EX-10.2





 Exhibit 10.2 

Execution Version 

SECOND AMENDMENT TO GUARANTEE AGREEMENT 

THIS SECOND AMENDMENT TO GUARANTEE AGREEMENT (this “Amendment”), dated as of August 3, 2020 and effective
as of March 31, 2020, is by and between GOLDMAN SACHS BANK USA, a New York state-chartered bank, as buyer (“Buyer”) and FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation, as guarantor
(“Guarantor”). 
 W I T N E S S E T H: 

WHEREAS, FS CREIT FINANCE GS-1 LLC, a Delaware limited liability company
(“Seller”) and Buyer have entered into that certain Uncommitted Master Repurchase and Securities Contract Agreement, dated as of January 26, 2018, as amended by that certain First Amendment to Uncommitted Master Repurchase and
Securities Contract Agreement, dated as of June 6, 2018, as amended by that certain Second Amendment to Uncommitted Master Repurchase and Securities Contract Agreement, dated as of February 20, 2019, as amended by that certain Third
Amendment to Uncommitted Master Repurchase and Securities Contract Agreement and First Amendment to Guarantee Agreement, dated as of December 19, 2019, as amended by that certain Fourth Amendment to Uncommitted Master Repurchase and Securities
Contract Agreement and First Amendment to Fee Letter, dated as of February 18, 2020 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Master Repurchase Agreement”); 

WHEREAS, in connection with the Master Repurchase Agreement, Guarantor executed that certain Guarantee Agreement, dated
January 26, 2018, in favor of Buyer, as amended by that certain Third Amendment to Uncommitted Master Repurchase and Securities Contract Agreement and First Amendment to Guarantee Agreement, dated as of December 19, 2019 (as may be further
amended, restated, supplement or otherwise modified from time to time, the “Guarantee Agreement”); and 

WHEREAS, Guarantor and Buyer wish to modify certain terms and provisions of the Guarantee Agreement as set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows: 

1. Amendments to the Guarantee Agreement. The Guarantee Agreement is hereby amended as follows: 

(a) Section 9(a)(ii) of the Guarantee Agreement is hereby deleted in its entirety and replaced with the following: 

“permit its Tangible Net Worth at any time to be less than an amount equal to seventy-five percent (75%) of the net cash proceeds of any
equity issuance by Guarantor from and after its date of formation plus seventy-five percent (75%) of the aggregate amount of all unfunded investor capital commitments of Guarantor and its consolidated Subsidiaries, if any, that are available
to be called on without condition (other than customary notice conditions or as otherwise set forth in the limited partnership agreement of Guarantor) and are not pledged to any other Person or subject to any Lien (other than pursuant to a
subscription financing line of credit), net of amounts outstanding under any subscription line of credit of Guarantor or any of its consolidated Subsidiaries minus seventy-five percent (75%) of the amounts expended for equity redemptions or
repurchases by the Guarantor from and after its date of formation;” 












 2. Effectiveness. This Amendment is effective as of March 31, 2020 subject to
receipt by Buyer of the following: 
 (a) Amendment. This Amendment, duly executed and delivered by Guarantor and Buyer. 

(b) Responsible Officer Certificate. A signed certificate from a Responsible Officer of Guarantor certifying: (i) that no
amendments have been made to the organizational documents of Guarantor since January 26, 2018, unless otherwise stated therein; and (ii) the authority of Guarantor to execute and deliver this Amendment and the other Transaction Documents
to be executed and delivered in connection with this Amendment. 
 (c) Good Standing. Certificates of existence and good standing
and/or qualification to engage in business for Guarantor. 
 (d) Fees. Payment by Seller of the actual costs and expenses, including,
without limitation, the reasonable fees and expenses of counsel to Buyer, incurred by Buyer in connection with this Amendment and the transactions contemplated hereby. 

3. Guarantor Representations. Guarantor hereby represents and warrants that all representations and warranties contained in
Section 8 of the Guaranty are true and correct in all material respects (except such representations which by their terms speak as of a specified date). 

4. Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Master Repurchase
Agreement and the Guarantee Agreement, as applicable. 
 5. Continuing Effect of Guarantee Agreement. As amended by this Amendment,
all terms, covenants and provisions of the Guarantee Agreement are ratified and confirmed and shall remain in full force and effect. 
 6.
Binding Effect; No Partnership; Counterparts. The provisions of the Guarantee Agreement, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing
herein contained shall be deemed or construed to create a partnership or joint venture between any of the parties hereto. For the purpose of facilitating the execution of this Amendment as herein provided, this Amendment may be executed
simultaneously in any number of counterparts, each of which shall be deemed to be an original, and such counterparts when taken together shall constitute but one and the same instrument. Delivery of an executed counterpart signature page to this
Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof. 

7. Further Agreements. Guarantor agrees to execute and deliver such additional documents, instruments or agreements as may be reasonably
requested by Buyer and as may be necessary or appropriate from time to time to effectuate the purposes of this Amendment. 
 8. Governing
Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York pursuant to Sections 5-1401 and 5-1402
of the New York General Obligations Law without giving effect to the conflict of law principles thereof. 

  
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 9. Headings. The headings of the sections and subsections of this Amendment are for
convenience of reference only and shall not be considered a part hereof nor shall they be deemed to limit or otherwise affect any of the terms or provisions hereof. 

10. References to Guarantee Agreement. All references to the Guarantee Agreement in any Transaction Document, or in any other document
executed or delivered in connection therewith shall, from and after the execution and delivery of this Amendment, be deemed a reference to the Guarantee Agreement as amended hereby, unless the context expressly requires otherwise. 

11. No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of Buyer under the Guarantee Agreement or any other Transaction Document, nor constitute a waiver of any provision of the Guarantee Agreement or any other Transaction Document by any of the parties hereto. 

[NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written
above. 
  

			
	BUYER:
	
	GOLDMAN SACHS BANK USA, a New York state-chartered bank
		
	By:	 	 /s/ Jeffrey Dawkins

		 	Name: Jeffrey Dawkins
		 	Title: Authorized Person


 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

  
 4 

(Signature Page to Second Amendment to Guarantee Agreement) 













 
			
	GUARANTOR:
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation
		
	By:	 	 /s/ Edward T. Gallivan Jr.

		 	Name: Edward T. Gallivan, Jr.
		 	Title: Chief Financial Officer



  
 5 

(Signature Page to Second Amendment to Guarantee Agreement)