Document:

EX-10.3

 Exhibit 10.3 

IN ACCORDANCE WITH ITEM 6.01(B)(10) OF REGULATION S-K, CERTAIN PRIVATE OR CONFIDENTIAL MARKED AS [***] HAS BEEN
REDACTED FROM THE FILED COPY OF THIS EXHIBIT 10.3 BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. 

AMENDMENT NO. 1 
 TO

 SUB-ADVISORY AGREEMENT 

THIS AMENDMENT NO. 1 (this “Amendment”) is made and entered into as of March 21, 2022, and amends that certain
Option Investments Sub-Advisory Agreement, dated as of November 2, 2021 (the “Agreement”), by and among Brookfield Real Estate Income Trust Inc. (formerly, Oaktree Real Estate Income
Trust, Inc.), a Maryland corporation (the “Company”), Brookfield REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), Brookfield REIT Adviser LLC, a Delaware limited
liability company (the “Adviser”), and Oaktree Fund Advisors, LLC, a Delaware limited liability company (including its assignee pursuant to the terms of this Agreement, the
“Sub-Adviser”). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement. 

RECITALS 
 WHEREAS,
pursuant to Section 21(a) of the Agreement, the Agreement may 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; and 
 WHEREAS, each of the Company, the Operating Partnership, the Adviser and the
Sub-Adviser desires to amend the Agreement as set forth in this Amendment. 
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, it is hereby agreed between the parties hereto as follows: 

AGREEMENT 
  

	1.	 Amendments to Agreement. 

 

	 	(a)	 Section 1 of the Agreement is hereby amended by: 

 

	 	(i)	 deleting the definition of “Carry-Forward Amount” in its entirety and replacing it with the
following: 

 “Carry-Forward Amount” shall have the meaning set forth in the
definition of “Sub-Adviser Performance Amount.” 
  

	 	(ii)	 deleting the definition of “Expense Adjustment” in its entirety and replacing it with the following:

 “Expense Adjustment” shall mean [***]. 

 

	 	(iii)	 deleting the definition of “Performance Participation Interest” in its entirety and replacing it with
the following in its proper alphabetical location: 

 “Adviser Performance Fee”
shall have the meaning ascribed to the term “Performance Fee” in the Advisory Agreement. 
  

	 	(iv)	 deleting the definition of “Special Limited Partner” in its entirety; and 

	 	(v)	 deleting the definition of “Sub-Adviser Performance Interest
Amount” in its entirety and replacing it with the following: 

 “Sub-Adviser Performance Amount” shall mean [***]. 
  

	 	(b)	 Section 10 of the Agreement is hereby deleted in its entirety and replaced with the following:

 10. COMPENSATION. 

(a) The Adviser hereby agrees to compensate the Sub-Adviser for its services pursuant to this
Agreement. The Sub-Adviser shall be entitled to receive in cash (i) a monthly management fee equal to [***]% per annum of the NAV of the Segregated Vehicles, calculated as of the last business day of each
month (the “Management Fee”) and (ii) a performance fee equal to the Sub-Adviser Performance Amount (the “Performance Fee”). The Adviser shall provide to the Sub-Adviser a reasonably detailed calculation of fees within a reasonable time of incurrence. The Management Fee will be payable monthly, no later than the fifteenth (15) business day following the end of each
month during which this Agreement is in effect. The Performance Fee is payable within 30 days of the Adviser’s receipt of the Adviser Performance Fee for any period. 

(b) In the event this Agreement is terminated or its term expires without renewal, the Sub-Adviser
will be entitled to receive its prorated Management Fee and Performance Fee through the date of termination. Such pro ration shall be measured through the calendar month of termination or expiration thereof, taking into account the number of days of
any partial calendar month for which this Agreement was in effect. For the avoidance of doubt, following any termination or expiration of this Agreement, any Performance Fee earned by the Sub-Adviser with
respect to a partial calendar year shall be payable within 30 days of the Adviser’s receipt of the Adviser Performance Fee for any period. 

(c) In the event that any Segregated Vehicle or Subsidiary commences a liquidation of any Option Investment during any calendar year, the
Company will pay the Sub-Adviser any Management Fee and Performance Fee due to the Sub-Adviser pursuant to the terms of this Agreement from the proceeds of the
liquidation. 
  

	2.	 Miscellaneous. 

(a) Effectiveness of Amendment. This Amendment shall be effective on January 1, 2022. 

(b) Counterparts; Signature. This Amendment may be executed in any number of counterparts and by the different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or electronic means shall be effective as delivery of a manually executed counterpart of this Amendment. 
 (c)
Governing Law. This Amendment shall be governed by and construed in accordance with Section 21(d) of the Agreement. 
 (d)
Continued Effect. Except as specifically set forth herein, all other terms and conditions of the Agreement shall remain unmodified and in full force and effect, the same being confirmed and republished hereby. In the event of any
conflict between the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control. 
 [Signatures on
following page.] 

  
 2 

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

			
	Brookfield Real Estate Income Trust Inc.
		
	By:	 	 /s/ Michelle L. Campbell

		 	Name: Michelle L. Campbell
		 	Title: Secretary
	
	Brookfield REIT Operating Partnership L.P.
		
	By:	 	 Brookfield REIT OP GP LLC,
 its general
partner

		
	By:	 	 Brookfield Real Estate Income Trust Inc.,
 its
sole member

		
	By:	 	 /s/ Michelle L. Campbell

		 	Name: Michelle L. Campbell
		 	Title: Secretary
	
	Brookfield REIT Adviser LLC
		
	By:	 	 /s/ Melissa Lang

		 	Name: Melissa Lang
		 	Title: Senior Vice President and Secretary
	
	Oaktree Fund Advisors, LLC
		
	By:	 	 /s/ Brian Price

		 	Name: Brian Price
		 	Title: Senior Vice President
		
	By:	 	 /s/ Henry Orren

		 	Name: Henry Orren
		 	Title: Senior Vice President

 [Signature Page to Amendment No. 1 to Option Investments
Sub-Advisory Agreement]EX-10.4

 Exhibit 10.4 
  

 
 BROOKFIELD REAL ESTATE INCOME TRUST INC. 

INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On November 2, 2021, the Board of
Directors (the “Board”) of Brookfield Real Estate Income Trust Inc. (the “Company”) adopted this Independent Director Compensation Policy, to be effective as November 2, 2021. Amendments to the Plan were approved on
March 21, 2022 to provide that the annual grant of Class E shares of restricted stock shall occur on the last business day of the first quarter of each year and that the Class E shares of restricted stock granted hereunder shall
immediately vest in the event that the Company fails to renominate an independent director to the Board. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in Brookfield Real Estate Income Trust
Inc. Independent Director Restricted Stock Award Agreement (the “Award Agreement”) in substantially the form attached hereto as Exhibit A. 

Eligibility 
 This policy shall apply to directors of the
Company who meet the requirements set forth for an “independent director” in the Company’s Charter. 
 Compensation 

The following shall remain in effect until changed by the Board (collectively, the “Compensation”): 

 

					
	 Annual Retainer:
	  	$	125,000	 
	 Audit Committee Chair Annual Retainer:
	  	$	20,000	 

 Payment Timing and Form 

Fifty percent (50%) of the Independent Director’s applicable Compensation shall be paid quarterly in cash in arrears, taking into account any required
proration as described below, as soon as possible following the end of the calendar quarter to which the Compensation relates, and fifty percent (50%) of the Independent Director’s applicable Compensation shall be paid in the form of restricted
shares of Class E common stock of the Company (“Restricted Stock”). 
 Terms and Conditions of Restricted Stock

 

	 	•	 	 Restricted Stock shall be granted subject to the terms and conditions of the applicable Award Agreement.

  

	 	•	 	 The Restricted Stock shall be granted on the last business day of the first quarter of each fiscal year (or, if
the person becomes an Independent Director after such date, the first business day following the effective date on which the person becomes an Independent Director) (in either case, a “Grant Date”). The number of shares of Restricted Stock
granted shall be determined by (A) dividing fifty percent (50%) of the Independent Director’s applicable Compensation, taking into account any required proration as described below, by the NAV for the month immediately preceding the month
in which the Grant Date occurs, and (B) rounding to the nearest whole number. 

			
	Brookfield Real Estate Income Trust Inc.	  	Independent Director Compensation Plan

  

	 	•	 	 Unless and until provided otherwise by the Board, the Restricted Stock granted pursuant to this Policy shall vest
and become non-forfeitable on the one-year anniversary of the Grant Date, provided that the Independent Director is providing services to the Company as a director on
such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent Director’s service as a director of the
Company due to his or her death, Disability or the Company’s failure to renominate the Independent Director to the Board; or (ii) a Change in Control. If the Independent Director’s service as a director of the Company
terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such
termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director. 

Proration 
  

	 	•	 	 If an Independent Director becomes an Independent Director subsequent to the first quarter of the year, then his
or her Compensation shall be prorated based on the number of calendar quarters remaining for the Independent Director to serve on the Board during the twelve-month period following the date of the most recently held Annual Meeting.

  

  
 - 2 - 

 Exhibit A 

RESTRICTED STOCK AWARD AGREEMENT 

THIS AGREEMENT (the “Agreement”), is made effective as of the [     ] day of [    ],
20[    ], (the “Date of Grant”), between Brookfield Real Estate Income Trust Inc. a Maryland corporation (the “Company”), and
[                ] (the “Participant”): 

R E C I T A L S: 

WHEREAS, the Board has determined that it would be in the best interests of the Company and its shareholders to grant the restricted stock
award provided for herein (the “Restricted Stock Award”) to the Participant pursuant to the terms set forth herein. 
 NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Definitions. The
following definitions shall be applicable throughout the Agreement: 
 (a) “Affiliate” means any Person that directly or
indirectly controls, is controlled by or is under common control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

(b) “Board” means the Board of Directors of the Company. 

(c) “Change in Control” shall mean the occurrence of any of the following events: 

 

	 	(i)	 any Person or Group, other than a Permitted Holder, is or becomes the “beneficial owner” (as defined
in rules 13d-3 and 13d-5 under the Exchange Act) directly or indirectly of more than 30% of the total voting power of the voting stock of the Company (or any entity
which controls the Company) within a 12-month period, including by way of merger, consolidation, tender or exchange offer, or otherwise; 

 

	 	(ii)	 a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the
Company, unless securities representing 70% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate
Transaction (or the parent of such corporation) are held subsequent to such transaction by the Person or Persons who were the “beneficial owners” of the outstanding voting securities entitled to vote generally in the election of directors
of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; 

	 	(iii)	 the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets
of the Company to any Person or Group other than the Permitted Holders; or 

  

	 	(iv)	 during any period of 12 months, individuals who at the beginning of such period constituted the Board (together
with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the
beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office. 

For the avoidance of doubt, if the Permitted Holder remains the majority owner of the total voting power of the voting stock of the Company,
then there shall not be a Change in Control for purposes of this Restricted Stock Award. 
 (d) “Code” means the Internal
Revenue Code of 1986, as amended, and any successor thereto. 
 (e) “Disability” shall have the meaning of such term as set
forth in Section 409A of the Code. The Disability determination shall be in the sole discretion of the Board. 
 (f) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. 
 (g) “Group” shall mean
“group,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act. 
 (h) “Permitted
Holder” means any of the following: (i) the Company, Brookfield Asset Management Inc. or any of their respective Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions
as their ownership of stock of the Company. 
 (i) “Person” means any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 (j) “Shares” means shares of the Company’s Class E
common stock. 
 2. Grant of the Restricted Shares. Subject to the terms and conditions set forth in this Agreement, the Company
hereby grants to the Participant a Restricted Stock Award consisting of Shares (hereinafter called the “Restricted Shares”). The Restricted Shares shall vest and become nonforfeitable in accordance with Section 3 hereof. 

 3. Vesting. 

(a) Subject to the Participant’s continued service on the board of directors of the Company (“Board Service”), the Restricted
Shares shall vest and become non-forfeitable with respect to 100% of the Restricted Shares on [ ] [ ], 20[ ]. Notwithstanding the foregoing, in the event the Participant’s Board Service ends due to
(i) the Participant’s death or Disability or (ii) the Company’s failure to renominate an independent director to the Board, then the Restricted Shares shall be deemed to fully vest on the date of such death or Disability, or, in
the case of clause (ii), the date of the applicable shareholders meeting, as applicable. 
 (b) If the Participant’s Board Service with
the Company ends for any reason other than the reasons set forth in 3(a) above, the Restricted Shares, to the extent not previously vested, shall be forfeited by the Participant without consideration. 

(c) Notwithstanding any other provision of this Agreement to the contrary, in the event of a Change in Control, the Restricted Shares shall, to
the extent not then vested and not previously forfeited, immediately become fully vested. 
 4. Book Entry Ownership. The Company
shall recognize the Participant’s ownership of the Restricted Shares through uncertificated book entry. To the extent required by the Company, the Participant shall deliver to the Company a stock power, duly endorsed in blank, relating to the
Restricted Shares that have not previously vested. 
 5. Rights as a Shareholder. The Participant shall be the record owner of the
Restricted Shares until or unless such Restricted Shares are forfeited pursuant to Section 3 hereof, and as record owner shall be entitled to all rights of a common shareholder of the Company, including, without limitation, voting and dividend
rights with respect to the Restricted Shares; provided that the Restricted Shares that have not previously vested shall be subject to the limitations on transfer and encumbrance set forth in Section 8. 

6. Notations. To the extent applicable, all book entries representing the vested Restricted Shares shall be subject to the rules,
regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Restricted Shares are listed, and any applicable Federal or state laws, and the Board may cause notations to be made next to the book
entries to make appropriate reference to such restrictions. 
 7. No Right to Continued Board Service. The granting of the Restricted
Shares evidenced by this Agreement shall impose no obligation on the Company or any Affiliate to continue the Board Service of the Participant and shall not lessen or affect the Company’s or its Affiliate’s right to terminate the Board
Service of such Participant. 
 8. Transferability. The Restricted Shares may not, at any time prior to becoming vested pursuant to
Section 3, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

9. Taxes. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby
authorized to withhold, any applicable withholding taxes in respect of the Restricted Shares, their grant or vesting or any payment or transfer with respect to the Restricted Shares and to take such action as may be necessary in the opinion of the
Board to satisfy all obligations for the payment of such withholding taxes. Upon issuance of the Restricted Shares hereunder, the Participant may make an election to be taxed upon such award under Section 83(b) of the Code (an “(83(b)
Election”). To effect such 83(b) Election, the Participant may file an appropriate election with Internal Revenue Service within 30 days after award of the Restricted Shares and otherwise in accordance with applicable Treasury Regulations. 

 10. Securities Laws. Upon the vesting of any Restricted Shares, the Participant will
make or enter into such written representations, warranties and agreements as the Board may reasonably request in order to comply with applicable securities laws or with this Agreement. 

11. Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the principal
executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to the
other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 12. Choice of Law. This Agreement shall be
governed by and construed in accordance with the laws of the state of Maryland without regard to conflicts of laws. 
 13. Signature in
Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

[Signatures on next page.] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the day and
year first above written. 
  

	
	BROOKFIELD REAL ESTATE INCOME
	TRUST INC.
	  

	Name:
	Title:
	
	PARTICIPANT

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