Bisnow/Sasha JonesAfter two years of a near freeze in transactions and falling values, Blackstone says commercial real estate dealmaking is showing signs of life as financing conditions ease. Gray pointed to Blackstone’s exposure to data centers and real estate credit as anchors of that confidence. Blackstone has deployed more than $50B for real estate over the past two years, but a slow and uneven valuation recovery left its real estate funds with what Gray described as “limited appreciation” in 2025. private real estate values have been slowly improving. However … real estate values are still down 16%, compared to an increase of 75% for the S&P 500,” Gray said.