EX-10.39





 Exhibit 10.39 

EXECUTION VERSION 

GUARANTY 

GUARANTY, dated as of December 21, 2018 (this “Guaranty”), made by CLAROS MORTGAGE TRUST, INC., a Maryland
corporation (“Guarantor”), for the benefit of BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales (“Purchaser”). 

W I T N E S E T H : 

WHEREAS, Purchaser and CMTG BB Finance LLC, a Delaware limited liability company (the “Seller”), are parties to that
certain Master Repurchase Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Master Repurchase Agreement”); 

WHEREAS, Guarantor indirectly owns one hundred percent (100%) of the Capital Stock of Seller; 

WHEREAS, Guarantor will benefit, directly and indirectly, from the execution, delivery and performance by Seller of the Transaction
Documents, and the transactions contemplated by the Transaction Documents; 
 WHEREAS, it is a condition precedent to the initial
funding under the Master Repurchase Agreement that Guarantor execute and deliver this Guaranty for the benefit of Purchaser and Purchaser is unwilling to enter into the Master Repurchase Agreement or the other Transaction Documents or the
transactions contemplated thereby without the benefit of this Guaranty; and 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, and to induce Purchaser to enter into the Master Repurchase Agreement and the other Transaction Documents, Guarantor hereby agrees as follows: 

ARTICLE I. 
 DEFINITIONS;
INTERPRETATION 
 (a) Each of the definitions set forth on Exhibit A hereto are, solely for the purposes of
Article V(k) hereof, hereby incorporated herein by reference. Unless otherwise defined herein, terms defined in the Master Repurchase Agreement and used herein shall have the meanings given to them in the Master Repurchase
Agreement. 
 (b) The following term shall have the meanings set forth below: 

“Guaranteed Obligations” shall mean (i) all payment obligations and liabilities of Seller to Purchaser, whether direct
or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred (including, without limitation, Purchase Price Differential accruing after the Repurchase Date for any Transaction and Purchase Price Differential
accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to Seller, whether or not a claim for post filing or 

 












 post-petition interest is allowed in such proceeding), which arise under, or out of or in connection with
the Master Repurchase Agreement, this Guaranty and any other Transaction Documents, whether on account of the Repurchase Price for the Purchased Assets, Purchase Price Differential, reimbursement obligations, fees, indemnities, costs or expenses
(including, without limitation, all fees and disbursements of counsel to Purchaser) that are required to be paid by Seller pursuant to the terms of such documents), all “claims” (as defined in Section 101 of the Bankruptcy Code) of
Purchaser against Seller or otherwise and (ii) all court costs, enforcement costs and legal and other expenses (including reasonable fees and disbursements of outside counsel) that are incurred by Purchaser in the enforcement of any provision
of the Transaction Documents, including, but not limited to, this Guaranty. 
 “REIT” shall mean an entity that has elected
to be a “real estate investment trust” for federal income tax purposes pursuant to Sections 856, et seq. of the Internal Revenue Code. 

(c) The terms defined in this Guaranty have the meanings assigned to them in this Guaranty and include the plural as well as the singular, and
the use of any gender herein shall be deemed to include the other gender. All references to articles, schedules and exhibits are to articles, schedules and exhibits in or to this Guaranty unless otherwise specified. The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this Guaranty. The term “or” has, except where otherwise
indicated, the inclusive meaning represented by the phrase “and/or.” The term “include” or “including” shall mean without limitation by reason of enumeration. All accounting terms not specifically defined herein shall
be construed in accordance with generally accepted accounting principles. 
 ARTICLE II. 

NATURE AND SCOPE OF GUARANTY 

(a) Guaranty of Obligations. Subject to the terms hereof, Guarantor hereby irrevocably and unconditionally guarantees to Purchaser and
its successors, endorsees, transferees and assigns as a primary obligor the prompt and complete payment and performance by Seller of the Guaranteed Obligations as and when the same shall be due and payable (whether at the stated maturity, by
acceleration or otherwise); provided however that Guarantor’s total aggregate liability under this Article II(a) shall not exceed an amount equal to the product of (x) twenty-five percent (25%)
multiplied by (y) the then outstanding aggregate Repurchase Price for all Purchased Assets on any day that any amounts under this Guaranty are due and payable (the “Liability Cap”). 

(b) Liability Cap Carve out. The Liability Cap shall not apply in the event that any of the following events or circumstances shall
occur by or on behalf of Seller and/or Guarantor and payments made in connection with any of the following events or circumstances shall not accrue toward the Liability Cap: 

(i) (A) the filing by Seller and/or Guarantor of any voluntary petition under any bankruptcy, insolvency, reorganization,
liquidation, dissolution or similar law relating to the protection of creditors, or (B) the commencing, or authorizing the commencement, by Seller and/or Guarantor of any case or proceeding under any bankruptcy, insolvency, reorganization,
liquidation, dissolution or similar law relating to the protection of creditors; 

  
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 (ii) the solicitation by Seller and/or Guarantor or Seller and/or Guarantor
otherwise colluding with petitioning creditors for any involuntary petition, case or proceeding against Seller and/or Guarantor under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the protection of
creditors; 
 (iii) Seller and/or Guarantor seeking or consenting to the appointment of a receiver, trustee, custodian or
similar official for Seller and/or Guarantor or any substantial part of the property of Seller and/or Guarantor; 
 (iv) the
making by Seller and/or Guarantor of a general assignment for the benefit of creditors of Seller and/or Guarantor in connection with any case or proceeding described in the foregoing clauses (i) or (ii); or 

(v) with respect to any and all losses, damages, costs and expenses incurred by Purchaser in connection with: 

(1) any gross negligence, fraud, willful misconduct, illegal act or intentional material misrepresentation on the part of
Seller, Guarantor or any Affiliate of Seller or Guarantor or any officer, director, partner, member, employee, agent or representative of Seller, Guarantor or any Affiliate of Seller or Guarantor in connection with the execution and delivery of the
Master Repurchase Agreement or other Transaction Document, or any certificate, report, notice, financial statement, representation, warranty or other instrument or document furnished to Purchaser by Seller, Guarantor or any Affiliate thereof in
connection with the Master Repurchase Agreement or any other Transaction Document on the Closing Date or during the term of the Master Repurchase Agreement; 

(2) any misappropriation, conversion or misapplication by Seller, Guarantor or any Affiliate of the foregoing of any Income
required to be deposited in the Collection Account pursuant to Article 5 of the Master Repurchase Agreement; 
 (3) any
failure by Seller to comply with Article 13 of the Repurchase Agreement, which failure results in a substantive consolidation of Seller with any other entity; 

(4) any failure by Seller to fund a Future Advance when all conditions to such funding required to be satisfied by the related
borrower (other than obtaining Seller’s approval) under the related Purchased Asset Documents have been satisfied; 

(5) if Seller, Guarantor or any Affiliate of the foregoing interferes with, frustrates or prevents Purchaser’s exercise of
remedies provided under the 

  
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Transaction Documents; provided that any assertion, claim or defense reasonably made in good faith by Seller or Guarantor as to the existence and continuation of such Default or Event of Default
shall not, and shall not be deemed to, result in liability under this sub-clause (5); 

(6) any claim by any Affiliate of Seller, after the occurrence and during the continuance of an Event of Default, that any
Transaction constitutes a financing and Seller is the owner of any Purchased Asset; or 
 (7) any material breach of any
representations and warranties in any of the Transaction Documents by Guarantor or Seller or any of their respective Affiliates relating to environmental laws, or any indemnity for costs incurred in connection with the violation of any environmental
law, the correction of any environmental condition, or the removal of any hazardous, toxic or harmful substances, materials, wastes, pollutants or contaminants defined as such in or regulated under any environmental law, in each case in any way
affecting Seller’s properties or any of the Purchased Assets; provided, that Guarantor shall have no liability under this Article II(b)(v)(7) with respect to conditions on any Mortgaged Property first arising after the date upon
which Purchaser enforces its remedies with respect to the related Purchased Asset pursuant to Article 14(b)(ii)(D) or 14(b)(iii) of the Master Repurchase Agreement following an Event of Default. 

(c) Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of
collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor. This Guaranty may be enforced by Purchaser and
any successor, endorsee, transferee or assignee under the Master Repurchase Agreement and shall not be discharged by the assignment or negotiation of all or part thereof. 

(d) Satisfaction of Guaranteed Obligations. Guarantor shall satisfy its obligations hereunder without demand, presentment, protest,
notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever. The obligations of Guarantor hereunder shall not
be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Seller, or any other party, against Purchaser or against the payment of the Guaranteed Obligations, other than the payment of the
Guaranteed Obligations, whether such offset, claim or defense arises in connection with such Guaranteed Obligations or otherwise. 
 (e)
No Duty to Pursue Others. It shall not be necessary for Purchaser (and Guarantor hereby waives any rights which Guarantor may have to require Purchaser), in order to enforce the obligations of Guarantor hereunder, first to (i) institute
suit or exhaust its remedies against Seller or others liable on the Guaranteed Obligations or any other person, (ii) enforce or exhaust Purchaser’s rights against any collateral which shall ever have been given to secure the Guaranteed
Obligations, (iii) join Seller or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of the Guaranteed Obligations. Purchaser shall not be
entitled to actually receive payment of the same amounts from both Seller and Guarantor. Purchaser shall not be required to mitigate damages or take any other action to collect or enforce the Guaranteed Obligations. 

  
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 (f) Waivers. Guarantor agrees to the provisions of the Transaction Documents, and
hereby waives notice of (i) any loans or advances made by Purchaser to Seller or the purchase of any Purchased Asset by Purchaser from Seller, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Master Repurchase
Agreement or of any other Transaction Documents, (iv) the execution and delivery by Seller and Purchaser of any other agreement or of Seller’s execution and delivery of any other documents arising under the Transaction Documents or in
connection with the Guaranteed Obligations, (v) the occurrence of any breach by Seller or an Event of Default under the Transaction Documents, (vi) Purchaser’s transfer or disposition of the Transaction Documents, or any part thereof,
(vii) sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by Seller,
(ix) any other action at any time taken or omitted by Purchaser and (x) all other demands and notices of every kind in connection with this Guaranty, the Transaction Documents and any documents or agreements evidencing, securing or
relating to any of the Guaranteed Obligations. 
 (g) Payment of Expenses. After the occurrence and during the continuance of an
Event of Default, Guarantor shall, within three (3) Business Days after demand by Purchaser, pay Purchaser all out-of-pocket costs and expenses (including, without
limitation, the reasonable fees and expenses of outside counsel) actually incurred by Purchaser in the enforcement hereof or the preservation of Purchaser’s rights hereunder. The covenant contained in this
Article II(g) shall survive the payment and performance of the Guaranteed Obligations. 
 (h) Effect of
Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any judgment, order or decision thereunder, Purchaser must rescind or restore any payment, or any part thereof,
received by Purchaser in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Purchaser shall be without effect, and this Guaranty shall remain in full
force and effect. It is the intention of Seller and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Seller’s or Guarantor’s payment and performance of the Guaranteed Obligations which is not so
rescinded or Guarantor’s performance of such obligations and then only to the extent of such performance. 
 (i) Deferral of
Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably defers any and all rights it may now or hereafter have under any agreement, at law
or in equity (including, without limitation, any law subrogating Guarantor to the rights of Purchaser), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Seller or any other party liable for
payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty until payment in full of the Guaranteed Obligations and termination of the Master Repurchase Agreement. Guarantor hereby
subordinates all of its subrogation rights against Seller arising from payments made under this Guaranty to the full payment of the Guaranteed Obligations due Purchaser for a period of ninety-one
(91) days following the final payment of the last of all of the Guaranteed Obligations and termination of the Master Repurchase Agreement. If any amount shall be paid to Guarantor on account of such subrogation rights at


  
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any time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be held by Guarantor in trust for Purchaser, segregated from other funds of Guarantor, and
shall, forthwith upon receipt by Guarantor, be turned over to Purchaser in the exact form received by Guarantor (duly indorsed by Guarantor to Purchaser, if required), to be applied against the Guaranteed Obligations, whether matured or unmatured,
in such order as Purchaser may determine. 
 (j) Seller. The term “Seller” as used herein shall include any new or
successor corporation, limited liability company, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of
Seller or any interest in Seller. 
 ARTICLE III. 

EVENTS AND CIRCUMSTANCES NOT REDUCING 

OR DISCHARGING GUARANTOR’S OBLIGATIONS 

Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s obligations under this Guaranty shall not be
released, diminished, impaired, reduced or adversely affected by any of the following, except to the extent required by the terms hereof, and waives any common law, equitable, statutory or other rights (including without limitation, except to the
extent required by the terms hereof, rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following: 

(a) Modifications. Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Master
Repurchase Agreement, the other Transaction Documents (other than this Guaranty), or any other document, instrument, contract or understanding between Seller and Purchaser, or any other parties, pertaining to the Guaranteed Obligations. 

(b) Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Purchaser to Seller. 

(c) Condition of Seller or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability,
dissolution or lack of power of Seller, Guarantor or any other party at any time liable for the payment of all or part of the Guaranteed Obligations or any dissolution of Seller or Guarantor, or any sale, lease or transfer of any or all of the
assets of Seller or Guarantor, or any changes in the shareholders, partners or members of Seller or Guarantor; or any reorganization of Seller or Guarantor. 

(d) Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability against Seller of all or any part of the
Master Repurchase Agreement or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (i) the act of creating the Guaranteed Obligations or any
part thereof is ultra vires, (ii) the officers or representatives executing the Master Repurchase Agreement or the other Transaction Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority,
(iii) Seller has valid defenses (other than payment of the Guaranteed Obligations), claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from


  
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Seller, (iv) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the
Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable or (v) the Master Repurchase Agreement, or any of the
other Transaction Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Seller or any other person is found not liable on the Guaranteed
Obligations or any part thereof for any reason. 
 (e) Release of Obligors. Any full or partial release of the liability of Seller on
the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other person or entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to
pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance
or support of any other party, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement, as between Purchaser and Guarantor, that other parties will be liable to pay or
perform the Guaranteed Obligations, or that Purchaser will look to other parties to pay or perform the obligations of Seller under the Master Repurchase Agreement or the other Transaction Documents. 

(f) Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or
any part of the Guaranteed Obligations. 
 (g) Release of Collateral. Any release, surrender, exchange, subordination, deterioration,
waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) by any party other than Purchaser of any collateral, property or security at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations. 
 (h) Care and Diligence. Except to the extent the same shall
result from the gross negligence or willful misconduct of Purchaser, the failure of Purchaser or any other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any
part of such collateral, property or security, including but not limited to any neglect, delay, omission, failure or refusal of Purchaser (i) to take or prosecute any action for the collection of any of the Guaranteed Obligations or
(ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement
evidencing or securing all or any part of the Guaranteed Obligations. 
 (i) Unenforceability. The fact that any collateral,
security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability,
collectability or value of any of the collateral for the Guaranteed Obligations. 

  
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 (j) Offset. The liabilities and obligations of Guarantor to Purchaser hereunder shall
not be reduced, discharged or released because of or by reason of any existing or future right of offset, claim or defense (other than payment of the Guaranteed Obligations) of Seller against Purchaser, or any other party, or against payment of the
Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations). 

(k) Merger. The reorganization, merger or consolidation of Seller into or with any other corporation or entity. 

(l) Preference. Any payment by Seller to Purchaser is held to constitute a preference under bankruptcy laws, or for any reason
Purchaser is required to refund such payment or pay such amount to Seller or someone else. 
 (m) Other Actions Taken or Omitted.
Except to the extent the same shall result from the gross negligence or willful misconduct of Purchaser, any other action taken or omitted to be taken with respect to the Transaction Documents, the Guaranteed Obligations, or the security and
collateral therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof, it is the unambiguous and unequivocal
intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 

ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

To induce Purchaser to enter into the Transaction Documents, Guarantor represents and warrants to Purchaser as follows: 

(a) Benefit. Guarantor has received, or will receive, direct or indirect benefit from the execution, delivery and performance by Seller
of the Transaction Documents, and the transactions contemplated therein. 
 (b) Familiarity and Reliance. Guarantor is familiar with,
and has independently reviewed books and records regarding, the financial condition of Seller and is familiar with the value of any and all collateral intended to be pledged as security for the payment of the Guaranteed Obligations; however, as
between Purchaser and Guarantor, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty. 

(c) No Representation by Purchaser. Neither Purchaser nor any other party on Purchaser’s behalf has made any representation,
warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 

  
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 (d) Organization. Guarantor (i) is duly organized, validly existing and in good
standing under the laws and regulations of the jurisdiction of its formation, (ii) has the power to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed to be conducted and
(iii) has the power to execute, deliver, and perform its obligations under this Guarantee. 
 (e) Authority. Guarantor is duly
authorized to execute and deliver this Guaranty and to perform its obligations under this Guaranty, and has taken all necessary action to authorize such execution, delivery and performance, and each person signing this Guaranty on its behalf is
duly authorized to do so on its behalf. 
 (f) Due Execution and Delivery; Consideration. This Guaranty has been duly executed and
delivered by Guarantor, for good and valuable consideration. 
 (g) Enforceability. This Guaranty is a legal, valid and binding
obligation of Guarantor, enforceable against Guarantor in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. 

(h) Approvals and Consents. No consent, approval or other action of, or filing by, Guarantor with any Governmental Authority or any
other Person is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of this Guaranty (other than consents, approvals and filings that have been obtained or made, as applicable, and any such
consents, approvals and filings that have been obtained are in full force and effect). 
 (i) Licenses and Permits. Guarantor is duly
licensed, qualified and in good standing in every jurisdiction where such licensing, qualification or standing is material to Guarantor’s business, and has all material licenses, permits and other consents that are necessary, for (i) the
transaction of Guarantor’s business and ownership of Guarantor’s properties and (ii) the performance of its obligations under this Guaranty. 

(j) Non-Contravention. Neither the execution and delivery of this Guaranty, nor consummation by
Guarantor of the transactions contemplated by this Guaranty, nor compliance by Guarantor with the terms, conditions and provisions of this Guaranty will conflict with or result in a breach of any of the terms, conditions or provisions of
(i) the organizational documents of Guarantor, (ii) any agreement by which Guarantor is bound or to which any assets of Guarantor are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any
Lien upon any of the assets of Guarantor, other than pursuant to the Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Guarantor, or (iv) any Requirement of Law in any
material respect. 
 (k) Litigation/Proceedings. There is no action, suit, proceeding, investigation, or arbitration pending or, to
the best knowledge of Guarantor, threatened against Guarantor, or any of its Affiliates or assets that (i) questions or challenges the validity or enforceability of any of the Transaction Documents or any action to be taken in connection with
the transactions contemplated hereby or thereby, (ii) makes a non-frivolous claim in an aggregate amount greater than the Litigation Threshold or (iii) which, individually or in the aggregate, could
be reasonably likely to have a Material Adverse Effect. 

  
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 (l) No Outstanding Judgments. Except as disclosed in writing to Purchaser,
there are no judgments against Guarantor unsatisfied of record or docketed in any court located in the United States of America. 
 (m)
Compliance with Law. Guarantor is in compliance in all material respects with all Requirements of Law. Guarantor is not in default in any material respect with respect to any judgment, order, writ, injunction, decree, rule or regulation of
any arbitrator or Governmental Authority. 
 (n) Solvency. Guarantor has adequate capital for the normal obligations foreseeable in a
business of its size and character and in light of its contemplated business operations. As of the date hereof, Guarantor is generally able to pay, and is paying, its debts as they come due. As of the date hereof, and after giving effect to this
Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has, and will have, assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities fairly estimated) and debts, and
has, and will have, property and assets sufficient to satisfy and repay its obligations and liabilities, as and when the same become due. 

All representations and warranties made by Guarantor herein shall survive until payment in full of the Guaranteed Obligations and termination
of the Master Repurchase Agreement. 
 ARTICLE V. 

COVENANTS OF GUARANTOR 

Guarantor covenants and agrees with Purchaser that, until payment in full of all Guaranteed Obligations and termination of the Master
Repurchase Agreement: 
 (a) Guarantor Notices. 

(i) Default or Event of Default. Guarantor shall, as soon as possible but in no event later than the second succeeding Business Day
after obtaining actual knowledge of such event, notify Purchaser of the occurrence of any Default or Event of Default. 
 (ii) Other
Defaults. Guarantor shall promptly, and in any event within two (2) Business Days after knowledge thereof, notify Purchaser of any default or event of default (or similar event) on the part of Guarantor under any Indebtedness or other
material contractual obligations of Guarantor. 
 (iii) Litigation and Judgments. Guarantor shall promptly (and in any event not
later than two (2) Business Days after knowledge thereof) notify Purchaser of the commencement or threat of, settlement of, or judgment in, any litigation, action, suit, arbitration, investigation or other legal or arbitrable proceeding
involving Guarantor or any of its Subsidiaries. 
 (iv) Corporate Change. Guarantor shall not change its jurisdiction of organization
unless it shall have provided Purchaser at least fifteen (15) Business Days’ prior written notice of such change. 

  
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 (b) Reporting. Guarantor shall deliver (or cause to be delivered) to Purchaser all
financial information and certificates with respect to Guarantor that are required to be delivered pursuant to Article 12(b) of the Master Repurchase Agreement. 

(c) Preservation of Existence; Licenses. Guarantor shall at all times maintain and preserve its legal existence and all of the rights,
privileges, licenses, permits and franchises necessary for the operation of its business and for its performance under this Guaranty, except where failure to comply could not be reasonably likely to have a Material Adverse Effect. 

(d) Compliance with Obligations. Guarantor shall at all times comply (i) with its organizational documents, (ii) in all
material respects with any agreements by which it is bound or to which its assets are subject and (iii) any Requirement of Law in all material respects. 

(e) Books of Record and Accounts. Guarantor shall at all times keep proper books of records and accounts in which full, true and
correct entries shall be made of its transactions fairly in accordance with GAAP, consistently applied, and set aside on its books from its earnings for each Fiscal Year all such proper reserves in accordance with GAAP, consistently applied. 

(f) Taxes and Other Charges. Guarantor shall timely file all U.S. federal and other material income, franchise and other tax returns
required to be filed by it and shall pay and discharge all U.S federal and other material taxes, levies, assessments and other charges imposed on it, on its income or profits, on any of its property prior to the date on which penalties attach
thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

(g) Due Diligence. Guarantor shall permit Purchaser to conduct continuing due diligence in accordance with Article 28 of the
Master Repurchase Agreement. 
 (h) No Change of Control. Guarantor shall not, without the prior consent of Purchaser, permit a
Change of Control to occur. 
 (i) Limitation on Distributions. After the occurrence and during the continuation of any Event of
Default or monetary Default or the breach of any of the financial covenants set forth in Article V(k) below, Guarantor shall not make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase,
redemption, defeasance, retirement or other acquisition of any equity or partnership interest of Guarantor (each, a “Distribution”), whether now or hereafter outstanding, or make any other distribution in respect thereof, either
directly or indirectly, whether in cash or property or in obligations of Guarantor unless, before and after giving effect to such Distribution Guarantor shall be in compliance with the covenants set forth in
Article V(k). Notwithstanding the foregoing, unless a monetary Event of Default in an amount equal to or greater than $500,000 has occurred and is continuing, Guarantor may make Distributions to its direct or indirect
owners during any four quarter period that do not exceed the minimum amount necessary to enable (disregarding the ability of Guarantor to make consent dividends within the meaning of Section 565 of the Internal Revenue Code) Guarantor to
maintain its status as a REIT, provided, that, on the date of such Distribution, Guarantor shall deliver to Purchaser a certificate signed by a Responsible Officer of Guarantor containing all information and calculations necessary, and taking
into consideration such Distribution, for determining pro forma compliance with the provisions of this Article V(i). 

  
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 (j) Voluntary or Collusive Filing. Guarantor shall not voluntarily file a case, or
join or collude with any Person in the filing of an involuntary case, in respect of Seller under the Bankruptcy Code. 
 (k) Financial
Covenants. Guarantor shall at all times satisfy the following financial covenants, as determined quarterly on a consolidated basis in accordance with GAAP, consistently applied: 

(i) Maximum Leverage. Guarantor shall at all times maintain a ratio of (x) Total Indebtedness to (y) the sum
of (1) Total Equity plus (2) Qualified Capital Commitments of no greater than 3.50:1.00. 
 (ii) Interest
Coverage Ratio. Guarantor shall at all times maintain the ratio of EBITDA to Interest Expense for the period of twelve (12) consecutive months ended on or prior to such date of determination of no less than 1.50:1.00. 

(iii) Minimum Liquidity. Guarantor shall at all times maintain Liquidity of no less than the greater of (i) $20,000,000
and (y) 5% of Guarantor’s Recourse Indebtedness. 
 (iv) Tangible Net Worth. Guarantor shall at all times
maintain Tangible Net Worth of no less than the sum of (x) $800,000,000 and (y) seventy-five percent (75%) of the aggregate cash proceeds received from any equity issuances, capital contributions and/or subscriptions (net of any out-of-pocket expenses related to equity issuances) received by Guarantor after the Closing Date. 

Notwithstanding anything to the contrary therein or elsewhere, in the event that Guarantor or any of its Subsidiaries has entered into or
shall enter into or amend any other credit, lending or financing facility (each as in effect after giving effect to all amendments thereof, a “Third Party Agreement”) and such Third Party Agreement contains any financial covenant
applicable solely to Guarantor for which there is no corresponding financial covenant in this Guaranty at the time such financial covenant becomes effective (each an “Additional Financial Covenant”), or contains a financial covenant
applicable solely to Guarantor that corresponds to a financial covenant in this Guaranty and such financial covenant is more restrictive than the corresponding financial covenant in this Guaranty as in effect at the time such financial covenant
becomes effective (each, a “More Restrictive Financial Covenant” and together with each Additional Financial Covenant, each an “MFN Covenant”), then the financial covenants contained in this Guaranty shall
automatically be deemed to be modified to reflect such MFN Covenant (whether through amendment of an existing financial covenant contained in this Guaranty (including, if applicable, related definitions) or the inclusion of an additional financial
covenant (including, if applicable, related definitions), as applicable); provided, however, that in no event will the foregoing cause the financial covenants of Guarantor to be any less restrictive than the financial covenants
expressly set forth in this Guaranty. Guarantor shall promptly (and in any event not later than within two (2) Business Days after an MFN Covenant becomes 

  
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effective) notify Purchaser of the effectiveness of such MFN Covenant. Promptly upon request by Purchaser, Guarantor shall execute such amendments or supplements to this Guaranty as Purchaser may
reasonably require to evidence any MFN Covenants and otherwise carry out the intent and purposes of this paragraph. 
 ARTICLE VI.

 MISCELLANEOUS 

(a) Waiver. No failure to exercise, and no delay in exercising, on the part of Purchaser, any right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of Purchaser hereunder shall be in addition to all other rights provided by law. No modification
or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing signed by Purchaser and Guarantor and no such consent or waiver shall extend beyond the particular case and purpose involved. No
notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand (except to the extent such a notice or demand is required by the terms hereof). 

(b) Set-Off. Purchaser and its Affiliates are hereby authorized at any time and from time to
time upon the occurrence and during the continuance of an Event of Default, without notice to Guarantor, to set-off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by Purchaser or any such Affiliate to or for the credit or the account of Guarantor against any and all of the obligations of Guarantor now or
hereafter existing under this Guaranty or any other Transaction Document to Purchaser or any of its Affiliates, irrespective of whether or not Purchaser or any such Affiliate shall have made any demand under this Guaranty or any other Transaction
Document and although such obligations of Guarantor may be contingent or unmatured or are owed to a branch or office of Purchaser or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such
indebtedness. The rights of Purchaser and its Affiliates under this Article VI(b) are in addition to other rights and remedies (including other rights of setoff) that they may have. 

(c) Notices. Unless otherwise provided in this Guaranty, all notices, consents, approvals and requests required or permitted hereunder
shall be given in writing and shall be effective for all purposes if sent by (i) hand delivery, with proof of delivery, (ii) certified or registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either
commercial or United States Postal Service, with proof of delivery, or (iv) by electronic mail, provided that such electronic mail notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above, in the case
of notice to the Purchaser, to the address specified to Exhibit 1 to the Master Repurchase Agreement, and, in the case of notice to Guarantor to the address specified below or to such other address and person as shall be designated from time to time
by Guarantor or Purchaser, as the case may be, in a written notice to the other in the manner provided for in this Article VI(c). A notice shall be deemed to have been given: (x) in the case of hand delivery, at the time of delivery, if
on a Business Day, and otherwise on the next occurring Business Day, (y) in the case of registered or certified mail or expedited prepaid delivery, when delivered, if on a Business Day, and otherwise on the next occurring Business Day, or upon
the first attempted delivery on a Business Day or (z) in the case of electronic mail, 

  
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provided that such electronic mail notice was also delivered as required in this Article VI, upon receipt of a verbal or electronic confirmation acknowledging receipt thereof (for
the avoidance of doubt, any automatically generated email or any similar automatic response shall not constitute confirmation). A party receiving a notice that does not comply with the technical requirements for notice under this Article
VI(c) may elect to waive any deficiencies and treat the notice as having been properly given. 
  

			
	 Guarantor:
	  	CMTG BB Finance LLC
		  	c/o Mack Real Estate Credit Strategies
		  	60 Columbus Circle, 20th Floor
		  	New York, New York 10023
		  	Attention: Michael McGillis
		  	Telephone: [***]
		  	Email: [***]
		
	 with a copy to:
	  	Sidley Austin LLP
		  	787 Seventh Avenue
		  	New York, New York 10019
		  	Attention: Brian Krisberg
		  	 Telephone: [***]
 Email: [***]


 (d) GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

(e) SUBMISSION TO JURISDICTION; WAIVERS. 

(i) Guarantor irrevocably and unconditionally (A) submits to the exclusive jurisdiction of any United States Federal or New York State
court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this Guaranty or relating in any way to this Guaranty, the Master Repurchase
Agreement or any Transaction under the Master Repurchase Agreement and (B) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and
any right of jurisdiction on account of its place of residence or domicile. 
 (ii) To the extent that Guarantor has or hereafter may
acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of
judgment, execution of judgment or otherwise) with respect to itself or any of its property, Guarantor hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this
Guaranty or relating in any way to this Guaranty, the Master Repurchase Agreement or any Transaction under the Master Repurchase Agreement. 

  
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 (iii) Guarantor hereby irrevocably waives, to the fullest extent it may effectively do so,
the defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consents to the service of any summons and complaint and any other process by the mailing of copies of such process to it at its address specified
herein. Guarantor hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Article VI(e) shall affect the right of Purchaser to serve legal process in any other manner permitted by law or affect the right of Purchaser to bring any action or proceeding against Guarantor or its property in the
courts of other jurisdictions, and nothing in this Article VI(e) shall affect the right of Guarantor to serve legal process in any other manner permitted by law or affect the right of Guarantor to bring any action or
proceeding against Purchaser or its property in the courts of other jurisdictions. 
 (iv) GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 

(f) Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws
effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the
remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as
modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 
 (g) Amendments. This
Guaranty may be amended only by an instrument in writing executed by Guarantor and Purchaser. 
 (h) Parties Bound; Assignment; Joint and
Several. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written
consent of Purchaser, assign any of its rights, powers, duties or obligations hereunder. If Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint and several. Purchaser may
assign or transfer its rights under this Guaranty in accordance with the transfer of assignment provisions of the Master Repurchase Agreement. 

(i) Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation or construction of
this Guaranty. 

  
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 (j) Recitals. The recital and introductory paragraphs hereof are a part hereof, form
a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 
 (k) Rights and
Remedies. If Guarantor becomes liable for any indebtedness owing by Seller to Purchaser, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of
Purchaser hereunder shall be cumulative of any and all other rights that Purchaser may ever have against Guarantor. The exercise by Purchaser of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude
the concurrent or subsequent exercise of any other right or remedy. 
 (l) Entirety. This Guaranty embodies the final, entire
agreement of Guarantor and Purchaser with respect to Guarantor’s guaranty of the Guaranteed Obligations and supersedes any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the
subject matter hereof. This Guaranty is intended by Guarantor and Purchaser as a final and complete expression of the terms of the guaranty, and no course of dealing between Guarantor and Purchaser, no course of performance, no trade practices, and
no evidence of prior, contemporaneous or subsequent oral agreements or discussions or other extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this Guaranty. There are no oral agreements between
Guarantor and Purchaser relating to the subject matter hereof. 
 (m) Intent. Guarantor acknowledges and intends (i) that this
Guaranty constitute a “securities contract” as that term is defined in Section 741(7)(A)(xi) of the Bankruptcy Code to the extent of damages as measured in accordance with Section 562 of the Bankruptcy Code and (ii) that
this Guaranty constitutes a “master netting agreement” as that term is defined in Section 101(38A)(A) of the Bankruptcy Code to the extent of damages as measured in accordance with Section 562 of the Bankruptcy Code. 

[SIGNATURE ON NEXT PAGE] 

  
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 IN WITNESS WHEREOF, the undersigned executed this Guaranty as of the day first
written above. 
  

							
		 		 	 CLAROS MORTGAGE TRUST, INC., as Guarantor

				
		 		 	By:	 	 /s/ J. Michael McGillis 

		 		 		 	 Name: J. Michael McGillis 

		 		 		 	 Title: Authorized Signatory 



  
 Barclays-Claros –
Signature Page to Guaranty 













 EXHIBIT A 

FINANCIAL COVENANT DEFINITIONS 

“Cash” shall mean coin or currency of the United States of America or immediately available federal funds, including such
funds delivered by wire transfer. 
 “Cash Equivalents” shall mean, as of any date of determination, (a) marketable
securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (ii) issued by any agency of the United States the obligations of which are backed by the full faith and
credit of the United States, (b) time deposits, certificates of deposit, money market accounts or banker’s acceptances of any investment grade rated commercial bank, in each case maturing within ninety (90) days after such date and
(c) obligations of domestic corporations, including without limitation, commercial paper, bonds, debentures and loan participations, each of which is rated at least “AA” by S&P and/or “Aa1” by Moody’s and/or
guaranteed by a Person with an “Aa1” rating by Moody’s and/or an “AA” rating by S&P or better rated credit. 

“Consolidated Subsidiaries” shall mean, with respect to any Person, all Subsidiaries of such Person which are consolidated
with such Person for financial reporting purposes under GAAP. 
 “EBITDA” shall mean, for each Fiscal Quarter, with respect
to any Person and its Consolidated Subsidiaries, an amount equal to the Net Income of such Person for such Fiscal Quarter, plus the sum of (a) the amount of depreciation and amortization expense deducted in determining Net Income for
such Fiscal Quarter, (b) the amount of Interest Expense deducted in determining Net Income for such Fiscal Quarter, (c) the sum of federal, state, local and foreign income taxes accrued or paid in cash during such Fiscal Quarter,
(d) the amount of any extraordinary or non-recurring items reducing Net Income for such Fiscal Quarter and (e) amounts deducted in accordance with GAAP in respect of
non-cash expenses (including, without limitation, non-cash stock compensation). 

“Fiscal Quarter” shall mean a fiscal quarter of any Fiscal Year. 

“Fiscal Year” shall mean the fiscal year of Guarantor ending on December 31 of each calendar year. 

“Interest Expense” shall mean, for any Fiscal Quarter, with respect to any Person and its Consolidated Subsidiaries, the
amount of total interest expense (including capitalized and accruing interest) incurred by such Person during such Fiscal Quarter as reported in such Person’s consolidated financial statements prepared in accordance with GAAP. 

“Liquidity” shall mean, for any Person on any date, the sum of (a) the amount of unrestricted Cash (which shall include
any unsecured line of credit that is immediately available to Guarantor) and Cash Equivalents held by such Person and its Consolidated Subsidiaries plus (b) Qualified Capital Commitments in such Person. 

  
 A-1 













 “Moody’s”: shall mean Moody’s Investors Service, Inc., and its successors-in-interest. 
 “Net Income” shall
mean, for any period, with respect to any Person, the consolidated net income (or loss) of such Person and its Consolidated Subsidiaries for such period as reported in such Person’s consolidated financial statements prepared in accordance with
GAAP. 
 “Qualified Capital Commitments” shall mean, as of any date of determination with respect to any Person, the amount
of any uncalled capital commitments of investors in such Person that are (a) payable in Cash; (b) readily available to be called by such Person without restriction or any other condition at any time and from time to time other than notice;
(c) not subject to any lien, encumbrance or similar restriction (including, for the avoidance of doubt, any lien or encumbrance granted pursuant to a subscription credit facility or similar facility secured by capital commitments) and
(d) from an investor that is not subject to an Act of Insolvency. 
 “Recourse Indebtedness” shall mean, for any
period with respect to any Person and its Consolidated Subsidiaries, without duplication, the Total Indebtedness of such Person and its Consolidated Subsidiaries during such period for which such Person (or any of its Consolidated Subsidiaries) is
directly responsible or liable as obligor or guarantor (excluding (i) convertible debt notes not subject to margin calls, (ii) recourse Indebtedness (x) arising by reason of customary recourse carve-outs under a non-recourse instrument, including, but not limited to, fraud, misappropriation and misapplication, and environmental indemnities or (y) the maturity date for which (without giving effect to any extensions)
occurs more than one (1) year from the last day of such period, and (iii) any recourse obligations (including guarantee obligations) of such Person (or any of its Consolidated Subsidiaries) in connection with the issuance of, and
obligations under, the securities or related instruments or certificates in a collateralized debt obligation), less the amount of any nonspecific balance sheet reserves maintained in accordance with GAAP. 

“S&P”: shall mean Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, and its successors-in-interest. 

“Tangible Net Worth” shall mean, with respect to any Person, as of any date of determination, (a) all amounts that would
be included under capital or shareholders’ equity (or like caption) on the balance sheet of such Person at such date, determined in accordance with GAAP as of such date, less (b)(i) amounts owing to such Person from Affiliates or from
officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (ii) intangible assets of such Person (other than Hedging Transactions specifically related to the
Purchased Assets) and (iii) prepaid taxes and/or expenses, all on or as of such date. 
 “Total Equity” shall mean,
with respect to any Person as of any date, such Person’s total equity as of such date, as shown on such Person’s consolidated financial statements prepared in accordance with GAAP. 

  
 A-2 













 “Total Indebtedness” shall mean, with respect to any Person, as of any date
of determination, the aggregate Indebtedness of such Person and its Consolidated Subsidiaries plus the proportionate share of all Indebtedness of all non-Consolidated Subsidiaries of such Person as of such
date as determined on a consolidated basis in accordance with GAAP. 

  
 A-3