BREIT 2017 Annual Report

F-20 Due to Affiliates The following table details the components of due to affiliates ($ in thousands): December 31, 2017 December 31, 2016 Accrued stockholder servicing fee $ 102,076 $ — Performance participation allocation 16,974 — Advanced organization and offering costs 10,160 — Accrued management fee 1,904 — Accrued affiliate service provider expenses 1,485 — Advanced expenses 472 86 Total $ 133,071 $ 86 Accrued stockholder servicing fee As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2017, the Company accrued $102.1 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Advanced organization and offering costs The Adviser advanced $10.2 million of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 31, 2017. Such amounts will be reimbursed to the Adviser on a pro-rata basis over 60 months beginning January 1, 2018. Accrued affiliate service provider expenses The Company has engaged BRE Hotels and Resorts (“BRE”), a portfolio company controlled (but not owned) by a Blackstone- advised fund, to provide revenue management, expense management, corporate support (including accounting, legal and tax), capital expenditure project and transaction support services for the Company’s hotel properties. The Company currently estimates the cost for such services to be approximately $200 per key per annum (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the year ended December 31, 2017, the Company incurred $0.1 million of expenses due to BRE Hotels and Resorts for services incurred in connection with its investments and such amount is included in Hotel Operating expenses on the Company’s Consolidated Statements of Operations. The Company has engaged LivCor, LLC (“LivCor”), a portfolio company owned by a Blackstone-advised fund, to provide revenue management, expense management, construction management, corporate support (including accounting, information technology, legal, tax and human resources), capital expenditure project and transaction support services for the Company’s multifamily properties. The Company currently estimates the cost for such services to be approximately $300 per unit per annum (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the year ended December 31, 2017 the Company incurred $1.3 million of expenses due to LivCor for services incurred in connection with its investments and such amount is included in Rental Property Operating expenses on the Company’s Consolidated Statements of Operations. Additionally, as of December 31, 2017, the Company capitalized $0.9 million to Investments in Real Estate on the Company’s Consolidated Balance Sheets for transaction support services provided by LivCor. The Company has engaged Equity Office Management, L.L.C. (“EOM”), a portfolio company owned by Blackstone-advised funds, to provide property management, expense management, construction management, corporate support (including leasing, accounting, legal and tax), capital expenditure project and transaction support services for the Company’s office and industrial properties. The Company currently estimates the cost for such services to be approximately 3% of gross revenue for property management services, 1% of gross rents from new and renewal leases for leasing services and 4% of total project costs for construction management services, plus a per square foot amount for corporate services and actual costs allocated for transaction support services. During the year ended December 31, 2017 the Company incurred $0.9 million of expenses due to EOM for services incurred in connection with its investments and such amount is included in Rental Property Operating expenses in the Company’s Consolidated Statements of Operations. Additionally, as of December 31, 2017, the Company capitalized $0.1 million to Investments in Real Estate on the Company’s Consolidated Balance Sheets for transaction support services provided by EOM.