Exhibit 10.1


 


 






 







MANAGEMENT AGREEMENT



by and between



LoanCore Realty Trust, Inc.


 


and



LoanCore Advisors, LLC


 

 




 






    	 



    	 



    

 


MANAGEMENT AGREEMENT, dated as of [●],
2015, by and between LoanCore Realty Trust, Inc., a Maryland corporation (the “Company”), and LoanCore Advisors,
LLC, a Delaware limited liability company (the “Manager”).


 


W I T N E
S S E T H:


 


WHEREAS, the Company was formed as a corporation
which has elected to be treated as a REIT (as defined below) for U.S. federal income tax purposes pursuant to Sections 856 through
860 of the Internal Revenue Code of 1986, as amended (the “Code”); and


 


WHEREAS, the Company desires to retain the
Manager to manage the business and investment affairs of the Company and the Subsidiaries (as defined below) and to perform services
for the Company and the Subsidiaries in the manner and on the terms set forth herein and the Manager wishes to be so retained and
to provide such services.


 


NOW THEREFORE, in consideration of the premises
and agreements hereinafter set forth, the parties hereto hereby agree as follows:


 


Section
1. Definitions.


 


(a)               
The following terms shall have the meanings set forth in this Section 1(a):


 


“Affiliate” means, with
respect to a Person, (i) any Person directly or indirectly controlling, controlled by, or under common control with such other
Person, (ii) any executive officer, employee or general partner of such Person, (iii) any member of the board of directors or board
of managers (or bodies performing similar functions) of such Person, and (iv) any legal entity for which such Person acts as an
executive officer or general partner.


 


“Agreement” means this
Management Agreement, as amended, restated, supplemented or otherwise modified from time to time.


 


“Allocation Policy” means
the investment allocation policy and procedures of the Manager and LoanCore Capital (as the same may be amended, updated or revised
from time to time).


 


“Automatic Renewal Term”
has the meaning set forth in Section 10(a) hereof.


 


“Base Management Fee” means
the management fee, without duplication, payable quarterly in arrears with respect to each calendar quarter commencing with the
quarter in which this Agreement is executed, in an amount equal to the greater of:


 


(i)$250,000 per annum ($62,500 per quarter);
and


 


(ii)1.50% per annum (0.375% per quarter)
of the Company’s Equity.


 


The Base Management Fee shall be pro-rated
for partial periods, to the extent necessary, as described more fully elsewhere herein.


 






    	 



    	 



    




 


“Board” means the board
of directors of the Company.


 


“Business Day” means any
day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required to be open.


 


“Cause Event” means (i)
the Manager, its agents or its assignees breaches any material provision of this Agreement and such breach shall continue for a
period of thirty (30) days after written notice thereof specifying such breach and requesting that the same be remedied in such
30-day period (or 45 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of
the written notice), (ii) a final judgment by any court or governmental body of competent jurisdiction not stayed or vacated within
thirty (30) days that the Manager, any of its agents or any of its assignees has committed a felony or a material violation of
applicable securities laws that has a material adverse effect on the business of the Company or the ability of the Manager to perform
its duties under the terms of this Agreement, (iii) an order for relief in an involuntary bankruptcy case relating to the Manager
or the Manager authorizing or filing a voluntary bankruptcy petition, (iv) the dissolution of the Manager, or (v) a determination
that the Manager has committed fraud against the Company, misappropriated or embezzled funds of the Company, or has acted, or failed
to act, in a manner constituting bad faith, willful misconduct, gross negligence or reckless disregard in the performance of its
duties under this Agreement; provided, however, that if any of the actions or omissions described in this clause (v) are
caused by an employee and/or officer of the Manager or one of its Affiliates and the Manager takes all necessary action against
such person and cures the damage caused by such actions or omissions within thirty (30) days of such determination, then such event
shall not constitute a Cause Event.


 


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


 


“Claim” has the meaning
set forth in Section 8(c) hereof.


 


“Closing Date” means the
date of closing of the Company’s Initial Public Offering.


 


“Code” has the meaning
set forth in the Recitals.


 


“Common Stock” means the
common stock, par value $0.01, of the Company.


 


“Company” means LoanCore
Realty Trust, Inc., a Maryland corporation, and, where the context requires, its Subsidiaries and Affiliates.


 


“Company Indemnified Party”
has the meaning set forth in Section 8(b) hereof.


 


“Concurrent Private Offerings”
means the sale of Common Stock by the Company in private placements made concurrently with the Initial Public Offering pursuant
to a stock purchase agreement, dated as of June 22, 2015, by and among the Company, Mark Finerman, Christopher McCormack, Daniel
Bennett, Jordan Bock, Gary Berkman, Stuart Shiff, LC REIT LLC and Jefferies Group LLC.


 


“Conduct Policies” has
the meaning set forth in Section 2(n) hereof.


 






    	2



    	 



    




 


“Confidential Information”
has the meaning set forth in Section 5 hereof.


 


“Core Earnings” means the
net income (loss) attributable to the stockholders of the Company, computed in accordance with GAAP, including realized losses
not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation,
(iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net
income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss,
or in net income and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in
each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors.


 


For the avoidance of doubt, the exclusion
of depreciation and amortization from the calculation of Core Earnings shall only apply to debt investments related to real estate
to the extent that the Company forecloses upon the property or properties underlying such debt investments.


 


“Effective Termination Date”
has the meaning set forth in Section 10(b) hereof.


 


“Equity” means (a) the
sum of (1) the net proceeds received by the Company in the Initial Public Offering and in the Concurrent Private Offerings
and from all other issuances of capital stock following the Closing Date, plus (2) the Company’s cumulative Core Earnings
for the period commencing upon the Closing Date to the end of the most recently completed calendar quarter, and (b) less (1) any
distributions to the Company’s stockholders, (2) any amount that the Company or any of its Subsidiaries has paid to
repurchase the Common Stock following the Closing Date and (3) any Incentive Compensation earned by the Manager. With respect to
any period used in the calculation of Incentive Compensation or the Base Management Fee, all items in the foregoing sentence (other
than clause (a)(2)) shall be calculated on a daily weighted average basis.


 


“Exchange Act” means the
Securities Exchange Act of 1934, as amended.


 


“GAAP” means generally
accepted accounting principles in effect in the United States on the date such principles are applied.


 


“Governing Agreements”
means, with regard to any entity, the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation,
the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership,
the certificate of formation and limited liability company agreement in the case of a limited liability company, the trust instrument
in the case of a trust, or similar governing documents in each case as amended.


 


“Incentive Compensation”
means the incentive fee calculated and payable with respect to each calendar quarter (or part thereof that this Agreement is in
effect) in arrears in an amount, not less than zero, equal to the difference between (1) the product of (a) 20% and (b) the difference
between (i) the Company’s Core Earnings for the most recent 12-month period (or such lesser number of completed calendar
quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of Incentive Compensation
is being made (the “applicable period”), and (ii) the product of (A) the Company’s Equity in the most recent
12-month period (or such lesser number of completed calendar quarters, if applicable), including the applicable period, and (B)
7% per annum, and (2) the sum of any Incentive Compensation paid to the Manager with respect to the first three calendar quarters
of the most recent 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable);
provided, however, that no Incentive Compensation shall be payable with respect to any calendar quarter unless Core Earnings
for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from the Closing Date)
is greater than zero.


 






    	3



    	 



    




 


Incentive Compensation shall be pro-rated
for partial periods, to the extent necessary, as described more fully elsewhere herein.


 


“Indemnified Party” has
the meaning set forth in Section 8(b) hereof.


 


“Independent Director”
means a member of the Board who is “independent” in accordance with the Company’s Governing Agreements and the
rules of the NYSE or such other securities exchange on which the shares of Common Stock are listed.


 


“Initial Public Offering”
means the Company’s sale of Common Stock to the public through underwriters pursuant to the Company’s registration
statement on Form S-11 (No. 333-204154).


 


“Initial Term” has the
meaning set forth in Section 10(a) hereof.


 


“Investment Company Act”
means the U.S. Investment Company Act of 1940, as amended.


 


“Investment Guidelines”
means the investment guidelines of the Company approved by the Board, as may be amended, restated, supplemented or waived pursuant
to the approval of the Board (which must include a majority of the Independent Directors) from time to time. As of the date hereof,
such investment guidelines are listed on Exhibit A.


 


“JLC” means Jefferies LoanCore
LLC, a joint venture among Affiliates of each of Jefferies Group LLC, GIC Real Estate Private Limited, and certain individuals,
including Mark Finerman and Christopher McCormack.


 


“LoanCore Capital” means
LoanCore Capital, LLC, a Delaware limited liability company.


 


“Losses” has the meaning
set forth in Section 8(a) hereof.


 


“Manager” means LoanCore
Advisors, LLC, a Delaware limited liability company.


 


“Manager Indemnified Party”
has the meaning set forth in Section 8(a) hereof.


 


“Manager Investment Committee”
means the investment committee formed by the Manager, the members of which shall consist of employees of the Manager and its Affiliates
and may change from time to time.


 


“Manager Permitted Disclosure Parties”
has the meaning set forth in Section 5(a) hereof.


 






    	4



    	 



    




 


“Notice of Proposal to Negotiate”
has the meaning set forth in Section 10(c) hereof.


 


“NYSE” means the New York
Stock Exchange, Inc.


 


“Other LoanCore Vehicles”
means existing or future vehicles or accounts managed or sponsored by LoanCore Capital and/or its Affiliates (which Affiliates
include Divco West Real Estate Services, LLC and DivCore LLC).


 


“Person” means any natural
person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal, state, county
or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such
capacity on behalf of the foregoing.


 


“Regulation FD” means Regulation
FD as promulgated by the SEC.


 


“REIT” means a “real
estate investment trust” as defined under the Code.


 


“SEC” means the United
States Securities and Exchange Commission.


 


“Securities Act” means
the Securities Act of 1933, as amended.


 


“Subsidiary” means a corporation,
limited liability company, partnership, joint venture or other entity or organization of which: (a) the Company or any other subsidiary
of the Company is a general partner or managing member; or (b) voting power to elect a majority of the board of directors, trustees
or other Persons performing similar functions with respect to such entity or organization is held by the Company or by any one
or more of the Company’s subsidiaries.


 


“Target Assets” means the
types of assets described under “Business—Our Target Assets” in the Company’s prospectus dated [●],
2015 relating to the Initial Public Offering, subject to, and including any changes to the Company’s Investment Guidelines
or Target Assets that may be approved by the Board from time to time.


 


“Termination Fee” means
a termination fee equal to three (3) times the sum of (i) the average annual Base Management Fee and (ii) the average annual Incentive
Compensation, in each case, earned by the Manager during the 24-month period immediately preceding the most recently completed
calendar quarter prior to the Effective Termination Date, or, if termination occurs within two (2) years of the Closing Date, the
Base Management Fee and Incentive Compensation annualized for such two-year period based on such fees actually received by the
Manager during such period.


 


“Termination Notice” has
the meaning set forth in Section 10(b) hereof.


 






    	5



    	 



    

 


“Termination Without Cause”
has the meaning set forth in Section 10(b) hereof.


 


“Treasury Regulations”
means the Procedures and Administration Regulation promulgated by the U.S. Department of Treasury under the Code, as amended.


 


(b)              
As used herein, accounting terms relating to the Company and its Subsidiaries, if any, not defined in Section 1(a)
and accounting terms partly defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them
under GAAP. As used herein, “calendar quarters” shall mean the period from January 1 to March 31, April 1 to June 30,
July 1 to September 30 and October 1 to December 31 of the applicable year.


 


(c)               
The words “hereof,” “herein” and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section
references are to this Agreement unless otherwise specified.


 


(d)              
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.”


 


Section
2. Appointment and Duties of the Manager.


 


(a)               
The Company hereby appoints the Manager, as agent, to manage the investments and day-to-day business and affairs
of the Company and its Subsidiaries, subject at all times to the further terms and conditions set forth in this Agreement (including
the Investment Guidelines) and to the supervision of the Board. Except as otherwise provided in this Agreement, the Manager hereby
agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, provided that the Company
reimburses the Manager for costs and expenses in accordance with Section 7 hereof. The appointment of the Manager shall be exclusive
to the Manager, except to the extent that the Manager elects, in its sole and absolute discretion, subject to the terms of this
Agreement, to cause the duties of the Manager as set forth herein to be provided by third parties and/or its Affiliates.


 


(b)              
The Manager, in its capacity as manager of the investments and the operations of the Company, at all times will be
subject to the supervision and direction of the Board and will have only such functions and authority as the Board may delegate
to it, including managing the Company’s investment activities and other business affairs in conformity with the Investment
Guidelines and other policies that are approved and monitored by the Board. The Company and the Manager hereby acknowledge the
recommendation by the Manager and the approval by the Board of the Investment Guidelines.


 






    	6



    	 



    

 


(c)               
Subject to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines),
the Manager will have plenary authority with respect to the management of the business and affairs of the Company and will be responsible
for the day-to-day management of the Company. The Manager will perform (or cause to be performed through one or more of its Affiliates
or Subsidiaries) such services and activities relating to the investments and business and affairs of the Company as may be appropriate
or otherwise mutually agreed from time to time, which may include:


 


(i) 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, any modifications to which will be approved by a majority of the Board (which
must include a majority of the Independent Directors);


 


(ii)
identifying, investigating, analyzing, and selecting possible investment opportunities and originating, negotiating, acquiring,
consummating, monitoring, financing, retaining, selling, negotiating for prepayment, restructuring, refinancing, hypothecating,
pledging or otherwise disposing of investments consistent in all material respects with the Investment Guidelines;


 


(iii)
with respect to prospective purchases, sales, exchanges or other dispositions of investments, conducting negotiations on
the Company’s behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors
and representatives;


 


(iv)
negotiating and entering into, on the Company’s behalf, repurchase agreements, interest rate or currency swap agreements,
hedging arrangements, financing arrangements (including one or more credit facilities), foreign exchange transactions, derivative
transactions, and other agreements and instruments required or appropriate in connection with the Company’s activities;


 


(v) engaging
and supervising, on the Company’s behalf and at the Company’s expense, independent contractors, advisors, consultants,
attorneys, accountants, auditors, and other service providers (which may include Affiliates of the Manager) that provide various
services with respect to the Company, including 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 transfer agent and registrar services) as may be required
relating to the Company’s activities or investments (or potential investments);


 


(vi)
coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting
all matters with the joint venture or co-investment partners;


 


(vii)
providing executive and administrative personnel, office space and office services required in rendering services to the
Company;


 


(viii)
administering the day-to-day operations and performing and supervising the performance of such other administrative functions
necessary to the Company’s management as may be agreed upon by the Manager and the Board, including the collection of revenues
and the payment of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative
functions;


 


(ix)
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;


 






    	7



    	 



    

 


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


 


(xi)
engaging one or more sub-advisors with respect to the management of the Company, including, where appropriate, Affiliates
of the Manager;


 


(xii)
evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s behalf,
consistent with the Company’s qualification as a REIT and with the Investment Guidelines;


 


(xiii)
advising the Company regarding the maintenance of the Company’s qualification as a REIT and monitoring compliance
with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations thereunder and using commercially
reasonable efforts to cause the Company to qualify for taxation as a REIT;


 


(xiv)
advising the Company regarding the maintenance of the Company’s exemption or exclusion from regulation as an investment
company under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemption or exclusion
and using commercially reasonable efforts to cause the Company to maintain such exemption or exclusion from regulation as an investment
company under the Investment Company Act;


 


(xv)
furnishing reports to the Company regarding the Company’s activities and services performed for the Company by the
Manager and its Affiliates;


 


(xvi)
monitoring the operating performance of the Company’s investments and providing periodic reports with respect thereto
to the Board, including comparative information with respect to such operating performance and budgeted or projected operating
results;


 


(xvii)
investing and reinvesting any moneys and securities of the Company (including investing in short-term investments pending
investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company’s
stockholders and partners) and advising the Company as to the Company’s capital structure and capital raising;


 


(xviii)
causing the Company to retain a qualified independent public accounting firm and legal counsel, as applicable, to assist
in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and systems with
respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and to conduct periodic
compliance reviews with respect thereto;


 


(xix)
assisting the Company in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate
licenses;


 






    	8



    	 



    

 


(xx)
assisting the Company in complying with all regulatory requirements applicable to the Company in respect of the Company’s
business activities, including (1) preparing or causing to be prepared all financial statements required under applicable regulations
and contractual undertakings and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by
the NYSE, and facilitating compliance with the Sarbanes-Oxley Act of 2002, the listing rules of the NYSE, and the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 and (2) in the event that the Company is a commodity pool under the CEA, acting
as the Company’s commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including,
for the avoidance of doubt, the authority to make any filings, submissions or registrations (including for exemptive or “no
action” relief) to the extent required or desirable under the CEA (and the Company hereby appoints the Manager to act in
such capacity and the Manager accepts such appointment and agrees to be responsible for such services);


 


(xxi)
assisting the Company in taking all necessary actions to enable the Company to make required tax filings and reports, including
soliciting stockholders for all information required to the extent provided by the provisions of the Code and Treasury Regulations
applicable to REITs;


 


(xxii)
placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the
Company either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer);


 


(xxiii)
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 activities (other than with the Manager or its Affiliates), subject to such reasonable limitations or parameters as
may be imposed from time to time by the Board;


 


(xxiv)
using commercially reasonable efforts to cause expenses incurred by the Company or on the Company’s behalf to be commercially
reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board from time to time;


 


(xxv)
advising the Company with respect to and structuring long-term financing vehicles for the Company’s portfolio of assets,
and offering and selling securities publicly or privately in connection with any such structured financing;


 


(xxvi)
serving as the Company’s advisor with respect to decisions regarding any of the Company’s financings, hedging
activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity
financing that is specifically tailored to the Company’s investment objectives, and (2) advising the Company with respect
to obtaining appropriate financing for the Company’s investments (which, in accordance with applicable law and the terms
and conditions of this Agreement and the Company’s Governing Agreements may include financing by the Manager or its Affiliates);


 






    	9



    	 



    

 


(xxvii)
providing the Company with portfolio management and other related services;


 


(xxviii)
arranging marketing materials and other related documentation, advertising, industry group activities (such as conference
participations and industry organization memberships) and other promotional efforts designed to promote the Company’s business;
and


 


(xxix)
performing such other services from time to time in connection with the management of the business and affairs of the Company
and its investment activities as the Board shall reasonably request and/or the Manager shall deem appropriate under the particular
circumstances.


 


(d)              
For the period and on the terms and conditions set forth in this Agreement, the Company and each of its Subsidiaries
hereby constitutes, appoints and authorizes the Manager, and any officer of the Manager acting on its behalf from time to time,
as the Company’s true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver
and enter into any certificates, instruments, agreements, authorizations and other documentation in the name and on behalf of the
Company as the Manager, in its sole discretion, deems necessary or appropriate in connection with the performance of its services
hereunder. This power of attorney is deemed to be coupled with an interest. In performing such services, as an agent of the Company,
the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its
obligations under this Agreement, including, the following powers, subject in each case to the terms and conditions of this Agreement,
including the Investment Guidelines:


 


(i) to
purchase, exchange or otherwise acquire and to sell, exchange or otherwise dispose of, any investment at public or private sale;


 


(ii)
to borrow and, for the purpose of securing the repayment thereof, to pledge, mortgage or otherwise encumber investments
and enter into agreements in connection therewith, including repurchase agreements, master repurchase agreements, International
Swap Dealer Association swaps, caps and other agreements and annexes thereto and other futures and forward agreements;


 


(iii)
to purchase, take and hold investments subject to mortgages or other liens;


 


(iv)
to extend the time of payment of any liens or encumbrances which may at any time be encumbrances upon any investment, irrespective
of by whom the same were made;


 


(v) to
foreclose, to reduce the rate of interest on, and to consent to the modification and extension of the maturity or other terms of
any investments, or to accept a deed in lieu of foreclosure;


 






    	10



    	 



    

 


(vi)
to join in a voluntary partition of any investment;


 


(vii)
to cause to be demolished any structures on any real estate investment;


 


(viii)
to cause renovations and capital improvements to be made to any real estate investment;


 


(ix)
to abandon any real estate investment deemed to be worthless;


 


(x) to
enter into joint ventures or otherwise participate in investment vehicles investing in investments;


 


(xi)
to cause any real estate investment to be leased, operated, developed, constructed or exploited;


 


(xii)
to obtain and maintain insurance in such amounts and against such risks as are prudent in accordance with customary and
sound business practices in the appropriate geographic area;


 


(xiii)
to cause any property to be maintained in good state of repair and upkeep; and to pay the taxes, upkeep, repairs, carrying
charges, maintenance and premiums for insurance;


 


(xiv)
to use the personnel and resources of its Affiliates in performing the services specified in this Agreement;


 


(xv)
to designate and engage all professionals, consultants and other service providers subject to and in accordance with, as
applicable, Section 2(e), to perform services (directly or indirectly) on behalf of the Company and its Subsidiaries, including
accountants, legal counsel and engineers; and


 


(xvi)
to take any and all other actions as are necessary or appropriate in connection with the Company’s investments.


 


The Manager shall be authorized to represent
to third parties that it has the power to perform the actions which it is authorized to perform under this Agreement.


 


(e)               
The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of the
persons and firms referred to in Section 7(b) hereof as the Manager deems necessary or advisable in connection with the management
and operations of the Company, which may include Affiliates of the Manager; provided, that any such services may only be
provided by Affiliates to the extent (i) such services are on arm’s-length terms and competitive market rates in relation
to terms that are then customary for agreements regarding the provision of such services to companies that have assets similar
in type, quality and value to the assets of the Company and its Subsidiaries, or (ii) such services are approved by a majority
of the Independent Directors or a committee of the Board comprised solely of Independent Directors. In performing its duties under
this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including accountants,
legal counsel and other professional service providers) hired by the Manager at the Company’s sole cost and expense. The
Manager shall keep the Board reasonably informed on a periodic basis as to any services provided by Affiliates of the Manager not
approved by a majority of the Independent Directors or a committee of the Board comprised solely of Independent Directors.


 






    	11



    	 



    

 


(f)               
The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance
with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the
Code or the Company’s and its Subsidiaries’ status as entities exempted or excluded from investment company status
under the Investment Company Act, or (iii) would materially violate the Conduct Policies, any law, rule or regulation of any governmental
body or agency having jurisdiction over the Company and its Subsidiaries or of any exchange on which the securities of the Company
may be listed or that would otherwise not be permitted by the applicable Governing Agreements. If the Manager is ordered to take
any action by the Board, the Manager shall seek to promptly notify the Board if it is the Manager’s judgment that such action
would adversely and materially affect such status or violate any such law, rule or regulation, Conduct Policies or Governing Agreements.
Notwithstanding the foregoing, neither the Manager nor any of its Affiliates shall be liable to the Company, the Board, or the
Company’s stockholders for any act or omission by the Manager or any of its Affiliates, except as provided in Section 8 of
this Agreement.


 


(g)              
The Company (including the Board) agrees to take all actions reasonably required to permit and enable the Manager
to carry out its duties and obligations under this Agreement, including all steps reasonably necessary to allow the Manager to
make any filing required to be made under the Securities Act, the Exchange Act, the NYSE’s Listed Company Manual, the Code
or other applicable law, rule or regulation on behalf of the Company in a timely manner. The Company further agrees to use commercially
reasonable efforts to make available to the Manager all resources, information and materials reasonably requested by the Manager
to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial statements and any other
information or reports with respect to the Company.


 


(h)              
As frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board, the Manager
shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, (i) reports and other information on the
Company’s operations and (ii) other information relating to any proposed or consummated investment as may be reasonably requested
by the Company.


 


(i)                
The Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all periodic reports
and financial statements with respect to the Company reasonably required by the Board in order for the Company to comply with its
Governing Agreements, or any other materials required to be filed with any governmental body or agency, including the SEC, and
shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all materials and data necessary to complete
such reports and other materials, including an annual audit of the Company’s books of account by a nationally recognized
independent accounting firm.


 


(j)                
The Manager shall prepare, or, at the sole cost and expense to the Company, cause to be prepared, regular reports
for the Board to enable the Board to review the Company’s acquisitions, portfolio composition and characteristics, credit
quality, performance, asset performance and compliance with the Investment Guidelines, and policies approved by the Board.


 






    	12



    	 



    

 


(k)              
Officers, employees and agents of the Manager and its Affiliates may serve as directors, officers, employees, agents,
nominees or signatories for the Company or any of its Subsidiaries, to the extent permitted by their Governing Agreements, by any
resolutions duly adopted by the Board. When executing documents or otherwise acting in such capacities for the Company or any of
its Subsidiaries, such Persons shall indicate in what capacity they are executing on behalf of the Company or any of its Subsidiaries.
Without limiting the foregoing, while this Agreement is in effect, the Manager will provide the Company with a management team,
including a Chief Executive Officer, a President and a Chief Financial Officer or similar positions, along with appropriate support
personnel, to provide the management services to be provided by the Manager to the Company hereunder, who shall devote such amount
of their time to the management of the Company as necessary and appropriate, commensurate with the level of activity of the Company
from time to time.


 


(l)                
At all times during the term of this Agreement, the Manager, at its sole cost and expense, shall maintain “errors
and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and investment managers
performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company
and the Subsidiaries.


 


(m)            
The Manager, at its sole cost and expense, shall provide or otherwise cause to be provided, such internal audit,
compliance and control services as may be required for the Company to comply with applicable law (including the Securities Act
and the Exchange Act), regulations (including SEC regulations) and the rules and requirements of the NYSE and as otherwise reasonably
requested by the Company or the Board from time to time.


 


(n)              
The Manager agrees to be bound by the Company’s Code of Business Conduct and Ethics, Corporate Governance Guidelines
and Policy on Insider Trading and other compliance and governance policies and procedures required under the Exchange Act, the
Securities Act, or by the NYSE or other securities exchange, if any (collectively, the “Conduct Policies”),
and to take, or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees,
and any principals, officers or employees of its Affiliates who are involved in the business and affairs of the Company, to be
bound by the Conduct Policies to the extent applicable to such Persons.


 


Section
3. Additional Activities of the Manager; Allocation of Investment Opportunities; Non-Solicitation; Restrictions.


 


(a)               
Nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or employees
from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment
objectives or policies of any such other Person or entity are similar to those of the Company, (ii) in any way bind or restrict
the Manager 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 Manager or any of its Affiliates, officers, directors or employees
may be acting, or (iii) prevent the Manager or any of its Affiliates from receiving fees or other compensation or profits from
such activities described in this Section 3(a) which shall be for the Manager’s (and/or its Affiliates’) sole benefit.
While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment,
be appropriate under the circumstances and in light of the investment objectives and policies of the Company, they may be different
in certain material respects from the information and recommendations supplied by the Manager or any Affiliate of the Manager to
others. The Company shall be entitled to equitable treatment under the circumstances in receiving information, recommendations
and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the
treatment given by the Manager or any Affiliate of the Manager to others.


 






    	13



    	 



    

 


(b)              
In the event that the Company co-invests or otherwise participates in an investment with (including where the Company
participates at a more junior or senior level in the capital structure of an underlying borrower), purchases assets from, sells
assets to or arranges financing from or provides financing to, any Other LoanCore Vehicle, any such transaction must be approved
by a majority of the Independent Directors or a committee of the Board comprised solely of Independent Directors. In the event
that the Company co-invests with or otherwise participates in an investment with any Other LoanCore Vehicle, the Company shall
not be responsible for any fees payable to LoanCore Capital or any of its Affiliates other than to the Manager as set forth in
this Agreement, unless approved by a majority of the Independent Directors or a committee of the Board comprised solely of Independent
Directors.


 


(c)               
In the event of a Termination Without Cause of this Agreement by the Company pursuant to Section 10(b) hereof, for
two (2) years after such termination of this Agreement, the Company shall not, without the consent of the Manager, employ or otherwise
retain any employee of the Manager or any of its Affiliates or any person who has been employed by the Manager or any of its Affiliates
at any time within the two (2) year period immediately preceding the date on which such person commences employment with or is
otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Manager may be entitled
to equitable relief for any violation of this Section 3(c) by the Company, including injunctive relief.


 


(d)              
At the reasonable request of the Board, the Manager shall review the Allocation Policy with the Board and respond
to reasonable questions regarding the Allocation Policy as it relates to services under this Agreement. The Manager shall promptly
provide the Board with a description of any material amendments, updates and revisions to the Allocation Policy.


 


Section
4. Bank Accounts. At the direction of the Board, the Manager may establish and maintain, as agent on behalf of
the Company, one or more bank accounts in the name of the Company or any Subsidiary, and may collect and deposit into any such
account or accounts, and disburse funds from any such account or accounts, under such terms and conditions as the Board may approve;
and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board and, upon
request, to the auditors of the Company or any Subsidiary.


 






    	14



    	 



    

 


Section
5. Records; Confidentiality.


 


The Manager shall maintain appropriate books
of account, records and files relating to services performed hereunder, and such books of account, records and files shall be accessible
for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon advance written
notice. The Manager shall have full responsibility for the maintenance, care and safekeeping of all such books of account, records
and files (it being understood that services may be provided with respect to the Company by service providers (e.g., administrators,
prime brokers and custodians) and so long as such service providers are monitored by the Manager with due care, the Manager shall
be in compliance with the foregoing). The Manager shall keep confidential any and all non-public information, written or oral,
obtained by it in connection with the services rendered hereunder (“Confidential Information”) and shall not
use Confidential Information except in furtherance of its duties under this Agreement or disclose Confidential Information, in
whole or in part, to any Person other than (i) to officers, directors, employees, agents, representatives, advisors of the Manager
or its Affiliates who need to know such Confidential Information for the purpose of rendering services hereunder, (ii) to appraisers,
lenders or other financing sources, co-originators, custodians, administrators, brokers, commercial counterparties or any similar
entity and others in the ordinary course of the Company’s business ((i) and (ii) collectively, “Manager Permitted
Disclosure Parties”), (iii) in connection with any governmental or regulatory filings of the Company or disclosure or
presentations to Company investors (subject to compliance with Regulation FD), (iv) to governmental officials having jurisdiction
over the Company, (v) as requested by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder
is a party, or (vi) otherwise with the written consent of the Company. The Manager agrees to inform each of its Manager Permitted
Disclosure Parties of the non-public nature of the Confidential Information. Nothing herein shall prevent the Manager from disclosing
Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of, or pursuant
to any law or regulation to, any regulatory agency or authority, (iii) to the extent reasonably required in connection with the
exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however, that with respect
to clauses (i) and (ii), it is agreed that, so long as not legally prohibited, the Manager will provide the Company with written
notice within a reasonable period of time of such order, request or demand so that the Company may seek, at its sole expense, an
appropriate protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the
entry of a protective order or the receipt of a waiver hereunder, the Manager is required to disclose Confidential Information,
the Manager may disclose only that portion of such information that is legally required without liability hereunder; provided,
that the Manager agrees to exercise its reasonable best efforts to obtain reliable assurance that confidential treatment will be
accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded
from the provisions hereof: any Confidential Information that (A) is available to the public from a source other than the Manager,
(B) is released by the Company to the public (except to the extent exempt under Regulation FD) or to persons who are not under
a similar obligation of confidentiality to the Company, or (C) is obtained by the Manager from a third-party which, to the best
of the Manager’s knowledge, does not constitute a breach by such third-party of an obligation of confidence with respect
to the Confidential Information disclosed. The provisions of this Section 5 shall survive the expiration or earlier termination
of this Agreement for a period of one year.


 






    	15



    	 



    

 


Section
6. Compensation.


 


(a)               
For the services rendered under this Agreement, the Company shall pay the Base Management Fee and the Incentive Compensation
to the Manager. The Manager will not receive any compensation for the period prior to the Closing Date; provided, however,
that the Manager shall be entitled to reimbursement for certain expenses pursuant to Section 7 hereof.


 


(b)              
The parties acknowledge that the Base Management Fee is intended in part to compensate the Manager and its Affiliates
for the costs and expenses they will incur hereunder and pursuant to any sub-advisory agreement, as well as certain expenses not
otherwise reimbursable under Section 7 below, in order for the Manager to provide the Company the investment advisory services
and certain general management services rendered under this Agreement. The fee paid by the Manager under a sub-advisory agreement
(if any) shall not constitute an expense reimbursable by the Company under this Agreement or otherwise.


 


(c)               
The Base Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the quarter
in which this Agreement is executed. If applicable, the initial and final installments of the Base Management Fee shall be pro-rated
based on the number of days during the initial and final quarter, respectively, that this Agreement is in effect. The Manager shall
calculate each quarterly installment of the Base Management Fee, and deliver such calculation to the Company, within thirty (30)
days following the last day of each calendar quarter. The Company shall pay the Manager each installment of the Base Management
Fee within five (5) Business Days after the date of delivery to the Company of such computations.


 


(d)              
The Incentive Compensation shall be payable in arrears in cash, in quarterly installments commencing with the quarter
in which this Agreement is executed. Incentive Compensation shall be pro-rated for partial periods, to the extent necessary,
based on the number of days elapsed or remaining in such period, as the case may be (including the calendar quarter during which
the Closing Date occurs and any calendar quarter during which any Effective Termination Date occurs). The Manager shall compute
each quarterly installment of the Incentive Compensation within forty-five (45) days after the end of the calendar quarter with
respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall
thereafter promptly be delivered to the Board and, upon such delivery, payment of such installment of the Incentive Compensation
shown therein shall be due and payable no later than the date which is five (5) Business Days after the date of delivery to the
Board of such computations.


 


Section
7. Expenses of the Company.


 


(a)               
Subject to Section 7(b), the Manager shall be responsible for the expenses related to the personnel of the Manager
and its Affiliates who provide services to the Company pursuant to this Agreement or otherwise, including salaries, bonus and other
wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel,
except for the allocable share of the salaries and other compensation of the Company’s (a) Chief Financial Officer, based
on the percentage of his time spent on the affairs of the Company and (b) other corporate finance, tax, accounting, internal audit,
legal, risk management, operations, compliance and other non-investment professional personnel of the Manager or its Affiliates
who spend all or a portion of their time managing the affairs of the Company based on the percentage of their time spent on the
affairs of the Company.


 






    	16



    	 



    

 


(b)              
The Company shall pay all of its costs and expenses and shall reimburse the Manager or its Affiliates for documented
costs and expenses of the Manager and its Affiliates incurred on behalf of the Company, other than the expenses that are specifically
the responsibility of the Manager pursuant to Section 7(a). Without limiting the generality of the foregoing, it is specifically
agreed that the following costs and expenses of the Company or any Subsidiary shall be paid by the Company and shall not be paid
by the Manager or Affiliates of the Manager:


 


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


 


(ii)
fees, costs, and expenses of legal, tax, accounting, consulting, auditing, finance, administrative, investment banking,
capital market and other similar services rendered to the Company (including, where the context requires, by or through one or
more third parties and/or Affiliates of the Manager) or, if provided by the Manager’s personnel or personnel of Affiliates
of the Manager, in amounts that are no greater than those that would be payable to outside professionals or consultants engaged
to perform such services pursuant to agreements negotiated on an arm’s-length basis;


 


(iii)
the compensation and expenses of the Company’s directors (excluding those directors who are officers of the Manager)
and the cost of liability insurance to indemnify the Company’s directors and officers;


 


(iv)
interest and fees and expenses arising out of borrowings made by the Company, including costs associated with the establishment
and maintenance of any of the Company’s credit facilities, other financing arrangements, or other indebtedness of the Company
(including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities
offerings;


 


(v) expenses
connected with communications to holders of the Company’s securities or securities of the Subsidiaries and other bookkeeping
and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting
and other requirements of governmental bodies or agencies, including all costs of preparing and filing required reports with the
SEC, the costs payable by the Company to any transfer agent and registrar 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 Company’s stockholders and proxy materials
with respect to any meeting of the Company’s stockholders and any other reports or related statements;


 






    	17



    	 



    

 


(vi)
the Company’s allocable share of costs associated with technology-related expenses, including any computer software
or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Manager
that is used solely for the Company, technology service providers and related software/hardware utilized in connection with the
Company’s investment and operational activities;


 


(vii)
the Company’s allocable share of expenses incurred by managers, officers, personnel and agents of the Manager for
travel on the Company’s behalf and other out-of-pocket expenses incurred by them in connection with the purchase, financing,
refinancing, sale or other disposition of an investment or the establishment and maintenance of any securitizations or any of the
Company’s securities offerings;


 


(viii)
the Company’s allocable share of costs and expenses incurred with respect to market information systems and publications,
research publications and materials, including news research and quotation equipment and services;


 


(ix)
the costs and expenses relating to ongoing regulatory compliance matters and regulatory reporting obligations relating to
the Company’s activities;


 


(x) the
costs of any litigation involving the Company or its assets and the amount of any judgments or settlements paid in connection therewith,
directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the
affairs of the Company;


 


(xi)
all taxes and license fees;


 


(xii)
all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable
to the insurance that the Manager elects to carry for itself and its personnel;


 


(xiii)
the Company’s allocable share of costs and expenses incurred in contracting with third parties, in whole or in part,
on the Company’s behalf;


 


(xiv)
all other costs and expenses relating to the Company’s business and investment operations, including the costs and
expenses of acquiring, owning, protecting, maintaining, developing and disposing of investments, including appraisal, reporting,
audit and legal fees;


 


(xv)
expenses (including the Company’s pro rata portion of rent, telephone, printing, mailing, utilities, office
furniture, equipment, machinery and other office, internal and overhead expenses) relating to any office(s) or office facilities,
including disaster backup recovery sites and facilities, maintained for the Company or the investments of the Company, its Subsidiaries,
the Manager or their Affiliates required for the Company’s operations;


 






    	18



    	 



    

 


(xvi)
expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused
to be made by the Board to or on account of holders of the Company’s securities or of the Subsidiaries, including in connection
with any dividend reinvestment plan;


 


(xvii)
any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company
or any Subsidiary, or against any director, trustee, partner, member or officer of the Company or of any Subsidiary in his capacity
as such for which the Company or any Subsidiary is required to indemnify such director, trustee, partner, member or officer by
any court or governmental agency; and


 


(xviii)
all other expenses actually incurred by the Manager (except as otherwise specifically excluded herein) which are reasonably
necessary for the performance by the Manager of its duties and functions under this Agreement.


 


(c)               
The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period,
which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.


 


(d)              
The Manager shall prepare a written expense statement in reasonable detail documenting the costs and expenses of
the Company incurred during each fiscal quarter to be reimbursed by the Company, and shall use commercially reasonable efforts
to deliver the same to the Company within forty-five (45) days following the end of the applicable fiscal quarter (subject to reasonable
delays resulting from delays in the receipt of information). The amounts payable for such cost and expense reimbursement shall
be paid by the Company within ten (10) days following delivery of the expense statement by the Manager; provided, that such
payments may be offset by the Manager against amounts due to the Company from the Manager. Cost and expense reimbursement to the
Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.


 


(e)               
The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent
such expenses have previously been incurred or are incurred in connection with such expiration or termination.


 


Section
8. Limits of the Manager’s Responsibility; Indemnification.


 


(a)               
The Manager assumes no responsibility under this Agreement other than to render the services called for hereunder
in good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations
of the Manager, including as set forth in the Investment Guidelines. To the fullest extent permitted by law, the Manager and its
Affiliates, and the directors, officers, employees, members, partners and stockholders of the Manager and its Affiliates, will
not be liable to the Company, any Subsidiary, the Board, the Company’s stockholders or any Subsidiary’s stockholders,
members or partners for any acts or omissions by the Manager or its officers, employees, members, partners or Affiliates performed
in accordance with, and pursuant to, this Agreement, except by reason of acts or omission constituting bad faith, willful misconduct,
gross negligence or reckless disregard of their respective duties under this Agreement. The Company shall, to the full extent lawful,
reimburse, indemnify and hold harmless the Manager, its Affiliates, and the directors, officers, employees, members, partners and
stockholders of the Manager and its Affiliates (each, a “Manager Indemnified Party”), from any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees)
(collectively “Losses”) in respect of or arising from any acts or omissions of such Manager Indemnified Party
performed in good faith under this Agreement and not constituting bad faith, willful misconduct, gross negligence or reckless disregard
of duties of such Manager Indemnified Party under this Agreement; provided, however, that the Company
shall not be required to indemnify a Manager Indemnified Party for any Losses to the extent such Losses were caused by acts or
omissions constituting a Cause Event. In addition, the Manager will not be liable for trade errors that may result from
ordinary negligence, including errors in the investment decision making process and/or in the trade process.


 






    	19



    	 



    

 


(b)              
The Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, its Subsidiaries,
the stockholders, members and partners of its subsidiaries and the directors, officers and employees of the Company and its Subsidiaries
and each Person, if any, controlling the Company (each, a “Company Indemnified Party”; a Manager Indemnified
Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”)
from any and all Losses in respect of or arising from (i) any acts or omissions of the Manager constituting bad faith, willful
misconduct, gross negligence or reckless disregard of duties of the Manager under this Agreement or (ii) any claims by the Manager’s
employees relating to the terms and conditions of their employment by the Manager.


 


(c)               
In case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified
Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall
give prompt written notice thereof to the indemnifying party, which notice shall include all documents and information in the possession
of or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall
specifically state that indemnification for such Claim is being sought under this Section; provided, however, that the failure
of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s rights other
than pursuant to this Section unless the failure to provide such notice results in material prejudice to the indemnifying party.
Subject to any applicable insurance policy’s terms and conditions, upon receipt of such notice of Claim (together with such
documents and information from such Indemnified Party), the indemnifying party shall, at its sole cost and expense, in good faith
defend any such Claim with counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights
of such Indemnified Party pursuant to the next succeeding sentence of this Section, also represent the indemnifying party in such
investigation, action or proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim if
(i) such Indemnified Party reasonably determines that the conduct of its defense by the indemnifying party could be materially
prejudicial to its interests, (ii) the indemnifying party refuses to assume such defense (or fails to give written notice to the
Indemnified Party within ten (10) days of receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii)
the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith.
The indemnifying party may settle any Claim against such Indemnified Party, provided, that (i) such settlement is
without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any admission of liability
or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written release of liability for
such Indemnified Party from the party to the Claim with whom such settlement is being made, which release must be reasonably acceptable
to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified
Party in connection with such Claim. The applicable Indemnified Party shall reasonably cooperate with the indemnifying party, at
the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with
the terms hereof. If such Indemnified Party is entitled pursuant to this Section 8 to elect to defend such Claim by counsel of
its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered
into by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle
any Claim and seek reimbursement therefor under this Section.


 






    	20



    	 



    

 


(d)              
Any Indemnified Party entitled to indemnification hereunder shall first seek recovery from any other indemnity then
available with respect to portfolio entities and/or any applicable insurance policies by which such Indemnified Party is indemnified
or covered prior to seeking recovery hereunder and shall obtain the written consent of the Company or the Manager (as applicable)
prior to entering into any compromise or settlement which would result in an obligation of the Company or the Manager (as applicable)
to indemnify such Indemnified Party. If such Indemnified Party shall actually recover any amounts under any applicable insurance
policies or other indemnity then available, it shall offset the net proceeds so received against any amounts owed by the Company
or the Manager (as applicable) by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by the
Company or the Manager (as applicable) in full prior to the actual receipt of such net insurance proceeds, it shall pay over such
proceeds (up to the amount of indemnification paid by the Company or the Manager (as applicable) to such Indemnified Party) to
the Company or the Manager (as applicable). If the amounts in respect of which indemnification is sought arise out of the conduct
of the business and affairs of the Company or the Manager and also of any other Person or entity for which the Indemnified Party
hereunder was then acting in a similar capacity, the amount of the indemnification to be provided by the Company or the Manager
(as applicable) may be limited to the Company’s or the Manager’s (as applicable) allocable share thereof if so determined
by the Company or the Manager (as applicable) in good faith. Notwithstanding anything to the contrary in this Section 8 and for
greater certainty it is understood and/or agreed that, to the extent that an Indemnified Party is also entitled to be indemnified
by one or more portfolio entities, it is intended that (i) such portfolio entities shall be the indemnitors of first resort, (ii)
the Company’s or the Manager’s (as applicable) obligation, if any, to indemnify any Indemnified Party shall be reduced
by any amount that such Indemnified Party shall collect as indemnification from such entity and from any then available insurance
policies, which the Indemnified Party shall have an obligation to seek payment from prior to seeking payment from the Company or
the Manager in respect of such Claims, and (iii) if the Company or the Manager pays or causes to be paid any amounts that should
have been paid by such portfolio entity or under such insurance policies, then (x) the Company or the Manager (as applicable) shall
be fully subrogated to all rights of the relevant Indemnified Party with respect to such payment, and (y) each relevant Indemnified
Party shall assign to the Company or the Manager (as applicable) all of the Indemnified Party’s rights to indemnification
from or with respect to such entity’s indemnification.


 






    	21



    	 



    

 


(e)               
The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement.


 


Section
9. No Joint Venture. The Company and the Manager are not partners or joint venturers with each other and nothing
herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.


 


Section
10. Term; Renewal; Termination Without Cause.


 


(a)               
This Agreement is effective on the Closing Date and shall continue in operation, unless terminated in accordance
with the terms hereof, until the third anniversary of the Closing Date (the “Initial Term”). After the Initial
Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic
Renewal Term”) unless the Company or the Manager elects not to renew this Agreement in accordance with Section 10(b)
or Section 10(d), respectively.


 


(b)              
Notwithstanding any other provision of this Agreement to the contrary, upon the expiration of the Initial Term or
any Automatic Renewal Term and upon one hundred eighty (180) days’ prior written notice to the Manager (the “Termination
Notice”), the Company may, without cause, in connection with the expiration of the Initial Term or the then current Automatic
Renewal Term, decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”) upon the
affirmative vote of at least two-thirds (2/3) of the Independent Directors that (1) there has been unsatisfactory performance by
the Manager that is materially detrimental to the Company and its Subsidiaries taken as a whole or (2) the Base Management Fee
and the Incentive Compensation, taken as a whole, payable to the Manager is not fair, subject to Section 10(c) below. In the event
of a Termination Without Cause, the Company shall pay the Manager the Termination Fee before or on the last day of the Initial
Term or such Automatic Renewal Term, as the case may be (the “Effective Termination Date”). The Company may
terminate this Agreement upon the occurrence of a Cause Event pursuant to Section 12 hereof even after a Termination Notice and,
in such case, no Termination Fee shall be payable.


 


(c)               
Notwithstanding the provisions of subsection (b) above, if the reason for nonrenewal specified in the Company’s
Termination Notice is that two-thirds (2/3) of the Independent Directors have determined that the Base Management Fee and the Incentive
Compensation, taken as a whole, payable to the Manager is unfair, the Company shall not have the foregoing nonrenewal right in
the event the Manager agrees that it will continue to perform its duties hereunder during the Automatic Renewal Term that would
commence upon the expiration of the Initial Term or then current Automatic Renewal Term at a fee that at least two-thirds of the
Independent Directors determine to be fair; provided, however, the Manager shall have the right to renegotiate the Base
Management Fee and/or the Incentive Compensation, by delivering to the Company, not less than 120 days prior to the pending Effective
Termination Date, written notice (a “Notice of Proposal to Negotiate”) of its intention to renegotiate the Base
Management Fee and/or the Incentive Compensation. Thereupon, the Company and the Manager shall endeavor to negotiate the Base Management
Fee and/or the Incentive Compensation in good faith. Provided that if the Company and the Manager agree to a revised Base Management
Fee, Incentive Compensation or other compensation structure within sixty (60) days following the Company’s receipt of the
Notice of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement
shall continue in full force and effect on the terms stated herein, except that the Base Management Fee, the Incentive Compensation
or other compensation structure shall be the revised Base Management Fee, Incentive Compensation or other compensation structure
as then agreed upon by the Company and the Manager. The Company and the Manager agree to execute and deliver an amendment to this
Agreement setting forth such revised Base Management Fee, Incentive Compensation or other compensation structure promptly upon
reaching an agreement regarding the same. In the event that the Company and the Manager are unable to agree to a revised Base Management
Fee, Incentive Compensation or other compensation structure during such sixty (60) day period, this Agreement shall terminate on
the Effective Termination Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective Termination
Date.


 






    	22



    	 



    

 


(d)              
No later than one hundred eighty (180) days prior to the expiration of the Initial Term or the then current Automatic
Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to
renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on
the anniversary date of this Agreement next following the delivery of such notice. The Company is not required to pay to the Manager
the Termination Fee if the Manager terminates this Agreement pursuant to this Section 10(d).


 


(e)               
Except as set forth in this Section 10, a nonrenewal of this Agreement pursuant to this Section 10 shall be without
any further liability or obligation of either party to the other, except as provided in Section 3(c), Section 5, Section 7, Section
8 and Section 14 of this Agreement.


 


(f)               
The Manager shall cooperate, at the Company’s expense, with the Company in executing an orderly transition
of the management of the Company’s consolidated assets to a new manager.


 


Section
11. Assignments.


 


(a)               
Assignments by the Manager. This Agreement shall terminate automatically without payment of the Termination
Fee in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the
Company with the consent of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under
this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all acts or omissions
of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of
this Agreement naming such assignee as the Manager. Notwithstanding the foregoing, the Manager may, without the approval of the
Company’s Independent Directors, (i) assign this Agreement to one or more Affiliates of the Manager and (ii) delegate to
one or more of its Affiliates, including sub-advisors where applicable, the performance of any of its responsibilities hereunder
so long as it remains liable for any such Affiliate’s performance, in each case so long as assignment or delegation does
not require the Company’s approval under the Advisers Act (but if such approval is required, the Company shall not unreasonably
withhold, condition or delay its consent). Nothing contained in this Agreement shall preclude any pledge, hypothecation or other
transfer of any amounts payable to the Manager under this Agreement.


 






    	23



    	 



    

 


(b)              
Assignments by the Company. This Agreement shall not be assigned by the Company without the prior written
consent of the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor
(by merger, consolidation, purchase of assets, or other transaction) to the Company, in which case such successor organization
shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement.


 


Section
12. Termination for Cause.


 


(a)               
The Company may terminate this Agreement effective upon thirty (30) days’ prior written notice of termination
from the Company to the Manager, without payment of any Termination Fee, upon the occurrence of a Cause Event.


 


(b)              
The Manager may terminate this Agreement effective upon sixty (60) days’ prior written notice of termination
to the Company in the event that the Company shall default in the performance or observance of any material term, condition or
covenant contained in this Agreement and such default shall continue for a period of thirty (30) days after written notice thereof
specifying such default and requesting that the same be remedied in such 30-day period. The Company is required to pay to the Manager
the Termination Fee if the termination of this Agreement is made pursuant to this Section 12(b).


 


(c)               
The Manager may terminate this Agreement if the Company becomes required to register as an investment company under
the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall
not be required to pay the Termination Fee.


 


Section
13. Action Upon Termination. From and after the effective date of termination of this Agreement pursuant to Sections
10, 11, or 12 of this Agreement, the Manager shall not be entitled to compensation for further services hereunder, but shall be
paid all compensation accruing to the date of termination and, if terminated pursuant to Section 12(b) hereof or not renewed pursuant
to Section 10(b) hereof (subject to Section 10(c) hereof), the Termination Fee. Upon any such termination, the Manager shall forthwith:


 


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


 


(b)              
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 with respect to the
Company and any Subsidiaries; and


 


(c)               
deliver to the Board all property and documents of the Company and any Subsidiaries then in the custody of the Manager,
provided, that the Manager shall be permitted to retain copies of such documents for its records and, if so retained, the
Manager shall continue to be bound by the confidentiality obligations and other obligations set forth in Section 5 hereof with
respect to the retained documents.


 






    	24



    	 



    

 


Section
14. Release of Money or Other Property Upon Written Request.


 


The Manager agrees that any money or other
property of the Company (which such term, for the purposes of this Section, shall be deemed to include any and all of its Subsidiaries,
if any) held by the Manager shall be held by the Manager as custodian for the Company, and the Manager’s records shall be
appropriately and clearly marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the
Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company
any money or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release
such money or other property to the Company within a reasonable period of time, but in no event later than thirty (30) days following
such request. Upon delivery of such money or other property to the Company, the Manager shall not be liable to the Company, the
Board, or the Company’s stockholders or partners for any acts or omissions by the Company in connection with the money or
other property released to the Company in accordance with this Section. The Company shall indemnify the Manager, its directors,
officers, stockholders, members, partners, employees and agents against any and all Losses which arise in connection with the Manager’s
proper release of such money or other property to the Company in accordance with the terms of this Section 14. Indemnification
pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 8 of this Agreement.


 


Section
15. Representations and Warranties.


 


(a)               
The Company hereby represents and warrants to the Manager as follows:


 


(i) The
Company is duly organized, validly existing and in good standing under the laws of the State of Maryland, has the corporate power
and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct
the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures
to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations,
assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole.


 


(ii)
The Company has the corporate power and authority and the legal right to make, deliver and perform this Agreement and all
obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions
hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any
other Person that has not already been obtained, including stockholders and creditors of the Company, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Company in connection with this Agreement or the execution, delivery, performance, validity or enforceability
of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder
will be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each instrument
or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation
of the Company enforceable against the Company in accordance with its terms.


 






    	25



    	 



    

 


(iii)
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Company, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Company, or the Governing Agreements of, or any securities issued by the Company or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Company is a party or by which
the Company or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole, and will not result in, or require,
the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of any such mortgage,
indenture, lease, contract or other agreement, instrument or undertaking.


 


(b)              
The Manager hereby represents and warrants to the Company as follows:


 


(i) The
Manager is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the limited liability
company power and authority and the legal right to conduct the business in which it is now engaged and is duly qualified as a foreign
corporation and in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of
its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the
aggregate have a material adverse effect on the business operations, assets or financial condition of the Manager.


 


(ii)
The Manager has the limited liability company power and authority and the legal right to make, deliver and perform this
Agreement and all obligations required hereunder and has taken all necessary limited liability company action to authorize this
Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations
required hereunder. No consent of any other Person, including members and creditors of the Manager, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability
of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder
will be, executed and delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument
or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation
of the Manager enforceable against the Manager in accordance with its terms.


 


(iii)
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Manager, or the Governing Agreements of, or any securities issued by the Manager or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which
the Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien on any
of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking.


 






    	26



    	 



    

 


Section
16. Miscellaneous.


 


(a)               
Notices. Any notices that may or are required to be given hereunder by any party to another shall be deemed
to have been duly given if (i) personally delivered or delivered by facsimile, when received, (ii) sent by U.S. Express Mail or
recognized overnight courier, on the second following Business Day (or third following Business Day if mailed outside the United
States), (iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Manager
and for which the Company has received access instructions by electronic mail, when posted:


 


	The Company:	
        LoanCore Realty Trust, Inc. 

        55 Railroad Avenue, Suite 100 

        Greenwich, Connecticut 06830 

        Attention: Chief Financial Officer 

        Fax: (203) 861-6006 

        Email: cmccormack@loancorecapital.com 

	 	 
	with a copy to:	
        Sidley Austin LLP 

        787 Seventh Avenue 

        New York, New York 10019 

        Attention: Edward F. Petrosky, Esq.

                           J. Gerard
Cummins, Esq. 

        Fax: (212) 839-5300 

        Email: epetrosky@sidley.com

                    jcummins@sidley.com 

	 	 
	The Manager:	
        LoanCore Advisors, LLC 

        55 Railroad Avenue, Suite 100 

        Greenwich, Connecticut 06830 

        Attention: Jordan Bock 

        Fax: (203) 861-6006 

        Email: jbock@loancorecapital.com 

	 	 
	with a required copy to:	
        Sidley Austin LLP 

        787 Seventh Avenue 

        New York, New York 10019 

        Attention: Edward F. Petrosky, Esq.

                           J. Gerard
Cummins, Esq. 

        Fax: (212) 839-5300 

        Email: epetrosky@sidley.com 

                    jcummins@sidley.com



 






    	27



    	 



    

(b)              
Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided
herein.


 


(c)               
Integration. 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 and/or usage of the trade inconsistent with any of the terms hereof.


 


(d)              
Amendments. Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except
in an instrument in writing executed by the parties hereto.


 


(e)               
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT
COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT.


 


(f)               
WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.


 


(g)              
Survival of Representations and Warranties. All representations and warranties made hereunder, and in any
document, certificate or statement delivered pursuant hereto or in connection herewith, shall survive the execution and delivery
of this Agreement.


 


(h)              
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party
hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.


 






    	28



    	 



    

 


(i)                
Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements
of counsel and accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement,
and all matters incident thereto.


 


(j)                
Section Headings. The section and subsection headings in this Agreement are for convenience of reference only
and shall not be deemed to alter or affect the interpretation of any provisions hereof.


 


(k)              
Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts
(including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.


 


(l)                
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.


 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


 






    	 



    	 



    

 


IN WITNESS WHEREOF, each of the parties hereto
has executed this Management Agreement as of the date first written above.


 


 





	 	LoanCore Realty Trust, Inc.
	 	 	 	 
	 	 	 	 
	 	By:  	 
	 	 	Name:  	 
	 		Title:  	 
	 	 	 	 
	 	 
	 	LoanCore Advisors, LLC
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 		Title:	 



 


 





 





  


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


[Signature page to Management Agreement]


 






    	 



    	 



    

 







Exhibit A


 


Investment Guidelines


 


1.                
No investment shall be made without
the approval of the Manager Investment Committee.


 


2.                
No investment shall be made that would
cause the Company to fail to qualify as a REIT under the Code.


 


3.                
No investment shall be made that would
cause the Company or any of its Subsidiaries to be required to be registered as an investment company under the Investment Company
Act.


 


4.                
Investments will be predominantly in
the Company’s Target Assets.


 


5.                
Prior to the deployment of capital into
investments, the Manager may cause the capital of the Company to be invested in any short-term investments in money market funds,
bank accounts, overnight repurchase agreements with primary Federal Reserve Bank Dealers collateralized by direct U.S. government
obligations and other instruments or investments determined by the Manager to be of high quality.


 


6.                
Not more than 25% of Equity will be
invested in any individual investment without the approval of the Board (it being understood, however, that for purposes of the
foregoing concentration limit, in the case of any investment that is comprised (whether through a structured investment vehicle
or other arrangement (including through DivCore CLO 2013-1, Ltd.)) of securities, instruments or assets of multiple portfolio issuers,
such investment for purposes of the foregoing limitation shall be deemed to be multiple investments in such underlying securities,
instruments and assets and not such particular vehicle, product or other arrangement in which they are aggregated).


 


7.                
Any investment in excess of $250 million
shall require the approval of the Board.


 


These Investment Guidelines may be amended,
restated, supplemented or waived by the Board (which must include a majority of the Independent Directors) from time to time, without
the approval of the Company’s stockholders.