# EDGAR Filing Document

**Accession Number:** 0002026738
**File Stem:** 0001193125-26-014063
**Filing Date:** 2026-1
**Character Count:** 30151
**Document Hash:** 5946b16e97b935ed1f39d5cf2f1bf6d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-014063.hdr.sgml**: 20260115

**ACCESSION NUMBER**: 0001193125-26-014063

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260114

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260115

**DATE AS OF CHANGE**: 20260115

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORTRESS CREDIT REALTY INCOME TRUST
- **CENTRAL INDEX KEY:** 0002026738
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 993367363
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56685
- **FILM NUMBER:** 26536193

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS, 46TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 798-6100

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS, 46TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 14, 2026<br>

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Fortress Credit Realty Income Trust

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 000-56685 | 99-3367363 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1345 Avenue of the Americas |  |  |
| New York**,** New York |  | 10105 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (212) 798-6100<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| N/A | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement** |

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*Atlas Repurchase Facility*

On January 14, 2026, a subsidiary of Fortress Credit Realty Income Trust (the "***Company***"), FCR DC JV Atlas Seller LLC, as seller (the "***Atlas Seller***"), and Atlas Securitized Products Investments 2, L.P., as administrative agent and buyer ("***ASP***"), Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P., each as a buyer, the Company, as guarantor and FCR DC JV Atlas Pledgor LLC, as equity pledgor entered into an amendment to the Master Repurchase Agreement, dated October 11, 2024 (together with the related transaction documents, the "***Amended Atlas Repurchase Agreement***"). Pursuant to the Amended Atlas Repurchase Agreement, (i) the financing available in connection with the acquisition and origination by the Company of certain loans, as more particularly described in the Amended Atlas Repurchase Agreement, was increased from an aggregate of $300 million to $450 million, (ii) Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P. were joined as buyers to the Amended Atlas Repurchase Agreement and related Program Agreements (as defined therein) and (iii) Credit Events (as defined in the Amended Atlas Repurchase Agreement) were removed as a condition precedent to Margin Deficits.

In connection with the Amended Atlas Repurchase Agreement, on January 14, 2026, the Company entered into a second amendment to guaranty, dated October 11, 2024 (the "***Amended Atlas Guaranty***"). Pursuant to the Amended Atlas Guaranty, the Company agreed to satisfy certain minimum adjusted net worth standards and certain liquidity requirements.

The Amended Atlas Repurchase Agreement and the Amended Atlas Guaranty contain various restrictions and covenants that are customary for similar agreements. The foregoing description is only a summary of the material provisions of the Amended Atlas Repurchase Agreement and the Amended Atlas Guaranty and is qualified in its entirety by reference to the full text of the Amended Atlas Repurchase Agreement and the Amended Atlas Guaranty, which are filed as Exhibits 10.1 and Exhibit 10.2, respectively, to this Current Report on Form 8-K (this "***Current Report***") and incorporated by reference herein.

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| | |
|:---|:---|
| **Item 2.03.** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

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The information set forth in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

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(d) *Exhibits.*

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [<u>Second Amendment to Master Repurchase Agreement, dated January 14, 2026, by and between FCR DC JV Atlas Seller LLC, as seller, and Atlas Securitized Products Investments 2, L.P., as administrative agent and a buyer, Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P., each as a buyer, the Company, as guarantor and FCR DC JV Atlas Pledgor LLC, as equity pledgor</u>](ck0002026738-ex10_1.htm) |
| 10.2 | [<u>Second Amendment to Guaranty, dated January 14, 2026, made by the Company, as guarantor, for the benefit of Atlas Securitized Products Investments 2, L.P.</u>](ck0002026738-ex10_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | **Fortress Credit Realty Income Trust** |
| Dated: January 15, 2026 | By:  | /s/ Avraham Dreyfuss |
|  |  | Name: Avraham Dreyfuss<br>Title: Chief Financial Officer |

---

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## Exhibit 10.1

**Exhibit 10.1**

**<u>Second Amendment TO MASTER REPURCHASE agreement</u>**

This **SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT**, dated January 14, 2026 (this "<u>Amendment</u>"), is entered into by and between **ATLAS SECURITIZED PRODUCTS INVESTMENTS 2, L.P.**, a Delaware limited partnership (together with its successors and assigns, "<u>Administrative Agent</u>" and the "<u>Existing Buyer</u>"), **ATLAS SECURITIZED PRODUCTS FUNDING 1, L.P.**, a Delaware limited partnership, as a buyer (together with its successors and assigns, a "<u>Joining Buyer</u>"), **ATLAS SECURITIZED PRODUCTS FUNDING 2, L.P.**, a Delaware limited partnership, as a buyer (together with its successors and assigns, a "<u>Joining Buyer</u>"), **ATLAS SECURITIZED PRODUCTS FUNDING 3, L.P.**, a Delaware limited partnership, as a buyer (together with its successors and assigns, a "<u>Joining Buyer</u>"), **ATLAS SECCURITIZED PRODUCTS, L.P.**, a Delaware limited partnership, as a buyer (together with its successors and assigns, a "<u>Joining Buyer</u>", the Joining Buyers together with the Existing Buyer, the "<u>Buyers</u>" and each, a "<u>Buyer</u>"), **FCR DC JV ATLAS SELLER LLC**, a Delaware limited liability company ("<u>Seller</u>"), **FCR DC JV ATLAS PLEDGOR LLC**, a Delaware limited liability company ("<u>Equity Pledgor</u>"), and **FORTRESS CREDIT REALTY INCOME TRUST**, a Maryland statutory trust ("<u>Guarantor</u>"). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Master Repurchase Agreement (as defined below).

**<u>RECITALS</u>**

**WHEREAS**, Administrative Agent, Buyers and Seller are parties to that certain Master Repurchase Agreement, dated as of October 11, 2024, as amended by that certain First Amendment to Master Repurchase Agreement, dated as of April 23, 2025 (as so amended, the "<u>Existing Repurchase Agreement</u>" and, as amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the "<u>Master Repurchase Agreement</u>"); and

**WHEREAS**, the parties hereto desire to make certain amendments and modifications to the Existing Repurchase Agreement as further set forth herein.

**NOW THEREFORE**, in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

**ARTICLE 1** 

**<u>JOINDER OF JOINING BUYERS</u>**

Each Joining Buyer hereby agrees to all of the provisions of the Program Agreements and accepts all the duties and responsibilities of a Buyer under the Program Agreements, as amended hereby, and agrees to assume the duties and be bound by each of the obligations of a Buyer and is hereby made a party to the Program Agreements. All references to "Buyer" or "Buyers" in the Agreements and the other Program Agreements shall be deemed to include the Joining Buyers.

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**ARTICLE 2** **<br><u>Amendments to the EXISTING Repurchase Agreement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Section 2 of the Existing Repurchase Agreement is hereby amended by amending and restating the below defined terms in their entirety as follows:

"<u>Maximum Aggregate Purchase Price</u>" means FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000).

"<u>Margin Deficit</u>" means, with respect to any Purchased Asset as of any date of determination, the positive difference (if any) between (i) its then outstanding Purchase Price and (ii) its then current Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The parties hereto hereby acknowledge that all notices to be sent to Administrative Agent or any Buyer under Section 20 of the Repurchase Agreement or any other Program Agreement shall be sent to the notice address below:

Atlas Securitized Products Investments 2, L.P.

151 West 42nd Street, 5th Floor

New York, New York, 10036

Phone Number: [\*\*\*]

Email: [\*\*\*]

with copies to:

[\*\*\*]

and a copy to:

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, Pennsylvania 19104

Attention: Gennady A. Gorel

Telephone: [\*\*\*]

Email: [\*\*\*]

**ARTICLE 3** **<br><u>Representations</u>**

Seller represents and warrants to Administrative Agent, as of the date of this Amendment, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all representations and warranties made by it in the Program Agreements to which it is a party are true, correct, complete and accurate in all respects as of the date hereof with the

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same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)it is duly authorized to execute and deliver this Amendment and has taken all necessary action to authorize such execution, delivery and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the person signing this Amendment on its behalf is duly authorized to do so on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the execution, delivery and performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational documents or any agreement by which it is bound or by which any of its assets are affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)this Amendment has been duly executed and delivered by it.

**ARTICLE 4** 

**<u>CONDITIONS PRECEDENT</u>**

The effectiveness of this Amendment is subject to the delivery to Administrative Agent of the following on the date of this Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)this Amendment, duly completed and executed by each of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)that certain Third Amendment to Pricing Side Letter, dated as of the date hereof (the "<u>Pricing Side Letter Amendment</u>"), by and among Administrative Agent, Buyers, FCR DC JV Atlas Pledgor LLC and Fortress Credit Realty Income Trust ("<u>Guarantor</u>") and that certain Second Amendment to Guaranty, dated as of the date hereof (the "<u>Guaranty Amendment</u>"), by and between Administrative Agent and Guarantor, in each case duly completed and executed by each of the parties thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)payment by the Seller of amounts set forth in <u>Article 5</u> below.

**ARTICLE 2** 

**<u>EXPENSES</u>**

Seller shall pay on demand all of Administrative Agent's costs and expenses, including fees and expenses of Administrative Agent's outside counsel, incurred in connection with the preparation, negotiation, execution and consummation of this Amendment, the Pricing Side Letter Amendment and the Guaranty Amendment.

**ARTICLE 5** 

**<u>Governing Law</u>**

THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF

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(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)**.**

**ARTICLE 6** 

**<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as expressly amended or modified hereby, the Program Agreements shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed. All references to the Program Agreements shall be deemed to mean the Program Agreements as modified by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)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 of this Amendment in electronic format shall be as effective as delivery of a manually executed original counterpart of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The headings in this Amendment are for convenience of reference only and shall not affect the interpretation or construction of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Amendment may not be amended or otherwise modified, waived or supplemented except as provided in the Master Repurchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)This Amendment contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Amendment and the Master Repurchase Agreement, as amended hereby, are a single Program Agreement.

**ARTICLE 3** **<u><br>EQUITY PLEDGE REAFFIRMATION</u>**

Equity Pledgor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Equity Pledge Agreement and acknowledges and agrees that the term "Obligations" as used in the Equity Pledge Agreement shall apply to all of the Obligations of the Seller to the Administrative Agent and the Buyers under the Master Repurchase Agreement and related Program Agreements, as amended hereby.

**ARTICLE 4** **<u><br>GUARANTY REAFFIRMATION</u>**

Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledges and agrees that the term "Obligations" as used in the Guaranty

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shall apply to all of the Obligations of the Seller to the Administrative Agent and the Buyers under the Master Repurchase Agreement and related Program Agreements, as amended hereby.

[SIGNATURES FOLLOW]

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**IN WITNESS WHEREOF,** the parties have caused this Amendment to be duly executed, as of the date first above written.

**ATLAS SECURITIZED PRODUCTS INVESTMENTS 2, L.P.**, as Administrative Agent and a Buyer

By: AASP Management, LP, its investment manager

By: <u>/s/ William B. Kuesel</u> <br> Name: William B. Kuesel<br> Title: Vice President and AGM General Counsel, Americas

[Atlas-Fortress II – Second Amendment to Master Repurchase Agreement]

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**ATLAS SECURITIZED PRODUCTS FUNDING 1, L.P.**, as a Buyer

By: AASP Management, LP, its investment manager

By: <u>/s/ William B. Kuesel</u> <br> Name: William B. Kuesel<br> Title: Vice President and AGM General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel Americas

**ATLAS SECURITIZED PRODUCTS FUNDING 2, L.P.**, as a Buyer

By: AASP Management, LP, its investment manager

By: <u>/s/ William B. Kuesel</u> <br> Name: William B. Kuesel<br> Title: Vice President and AGM General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel Americas

**ATLAS SECURITIZED PRODUCTS FUNDING 3, L.P.**, as a Buyer

By: AASP Management, LP, its investment manager

By: <u>/s/ William B. Kuesel</u> <br> Name: William B. Kuesel<br> Title: Vice President and AGM General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel Americas

[SIGNATURES CONTINUE ON FOLLOWING PAGES]

[Atlas-Fortress II – Second Amendment to Master Repurchase Agreement]

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**ATLAS SECCURITIZED PRODUCTS, L.P.**,<br> as a Buyer

By: AASP Management, LP, its investment manager

By: <u>/s/ William B. Kuesel</u> <br> Name: William B. Kuesel<br> Title: Vice President and AGM General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel Americas

[Atlas-Fortress II – Second Amendment to Master Repurchase Agreement]

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**FCR DC JV ATLAS SELLER LLC**, as Seller

By: <u>/s/ Avraham Dreyfuss</u> <br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer

[Atlas-Fortress II – Second Amendment to Master Repurchase Agreement]

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**FORTRESS CREDIT REALTY INCOME TRUST**, as Guarantor

By: <u>/s/ Avraham Dreyfuss</u> <br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer

[Atlas-Fortress II – Second Amendment to Master Repurchase Agreement]

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**FCR DC JV ATLAS PLEDGOR LLC**, as Equity Pledgor

By: <u>/s/ Avraham Dreyfuss</u> <br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer

[Atlas-Fortress II – Second Amendment to Master Repurchase Agreement]

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## Exhibit 10.2

**Exhibit 10.2**

**<u>Second AMENDMENT TO guaranty</u>**

This **SECOND AMENDMENT TO GUARANTY**, dated January 14, 2026 (this "<u>Amendment</u>"), is entered into by and between **ATLAS SECURITIZED PRODUCTS INVESTMENTS 2, L.P.**, a Delaware limited partnership (together with its successors and assigns, "<u>Administrative Agent</u>"), and **FORTRESS CREDIT REALTY INCOME TRUST**, a Maryland statutory trust ("<u>Guarantor</u>"). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Guaranty (as defined below), and if not defined therein, in the Master Repurchase Agreement (as defined below).

**<u>RECITALS</u>**

**WHEREAS**, Administrative Agent, Buyers and FCR DC JV Atlas Seller LLC ("<u>Seller</u>") are parties to that certain Master Repurchase Agreement, dated as of October 11, 2024 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the "<u>Master Repurchase Agreement</u>");

**WHEREAS**, in connection with the Master Repurchase Agreement, Guarantor made that certain Guaranty, dated as of October 11, 2024, for the benefit of Administrative Agent and Buyers, as amended by that certain First Amendment to Guaranty, dated as of April 23, 2025 (as so amended, the "<u>Existing Guaranty</u>" and, as amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the "<u>Guaranty</u>"); and

**WHEREAS**, the parties hereto desire to make certain amendments and modifications to the Existing Guaranty as further set forth herein.

**NOW THEREFORE**, in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

**ARTICLE 1** **<br><u>Amendments to the EXISTING GUARANTY</u>**

Section 10(j) of the Existing Guaranty is hereby amended and restated in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Financial Covenants</u>. Guarantor shall at all times satisfy the following financial covenants (each tested on a consolidated basis):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Maintenance of Minimum Adjusted Net Worth</u>. Guarantor shall not permit its Adjusted Net Worth as of any date to be less than $450,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Maintenance of Minimum Liquidity</u>. Guarantor shall not permit its Liquidity as of any date to be

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less than the greater of (A) an amount equal to the product of (x) 7.5% and (y) the aggregate outstanding Purchase Price of all Purchased Assets subject to Transactions as of such date and (B) $5,000,000.

**ARTICLE 2** **<br><u>Representations</u>**

Guarantor represents and warrants to Administrative Agent, as of the date of this Amendment, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all representations and warranties made by it in the Program Agreements to which it is a party are true, correct, complete and accurate in all respects as of the date hereof with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)it is duly authorized to execute and deliver this Amendment and has taken all necessary action to authorize such execution, delivery and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the person signing this Amendment on its behalf is duly authorized to do so on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the execution, delivery and performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational documents or any agreement by which it is bound or by which any of its assets are affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)this Amendment has been duly executed and delivered by it.

**ARTICLE 3**<br>**<u>CONDITIONS precedent</u>**

The effectiveness of this Amendment is subject to the satisfaction of the conditions precedent set forth in Article 3 of that certain Second Amendment to Master Repurchase Agreement, dated as of the date hereof, by and among Administrative Agent, Buyers, Seller, Guarantor and Equity Pledgor.

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**ARTICLE 4**<br>**<u>[RESERVED.]</u>**

**ARTICLE 5**<br>**<u>Governing Law</u>**

THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)**.**

**ARTICLE 6** **<br><u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Except as expressly amended or modified hereby, the Program Agreements shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed. All references to the Program Agreements shall be deemed to mean the Program Agreements as modified by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)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 of this Amendment in electronic format shall be as effective as delivery of a manually executed original counterpart of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The headings in this Amendment are for convenience of reference only and shall not affect the interpretation or construction of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Amendment may not be amended or otherwise modified, waived or supplemented except as provided in the Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)This Amendment contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)This Amendment and the Guaranty, as amended hereby, are a single Program Agreement.

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**ARTICLE 7** **<br><u><br>GUARANTY REAFFIRMATION</u>**

Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledges and agrees that the term "Obligations" as used in the Guaranty shall apply to all of the Obligations of the Seller to the Administrative Agent and the Buyers under the Master Repurchase Agreement and related Program Agreements, as amended hereby.

[SIGNATURES FOLLOW]

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**IN WITNESS WHEREOF,** the parties have caused this Amendment to be duly executed, as of the date first above written.

**ATLAS SECURITIZED PRODUCTS INVESTMENTS 2, L.P.**, as Administrative Agent

By: AASP Management, LP, its investment manager

By: <u>/s/ William B. Kuesel</u> <br> Name: William B. Kuesel<br> Title: Vice President and AGM General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel Americas

[Atlas-Fortress II – Second Amendment to Guaranty]

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**FORTRESS CREDIT REALTY INCOME TRUST**, as Guarantor

By: <u>/s/ Avraham Dreyfuss</u> <br>Name: Avraham Dreyfuss<br>Title: Chief Financial Officer

[Atlas-Fortress II – Second Amendment to Guaranty]

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