BREIT 2018 Proxy Statement

COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS Executive Officer Compensation We are externally managed and currently have no employees. Our executive officers serve as officers of the Adviser and are employees of the Adviser or one or more of its affiliates. Our Advisory Agreement provides that the Adviser is responsible for managing our investment activities, as such our executive officers do not receive any cash compensation from us or any of our subsidiaries for serving as our executive officers but, instead, receive compensation from the Adviser. In addition, we do not reimburse the Adviser for compensation it pays to our executive officers. The Advisory Agreement does not require our executive officers to dedicate a specific amount of time to fulfilling the Adviser’s obligations to us under the Advisory Agreement. Accordingly, the Adviser has informed us that it cannot identify the portion of the compensation it awards to our executive officers that relates solely to such executives’ services to us, as the Adviser does not compensate its employees specifically for such services. Furthermore, we do not have employment agreements with our executive officers, we do not provide pension or retirement benefits, perquisites or other personal benefits to our executive officers, our executive officers have not received any nonqualified deferred compensation and we do not have arrangements to make payments to our executive officers upon their termination or in the event of a change in control of us. Although we do not pay our executive officers any cash compensation, we pay the Adviser the fees described under the heading “Transactions with Related Persons and Certain Control Persons — Our Relationship with Our Adviser and Blackstone — Advisory Agreement.” Non-Employee Director Compensation Prior to the third quarter of 2017, our non-employee directors received an annual retainer of $55,000. On August 7, 2017, the Board of Directors approved an increase in the annual retainer for non-employee directors to $90,000, effective in the third quarter of 2017. Each chairperson of the committees of the Board of Directors receives an additional retainer of $10,000. On an annual basis, 75% of the compensation is paid in cash and the remaining 25% is paid in the form of an annual grant of restricted stock based on the then-current per share transaction price of our Class I shares at the time of grant. Restricted stock grants will generally vest one year from the date of grant. We do not pay our directors additional fees for attending Board or committee meetings. All directors are reimbursed for reasonable out-of-pocket expenses incurred in attending Board and committee meetings (including, but not limited to, airfare, hotel and food). Our directors who are affiliated with the Adviser or Blackstone do not receive additional compensation for serving on the Board of Directors or committees thereof. The following table sets forth the compensation paid by us to our directors for the fiscal year ended December 31, 2017: Name Fees Earned or Paid in Cash Stock Awards (1) Total Frank Cohen . . . . . . . . . . . . . . . . . . . . . . . . — — — A.J. Agarwal . . . . . . . . . . . . . . . . . . . . . . . — — — Wesley LePatner . . . . . . . . . . . . . . . . . . . . — — — Raymond J. Beier . . . . . . . . . . . . . . . . . . . . $55,312.50 $41,250 $96,562.50 Richard I. Gilchrist . . . . . . . . . . . . . . . . . . . $55,312.50 $41,250 $96,562.50 Field Griffith . . . . . . . . . . . . . . . . . . . . . . . $55,312.50 $41,250 $96,562.50 Edward Lewis . . . . . . . . . . . . . . . . . . . . . . $55,312.50 $41,250 $96,562.50 (1) Includes the value of $16,250 in restricted stock granted to each of our independent directors on January 1, 2017, which shares of restricted stock vested on August 15, 2017, one year from our organizational board meeting and was based on the $10.00 per share price of our Class I shares offered in our continuous public offering (the “Offering”) before breaking escrow. Also, includes an additional $25,000 of shares of restricted stock granted to each of our independent directors in August 2017, which shares have not yet vested, based on $10.3092, the then- current per share transaction price of our Class I shares at the time of grant. 17