Paul Kolodziej
About Paul Kolodziej
Paul Kolodziej, 45, is Deputy Chief Financial Officer of Blackstone Real Estate Income Trust (BREIT) and a Managing Director with Blackstone Real Estate; he was appointed Deputy CFO in December 2023 after serving as Chief Accounting Officer (2019–2023) and Controller (2016–2019) . He is a Certified Public Accountant with a BS in Accountancy from DePaul University and previously was a Senior Manager at PricewaterhouseCoopers, including a two‑year rotation in PwC’s SEC Services Group focused on public company filings . BREIT does not disclose executive‑specific TSR, revenue growth, or EBITDA growth and, as an externally managed vehicle, does not provide a CD&A for officer pay; executive officers are paid by Blackstone, not by BREIT .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blackstone Real Estate Income Trust (BREIT) | Deputy Chief Financial Officer | Dec 2023–present | Principal accounting officer functions and SEC filing signatory; signed registration and periodic reports in capacity as principal accounting officer . |
| Blackstone Real Estate Income Trust (BREIT) | Chief Accounting Officer | Mar 2019–Dec 2023 | Led financial reporting and accounting; progressed to Deputy CFO . |
| Blackstone Real Estate Income Trust (BREIT) | Controller | Jun 2016–Mar 2019 | Built reporting and control infrastructure during scaling period . |
| PricewaterhouseCoopers LLP | Senior Manager; SEC Services Group rotation | Pre‑2016 | Assurance services for REITs/funds; SEC consultation on registrations and ongoing filings . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blackstone Real Estate | Managing Director | 2016–present | Senior finance leadership aligned to BREIT’s platform . |
Fixed Compensation
BREIT does not pay or reimburse compensation for its executive officers (who are Blackstone employees); there are no employment agreements, pensions/SERPs, perquisites, or company-paid bonuses for executive officers, and the company does not make termination or change‑in‑control payments to executive officers .
| Item | 2024–2025 disclosure |
|---|---|
| Company-paid base salary | Not applicable – executive officers receive no compensation from BREIT; paid by Blackstone . |
| Target/actual bonus | Not applicable – paid, if any, by Blackstone; not disclosed by BREIT . |
| Perquisites | None provided by BREIT to executive officers . |
| Pension/SERP/Deferred comp | None provided by BREIT to executive officers . |
| Employment agreement | None with executive officers . |
| Severance / Change‑of‑Control | BREIT has no arrangements to pay executive officers upon termination or change‑in‑control . |
Performance Compensation
BREIT does not grant equity to executive officers; its Amended & Restated 2022 Stock Incentive Plan covers awards primarily to employees of portfolio entities and certain affiliates, with performance criteria and clawback mechanics administered by the Compensation Committee .
| Award feature | Plan terms (applies to eligible participants of plan) |
|---|---|
| Award types | Restricted Stock, RSUs, Options/SARs, and other stock‑based awards . |
| Performance metrics (illustrative) | EPS, revenue, EBITDA, cash available for distribution, net income, ROE/ROA, dividend level/growth, stock price/TSR, total assets/asset growth, expense reduction, equity capital raised, M&A/enterprise value, among others (absolute/relative) . |
| Vesting | Determined by Committee; RSUs/Restricted Stock vest per Award Agreement; dividends on performance‑contingent Restricted Stock held and delivered upon vesting . |
| Typical service periods observed | Three to four years for incentive awards to portfolio entity employees; amortized on graded basis when performance is probable . |
| Clawback | Awards may be canceled/recouped for detrimental activity, restatements, or overpayments; subject to applicable law . |
| Transferability | Generally non‑transferable; limited transfers to “Permitted Transferees” may be allowed . |
| 409A/COC | 409A compliance; six‑month delay for specified employees; COC acceleration only if 409A change‑in‑control; Committee discretion on adjustments . |
Note: BREIT states it “did not have an equity compensation plan… under which equity securities of the registrant are authorized for issuance to our executive officers or directors,” though it issues RS to non‑employee directors and incentive awards to employees of consolidated subsidiaries and portfolio entity service providers .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Individual beneficial ownership (Paul Kolodziej) | Not individually listed in the 2025 beneficial ownership table (table includes named executives and directors; Paul not enumerated) . |
| Aggregate management/employee alignment | As of March 28, 2025, Blackstone owned ~$3.4B of BREIT shares/OP units and Blackstone employees (including executive officers) owned ~$1.3B, indicating broad insider alignment at the platform level . |
| Director stock ownership guidelines | Non‑employee directors must own ≥5x annual cash retainer within 5 years; all in compliance; this policy does not extend to executive officers . |
| Hedging/pledging policy | No company hedging policy; covered persons require Blackstone Legal pre‑clearance to trade BREIT securities . |
Employment Terms
- Structure: Externally managed; officers are Blackstone employees; no BREIT employment contracts, severance, or change‑in‑control payments for executive officers .
- Indemnification: BREIT has indemnification agreements with its directors and officers, advancing expenses subject to conditions .
- Tenure: Deputy CFO since December 2023; prior Chief Accounting Officer (2019–2023); Controller (2016–2019) .
- SEC roles: Serves as principal accounting officer signatory on registration and periodic reports (e.g., S‑11/A and 10‑Q signatories) .
Performance & Track Record
- Regulatory and reporting oversight: As principal accounting officer, Kolodziej signs Company registration and periodic reports, reflecting responsibility for financial reporting controls and disclosures .
- Prior SEC expertise: PwC SEC Services Group rotation focused on registration and Exchange Act filings supports execution in public company reporting .
Compensation Committee & Governance Context
- Compensation Committee: Independent directors; BREIT pays no cash compensation to the Adviser’s officers/employees; Committee scope includes oversight should BREIT directly award compensation, and it oversees director compensation and plan matters .
- Insider trading controls: Pre‑clearance required through Blackstone Legal; no hedging policy disclosed .
Investment Implications
- Pay-for-performance alignment: Executive officers (including Kolodziej) are compensated by Blackstone, not BREIT; there is no BREIT‑level base/bonus/equity linkage for officers—reducing direct company‑level pay-for-performance transparency for this role . However, aggregate insider alignment is supported by substantial Blackstone/employee ownership stakes in BREIT shares/OP units ($3.4B and $1.3B, respectively) .
- Retention risk: Absence of BREIT employment contracts, severance, or CoC benefits indicates no company‑funded retention economics; retention and incentives for Kolodziej likely reside within Blackstone’s internal programs (not disclosed by BREIT) .
- Trading signals: No Form 4 transactions or personal award/vesting schedules for Kolodziej appear in BREIT’s filings; pre‑clearance requirements apply, but lack of a formal hedging policy is a potential governance gap for alignment monitoring .
- Governance mitigants: Officer indemnification in place; independent Compensation Committee; robust plan‑level clawback provisions for covered awards to portfolio entity employees; yet these structures do not directly disclose or govern Blackstone’s internal compensation for BREIT executive officers .