Risk Factors Update Summary

• Changes in U.S. tax laws impose a minimum tax on stock repurchases made by certain corporations.
• Investor redemption requests for BREIT increased significantly in late 2022, leading to net outflows.
• The OECD finalized guidelines for a global minimum tax effective from 2024, impacting tax rates.
• Changes in EU regulations, such as SFTR and CSDR, may increase operational burden and costs for the company.
• The inclusion of redemption features in investment vehicles heightens operational error risks.
• Future reviews by FSOC may focus on nonbank lending activities, potentially subjecting them to enhanced regulation. This change could impact the company's operations significantly.
• Increased regulatory focus on ESG and sustainability could lead to reputational risks and regulatory actions.
• The company's insurance platform may face challenges due to regulatory changes, affecting its ability to deploy capital and sell assets.
• Compliance with anti-corruption laws and regulations may subject the company to significant liabilities and damage to its reputation.
• Market volatility drove a material increase in BREIT repurchase requests, leading to proration.
• The OECD's two-pillar initiative may increase taxes, complexity, and compliance costs for the company.
• The decrease in revenues resulting from significant redemptions could have a material adverse effect.
• Changes in AIFMD legislation could increase costs and complexity, impacting the company's ability to raise capital.
• Scrutiny from regulators and stockholders may lead to litigation risks and reputational harm for the company.
• The use of derivative financial instruments may not effectively hedge identified risks.
• Failure of derivative counterparties to meet obligations may render risk mitigation ineffective.
• Changes in regulations could increase costs and reduce availability of derivatives for risk protection.