Document:

EX-4.1

 Exhibit 4.1 

BLACKSTONE REAL ESTATE INCOME TRUST, INC. 

Class T, S, D, I and C Share Repurchase Plan 

Effective as of December 30, 2022 

Definitions 
 Adviser – BX REIT Advisors L.L.C.

 Class C shares – shall mean the shares of the Company’s common stock classified as Class C. 

Class D shares – shall mean the shares of the Company’s common stock classified as Class D. 

Class I shares – shall mean the shares of the Company’s common stock classified as Class I. 

Class S shares – shall mean the shares of the Company’s common stock classified as Class S. 

Class T shares – shall mean the shares of the Company’s common stock classified as Class T. 

Company – shall mean Blackstone Real Estate Income Trust, Inc., a Maryland corporation. 

Dealer Manager – shall mean Blackstone Securities Partners L.P. 

NAV – shall mean the net asset value of the Company attributable to its Stockholders or the net asset value of a class of its shares, as the
context requires, determined in accordance with the Company’s Net Asset Value Calculation and Valuation Guidelines as described in the Company’s prospectus. 

Operating Partnership – shall mean BREIT Operating Partnership L.P. 

Operating Partnership units – shall mean limited partnership interests in the Operating Partnership. 

Plan – shall mean this share repurchase plan of the Company. 

Special Limited Partner – shall mean BREIT Special Limited Partner L.L.C. 

Stockholders – shall mean the holders of Class T, Class S, Class D, Class I and Class C shares. 

Transaction Price – shall mean the repurchase price per share for each class of common stock, which shall be equal to the then-current
offering price before applicable selling commissions and dealer manager fees. 
 Share Repurchase Plan 

Stockholders may request that the Company repurchase shares of its common stock through their financial advisor or directly with the Company’s transfer
agent. The procedures relating to the repurchase of shares of the Company’s common stock are as follows: 
  

	 	•	 	 Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may
impact the time necessary to process such repurchase request, impose more restrictive deadlines than described under this Plan, impact the timing of a Stockholder receiving repurchase proceeds and require different paperwork or process than
described in this Plan. Stockholders should contact their broker-dealer first if they want to request the repurchase of their shares. 

	 	•	 	 Under this Plan, to the extent the Company chooses to repurchase shares in any particular month, the Company will
only repurchase shares as of the opening of the last calendar day of that month (a “Repurchase Date”). To have shares repurchased, a Stockholder’s repurchase request and required documentation must be received in good order by 4:00
p.m. (Eastern time) on the second to last business day of the applicable month. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. Repurchase requests received and processed by the
Company’s transfer agent will be effected at a repurchase price equal to the Transaction Price on the applicable Repurchase Date (which will generally be equal to the Company’s prior month’s NAV per share), subject to any Early
Repurchase Deduction (as defined below). 

  

	 	•	 	 A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the
Stockholder’s financial intermediary, on the Company’s toll-free, automated telephone line, 844-702-1299. The line is open on each business day between the
hours of 9:00 a.m. and 6:00 p.m. (Eastern time). Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the last business day of the applicable month. 

 

	 	•	 	 If a repurchase request is received after 4:00 p.m. (Eastern time) on the second to last business day of the
applicable month, the repurchase request will be executed, if at all, on the next month’s Repurchase Date at the Transaction Price applicable to that month (subject to any Early Repurchase Deduction), unless such request is withdrawn prior to
the repurchase. Repurchase requests received and processed by the Company’s transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day.
All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding.

  

	 	•	 	 Repurchase requests may be made by mail or by contacting a financial intermediary, both subject to certain
conditions described in this Plan. If making a repurchase request by contacting the Stockholder’s financial intermediary, the Stockholder’s financial intermediary may require the Stockholder to provide certain documentation or information.
If making a repurchase request by mail to the transfer agent, the Stockholder must complete and sign a repurchase authorization form, which can be found at the end of this Plan and which is available on the Company’s website,
www.breit.com. Written requests should be sent to the transfer agent at the following address: 

 DST Systems, Inc.

 PO Box 219349 
 Kansas City, MO
64121-9349 
 Overnight Address: 

DST Systems, Inc. 
 430 W 7th St.
Suite 219349 
 Kansas City, MO 64105 

Toll Free Number: 844-702-1299 

Corporate investors and other non-individual entities must have an appropriate certification on file
authorizing repurchases. A signature guarantee may be required. 
  

	 	•	 	 For processed repurchases, Stockholders may request that repurchase proceeds are to be paid by mailed check
provided that the check is mailed to an address on file with the transfer agent for at least 30 days. Stockholders should check with their broker-dealer that such payment may be made via check or wire transfer, as further described below.

  

	 	•	 	 Stockholders may also receive repurchase proceeds via wire transfer, provided that wiring instructions for their
brokerage account or designated U.S. bank account are provided. For all repurchases paid via wire transfer, the funds will be wired to the account on file with the transfer agent or, upon instruction, to another

	 	 
financial institution provided that the Stockholder has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing
funding arrangements and designating a bank or brokerage account on file. Funds will be wired only to U.S. financial institutions (ACH network members). 

  

	 	•	 	 A medallion signature guarantee will be required in certain circumstances described below. A medallion signature
guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The
three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that
are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria
for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Stockholder wishes
to have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Stockholder’s address of record for the past 30 days; or
(3) the Company’s transfer agent cannot confirm a Stockholder’s identity or suspects fraudulent activity. 

  

	 	•	 	 If a Stockholder has made multiple purchases of shares of the Company’s common stock, any repurchase request
will be processed on a first in/first out basis unless otherwise requested in the repurchase request. 

 Minimum Account Repurchases

 In the event that any Stockholder fails to maintain the minimum balance of $500 of shares of the Company’s common stock, the Company may
repurchase all of the shares held by that Stockholder at the repurchase price in effect on the date the Company determines that such Stockholder has failed to meet the minimum balance, less any Early Repurchase Deduction. Minimum account repurchases
will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company’s NAV. Minimum account repurchases are subject to Early Repurchase Deduction. 

Sources of Funds for Repurchases 
 The Company may
fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds (including from sales of the Company’s common stock or Operating
Partnership units to the Special Limited Partner), and the Company has no limits on the amounts it may pay from such sources. 
 Repurchase
Limitations 
 The Company may repurchase fewer shares than have been requested in any particular month to be repurchased under this Plan, or none at
all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I and Class C shares (including repurchases at certain
non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) under this Plan will be limited to no more than
2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate
NAV as of the end of the immediately preceding three months). 

 In the event that the Company determines to repurchase some but not all of the shares submitted for
repurchase during any month under this Plan, shares submitted for repurchase during such month will be repurchased on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or
divorce. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of this Plan, as applicable. 

If the Transaction Price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed
after such date), then no repurchase requests will be accepted for such month and Stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests. The Transaction Price for each month will be
available on the Company’s website at www.breit.com and in prospectus supplements filed with the Securities and Exchange Commission. 
 Should
repurchase requests, in the Company’s judgment, place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise
determine that investing its liquid assets in real properties or other investments rather than repurchasing the Company’s shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any
particular month than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may make exceptions to, modify or suspend this Plan if, in its reasonable judgment, it deems such action to be in the best
interest of the Company and its Stockholders. The Company’s board of directors cannot terminate this Plan absent a liquidity event which results in Stockholders receiving cash or securities listed on a national securities exchange or where
otherwise required by law. Material modifications, including any amendment to the 2% monthly or 5% quarterly limitations on repurchases, to and suspensions of the Plan will be promptly disclosed to Stockholders in a prospectus supplement (or
post-effective amendment if required by the Securities Act) or special or periodic report filed by us. Material modifications will also be disclosed on the Company’s website. In addition, the Company may determine to suspend this Plan due to
regulatory changes, changes in law or if the Company becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. Once this Plan is suspended, the Company’s board of directors
will be required to consider at least quarterly whether the continued suspension of the Plan is in the best interests of the Company and the Stockholders. The Company’s board of directors must affirmatively authorize the recommencement of this
Plan if it is suspended before Stockholder requests will be considered again. 
 As described in the Company’s prospectus, shares held by the Adviser
acquired as payment of the Adviser’s management fee will not be subject to this Plan, including with respect to any repurchase limits, the Early Repurchase Deduction or the calculation of NAV. In addition, any repurchases of shares in respect
of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction. Stockholders who are exchanging a class of the Company’s shares for an equivalent aggregate NAV of another class of the
Company’s shares will not be subject to, and will not be treated as repurchases for the calculation of, the 2% monthly or 5% quarterly limitations on repurchases and will not be subject to the Early Repurchase Deduction. 

Early Repurchase Deduction 
 There is no minimum holding
period for shares of the Company’s common stock and Stockholders can request that the Company repurchase their shares at any time. However, subject to limited exceptions, shares that have not been outstanding for at least one year will be
repurchased at 98% of the Transaction Price (an “Early Repurchase Deduction”) on the applicable Repurchase Date. The one-year holding period is measured as of the first calendar day immediately
following the prospective Repurchase Date. Additionally, Stockholders who have received shares of the Company’s common stock in exchange for their Operating Partnership units may include the period of time such Stockholder held such Operating
Partnership units for purposes of calculating the holding period for such shares of the Company’s common stock. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Early Repurchase Deduction will not
apply to shares acquired through the Company’s distribution reinvestment plan. 

 The Company may, from time to time, waive the Early Repurchase Deduction in the following circumstances
(subject to conditions described below): 
  

	 	•	 	 repurchases resulting from death, qualifying disability or divorce; 

 

	 	•	 	 in the event that a Stockholder’s shares are repurchased because such Stockholder has failed to maintain the
$500 minimum account balance; or 

  

	 	•	 	 due to trade or operational error. 

As set forth above, the Company may waive the Early Repurchase Deduction in respect of repurchase of shares resulting from the death, qualifying disability
(as such term is defined in Section 72(m)(7) of the Code) or divorce of a Stockholder who is a natural person, including shares held by such Stockholder through a trust or an individual retirement account or other retirement or profit-sharing
plan, after (i) in the case of death, receiving written notice from the estate of the Stockholder, the recipient of the shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole
ability to request repurchase on behalf of the trust, (ii) in the case of qualified disability, receiving written notice from such Stockholder, provided that the condition causing the qualifying disability was not
pre-existing on the date that the Stockholder became a Stockholder or (iii) in the case of divorce, receiving written notice from the Stockholder of the divorce and the Stockholder’s instructions to
effect a transfer of the shares (through the repurchase of the shares by the Company and the subsequent purchase by the Stockholder) to a different account held by the Stockholder (including trust or an individual retirement account or other
retirement or profit-sharing plan). The Company must receive the written repurchase request within 12 months after the death of the Stockholder, the initial determination of the Stockholder’s disability or divorce in order for the requesting
party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a Stockholder. In the case of death, such a written request must be accompanied by a certified copy of the
official death certificate of the Stockholder. If spouses are joint registered holders of shares, the request to have the shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the Stockholder
is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death, disability or divorce does not apply. 

In addition, shares of the Company’s common stock are sold to certain feeder vehicles primarily created to hold the Company’s shares that in turn
offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder
vehicles or underlying investors, often because of administrative or systems limitations. Further, the Company will not apply the Early Repurchase Deduction on repurchases of the Company’s common stock submitted by discretionary model portfolio
management programs (and similar arrangements) as approved by the Company. 
 Items of Note 

 

	 	•	 	 Stockholders will not receive interest on amounts represented by uncashed repurchase checks;

  

	 	•	 	 Under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be
suspended, restricted or canceled and the proceeds may be withheld; 

  

	 	•	 	 IRS regulations require the Company to determine and disclose on Form
1099-B the adjusted cost basis for shares of the Company’s stock sold or repurchased. Although there are several available methods for determining the adjusted cost basis, unless a Stockholder elects
otherwise, which such Stockholder may do by checking the appropriate box on the repurchase authorization form or calling the Company’s customer service number at
844-702-1299, the Company will utilize the
first-in-first-out method; and 

	 	•	 	 All shares of the Company’s common stock requested to be repurchased must be beneficially owned by the
Stockholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Stockholder of record of the shares or his or her estate, heir or beneficiary, and such
shares of common stock must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the shares requested for repurchase are
not subject to any liens or encumbrances. If the Company determines that a lien exists against the shares, the Company will not be obligated to repurchase any shares subject to the lien. 

Mail and Telephone Instructions 
 The Company and its
transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Stockholder transactions if they reasonably believe that such instructions were genuine. The Company’s
transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Stockholder to provide certain specific identifying information on file and sending written confirmation to Stockholders of record.
Failure by the Stockholder or its agent to notify the Company’s transfer agent in a timely manner, but in no event more than 60 days from receipt of such confirmation, that the instructions were not properly acted upon or any other discrepancy
will relieve the Company, the Company’s transfer agent and the financial advisor of any liability with respect to the discrepancy. 

					
	

	 	 	  	 REPURCHASE AUTHORIZATION

FOR Blackstone Real Estate Income Trust, Inc.

 Use this form to request repurchase of your shares in Blackstone Real Estate Income Trust, Inc. Please complete all sections
below. 
 1 REPURCHASE FROM THE FOLLOWING ACCOUNT 
  

			
	Name(s) on the Account	 	
		
	Account Number	 	Social Security Number/TIN
		
	 Financial Advisor Name
  
	 	 Financial Advisor Phone Number
  

  

			
	2 REPURCHASE AMOUNT (Check one, required)	  	3 REPURCHASE TYPE (Check one, required)
		
	☐ All Shares	  	☐ Normal
		
	☐ Number of Shares                         	  	☐ Death
		
	☐ Dollar Amount $                           	  	 ☐ Disability
  

☐ Divorce

 Additional documentation is required if repurchasing due to Death, Disability or Divorce. Contact Investor
Relations for detailed instructions at 844-702-1299. 
 4 PAYMENT
INSTRUCTIONS (Select only one)  
 Indicate how you wish to receive your repurchase payment below. If an option is not selected, a check
will be sent to your address of record. Repurchase proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the
Custodian or Broker/Dealer of record, as applicable. All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature. 

☐ Cash/Check Mailed to Address of Record 

☐ Cash/Check Mailed to Third Party/Custodian (Signature Guarantee required) 

☐ I authorize Blackstone Real Estate Income Trust, Inc. or its agent to deposit my distribution into my checking or savings account. 

 

							
	Name / Entity Name / Financial Institution	  	Mailing Address	  	
			
	City
                                         
   State	  	Zip Code	  	Account Number

 ☐ Cash/Direct Deposit Attach a pre-printed voided check. (Non-Custodian Investors Only) 
 I authorize Blackstone Real Estate Income Trust, Inc. or its agent to deposit my
distribution into my checking or savings account. In the event that Blackstone Real Estate Income Trust, Inc. deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous
deposit. 
  

							
	 Financial Institution Name
	  	 Mailing Address
	  	 City
	  	 State

 

							
	Your Bank’s ABA Routing Number	  	Your Bank Account Number	  	

 PLEASE ATTACH A PRE-PRINTED
VOIDED CHECK 

  
 1 

 5 SHARE REPURCHASE PLAN CONSIDERATIONS (Select only one) 

The Plan contains limitations on the number of shares that can be repurchased under the plan during any month and quarter. In addition to these limitations, we
cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer shares than have been requested in any particular month, or none at all. If the
number of shares subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each shareholder’s request will be reduced on a pro rata basis after we have repurchased all
shares for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death, disability or
divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your
initial request repurchased, you must resubmit a new repurchase request for the remaining amount. Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed. 
  

	☐	 Process my repurchase request on a pro-rata basis.

  

	☐	 Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. 

 6 COST BASIS SELECTION (Select only one) 

U.S. federal income tax information reporting rules generally apply to certain transactions in the Company’s shares. Where they apply, the “cost
basis” calculated for the shares involved will be reported to the Internal Revenue Service (“IRS”) and to you. Generally these rules apply to the Company’s shares, including those purchased through the Company’s distribution
reinvestment plan. You should consult your own tax advisor regarding the consequences of these new rules and your cost basis reporting options. 
 Indicate
below the cost basis method you would like us to apply. 
 IMPORTANT: If an option is not selected, your cost basis will be calculated using the FIFO
method. 
  

	☐	 FIFO (First – In / First Out) 

 

	☐	 LIFO (Last – In / First Out) Consult your tax advisor to determine whether this method is available to
you. 

  

	☐	 Specific Lots 

If you have selected “Specific Lots,” please identify the lots below: 
  

			
	 Date of Purchase:
	  	 Amount of Purchase:

  

			
	 Date of Purchase:
	  	 Amount of Purchase:

  

			
	 Date of Purchase:
	  	 Amount of Purchase:

 7 AUTHORIZATION AND SIGNATURE 

IMPORTANT: Signature Guarantee may be required if any of the following applies: 

 

	•	 	 Amount to be repurchased is $500,000 or more. 

 

	•	 	 The repurchase is to be sent to an address other than the address we have had on record for the past 30 days.

  

	•	 	 The repurchase is to be sent to an address other than the address on record. 

 

	•	 	 If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A
one-and-the-same signature guarantee must state “<Previous Name> is one-and-the-same as <New Name>” and you must sign your old and new name. 

 

	•	 	 The repurchase proceeds are deposited directly according to banking instructions provided on this form. (Non-Custodial Investors Only) 

  
 2 

					
	 Investor Name (Please Print)
	  	 Signature
	  	 Date

			
	 Co-Investor Name (Please Print)
	  	 Signature
	  	 Date

  

			
	 Signature Guarantee

(Affix Medallion or Signature Guarantee Stamp Below)
	  	 Custodian and/or Broker/Dealer Authorization

(if applicable)

	 	  	  

	 	  	Signature of Authorized Person

  

	*	 Please refer to the prospectus you received in connection with your initial investment in Blackstone Real
Estate Income Trust, Inc., as amended by any amendments or supplements to that prospectus, for a description of the current terms of the Plan. A copy of the prospectus, as amended and supplemented to date, is located at www.breit.com and at
www.sec.gov. The repurchase price will be available in the Company’s prospectus supplements and at www.breit.com and www.sec.gov. There are various limitations on your ability to request that we repurchase your shares,
including, subject to certain exceptions, an early repurchase deduction if your shares have been outstanding for less than one year. Please see a copy of the applicable prospectus, as amended and supplemented to date, for the current repurchase
price. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I and Class C shares (including repurchases at certain non-U.S. investor access funds
primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as
of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). The Company’s board
of directors may determine to make exceptions to, amend or suspend the Plan without stockholder approval. Material modifications to and suspensions of the share repurchase plan will be disclosed in a filing with the SEC at www.sec.gov. which
will also be made available at www.breit.com. Repurchase of shares, when requested, will generally be made monthly; provided however, that the board of directors may determine from time to time to adjust the timing of repurchases. All requests for
repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the
Stockholder’s financial intermediary, on the Company’s toll-free, automated telephone line, 844-702-1299. Repurchase requests must be cancelled before 4:00
p.m. (Eastern time) on the applicable Repurchase Date (or if such Repurchase Date is not a business day, the prior business day). We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to accommodate any
or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such
determination shall be final and binding. 

  
  

Mail to: Blackstone Real Estate Income Trust ⬛ DST Systems, Inc. ⬛ PO Box 219349 ⬛ Kansas City, MO 64121-9349 

Overnight Delivery: Blackstone Real Estate Income Trust ⬛ DST Systems, Inc. ⬛ 430 W. 7th St. ⬛ Kansas City, MO 64105 

Investor Relations: 844-702-1299 

  
 3EX-10.1

 Exhibit 10.1 

THIRD AMENDED AND RESTATED ADVISORY AGREEMENT 

AMONG 
 BLACKSTONE REAL
ESTATE INCOME TRUST, INC., 
 BREIT OPERATING PARTNERSHIP, L.P., 

AND 
 BX REIT ADVISORS
L.L.C. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	Definitions	  	 	1	 
	 2.
	 	Appointment	  	 	4	 
	 3.
	 	Duties of the Adviser	  	 	4	 
	 4.
	 	Authority of Adviser	  	 	5	 
	 5.
	 	Bank Accounts	  	 	6	 
	 6.
	 	Records; Access	  	 	6	 
	 7.
	 	Limitations on Activities	  	 	6	 
	 8.
	 	Other Activities of the Adviser	  	 	6	 
	 9.
	 	Relationship with Directors and Officers	  	 	8	 
	 10.
	 	Management Fee	  	 	8	 
	 11.
	 	Expenses	  	 	8	 
	 12.
	 	Other Services	  	 	10	 
	 13.
	 	Reimbursement to the Adviser	  	 	10	 
	 14.
	 	No Joint Venture	  	 	10	 
	 15.
	 	Term of Agreement	  	 	10	 
	 16.
	 	Termination by the Parties	  	 	10	 
	 17.
	 	Assignment to an Affiliate	  	 	10	 
	 18.
	 	Payments to and Duties of Adviser Upon Termination	  	 	11	 
	 19.
	 	Indemnification by the Company and the Operating Partnership	  	 	11	 
	 20.
	 	Indemnification by Adviser	  	 	11	 
	 21.
	 	Non-Solicitation	  	 	11	 
	 22.
	 	Miscellaneous	  	 	11	 
	 23.
	 	Initial Investment	  	 	13	 

  
 i 

 ADVISORY AGREEMENT 

THIS THIRD AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), dated as of the December 30, 2022 (the
“Effective Date”), is by and among Blackstone Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), BREIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating
Partnership”), and BX REIT Advisors L.L.C., a Delaware limited liability company (the “Adviser”). This Agreement amends and restates the Second Amended and Restated Advisory Agreement dated as of March 18, 2018.
Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 
 W I T N E S S E T H 

WHEREAS, the Company conducts its operations to qualify as a REIT and invests its funds in investments permitted by the terms of
Sections 856 through 860 of the Code; 
 WHEREAS, the Company is the general partner of the Operating Partnership and intends to
conduct all of its business and make all or substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company
and the Operating Partnership desire to avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Adviser and to have the Adviser undertake the duties and responsibilities
hereinafter set forth, on behalf of, and subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the
Adviser is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as
follows: 
 1. DEFINITIONS. As used in this Agreement, the following terms have the definitions hereinafter indicated: 

“Acquisition Expenses” shall have the meaning set forth in the Charter. 

“Adviser” shall mean BX REIT Advisors L.L.C., a Delaware limited liability company. 

“Adviser Expenses” shall have the meaning set forth in Section 11(b). 

“Affiliate” shall have the meaning set forth in the Charter. 

“Average Invested Assets” shall have the meaning set forth in the Charter. 

“Blackstone” means, collectively, Blackstone Inc., a Delaware corporation, and any Affiliate thereof. 

“Board” shall mean the board of directors of the Company, as of any particular time. 

“Business Day” shall have the meaning set forth in the Charter. 

“Bylaws” shall mean the bylaws of the Company, as amended from time to time. 

“Cause” shall mean, with respect to the termination of this Agreement, fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Adviser in connection with performing its duties hereunder. 

“CEA” shall mean the U.S. Commodities Exchange Act, as amended. 

“Change of Control” shall mean any event (including, without limitation, issue, transfer or other disposition of
shares of capital stock of the Company or equity interests in the Operating Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company or the
Operating Partnership representing greater than 50% or more of the combined voting power of Company’s or the Operating Partnership’s then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to
occur as a result of any widely distributed public offering of the Shares. 

  
 1 

 “Charter” shall mean the Articles of Incorporation of the Company
filed with the Maryland State Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended or supplemented from time to time. 

“Class C Common Shares” shall have the meaning set forth in the Charter. 

“Class D Common Shares” shall have the meaning set forth in the Charter. 

“Class I Common Shares” shall have the meaning set forth in the Charter. 

“Class S Common Shares” shall have the meaning set forth in the Charter. 

“Class T Common Shares” shall have the meaning set forth in the Charter. 

“Class C NAV per Share” shall have the meaning set forth in the Charter. 

“Class D NAV per Share” shall have the meaning set forth in the Charter. 

“Class I NAV per Share” shall have the meaning set forth in the Charter. 

“Class S NAV per Share” shall have the meaning set forth in the Charter. 

“Class T NAV per Share” shall have the meaning set forth in the Charter. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commencement Date” shall mean the date on which the Company breaks escrow for its initial Offering. 

“Company” shall have the meaning set forth in the preamble of this Agreement. 

“Company Management Fee” shall have the meaning set forth in Section 10(a). 

“Director” shall mean a member of the Board. 

“Distributions” shall have the meaning set forth in the Charter. 

“Effective Date” shall have the meaning set forth in the preamble of this Agreement. 

“Excess Amount” shall have the meaning set forth in Section 13. 

“Exchange Act” shall have the meaning set forth in the Charter. 

“Expense Year” shall have the meaning set forth in Section 13. 

“GAAP” shall mean generally accepted accounting principles as in effect in the United States of America from time
to time. 
 “Gross Proceeds” shall mean the aggregate purchase price of all Shares sold for the account of the
Company through an Offering, without deduction for Selling Commissions. The purchase price of any Class T Common Share or Class S Common Share shall be deemed to be the full, non-discounted offering
price at the time of purchase of each such Class T Common Share or Class S Common Share. 
 “Independent
Appraiser” shall have the meaning set forth in the Charter. 
 “Independent Director” shall
have the meaning set forth in the Charter. 
 “Initial Investment” shall have the meaning set forth in
Section 23. 

  
 2 

 “Investment Company Act” shall mean the Investment Company Act
of 1940, as amended. 
 “Investment Guidelines” shall mean the investment guidelines adopted by the Board, as
amended from time to time, pursuant to which the Adviser has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 

“Investments” shall mean any investments by the Company or the Operating Partnership, directly or indirectly, in
Real Property, Real Estate-Related Assets or other assets. 
 “Joint Ventures” shall have the meaning set forth
in the Charter. 
 “Management Fee” shall have the meaning set forth in Section 10(a). 

“Mortgage” shall have the meaning set forth in the Charter. 

“NASAA REIT Guidelines” shall have the meaning set forth in the Charter. 

“NAV” shall mean the Company’s net asset value, calculated pursuant to the Valuation Guidelines. 

“Net Income” shall have the meaning set forth in the Charter. 

“Offering” shall have the meaning set forth in the Charter. 

“OP Management Fee” shall have the meaning set forth in Section 10(a). 

“Operating Partnership” shall have the meaning set forth in the preamble of this Agreement. 

“Operating Partnership Agreement” shall mean the Limited Partnership Agreement of the Operating Partnership, as
amended from time to time. 
 “Organization and Offering Expenses” shall have the meaning set forth in the
Charter. 
 “Other Blackstone Accounts” shall mean investment funds, REITs, vehicles, accounts, products and/or
other similar arrangements sponsored, advised and/or managed by Blackstone, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge
funds, over-flow funds, co-investment vehicles and other entities formed in connection with Blackstone side-by-side or additional
general partner investments with respect thereto). 
 “Person” shall mean an individual, corporation, business
trust, estate, trust, partnership, joint venture, limited liability company or other legal entity. 

“Prospectus” shall have the meaning set forth in the Charter. 

“Real Estate-Related Securities” shall have the meaning set forth in the Charter. 

“Real Estate-Related Assets” shall mean any investments by the Company or the Operating Partnership in Mortgages
and Real Estate-Related Securities. 
 “Real Property” shall have the meaning set forth in the Charter. 

“REIT” shall have the meaning set forth in the Charter. 

“Securities Act” shall have the meaning set forth in the Charter. 

“Select Opportunistic Blackstone Accounts” shall mean Other Blackstone Accounts that invest in
“opportunistic” real estate and real estate-related assets globally that receive priority over the Company with respect to investments. 

“Selling Commissions” shall have the meaning set forth in the Charter. 

  
 3 

 “Services” shall have the meaning set forth in
Section 8(c). 
 “Shares” shall have the meaning set forth in the Charter. 

“Stockholder Servicing Fee” shall have the meaning set forth in the Charter. 

“Stockholders” shall have the meaning set forth in the Charter. 

“Termination Date” shall mean the date of termination of this Agreement or expiration of this Agreement in the
event this Agreement is not renewed for an additional term. 
 “Total Operating Expenses” shall have the
meaning set forth in the Charter. 
 “Treasury Regulations” shall mean the Procedures and Administration Regulation
promulgated by the U.S. Department of Treasury under the Code, as amended. 
 “2%/25% Guidelines” shall have
the meaning set forth in the Charter. 
 “Valuation Guidelines” shall mean the valuation guidelines of the
Company as have been adopted by the Board, as amended from time to time. 
 2. APPOINTMENT. The Company and the Operating
Partnership hereby appoint the Adviser to serve as their investment adviser on the terms and conditions set forth in this Agreement, and the Adviser hereby accepts such appointment. By accepting such appointment, the Adviser acknowledges that it has
a contractual and fiduciary responsibility to the Company and the Stockholders. Except as otherwise provided in this Agreement, the Adviser hereby agrees to use its commercially reasonable efforts to perform the duties set forth herein, provided
that the Company reimburses the Adviser for costs and expenses in accordance with Section 11 hereof. 
 3. DUTIES OF THE
ADVISER. Subject to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines) and consistent with the provisions of the Company’s most recent Prospectus for the Shares, the Charter
and Bylaws and the Operating Partnership Agreement, the Adviser will have plenary authority with respect to the management of the business and affairs of the Company and the Operating Partnership and will be responsible for implementing the
investment strategy of the Company and the Operating Partnership. The Adviser will perform (or cause to be performed through one or more of its Affiliates or third parties) such services and activities relating to the selection of investments and
rendering investment advice to the Company and the Operating Partnership as may be appropriate or otherwise mutually agreed from time to time, which may include, without limitation: 

(a) serving as an advisor to the Company and the Operating Partnership with respect to the establishment and periodic review of the Investment
Guidelines for the Company’s and the Operating Partnership’s investments, financing activities and operations; 
 (b) sourcing,
evaluating and monitoring the Company’s and Operating Partnership’s investment opportunities and executing the acquisition, management, financing and disposition of the Company’s and Operating Partnership’s assets, in accordance
with the Company’s Investment Guidelines, policies and objectives and limitations, subject to oversight by the Board; 
 (c) with
respect to prospective acquisitions, purchases, sales, exchanges or other dispositions of Investments, conducting negotiations on the Company’s and Operating Partnership’s behalf with sellers, purchasers, and other counterparties and, if
applicable, their respective agents, advisors and representatives, and determining the structure and terms of such transactions; 
 (d)
providing the Company with portfolio management and other related services; 
 (e) serving as the Company’s advisor with respect to
decisions regarding any of the Company’s financings, hedging activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the
Company’s investment objectives, and (2) advising the Company with respect to obtaining appropriate financing for the Investments (which, in accordance with applicable law and the terms and conditions of this Agreement and the
Company’s Charter and Bylaws, may include financing by the Adviser or its Affiliates) and (3) negotiating and entering into, on the Company’s and Operating Partnership’s behalf, financing arrangements (including one or more
credit facilities), repurchase agreements, interest rate or currency swap agreements, hedging arrangements, foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the
Company’s and Operating Partnership’s activities; 
 (f) engaging and supervising, on the Company’s and Operating
Partnership’s behalf and at the Company’s and Operating Partnership’s expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents, escrow agents
and other service providers (which may include Affiliates of the Adviser) that provide 

  
 4 

 
various services with respect to the Company and Operating Partnership, including, without limitation, on-site managers, building and maintenance
personnel, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence services, underwriting review
services, and all other services (including custody and transfer agent and registrar services) as may be required relating to the Company’s and Operating Partnership’s activities or investments (or potential Investments); 

(g) coordinating and managing operations of any Joint Venture or co-investment interests held by the
Company or Operating Partnership and conducting matters with the Joint Venture or co-investment partners; 

(h) communicating on the Company’s and Operating Partnership’s behalf with the holders of any of the Company’s equity or debt
securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

(i) advising the Company in connection with policy decisions to be made by the Board; 

(j) engaging one or more subadvisors with respect to the management of the Company and Operating Partnership, including, where appropriate,
Affiliates of the Adviser; 
 (k) evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the
Company’s and Operating Partnership’s behalf, consistent with the Company’s qualification as a REIT and with the Investment Guidelines; 

(l) investing and reinvesting any moneys and securities of the Company and the Operating Partnership (including investing in short-term
investments pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company’s stockholders and partners) and advising the Company as to the Company’s and Operating
Partnership’s capital structure and capital raising; 
 (m) determining valuations for the Company’s Real Property and Real
Estate-Related Assets and calculate, as of the last Business Day of each month, the Class T NAV per Share, Class S NAV per Share, Class D NAV per Share, Class I NAV and Class C NAV per Share in accordance with the Valuation
Guidelines, and in connection therewith, obtain appraisals performed by an Independent Appraiser and other independent third party appraisal firms concerning the value of the Real Properties and obtain market quotations or conduct fair valuation
determinations concerning the value of Real Estate-Related Assets; 
 (n) providing input in connection with the appraisals performed by the
Independent Appraisers; 
 (o) monitoring the Company’s Real Property and Real Estate Related Assets for events that may be expected to
have a material impact on the most recent estimated values; 
 (p) monitoring each Independent Appraiser’s valuation process to ensure
that it complies with the Company’s valuation guidelines; 
 (q) delivering to, or maintain on behalf of, the Company copies of
appraisals obtained in connection with the investments in any Real Property; 
 (r) in the event that the Company is a commodity pool under
the CEA, acting as the Company’s commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including, for the avoidance of doubt, the authority to make any filings, submissions or registrations
(including for exemptive or “no action” relief) to the extent required or desirable under the CEA (and the Company hereby appoints the Adviser to act in such capacity and the Adviser accepts such appointment and agrees to be responsible
for such services); 
 (s) placing, or arranging for the placement of, orders of Real Estate-Related Assets pursuant to the Adviser’s
investment determinations for the Company and the Operating Partnership either directly with the issuer or with a broker or dealer (including any Affiliated broker or dealer); and 

(t) performing such other services from time to time in connection with the management of the Company’s investment activities as the
Board shall reasonably request and/or the Adviser shall deem appropriate under the particular circumstances. 
 4. AUTHORITY OF
ADVISER. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in
Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of the execution hereof by the officers of the Company)
hereby delegates to the Adviser the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the
judgment of the Adviser, may be necessary or advisable in connection with the Adviser’s duties described in Section 3, including the making of any Investment that fits within the Company’s investment objectives, strategy and
guidelines, policies and limitations and within the discretionary limits and authority as granted to the Adviser from time to time by the Board. 

  
 5 

 (b) Notwithstanding the foregoing, any Investment that does not fit within the Investment
Guidelines will require the prior approval of the Board or any duly authorized committee of the Board, as the case may be. Except as otherwise set forth herein, in the Investment Guidelines or in the Charter, any Investment that fits within the
Investment Guidelines may be made by the Adviser on the Company’s or the Operating Partnership’s behalf without the prior approval of the Board or any duly authorized committee of the Board. 

(c) The prior approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the
transaction will be required for each transaction to which the Adviser or its Affiliates is a party. 
 (d) The Board will review the
Investment Guidelines with sufficient frequency and at least annually and may, at any time upon the giving of notice to the Adviser, amend the Investment Guidelines; provided, however, that such modification or revocation shall be
effective upon receipt by the Adviser or such later date as is specified by the Board and included in the notice provided to the Adviser and such modification or revocation shall not be applicable to investment transactions to which the Adviser has
committed the Company or the Operating Partnership prior to the date of receipt by the Adviser of such notification, or if later, the effective date of such modification or revocation specified by the Board. 

(e) The Adviser may retain, for and on behalf, and at the sole cost and expense, of the Company, such services as the Adviser deems necessary
or advisable in connection with the management and operations of the Company, which may include Affiliates of the Adviser; provided, that any such services may only be provided by Affiliates to the extent such services are approved by a
majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those
available from non-Affiliated third parties. In performing its duties under Section 3, the Adviser shall be entitled to rely reasonably on qualified experts and professionals (including, without
limitation, accountants, legal counsel and other professional service providers) hired by the Adviser at the Company’s sole cost and expense. 

5. BANK ACCOUNTS. The Adviser may establish and maintain one or more bank accounts in the name of the Company and the
Operating Partnership and any subsidiary thereof and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership, consistent with the
Adviser’s authority under this Agreement, provided that no funds shall be commingled with the funds of the Adviser; and the Adviser shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company,
appropriate accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable. 

6. RECORDS; ACCESS. The Adviser shall maintain appropriate records of its activities hereunder and make such records
available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Adviser shall at all reasonable times have access to the books and records of the
Company and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. The Adviser shall refrain from any action that,
in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code or the Company’s and the Operating
Partnership’s status as entities excluded from investment company status under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction over the
Company and the Operating Partnership or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter, Bylaws or Operating Partnership Agreement. If the Adviser is ordered to take any
action by the Board, the Adviser shall seek to notify the Board if it is the Adviser’s reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Charter, Bylaws or
Operating Agreement. Notwithstanding the foregoing, neither the Adviser nor any of its Affiliates shall be liable to the Company, the Operating Partnership, the Board, or the Stockholders for any act or omission by the Adviser or any of its
Affiliates, except as provided in Section 20 of this Agreement. 
 8. OTHER ACTIVITIES OF THE ADVISER. 

(a) Nothing in this Agreement shall (i) prevent the Adviser or any of its Affiliates, officers, directors or employees from engaging in
other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company, including, without limitation, the
sponsoring, closing and/or managing of any Other Blackstone Accounts, (ii) in any way bind or restrict the Adviser or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities for
their own accounts or for the account of others for whom the Adviser or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Adviser or any of its Affiliates, officers, directors or employees from
receiving fees or other compensation or profits from such activities described in this Section 8(a) which shall be for the sole benefit of the Adviser (and/or its Affiliates, officers, directors or employees). While information and
recommendations supplied to the Company shall, in the Adviser’s reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, such information and
recommendations may be different in certain material respects from the information and recommendations supplied by the Adviser or any Affiliate of the Adviser to others (including, for greater certainty, the Other Blackstone Accounts and their
investors, as described more fully in Section 8(b)). 

  
 6 

 (b) The Adviser and the Company acknowledge and agree that, notwithstanding anything to the
contrary contained herein, (i) Affiliates of the Adviser sponsor, advise and/or manage Other Blackstone Accounts and may in the future sponsor, advise and/or manage additional Other Blackstone Accounts (including Select Opportunistic Blackstone
Accounts), (ii) with respect to Other Blackstone Accounts with investment objectives or guidelines that overlap with the Company’s but that do not have priority over the Company, the Adviser and its Affiliates will allocate investment
opportunities between the Company and such Other Blackstone Accounts in accordance with Blackstone’s prevailing policies and procedures on a basis that the Adviser and its Affiliates determine to be reasonable in their sole discretion, and
there may be circumstances where investments that are consistent with the Company’s Investment Guidelines may be shared with or allocated to one or more Other Blackstone Accounts (in lieu of the Company) in accordance with Blackstone’s
prevailing policies and procedures and (iii) Select Opportunistic Blackstone Accounts will receive priority over the Company with respect to investments within such accounts’ investment objectives and guidelines and the Adviser will not
allocate investment opportunities to the Company unless the investment advisers of the Select Opportunistic Blackstone Accounts forgo, in their sole discretion, all or a portion of such investments because of such accounts’ investment
objectives, guidelines, concentration limitations or otherwise. 
 (c) In connection with the services of the Adviser hereunder, the Company
and the Board acknowledge and/or agree that (i) as part of Blackstone’s regular businesses, personnel of the Adviser and its Affiliates may from time-to-time
work on other projects and matters (including with respect to one or more Other Blackstone Accounts), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more Other Blackstone Accounts and/or the
Adviser and such other Affiliates, (ii) unless prohibited by the Charter, Other Blackstone Accounts may invest, from time to time, in investments in which the Company also invests (including at a different level of an issuer’s capital
structure (e.g., an investment by an Other Blackstone Account in a debt or mezzanine interest with respect to the same portfolio entity in which the Company owns an equity interest or vice versa) or in a different tranche of equity or debt
with respect to an issuer in which the Company has an interest) and while Blackstone will seek to resolve any such conflicts in a fair and reasonable manner (subject to any priorities of the Select Opportunistic Blackstone Accounts) in accordance
with its prevailing policies and procedures with respect to conflicts resolution among Other Blackstone Accounts generally, such transactions are not required to be presented to the Board or any committee thereof for approval (unless otherwise
required by the Charter or Investment Guidelines), and there can be no assurance that any conflicts will be resolved in the Company’s favor, (iii) the Company will from time to time pay fees to the Adviser and its Affiliates, including
portfolio entities of Other Blackstone Accounts, for providing various services described in the Prospectus (collectively, “Services”), which fees will be in addition to the compensation paid to the Adviser pursuant to
Section 10 hereof, (iv) the Adviser and its Affiliates will from time to time receive fees from portfolio entities or other issuers for providing Services, including with respect to Other Blackstone Accounts and related portfolio entities,
and while such fees will give rise to conflicts of interest the Company will not receive the benefit of any such fees, and (v) the terms and conditions of the governing agreements of such Other Blackstone Accounts (including with respect to the
economic, reporting, and other rights afforded to investors in such Other Blackstone Accounts) are materially different from the terms and conditions applicable to the Company and the Stockholders, and neither the Company nor the Stockholders (in
such capacity) shall have the right to receive the benefit of any such different terms applicable to investors in such Other Blackstone Accounts as a result of an investment in the Company or otherwise. The Adviser shall keep the Board reasonably
informed on a periodic basis in connection with the foregoing. 
 (d) The Adviser is not permitted to consummate on the Company’s
behalf any transaction that involves (i) the sale of any investment to or (ii) the acquisition of any investment from Blackstone, any Other Blackstone Account or any of their Affiliates unless such transaction is approved by a majority of
the Directors, including a majority of the Independent Directors, not otherwise interested in such transaction as being fair and reasonable to the Company. In addition, for any such acquisition by the Company, the Company’s purchase price will
be limited to the cost of the property to the Affiliate, including acquisition-related expenses, or if substantial justification exists, the current appraised value of the property as determined by an Independent Appraiser. In addition, the Company
may enter into Joint Ventures with Other Blackstone Accounts, or with Blackstone, the Adviser, one or more Directors, or any of their respective Affiliates, only if a majority of the Directors (including a majority of the Independent Directors) not
otherwise interested in the transaction approve the transaction as being fair and reasonable to the Company and on substantially the same, or no less favorable, terms and conditions as those received by other Affiliate joint venture partners. The
Adviser will seek to resolve any conflicts of interest in a fair and reasonable manner (subject to any priorities of the Select Blackstone Accounts) in accordance with its prevailing policies and procedures with respect to conflicts resolution among
Other Blackstone Accounts generally, but only those transactions set forth in this Section 8(d) will be expressly required to be presented for approval to the Independent Directors or any committee thereof (unless otherwise required by the
Charter or the Investment Guidelines). 
 (e) For the avoidance of doubt, it is understood that neither the Company nor the Board has the
authority to determine the salary, bonus or any other compensation paid by the Adviser to any director, officer, member, partner, employee, or stockholder of the Adviser or its Affiliates, including any person who is also a director or officer
employee of the Company. 

  
 7 

 9. RELATIONSHIP WITH DIRECTORS AND OFFICERS. Subject to Section 7 of this
Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Adviser or an Affiliate of the Adviser or any corporate parent of an Affiliate, may serve as a
Director or officer of the Company, except that no director, officer or employee of the Adviser or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer
other than (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and no such Director shall be
deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. 
 10.
MANAGEMENT FEE. 
 (a) The Company will pay the Adviser a management fee (the “Company Management Fee”) equal to
1.25% of NAV per annum payable monthly, before giving effect to any accruals for the Management Fee, the Stockholder Servicing Fee, the Performance Allocation (as defined in the Operating Partnership Agreement) or any Distributions. The Operating
Partnership will pay the Adviser a management fee (the “OP Management Fee” and, together with the Company Management Fee, the “Management Fee”) equal to 1.25% of the net asset value of the Operating Partnership
attributable to Operating Partnership units held by unitholders other than the Company. The Adviser shall receive the Management Fees as compensation for services rendered hereunder. 

(b) The Company Management Fee may be paid, at the Adviser’s election, in cash or cash equivalent aggregate NAV amounts of Class I
Common Shares or Class I units of the Operating Partnership. The OP Management Fee may be paid, at the Adviser’s election, in cash or cash equivalent aggregate NAV amounts of Class I units of the Operating Partnership. If the Adviser
elects to receive any portion of its Management Fee in Class I Common Shares or Class I units of the Operating Partnership, the Adviser may elect to have the Company or the Operating Partnership repurchase such shares and/or units from the
Adviser at a later date. Class I Common Shares or Class I units of the Operating Partnership obtained by the Adviser will not be subject to the repurchase limits of the Company’s share repurchase plan or any reduction or penalty for
an early repurchase. The Operating Partnership will repurchase any such Operating Partnership units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable law or the Charter, in which case such
Operating Partnership units will be repurchased for the Company’s Class I Common Shares with an equivalent aggregate NAV. The Adviser will have the option of exchanging Class I Common Shares for an equivalent aggregate NAV amount of
Class T Common Shares, Class S Common Shares or Class D Common Shares and will have registration rights with respect to shares of the Company’s common stock. 

(c) In the event this Agreement is terminated or its term expires without renewal, the Adviser will be entitled to receive its prorated
Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect. 

(d) In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the Company and
the Operating Partnership will pay the Adviser the Management Fee from the proceeds of the liquidation. 
 11. EXPENSES. 

(a) As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Stockholder Servicing Fees and Organization and Offering
Expenses paid by the Company in connection with a public Offering will not exceed 15.0% of Gross Proceeds from the sale of Shares in such public Offering. 

(b) Subject to Sections 4(e) and 11(c), the Adviser shall be responsible for the expenses related to any and all personnel of the Adviser who
provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of the Company and any Directors who are also directors, officers or employees of the Adviser or any of its
Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel (“Adviser Expenses”). 

(c) In addition to the compensation paid to the Adviser pursuant to Section 10 hereof, the Company or the Operating Partnership shall pay
all of its costs and expenses directly or reimburse the Adviser or its Affiliates for costs and expenses of the Adviser and its Affiliates incurred on behalf of the Company, other than Adviser Expenses. Without limiting the generality of the
foregoing, it is specifically agreed that the following costs and expenses of the Company or the Operating Partnership are not Adviser Expenses and shall be paid by the Company or the Operating Partnership and shall not be paid by the Adviser or
Affiliates of the Adviser: 
 (i) Organization and Offering Expenses; provided that within 60 days after the end
of the month in which an Offering terminates, the Adviser shall reimburse the Company to the extent the Organization and Offering Expenses, Selling Commissions and Stockholder Servicing Fees borne by the Company exceed 15.0% of the Gross Proceeds
raised in the completed Offering; 
 (ii) Acquisition Expenses, subject to limitations set forth in the Charter; 

(iii) fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, settling,
disposition and financing of the Investments of the Company and its Subsidiaries (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited
deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments; 

  
 8 

 (iv) the actual cost of goods and services used by the Company and obtained
from Persons not Affiliated with the Adviser, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of Investments; 

(v) all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance,
administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other non-investment
advisory services rendered to the Company by the Adviser or its Affiliates in compliance with Section 4(e); 
 (vi)
expenses of managing and operating the Company’s and the Operating Partnership’s Real Properties, whether payable to an Affiliate of the Adviser or a non-Affiliated Person; 

(vii) the compensation and expenses of the Directors (excluding those directors who are directors, officers or employees of the
Adviser) and the cost of liability insurance to indemnify the Company’s directors and officers; 
 (viii) interest and
fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing arrangements, or other
indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities offerings; 

(ix) expenses connected with communications to holders of the Company’s securities or securities of the Subsidiaries and
other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs
of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Company’s securities on any exchange, the fees payable by
the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Stockholders and proxy materials with respect to any meeting of the Stockholders and any other reports
or related statements; 
 (x) the Company’s allocable share of costs associated with technology-related expenses,
including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Adviser, technology service providers and related software/hardware
utilized in connection with the Company’s investment and operational activities; 
 (xi) the Company’s allocable
share of expenses incurred by managers, officers, personnel and agents of the Adviser for travel on the Company’s behalf and other out-of-pocket expenses incurred
by them in connection with the purchase, financing, refinancing, sale or other disposition of an Investment; 
 (xii)
expenses relating to compliance-related matters and regulatory filings relating to the Company’s activities (including, without limitation, expenses relating to the preparation and filing of Form PF, Form ADV, reports to be filed with the U.S.
Commodity Futures Trading Commission, reports, disclosures, and/or other regulatory filings of the Adviser and its Affiliates relating to the Company’s activities (including the Company’s pro rata share of the costs of the Adviser and its
Affiliates of regulatory expenses that relate to the Company and Other Blackstone Accounts)); 
 (xiii) the costs of any
litigation involving the Company or the Operating Partnership or their assets and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary
expense or liability relating to the affairs of the Company; 
 (xiv) all taxes and license fees; 

(xv) all insurance costs incurred in connection with the operation of the Company’s business except for the costs
attributable to the insurance that the Adviser elects to carry for itself and its personnel; 
 (xvi) expenses of managing,
improving, developing, operating and selling Investments, whether payable to an Affiliate of the Adviser or a non-Affiliated Person; 

(xvii) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or
caused to be made by the Board to or on account of holders of the Company’s securities, including, without limitation, in connection with any distribution reinvestment plan; 

(xviii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the
Company or the Operating Partnership, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental agency; 

  
 9 

 (xix) expenses incurred in connection with the formation, organization and
continuation of any corporation, partnership, Joint Venture or other entity through which the Company’s investments are made or in which any such entity invests; and 

(xx) expenses incurred related to industry association memberships or attending industry conferences on behalf of the Company.

 (d) The Adviser may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall
not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 
 (e) Any reimbursement payments owed by the
Company to the Adviser may be offset by the Adviser against amounts due to the Company from the Adviser. Cost and expense reimbursement to the Adviser shall be subject to adjustment at the end of each calendar year in connection with the annual
audit of the Company. 
 (f) Notwithstanding the foregoing, the Adviser shall pay for all Organization and Offering Expenses (other than
Selling Commissions and Stockholder Servicing Fees) incurred prior to the first anniversary of the Commencement Date. All Organization and Offering Expenses (other than Selling Commissions and Stockholder Servicing Fees) paid by the Adviser
pursuant to this Section 11(f) shall be reimbursed by the Company to the Adviser in 60 equal monthly installments commencing with the first anniversary of the Commencement Date. 

12. OTHER SERVICES. Should the Board request that the Adviser or any director, officer or employee thereof render services
for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Adviser and the Independent Directors, subject to the
limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 13.
REIMBURSEMENT TO THE ADVISER. Commencing upon the earlier to occur of four fiscal quarters after (i) the Corporation’s acquisition of its first asset or (ii) six months after the Commencement Date, the Company shall
not reimburse the Adviser at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2.0%
of Average Invested Assets or 25.0% of Net Income (the “2%/25% Guidelines”) for such four fiscal quarters unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors
that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess Amount as being so justified, the Adviser shall reimburse the Company the amount by which the Total Operating Expenses exceeded the 2%/25%
Guidelines. If the Independent Directors determine such Excess Amount was justified, then, within 60 days after the end of any fiscal quarter of the Company for which Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines,
the Adviser, at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a
Current Report on Form 8-K with the Securities and Exchange Commission within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining
that such excess were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a
consistent basis. 
 14. NO JOINT VENTURE. The Company and the Operating Partnership, on the one hand, and the Adviser on
the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 

15. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the Effective Date, subject to
an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board to evaluate the performance of the Adviser annually before renewing the Agreement, and each
such renewal shall be for a term of no more than one year. 
 16. TERMINATION BY THE PARTIES. This Agreement may be
terminated (i) at the option of the Adviser immediately upon a Change of Control of the Company or Operating Partnership; (ii) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Adviser; or
(iii) upon 60 days’ written notice without Cause or penalty by a majority vote of the Independent Directors; or (iv) upon 60 days’ written notice by the Adviser. The provisions of Sections 18 through 22 survive
termination of this Agreement. 
 17. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Adviser to an Affiliate
of the Adviser with the approval of a majority of the Directors (including a majority of the Independent Directors). The Adviser may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent
of the Board. This Agreement shall not be assigned by the Company or the Operating Partnership without the approval of the Adviser, except in the case of an assignment by the Company or the Operating Partnership to a corporation or other
organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by 

  
 10 

 
the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. This Agreement shall be binding on successors to the Company resulting
from a Change in Control or sale of all or substantially all the assets of the Company or the Operating Partnership, and shall likewise be binding on any successor to the Adviser. 

18. PAYMENTS TO AND DUTIES OF ADVISER UPON TERMINATION. 

(a) After the Termination Date, the Adviser shall not be entitled to compensation for further services hereunder except it shall be entitled
to receive from the Company or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Adviser prior to termination of this
Agreement, subject to the 2%/25% Guidelines to the extent applicable. 
 (b) The Adviser shall promptly upon termination: 

(i) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and the
Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to
the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody of the Adviser; and 

(iv) cooperate with, and take all reasonable actions requested by, the Company and Board in making an orderly transition of the
advisory function. 
 19. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating
Partnership shall indemnify and hold harmless the Adviser and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder,
and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the fullest extent possible without such indemnification
being inconsistent with the laws of the State of Maryland, the Charter or the provisions of Section II.G of the NASAA REIT Guidelines. 

20. INDEMNIFICATION BY ADVISER. The Adviser shall indemnify and hold harmless the Company and the Operating Partnership
from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by
insurance and (ii) are incurred by reason of the Adviser’s bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement; provided, however, that the Adviser shall not be held
responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Adviser. 
 21. NON-SOLICITATION. In the event of a termination without Cause of this Agreement by the Company pursuant to Section 16(iii) hereof, for two (2) years after the Termination Date, the Company
shall not, without the consent of the Adviser, employ or otherwise retain any employee of the Adviser or any of its Affiliates or any person who has been employed by the Adviser or any of its Affiliates at any time within the two (2) year
period immediately preceding the date on which such person commences employment with or is otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Adviser may be entitled to equitable relief for
any violation of this Section 21 by the Company, including, without limitation, injunctive relief. 
 22. MISCELLANEOUS. 

(a) Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless
some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier, by
registered or certified mail, by electronic mail or posted on a password protected website maintained by the Adviser and for which the Company has received access instructions by electronic mail, when posted, using the contact information set forth
herein: 
  

			
	The Company:	  	 Blackstone Real Estate Income Trust, Inc.
 345
Park Avenue, 10th Floor
 New York, New York 10154
 Attention:
Chief Financial Officer and Treasurer
 Email: Tony.Marone@Blackstone.com

  
 11 

			
	with required copies to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Benjamin
Wells
 Email: bwells@stblaw.com

		
		  	 Blackstone Real Estate Income Trust, Inc.
 345
Park Avenue, 10th Floor
 New York, New York 10154
 Attention:
Leon Volchyok
 Email: leon.volchyok@blackstone.com

		
	The Adviser:	  	 BX REIT Advisors L.L.C.
 c/o The Blackstone
Group L.P.
 345 Park Avenue, 42nd Floor
 New York, New York
10154
 Attention: General Counsel
 Email:
leon.volchyok@blackstone.com

		
	with required copies to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Michael
Wolitzer
 Email: mwolitzer@stblaw.com

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 22(a). 
 (b) Modification. This Agreement shall not be changed, modified, terminated, or
discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

(c) Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

(d) Governing Law; Exclusive Jurisdiction; Jury Trial. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in Borough of Manhattan, New
York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not
subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts.
Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (e) Entire Agreement. This
Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

(f) Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
 (g) Gender; Number. Words used herein regardless
of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

(h) Headings. The titles and headings of Sections and Subsections contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

  
 12 

 (i) Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

23. INITIAL INVESTMENT. The Adviser or one of its Affiliates has contributed $200,000 (the “Initial Investment”)
in exchange for the initial issuance of Shares of the Company. The Adviser or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Adviser acts in an advisory capacity to the Company. The restrictions
included above shall not apply to any Shares acquired by the Adviser or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Adviser nor its Affiliates shall vote any Shares they now own, or hereafter acquire, or
consent that such Shares be voted, on matters submitted to the Stockholders regarding (i) the removal of BX REIT Advisors L.L.C. as the Adviser; (ii) the removal of any member of the Board; or (iii) any transaction by and between the
Company and the Adviser, a member of the Board or any of their Affiliates. 
 [Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of
the date and year first above written. 
  

			
	Blackstone Real Estate Income Trust, Inc.
		
	By:	 	/s/ Wesley LePatner
		 	Name: Wesley LePatner
		 	Title: Chief Operating Officer

  

			
	BREIT Operating Partnership L.P.
		
	By:	 	Blackstone Real Estate Income Trust, Inc., as general partner

  

			
	By:	 	/s/ Wesley LePatner
		 	Name: Wesley LePatner
		 	Title: Chief Operating Officer
	
	BX REIT Advisors L.L.C.
		
	By:	 	/s/ Wesley LePatner
		 	Name: Wesley LePatner
		 	Title: Authorized Signatory

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