Document:

EX-10.1

 Exhibit 10.1 

ADVISORY AGREEMENT 

BETWEEN 
 OAKTREE REAL
ESTATE INCOME TRUST, INC. 
 AND 

OAKTREE FUND ADVISORS, LLC 

 TABLE OF CONTENTS 

 

							
	1.	 	 DEFINITIONS
	  	 	1	 
	2.	 	 APPOINTMENT
	  	 	5	 
	3.	 	 DUTIES OF THE ADVISER
	  	 	5	 
	4.	 	 AUTHORITY OF ADVISER
	  	 	7	 
	5.	 	 BANK ACCOUNTS; CUSTODY ACCOUNTS
	  	 	8	 
	6.	 	 RECORDS; ACCESS
	  	 	9	 
	7.	 	 LIMITATIONS ON ACTIVITIES
	  	 	9	 
	8.	 	 OTHER ACTIVITIES OF THE ADVISER
	  	 	9	 
	9.	 	 RELATIONSHIP WITH DIRECTORS AND OFFICERS
	  	 	10	 
	10.	 	 MANAGEMENT AND PERFORMANCE FEES
	  	 	10	 
	11.	 	 EXPENSES
	  	 	11	 
	12.	 	 OTHER SERVICES
	  	 	14	 
	13.	 	 LIMITATION ON TOTAL OPERATING EXPENSES
	  	 	14	 
	14.	 	 COMMODITY TRADING ADVISOR
	  	 	14	 
	15.	 	 NO JOINT VENTURE
	  	 	14	 
	16.	 	 TERM OF AGREEMENT
	  	 	14	 
	17.	 	 TERMINATION BY THE PARTIES
	  	 	15	 
	18.	 	 ASSIGNMENT TO AN AFFILIATE
	  	 	15	 
	19.	 	 PAYMENTS TO AND DUTIES OF ADVISER UPON TERMINATION
	  	 	15	 
	20.	 	 INDEMNIFICATION BY THE COMPANY
	  	 	15	 
	21.	 	 INDEMNIFICATION BY ADVISER
	  	 	15	 
	22.	 	 NON-SOLICITATION
	  	 	16	 
	23.	 	 MISCELLANEOUS
	  	 	16	 
	24.	 	 INVESTMENT BY ADVISER OR ITS AFFILIATES
	  	 	17	 

  
 i 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of the 11th day of
April, 2018 and effective as of the date the Registration Statement (as defined below) is declared effective (the “Effective Date”) by the Securities and Exchange Commission (the “SEC”), is by and between
Oaktree Real Estate Income Trust, Inc., a Maryland corporation (the “Company”) and Oaktree Fund Advisors, LLC, a Delaware limited liability company (the “Adviser”). Capitalized terms used herein shall have the
meanings ascribed to them in Section 1 below. 
 WITNESSETH 

WHEREAS, the Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of
Sections 856 through 860 of the Code; 
 WHEREAS, the Company desires to avail itself 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 Oaktree
Fund Advisors, LLC, a Delaware limited liability company. 
 “Adviser Expenses” shall have the meaning set forth in
Section 11(b). 
 “Advisers Act” shall mean the Investment Advisers Act of 1940, as amended. 

“Affiliate” shall have the meaning set forth in the Charter and the term “Affiliated”
shall have a correlative meaning. 
 “Agreement” shall have the meaning set forth in the preamble of this Agreement.

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

“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. 

“CFTC” shall have the meaning set forth in Section 11(c)(vii). 

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

“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 from time to time. 
 “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 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. 

“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. 

“Excess Profits” shall have the meaning set forth in Section 10(b)(i). 

“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 D Common Share, 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 D Common Share, Class T Common Share or Class S Common Share. 

  
 2 

 “Hurdle Amount” shall mean, for any period during a calendar year,
the amount that results in a 5% annualized internal rate of return on the NAV of the Shares outstanding at the beginning of the then-current calendar year and all Shares issued since the beginning of the then-current calendar year, taking into
account the timing and amount of all Distributions accrued or paid (without duplication) on all such Shares and all issuances of Shares over the period and calculated in accordance with recognized industry practices. The ending NAV of the Shares
used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance Fee and any applicable Stockholder Servicing Fee expenses, provided that the calculation of the Hurdle
Amount for any period will exclude any Shares repurchased during such period, which Shares will be subject to the Performance Fee upon such repurchase as described in Section 10(b). 

“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. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Investment Guidelines” shall mean the investment guidelines and borrowing policies 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, directly or indirectly, in Real Property, Real
Estate-Related Assets or other assets (including derivatives). 
 “Joint Ventures” shall have the meaning set
forth in the Charter. 
 “Loss Carryforward Amount” shall initially equal zero and shall cumulatively increase by
the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the
Loss Carryforward Amount will exclude the Total Return related to any Shares repurchased during such year, which Shares will be subject to the Performance Fee upon such repurchase as described in Section 10(b). 

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

“Mortgages” 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. 

“Oaktree” means, collectively, Oaktree Capital Management, L.P., a Delaware limited partnership, and any Affiliate
thereof. 
 “Offering” shall have the meaning set forth in the Charter. 

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

“Other Oaktree Accounts” shall mean the other funds and accounts that Oaktree and its affiliates currently manage and
may in the future manage. 

  
 3 

 “Performance Fee” shall have the meaning set forth in
Section 10(b). 
 “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 Assets” shall mean any investments by the Company in
Mortgages, real estate-related loans and Real Estate-Related Securities. 
 “Real Estate-Related
Securities” shall have the meaning set forth in the Charter. 
 “Real Property” shall have
the meaning set forth in the Charter. 
 “Registration Statement” shall mean the registration statement on Form
S-11, as may be amended from time to time, of the Company filed with the SEC related to the registration of the Shares for the Company’s initial Offering. 

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

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

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

“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. 

“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the
voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“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. 
 “Total Return” for any period since the end of the prior calendar year shall
equal the sum of: (i) all Distributions accrued or paid (without duplication) on the Shares outstanding at the end of such period since the beginning of the then-current calendar year plus (ii) the change in aggregate NAV of such Shares
since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Shares, (y) any allocation or accrual to the Performance Fee and (z) any applicable Stockholder Servicing Fee
expenses (including any payments made to the Company for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of Shares issued during the
then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Shares. 
 “Transaction
Price” shall have the meaning set forth in the Prospectus. 
 “2%/25% Guidelines” shall have the
meaning set forth in Section 13. 

  
 4 

 “Valuation Guidelines” shall mean the valuation guidelines
adopted by the Board, as amended from time to time. 

2.    APPOINTMENT. The Company hereby appoints the Adviser to serve
as its 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 13 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, the Adviser will have plenary authority with respect to the management of the business and affairs of the Company and will be responsible for managing and conducting the operations of the Company, including implementing the
investment strategy and administration of the Company and providing employees to act as officers of the Company. 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 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 with respect to the establishment and periodic review of the Investment
Guidelines for the Company’s investments, financing activities and operations; 
 (b)    purchasing, selling,
exchanging, converting, trading, financing (including financing by the Adviser or its Affiliates that is approved by a majority of the Independent Directors not otherwise interested in such transaction), refinancing, mortgaging, encumbering,
conveying, assigning, pledging, constructing, lending or otherwise effecting transactions for the Company’s portfolio with respect to investment opportunities and the Company’s Investments, in accordance with the Company’s Investment
Guidelines, policies and objectives and limitations, subject to oversight by the Board; 
 (c)    investigating,
analyzing, evaluating, structuring and negotiating, on the Company’s behalf, potential acquisitions, purchases, sales, exchanges or other dispositions of Investments with sellers, purchasers, and other counterparties and, if applicable, their
respective agents, advisors and representatives; 
 (d)    providing the Company with portfolio management and other
related services, including managing, operating, improving, developing, redeveloping, renovating and monitoring the Company’s Investments; 

(e)    negotiating, arranging and executing any borrowings or financings in accordance with the Company’s Investment
Guidelines; 
 (f)    evaluating and engaging in hedging activities on the Company’s behalf, consistent with the
Company’s qualification as a REIT and with the Investment Guidelines; 
 (g)    engaging and supervising, on the
Company’s behalf and at the Company’s expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents, escrow agents, transfer agents and other service
providers (which may include Affiliates of the Adviser) that provide various services with respect to the Company, 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 activities or investments (or potential Investments); 

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

  
 5 

 (i)    communicating on the Company’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; 

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

(k)    advising the Company regarding the maintenance of the Company’s status as a REIT and monitoring compliance
with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder; 

(l)    advising the Company regarding the maintenance of the Company’s exemption from the Investment Company Act and
monitoring compliance with the requirements for maintaining an exemption from such Act; 
 (m)    engaging one or more
subadvisors with respect to the management of the Company, including, where appropriate, Affiliates of the Adviser; 

(n)    advising the Company as to the Company’s capital structure and capital raising activities; 

(o)    determining valuations for the Company’s Real Property and Real Estate-Related Assets and overseeing the
calculation, as of the last Business Day of each month (or such other date or dates approved by the Board), of the Class T NAV Per Share, Class S NAV Per Share, Class D NAV Per Share and Class I NAV Per Share in accordance with
the Valuation Guidelines, and in connection therewith, obtaining appraisals performed by an Independent Appraiser and other independent third-party appraisal firms concerning the value of the Real Properties and obtaining market quotations or
conduct fair valuation determinations concerning the value of Real Estate-Related Assets; 
 (p)    providing input in
connection with the appraisals performed by the Independent Appraisers; 
 (q)    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; 

(r)    monitoring each Independent Appraiser’s valuation process to ensure that it complies with the Company’s
Valuation Guidelines; 
 (s)    delivering to, or maintaining on behalf of, the Company copies of appraisals obtained in
connection with the investments in any Real Property; 
 (t)    providing the Company with all necessary cash management
services (including with respect to short-term investments); 
 (u)    placing, or arranging for the placement of,
orders of Real Estate-Related Assets pursuant to the Adviser’s investment determinations for the Company either directly with the issuer or with a broker or dealer (including any Affiliated broker or dealer); 

(v)    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; 

(w)    performing (or overseeing, or arranging for, the performance of) the administrative services necessary for the
operation of the Company; 
 (x)    providing the Company with office facilities, equipment, clerical, bookkeeping and
record keeping services at such facilities; 

  
 6 

 (y)    causing the Company to qualify to do business in all applicable
jurisdictions and obtaining and maintaining all appropriate licenses; 
 (z)    assisting the Company in publishing the
Company’s NAV; 
 (aa)    assisting in the administration of the Company’s distribution reinvestment plan,
Share transfers, Share repurchases and all exception requests; 
 (bb)    assisting the Company in maintaining
registration of the Shares under federal and state securities laws with respect to any Offering and complying with all with all federal, state and local regulatory requirements applicable to the Company with respect to such Offering and the
Company’s business activities (including the Sarbanes-Oxley Act of 2002, as amended), including, with respect to any Offering, preparing or causing to be prepared all supplements to the Prospectus, post-effective amendments to the Registration
Statement and financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Securities Act and the Exchange Act; 

(cc)    assisting in permissible public relations activities relating to the Company, including but not limited to
(i) development and administration of press releases, (ii) media relations, (iii) media coverage and by-lined articles and (iv) subject to regulatory approvals, if required, the development
and maintenance of a Company website to provide access for investors to financial reporting, financial advisor access to sales materials, and general information relating to the Company, such as NAV, filings with the SEC and informational
presentations; ; 
 (dd)    preparing reports to the Company’s Stockholders and reports and other materials filed
with the SEC and overseeing the printing and dissemination of reports to the Company’s Stockholders; 

(ee)    overseeing the preparation and filing of the Company’s tax returns, including soliciting Stockholders for
required information to the extent provided by the REIT provisions of the Code; 
 (ff)    maintaining the financial and
other records that the Company is required to maintain 
 (gg)    handling and resolving all claims, disputes or
controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject, arising out of the Company’s day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board; 

(hh)    overseeing the payment of the Company’s expenses; and 

(ii)    reporting to the Board about the Adviser’s performance of its obligations hereunder and furnishing advice and
recommendations with respect to such other aspects of the business and affairs of the Company as the Adviser shall determine to be desirable. 

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 or the entry into any financing that is consistent with the Company’s
investment objectives, strategy and Investment Guidelines, policies and limitations and within the discretionary limits and authority as granted to the Adviser from time to time by the Board. 

  
 7 

 (b)    Notwithstanding the foregoing, any Investment or financing 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. If a transaction requires Board approval, the Adviser will deliver to the Directors all
documents and other information required by them to properly evaluate the proposed transaction. Except as otherwise set forth herein, in the Investment Guidelines or in the Charter, any Investment or financing that is consistent with the Investment
Guidelines may be made by the Adviser on the Company’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 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
obtain, 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. 

(f)    The Adviser is not permitted to consummate on the Company’s behalf any transaction that involves the sale of
any investment to or the acquisition of any investment from Oaktree, any Other Oaktree 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 Oaktree Accounts, or with
Oaktree, 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. 

(g)    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; CUSTODY ACCOUNTS.  

(a)    The Adviser may establish and maintain one or more bank accounts in the name of the Company 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, consistent with the Adviser’s authority under this Agreement, provided that no
funds shall be commingled with the funds of the Adviser. 
 (b)    The Adviser may establish and maintain one or more
custody accounts in the name of the Company and any Subsidiary thereof and may deposit and hold assets into any such account or accounts, consistent with the Adviser’s authority under this Agreement, provided that no assets shall be
commingled with the assets of the Adviser. 

  
 8 

 6.    RECORDS; ACCESS.

(a)    The Adviser shall maintain and keep all books, accounts and other records of the Company that relate to activities
performed by the Adviser 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. 

(b)    The Adviser shall at all reasonable times have access to the books and records of the Company. 

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
status as an entity 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 or of any
exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter or Bylaws. 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 or Bylaws. Notwithstanding the foregoing, neither the Adviser nor any of its Affiliates
shall be liable to the Company, 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 or earning fees from other businesses or from rendering services of any kind to any other Person or entity (including other REITS), 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 Other Oaktree 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 to receive 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 advice 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 advice may differ in certain material respects from the information and advice supplied by the Adviser or any Affiliate of the Adviser to others. 

(b)    The Adviser shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to
the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Adviser and its Affiliates and their
respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

(c)    The Company acknowledges that the Adviser may face various conflicts of interest, including relating to co-investments, use of service providers, and other matters, as disclosed in the Company’s Prospectus from time to time. 

(d)    The Adviser shall use its commercially reasonable efforts to conduct the allocation of investment opportunities
among the Company and Other Oaktree Accounts in a manner that is consistent with the allocation policy described in the Prospectus, but neither the Adviser nor any Affiliate of the Adviser shall be obligated generally to present any particular
investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company. The Company acknowledges that the Adviser and its Affiliates have no obligation to allocate specific
investment opportunities to the Company except to the extent described in the Prospectus. 

  
 9 

 (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. 
 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 AND PERFORMANCE FEES. 

(a)    The Company will pay the Adviser a management fee (the “Management Fee”) equal to 1.00% of NAV per
annum payable monthly, before giving effect to any accruals for the Management Fee, the Performance Fee, the Stockholder Servicing Fee or any Distributions. The Adviser shall receive the Management Fee as compensation for services rendered
hereunder. The Adviser has agreed to waive its Management Fee for the first six months following the Commencement Date. 

(b)    The Company will pay the Adviser a performance fee (the “Performance Fee”), as of and promptly
following the last day of each year (which shall accrue on a monthly basis) in an amount equal to: 

(i)    First, if the Total Return for the applicable period exceeds the sum of (A) the Hurdle
Amount for that period and (B) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to the Adviser equals 12.5% of the sum of (x) the Hurdle Amount
for that period and (y) any amount allocated to the Adviser pursuant to this clause; and 

(ii)    Second, to the extent there are remaining Excess Profits, 12.5% of such remaining
Excess Profits. 
 Any amount by which Total Return falls below the Hurdle Amount that does not constitute Loss Carryforward Amount will not
be carried forward to subsequent periods. 
 With respect to all Shares that are repurchased at the end of any month in connection with
repurchases of Shares pursuant to the Company’s share repurchase plan, the Adviser shall be entitled to such Performance Fee in an amount calculated as described above but only for the portion of the year for which such Shares were outstanding,
and proceeds for any such Shares repurchase will be reduced by the amount of any such Performance Fee. 
 The measurement of the change in
NAV per Share for the purpose of calculating the Total Return is subject to adjustment by the Board to account for any dividend, split, recapitalization or any other similar change in the Company’s capital structure or any Distributions that
the Board deems to be a return of capital if such changes are not already reflected in the Company’s net assets. 
 The Adviser will
not be obligated to return any portion of the Performance Fee paid due to the subsequent performance of the Company. 

(c)    The Management Fee and the Performance Fee may be paid, at the Adviser’s election, in cash, in a number of
Class I Common Shares with an equal aggregate value, with each share valued at its Transaction Price as of the last day of the period for which such Management Fee or Performance Fee, as applicable, was earned, or in any combination of cash and
shares valued on the same basis. Further, if the Adviser elects to 

  
 10 

 
receive any portion of its Management Fee or Performance Fee in Class I Common Shares, the Adviser may elect to have the Company repurchase such Class I Common Shares at a per share
price equal to the then-current Transaction Price for a Class I Common Share from the Adviser at a later date. Class I Common Shares 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 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. 
 (d)    In the event this Agreement is terminated or its term expires without renewal, the
Adviser will be entitled to receive its prorated Management Fee and Performance 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. The pro rata Performance Fee will be determined in the same manner as described in Section 10(c) above but only for the portion of the year for which this Agreement was in effect. 

(e)    In the event the Company commences a liquidation of its Investments during any calendar year, the Company will pay
the Adviser the Management Fee and Performance 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 will not exceed 15.0% of Gross Proceeds from the sale of Shares in an 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 or administrative 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, the costs, expenses, fees and liabilities incurred by the Adviser in providing for its normal operating overhead, including payroll and other costs of management,
administrative and clerical personnel, such as salaries, wages, payroll taxes, bonuses, cost of employee benefit plans and temporary office help, utilities, office supplies, and other routine office and administrative expenses (collectively, the
“Adviser Expenses”). 
 (c)    In addition to the compensation paid to the Adviser pursuant to
Section 10 hereof, the Company 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,
and subject to limitations set forth in the Charter and in Section 13 hereof. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company are not Adviser Expenses and shall be
paid by the Company 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; 

(iii)    expenses in connection with the disposition of any assets, whether or not disposed, including,
without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, accounting fees and expenses and title insurance premiums and the costs of cooperating with due diligence; 

(iv)    fees and expenses relating to consummated Investments and proposed but unconsummated Investments,
including costs, expenses, fees and liabilities relating to sourcing, developing, evaluating, negotiating, structuring, acquiring, holding, administering, monitoring, financing, 

  
 11 

 
refinancing, managing, improving, operating, restructuring, disposing, trading, settling, hedging or enforcing rights in respect thereof, and monitoring the Company’s financial, regulatory
and legal affairs (In each case, including reasonable travel and related expenses associated therewith, which may include business or first class airfare consistent with the Adviser’s travel policies as may be in effect from time to
time), including agent, appraiser, retainer, finder, placement, adviser, consultant, custodian, subcustodian, depositary, transfer agent, disbursal, brokerage, registration, legal and other similar costs, fees and expenses, in each case, to the
extent that such fees and expenses are not reimbursed by other third parties (to the extent an investment opportunity is being considered for the Company and any Other Oaktree Accounts managed by Oaktree, the Adviser’s out-of-pocket expenses related to the due diligence for such investment will be shared with such Other Oaktree Accounts pro rata based on the anticipated allocation of such
investments opportunity between the Company and the Other Oaktree Accounts); 
 (v)    costs, fees and
expenses for support services (including data processing, trading, settlement, stockholder relations, administration, custody, transfer agency, accounting, audit, appraisal, valuation, NAV calculation, escrow, banking, consulting, prime brokerage,
technology, legal and tax support and other services) outsourced to third-party service providers or rendered to the Company by the Adviser or its Affiliates in compliance with Section 4(e); 

(vi)    appraisal and valuation costs, fees and expenses, including costs, fees and expenses of
independent appraisal or valuation services or third-party vendor price quotations; 
 (vii)    costs and
expenses of reporting to regulatory authorities in any jurisdiction in which the Company or any Subsidiary of the Company invests, is organized or is marketed or otherwise directly or indirectly conducts business related to the Company or its
Investments (including compliance with sections 1471 through 1474 of the Code), including the SEC, the U.S. Commodities and Futures Trading Commission (“CFTC)”, the U.S. National Futures Association, the U.S. Treasury, the U.S.
Internal Revenue Service and other national, state, provincial or local regulatory authorities in any country or territory (for example, Form PF, Form CPO-PQR and Form
CTA-PR in the United States and filings related to the offering of interests in the Company in particular jurisdictions to the extent applicable) and the allocable portion of the costs of the Adviser’s
general compliance with the Advisers Act, such as preparation and updating of Form ADV; 

(viii)    sales, leasing and brokerage fees or commissions, finder’s fees, placement fees, asset
management, property management, development fees, construction fees, loan servicing fees, custodial expenses and other costs, fees and expenses incurred in connection with the Company’s Investments, including managing, operating, maintaining
and improving the Company’s Real Property; 
 (ix)    all out-of-pocket expenses, fees, and liabilities that are incurred by the Company or by the Adviser on behalf of the Company or that arise out of the operation and activities of the Company, including expenses
related to forming, organizing and maintaining Persons, including Joint Ventures and any Subsidiary, through or in which the Company’s Investments may be made or held; 

(x)    expenses connected with the payments of 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; 

(xi)    the compensation and expenses of the Directors (excluding those Directors who are directors,
officers or employees of the Adviser or its affiliates) and the cost of liability insurance to indemnify the Company’s Directors and officers; 

(xii)    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; 

  
 12 

 (xiii)    costs, fees and expenses relating to the
structuring, incurrence and repayment of indebtedness (together with any interest and other amounts payable thereon and fees and expenses related thereto, including commitment fees, prepayment or redemption fees or premiums, accounting fees, legal
fees, closing and other similar costs) of the Company; 
 (xiv)    license and registration fees; 

(xv)    taxes and other governmental charges, fees and duties; 

(xvi)    fees and expenses associated with independent audits and outside legal costs, including compliance
with applicable federal and state securities laws; 
 (xvii)    costs, expenses, fees and liabilities
incurred in connection with any merger or consolidation of the Company with, or conversion of the Company to, a different entity; 

(xviii)    costs, fees and expenses of winding up and liquidation; 

(xix)    litigation, indemnification and other extraordinary or
non-reoccurring expenses, including judgment or settlement of any proceeding against the Company, its subsidiaries or officers or directors of the Company in their capacity as such; 

(xx)    dues, fees and charges of any trade association of which the Company is a member; 

(xxi)    expenses incurred by officers or directors of the Company or employees of the Adviser or its
affiliates in attending industry or trade conferences on behalf of the Company; 
 (xxii)    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 (other than the Company’s Directors and
officers in their capacities as such); 
 (xxiii)    Bloomberg fees, research and software expenses, and
other expenses incurred in connection with data services providing price feeds, news feeds, securities and company information and company fundamental data, all attributable to actual or potential Investments and “S&P Index Alerts”
attributable to actual or potential Investments; 
 (xxiv)    costs, fees and expenses for other third
party research, news, industry information, analytics and expert networks/research resources relating to potential investment opportunities or the Company’s Investments; 

(xxv)    expenses connected with communications to and meetings of the Directors, including, without
limitation, all costs of preparing, printing and hosting on data sites meeting materials, meeting space and costs of food and beverage; and 

(xxvi)    expenses connected with communications to and meetings of the 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. 

  
 13 

 To the extent the Adviser outsources any of its functions, the Company will pay the fees associated with
such functions on a direct basis without profit to the Adviser. If any Other Oaktree Accounts also hold an Investment giving rise to the fees and expenses above, then such fees and expenses will be allocated pro rata to the Company and such Other
Oaktree Accounts based on amounts invested or to be invested in such Investment; provided that Oaktree may, subject to the approval of the Independent Directors not otherwise interested in such transaction, allocate such fees and expenses among the
Company and such Other Oaktree Accounts on any other basis if Oaktree determines in good faith that such other basis is clearly more equitable (however, Oaktree shall not be required to make any such adjustment or determination). 

(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 other than as 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.    LIMITATION ON TOTAL OPERATING EXPENSES. Commencing upon the
earlier to occur of four fiscal quarters after (i) the Company’s acquisition of its first asset or (ii) six months after the Commencement Date, the Total Operating Expenses of the Company for the four consecutive fiscal quarters then
ended (the “Expense Year”) shall not exceed (any such excess, 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 was 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, 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. 

  
 14 

 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; (ii) immediately by the Company 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 19 through 23 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 without the approval of the Adviser, except in the case of an assignment by the Company to a corporation or other organization which is a
successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. This
Agreement shall be binding on successors to the Company resulting from a Change of Control or sale of all or substantially all the assets of the Company, 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 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 all money collected and held for the account of the Company 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 then in
the custody of the Adviser (if any); 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. The Company 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 from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable 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. 

  
 15 

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 years following 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-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:	  	 Oaktree Real Estate Income Trust, Inc.
 333
South Grand Avenue, 28th Floor
 Los Angeles, CA 90071

Attention: Chief Securities Counsel
 Email:
OakREITNotices@oaktreeREIT.com

		
	with required copies (which shall not constitute notice) to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Andrew
R. Keller
 Email: akeller@stblaw.com

		
		  	 Oaktree Real Estate Income Trust, Inc.
 333
South Grand Avenue, 28th Floor
 Los Angeles, CA 90071

Attention: Chief Securities Counsel
 Email:
OakREITNotices@oaktreeREIT.com

		
	The Adviser:	  	 Oaktree Fund Advisors, LLC
 c/o Oaktree Capital
Management, L.P.
 333 South Grand Avenue, 28th Floor
 Los
Angeles, CA 90071
 Attention: General Counsel
 Email:
tmolz@oaktreecapital.com

		
	with required copies (which shall not constitute notice) to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Andrew
R. Keller
 Email: akeller@stblaw.com

		
		  	 Oaktree Fund Advisors, LLC
 c/o Oaktree Capital
Management, L.P.
 333 South Grand Avenue, 28th Floor
 Los
Angeles, CA 90071
 Attention: General Counsel
 Email:
tmolz@oaktreecapital.com

  
 16 

 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)    Applicable Law; 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. 

(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.    INVESTMENT BY ADVISER OR ITS AFFILIATES. 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 

  
 17 

 
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 Oaktree Fund Advisors, LLC
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. 

  
 18 

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

			
	Oaktree Real Estate Income Trust, Inc.
		
	By:	 	 /s/ Jordan Mikes

		 	Name: Jordan Mikes
		 	Title: Chief Securities Counsel
	
	Oaktree Fund Advisors, LLC
		
	By:	 	 /s/ Mary Gallegly

		 	Name: Mary Gallegly
		 	Title: Senior Vice President
		 	
		
	By:	 	 /s/ Brian Price

		 	Name: Brian Price
		 	Title: Vice PresidentEX-10.2

 Exhibit 10.2 

ESCROW AGREEMENT 
 THIS
ESCROW AGREEMENT dated as of                 , 2017 (this “Agreement”), is entered into by and among Oaktree Real Estate Income Trust, Inc., a
Maryland corporation (the “Company”) and UMB Bank, N.A., as escrow agent (the “Escrow Agent”). 
 WHEREAS,
the Company is registering for sale in a public offering a maximum of $2,000,000,000 (consisting of up to $1,600,000,000 in the Company’s primary offering and up to $400,000,000 in shares pursuant to the Company’s distribution reinvestment
plan) in shares of its common stock, $0.01 par value per share, consisting of Class T common stock, Class S common stock, Class D common stock, and Class I common stock (collectively, the “Shares”), pursuant to
the Company’s Registration Statement on Form S-11 (File No. 333-223022) (the “Offering”); 

WHEREAS, the Company will prepare a prospectus, as the same may be amended and supplemented from time to time (the
“Prospectus”), and the offer and sale of Shares will be made pursuant to the terms and conditions contained in the Prospectus; 

WHEREAS, the SDDco Brokerage Advisors, LLC, a New York limited liability company, as dealer manager for the Company (the “Dealer
Manager”) has been engaged by the Company pursuant to a Dealer Manager Agreement dated February 16, 2018 (as amended from time to time, the “Dealer Manager Agreement”) to offer and sell the Shares on a best efforts
basis in the Offering through a network of participating broker-dealers (the “Dealers”); 
 WHEREAS, pursuant to the Dealer
Manager Agreement, the Dealer Manager has agreed to deposit all proceeds from the Offering to the Escrow Agent prior to the Offering meeting the minimum offering contingency described in the Prospectus; 

WHEREAS, the Company desires to establish an Escrow Account (defined below) as further described herein and to deposit funds contributed by
subscribers subscribing to purchase Shares (“Subscribers”) with the Escrow Agent in the Escrow Account, to be held for the benefit of the Subscribers and the Company until such time as subscriptions for the Minimum Amount (as
defined below) has been deposited into the Escrow Account in accordance with the terms of this Agreement; 
 WHEREAS, at the direction of
the Company, DST Systems, Inc. (the “Processing Agent”) has been engaged to receive, examine for “good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper,
maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account; and 
 WHEREAS, the Escrow Agent is willing to
accept appointment as escrow agent for the Offering upon the express terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as follows: 

1.    Escrow of Subscriber Funds. 

 (a)    On or before the commencement of the Offering, the Company shall
establish an interest bearing deposit account with the Escrow Agent to be invested in accordance with Section 7 hereof entitled “UMB BANK, N.A., AS ESCROW AGENT FOR OAKTREE REAL ESTATE INCOME TRUST, INC.” (the “Escrow
Account”). All funds received from Subscribers in payment for the Shares (“Subscriber Funds”) which comply with the instructions set forth in Section 1(c) will be sent to the Escrow Agent promptly following the day
upon which such Subscriber Funds are received by the Processing Agent and such subscription is accepted by the Company, and shall, upon receipt by the Escrow Agent, be retained in the Escrow Account by the Escrow Agent and invested as stated herein.
The Company shall also instruct its agents (including the Dealer Manager) to promptly deliver funds to the Escrow Agent immediately upon their receipt of such funds. During the term of this Agreement, which shall begin on the date hereof, the
Company or its agents (including the Dealer Manager) shall cause all checks received by and made payable to it in payment for the Shares to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit. Subscriber Funds may
also be wired directly to the Escrow Account using wire instructions provided by the Escrow Agent. Such Subscriber Funds shall be retained in the Escrow Account by the Escrow Agent and invested as set forth in Section 7 and shall be deposited
within one business day of receipt. 
 (b)    The Escrow Agent shall have no duty to make any disbursement, investment
or other use of Subscriber Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the
Company shall promptly reimburse the Escrow Agent for its reasonable and documented costs incurred for such, if any, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or
responsibility to enforce collection of any check delivered to it hereunder. 
 (c)    Until such time as the Company
has received subscriptions for Shares resulting in gross subscription proceeds equal to the Minimum Offering (as defined below) and the funds in the Escrow Account are disbursed from the Escrow Account in accordance with Section 2(c) hereof,
Subscribers will be instructed by the Company to remit the purchase price in the form of checks drafts, wires, Automated Clearing House (ACH) or money orders (hereinafter, “Instruments of Payment”) payable to the order of “UMB
Bank, N.A., as Escrow Agent for Oaktree Real Estate Income Trust, Inc.” Any Instruments of Payment made payable to a party other than as set forth above shall be returned to the Dealer Manager or the Dealer who submitted the check. The Company,
in its sole and absolute discretion, may reject any Subscriber subscription for any reason. 
 2.    Operation of the
Escrow. 
 (a)    Completed subscription agreements and Instruments of Payment for the purchase price will be
remitted by Subscribers to a Dealer at the address designated for the receipt of such agreements and Instruments of Payment. 

  
 2 

 (b)    When a Dealer’s internal supervisory procedures are
conducted at the site at which the Instruments of Payment and the Subscription Materials (as defined below) are initially received by the Dealer, by the end of the next business day after receipt of any Instruments of Payment and Subscription
Materials, such Dealer will send to the Processing Agent such Instruments of Payment along with each Subscriber’s name, address, executed IRS Form W-9, number and class of Shares purchased and purchase
price remitted and any other subscription documentation (the “Subscription Materials”). When a Dealer’s internal supervisory procedures are conducted at a different location (the “Final Review Office”), such
Dealer shall transmit the Instruments of Payment and the Subscription Materials to the Final Review Office by the end of the next business day after receipt of any Instruments of Payment and Subscription Materials, and then the Final Review Office
will, by the end of the next business day following its receipt of the Instruments of Payment and the Subscription Materials, forward the Instruments of Payment and the Subscription Materials to the Processing Agent. To the extent that subscription
agreements and payments are remitted by the Processing Agent, the Company, the Dealer Manager or a Dealer, the Processing Agent, the Company, the Dealer Manager or a Dealer, as applicable, will furnish to the Escrow Agent a list detailing
information regarding such subscriptions as set forth in Exhibit A. The Processing Agent will promptly deliver all monies received in good order from Subscribers (or from the Company, the Dealer Manager or Dealers transmitting monies and
subscriptions from Subscribers) for the payment of Shares to the Escrow Agent for deposit in the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this Section 2. Prior to
disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the Instruments of Payment are returned to the Escrow Agent for nonpayment prior to
the satisfaction of the Minimum Amount, the Escrow Agent shall promptly notify the Processing Agent and the Company in writing via mail or email of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account, as applicable, in
the amount of such returned payment as well as any interest earned on the amount of such payment and the Processing Agent shall delete the appropriate account from the records maintained by the Processing Agent. The Processing Agent will maintain a
written account of each sale, which account shall set forth, among other things, the following information: (i) the Subscriber’s name and address, (ii) the number and class of Shares purchased by such Subscriber, and (iii) the
amount paid by such Subscriber for such Shares. Prior to the satisfaction of the Minimum Amount, the Company will not be entitled to any funds received into the Escrow Account. Notwithstanding the foregoing, prior to the satisfaction of the Minimum
Amount, upon the written request of a Subscriber (which may be delivered by the Company or Dealer Manager) to withdraw their purchase order and request a full refund, the Escrow Agent shall, subject to Section 7(c) below, disburse directly to
such Subscriber the principal amount of the subscription payment from such Subscriber received by the Escrow Agent plus any interest accrued thereon. 

  
 3 

 (c)    If at any time on or prior to the Expiration Date (as defined
below), (i) the subscription proceeds received by the Escrow Agent are equal to or greater than $150,000,000, including Shares purchased by the Company’s sponsor, its affiliates and the Company’s officers and directors (“Minimum
Amount”) and (ii) the Company’s board of directors has authorized the release to the Company of all Subscriber Funds in the Escrow Account, then the Company shall deliver to the Escrow Agent a written instruction from an officer
of the Company stating that the Minimum Amount has been timely raised and authorizing the delivery of all Subscriber Funds in the Escrow Account to the Company. Thereafter, the Escrow Agent shall promptly disburse to the Company, by check or wire
transfer (i) the funds in the Escrow Account representing the principal amount of the gross subscription payments from Subscribers received by the Escrow Agent and (ii) any interest accrued thereon; provided, however, that
the Escrow Agent shall not disburse those funds of a Subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified in writing by the Company, or otherwise in accordance with the Company’s written
request. 
 (d)    After the Escrow Agent has disbursed the funds from the Escrow Account in accordance with this
Section 2, in the event that the Company receives subscriptions made payable to the Escrow Agent, the proceeds shall not be subject to this Agreement, and the Escrow Agent shall notify the Company of the receipt of such proceeds and such
proceeds shall be disbursed as directed in writing by the Company. The terms of this Section 2(d) shall survive the assignment or termination of this Agreement and the resignation or removal of the Escrow Agent. 

(e)    If, as of the close of business on the one year anniversary of the commencement of the Offering (the
“Expiration Date”), the funds in the Escrow Account do not equal or exceed the Minimum Amount (or, even if the Minimum Amount is met, the Company notifies the Escrow Agent that the Company’s board of directors has not
authorized the release to the Company of all Subscriber Funds in the Escrow Account), within 10 days following the Escrow Agent’s receipt of written notice from the Company of the Expiration Date, the Escrow Agent shall promptly return
directly to each Subscriber (i) by check or wire transfer, the Subscriber Funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier disbursed in accordance with this Agreement), or (ii) the Instruments of Payment
delivered to the Escrow Agent with respect to such Subscriber’s subscription if such Instrument of Payment has not been processed for collection prior to such time, in either case, together with any interest income thereon. Notwithstanding the
above, in the event the Escrow Agent has not received an executed IRS Form W-9 at such time for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in accordance with the provisions
hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income on subscription proceeds attributable to each Subscriber for whom the Escrow Agent does not
possess an executed IRS Form W-9. However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected funds represented by such payments. 

  
 4 

 (f)    The Company shall, or shall cause the Processing Agent or the
Dealer Manager to, furnish to the Escrow Agent with each delivery of an Instrument of Payment, a list of the Subscribers who have paid for the Shares showing the name, address, tax identification number, amount and class of Shares subscribed for and
the amount paid and deposited with the Escrow Agent. This information comprising the identity of Subscribers shall be provided to the Escrow Agent in the format set forth on Exhibit A to this Agreement (the “List of
Subscribers”). All Subscriber Funds deposited in the Escrow Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments or creditors’ claims against the Company, until and unless released to
the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Subscriber Funds on deposit in the Escrow Account and no such funds shall become the property of the Company except when released
to the Company pursuant to this Agreement. The Escrow Agent will treat all Subscriber information as confidential and will not use the information provided to it by the Company for any purpose other than to fulfill its obligations as Escrow Agent;
provided the Escrow Agent may disclose Subscriber information to the extent required by applicable law or to the extent required by a supervisory or governmental authority or a self-regulatory organization pursuant to any examination, inquiry, or
audit of the Escrow Agent. 
 3.    Rejected Subscriptions. If the Escrow Agent receives written notice from the
Company or the Dealer Manager that the Company has rejected a Subscriber’s subscription, the Escrow Agent shall, subject to Section 7(c) below, pay directly to the applicable Subscriber(s), within a reasonable time not to exceed 10
business days after receiving notice of the rejection, by first class United States Mail at the address appearing on the List of Subscribers, or at such other address or wire instructions as are furnished to the Escrow Agent by the Subscriber in
writing, all collected sums paid by the Subscriber for Shares and received by the Escrow Agent together with all interest earned thereon. 

4.    Termination of Escrow Agreement. Unless otherwise provided in this Agreement, final termination of this
Agreement shall occur on the earliest of the date that (a) all funds held in the Escrow Account are distributed either to the Company or to Subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account,
(b) all funds held in the Escrow Account are distributed to a successor escrow agent upon written instructions from the Company or (c) the Escrow Agent receives written notice from the Company that the Company terminated the Offering and
any funds held in the Escrow Account are distributed in accordance with this Agreement. After the termination of this Agreement, the Company shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by
prospective Subscribers. 
 5.    Duty and Liability of the Escrow Agent. 

(a)    The Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent
shall at all times comply with applicable securities or other laws in performing its duties pursuant to this Agreement provided the Escrow Agent shall be deemed in compliance with the foregoing and protected in relying upon the written direction of
the Company and shall have no independent obligation to evaluate whether an act or omission complies with applicable securities or other laws. The Escrow Agent shall be under no duty to determine whether the Company is complying with requirements of
this Agreement, the Offering 

  
 5 

 
or applicable securities or other laws in tendering the Subscriber Funds to the Escrow Agent. No other agreement shall be considered as adopted or binding, in whole or in part, upon the Escrow
Agent notwithstanding that any such other agreement may be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation any Offering documents (including the
subscription agreement and exhibits thereto), and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. 

(b)    The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of any
Offering document (including the subscription agreement and exhibits thereto) or other agreement between the Company and any other party. 

(c)    The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate,
notice, request, consent, order or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such statement,
certificate, notice, request, consent, order or other document. Before or concurrently with the execution of this Agreement, the Company shall deliver to the Escrow Agent an authorized signers list in the form of Exhibit B to this Agreement.

 (d)    The Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in
connection with this Agreement unless first indemnified to its reasonable satisfaction pursuant to the terms herein. The Escrow Agent may consult outside counsel of its own choice with respect to any question arising under this Agreement and the
Escrow Agent shall not be liable for any action taken or omitted in good faith upon the advice of such counsel. The Escrow Agent is authorized to perform any duties hereunder either directly or, with the Company’s consent, through its agents.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence, recklessness or willful misconduct was the
primary cause of loss. 
 (e)    The Escrow Agent is acting solely as escrow agent hereunder and owes no duties,
covenants or obligations, fiduciary or otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against
the Escrow Agent. 
 (f)    If any disagreement between any of the parties to this Agreement, or between any of them and
any other person, including any Subscriber, resulting in adverse claims or demands being made in connection with the matters covered by this Agreement, or if the Escrow Agent is in reasonable doubt as to what action it should take hereunder, the
Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such reasonable doubt exists, and in any such event, the Escrow Agent shall
not be or become liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully and finally
adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all reasonable doubt resolved by agreement among all of the interested persons, and the 

  
 6 

 
Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy
of any court with jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies. If any controversy should arise with respect to this Agreement, the Escrow Agent
shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. 

(g)    IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL
LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 

(h)    The parties agree that the Escrow Agent has no role in the preparation of the Offering documents (including the
subscription agreement and exhibits thereto) and makes no representations or warranties with respect to the information contained therein or omitted therefrom. 

(i)    The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state
securities, disclosure or tax laws concerning the Offering documents (including the subscription agreement and exhibits thereto) or the issuance, offering or sale of the Shares. The Escrow Agent shall have no duty or obligation to monitor the
application and use of the Subscriber Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 

6.    Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the
fee schedule attached hereto as Exhibit C, which compensation shall be paid by or on behalf of the Company. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as
contemplated by this Agreement; provided, however, that if the conditions for the disbursement of funds under this Agreement are not fulfilled, or the Escrow Agent, at the Company’s direction or with the Company’s consent,
renders any material service not contemplated in this Agreement, or if there is, with the Company’s consent, any assignment of interest in the subject matter of this Agreement or any material modification hereof, or if any material controversy
arises hereunder, or the Escrow Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for its
reasonable and documented out-of-pocket costs and expenses, including reasonable attorney’s fees, occasioned by any delay, controversy, litigation or event, and the
same shall be recoverable from the Company. The Company’s obligations under this Section 6 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this Agreement. 

  
 7 

 7.    Investment of Subscriber Funds. 

(a)    The Escrow Agent shall promptly invest the Subscriber Funds, including any and all interest and investment income,
in accordance with the written instructions provided to the Escrow Agent and signed by the Company. In the absence of written investment instructions from the Company, the Escrow Agent shall deposit and invest the Subscriber Funds, including any and
all interest and investment income, in UMB Money Market Special, a UMB money market deposit account. Any interest received by the Escrow Agent with respect to the Subscriber Funds, including reinvested interest shall become part of the Subscriber
Funds, and shall be disbursed pursuant to this Agreement. The Company agrees that, for tax reporting purposes, all interest or other taxable income earned on the Subscriber Funds in any tax year shall be taxable to the to the person or entity
receiving the interest or other taxable income. Notwithstanding anything herein to the contrary, funds in the Escrow Account may only be invested in “Short Term Investments” in compliance with Rule
15c2-4 of the Securities Exchange Act of 1934, as amended. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in
the Escrow Account and the activity in such account since the last report. 
 (b) The Escrow Agent shall be entitled to sell or redeem any
such investments as the Escrow Agent deems necessary to make any payments or distributions required under this Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment or sale of
investment made pursuant to this Agreement. The parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 

(c) At any time interest income earned on Subscriber Funds deposited in the Escrow Account (“Escrow Income”) is to be paid to
a Subscriber pursuant to this Agreement, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s
executed IRS Form W-9. In the event an executed IRS Form W-9 is not received for each Subscriber the Escrow Agent shall have no obligation to return Escrow Income to any
Subscriber until after it has received an executed and valid IRS Form W-9 executed by the Subscriber and shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the
applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the address provided to the Escrow Agent in the List of Subscribers, which the Escrow Agent shall be entitled to rely upon, and without any deductions for
escrow expenses.  
 8.    Notices. All notices, requests, demands, and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent by facsimile/email transmission to
the facsimile number/email address given below, and written confirmation of receipt is obtained promptly after completion of transmission, (c) on the business day after delivery to Federal Express or similar overnight courier or the Express
Mail service maintained by the United States Postal Service, or (d) on the fifth business day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly
addressed, return receipt requested, to the party as follows: 

  
 8 

 If to the Company: 

Oaktree Real Estate Income Trust, Inc. 

333 South Grand Avenue, 28th Floor 

Los Angeles, CA 90071 

Attention: Chief Securities Counsel 

Telephone: [            ] 

E-mail: [            ] 

If to Escrow Agent: 
 UMB Bank,
N.A. 
 204 North Robinson Ave 

2nd Floor 

Oklahoma City, Oklahoma 73103 

Attention: Corporate Trust & Escrow Services 

Telephone: [            ] 

Facsimile: [            ] 

Email: [            ] 

Any party may change its address for purposes of this Section 8 by giving the other party written notice of the new address in the manner
set forth above. 
 9.    Indemnification of Escrow Agent. The Company shall indemnify, defend and hold harmless
the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and expenses (“Losses”), which the Escrow Agent may suffer or incur by reason of any
action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates unless such Losses are finally determined by a court of competent jurisdiction to
have been caused by the negligence, recklessness or willful misconduct of the Escrow Agent. The terms of this Section 9 shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

10.    Successors and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this
Agreement or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no force and effect. This Agreement shall inure
to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may
sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the
Escrow Agent is a party, shall be and become the successor escrow agent under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or
paper or the performance any further act. 

  
 9 

 11.    Governing Law; Jurisdiction. This Agreement shall be
construed, performed, and enforced in accordance with, and governed by, the internal laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. Each party hereby consents to the personal jurisdiction and
venue of any court of competent jurisdiction in the State of New York. 
 12.    Severability. If any part of
this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in
full force and effect. 
 13.    Amendments; Waivers. This Agreement may be amended or modified, and any of the
terms, covenants, representations, warranties, or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or
of the breach of any provision, term, covenant, representation, or warranty contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of
any other provision, term, covenant, representation, or warranty of this Agreement. The Company agrees that any requested waiver, modification or amendment of this Agreement shall be consistent with the terms of the Offering. 

14.    Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto
with respect to the escrow contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

15.    Section Headings. The section headings in this Agreement are for reference purposes only and shall not
affect the meaning or interpretation of this Agreement. 
 16.    Counterparts. This Agreement may be executed
(including by email or facsimile transmission) with counterpart signature pages or in counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument. 

17.    Resignation. The Escrow Agent may resign upon 30 days’ advance written notice to the Company. In the
event of any such resignation, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company
a written instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow Agent shall promptly pay
the Subscription Amounts in the Escrow Account, including interest thereon, to the successor escrow agent, whereupon the Escrow Agent’s obligations hereunder shall terminate. If a successor escrow agent is not appointed by the Company within
the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, or may interplead the Subscriber Funds with such court, whereupon
the Escrow Agent’s duties hereunder shall terminate. 

  
 10 

 18.    Removal. The Escrow Agent may be removed by the Company at
any time by written notice provided to the Escrow Agent, which instrument shall become effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to
such removal. In the event of any such removal, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall
deliver to the Company a written instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow
Agent shall promptly pay the Subscriber Funds in the Escrow Account, including interest thereon, to the successor escrow agent, whereupon the Escrow Agent’s obligations hereunder shall terminate. If a successor escrow agent is not appointed by
the Company within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, whereupon the Escrow Agent’s obligations
hereunder shall terminate. 
 19.    Maintenance of Records. The Escrow Agent shall maintain accurate records of
all transactions hereunder. Promptly after the termination of this Agreement, and as may from time to time be reasonably requested by the Company before such termination, the Escrow Agent shall provide the Company with a copy of such records,
certified by the Escrow Agent to be a complete and accurate account of all transactions hereunder. The authorized representatives of the Company shall also have access to the Escrow Agent’s books and records to the extent relating to its duties
hereunder, during normal business hours upon reasonable notice to the Escrow Agent. 
 20.    References to Escrow
Agent. Other than the Offering document (including the Registration Statement, Prospectus, the subscription agreement and respective exhibits thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language
(including, without limitation, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the Company, or on the Company’s behalf, unless the
Escrow Agent shall first have given its specific written consent thereto. 
 21.    Regulatory Compliance. The
Company shall provide to the Escrow Agent upon the execution of this Agreement any documentation or information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time, and the Bank Secrecy
Act of 1970, as amended from time to time. 
 22.    Electronic Transactions. The parties hereto agree that the
transactions described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid
counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

  
 11 

 [signature page follows] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed the
date and year first set forth above. 
  

			
	Oaktree Real Estate Income Trust, Inc.
		
	By:	 	              

		 	Name:
		 	Title:
	
	UMB BANK, N.A., as Escrow Agent
		
	By:	 	              

		 	Name:
		 	Title: Vice President

 Exhibit A 

LIST OF SUBSCRIBERS 
 Pursuant to the Escrow
Agreement dated [                    ], 2018 by and between Oaktree Real Estate Income Trust, Inc. (the “Company”) and UMB
Bank, N.A., as escrow agent (the “Escrow Agent”), the following investors have paid money for the purchase of the Shares in the Company and the money has been deposited with the Escrow Agent: 

 

	1.	Name of Subscriber: 

 Address: 

Tax Identification Number: 

Amount and class of Securities subscribed for: 

Amount of money paid and deposited with Escrow Agent: 
  

	2.	Name of Subscriber: 

 Address: 

Tax Identification Number: 

Amount and class of Securities subscribed for: 

Amount of money paid and deposited with Escrow Agent: 

 Exhibit B 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The
specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of Oaktree Real Estate Income Trust, Inc. and are authorized to initiate and approve transactions of all types for
the above-mentioned account on its behalf. 
  

			
	Name/Title	  	Specimen Signature
		
		  	              

		  	Signature
		
		  	              

		  	Signature
		
		  	              

		  	Signature

 Exhibit C 

ESCROW FEES AND EXPENSES

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]