BX REIT Advisors LLC

Item 5 – Fees and Compensations

 Client) or a proposed disposition that is not actually consummated (including legal, tax,
 accounting, travel and other expenses related to underwriting and pursuing an Investment,
 advisory and consulting fees and expenses, travel, accommodation and related expenses and
 printing expenses, and any liquidated damages, reverse termination fees or similar payments).
 Service providers (including Affiliates of the Adviser) will be retained for such purposes in
 accordance with the terms described in Item 10 – “Portfolio Entity Service Providers and
 Vendors” and “Service Providers, Vendors and Other Counterparties Generally.”

 The Clients will, in certain circumstances, be required to make contingent funding commitments
 or guarantees to their Portfolio Entities or other vehicles or entities in or alongside which the
 Clients invest and to provide other credit support arrangements in connection therewith. Such
 credit support may take the form of a guarantee, a letter of credit or other forms of promise to
 provide funding. Such credit support will, in certain circumstances, result in fees, expenses and
 interest costs to the Clients, subject to certain limitations set forth in the Organizational
 Documents of the applicable Clients.

BX REIT Advisors L.L.C.

Item 7 – Types of Clients

 meet the additional suitability standards set forth in BREIT Parent’s Offering Materials. Shares
 in BREIT Parent will be sold to clients of certain brokers only if they meet the additional
 suitability standards required by such brokers. The Adviser requires that each Investor in BREIT
 Operating Partnership or in a private offering of BREIT Parent be an “accredited investor” as
 defined in Regulation D under the Securities Act or meet the requirements to invest pursuant to
 Regulation S or any other applicable exemption under the Securities Act.

 The minimum initial investment in BREIT Parent is $1,000,000 for Class I shares (and the
 minimum subsequent investment is $500 per transaction), $2,500 for Class T-2, S-2 and D-2
 shares (and the minimum subsequent investment is $500 per transaction), $50,000,000 for Class
 L shares, $250,000,000 for Class L-2 shares, unless such minimums are waived by BSP. The
 minimum account balance is $500. Investors in BREIT Operating Partnership must generally
 invest a minimum dollar amount as determined in BREIT Parent’s sole discretion. BREIT Parent
 reserves the right, in its sole discretion, to waive the minimum dollar amount for Investors in
 BREIT Operating Partnership.

 The Adviser also serves as external manager for BXDC pursuant to the BXDC Management
 Agreement. BXDC’s common stock is listed on the NYSE and Investors in BXDC are not
 required to meet any suitability requirements.

BX REIT Advisors L.L.C.