BREIT 2017 Annual Report

59 PART II. ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Offering of Common Stock The Offering consists of four classes of shares of our common stock, Class S shares, Class T shares, Class D shares, and Class I shares. The share classes have different upfront selling commissions and dealer manager fees, and different ongoing stockholder servicing fees. Other than the differences in upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees, each class of common stock has the same economics and voting rights. Shares of our common stock are not listed for trading on a stock exchange or other securities market. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2017: Class S Shares Class T Shares Class D Shares Class I Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker- dealers, provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager, a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering and is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. For Class D shares, a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. The Dealer Manager anticipates that all or a portion of the upfront selling commissions, dealer manager and stockholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers. Through December 31, 2017, the Dealer Manager had not retained any upfront selling commissions, dealer manager or stockholder servicing fees. The purchase price per share for each class of our common stock will generally equal our prior month’s NAV per share, as determined monthly, plus applicable selling commissions and dealer manager fees. Our NAV for each class of shares is based on the net asset values of our investments (including real estate-related securities), the addition of any other assets (such as cash on hand) and the deduction of any liabilities, including the allocation/accrual of any performance participation, and any stockholder servicing fees applicable to such class of shares. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for the Offering for further details on how our NAV is determined. The following table presents our monthly NAV per share for each of the four classes of shares for the year ended December 31, 2017: Class S Shares Class T Shares Class D Shares Class I Shares January 31, 2017 $ 10.0000 $ — $ — $ 10.0100 February 28, 2017 10.0200 — — 10.0300 March 31, 2017 10.0200 — — 10.0200 April 30, 2017 10.0455 — — 10.0495 May 31, 2017 10.1828 — 10.1604 10.1868 June 30, 2017 10.2904 10.1721 10.2648 10.2791 July 31, 2017 10.3173 10.2256 10.2603 10.3092 August 31, 2017 10.4074 10.2883 10.3536 10.3997 September 30, 2017 10.4662 10.3239 10.3763 10.4579 October 31, 2017 10.5060 10.3549 10.4114 10.4973 November 30, 2017 10.5174 10.3622 10.4141 10.5094 December 31, 2017 10.5750 10.4175 10.4712 10.5671