" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019e4139-dfd8-7886-946f-6c8fdb5bc0ba" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_019e4139-dfd8-7886-946f-6c8fdb5bc0ba" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_019e4139-dfd8-7478-84b5-7ecce8526c40" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_019e4139-dfd8-7478-84b5-7ecce8526c40" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019e4139-dfd8-73de-9d69-e5cffe359ad7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_019e4139-dfd8-73de-9d69-e5cffe359ad7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_019e4139-dfd8-70b6-b764-379932ebe5ad" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_019e4139-dfd8-70b6-b764-379932ebe5ad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_019e4139-dfd8-7e53-83d7-8b295580021a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_019e4139-dfd8-7e53-83d7-8b295580021a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019e4139-dfd8-76e8-8b7d-a2220812eb1e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_019e4139-dfd8-76e8-8b7d-a2220812eb1e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019e4139-dfd8-7e51-ae5e-22d79ed6ed90" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue_019e4139-dfd8-78cc-af54-7b15d0b43134" xlink:to="loc_us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_019e4139-dfd8-7e51-ae5e-22d79ed6ed90" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-70cd-9d71-6537e74706b2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_019e4139-dfd8-7f40-afd4-df08a8c5803f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-70cd-9d71-6537e74706b2" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_019e4139-dfd8-7f40-afd4-df08a8c5803f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_019e4139-dfd8-7b45-93ee-9cfa0747bb9f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_019e4139-dfd8-70cd-9d71-6537e74706b2" xlink:to="loc_us-gaap_OperatingLeaseLiability_019e4139-dfd8-7b45-93ee-9cfa0747bb9f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/LeasesScheduleofFixedandVariableComponentsofOperatingLeasesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#LeasesScheduleofFixedandVariableComponentsofOperatingLeasesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/LeasesScheduleofFixedandVariableComponentsofOperatingLeasesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_breit_OperatingLeaseCashPortionOfGroundRentExpense_019e4139-dfd8-75be-9e2e-ec9ffc81ef84" xlink:href="breit-20260630.xsd#breit_OperatingLeaseCashPortionOfGroundRentExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_OperatingLeaseFixedGroundRentExpense_019e4139-dfd8-73e2-9f04-8f534e856cfd" xlink:href="breit-20260630.xsd#breit_OperatingLeaseFixedGroundRentExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_OperatingLeaseCashPortionOfGroundRentExpense_019e4139-dfd8-75be-9e2e-ec9ffc81ef84" xlink:to="loc_breit_OperatingLeaseFixedGroundRentExpense_019e4139-dfd8-73e2-9f04-8f534e856cfd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_OperatingLeaseVariableGroundRentExpense_019e4139-dfd8-79f3-8d76-fb014d74162b" xlink:href="breit-20260630.xsd#breit_OperatingLeaseVariableGroundRentExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_OperatingLeaseCashPortionOfGroundRentExpense_019e4139-dfd8-75be-9e2e-ec9ffc81ef84" xlink:to="loc_breit_OperatingLeaseVariableGroundRentExpense_019e4139-dfd8-79f3-8d76-fb014d74162b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost_019e4139-dfd8-7916-98bd-b699532a0d44" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_OperatingLeaseCashPortionOfGroundRentExpense_019e4139-dfd8-7b4a-947d-1fab6228ff66" xlink:href="breit-20260630.xsd#breit_OperatingLeaseCashPortionOfGroundRentExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeaseCost_019e4139-dfd8-7916-98bd-b699532a0d44" xlink:to="loc_breit_OperatingLeaseCashPortionOfGroundRentExpense_019e4139-dfd8-7b4a-947d-1fab6228ff66" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_OperatingLeaseNonCashGroundRentExpense_019e4139-dfd8-70af-a376-977b165b7cce" xlink:href="breit-20260630.xsd#breit_OperatingLeaseNonCashGroundRentExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingLeaseCost_019e4139-dfd8-7916-98bd-b699532a0d44" xlink:to="loc_breit_OperatingLeaseNonCashGroundRentExpense_019e4139-dfd8-70af-a376-977b165b7cce" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/LeasesScheduleofFixedandVariableComponentsofFinancingLeasesDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#LeasesScheduleofFixedandVariableComponentsofFinancingLeasesDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/LeasesScheduleofFixedandVariableComponentsofFinancingLeasesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_breit_FinancingLeaseCosts_019e4139-dfd8-7030-9486-d4428bb2a8b9" xlink:href="breit-20260630.xsd#breit_FinancingLeaseCosts"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseInterestExpense_019e4139-dfd8-7563-bb6a-c3c383b5a5d6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseInterestExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_FinancingLeaseCosts_019e4139-dfd8-7030-9486-d4428bb2a8b9" xlink:to="loc_us-gaap_FinanceLeaseInterestExpense_019e4139-dfd8-7563-bb6a-c3c383b5a5d6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization_019e4139-dfd8-724a-aa2d-299f40237304" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinanceLeaseRightOfUseAssetAmortization"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_breit_FinancingLeaseCosts_019e4139-dfd8-7030-9486-d4428bb2a8b9" xlink:to="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization_019e4139-dfd8-724a-aa2d-299f40237304" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.blackstone.com/role/SegmentReportingScheduleofFinancialResultsbySegmentDetails" xlink:type="simple" xlink:href="breit-20260630.xsd#SegmentReportingScheduleofFinancialResultsbySegmentDetails"/>
  <link:calculationLink xlink:role="http://www.blackstone.com/role/SegmentReportingScheduleofFinancialResultsbySegmentDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-793e-a401-92e72529a722" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold_019e4139-dfd9-7ffb-92bc-a42435a6a5df" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-793e-a401-92e72529a722" xlink:to="loc_us-gaap_CostOfGoodsAndServicesSold_019e4139-dfd9-7ffb-92bc-a42435a6a5df" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSecuritizationOfFinancialAssets_019e4139-dfd9-7d0f-ac51-254f012a3a8e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnSecuritizationOfFinancialAssets"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-793e-a401-92e72529a722" xlink:to="loc_us-gaap_GainLossOnSecuritizationOfFinancialAssets_019e4139-dfd9-7d0f-ac51-254f012a3a8e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e4139-dfd9-70bc-a9f7-788e95cd7ab8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-793e-a401-92e72529a722" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e4139-dfd9-70bc-a9f7-788e95cd7ab8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_IncomeLossFromInvestmentInRealEstateDebt_019e4139-dfd9-7703-8059-dcab8030e8a7" xlink:href="breit-20260630.xsd#breit_IncomeLossFromInvestmentInRealEstateDebt"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-793e-a401-92e72529a722" xlink:to="loc_breit_IncomeLossFromInvestmentInRealEstateDebt_019e4139-dfd9-7703-8059-dcab8030e8a7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019e4139-dfd9-752c-aead-cbb0098beac1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-793e-a401-92e72529a722" xlink:to="loc_us-gaap_Revenues_019e4139-dfd9-752c-aead-cbb0098beac1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnDispositionOfAssets1_019e4139-dfd9-7f74-99f2-690e866ab495" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnDispositionOfAssets1"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_GainLossOnDispositionOfAssets1_019e4139-dfd9-7f74-99f2-690e866ab495" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-7294-a993-0b038f710e92" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_OperatingIncomeLoss_019e4139-dfd9-7294-a993-0b038f710e92" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_OtherIncomeExpense_019e4139-dfd9-70f0-bc64-7d180bda8ea7" xlink:href="breit-20260630.xsd#breit_OtherIncomeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_breit_OtherIncomeExpense_019e4139-dfd9-70f0-bc64-7d180bda8ea7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e4139-dfd9-7e55-84fc-83ea48cc49ef" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e4139-dfd9-7e55-84fc-83ea48cc49ef" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_019e4139-dfd9-7dfd-b337-4516ad950deb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_DerivativeGainLossOnDerivativeNet_019e4139-dfd9-7dfd-b337-4516ad950deb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_019e4139-dfd9-73b4-b5df-3f054c0a741a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_DepreciationAndAmortization_019e4139-dfd9-73b4-b5df-3f054c0a741a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_019e4139-dfd9-794e-be1e-05a22d7c8986" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_019e4139-dfd9-794e-be1e-05a22d7c8986" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementFeeExpense_019e4139-dfd9-7a02-8d39-06c529116532" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ManagementFeeExpense"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_ManagementFeeExpense_019e4139-dfd9-7a02-8d39-06c529116532" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges_019e4139-dfd9-743e-baf2-54077c64ed69" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TangibleAssetImpairmentCharges"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_TangibleAssetImpairmentCharges_019e4139-dfd9-743e-baf2-54077c64ed69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNonoperatingNet_019e4139-dfd9-7f6d-a569-4c767186d024" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeExpenseNonoperatingNet"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_us-gaap_InterestIncomeExpenseNonoperatingNet_019e4139-dfd9-7f6d-a569-4c767186d024" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_breit_PerformanceParticipationAllocation_019e4139-dfd9-73fa-9146-b80c9b3f26ff" xlink:href="breit-20260630.xsd#breit_PerformanceParticipationAllocation"/>
    <link:calculationArc order="11" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4139-dfd9-7d87-a4a4-80cb6021f873" xlink:to="loc_breit_PerformanceParticipationAllocation_019e4139-dfd9-73fa-9146-b80c9b3f26ff" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
