EX-10.1





 Exhibit 10.1 

Execution Version 
 FOURTH
AMENDED AND RESTATED MANAGEMENT AGREEMENT 
 THIS FOURTH AMENDED AND RESTATED MANAGEMENT AGREEMENT dated July 31, 2020, (this
“Agreement”) is made by and among EXANTAS CAPITAL CORP., a Maryland corporation (the “Company”), ACRES CAPITAL, LLC, a New York limited liability company (together with its permitted assignees, the
“Manager”), and ACRES CAPITAL CORP., a Delaware corporation (“Acres Capital”). 
 WHEREAS, the Company is
a corporation that has elected and has qualified to be treated as a real estate investment trust for federal income tax purposes; and 

WHEREAS, the Company is a party to that certain Third Amended and Restated Management Agreement dated as of December 14, 2017 by and
among the Company (formerly known as Resource Capital Corp.), Exantas Capital Manager Inc., a Delaware corporation (“Exantas Capital,” formerly known as Resource Capital Manager, Inc.), and Resource America, Inc., a Delaware
corporation ( “Resource”), as amended by that certain Amendment No. 1 to the Third Amended and Restated Management Agreement, dated as of February 20, 2020, by and among the Company, Exantas Capital and Resource (as so
amended, the “Third Amended Agreement”). 
 NOW THEREFORE, in consideration of the mutual agreements herein set forth, the
parties hereto agree as follows: 
 SECTION 1. DEFINITIONS. The following terms have the meanings assigned them: 

(a) “Affiliate” means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by,
or is under common control with, the person specified. It is acknowledged and agreed that, for all purposes of this Agreement, Oaktree, as of the date hereof, is not an Affiliate of (i) Acres Capital or (ii) any Affiliate of Acres Capital,
including, without limitation, the Manager. For purposes of this definition of Affiliate, “Oaktree” shall mean Oaktree Capital Management, L.P., any funds or accounts managed by it, and any of its or their respective direct or indirect
subsidiaries, officers, directors, managers, partners, members, stockholders, employees or Affiliates. 
 (b) “Agreement”
means this Fourth Amended and Restated Management Agreement, as amended from time to time. 
 (c) “Ancillary Operating
Subsidiary” means a Subsidiary, including a TRS and its Subsidiaries, that is an operating entity principally engaged in the evaluation, underwriting, origination, servicing, holding, trading and financing of loans, securities, investments
and credit products other than commercial real estate loans. 
 (d) “Base Management Fee” means the base management fee,
calculated and paid monthly in arrears, in an amount equal to (i) one-twelfth (1/12) of Equity as of the end of such month, multiplied by (ii) 1.50%. 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 month, respectively, that this Agreement is in effect. 












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

(f) “Book Value” means, with respect to any fiscal quarter end, the total stockholders’ equity of the Company at
September 30, 2017, excluding equity attributable to preferred stock ($460,568,964), as adjusted to include net income or loss from the operations or gain or loss on resolutions of Strategic Plan Assets between October 1, 2017, and that
fiscal quarter end, with the calculation of such adjustments being subject to the approval by a majority of the Independent Directors; provided that no such adjustments shall be made for any fiscal quarter after the quarter ending December 31,
2018. For the avoidance of doubt, Book Value for any fiscal quarter ending after December 31, 2018, shall include such adjustments for the period between October 1, 2017 and December 31, 2018. 

(g) “Book Value Equity” means (a) the sum of (1) the total stockholders’ equity of the Company calculated in
accordance with GAAP, less the equity attributable to any outstanding preferred stock (based on the equity value attributable to such preferred stock included in such total stockholders’ equity), at September 30, 2022, plus (2) the
total amount of net proceeds (or the value of Common Shares issued upon the conversion of convertible securities, if applicable and without duplication) from any issuance of common stock of the Company after October 1, 2022, after deducting any
underwriting discounts and commissions and other expenses and costs relating to such issuance, and plus (3) cumulative Core Earnings from and after October 1, 2022 to the end of the most recently completed calendar quarter, (b) less
(1) any distributions to the Company’s stockholders after October 1, 2022, (2) any amount that the Company has paid to repurchase the Company’s Common Stock after October 1, 2022, and (3) any Incentive Compensation
paid after October 1, 2022. For the avoidance of doubt, Book Value Equity shall include any restricted shares of Common Stock or common equity of Subsidiaries and any other shares of Common Stock or common equity of Subsidiaries underlying
awards granted under one or more of the Company’s or its subsidiary’s equity incentive plans. The amount of net proceeds received shall be subject to the determination of the Board to the extent such proceeds are other than cash. 

(h) “Change of Control” means the occurrence of any of the following: 

(i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the
Manager, taken as a whole, to any Person other than a direct or indirect wholly owned subsidiary of Acres Capital; or 
 (ii)
the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of
securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the voting capital interests of the Manager. 

(i) “Code” means the Internal Revenue Code of 1986, as amended. 

  
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 (j) “Common Share” means a share of capital stock of the Company now or
hereafter authorized as common voting stock of the Company. 
 (k) “Company Account” has the meaning set forth in
Section 5 hereof. 
 (l) “Company Indemnified Party” has the meaning set forth in Section 11(b) hereof. 

(m) “Core Earnings” means, with respect to any period, GAAP net income (loss) attributable to Common Shares for such period,
adjusted to: (A) exclude the following items incurred during such period: (i) non-cash equity compensation expense, (ii) Incentive Compensation payable to the Manager, (iii) unrealized gains and losses, (iv) non-cash
provisions for loan losses, (v) non-cash impairments on securities, (vi) non-cash amortization of discounts or premiums associated with borrowings, (vii) net income or loss from the operations or gain or loss on resolutions of
Strategic Plan Assets, (viii) real estate depreciation and amortization, (ix) foreign currency gains or losses and (x) income or loss from discontinued operations; and (B) add any realized gain and deduct any realized loss incurred
during such period (excluding any realized gain or loss on the resolution of any Strategic Plan Asset) to the extent such realized gain or loss was previously excluded from the calculation of Core Earnings for a previous period. 

(n) “Current Term” has the meaning set forth in Section 13(a) hereof. 

(o) “Effective Termination Date” has the meaning set forth in Section 13(a) hereof. 

(p) “Equity” means, for purposes of calculating the Base Management Fee for any month: (a) (i) the total amount of
net proceeds (or the value of Common Shares issued upon the conversion of convertible securities, if applicable and without duplication) from any issuance of capital stock of the Company (including common stock and preferred stock) during such
month, after deducting any underwriting discounts and commissions and other expenses and costs relating to such issuance, plus (or minus) (ii) the Company’s retained earnings (or deficit) at the end of such month (without taking into
account any non-cash equity compensation expense incurred in current or prior periods), less (b) all amounts that the Company pays for repurchases of any capital stock of the Company (including common stock and preferred stock) during such
month; provided, that the foregoing calculation of Equity shall be adjusted to exclude one-time events pursuant to changes in GAAP, as well as non-cash charges after discussion between the Manager and the Independent Directors and approval by
a majority of the Independent Directors in the case of non-cash charges. For all purposes of this Agreement, “preferred stock” means all preferred stock, whether redeemable (mandatorily or otherwise) or not, other than trust preferred
stock. 
 (q) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(r) “Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

(s) “GAAP” means generally accepted accounting principles, as applied in the United States. 

  
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 (t) “Governing Instruments” means, with regard to any entity, the articles
of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating 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 from time to time. 

(u) “Guidelines” shall have the meaning set forth in Section 2(b)(i) hereof. 

(v) “Incentive Compensation” means, with respect to each fiscal quarter commencing with the quarter ending September 30,
2020, through the fiscal quarter ending September 30, 2022, an incentive management fee calculated and payable in an amount, not less than zero, equal to the product of: (A) twenty percent (20%) of the dollar amount by which
(i) the amount of the Company’s Core Earnings per Common Share for such quarter (based on the weighted average number of Common Shares outstanding during such quarter) exceeds (ii) an amount equal to (1) the weighted average of
(a) Book Value as of the end of such quarter divided by 30,881,351 and (b) the price per share (including the conversion price, if applicable) paid for Common Shares in each offering (or issuance, upon the conversion of convertible
securities) by the Company subsequent to September 30, 2017, in each case at the time of issuance thereof, multiplied by (2) the greater of (a) 1.75% or (b) 0.4375% plus one-fourth of the Ten Year Treasury Rate for such quarter;
multiplied by (B) the weighted average number of Common Shares outstanding during such quarter; provided, that the foregoing calculation of Incentive Compensation shall be adjusted (x) to exclude events pursuant to changes in GAAP or the
application of GAAP, as well as non-recurring or unusual transactions or events, after discussion between the Manager and the Independent Directors and approval by a majority of the Independent Directors in the case of non-recurring or unusual
transactions or events, and (y) by deducting an amount equal to any TRS Directly Paid Fees accrued (calculated as if such fees were payable on a quarterly basis) not previously used to offset Incentive Compensation. 

“Incentive Compensation” means, with respect to each fiscal quarter commencing with the quarter ending December 31,
2022, an incentive management fee calculated and payable in arrears in an amount, not less than zero, equal to: 
 (i) for
the first full calendar quarter ending December 31, 2022, the product of (a) 20% and (b) the excess of (i) Core Earnings of the Company for such calendar quarter, over (ii) the product of (A) the Company’s Book
Value Equity as of the end of such calendar quarter, and (B) 7% per annum; 
 (ii) for each of the second, third
and fourth full calendar quarters following the calendar quarter ending December 31, 2022, the excess of (1) the product of (a) 20% and (b) the excess of (i) Core Earnings of the Company for the calendar quarter(s)
following September 30, 2022, over (ii) the product of (A) the Company’s Book Value Equity in the calendar quarter(s) following September 30, 2022, and (B) 7% per annum, over (2) the sum of any Incentive
Compensation paid to the Manager with respect to the prior calendar quarter(s) following September 30, 2022 (other than the most recent calendar quarter); and 

  
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 (iii) for each calendar quarter thereafter, the excess of
(1) the product of (a) 20% and (b) the excess of (i) Core Earnings of the Company for the previous 12-month period, over (ii) the product of (A) the Company’s Book Value Equity in the previous 12-month period, and
(B) 7% per annum, over (2) the sum of any Incentive Compensation paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; 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 September 30, 2022) in the aggregate is greater than zero. 

Securities of the Company or any of its Subsidiaries that are entitled to a specified periodic distribution or have other debt characteristics
shall not constitute equity securities and shall not be included in “Book Value Equity” for the purpose of calculating Incentive Compensation and instead the aggregate distribution amount that accrues to such securities during the calendar
quarter of such calculation shall be subtracted from Core Earnings, before Incentive Compensation for purposes of calculation Incentive Compensation, unless such distribution is otherwise excluded from Core Earnings. 

For purposes of Incentive Compensation, the definition of Equity shall be deemed to exclude preferred stock. 

(w) “Indemnified Party” has the meaning set forth in Section 11(a) hereof. 

(x) “Independent Directors” means the members of the Board of Directors who are not, and have not been within the last two
years, officers or employees of the Manager or any Person directly or indirectly controlling or controlled by, or otherwise an Affiliate of, the Manager and who are otherwise “independent” in accordance with the Company’s Governing
Instruments and, if applicable, the rules of any national securities exchange on which any capital stock of the Company is listed. 
 (y)
“Investment Company Act” means the Investment Company Act of 1940, as amended. 
 (z) “Investments” means
the investments of the Company. 
 (aa) “Notice of Proposal to Negotiate” has the meaning set forth in Section 13(a)
hereto. 
 (bb) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate,
trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

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

(dd) “Renewal Term” has the meaning as set forth in Section 13(a) hereto. 

(ee) “Strategic Plan Assets” means certain non-core businesses, investments or other assets identified on Exhibit C
hereto. 

  
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 (ff) “Subsidiary” means any subsidiary of the Company; any partnership, the
general partner of which is the Company or any subsidiary of the Company; and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 

(gg) “Ten Year Treasury Rate” means the average of the weekly average yield to maturity for U.S. Treasury securities (adjusted
to a constant maturity of ten (10) years) as published weekly by the Federal Reserve Board in publication H.15, or any successor publication, during a fiscal quarter, or if such rate is not published by the Federal Reserve Board, any Federal
Reserve Bank or agency or department of the federal government selected by the Company. If the Company determines in good faith that the Ten Year Treasury Rate cannot be calculated as provided above, then the rate shall be the arithmetic average of
the per annum average yields to maturities, based upon closing asked prices on each business day during a quarter, for each actively-traded marketable U.S. Treasury fixed interest rate security with a final maturity date not less than eight or more
than twelve years from the date of the closing asked prices as chosen and quoted for each business day in each such quarter in New York City by at least three recognized dealers in U.S. government securities selected by the Company. 

(hh) “Termination Fee” has the meaning set forth in Section 13(b) hereof. 

(ii) “Termination Notice” has the meaning set forth in Section 13(a) hereof. 

(jj) “Treasury Regulations” means the regulations promulgated under the Code from time to time, as amended. 

(kk) “TRS” means a Subsidiary that is a taxable REIT subsidiary as defined in Section 856(1) of the Code. 

(ll) “TRS Directly Paid Fees” means fees paid directly by a TRS (or any subsidiary thereof) to employees, agents and/or
Affiliates of the Manager with respect to profits of such TRS (or subsidiary thereof) generated from the services of such employees, agents and/or Affiliates, the fee structure of which shall have been approved by a majority of the Company’s
Independent Directors and which fees may not exceed 20% of the net income (before such fees) of such TRS (or subsidiary thereof). TRS Directly Paid Fees may be accrued and paid in subsequent periods if the structure of such fees requires their
payment on a periodic basis other than quarterly. 
 SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 

(a) The Company hereby appoints the Manager to manage the assets of the Company and its Subsidiaries subject to the further terms and
conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager except to the extent
that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, in accordance with the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties.
During the term of this Agreement, the Manager shall have the right to designate not less than two persons as nominees for election to the Board of Directors (“Manager Directors”). The Nominating and Corporate Governance Committee
of the Board of Directors and the full Board of Directors shall take all 

  
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necessary action to effect the foregoing. Each Manager Director shall agree to resign as a member of the Board of Directors effective immediately upon either (x) the number of Manager
Directors being equal to or more than the number of Independent Directors (following any cure period granted under the New York Stock Exchange or other applicable listing rules or standards), provided that, such resignation shall only be in effect
for the period during which the number of Manager Directors is equal to or more than the number of Independent Directors, and provided further that under the circumstances set forth in this clause (x), the Manager shall be entitled to continue to
have at least one Manager Director on the Board of Directors, or (y) the termination of this Agreement. 
 (b) The Manager, in its
capacity as manager of the assets and the day-to-day operations of the Company, at all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to
it including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and will perform (or cause to be performed) such
services and activities relating to the assets and operations of the Company as may be appropriate, including, without limitation: 

(i) serving as the Company’s consultant with respect to the periodic review of the investment criteria and parameters for
Investments, borrowings and operations, any modifications to which shall be approved by a majority of the Independent Directors (such policy guidelines as initially approved, as the same may be modified with such approval, the
“Guidelines”) and other policies for approval by the Board of Directors; 
 (ii) investigation, analysis and
selection of investment opportunities; 
 (iii) with respect to any prospective investment by the Company and any sale,
exchange or other disposition of any Investment by the Company, conducting negotiations on behalf of the Company with sellers and purchasers and their respective agents, representatives and investment bankers; 

(iv) engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors which
provide investment banking, mortgage brokerage, securities brokerage and other financial services and such other services as may be required relating to the Investments; 

(v) 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; 
 (vi) providing executive and administrative personnel, office
space and office services required in rendering services to the Company; 
 (vii) administering the day-to-day operations of
the Company and performing and supervising the performance of such other administrative functions necessary in the management of the Company as may be agreed upon by the Manager and the Board of Directors, including, without limitation, 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; 

  
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 (viii) communicating on behalf of the Company with the holders of any equity
or debt securities of the Company 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; 

(ix) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

(x) evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on behalf of
the Company, consistent with such strategies, as so modified from time to time, with the Company’s status as a REIT, and with the Guidelines; 

(xi) counseling the Company regarding the maintenance of its status as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code and Treasury Regulations thereunder; 
 (xii) counseling the Company
regarding the maintenance of its exclusion from status as an investment company under the Investment Company Act and monitoring compliance with the requirements for maintaining such exclusion; 

(xiii) assisting the Company in developing criteria for asset purchase commitments that are specifically tailored to the
Company’s investment objectives and making available to the Company its knowledge and experience with respect to mortgage loans, real estate, real estate securities, other real estate-related assets and non-real estate related assets; 

(xiv) furnishing reports and statistical and economic research to the Company regarding the Company’s activities and
services performed for the Company by the Manager or the Subsidiaries; 
 (xv) monitoring the operating performance of the
Investments and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 

(xvi) investing and re-investing 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 stockholders and partners of the Company) and advising the Company as to its capital structure and capital raising; 

(xvii) causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing
appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and non-taxable REIT subsidiaries and to conduct
quarterly compliance reviews with respect thereto; 

  
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 (xviii) causing the Company to qualify to do business in all applicable
jurisdictions and to obtain and maintain all appropriate licenses; 
 (xix) assisting the Company in complying with all
regulatory requirements applicable to the Company in respect of its business activities, including 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; 
 (xx) taking all necessary actions to enable the Company and its
Subsidiaries to make required tax filings and reports, including soliciting stockholders for required information to the extent provided by the provisions of the Code and Treasury Regulations applicable to REITs; 

(xxi) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other
proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the
Board of Directors; 
 (xxii) using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company
to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 

(xxiii) advising the Company with respect to obtaining appropriate warehouse or other financings for its assets; 

(xxiv) 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; 
 (xxv)
performing such other services as may be required from time to time for management and other activities relating to the assets of the Company as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the
particular circumstances; and 
 (xxvi) using commercially reasonable efforts to cause the Company to comply with all
applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio
Management Services”) on behalf of the Company with respect to the Investments. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other investment opportunities in connection
with, the Company’s portfolio of assets; the collection of information and the submission of reports pertaining to the 

  
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Company’s assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets; acting as liaison between the
Company and banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform
monitoring services (the “Monitoring Services”) on behalf of the Company with respect to any loan servicing activities provided by third parties. Such Monitoring Services will include, to the extent applicable, negotiating servicing
agreements; acting as a liaison between the servicers of the assets and the Company; review of servicers’ delinquency, foreclosure and other reports on assets; supervising claims filed under any insurance policies; and enforcing the obligation
of any servicer to repurchase assets. 
 (c) The Manager may enter into agreements with other parties, including its Affiliates, for the
purpose of engaging one or more parties for and on behalf, and at the sole cost and expense, of the Company to provide property management, asset management, leasing, development, brokerage, financial advisory, custodial and/or other services to the
Company (including, without limitation, Portfolio Management Services and Monitoring Services) pursuant to agreement(s) with terms which are then customary for agreements regarding the provision of services to companies that have assets similar in
type, quality and value to the assets of the Company; provided, that (i) any such agreements entered into with Affiliates of the Manager shall be (A) on terms no more favorable to such Affiliate than would be obtained from a third
party on an arm’s-length basis and (B) to the extent the same do not fall within the provisions of the Guidelines, approved by a majority of the Independent Directors, (ii) with respect to Portfolio Management Services, (A) any
such agreements shall be subject to the Company’s prior written approval (and approved by a majority of the Independent Directors) and (B) the Manager shall remain liable for the performance of such Portfolio Management Services, and
(iii) with respect to Monitoring Services, any such agreements shall be subject to the Company’s prior written approval (and approved by a majority of the Independent Directors). 

(d) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of accountants, legal counsel,
appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the
Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its employees or Affiliates. The Company shall pay or reimburse the Manager or its Affiliates
performing such services for the cost thereof; provided, that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements
negotiated on an arm’s-length basis. 
 (e) As frequently as the Manager may deem necessary or advisable, or at the direction of the
Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, with respect to any Investment, reports and other information with respect to such Investment as may be reasonably requested by the
Company. 

  
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 (f) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the
Company, all reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments, or any other materials required to be filed with any
governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a
nationally recognized independent accounting firm. 
 (g) The Manager shall prepare, at the sole cost and expense of the Company, regular
reports for the Board of Directors to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Guidelines and policies approved by the
Board of Directors. 
 (h) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of
additional moneys is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this Agreement,
the Manager shall not be required to expend money (“Excess Funds”) in connection with any expenses that are required to be paid for or reimbursed by the Company pursuant to Section 9 in excess of that contained in any
applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the
right of the Company to terminate this Agreement under (x) Section 13(a) of this Agreement due to the Manager’s unsatisfactory performance or (y) Section 15 of this Agreement for cause. 

(i) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals
(including, without limitation, accountants, legal counsel and other professional service providers) hired by the Manager at the Company’s sole cost and expense. 

SECTION 3. DEVOTION OF TIME; ADDITIONAL ACTIVITIES OF THE MANAGER. 

(a) The Manager will provide the Company with a management team, including a Chief Executive Officer and President, along with appropriate
support personnel, to provide the management services to be provided by the Manager to the Company hereunder, the members of which team shall devote such of their time to the management of the Company as may be reasonably necessary and appropriate,
commensurate with the level of activity of the Company from time to time. The Manager shall also provide the Company with a Chief Financial Officer who shall be fully dedicated to the operations of the Company and a sufficient amount of services of
additional accounting, finance and investor relations professionals (which amount shall be reviewed and approved by the Board of Directors). Notwithstanding the foregoing or anything else in this Agreement to the contrary, an Ancillary Operating
Subsidiary shall, with the approval of a majority of the Independent Directors, directly incur and pay all of its own operating costs and expenses, including without limitation, compensation of employees of such Ancillary Operating Subsidiary and
reimbursement of any compensation costs incurred by the Manager for personnel principally devoted to such Ancillary Operating Subsidiary. 

  
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 (b) The Manager agrees to offer the Company the right to participate in all investment
opportunities that the Manager determines are appropriate for the Company in view of its investment objectives, policies and strategies, and other relevant factors, with the understanding that, in accordance with the Manager’s Conflict of
Interests Policy (attached hereto as Exhibit A and as may be amended from time to time in the sole discretion of the Manager), the Company might not participate in each such opportunity but will on an overall basis equitably participate with
the Manager’s and its Affiliates’ other clients in all such opportunities. Except as provided in the penultimate sentence of this Section 3(b), 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, including, without limitation, investing in, or rendering advisory services to others investing in, any type of conduit
CMBS or other mortgage loans (including, without limitation, investments that meet the principal investment objectives of the Company), whether or not the investment objectives or policies of any such other Person or entity are similar to those of
the Company or (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. 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 from the information and recommendations supplied by the Manager or any Affiliate of the Manager to other investment companies, funds and
advisory accounts. 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 any investment company, fund or advisory account. Notwithstanding anything to the contrary in this Section 3(b), the Manager hereby agrees that, during the term
of this Agreement set forth in Section 13 hereof, neither the Manager nor any entity controlled by the Manager shall raise, sponsor or advise any new REIT that invests primarily in domestic mortgage backed securities in the United States. The
Company shall have the benefit of the Manager’s best judgment and effort in rendering services hereunder and, in furtherance of the foregoing, the Manager shall not undertake activities that, in its good faith judgment, will adversely affect
the performance of its obligations under this Agreement. 
 (c) Directors, officers, employees and agents of the Manager or Affiliates of the
Manager may serve as directors, officers, employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as from time to time amended, or by any resolutions duly adopted by the
Board of Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such Persons shall use their respective titles in the Company. 

(d) The Manager is authorized, for and on behalf, and at the sole cost and expense of the Company, to employ such securities dealers for the
purchase and sale of investment assets of the Company as may, in the good faith judgment of the Manager, be necessary to obtain the best commercially available net results for the Company taking into account such factors as the policies of the
Company, price, dealer spread, the size, type, timing and difficulty of the transaction involved, the firm’s general execution and operational facilities and the firm’s risk in 

  
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positioning the securities involved. Consistent with this policy, the Manager is authorized to direct the execution of the Company’s portfolio transactions to dealers and brokers furnishing
statistical information or research deemed by the Manager to be useful or valuable to the performance of its investment advisory functions for the Company. 

(e) The Company (including the Board of Directors) agrees to take all actions reasonably required to permit and enable the Manager to carry out
its duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement on behalf of the Company in a timely manner or to deliver any financial statements
or other reports with respect to the Company. If the Manager is not able to provide a service, or in the reasonable judgment of the Manager it is not prudent to provide a service, without the approval of the Board of Directors or the Independent
Directors, as applicable, then the Manager shall be excused from providing such service (and shall not be in breach of this Agreement) until the applicable approval has been obtained. 

SECTION 4. AGENCY. The Manager shall act as agent of the Company in making, acquiring, financing and disposing of Investments,
disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims
of or against the Company, the Board of Directors, holders of the Company’s securities or the Company’s representatives or properties. 

SECTION 5. BANK ACCOUNTS. At the direction of the Board of Directors, the Manager may establish and maintain one or more bank accounts
in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company
Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall, from time to time and upon request, render appropriate accountings of such collections and payments to the Board of Directors and to the auditors
of the Company or any Subsidiary. 
 SECTION 6. RECORDS; CONFIDENTIALITY. The Manager shall maintain appropriate books of accounts
and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon one
(1) business day’s advance written notice. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information (or use the same
except in furtherance of its duties under this Agreement) to nonaffiliated third parties except (i) with the prior written consent of the Board of Directors, (ii) to legal counsel, accountants and other professional advisors; (iii) to
appraisers, financing sources and others in the ordinary course of the Company’s business; (iv) to governmental officials having jurisdiction over the Company; (v) in connection with any governmental or regulatory filings of the
Company or disclosure or presentations to Company investors; (vi) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party; or (vii) to lenders or other financing sources
of the Company, provided that any such lender or other financing source executes a customary nondisclosure agreement reasonably acceptable to the Independent Directors (it being understood any such 

  
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nondisclosure agreement shall include customary restrictions on the use of any material, nonpublic information with respect to the Company). The foregoing shall not apply to information which has
previously become publicly available through the actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 6. The provisions of this Section 6 shall survive the expiration or earlier
termination of this Agreement for a period of one year. 
 SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 

(a) The Manager shall require each seller or transferor of investment assets to the Company to make such representations and warranties
regarding such assets as may, in the reasonable judgment of the Manager, be necessary and appropriate or as advised by the Board of Directors and consistent with standard industry practice. In addition, the Manager shall take such other action as it
deems necessary or appropriate or as advised by the Board of Directors and consistent with standard industry practice with regard to the protection of the Investments. 

(b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the Guidelines,
(ii) would adversely affect the status of the Company as a REIT under the Code or the Company’s status as an entity excluded from investment company status under the Investment Company Act or (iii) would violate any law, rule or
regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or that would otherwise not be permitted by the Company’s Governing Instruments. If the Manager is ordered to take any such action by the Board
of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the
foregoing, the Manager, its directors, officers, stockholders and employees shall not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners, for any act or
omission by the Manager, its directors, officers, stockholders or employees except as provided in Section 11 of this Agreement. 
 (c)
The Company shall not invest in joint ventures with the Manager or any Affiliate thereof, unless (i) such Investment is made in accordance with the Guidelines and (ii) such Investment is approved in advance by a majority of the Independent
Directors. 
 (d) The Manager shall not (i) consummate any transaction which would involve the acquisition by the Company of an asset in
which the Manager or any Affiliate thereof has an ownership interest or the sale by the Company of an asset to the Manager or any Affiliate thereof, or (ii) under circumstances where the Manager is subject to an actual or potential conflict of
interest, in the reasonable judgment of the Manager or the Board of Directors, because it manages both the Company and another Person (not an Affiliate of the Company) with which the Company has a contractual relationship, take any action
constituting the granting to such Person of a waiver, forbearance or other relief, or the enforcement against such Person of remedies, under or with respect to the applicable contract, unless such transaction or action, as the case may be and in
each case, is approved by a majority of the Independent Directors. 

  
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 (e) The Board of Directors periodically reviews the Guidelines and the Company’s
portfolio of Investments but will not review each proposed investment, except as otherwise provided herein. If a majority of the Independent Directors determines in the periodic review of transactions by the Independent Directors, that a particular
transaction does not comply with the Guidelines (including as a result of violation of the provisions of Section 7(d) above), then a majority of the Independent Directors will consider what corrective action, if any, can be taken. The Manager
shall be permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors or the Independent Directors with respect to a proposed investment. 

(f) The Manager shall at all times during the term of this Agreement (including the Current Term and any Renewal Term) maintain a tangible net
worth equal to or greater than $1,000,000. The Manager shall at all times during the term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by property, 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, in an amount that1 is comparable to that customarily maintained by other managers or servicers
of similar assets. 
 SECTION 8. COMPENSATION. 

(a) During the term of this Agreement (including the Current Term and any Renewal Term), the Company shall pay the Manager the Base Management
Fee monthly in arrears; provided, however, that for each calendar month beginning on the date hereof through July 31, 2022, such fee shall be equal to the greater of (A) $442,000 and (B) the Base Management Fee (and such
amount shall be deemed to be the “Base Management Fee” for such month for all purposes of this Agreement). 
 (b) The Manager shall
compute the amount of each installment of the Base Management Fee within fifteen (15) business days after the end of the calendar month with respect to which such installment is payable. A copy of the computations made by the Manager to
calculate such installment amount shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors and, upon such delivery, payment of such
installment of the Base Management Fee shown therein shall be due and payable no later than the date which is twenty (20) business days after the end of the calendar month with respect to which such installment is payable. 

(c) The Base Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this Agreement.

 (d) In addition to the Base Management Fee otherwise payable hereunder, the Company shall pay the Manager quarterly Incentive
Compensation. The Incentive Compensation calculation and payment shall be made for each fiscal quarter in arrears. 

  
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 (e) The Manager shall compute the amount of each installment of the Incentive Compensation
within thirty (30) days after the end of each fiscal quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment amount shall thereafter, subject to Section 13(a)
of this Agreement, promptly be delivered to the Board of Directors and payment of such Incentive Compensation, or such other amount as may be determined pursuant to the last sentence of this Section 8(e), 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 Directors of such computations. The amount of Incentive Compensation may be increased or decreased, if the Manager agrees and if a majority of the Independent
Directors determines in the exercise of reasonable discretion that the amount so calculated is not equitable based upon facts and circumstances that may include, without limitation, dividend payments, market conditions, managerial performance or
other factors not reflected in Core Earnings. 
 (f) Twenty-five percent (25%) of the Incentive Compensation shall (subject to the
remaining provisions of this Section 8(f) and the provisions of Sections 8(g), 8(h) and 8(i)) be payable to the Manager in Common Shares, and the remainder thereof shall be paid in cash; provided, the Manager may (subject to the remaining
provisions of this Section 8(f) and the provisions of Sections 8(g), 8(h) and 8(i)) elect, by so indicating in the installment calculation delivered to the Board of Directors, to receive more than twenty-five percent (25%) of the Incentive
Compensation in the form of Common Shares; provided, however, the Manager may not receive payment of any portion of the Incentive Compensation in the form of Common Shares, either automatically or by election, if such payment would
result in the Manager directly or indirectly through one or more subsidiaries owning in the aggregate more than 9.8% of the outstanding Common Shares. For purposes of this computation, Common Shares include shares issued and outstanding (whether
vested or unvested or forfeitable or non-forfeitable) and shares to be issued upon exercise of outstanding stock options (whether such options are exercisable or nonexercisable). The Manager’s receipt of Common Shares in accordance herewith
shall be subject to all applicable securities exchange rules and securities laws (including, without limitation, prohibitions on transfers and insider trading). All Common Shares paid to the Manager as Incentive Compensation will be fully vested
upon issuance, provided that the Manager hereby agrees not to sell such shares prior to the date that is one year after the date such shares are due and payable. Notwithstanding such restriction and subject to compliance with all applicable
securities laws (including, without limitation, prohibitions on insider trading), the Manager shall have the right to allocate such shares in its sole and absolute discretion to its officers, employees and other individuals who provide services to
it at any time. In addition, the foregoing restriction regarding the sale of such shares shall terminate upon termination of this Agreement. 

(g) Common Shares payable as Incentive Compensation shall be valued as follows: 

(i) if such shares are traded on a securities exchange, the value shall be deemed to be the average of the closing prices of
the shares on such exchange over the thirty (30) day period ending three (3) days prior to the issuance of such shares; 

(ii) if such shares are actively traded over-the-counter, the value shall be deemed to be the average of the closing bid or
sales price as applicable over the thirty (30) day period ending three (3) days prior to the issuance of such shares; and 

  
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 (iii) if there is no active public market for such shares, the value shall
be the fair market value thereof, as reasonably determined in good faith by the Board of Directors of the Company. 
 (h) If at any time the
Manager shall, in connection with a determination of fair market value made by the Board of Directors, (i) dispute such determination in good faith by more than five percent (5%), and (ii) such dispute cannot be resolved between the
Independent Directors and the Manager within ten (10) business days after the Manager provides written notice to the Company of such dispute (the “Valuation Notice”), then the matter shall be resolved by an independent
appraiser of recognized standing selected jointly by the Independent Directors and the Manager within not more than twenty (20) days after the Valuation Notice. In the event the Independent Directors and the Manager cannot agree with respect to
such selection within the aforesaid twenty (20) day time-frame, the Independent Directors shall select one such independent appraiser and the Manager shall select one independent appraiser within five (5) business days after the expiration
of the twenty (20) day period, with one additional such appraiser (the “Last Appraiser”) to be selected by the appraisers so designated within five (5) business days after their selection, each of which shall conduct an
appraisal of fair market value. The three appraisers shall be instructed to deliver appraisals to the Manager and the Company within fifteen (15) days after the selection of the Last Appraiser. The average of the two appraisals closest in
amount shall be utilized for determination of the fair market value and shall be deemed final and binding upon the Company, the Board of Directors and the Manager. The expenses of the appraisals shall be paid by the party with the estimate which
deviated the furthest from the final valuation determination. 
 (i) The Company agrees to register the resale of the stock portion of the
Incentive Compensation in accordance with the provisions of Exhibit B. 
 (j) Not later than seventy-five (75) days after the end
of each fiscal year, the Company shall pay to the Manager an amount equal to the positive difference, if any, between (i) the Incentive Compensation payable for the prior fiscal year before deducting paid or accrued TRS Directly Paid Fees, less
(ii) the sum of (A) the Incentive Compensation actually paid in the prior fiscal year plus (B) the TRS Directly Paid Fees actually paid for the prior fiscal year. 

SECTION 9. EXPENSES OF THE COMPANY. The Company shall pay all of its expenses and shall reimburse the Manager and its Affiliates for
documented expenses of the Manager and its Affiliates incurred on the Company’s behalf (collectively, the “Expenses”). Expenses include all costs and expenses which are expressly designated elsewhere in this Agreement as the
Company’s, together with the following: 
 (a) expenses in connection with the issuance and transaction costs incident to the
acquisition, disposition and financing of Investments; 
 (b) costs of legal, tax, accounting, consulting, auditing, administrative and other
similar services rendered for the Company by providers retained by the Manager or, if provided by the employees of the Manager or its Affiliates, in amounts which are no greater than those which would be payable to outside professionals or
consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis; 

  
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 (c) per loan underwriting and review fees in connection with valuations of and potential
investments in certain subordinate commercial mortgage pass-through certificates, in amounts approved by a majority of the Independent Directors from time to time; 

(d) the compensation and expenses of the Company’s directors and the cost of liability insurance to indemnify the Company’s directors
and officers; 
 (e) costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company
(including commitment fees, accounting fees, legal fees, closing and other costs) or any securities offerings of the Company; 
 (f) expenses
connected with communications to holders of securities of the Company or its Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and
other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the Securities and Exchange Commission, the costs (including transfer agent and registrar costs) in
connection with the listing and/or trading of the Company’s securities on any exchange or inter-dealer quotation system, the fees to any such exchange or inter-dealer quotation system in connection with its listing, costs of complying with the
rules, regulations or policies of such exchange or inter-dealer quotation system, costs of preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the stockholders of
the Company; 
 (g) the allocable costs associated with any computer software or hardware, electronic equipment or purchased information
technology services from third party vendors that is used for the Company; 
 (h) expenses incurred by managers, officers, employees and
agents of the Manager and its Affiliates for travel on the Company’s behalf and other out-of-pocket expenses incurred by managers, officers, employees and agents of the Manager and its Affiliates in connection with the purchase, financing,
refinancing, sale or other disposition of an Investment or establishment and maintenance of any credit facilities and other indebtedness or any securities offerings of the Company; 

(i) the allocable costs and expenses incurred with respect to market information systems and publications, research publications and materials,
and settlement, clearing and custodial fees and expenses; 
 (j) compensation and expenses of the Company’s custodian and transfer
agent, if any; 
 (k) the costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory
agency; 
 (l) all taxes and license fees; 

  
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 (m) 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 employees; 
 (n) costs and
expenses incurred in contracting with third parties, including Affiliates of the Manager, for the servicing and special servicing of assets of the Company; 

(o) all other costs and expenses relating to the Company’s business and investment operations, including, without limitation, the costs
and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 

(p) expenses relating to any office(s) or office facilities, including but not limited to disaster backup recovery sites and facilities,
maintained for the Company or Investments separate from the office or offices of the Manager; 
 (q) 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 of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including, without limitation, in connection
with any dividend reinvestment plan; 
 (r) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or
otherwise) against the Company or any Subsidiary, or against any trustee, director or officer of the Company or of any Subsidiary in his or her capacity as such for which the Company or any Subsidiary is required to indemnify such trustee, director
or officer by any court or governmental agency, or settlement of pending or threatened proceedings or by the charter and bylaws of the Company; 

(s) the allocable portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead
expenses of the Manager and its Affiliates required for the Company’s operations; and 
 (t) expenses for personnel of the Manager or
its Affiliates for their services in connection with the making of fixed-rate commercial real estate loans by the Company or a Subsidiary, in an amount equal to one percent (1%) of the principal amount of each such loan made; and 

(u) all other expenses actually incurred by the Manager or its Affiliates which are reasonably necessary for the performance by the Manager of
its duties and functions under this Agreement. 
 Without regard to the amount of compensation received under this Agreement by the Manager, the Manager
shall bear the expense of the wages, salaries and benefits of the Manager’s officers and employees, with the exception that the Company shall bear the expense of the personnel described in the penultimate and final sentences of Section3(a)
hereof, in proportion to such personnel’s percentage of time dedicated to the operations of the Company. 

  
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 The provisions of this Section 9 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 10.
CALCULATIONS OF EXPENSES. 
 The Manager shall prepare a statement documenting the Expenses of the Company and the Expenses incurred by the Manager on
behalf of the Company during each calendar month, and shall deliver such statement to the Company within twenty (20) days after the end of each calendar month. Expenses incurred by the Manager on behalf of the Company shall be reimbursed by the
Company to the Manager on the first business day of the month immediately following the date of delivery of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company.
The provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement. 
 SECTION 11. LIMITS OF
MANAGER RESPONSIBILITY; INDEMNIFICATION. 
 (a) The Manager assumes no responsibility under this Agreement other than to render the
services called for under this Agreement in good faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in
Section 7(b) of this Agreement. The Manager, its stockholders, members, managers, officers, employees and Affiliates (including Acres Capital) will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s
or any Subsidiary’s stockholders or partners for any acts or omissions by the Manager, its stockholders, members, managers, officers, employees or Affiliates (including Acres Capital), pursuant to or in accordance with this Agreement, except by
reason of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its
stockholders, members, managers, officers, employees and Affiliates (including Acres Capital) and each other Person, if any, controlling the Manager (each, an “Indemnified Party”), harmless of and from any and all expenses, losses,
damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts or omissions of such Indemnified Party made in good faith in the performance of the Manager’s
duties under this Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. 

(b) The Manager and Acres Capital shall, jointly and severally, to the full extent lawful, reimburse, indemnify and hold the Company, its
stockholders, directors, officers and employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges
and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement or any claims by
Manager’s employees relating to the terms and conditions of their employment by Manager. 

  
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 SECTION 12. NO JOINT VENTURE. Nothing in this Agreement shall be construed to make
the Company, the Manager and Acres Capital partners or joint venturers or impose any liability as such on either of them. 
 SECTION 13.
TERM; TERMINATION. 
 (a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until
July 31, 2023 (the “Current Term”) and shall be automatically renewed for a one-year term on that date and each anniversary date thereafter (a “Renewal Term”) unless at least two-thirds of the
Independent Directors or the holders of at least a majority of the outstanding Common Shares agree not to automatically renew because (i) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company or
(ii) the compensation payable to the Manager hereunder is unfair; provided, that the Company shall not have the right to terminate this Agreement under clause (ii) above if the Manager agrees to continue to provide the services under
this Agreement at a fee that at least two-thirds of the Independent Directors determines to be fair pursuant to the procedure set forth below. If the Company elects not to renew this Agreement at the expiration of the Current Term or any Renewal
Term as set forth above, the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in this Section 13(a)
not less than one hundred and eighty (180) days prior to the expiration of the then existing term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination Date”),
not less than one hundred and eighty (180) days from the date of the notice, on which the Manager shall cease to provide services under this Agreement and this Agreement shall terminate on such date; provided, however, that in the
event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the right to renegotiate such compensation by delivering to the Company, no fewer than
forty-five (45) days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement. Thereupon,
the Company (represented by the Independent Directors) and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement. Provided that the Manager and at least two-thirds of the
Independent Directors agree to the terms of the revised compensation to be payable to the Manager within forty-five (45) days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and
effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager hereunder shall be the revised compensation then agreed upon by the parties to this
Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an agreement regarding same. In the event that the Company and the Manager are unable
to agree to the terms of the revised compensation to be payable to the Manager during such forty-five (45) day period, this Agreement shall terminate, such termination to be effective on the date which is the later of (A) ten
(10) days following the end of such forty-five (45) day period and (B) the Effective Termination Date originally set forth in the Termination Notice. 

  
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 (b) In the event that this Agreement is terminated in accordance with the provisions of
Section 13(a) or Section 15(c) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to the amount of four times the
sum of the average annual Base Management Fee and the average annual Incentive Compensation earned by the Manager during the two 12-month periods immediately preceding the last quarter end prior to the date of such termination, calculated as of the
end of the most recently completed fiscal quarter prior to the date of termination provided that the parties acknowledge and agree that if (and only if) any such termination in accordance with the provisions of Section 13(a) or 15(c) of this
Agreement occurs prior to July 31, 2022, then the amount of the Termination Fee shall be equal to four times the sum of the average annual Base Management Fee and the average annual Incentive Compensation earned in the aggregate by the
Company’s manager during the two twelve (12)-month periods immediately preceding the date of such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. The parties acknowledge and
agree that the aggregate quarterly Base Management Fee and Incentive Compensation earned by the Company’s manager prior to the date hereof for each of the quarters in the twenty-four (24) month period ended June 30, 2020 is attached
hereto as Exhibit D and shall be utilized in determining the Termination Fee in accordance with the preceding sentence, if necessary. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement.

 (c) No later than one hundred and eighty (180) days prior to the expiration of the Current Term or any 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 upon expiration of the
then current term. 
 (d) If this Agreement is terminated pursuant to Section 13 or Section 15 hereof, such termination shall be
without any further liability or obligation of either party to the other, except as provided in Sections 6, 9, 10, 13(b) and 16 of this Agreement. In addition, Sections 8(i) (including the provisions of Exhibit B) and 11 of this Agreement
shall survive termination of this Agreement. 
 SECTION 14. ASSIGNMENT. 

(a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically 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 errors 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 Manager. 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 or purchase of assets) 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. 

  
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 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign
any or all of its responsibilities under Sections 2(b), 2(c) and 2(d) of this Agreement to any of its Affiliates in accordance with the terms of this Agreement applicable to any such subcontract or assignment, and the Company hereby consents to any
such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer
of any amounts payable to the Manager under this Agreement. 
 SECTION 15. 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, if (i) the Manager materially breaches any provision of this Agreement and such breach shall continue for a period of thirty (30) days after the Manager’s receipt of written notice
thereof specifying such breach and requesting that the same be remedied in such thirty (30) day period, (ii) the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against the Company, (iii) there is an
event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement, (iv) there is a Change of Control of the Manager and a majority of the Independent Directors determines, in their sole discretion,
at any point during the 18 months following such Change of Control, that such Change of Control was detrimental to the ability of the Manager to perform its duties hereunder in substantially the manner conducted prior to such Change of Control, or
(v) there is entered an order for relief or similar decree or order with respect to the Manager by a court having competent jurisdiction in an involuntary case under the federal bankruptcy laws as now or hereafter constituted or under any
applicable federal or state bankruptcy, insolvency or other similar laws; or (vi) the Manager (A) ceases, or admits in writing its inability, to pay its debts as they become due and payable, or makes a general assignment for the benefit
of, or enters into an composition or arrangement with, creditors; (B) applies for, or consents (by admission of material allegations of a petition or otherwise) to a sequestrator (or other similar official) of the Manager or of any substantial
part of its properties or assets, or authorizes such an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application against the Manager and continue undismissed for sixty
(60) days; (C) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment
of debt, insolvency, dissolution, liquidation or other similar law of any jurisdiction, or authorizes such application or consent, or proceedings to such end are instituted against the Manager without such authorization, application or consent and
are approved as properly instituted and remain undismissed for sixty (60) days or result in adjudication of bankruptcy or insolvency; or (D) permits or suffers all or any substantial part of its properties or assets to be sequestered or
attached by court order and the order remains undismissed for sixty (60) days. 
 (b) The Manager agrees that if any of the events
specified above occur, it will give prompt written notice thereof to the Company’s Board of Directors after the occurrence of such event. 

  
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 (c) 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 thirty (30) day period, and in such event, the Termination Fee will be payable by the Company to the Manager. 

(d) The Manager may terminate this Agreement, without the Company being required to pay a Termination Fee, in the event the Company becomes
regulated as an “investment company” under the Investment Company Act, with such termination deemed to have occurred immediately prior to such event. 

SECTION 16. ACTION UPON TERMINATION. From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14,
or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or
Section 15(c), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: 
 (i) 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; 

(ii) deliver to the Board of Directors 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 of Directors with respect to the Company or a Subsidiary; and 

(iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the
Manager. 
 SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST. The Manager agrees that any money or other property
of the Company or Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such
money or other property by the Company or such Subsidiary. 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 or any Subsidiary any money or other
property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event
later than sixty (60) days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders or partners for any acts performed or
omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the second sentence of this Section 17. The Company and any Subsidiary shall indemnify
the Manager and 

  
 24 













 
its members, managers, officers and employees against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the
Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager to
indemnification under Section 11 of this Agreement. 
 SECTION 18. 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 to own its assets and to transact 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. 

(ii) The Company has the corporate power and authority to execute, 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 including, without limitation, stockholders or 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 or performance 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 valid and binding obligation of the
Company enforceable against the Company 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 Company, or any order, judgment, award or decree of any court, arbitrator or governmental authority
binding on the Company, or the charter or bylaws 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 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. 

  
 25 













 (iv) There are no actions, suits, proceedings, inquiries or investigations
pending or, to the knowledge of the Company, threatened against the Company or its subsidiaries, or any of their respective assets, and to the knowledge of the Company, its respective directors, officers or employees at law or in equity, or before
or by any governmental authority, the adverse outcome of which could reasonably be expected to result in, individually or in the aggregate, a material adverse effect to the Company. 

(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 New York, has the
limited liability company power to own its assets and to transact the business in which it is now engaged and is duly qualified to do business and is 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 and its Subsidiaries, taken as a whole. 
 (ii) The Manager has the limited liability company power and authority to
execute, 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 including, without limitation, stockholders or 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 or performance 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 agent of the Manager, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered
hereunder will constitute, the 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 certificate of formation or operating agreement
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 its subsidiaries, 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. 

  
 26 













 (c) Acres Capital hereby represents and warrants to the Company as follows: 

(i) Acres Capital is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the
corporate power to own its assets and to transact the business in which it is now engaged and is duly qualified to do business and is 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 Acres Capital and its
Subsidiaries, taken as a whole. 
 (ii) Acres Capital has the corporate power and authority to execute, 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 including, without limitation, stockholders or creditors of Acres Capital, 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 Acres Capital in connection with this Agreement or the execution, delivery or performance 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 agent of Acres Capital, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will
constitute, the valid and binding obligation of Acres Capital enforceable against Acres Capital 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 Acres Capital, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on Acres Capital, or the charter or bylaws of, or any securities
issued by, Acres Capital or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which Acres Capital is a party or by which Acres Capital 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 Acres Capital and its subsidiaries, 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. 

SECTION 19. NOTICES. Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications
required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable
overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

  
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	 	(a)	 If to the Company: 



Exantas Capital Corp. 

c/o 

Quaker Bio Partners 

CiraCenter 

2929 Arch Street 

Philadelphia, PA 19104 

Attention: P. Sherrill Neff 
  

	 	(b)	 If to Acres Capital: 



Acres Capital Corp 

865 Merrick Avenue, Suite 200S 

Westbury, New York 11590 

Attention: Chief Executive Officer 
  

	 	(c)	 If to the Manager: 



Acres Capital, LLC 

c/o Acres Capital Corp 

865 Merrick Avenue, Suite 200S 

Westbury, New York 11590 

Attention: Chief Executive Officer 

Any party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with
the provisions of this Section 19 for the giving of notice. 
 SECTION 20. 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 in this Agreement. Each of the Company, the Manager and Acres
Capital agree that the representations, warranties, covenants and agreements of the Company contained herein are made on behalf of the Company and its wholly-owned Subsidiaries for the benefit of the Manager and Acres Capital and the
representations, warranties, covenants and agreements of the Manager and Acres Capital are for the benefit of the Company and its wholly-owned Subsidiaries. 

SECTION 21. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to
the subject matter of this Agreement, 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 of this
Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement
in writing signed by the parties hereto. 

  
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 SECTION 22. 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. 

SECTION 23. NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise and no delay in exercising, on the part of any 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. No waiver of any provision hereto shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 
 SECTION 24. 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. 
 SECTION 25. HEADINGS. The headings of the sections of this Agreement have been inserted for convenience of reference only
and shall not be deemed part of this Agreement. 
 SECTION 26. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

SECTION 27. SEVERABILITY. Any provision of this Agreement that 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 
 SECTION 28. GENDER. Words used herein regardless of the number and gender specifically
used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

[SIGNATURE PAGE FOLLOWS] 

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

			
	EXANTAS CAPITAL CORP.
		
	By:	 	 /s/ Matthew Stern

		 	Name: Matthew Stern
		 	Title: President
	
	ACRES CAPITAL, LLC
		
	By:	 	      

		 	Name:
		 	Title:
	
	ACRES CAPITAL CORP.
		
	By:	 	      

		 	Name:
		 	Title:














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

			
	EXANTAS CAPITAL CORP.
		
	By:	 	      

		 	Name: Mark Fogel
		 	Title: President & CEO
	
	ACRES CAPITAL, LLC
		
	By:	 	 /s/ Andrew Fentress

		 	Name: Andrew Fentress
		 	Title: Managing Partner
	
	ACRES CAPITAL CORP.
		
	By:	 	 /s/ Andrew Fentress

		 	Name: Andrew Fentress
		 	Title: Managing Partner


 [Signature Page to Amended and Restated Management Agreement] 












 Exhibit A 

ACRES CAPITAL LLC 

CONFLICTS OF INTEREST POLICY 

The Manager, by itself and through its Affiliates, including Acres Capital, and their respective subsidiaries (collectively,
“Acres”), provides investment advisory services and manages the assets and day-to-day operations of various entities, including Exantas Capital Corp. (the “Company”). Acres is responsible for all activities relating
to the assets and operations of the Company and, in such capacity, hereby sets forth the following policies with respect to conflicts of interest that might arise among the Company and Acres’ other advisees: 

(a) Except with the approval of a majority of the Independent Directors, the Company will not be permitted to invest in any
investment fund, collateralized loan obligation or collateralized debt obligation structured, co-structured or managed by Acres or its Affiliates (each, an “Investment Vehicle”) other than those structured, co-structured or managed
primarily on the Company’s behalf. If the Company does invest in any Investment Vehicle that has other investors, Acres will waive, or refund to the Company, any base asset management fees allocable to the Company in respect of its investment
in such Investment Vehicle. 
 (b) Except with the approval of a majority of the Independent Directors, the Company will not
be permitted to enter into any transaction with Acres or any investment entity or fund managed or advised by Acres (collectively, “Other Clients”), including but not limited to purchasing any investment from, or selling any
investment to, Acres or an Other Client, except that the Company may purchase an investment originated by Acres either (i) within 60 days before such investment is acquired by the Company or (ii) with the specific intent to sell such
investment to the Company. 
 (c) Investments that may be appropriate for the Company, on the one hand, and one or more of
Acres or Other Clients, on the other hand, will be allocated as between the Company, Acres and such Other Clients in accordance with Acres’ allocation policies and procedures in effect from time to time. 

Acres may make exceptions to these general policies when circumstances render the application thereof inequitable or uneconomic. 

  
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 Exhibit B 

Registration Rights Agreements 

1. Piggyback Rights. The Manager and any Permitted Transferee (as hereinafter defined) shall have the unlimited right to piggyback on
to any registration statement of the Company (other than a registration statement on Form S-4 or Form S-8 or any successor form); provided, however, that in the event of an underwritten offering, the managing underwriters may exclude the
shares of the Manager and any Permitted Transferee to the same extent and in the same proportion that shares of holders (other than the Company) are excluded, if the managing underwriters determine in good faith that marketing factors require a
limitation on the number of shares to be included in such offering. 
 2. Demand Rights. The Manager and any Permitted Transferee
shall also have the right to require the Company to prepare, file and maintain at all times such number of registration statements as are specified in the next sentence of this Section 2(a) exclusively for the resale of the stock portion of the
Incentive Compensation (the “Incentive Shares”). The Manager and any Permitted Transferee shall be entitled to (i) an unlimited number of registrations on Form S-3 or any successor or replacement forms and (ii) if the Management
Agreement terminates and the Company is not then eligible to use Form S-3 or any successor or replacement form, a single registration on such other form as the Company is then eligible to use. Notwithstanding anything herein to the contrary, the
demand rights described herein may only be exercised upon request of the Manager and any Permitted Transferee, in the case of clause (i), who hold in the aggregate at least twenty percent (20%) of all outstanding Incentive Shares and, in the
case of clause (ii), who hold in the aggregate at least one-third of all outstanding Incentive Shares. 
 3. Registration Procedures.
The Company shall use its commercially reasonable efforts to effect or cause to be effected the registration of the Incentive Shares under the Securities Act of 1933, as amended (the “Securities Act”), to permit the resale of the Incentive
Shares by the Manager or any Permitted Transferee. 
 4. Expenses. The Company shall bear all expenses of registration, including its
professional fees and registration and filing fees with the SEC, state securities administrators and applicable stock exchanges, and printing, word processing and delivery and distribution fees with respect to any registration statement, prospectus
(preliminary or final), or any amendments or supplements thereto, and reasonable fees and disbursements of one counsel to the Manager and any Permitted Transferees, provided, however, the Company shall not be liable for the underwriting discounts
and commissions associated with the sale of the Incentive Shares. 
 5. Successors and Assigns; Permitted Transferees. The agreements
in this Exhibit B shall inure to the benefit of and be binding upon the successors and assigns of each of the Company and the Manager. For purposes of this Exhibit B, the term “Permitted Transferee” shall mean each person or entity to whom
the Manager transfers any Incentive Shares. 

  
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 6. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless (i) the Manager and its Permitted Transferees and (ii) each person, if any, who
controls the Manager and its Permitted Transferees within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (iii) the respective officers, directors, partners, employees,
representatives and agents of the Manager and its Permitted Transferees or any person who controls any of the foregoing (each person referred to in clause (i), (ii) or (iii) are referred to collectively as the “Indemnified
Parties”), from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, judgments, expenses, liabilities or actions relating to
purchases and sales of the Incentive Shares) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, judgments, expenses, liabilities or actions arise out
of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a registration statement or prospectus, including any document incorporated by reference therein, or in any amendment or supplement thereto or in
any preliminary prospectus relating to a registration statement, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof;
provided, however, that (i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in a registration statement or prospectus, or in any amendment or supplement thereto or in any preliminary prospectus relating to a registration statement, in reliance upon and in conformity with written information pertaining
to the Manager or its Permitted Transferees or furnished to the Company by or on behalf of the Manager or its Permitted Transferees specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue
statement or omission made in any preliminary prospectus relating to a registration statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of the Manager or any Permitted Transferee from whom the
person asserting any such losses, claims, damages or liabilities purchased the Incentive Shares concerned, to the extent that a prospectus relating to such Incentive Shares was required to be delivered by the Manager or such Permitted Transferee, as
the case may be, under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of the Manager or such Permitted Transferee results from the fact that there was not sent or given to such person, at or prior
to the written confirmation of the sale of such Incentive Shares to such person, a copy of the final prospectus if the Company had previously furnished copies thereof to the Manager or such Permitted Transferee; provided further,
however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their officers and directors and each person who
controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Manager or any Permitted Transferee if requested by the Manager or such Permitted
Transferee. 

  
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 (b) In connection with any registration statement in which the Manager or a Permitted
Transferee is participating and as a condition to such participation, the Manager and such Permitted Transferee, severally and not jointly, will indemnify and hold harmless the Company, its officers, directors, partners, employees, representatives,
agents and investment advisers and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (the “Company Indemnified Persons”) from and against any losses, claims, damages or liabilities
or any actions in respect thereof, to which the Company or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact contained in the registration statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to the registration statement,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue
statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to the Manager or such Permitted Transferee or furnished to the Company by or on behalf of the Manager or
such Permitted Transferee specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company or any Company Indemnified Person for any legal or other expenses
reasonably incurred by the Company or such Company Indemnified Person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability which
the Manager or such Permitted Transferee may otherwise have to the Company or any Company Indemnified Person. 
 (c) Promptly after receipt
by an indemnified party under this Section 6 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying
party under this Section 6, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except
to the extent that it has been materially prejudiced by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under
subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who may be counsel to the indemnifying party unless, in the
reasonable judgment of the indemnified party, a potential conflict exists), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to such
indemnified party under this Section 6 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes any unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party. 

  
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 (d) If the indemnification provided for in this Section 6 is unavailable or
insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the
other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the
Manager or such Permitted Transferee or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 6(d), neither the Manager nor any Permitted Transferee shall be
required to contribute any amount in excess of the amount by which the net proceeds received by the Manager or such Permitted Transferee from the sale of the Incentive Shares pursuant to the registration statement exceeds the amount of damages which
the Manager or such Permitted Transferees have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party within
the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the
same rights to contribution as the Company. 
 (e) The agreements contained in this Section 6 shall survive the sale of the Incentive
Shares pursuant to a registration statement and shall remain in full force and effect, regardless of any termination or cancellation of the Management Agreement or any investigation made by or on behalf of any indemnified party. 

  
 36 













 Exhibit C 

STRATEGIC PLAN ASSETS 
 In
November 2016, the Board of Directors approved a strategic plan (the “Plan”), which included, among other things, disposing of certain non-core businesses and investments and underperforming legacy commercial real estate loans owned by the
Company or a Subsidiary (“Strategic Plan Assets”). As part of the Plan, certain Strategic Plan Assets were reclassified as discontinued operations (“Discops”) and/or assets held for sale (“AHFS”) during the fourth
quarter of 2016. The following table delineates, by business segment, the Strategic Plan Assets owned by the Company or a Subsidiary at September 30, 2017 and their respective net book values at September 30, 2017 (in millions): 

 

					
	 	  	Net Book	 
	 	  	Value at	 
	 	  	September 30,	 
	 	  	2017	 
	 Discops and AHFS
	  			
	 Legacy CRE Loans
	  	 	78.5	 
	 Middle Market Loans
	  	 	29.2	 
	 Residential Mortgage Lending Segment
	  	 	19.0	 
	 Other AHFS
	  	 	6.6	 
	 Subtotal—Discops and AHFS
	  	 	133.3	 
	 Investments in Unconsolidated Entities
	  	 	12.3	 
	 Commercial Finance Assets
	  	 	3.5	 
		  	  
	  
	 
	 Total
	  	$	149.1	 
		  	  
	  
	 


  
 37 













 Exhibit D 

Base Management Fee and Incentive Compensation 

Attached 

  
 38 













 Exantas - Base and Incentive Management Fees Paid 

 
  

																							
	 Base Management Fee
	 	  	 Incentive Management Fee
(Quarterly)

	 Period

Covered
	  	 Paid
	  	Amount	 	  	 Paid
	  	Cash	 	  	Stock	 	  	Total	 	  	 
	 July-18
	  	August-18	  	$	        685,626	 	  		  				  				  				  	
	 August-18
	  	September-18	  	 	690,170	 	  		  				  				  				  	
	 September-18
	  	October-18	  	 	694,028	 	  		  	$	—  	 	  	$	—  	 	  	$	—  	 	  	
	 October-18
	  	November-18	  	 	688,182	 	  		  				  				  				  	
	 November-18
	  	December-18	  	 	692,928	 	  		  				  				  				  	
	 December-18
	  	January-19	  	 	696,503	 	  		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	
	 January-19
	  	February-19	  	 	690,882	 	  		  				  				  				  	
	 February-19
	  	March-19	  	 	694,911	 	  		  				  				  				  	
	 March-19
	  	April-19	  	 	698,675	 	  		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	
	 April-19
	  	May-19	  	 	690,700	 	  		  				  				  				  	
	 May-19
	  	June-19	  	 	694,991	 	  		  				  				  				  	
	 June-19
	  	July-19	  	 	699,461	 	  		  				  				  				  	
	 July-19
	  	August-19	  	 	690,131	 	  	August-19	  	 	123,557	 	  	 	41,175	 	  	 	164,731	 	  	For 2Q 2019 IMF
	 August-19
	  	September-19	  	 	695,568	 	  		  				  				  				  	
	 September-19
	  	October-19	  	 	700,614	 	  		  				  				  				  	
	 October-19
	  	November-19	  	 	693,375	 	  	November-19	  	 	330,920	 	  	 	110,295	 	  	 	441,215	 	  	For 3Q 2019 IMF
	 November-19
	  	December-19	  	 	697,526	 	  		  				  				  				  	
	 December-19
	  	January-20	  	 	701,249	 	  		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	
	 January-20
	  	February-20	  	 	688,008	 	  		  				  				  				  	
	 February-20
	  	March-20	  	 	688,502	 	  		  				  				  				  	
	 March-20
	  	April-20	  	 	691,861	 	  		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	
	 April-20
	  	May-20	  	 	439,189	 	  		  				  				  				  	
	 May-20
	  	June-20	  	 	441,621	 	  		  				  				  				  	
	 June-20
	  	July-20	  	 	446,308	 	  		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	
		  		  				  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	
		  		  				  		  	$	454,476	 	  	$	151,470	 	  	$	605,946