EX-10.38





 Exhibit 10.38 

EXECUTION VERSION 

AMENDMENT NO. 1 TO MASTER REPURCHASE AGREEMENT 

AMENDMENT NO. 1 TO MASTER REPURCHASE AGREEMENT, dated as of August 7, 2018 (this “Amendment”), by and between CMTG JP
FINANCE LLC (“Seller”) and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the
Repurchase Agreement (as defined below). 
 RECITALS 

WHEREAS, Seller and Buyer are parties to that certain Uncommitted Master Repurchase Agreement, dated as of June 29, 2018 (as amended
hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”); and 

WHEREAS, Seller and Buyer have agreed, subject to the terms and conditions hereof, that the Repurchase Agreement shall be amended as set forth
in this Amendment; and Claros Mortgage Trust, Inc. (“Guarantor”) has agreed to make the acknowledgements set forth herein. 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each of Seller and Buyer agrees as follows: 
 SECTION 1. Amendments to Repurchase Agreement. 

(a) Article 2 of the Repurchase Agreement is hereby amended by inserting the following new definitions in correct alphabetical order:

 “First Amendment Effective Date” shall mean August 7, 2018. 

“First Amendment Upsize Fee” shall have the meaning specified in the Fee Letter. 

(b) The definition of “Maximum Facility Amount”, as set forth in Article 2 of the Repurchase Agreement, is hereby
amended by deleting the number “$300,000,000” and inserting in lieu thereof the number “$750,000,000”. 
 (c) The first
sentence of Article 11(l) of the repurchase Agreement is hereby amended and restated in its entirety to read as follows: 

“Seller shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or
satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents, including but not limited to the Structuring Fee, the Extension Fees, the First Amendment Upsize Fee and Exit
Fees.” 












 SECTION 2. Conditions Precedent. This Amendment shall
become effective as of August 7, 2018. 
 SECTION 3. Representations and Warranties. On and as of the
date first above written, Seller hereby represents and warrants to Buyer that (a) it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, (b) after giving effect
to this Amendment, no Default or Event of Default under the Repurchase Agreement has occurred and is continuing, and (c) after giving effect to this Amendment, the representations and warranties contained in Article 9 of the Repurchase
Agreement are true and correct in all respects as though made on such date (except for any such representation or warranty that by its terms refers to a specific date other than the date first above written, in which case it shall be true and
correct in all respects as of such other date). 
 SECTION 4. Acknowledgments of Guarantors. Guarantor
hereby acknowledges (a) the execution and delivery of this Amendment and the Fee Letter Amendment and agrees that it continues to be bound by the Guarantee Agreement made by Guarantor in favor of Buyer, dated as of June 29, 2018 (the
“Guarantee Agreement”), notwithstanding the execution and delivery of this Amendment and the Fee Letter Amendment and the impact of the changes set forth herein and therein, and (b) that, as of the date hereof, Buyer is in
compliance with its undertakings and obligations under the Repurchase Agreement, the Guarantee Agreement and each of the other Transaction Documents. 

SECTION 5. Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase
Agreement and each of the other Transaction Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the First Amendment Effective Date,
(a) all references in the Repurchase Agreement to the “Transaction Documents” shall be deemed to include, in any event, this Amendment, and (b) each reference to the “Repurchase Agreement” or the “Master Repurchase
Agreement” in any of the Transaction Documents shall be deemed to be a reference to the Repurchase Agreement as amended hereby. 

SECTION 6. No Novation, Effect of Agreement. Seller, Guarantor and Buyer have entered into this
Amendment solely to amend the terms of the Repurchase Agreement to the extent specified in this Amendment and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby
shall not be construed to be, a novation of any of the obligations owing by Seller or Guarantor (the “Repurchase Parties”) under or in connection with the Repurchase Agreement, the Guarantee Agreement or any of the other documents
executed in connection therewith to which any Repurchase Party is a party (the “Repurchase Documents”). It is the intention of each of the parties hereto that (i) the perfection and priority of all security interests
securing the payment of the obligations of the Repurchase Parties under the Repurchase Agreement and the other Transaction Documents are preserved, (ii) the liens and security interests granted under the Repurchase Agreement continue in full
force and effect, and (iii) any reference to the Repurchase Agreement in any such Transaction Document shall be deemed to also reference this Amendment. 

  
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 SECTION 7. Counterparts. This Amendment may be executed in
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a 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. 

SECTION 8. Costs and Expenses. Seller shall pay Buyer’s reasonable actual out of pocket costs and
expenses, including reasonable fees and expenses of accountants, attorneys and advisors, incurred in connection with the preparation, negotiation, execution and consummation of this Amendment. 

SECTION 9. Submission to Jurisdiction. Each party irrevocably and unconditionally (i) submits to the non-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 Amendment or relating in any way to this Amendment and (ii) 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. 
 To the extent that either party 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, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations
under this Amendment or relating in any way to this Amendment. 
 The parties hereby irrevocably waive, to the fullest extent each may
effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing of copies of such process to them at
their respective address specified in the Repurchase Agreement. The parties hereby agree 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 Section 9 shall affect the right of Buyer to serve legal process in any other manner permitted by law or affect the right of Buyer to bring any action or proceeding against Seller or
its property in the courts of other jurisdictions. 
 SECTION 10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT. 

SECTION 11. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO
THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AMENDMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES 

  
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OF THE PARTIES TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES
THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AMENDMENT.

[SIGNATURES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first above written. 
  

					
	BUYER:
	
	 JPMORGAN CHASE BANK,  NATIONAL ASSOCIATION,
a national
banking association organized under the laws of the United States

		
	By:	 	 /s/ Thomas N. Cassino

		 	Name:	 	Thomas N. Cassino
		 	Title:	 	Executive Director
	
	SELLER:
	
	 CMTG JP FINANCE LLC, a Delaware
limited liability
company

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	



  
 Signature Page to
Amendment No. 1 to Master Repurchase Agreement 













 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first above written. 
  

					
	BUYER:
	
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
a national banking
association organized under the laws of the United States

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	SELLER:
	
	 CMTG JP FINANCE LLC, a Delaware
limited liability
company

		
	By:	 	 /s/ J. Michael McGillis

		 	Name:	 	J. Michael McGillis
		 	Title:	 	Authorized Signatory



  
 Signature Page to
Amendment No. 1 to Master Repurchase Agreement 














					
	Acknowledged and Agreed:
	
	CLAROS MORTGAGE TRUST, INC., a
Maryland corporation, in its capacity as
Guarantor, and solely for purposes of
acknowledging and agreeing to the terms of this
Amendment:
		
	By:	 	 /s/ J. Michael McGillis

		 	Name:	 	J. Michael McGillis
		 	Title:	 	Authorized Signatory


  
 Signature Page to
Amendment No. 1 to Master Repurchase Agreement