# EDGAR Filing Document

**Accession Number:** 0002026738
**File Stem:** 0001140361-26-012388
**Filing Date:** 2026-3
**Character Count:** 408717
**Document Hash:** a1041372c65969e6aded57204b2670db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-012388.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001140361-26-012388

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260323

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

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**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:** 26823435

**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'?

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#### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### 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): March 23, 2026

## Fortress Credit Realty Income Trust
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland**<br>| **000-56685**<br>| **99-3367363**<br>|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **1345 Avenue of the Americas**<br>**New York, NY** | **10105**<br>|
| (Address of principal executive offices) | (Zip Code) |

---

(212) 798-6100

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

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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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Title of each class** | **Trading Symbol(s)** | **Name of each exchange**<br> **on which registered** |

---

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.** |

---

Fortress Credit Realty Income Trust (the "Company") has established a new series of Class F-I common shares, par value $0.01 per share (the "Class F-I shares") and Class F-S common shares, par value $0.01 per share (the "Class F-S shares" and, together with the Class F-I shares, the "New Shares"), as described in Item 5.03 of this Current Report on Form 8-K (this "Current Report").

The preferences, rights, voting powers, restrictions and limitations of redemptions for the New Shares consist of (i) a management fee payable to FCR Advisors LLC (in such capacity as advisor, the "Adviser") of 1.00% of net asset value ("NAV") per annum payable monthly, (ii) a performance fee payable to the Adviser of 10.0% of Core Earnings for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%, and (iii) a 2% deduction in the repurchase price if the New Shares repurchased within 1-year holding period, in each case, including the same proportional rights to the Company's assets.

*Fifth Amended and Restated Management Agreement*

On March 23, 2026, the Company, the Adviser and Fortress Wealth Solutions LLC (the "Dealer Manager") entered into the Fifth Amended and Restated Management Agreement (the "Amended Management Agreement"). The Amended Management Agreement has been amended and restated to reflect the inclusion of the New Shares. The Amended Management Agreement, including the terms and conditions set forth therein prior to the amendment, otherwise remains unchanged.

The foregoing description is only a summary of the material provisions of the Amended Management Agreement and is qualified in its entirety by reference to the full text of the Amended Management Agreement, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

*Fourth Amended and Restated Dealer Manager Agreement*

On March 23, 2026, the Company and the Adviser entered into the Fourth Amended and Restated Dealer Manager Agreement (the "Amended Dealer Manager Agreement"). The Amended Dealer Manager Agreement has been amended and restated to reflect the inclusion of the New Shares. The Amended Dealer Manager Agreement, including the terms and conditions set forth therein prior to the amendment, otherwise remains unchanged.

The foregoing description is only a summary of the material provisions of the Amended Dealer Manager Agreement and is qualified in its entirety by reference to the full text of the Amended Dealer Manager Agreement, which is filed as Exhibit 10.2 hereto and incorporated by reference herein.

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| | |
|:---|:---|
| **Item 5.03.** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.** |

---

*Sixth Amended and Restated Declaration of Trust*

On March 23, 2026, the Company adopted the Sixth Amended and Restated Declaration of Trust (the "Amended Declaration of Trust") pursuant to which the Company designated the New Shares, which Amended Declaration of Trust became effective on March 23, 2026.

The disclosures set forth in Item 1.01 hereof are hereby incorporated by reference into this Item 5.03.

The foregoing description is only a summary of the material provisions of the Amended Declaration of Trust and is qualified in its entirety by reference to the full text of the Amended Declaration of Trust, which is filed as Exhibit 3.1 hereto and incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

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*Amended and Restated Share Repurchase Plan*

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Effective March 23, 2026, the Company's board of trustees (the "Board") amended the Company's share repurchase plan (the "Share Repurchase Plan") to incorporate the New Shares in the Share Repurchase Plan. The Share Repurchase Plan otherwise remains unchanged.

The foregoing description is only a summary of the material provisions of the Share Repurchase Plan and is qualified in its entirety by reference to the full text of the Share Repurchase Plan, which is filed as Exhibit 4.2 hereto and incorporated by reference herein.

*Amended and Restated Distribution Reinvestment Plan*

Effective March 23, 2026, the Board amended the Company's distribution reinvestment plan (the "DRIP") to incorporate the New Shares. The DRIP otherwise remains unchanged.

The foregoing description is only a summary of the material provisions of the DRIP and is qualified in its entirety by reference to the full text of the DRIP, which is filed as Exhibit 4.1 hereto and incorporated by reference herein.

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

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(d) *Exhibits.*

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| [3.1](ef20069455_ex3-1.htm) | Sixth Amended and Restated Declaration of Trust of the Company, dated March 23, 2026. |
| [4.1](ef20069455_ex4-1.htm) | Amended and Restated Distribution Reinvestment Plan adopted by the Company, effective as of March 23, 2026. |
| [4.2](ef20069455_ex4-2.htm) | Amended and Restated Share Repurchase Plan. |
| [10.1](ef20069455_ex10-1.htm) | Fifth Amended and Restated Management Agreement, dated March 23, 2026, by and among the Company and the Adviser. |
| [10.2](ef20069455_ex10-2.htm) | Fourth Amended and Restated Dealer Manager Agreement, dated March 23, 2026, by and among the Company, the Adviser and the Dealer Manager |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### SIGNATURE
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.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2026 |  |  |
|  | **Fortress Credit Realty Income Trust** | **Fortress Credit Realty Income Trust** |
|  | By: | /s/ Avraham Dreyfuss |
|  | Name: | Avraham Dreyfuss |
|  | Title: | Chief Financial Officer |

---

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## Exhibit 3.1

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#### Exhibit 3.1

#### FORTRESS CREDIT REALTY INCOME TRUST

#### SIXTH AMENDED AND RESTATED DECLARATION OF TRUST
This Sixth Amended and Restated Declaration of Trust (as amended, restated, modified or supplemented from time to time, this "<u>Declaration</u>") is made on March 23, 2026 for the purpose of governing Fortress Credit Realty Income Trust, a Maryland statutory trust (the "<u>Trust</u>"), in accordance with the provisions hereinafter set forth.

WHEREAS, the Trust is a statutory trust within the meaning of the Maryland Statutory Trust Act (as amended, the "<u>MSTA</u>");

WHEREAS, on June 4, 2024, (a) the Trust was formed by the filing of a Certificate of Trust (as amended, restated, modified or supplemented from time to time, the "<u>Certificate of Trust</u>") with the State Department of Assessments and Taxation of Maryland and (b) in connection therewith, a Declaration of Trust (the "<u>Original Declaration</u>") was executed and became the governing instrument of the Trust, as that term is defined in the MSTA;

WHEREAS, on June 14, 2024, an Amended and Restated Declaration of Trust (the "<u>Amended and Restated Declaration</u>") was executed and replaced the Original Declaration in its entirety as the governing instrument of the Trust;

WHEREAS, on July 31, 2024, a Second Amended and Restated Declaration of Trust (the "<u>Second Amended and Restated Declaration</u>") was executed and replaced the Amended and Restated Declaration in its entirety as the governing instrument of the Trust;

WHEREAS, on August 29, 2024, a Third Amended and Restated Declaration of Trust (the "<u>Third Amended and Restated Declaration</u>") was executed and replaced the Second Amended and Restated Declaration in its entirety as the governing instrument of the Trust;

WHEREAS, on November 18, 2024, a Fourth Amended and Restated Declaration of Trust (the "<u>Fourth Amended and Restated Declaration</u>") was executed and replaced the Third Amended and Restated Declaration in its entirety as the governing instrument of the Trust;

WHEREAS, on December 26, 2024, a Fifth Amended and Restated Declaration of Trust (the "<u>Fifth Amended and Restated Declaration</u>") was executed and replaced the Fourth Amended and Restated Declaration in its entirety as the governing instrument of the Trust; and

WHEREAS, this Declaration shall amend, restate and replace the Fifth Amended and Restated Declaration in its entirety such that the governing instrument of the Trust shall be this Declaration together with any Bylaws of the Trust (as amended, restated, modified or supplemented from time to time, "<u>Bylaws</u>") adopted in accordance herewith for the regulation and management of the affairs of the Trust.

NOW, THEREFORE, the Trust hereby will be governed by this Declaration together with any Bylaws adopted in accordance herewith.

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#### ARTICLE I

#### NAME
Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The name of the Trust is: Fortress Credit Realty Income Trust. The Board (as defined below) shall conduct the business of the Trust under such name or any other name as it may from time to time determine.

#### ARTICLE II

#### PURPOSES AND POWERS
Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purposes for which the Trust is formed are to engage in any lawful act or activity for which statutory trusts may be organized under the general laws of the State of Maryland as now or hereafter in force, including, without limitation or obligation, engaging in business as a REIT (as defined below).

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust shall have all of the powers granted to statutory trusts by the MSTA and all other powers that are not inconsistent with applicable law and are appropriate to promote and attain the purposes of the Trust set forth in this Declaration.

#### ARTICLE III

#### PRINCIPAL OFFICE IN STATE AND RESIDENT AGENT
Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The address of the Trust's principal office in the State of Maryland is c/o The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093-2264, or such other place or places as may be determined by the Board. The Trust may have such offices or places of business within or outside the State of Maryland as the Board may from time to time determine. The name and address of the resident agent of the Trust in the State of Maryland are The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093-2264, or such other name and address as may be determined by the Board. The resident agent is a Maryland corporation.

#### ARTICLE IV

#### DEFINITIONS; INTERPRETATIONS
Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings unless the context otherwise requires:

"<u>Actual Owner</u>" shall have the meaning ascribed to such term in <u>Section 6.1.4</u>.

"<u>Adviser</u>" shall mean the Person appointed, employed or contracted with by the Trust pursuant to <u>Section 8.1</u> and responsible for directing or performing the day-to-day business affairs of the Trust, including any Person to whom the Adviser subcontracts all or substantially all of such functions.

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"<u>Adviser Agreement</u>" shall mean any agreement between the Trust and the Adviser pursuant to which the Adviser will direct or perform the day-to-day business affairs of the Trust, including a management agreement or administration agreement, and including, for the avoidance of doubt, the FCR Management Agreement.

"<u>Adviser Change of Control</u>" shall mean the occurrence of any of the following: (i) Fortress (A) ceases to be the direct or indirect beneficial owner of 50% or more of the combined voting power of the Adviser's then outstanding equity interests or (B) ceases to hold the power to direct or cause the direction of the management and policies of the Adviser, whether through the ownership of voting interests, by contract or otherwise, (ii) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Adviser, taken as a whole, to any Person other than Fortress or any of its controlled Affiliates or (iii) the sale or transfer of the FCR Management Agreement to any Person other than Fortress or any of its controlled Affiliates. "Adviser Change of Control" shall not include (x) any pledge, hypothecation, assignment or other transfer of any rights to receive fees or other payments under any Adviser Agreement to any Person or (y) a direct or indirect change of control of Fortress (whether by way of purchase, acquisition, merger, consolidation, recapitalization, reorganization, business combination, purchase of beneficial ownership, sale of all or substantially all assets, or otherwise), including any direct or indirect transfer or hypothecation of a controlling block of the outstanding voting securities of Fortress.

"<u>Affiliate</u>" shall mean, when used with reference to a specified Person at a specified time, any Person controlling, controlled by or under common control with, such Person, and any members, partners, directors or officers of any of the foregoing; *provided* that, except as expressly set forth herein, the following Persons, and any Persons controlled by, or under common control with, any of them and any members, partners, directors or officers of any of them, shall not be deemed an Affiliate of any Fortress Managed Account, the Trust, the Adviser, Fortress or any of their respective Affiliates solely as a result of any of the following relationships: (i) an issuer of any investments or other financial instruments in which any Fortress Managed Account invests, directly or indirectly (including portfolio companies of any Fortress Managed Account); (ii) the indirect owner(s) of Fortress, and any person, excluding any current employees, controlling, controlled by or under common control with such indirect owner(s) that is not also controlled by Fortress in their capacity as Affiliates of such indirect owner(s); (iii) shareholders of any Affiliates of Fortress; and (iv) any pooled investment fund, account or similar product managed or controlled by Fortress for the benefit of third party Persons or entities for whom Fortress does not exercise voting discretion with respect to such fund, account or similar product. For the avoidance of doubt, Fortress shall not be deemed an Affiliate of the Trust and investors in Fortress and Fortress Managed Accounts shall not be deemed Affiliates of such entities. For purposes of this definition, "control" means the power, through ownership of securities, contract or otherwise, to direct the policies of the applicable Person.

"<u>Amended and Restated Declaration</u>" shall have the meaning ascribed to such term in the recitals.

"<u>asset</u>" of the Trust shall mean any Property, Mortgage or other asset owned directly or indirectly by the Trust.

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"<u>Beneficial Ownership</u>" shall mean ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code, as modified by Section 856(h) of the Code. The terms "<u>Beneficial Owner</u>" and "<u>Beneficially Owned</u>" shall have the correlative meanings.

"<u>Benefit Plan Investor</u>" shall mean (i) a Plan; (ii) an entity whose underlying assets include (or are deemed to include) for purposes of ERISA or Section 4975 of the Code assets of a Plan by reason of such Plan's investment in such entity; or (iii) any other entity whose assets otherwise constitute "plan assets" for purposes of ERISA or Section 4975 of the Code.

"<u>Board</u>" shall mean the Board of Trustees of the Trust and any duly authorized committee or functional equivalent thereof.

"<u>Business Day</u>" shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

"<u>Bylaws</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Certificate of Trust</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Charitable Beneficiary</u>" shall mean one or more beneficiaries of a Charitable Trust as determined pursuant to <u>Section 6.2.7</u>, provided that each such organization shall be described in Sections 501(c)(3), 170(b)(1)(A) (other than clauses (vii) or (viii) thereof) and 170(c)(2) of the Code and contributions to each such organization shall be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

"<u>Charitable Trust</u>" shall mean any trust provided for in <u>Section 6.1.1(b)</u> and <u>Section 6.2.1</u>.

"<u>Charitable Trustee</u>" shall mean each Person, unaffiliated with the Trust and any Prohibited Owner, that is appointed by the Trust from time to time to serve as a trustee of a Charitable Trust as provided by <u>Section 6.2.1</u>.

"<u>Class B Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class B Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class B NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class B NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class B Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class B Common Shares.

"<u>Class D Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class D Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class D NAV Per Share and the denominator of which is the Class I NAV Per Share.

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"<u>Class D NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class D Common Shares (including any reduction for Ongoing Servicing Fees as described in the Memorandum), determined as described in the Memorandum, divided by the number of outstanding Class D Common Shares.

"<u>Class E Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class E Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class E NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class E NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class E Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class E Common Shares.

"<u>Class F-I Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class F-I Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class F-I NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class F-I NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class F-I Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class F-I Common Shares.

"<u>Class F-S Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class F-S Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class F-S NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class F-S NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class F-S Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class F-S Common Shares.

"<u>Class I Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class I NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class I Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class I Common Shares.

"<u>Class J-1 Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3.</u>

"<u>Class J-1 Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class J-1 NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class J-1 NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class J-1 Common Shares (including any reduction for Ongoing Servicing Fees as described in the Memorandum), determined as described in the Memorandum, divided by the number of outstanding Class J-1 Common Shares.

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"<u>Class J-2 Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3.</u>

"<u>Class J-2 Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class J-2 NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class J-2 NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class J-2 Common Shares (including any reduction for Ongoing Servicing Fees as described in the Memorandum), determined as described in the Memorandum, divided by the number of outstanding Class J-2 Common Shares.

"<u>Class J-3 Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3.</u>

"<u>Class J-3 Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class J-3 NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class J-3 NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class J-3 Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class J-3 Common Shares.

"<u>Class J-4 Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3.</u>

"<u>Class J-4 Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class J-4 NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class J-4 NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class J-4 Common Shares (including any reduction for Ongoing Servicing Fees as described in the Memorandum), determined as described in the Memorandum, divided by the number of outstanding Class J-4 Common Shares.

"<u>Class J-5 Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3.</u>

"<u>Class J-5 Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class J-5 NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class J-5 NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class J-5 Common Shares, determined as described in the Memorandum, divided by the number of outstanding Class J-5 Common Shares.

"<u>Class R Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3.</u>

"<u>Class R Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class R NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class R NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class R Common Shares (including any reduction for Ongoing Servicing Fees as described in the Memorandum), determined as described in the Memorandum, divided by the number of outstanding Class R Common Shares.

------

"<u>Class S Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Class S Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class S NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class S NAV Per Share</u>" shall mean the net asset value of the Trust allocable to the Class S Common Shares (including any reduction for Ongoing Servicing Fees as described in the Memorandum), determined as described in the Memorandum, divided by the number of outstanding Class S Common Shares.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Common Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Constructive Ownership</u>" shall mean ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms "<u>Constructive Owner</u>," "<u>Constructively Owning</u>" and "<u>Constructively Owned</u>" shall have the correlative meanings.

"<u>Covered Person</u>" shall have the meaning ascribed to such term in <u>Section 10.3.1</u>.

"<u>Dealer Manager</u>" shall mean such Person selected by the Board to act as the dealer manager for an Offering.

"<u>Declaration</u>" shall have the meaning ascribed to such term in the preamble.

"<u>Disabling Conduct</u>" shall mean, with respect to a Covered Person that is the Adviser or any its officers, managers, partners, agents, employees, controlling persons, members or Affiliates, in each case, in his, her or its capacity as such, an act or omission by such Covered Person that constitutes (i) fraud, gross negligence, recklessness or willful misconduct or to having acted in bad faith (in each case, as determined in accordance with the laws of the State of Delaware), or (ii) an intentional and material breach of an Adviser Agreement.

"<u>Distributions</u>" shall mean any distributions (as such term is defined in Section 2-301 of the MGCL), pursuant to <u>Section 5.4</u>, by the Trust to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"<u>Excepted Holder Limit</u>" shall mean, provided that the affected Excepted Holder agrees to comply with the requirements established by the Board pursuant to <u>Section 6.1.6</u> for such Excepted Holder, the percentage limit established by (and subject to adjustment by) the Board pursuant to <u>Section 6.1.6</u>.

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"<u>Excess Shares</u>" shall have the meaning ascribed to such term in <u>Section 6.1.1(b)</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>FCR Management Agreement</u>" shall mean that certain Fifth Amended and Restated Management Agreement between the Trust and FCR Advisors LLC, dated as of March 23, 2026, as amended, supplemented or restated from time to time.

"<u>Fifth Amended and Restated Declaration</u>" shall have the meaning ascribed to such term in the preamble.

"<u>Fortress</u>" shall mean Fortress Investment Group LLC, a Delaware limited liability company.

"<u>Fortress Managed Account</u>" shall mean any current or future investment fund, account or company sponsored, managed or advised by Fortress or any of its investment advisory Affiliates, including the Adviser. For the avoidance of doubt, portfolio companies of any Fortress Managed Account shall not be included within the definition of "Fortress Managed Account."

"<u>Fourth Amended and Restated Declaration</u>" shall have the meaning ascribed to such term in the preamble.

"<u>Independent Trustee</u>" shall mean a Trustee who qualifies as "independent" within the meaning of NYSE Listing Manual Rule 303A.02 or the requirements of any other established stock exchange on which the Trust's securities are traded, as such rules or requirements may be amended from time to time.

"<u>Initial Date</u>" shall mean the earlier of (i) January 30 of the year following the first year in which the Trust intends to elect to be subject to tax as a REIT, and (ii) the first date on which the Trust has 100 or more shareholders (determined under the principles of Section 856(a)(5) of the Code).

"<u>Investment Advisers Act</u>" shall have the meaning ascribed to such term in <u>Section 7.11.1</u>.

"<u>Liquidation</u>" shall have the meaning ascribed to such term in <u>Section 13.2.2</u>.

"<u>Listing</u>" shall mean the listing of any or all of the Common Shares on a National Securities Exchange. Upon such Listing, the Common Shares shall be deemed Listed.

"<u>Mandatory Holding Period</u>" shall mean, in respect of any Class B Common Shares, Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares and Class J-3 Common Shares, the initial two year period in which any such particular Shares have been outstanding as described in the Memorandum.

"<u>Market Price</u>" shall mean, with respect to any Shares as of any date, the last sale price for such Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Shares, in either case as reported on the principal consolidated transaction reporting system with respect to such Shares, or if such Shares are not listed or admitted to trading on any national securities exchange, the last sale price in the over-the-counter market, or if no trading price is available for such Shares, the fair market value of such Shares as determined by the Board.

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"<u>Memorandum</u>" shall mean the Confidential Amended and Restated Private Placement Memorandum for the Trust, as amended, supplemented or otherwise modified from time to time, which, to the extent referred to herein, shall be deemed to be a part hereof.

"<u>MGCL</u>" shall mean Maryland General Corporation Law, as amended.

"<u>Mortgages</u>" shall mean, in connection with any mortgage financing that the Trust makes or invests in, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of indebtedness or obligations.

"<u>MSTA</u>" shall have the meaning ascribed to such term in the recitals.

"<u>National Securities Exchange</u>" shall mean a securities exchange registered with the Securities and Exchange Commission under Section 6(a) of the Exchange Act.

"<u>NAV</u>" shall mean net asset value determined in accordance with the valuation guidelines that have been approved by the Board.

"<u>Offering</u>" shall mean any offering of Shares for the account of the Trust.

"<u>Ongoing Servicing Fee</u>" shall mean the ongoing servicing fee payable to the Dealer Manager and reallowable to soliciting dealers with respect to Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-4 Common Shares, Class S Common Shares, Class D Common Shares and Class F-S Common Shares as described in the Memorandum.

"<u>Organization and Offering Expenses</u>" shall mean any and all costs and expenses incurred by the Trust in connection with the formation of the Trust and the marketing and distribution of Shares, including legal, accounting (including NAV calculation), printing, mailing, subscription processing and filing fees and offering expenses, including costs associated with technology integration between the Trust's systems and those of the Trust's participating broker-dealers, due diligence expenses of participating broker-dealers supported by itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Trust's transfer agent, fees to attend retail seminars sponsored by participating broker-dealers, reimbursements for customary travel, lodging and meals, and fees, expenses and taxes related to the filing, registration and qualification of the Shares or the sale thereof under federal and state laws, but excluding Ongoing Servicing Fees.

"<u>Original Declaration</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Ownership Limit</u>" shall mean (i) with respect to Common Shares, 9.8% (in value or number of shares, whichever is more restrictive) of the Common Shares outstanding at the time of determination, (ii) with respect to any other class or series of Shares, 9.8% (in value or number of shares, whichever is more restrictive) of the Shares of such class or series outstanding at the time of determination, and (iii) 9.8% (in value or number of shares, whichever is more restrictive) of the aggregate of the outstanding Shares, or, in respect of clause (i) or (ii), such other percentage determined by the Board in accordance with <u>Section 6.1.7</u>.

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"<u>Ownership Violation</u>" shall have the meaning ascribed to such term in <u>Section 6.1.1(b)</u>.

"<u>Person</u>" shall mean an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity and, for purposes of <u>ARTICLE VI</u> herein (and all defined terms used in such Article), also includes a group as that term is used for purposes of Section 13(d)(3) of the Exchange Act and a group to which an Excepted Holder Limit applies.

"<u>Plan</u>" shall mean (i) a plan as defined in and subject to Section 4975(e) of the Code or (ii) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA.

"<u>Plan Asset Regulations</u>" shall mean 29 C.F.R. Section 2510.3-101 *et seq*. issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA.

"<u>Plan Assets</u>" shall mean "plan assets" as defined in the Plan Asset Regulations.

"<u>Preferred Shares</u>" shall have the meaning ascribed to such term in <u>Section 5.1.3</u>.

"<u>Prohibited Owner</u>" shall mean any Person that, but for the provisions of <u>ARTICLE VI</u>, would Beneficially Own or Constructively Own Shares in excess of the Ownership Limit or other limitations of <u>Section 6.1</u> and, if appropriate in the context, shall also mean any Person that would have been the holder of record on the books of the Trust or the Trust's transfer agent of Shares that the Prohibited Owner would have so owned.

"<u>Property</u>" or "<u>Properties</u>" shall mean, as the context requires, any, or all, respectively, of the Real Property acquired by the Trust, directly or indirectly, including through joint venture arrangements or other partnership or investment interests.

"<u>Real Property</u>" shall mean land, rights in land (including leasehold interests) and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land.

"<u>REIT</u>" shall mean a corporation, trust, association or other legal entity that has elected or intends to elect or be subject to tax as a real estate investment trust under Sections 856 through 860 of the Code.

"<u>Restriction Termination Date</u>" shall mean the first day on which the Board determines it is no longer in the best interests of the Trust to attempt to, or continue to qualify as a REIT or that compliance with the restrictions on transfer and ownership of Shares set forth in <u>ARTICLE VI</u> are no longer required in order for the Trust to qualify as a REIT.

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"<u>Second Amended and Restated Declaration</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Shareholders</u>" shall mean the holders of record of the Shares as maintained in the books and records of the Trust or its transfer agent.

"<u>Shares</u>" shall mean shares of beneficial interest of the Trust.

"<u>Third Amended and Restated Declaration</u>" shall have the meaning ascribed to such term in the recitals.

"<u>Transfer</u>" shall mean any direct or indirect, as applicable, issuance, sale, transfer, redemption, gift, assignment, devise or other disposition, as well as any other change in fact or circumstances or other event (or any agreement to take any such action or cause any such event) that causes, or but for the provisions of <u>ARTICLE VI</u> would cause, any Person to acquire or increase Beneficial Ownership or Constructive Ownership of Shares or the right to vote or receive distributions on Shares or otherwise cause a violation of any of the restrictions on ownership set forth in <u>Section 6.1</u>, or any agreement to take any such actions or cause any such events, including (i) any change in the capital structure of the Trust which has the effect of increasing the total equity interest of any Person in the Trust, (ii) a change in the relationship between two or more Persons which causes a change in Constructive Ownership of the Shares, (iii) the grant or exercise of any option or warrant (or any disposition of any option or warrant), or any event that causes any option or warrant not theretofore exercisable to become exercisable), pledge, security interest or similar right to acquire Shares, (iv) any disposition of any securities or rights convertible into or exchangeable for Shares or any interest in Shares or any exercise of any such conversion or exchange right, (v) transfers of interests in other entities that result in changes in Beneficial Ownership or Constructive Ownership of Shares, (vi) an increase in the value of the Shares of one class or series relative to the value of the Shares of another class or series, and (vii) an increase in actual or constructive ownership of a tenant of the Trust (or its subsidiaries) in a manner that would cause a violation of <u>Section 6.1.1(a)(iii)</u>, in each case, whether voluntary or involuntary, whether owned of record or Beneficially Owned or Constructively Owned, and whether by operation of law or otherwise. The terms "<u>Transferring</u>" and "<u>Transferred</u>" shall have the correlative meanings.

"<u>Trust</u>" shall have the meaning ascribed to such term in the preamble.

"<u>Trust Property</u>" shall mean any and all property or other assets owned directly or indirectly by the Trust.

"<u>Trustees</u>" shall have the meaning ascribed to such term in <u>Section 7.1.1</u>.

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Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Interpretations</u>. Unless otherwise indicated to the contrary herein by the context or use thereof: (a) the words, "herein," "hereto," "hereof" and words of similar import refer to this Declaration, and not to any particular section, subsection, paragraph, subparagraph or clause contained in this Declaration; (b) masculine gender shall also include the feminine and neutral genders, and vice versa; (c) words importing the singular shall also include the plural, and vice versa; (d) the words "include," "includes" or "including" shall be deemed to be followed by the words "without limitation"; (e) all references to ARTICLES and Sections are to Articles and Sections of this Declaration; (f) the word "or" is disjunctive but not necessarily exclusive; (g) the word "extent" in the phrase "to the extent" means the degree to which a subject or other things extends and does not mean simply "if"; (h) the words "writing," "written" and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form; (i) references to any contract, instrument or other document are to that contract, instrument or other document as amended, restated, modified or supplemented from time to time; (j) references to any law shall be deemed to refer to such law as amended from time to time, to any successor statute and to any rules or regulations promulgated thereunder; and (k) references to any Person include the successors and permitted assigns of that Person. If any action under this Declaration is required to be done or taken on a day that is not a Business Day, then such action shall be required to be done or taken not on such day but on the first succeeding Business Day thereafter. Notwithstanding any other provision of this Declaration or otherwise applicable provision of law or equity, whenever in this Declaration the Board or the Trust is permitted or required to make a decision or take an action (i) in its "sole discretion" or "discretion" or under a similar grant of authority or latitude, or without any express standard, in making such decisions, the Board (in its own capacity or on behalf of the Trust) shall be entitled to take into account such interests and factors as it desires (including its own interests) or (ii) in "good faith" or under another expressed standard, the Board (in its own capacity or on behalf of the Trust) shall act under such standard and shall not be subject to any other or different standard.

#### ARTICLE V

#### SHARES
Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Division of Beneficial Interest</u>.

Section 5.1.1The Board may from time to time, without Shareholder approval, authorize one or more classes or series of Shares, with Shares of each such class or series having such par value, if any, and such preferences, voting powers, terms of redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Board may determine. The number of Shares of each class or series authorized shall be unlimited and the Shares so authorized may be represented in part by fractional shares. The Board may, from time to time, without Shareholder approval, issue fractional Shares, eliminate any outstanding fraction of a Share by rounding up to a full Share, arrange for the disposition of a faction of a Share by the Person entitled to it or pay cash for the fair value of a faction of a Share.

Section 5.1.2&nbsp;&nbsp;&nbsp;&nbsp; Effective as of December 16, 2024, the former "Class J-3 Common Shares" shall be renamed the "Class J-4 Common Shares".

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Section 5.1.3&nbsp;&nbsp;&nbsp;&nbsp; The beneficial interest in the Trust shall be divided into Shares. The Trust has authority to issue (a) an unlimited number of Common Shares, $0.01 par value per share (the "<u>Common Shares</u>") initially consisting of (i) unlimited Common Shares classified as Class B Shares (the "<u>Class B Common Shares</u>"), (ii) unlimited Common Shares classified as Class R Shares (the "<u>Class R Common Shares</u>"), (iii) unlimited Common Shares classified as Class J-1 Shares (the "<u>Class J-1 Common Shares</u>"), (iv) unlimited Common Shares classified as Class J-2 Shares (the "<u>Class J-2 Common Shares</u>"), (v) unlimited Common Shares classified as Class J-3 Shares (the "<u>Class J-3 Common Shares</u>"), (vi) unlimited Common Shares classified as Class J-4 Shares (the "<u>Class J-4 Common Shares</u>"), (vii) unlimited Common Shares classified as Class J-5 Shares (the "<u>Class J-5 Common Shares</u>"), (viii) unlimited Common Shares classified as Class S Shares (the "<u>Class S Common Shares</u>"), (ix) unlimited Common Shares classified as Class D Shares (the "<u>Class D Common Shares</u>"), (x) unlimited Common Shares classified as Class I Shares (the "<u>Class I Common Shares</u>"), (xi) unlimited Common Shares classified as Class E Shares (the "<u>Class E Common Shares</u>"), (xii) unlimited Common Shares classified as Class F-I Shares (the "<u>Class F-I Common Shares</u>") and (xiii) unlimited Common Shares classified as Class F-S Shares (the "<u>Class F-S Common Shares</u>") and (b) an unlimited number of Preferred Shares, $0.01 par value per share (the "<u>Preferred Shares</u>"). Subject to the provisions of <u>ARTICLE VI</u> and the terms of any class or series of Shares at the time outstanding, the Board may classify and reclassify any unissued Shares of any class or series, from time to time, into one or more classes or series of Shares, as provided in <u>Section 5.6</u>. If Shares of one class or series are classified or reclassified into Shares of another class or series pursuant to this <u>ARTICLE V</u>, then, except to the extent that the Trust is authorized to issue an unlimited number of Shares of any such class or series, the number of authorized Shares of the former class or series shall be automatically decreased and the number of authorized Shares of the latter class or series shall be automatically increased, in each case by the number of Shares so classified or reclassified.

Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Authorization by</u> <u>Board of Share Issuance and other</u> <u>Securities</u>. The Board may authorize or cause the Trust to issue from time to time Shares of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration, whether in cash, property, past or future services, obligation for future payment or otherwise, or without consideration (including in connection with a Share split or Distribution of Shares), determined by the Board, subject to such restrictions or limitations, if any, as may be set forth in the Certificate of Trust or this Declaration. When Shares are issued by or at the direction of the Board upon receipt of the consideration therefor (or without consideration if so determined by the Board), such Shares shall be validly issued, fully-paid and nonassessable. The Board may authorize the issuance from time to time of other securities of the Trust for such consideration (whether in cash, property, past or future services, obligation for future payment or otherwise) as the Board may deem advisable in its sole discretion.

Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Common Shares</u>.

Section 5.3.1&nbsp;&nbsp;&nbsp;&nbsp; <u>General</u>. Each Class B Common Share, Class R Common Share, Class J-1 Common Share, Class J-2 Common Share, Class J-3 Common Share, Class J-4 Common Share, Class J-5 Common Share, Class S Common Share, Class D Common Share, Class I Common Share, Class E Common Share, Class F-I Common Share and Class F-S Common Share shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other Distributions, qualifications and terms and conditions of redemption, except as provided in the Certificate of Trust, this Declaration, the Bylaws or any multiple class plan or program adopted by the Trust from time to time.

Section 5.3.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Conversion of Class B Common Shares, Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-3 Common Shares, Class J-4 Common Shares, Class J-5 Common Shares, Class S Common Shares, Class D Common Shares, Class E Common Shares, Class F-I Common Shares and Class F-S Common Shares.</u>

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&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;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each Class B Common Share, Class R Common Share, Class J-1 Common Share, Class J-2 Common Share, Class J-3 Common Share, Class J-4 Common Share, Class J-5 Common Share, Class S Common Share, Class D Common Share, Class E Common Share, Class F-I Common Share and Class F-S Common Share held in a Shareholder's account shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares (including any fractional shares) at the Class B Conversion Rate, Class R Conversion Rate, Class J-1 Conversion Rate, Class J-2 Conversion Rate, Class J-3 Conversion Rate, Class J-4 Conversion Rate, Class J-5 Conversion Rate, Class S Conversion Rate, Class D Conversion Rate, Class E Conversion Rate, Class F-I Conversion Rate and Class F-S Conversion Rate, respectively, on the earliest of (i) a Listing of Class I Common Shares or (ii) a merger or consolidation of the Trust with or into another legal entity, or the sale or other disposition of all or substantially all of the Trust's assets, except, in the case of clause (ii), any such transaction taken in connection with an internal restructuring transaction.

&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;(b) &nbsp;&nbsp;&nbsp;&nbsp; At the end of any month in which (i) the Dealer Manager determines, in conjunction with the Trust's transfer agent for the Common Shares, and notifies the Trust in writing that the total transaction or other fees, including upfront placement fees or brokerage commissions and Ongoing Servicing Fees, with respect to the Shares held by a Shareholder within their account hit any agreed-upon amount under an arrangement made between the Dealer Manager and financial intermediaries or (ii) a broker-dealer is not eligible to receive any Ongoing Servicing Fees with respect to any Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-4 Common Shares, Class S Common Shares, Class D Common Shares or Class F-I Common Shares and the Trust and the Dealer Manager, each in its sole discretion, have determined that any applicable Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-4 Common Shares, Class S Common Shares, Class D Common Shares and Class F-I Common Shares shall be converted, each applicable Common Share shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares using the conversion rate equal to the fraction, the numerator of which is the NAV per share of the applicable class of shares and the denominator of which is the Class I NAV Per Share.

&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;(c)Upon the termination of employment or service for any reason or no reason of any employee, officer or director of Fortress or its Affiliates that holds or has an eligible family member that holds Class E Common Shares, the Adviser shall, in its discretion, have the ability to determine that all or a portion of the Class E Common Shares held by such employee, officer, director or eligible family member should be converted into shares of a different class. If the Adviser determines that any Class E Common Shares should be so converted, then upon notification by the Adviser to the Trust in writing, such Class E Common Shares shall be converted into a number of shares of a class determined by the Adviser using the conversion rate equal to the fraction, the numerator of which is the Class E NAV Per Share and the denominator of which is the NAV per share of the applicable class of shares.

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&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;(d)&nbsp;&nbsp;&nbsp;&nbsp; With respect to any Shareholder whose Shares are converted into another class of Shares pursuant to this Declaration, the terms of such new class shall only apply to such Shareholder on a going-forward basis following such conversion and not on a retroactive basis for any time prior to such conversion; *provided,* that the Mandatory Holding Period, if applicable, in respect of any such converted Shares shall be calculated based on the day on which such Shareholder initially purchased the original Shares that were the subject of such conversion for cash (and not, for the avoidance of doubt, from the day on which any such Shares may have been (i) issued pursuant to any distribution reinvestment plan, (ii) received in connection with a conversion or exchange of other Shares or (iii) later acquired).

Section 5.3.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any Distribution of the assets of the Trust, the aggregate assets of the Trust available for Distribution to holders of the Common Shares shall be determined in accordance with applicable law. Immediately before any liquidation, dissolution or winding up, or any distribution of the assets of the Trust pursuant to a plan of liquidation, dissolution or winding up, each Class B Common Share, Class R Common Share, Class J-1 Common Share, Class J-2 Common Share, Class J-3 Common Share, Class J-4 Common Share, Class J-5 Common Share, Class S Common Share, Class D Common Share, Class E Common Share, Class F-I Common Share and Class F-S Common Share will automatically convert to a number of Class I Common Shares (including any fractional shares) at the Class B Conversion Rate, Class R Conversion Rate, Class J-1 Conversion Rate, Class J-2 Conversion Rate, Class J-3 Conversion Rate, Class J-4 Conversion Rate, Class J-5 Conversion Rate, Class S Conversion Rate, Class D Conversion Rate, Class E Conversion Rate Class F-I Conversion Rate and Class F-S Conversion Rate, respectively. Following such conversion, the aggregate assets of the Trust available for Distribution to holders of the Common Shares, or the proceeds therefrom, shall be distributed to each holder of Class I Common Shares, ratably with each other holder of Class I Common Shares, in such proportion as the number of outstanding Class I Common Shares held by such Shareholder bears to the total number of Class I Common Shares then outstanding.

Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Distributions</u>.

Section 5.4.1&nbsp;&nbsp;&nbsp;&nbsp; The Board may from time to time authorize or cause the Trust to declare and pay to Shareholders such dividends or other Distributions in cash or other assets of the Trust or in securities of the Trust, including in Shares of one class payable to holders of Shares of another class, or from any other source as the Board in its sole discretion shall determine, and the amount of such dividends or other Distributions may vary between the classes or series of Shares. The Board shall endeavor to authorize the Trust to declare and pay such dividends and other Distributions as shall be necessary for the Trust to qualify as a REIT under the Code and to avoid the imposition of any U.S. federal or state income or excise taxes on the Trust; *provided, however*, Shareholders shall have no right to any dividend or other Distribution unless and until authorized by the Board and declared by the Trust. Before payment of any dividends or other Distributions, there may be set aside out of any funds of the Trust available for dividends or other Distributions such amounts as the Board may from time-to-time reserve for any Trust purpose, and the Board may modify or abolish any such reserve. Each dividend or other Distribution pursuant to this <u>Section 5.4.1</u> to the Shareholders of a particular class or series of Shares shall be made ratably according to the number of Shares of such class or series held by each Shareholder on the applicable record date thereof, provided that no dividend or other Distribution need be made on Shares purchased pursuant to orders received, or for which payment is made, after such time or times as the Trustees may determine. Shareholders shall have no right to any dividend or other Distribution unless and until authorized by the Board and declared by the Trust, and then only at the time and in the amount and form authorized by the Board. Any action by the Board to cause the Trust to declare or pay any dividend or other Distribution shall be conclusive evidence of the authorization by the Board of such dividend or other Distribution. The exercise of the powers and rights of the Board pursuant to this <u>Section 5.4</u> shall be subject to the provisions of any class or series of Shares at the time outstanding. The receipt by any Person in whose name any Shares are registered on the records of the Trust or by his, her or its duly authorized agent shall be a sufficient discharge for all dividends or other Distributions payable or deliverable in respect of such Shares and from all liability to see to the application thereof.

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Other than Distributions pursuant to a program or programs by which the Trust voluntarily repurchases shares from its Shareholders or as otherwise set forth in this Declaration, each Shareholder of a class or series of Shares shall be treated the same with respect to Distributions as every other Shareholder of that class or series.

Distributions in respect of any Common Shares will generally be made on all classes of Common Shares at the same time. The per share amount of Distributions on each class of Common Shares will likely differ because of adjustment for class-specific items such as Ongoing Servicing Fees, management fees and performance fees (each as described in the Memorandum). The Trust expects to use the "record share" method of determining the per share amount of Distributions on each class of Common Shares, although the Board may choose any other method. The "record share" method is one of several distribution calculation methods for multiple-class funds recommended, but not required, by the American Institute of Certified Public Accountants. Under this method, the amount to be distributed on Common Shares is increased by the sum of all class-specific Ongoing Servicing Fees, and as applicable, any class-specific management fees and/or class-specific performance fees, for such period. Such amount is divided by the number of Common Shares outstanding on the record date. Such per share amount is reduced for each class of Common Shares by the per share amount of any class-specific Ongoing Servicing Fees, and as applicable, any class-specific management fees and/or class-specific performance fees attributable to such class, if applicable.

Section 5.4.2&nbsp;&nbsp;&nbsp;&nbsp; At all times that the Trust is not "publicly offered" within the meaning of Section 562(c)(2) of the Code (as determined by the Board), all of the Common Shares shall be entitled to receive a pro rata portion of any gross Distribution in respect of any Common Shares, except that Ongoing Service Fees related solely to a particular class shall be borne by that class and shall be appropriately reflected (in a manner determined by the Board) in the NAV, dividends, Distribution and liquidation rights of the Shares of that class. Following the time that, and for so long as, the Trust is "publicly offered" within the meaning of Section 562(c)(2) of the Code (as determined by the Board), Distributions shall be permitted in such other relative amounts as are permitted by this Declaration and authorized by the Board. The Distributions to the Shareholders, including any differences in Distributions between different classes or series, are intended to be made in a manner that does not cause any Distribution by the Trust to be a "preferential dividend" within the meaning of Section 562(c)(1) of the Code (and, in furtherance of the foregoing, it is intended that, for so long as the Trust is not "publicly offered" within the meaning of Section 562(c)(2) of the Code, all Distributions to the Common Shares shall be made pro rata in accordance with the number of Common Shares held except for differences due solely to shareholder services fees actually paid with respect to each class to the extent such differences would be permitted in accordance with the principles of Revenue Procedure 99-40), and this Declaration shall be interpreted in a manner consistent therewith. In the event that the Board determines that any amendment to this Declaration or other action to adjust the distribution rights set forth in this Declaration is required in order to ensure that Distributions made by the Trust are not "preferential dividends" (including, if applicable, with respect to any Preferred Shares authorized and issued after the date hereof), the Board may make such amendment or take such other action without Shareholder approval.

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Section 5.4.3&nbsp;&nbsp;&nbsp;&nbsp; If the Board determines that consent dividends (within the meaning of Section 565 of the Code) with respect to a taxable year are necessary or appropriate to ensure or maintain the qualification of the Trust as a REIT for U.S. federal income tax purposes; to avoid the imposition of any U.S. federal income or excise tax; or for any other reason, the Board may require the holders of Common Shares and any other Persons to take any and all actions necessary or appropriate under the Code, any regulations promulgated thereunder, any court decision or any administrative interpretations of the U.S. Department of Treasury (including any U.S. Internal Revenue Service forms or other forms) to declare consent dividends sufficient to maintain REIT qualification and avoid U.S. federal income or excise tax or otherwise.

Section 5.4.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Withholding</u>. Notwithstanding any other provision of this Declaration, the Board may take any action that it determines to be necessary or appropriate to cause the Trust to comply with any withholding requirements established under any U.S. federal, state or local tax law, including withholding amounts from any distribution to be made to any Shareholder. Any amounts required to be withheld under any such law by reason of the status of, or any action or failure to act (other than an action or failure to act pursuant to this Declaration) by, any Shareholder shall be withheld from distributions otherwise to be made to such Shareholder, and, to the extent such amounts exceed such distributions, such Shareholder shall pay the amount of such excess to the Trust in the manner and at the time or times required by the Board. For purposes of this Declaration, any amount withheld from a distribution to a Shareholder and paid to a governmental body shall be treated as if distributed to such Shareholder.

Section 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Rights</u>. Except as may otherwise be specified in the terms of any class or series of Shares or as provided herein, each Share shall entitle the holder thereof to one vote on each matter upon which holders of Shares are entitled to vote. Except to the extent that the Trust directly or indirectly owns Shares in a fiduciary capacity, neither the Trust nor any entity of which the Trust is entitled to exercise a majority of the outstanding voting power may vote on any matter, and Shares held by the Trust or any such entity shall not be counted in determining the total number of votes entitled to be cast on any matter or at any time. Subject to the terms of any class or series of Shares then outstanding limiting or expanding the voting rights of such Shares, Shareholders shall be entitled to vote only on the following matters:

&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;(a) the removal of a Trustee for Cause and the election of a successor Trustee as provided in <u>ARTICLE VII</u>; *provided*, that if the Trustee so removed was designated by Fortress pursuant to <u>Section 7.2.1</u>, then Fortress shall have the exclusive right to designate a successor Trustee for election to the Board;

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&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;(b) in the event that there are no Trustees, the election of Trustees;

&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;(c) the amendment of this Declaration, to the extent provided in <u>Section 11.3</u>;

&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;(d) the merger, consolidation or conversion of the Trust or the transfer of all or substantially all of its assets, to the extent provided in <u>Section 12.1</u>; and

&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;(e) such other matters that the Board has submitted to the Shareholders for approval or ratification.

Except with respect to the foregoing matters, no action taken by the Shareholders shall in any way bind the Trust or the Board. Unless a different proportion is specified in the Certificate of Trust, this Declaration or the Bylaws (and notwithstanding any different proportion of votes that may be specified in the MSTA to approve any matter), the affirmative vote of a plurality of the total votes cast in the election of a Trustee shall be sufficient to elect any Trustee, and the affirmative vote of a majority of the votes cast at a meeting of Shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter that may properly come before the Shareholders at such meeting. There shall be no requirement to hold an annual meeting of the Shareholders in any year.

Section 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Classified or Reclassified Shares</u>. Prior to the issuance of classified or reclassified Shares of any class or series the Board shall, without any action by the Shareholders, amend or supplement this Declaration, including any exhibit or schedule thereto, to: (a) designate that class or series to distinguish it from all other classes and series of Shares; (b) specify the number (or an unlimited number) of Shares to be included in the class or series; and (c) set or change, subject to the provisions of <u>ARTICLE VI</u> and subject to the express terms of any class or series of Shares outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other Distributions, qualifications and terms and conditions of redemption for each such class or series. Any of the terms of any class or series of Shares set or changed pursuant to this <u>Section 5.6</u> may be made dependent upon facts or events ascertainable outside this Declaration (including determinations by the Board or other facts or events within the control of the Trust) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of Shares is clearly and expressly set forth in an amendment to this Declaration.

Section 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certificate of Trust, Declaration and Bylaws</u>. The rights of all Shareholders and the terms of all Shares are subject to the provisions of the Certificate of Trust, this Declaration and the Bylaws.

Section 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Divisions and Combinations of Shares</u>. Subject to an express provision to the contrary in the terms of any class or series of Shares hereafter authorized, the Board shall have the power to divide or combine the outstanding Shares of any class or series of Shares, without a vote of Shareholders. The Board may amend this Declaration, without any action by the Shareholders, to effect any such division or combination of outstanding Shares.

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Section 5.9<u>No Issuance of Share Certificates</u>. Unless otherwise provided by the Board, the Trust shall not issue share certificates. A Shareholder's investment shall be recorded on the books of the Trust. To Transfer his, her or its Shares, a Shareholder shall submit an executed form to the Trust, which form shall be provided by the Trust upon request. Such Transfer will also be recorded on the books of the Trust. Upon issuance or Transfer of Shares, the Trust will provide the Shareholder with information concerning his, her or its rights with regard to such Shares, as required by the Bylaws and the MSTA or other applicable law. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each class and series and as to the number of Shares of each class and series held from time to time by each Shareholder.

Section 5.10&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Preemptive Rights and Appraisal Rights; Derivative Claims</u>. Except as may be provided by the Board in setting the terms of classified or reclassified Common Shares or Preferred Shares pursuant to <u>Section 5.6</u> or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such holder, have any preemptive right to purchase or subscribe for any additional Shares or any other security that the Trust may issue or sell. Shareholders shall not be entitled to exercise any appraisal or dissenter's rights or any rights analogous to those of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL, unless the Board, upon such terms and conditions as may be specified by the Board, shall determine that such rights apply, with respect to all or any classes or series of Shares, to one or more transactions occurring after the date of such determination in connection with which holders of such Shares would otherwise be entitled to exercise such rights. A Shareholder shall not be entitled to recover a judgement in favor of the Trust, assert a claim in the name of the Trust, or bring any action that is derivative in nature without the approval of the Board.

Section 5.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Repurchase of Shares</u>. The Board may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from its Shareholders.

Section 5.12&nbsp;&nbsp;&nbsp;&nbsp; <u>Distribution Reinvestment Plans</u>. The Board may establish, from time to time, a Distribution reinvestment plan or plans.

Section 5.13&nbsp;&nbsp;&nbsp;&nbsp; <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this Declaration and the Bylaws. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration and the Bylaws and to have become a party hereto and thereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares afford Shareholders the status of partners of the Trust. For the avoidance of doubt, Shareholders shall have no rights, privileges, claims or remedies under any contract or agreement entered into by the Trust with any service provider or other agent to or contractor with the Trust, including any third-party beneficiary rights, except as may be expressly provided in any such contract or agreement. Neither the Trust nor any Trustee, nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholder, nor except as specifically provided herein or in the Bylaws to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. Each Share, whether or not evidenced by a certificate, shall constitute a "security" within the meaning of, and governed by, (i) Article 8 of the Maryland Uniform Commercial Code (including Section 8-102(a)(l5) thereof) as in effect and as it may be amended or superseded from time to time, and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995 or any successor uniform act or law in effect in the State of Maryland from time to time.

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Section 5.14&nbsp;&nbsp;&nbsp;&nbsp; <u>Small Accounts</u>. The Board may establish, from time to time, one or more minimum account sizes for Shareholder accounts, which may differ within and among any classes or series of Shares, and may impose account fees on (which may be satisfied by involuntarily redeeming the requisite number of Shares in any such account in the amount of such fee), or require the involuntary redemption of Shares held in, those accounts the NAV of which for any reason falls below such established minimum account sizes, or may authorize the Trust to convert any such Shares in such account to Shares of another class or series, or take any other such action with respect to minimum account sizes as may be deemed necessary or appropriate by the Board, in each case upon such terms as shall be established by the Board.

Section 5.15&nbsp;&nbsp;&nbsp;&nbsp; <u>FCR Management Agreement</u>. Notwithstanding anything in the FCR Management Agreement or this Declaration to the contrary, for so long as the FCR Management Agreement is in effect, (a) an Adviser Change of Control, (b) any amendment to Section 9 of the FCR Management Agreement that adversely impacts the contract rights of outstanding Class B Common Shares with respect to the payment of management fees or performance fees, and (c) any amendment to Section 10(f) of the FCR Management Agreement, shall, in each case, require the approval of the holders of a majority of the outstanding Class B Common Shares, voting separately as a class.

#### ARTICLE VI

#### RESTRICTIONS ON TRANSFER AND OWNERSHIP OF SHARES
Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Ownership of Shares</u>.

Section 6.1.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Ownership Limitations</u>.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Basic Restrictions</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; During the period commencing on the Initial Date and prior to the Restriction Termination Date, no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares in excess of the Ownership Limit.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; During the period commencing on the Initial Date and prior to the Restriction Termination Date, no Excepted Holder shall Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit (if any) applicable to such Excepted Holder.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; During the period commencing on the date hereof and prior to the Restriction Termination Date, no Person shall Beneficially Own or Constructively Own Shares to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust failing to qualify for taxation as a REIT, including such Beneficial Ownership or Constructive Ownership that would result in the Trust (x) being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (y) owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust (or its subsidiaries) from such tenant would cause the Trust (or its subsidiaries) to fail to satisfy any of the gross income requirements of Section 856(c) of the Code.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 6.4</u>, during the period commencing on the Initial Date and prior to the Restriction Termination Date, notwithstanding any other provisions contained herein, any Transfer of Shares (whether or not such Transfer is the result of a transaction entered into through the facilities of a National Securities Exchange or automated inter-dealer quotation system) that, if effective, would result in Shares being Beneficially Owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The number and value of the outstanding Shares (or any class or series thereof) held or owned by any Person (including within the meaning of (A) Section 542(a)(2) of the Code as modified by Section 856(h) of the Code, or (B) Section 856(d) of the Code) shall be determined by the Board, which determination shall be conclusive for all purposes.

&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfer in Trust or Voided Transfer</u>. If any Transfer of Shares occurs (whether or not such Transfer is the result of a transaction entered into through the facilities of a National Securities Exchange or automated inter-dealer quotation system) which, if effective, would result in any Person Beneficially Owning or Constructively Owning Shares in violation of <u>Section 6.1.1(a)(i)</u>, <u>Section 6.1.1(a)(ii)</u> or <u>Section 6.1.1(a)(iii)</u>, as applicable (any such violation, an "<u>Ownership Violation</u>"), then: (i) that number of Shares, the Beneficial Ownership or Constructive Ownership (as applicable) of which otherwise would cause an Ownership Violation by such Person (rounded upward to the nearest whole share, and such excess shares, as so rounded, the "<u>Excess Shares</u>"), shall be automatically transferred to a Charitable Trust or Charitable Trusts for the benefit of a Charitable Beneficiary, as described in <u>Section 6.3</u>, effective as of the close of business on the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in the Excess Shares; or (ii) if the transfer to the Charitable Trust or Charitable Trusts described in <u>Section 6.1.1(b)(i)</u> would not be effective for any reason to prevent an Ownership Violation, then the Transfer of that number of Shares that otherwise would cause an Ownership Violation by any Person (rounded up to the nearest whole share) shall be void ab initio, in which case the intended transferee shall acquire no rights in the Excess Shares.

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To the extent that, upon a transfer of Shares pursuant to this <u>Section 6.1.1(b)</u>, a violation of any provision of this <u>ARTICLE VI</u> would nonetheless be continuing (for example where the ownership of Shares by a single Charitable Trust would violate the 100 shareholder requirement applicable to REITs), then Shares shall be transferred to that number of Charitable Trusts, each having a distinct Charitable Trustee and a Charitable Beneficiary or Beneficiaries that are distinct from those of each other Charitable Trust, such that there is no violation of any provision of this <u>ARTICLE VI</u>.

In determining which Shares are to be transferred to a Charitable Trust in accordance with this <u>Section 6.1.1</u> and <u>Section 6.2</u>, Shares shall be so transferred to a Charitable Trust in such manner that minimizes the aggregate value of the Shares that are transferred to the Charitable Trust (except to the extent that the Board determines that the Shares transferred to the Charitable Trust shall be those directly or indirectly held or Beneficially Owned or Constructively Owned by a Person or Persons that caused or contributed to the application of this <u>Section 6.1.1</u>, and to the extent not inconsistent therewith, on a pro rata 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Cooperation</u>. The Shareholder that would otherwise constitute a Prohibited Owner absent the application of the provisions of <u>Section 6.1.1(b)</u> shall use best efforts and take all actions necessary or requested by the Trust to cooperate with effecting the actions taken by the Board pursuant to <u>Section 6.1.1(b)</u>, including informing the Trust where and by whom any Excess Shares may be held and instructing its agents to cooperate in the prompt implementation and effectuation of the actions so taken by the Board.

Section 6.1.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Remedies for Breach</u>. If the Board shall at any time determine that a Transfer or other event has taken place that results in a violation of <u>Section 6.1.1</u> or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares that would result in a violation of <u>Section 6.1.1</u> (whether or not such violation is intended), the Board may take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including causing the Trust to redeem Shares, refusing to give effect to such Transfer on the books of the Trust or the Trust's transfer agent or instituting proceedings to enjoin such Transfer or other event; *provided, however*, that any Transfer or attempted Transfer in violation of <u>Section 6.1.1(a)</u> (or other event that results in a violation of <u>Section 6.1.1(a)</u>) shall automatically result in the transfer to a Charitable Trust as described above, or, if applicable, shall be void ab initio as provided above irrespective of any action (or non-action) by the Board. Such Person shall be liable, for all costs incurred in connection therewith, including the costs and expenses of the Charitable Trustee. This <u>Section 6.1.2</u> shall not in any way limit the provisions of <u>Section 6.1.1(b)</u>.

Section 6.1.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice of Restricted Transfer</u>. Any Person that acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of Shares that will or may violate <u>Section 6.1.1(a)</u>, or any Person that would have owned Excess Shares, shall immediately give written notice to the Trust of such event, or in the case of such a proposed or attempted transaction, shall give at least 15 days prior written notice to the Trust and provide to the Trust such other information as the Trust may request.

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Section 6.1.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Owners Required to Provide Information</u>. Every Person that is a Beneficial Owner or Constructive Owner of 5% or more (or such lower percentage as required by the Code) of any series or any class of outstanding Shares at the time of determination, within 30 days after the end of each taxable year and also within three Business Days after a request from the Trust, shall give written notice to the Trust stating the name and address of such owner, the number of Shares Beneficially Owned and (if requested by the Trust) Constructively Owned by it, and a description of the manner in which such Shares are held; *provided* that a Shareholder that holds Shares as nominee for another Person, which other Person is required to include in gross income the Distributions received on such Shares (an "<u>Actual Owner</u>"), shall give written notice to the Trust stating the name and address of such Actual Owner and the number of Shares of such Actual Owner with respect to which the Shareholder is the nominee. Each Person that is a Beneficial Owner or Constructive Owner of Shares and each Person (including the Shareholder) that is holding Shares for a Beneficial Owner or Constructive Owner shall provide in writing to the Trust such information as the Trust may request in order to determine the Trust's qualification for taxation as a REIT and the Trust's compliance with other applicable laws or requirements of any governmental authority and to comply with the requirements of any taxing authority or other governmental authority or to determine such compliance.

Section 6.1.5&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Ambiguity</u>. In the case of an ambiguity in the application of any of the provisions of this <u>ARTICLE VI</u> (or any definition relevant thereto), the Board shall have the power to determine the application of the provisions of this <u>ARTICLE VI</u> with respect to any situation based on the facts known to it. In the event this <u>ARTICLE VI</u> requires an action by the Board and this Declaration fails to provide specific guidance with respect to such action, the Board shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of <u>Section 6.1</u> or <u>Section 6.2</u>. Absent a decision to the contrary by the Board (which the Board makes in its sole and absolute discretion), if a Person would have (but for the remedies set forth in <u>Section 6.1.2</u>) acquired Beneficial Ownership or Constructive Ownership of Shares in violation of <u>Section 6.1.1</u>, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of Shares held by each such Person.

Section 6.1.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Exceptions</u>.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 6.1.1(a)(iii)</u>, the Board, in its sole discretion, may exempt (prospectively or retroactively) any Person from any of the ownership limitations set forth in <u>Section 6.1.1(a)</u> and establish, increase, or decrease an Excepted Holder Limit for such Person if: (A) such Person provides to the Board, for the benefit of the Trust, such representations and undertakings, if any, as the Board may, in its sole discretion, determine to be necessary or advisable in order for it to make the determination that the Beneficial Ownership or Constructive Ownership of Shares by such Person in excess of the Ownership Limit will not now or in the future jeopardize the Trust's ability to qualify for taxation as a REIT under the Code and (B) such Person agrees that any violation of such representations and undertakings or any attempted violation thereof will give rise to the application of the remedies set forth in <u>Section 6.1.1(b)</u> and <u>Section 6.1.2</u> with respect to Shares held in excess of the Ownership Limit or the Excepted Holder Limit (as may be applicable) with respect to such Person.

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&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior to granting any exception pursuant to <u>Section 6.1.6(a)</u>, the Board may require a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the Trust's qualification for taxation as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board may impose such conditions or restrictions as it deems necessary, appropriate or desirable in connection with granting such exemption or waiver or creating any Excepted Holder Limit.

&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An underwriter or initial purchaser that participates in a public offering, a private placement or a forward sale or distribution of Shares (or securities convertible into or exchangeable for Shares) may Beneficially Own or Constructively Own Shares (or securities convertible into or exchangeable for Shares) in excess of the Ownership Limit or the limitations in <u>Section 6.1.1(a)(i)</u> or <u>(ii)</u>, but only to the extent necessary to facilitate such public offering, private placement or forward sale or distribution as determined by the Board.

&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;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with the written consent of such Excepted Holder at any time, or (2) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less than the Aggregate Share Ownership Limit.

Section 6.1.7&nbsp;&nbsp;&nbsp;&nbsp; <u>Increase or Decrease in Ownership Limit</u>. Subject to <u>Section 6.1.1(a)(iii)</u>, the Board may from time to time increase or decrease the Ownership Limit (or any portion thereof) for one or more Persons and increase or decrease the Ownership Limit (or any portion thereof) for all other Persons; *provided, however*, that (i) any such decreased Ownership Limit (or portion thereof) will not be effective for any Person whose ownership in Shares is in excess of the decreased Ownership Limit (or portion thereof) until such time as such Person's ownership in Shares equals or falls below the decreased Ownership Limit (or such decreased portion thereof), but any further Transfers of any Shares resulting in such Person's Beneficial Ownership or Constructive Ownership thereof creating an increased excess over the decreased Ownership Limit (or portion thereof) will be in violation of the decreased Ownership Limit (or portion thereof); and (ii) any new Ownership Limit (or portion thereof) would not result in the Trust being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) if five unrelated individuals were to Beneficially Own the five largest amounts of Shares permitted to be Beneficially Owned under such new Ownership Limit, taking into account clause (i) of this proviso permitting ownership in excess of the decreased Ownership Limit (or portion thereof) in certain cases.

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Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfer of Shares</u>.

Section 6.2.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Ownership in Charitable Trust</u>. Upon any purported Transfer or other event described in <u>Section 6.1.1(b)</u> that results in a transfer of Shares to a Charitable Trust, such Shares shall be deemed to have been transferred to the Charitable Trustee as trustee or trustees, as applicable, of a Charitable Trust for the exclusive benefit of one or more Charitable Beneficiaries (except to the extent otherwise provided in <u>Section 6.2.5</u>). Such transfer to the Charitable Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Charitable Trust pursuant to <u>Section 6.1.1(b)</u>. Any Charitable Trustee shall be appointed by the Trust and shall be a Person meeting the qualifications set forth in the definition thereof. Each Charitable Beneficiary shall be designated by the Trust as provided in <u>Section 6.2.7</u>.

Section 6.2.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Status of Shares Held by a Charitable Trustee</u>. Shares held in trust by a Charitable Trustee shall be issued and outstanding Shares of the Trust. Except to the extent otherwise provided in this <u>Section 6.2</u>, the Prohibited Owner shall:

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; have no rights in the Shares held in trust by the Charitable Trustee;

&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not benefit economically from ownership of any Shares or other property held in trust by the Charitable Trustee;

&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; have no rights to dividends or other Distributions with respect to Shares held in trust by the Charitable Trustee;

&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;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not possess any rights to vote or other rights attributable to the Shares held in trust by the Charitable Trustee; and

&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;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; have no claim, cause of action or other recourse whatsoever against the purported transferor of such Shares held in trust by the Charitable Trustee.

Section 6.2.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Dividend and Voting Rights</u>. The Charitable Trustee shall have all voting rights and rights to dividends or other Distributions with respect to Shares held in trust by the Charitable Trustee, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary (except to the extent otherwise provided in <u>Section 6.2.5</u>). Any dividend or other Distribution paid with respect to any Shares which constituted Excess Shares at such time and prior to the discovery by the Trust that the Shares have been transferred to the Charitable Trustee shall be paid by the Prohibited Owner to the Charitable Trustee upon demand and any dividend or other Distribution authorized but unpaid with respect to such Shares shall be paid when due to the Charitable Trustee. Any dividends or other Distributions so paid to the Charitable Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to shares held in trust by the Charitable Trustee and, effective as of the date that Shares have been transferred to the Charitable Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee's discretion) (a) to rescind as void any vote cast by a Prohibited Owner with respect to such Shares at any time such Shares constituted Excess Shares with respect to such Prohibited Owner and (b) to recast such vote in accordance with the desires of the Charitable Trustee acting for the benefit of the Charitable Beneficiary; *provided, however*, that if the Trust has already taken irreversible action, as determined by the Board, then the Charitable Trustee shall not have the power to rescind and recast such vote. Notwithstanding the provisions of this <u>ARTICLE VI</u>, until the Trust has received notification that Shares have been transferred into a Charitable Trust, the Trust shall be entitled to rely on its share transfer and other shareholder records for purposes of preparing lists of Shareholders entitled to vote at meetings, determining the validity and authority of proxies, and otherwise conducting votes of Shareholders.

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Section 6.2.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Rights upon Liquidation</u>. Upon any voluntary or involuntary liquidation, dissolution or winding up of or any distribution of the assets of the Trust, the Charitable Trustee shall be entitled to receive, ratably with each other holder of Shares of the class or series of Shares that is held in trust by the Charitable Trustee, that portion of the assets of the Trust available for distribution to the holders of such class or series (determined based upon the ratio that the number of shares of such class or series of Shares held in trust by the Charitable Trustee bears to the total number of shares of such class or series of Shares then outstanding). The Charitable Trustee shall distribute any such assets received in respect of the Shares held in trust by the Charitable Trustee in any liquidation, dissolution or winding up or distribution of the assets of the Trust, in accordance with <u>Section 6.2.5</u>.

Section 6.2.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Sale of Shares by Charitable Trustee</u>. Unless otherwise directed by the Board, as soon as reasonably practicable after receiving notice from the Trust that Shares have been transferred to the Charitable Trust (and no later than 20 days after receiving notice in the case of Shares that are listed or admitted to trading on any National Securities Exchange), the Charitable Trustee shall sell the Shares held in trust by the Charitable Trustee (together with the right to receive dividends or other Distributions with respect to such Shares as to any Shares transferred to the Charitable Trustee as a result of the operation of <u>Section 6.1.1(b)</u>) to a Person, designated by the Charitable Trustee, whose ownership of the Shares will not violate the ownership limitations set forth in <u>Section 6.1.1(a)</u>. Upon such sale, the interest of the Charitable Beneficiary in the Shares sold shall terminate. Upon any such sale, the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this <u>Section 6.2.5</u>. A Prohibited Owner shall receive the lesser of (a) the price paid by the Prohibited Owner for the Shares or, if the Prohibited Owner did not give value for the Shares in connection with the event causing the Shares to become Excess Shares (for example, in the case of a gift, devise or other such transaction), the Market Price of the Shares on the day of the event causing the Shares to become Excess Shares and (b) the proceeds received by the Charitable Trustee (net of any expenses of the Charitable Trustee and the Trust) from the sale or other disposition of the Shares held in trust by the Charitable Trustee. The Charitable Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends or other Distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to <u>Section 6.2.3</u>. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be paid to the Charitable Beneficiary, less the costs and expenses of the Charitable Trustee and the Trust. If, prior to the discovery by the Trust that Shares have been transferred to the Charitable Trustee, such Shares are sold by a Prohibited Owner, then (a) such Shares shall be deemed to have been sold on behalf of the Charitable Trust and (b) to the extent that the Prohibited Owner received an amount for such Shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this <u>Section 6.2.5</u>, such excess shall be paid promptly to the Charitable Trustee upon demand.

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Section 6.2.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Trust's Purchase Right in Excess Shares</u>. Notwithstanding any transfer of Excess Shares to a Charitable Trust pursuant to this <u>ARTICLE VI</u>, Excess Shares shall be deemed to have been offered for sale to the Trust, or its designee, at a price per share equal to the lesser of (a) the price per share in the transaction that resulted in such Shares becoming Excess Shares (or, if the Prohibited Owner did not give value for such Shares, such as in the case of a gift, devise or other such transaction, the Market Price per Share on the day of the event causing the Shares to become Excess Shares) and (b) the Market Price per share on the date the Trust, or its designee, accepts such offer. The Trust may reduce the amount payable to the Prohibited Owner by the amount of dividends and Distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to <u>Section 6.2.3</u>. The Trust may pay the amount of such reduction to the Charitable Trustee for the benefit of the Charitable Beneficiary. The Trust shall have the right to accept such offer until the Charitable Trustee, if any, has sold the Shares held in trust by the Charitable Trustee, if any, pursuant to <u>Section 6.2.5</u>. Upon such a sale to the Trust, if a Charitable Trust has been established pursuant to this <u>ARTICLE VI</u>, the interest of the Charitable Beneficiary in the Shares sold shall terminate. The Charitable Trustee shall distribute the net proceeds of the sale in accordance with <u>Section 6.2.5</u>.

Section 6.2.7&nbsp;&nbsp;&nbsp;&nbsp; <u>Designation of Charitable Beneficiaries</u>. By written notice to the Charitable Trustee, the Trust shall designate from time to time one or more Charitable Beneficiaries of the Charitable Trust such that Shares held in trust by the Charitable Trustee would not violate the restrictions set forth in <u>Section 6.1.1(a)</u> in the hands of such Charitable Beneficiary. The Charitable Beneficiary shall not obtain any enforceable right to the Charitable Trust or any of its trust corpus until so designated and thereafter any such rights remain subject to the provisions of this <u>ARTICLE VI</u>, including <u>Section 6.3</u>. Neither the failure of the Trust to make such designation nor the failure of the Trust to appoint the Charitable Trustee before the automatic transfer provided for in <u>Section 6.1.1(b)</u> shall make such transfer ineffective, provided that the Trust thereafter makes such designation and appointment. The Trust may, in its sole discretion, designate a substitute or additional nonprofit organization as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Trust with respect to the application of this <u>ARTICLE VI</u> shall be binding on each Charitable Beneficiary.

Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Retroactive Changes</u>. Notwithstanding any other provisions of this <u>ARTICLE VI</u>, the Board is authorized and empowered to retroactively amend, alter or repeal any rights which the Charitable Trust, the Charitable Trustee or the Charitable Beneficiary may have under this <u>ARTICLE VI</u>, including, granting retroactive Excepted Holder status to any otherwise Prohibited Owner, with the effect of any transfer of Excess Shares to a Charitable Trust being fully and retroactively revoked; *provided, however*, that the Board shall not have the authority or power to retroactively amend, alter or repeal any obligations to pay amounts incurred prior to such time and owed or payable to the Charitable Trustee.

Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transactions on a National Securities Exchange</u>. Nothing in this <u>ARTICLE VI</u> shall preclude the settlement of any transaction entered into through the facilities of a National Securities Exchange or any automated inter-dealer quotation system. The fact that the settlement of any transaction takes place shall not negate the effect of any other provision of this <u>ARTICLE VI</u> and any transferee in such a transaction shall be subject to all of the provisions and limitations set forth in this <u>ARTICLE VI</u>.

Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Authority and Enforcement</u>. The Board shall have all power and authority necessary or advisable to implement the provisions of this <u>ARTICLE VI</u>. The Trust is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this <u>ARTICLE VI</u>. Nothing contained in this <u>ARTICLE VI</u> shall limit the authority of the Board to take such other action as it deems necessary or advisable to protect the Trust and the interests of its Shareholders in preserving the Trust's qualification for taxation as a REIT.

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Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Waiver</u>. No delay or failure on the part of the Trust or the Board in exercising any right hereunder shall operate as a waiver of any right of the Trust or the Board, as the case may be, except to the extent specifically waived in writing.

Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Enforceability</u>. If any of the restrictions on Transfer of Shares contained in this <u>ARTICLE VI</u> are determined to be void, invalid or unenforceable by any court of competent jurisdiction, then, to the maximum extent permitted by law, the Prohibited Owner may be deemed, at the option of the Trust, to have acted as an agent of the Trust in acquiring such Shares and to hold such Shares on behalf of the Trust.

Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Continued Effect</u>. The provisions of this <u>ARTICLE VI</u> shall continue in full force and effect indefinitely, regardless of whether or not the Trust qualifies as a REIT.

Section 6.9&nbsp;&nbsp;&nbsp;&nbsp; <u>Legend</u>. Each certificate for Shares, if any, shall bear a legend describing the restrictions on transferability of Shares contained herein or, instead of a legend, the certificate may state that the Trust will furnish a full statement about certain restrictions on transferability to a Shareholder on request and without charge.

#### ARTICLE VII

#### BOARD OF TRUSTEES
Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number of Trustees; Term</u>.

Section 7.1.1&nbsp;&nbsp;&nbsp;&nbsp; The business and affairs of the Trust shall be managed under the direction of the Board. The number of Trustees of the Trust (collectively, the "<u>Trustees</u>" and each, a "<u>Trustee</u>") shall be set by resolution of the Board from time to time, which number may be increased or decreased from time to time by further resolution of the Board in accordance with the Bylaws; *provided*, that a decrease may not shorten the term of any incumbent Trustee. The names of the current Trustees who shall serve until their resignation, removal, death or adjudication of legal incompetence or until the election and qualification of their successor are:

Timothy Sloan

David Saeta

James B. Perry

David Weber

Section 7.1.2&nbsp;&nbsp;&nbsp;&nbsp; Trustees shall serve until their resignation, removal, death or adjudication of legal incompetence or until the election and qualification of their successor.

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Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Vacancies; Removal; Fortress Designation</u>.

Section 7.2.2&nbsp;&nbsp;&nbsp;&nbsp; Shareholders have the power, without the concurrence of the Trustees, to remove a Trustee from the Board but only for Cause, and only by the affirmative vote of two-thirds (2/3) of the Shares entitled to vote on the matter as set forth in <u>Section 5.5</u>. In addition, any Trustee may be removed, at any time, but only for Cause, by written instrument, signed by a majority of the Trustees, specifying the date when such removal shall become effective. As used in this <u>Section 7.2.2</u>, "<u>Cause</u>" shall mean, with respect to any particular Trustee, conviction of (or plea of guilty or no contest to) a felony or a final judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable, material harm to the Trust through bad faith or active and deliberate dishonesty. A vacancy on the Board resulting from removal by the Shareholders may be filled only by the Shareholders in the manner set forth in <u>Section 5.5</u>.

Section 7.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Resignation</u>. Any Trustee may resign or retire as a Trustee by an instrument in writing signed by such Trustee and delivered to the secretary of the Trust (including by electronic transmission), and such resignation or retirement shall be effective upon such delivery, or at a later date according to the terms of the instrument. A Trustee judged incompetent or for whom a guardian or conservator has been appointed shall be deemed to have resigned as of the date of such adjudication or appointment.

Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effect of Death, Resignation, etc. of a Trustee</u>. The death, resignation, retirement, removal, disqualification or incapacity of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration. Until vacancies are filled, the remaining Trustee or Trustees may exercise the powers of the Trustees hereunder.

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Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Powers.</u>

Section 7.5.1&nbsp;&nbsp;&nbsp;&nbsp; Subject to any express limitations contained in the MSTA, the Certificate of Trust, this Declaration, the Bylaws or any non-waivable provision of applicable law, (a) the business and affairs of the Trust shall be managed under the direction of the Board, (b) the Board shall have full, exclusive and absolute power, control and authority over the business and affairs of the Trust and assets of the Trust, and no Shareholder shall have any right to participate in or exercise control or management power over the business and affairs of the Trust and (c) the Board shall have the exclusive power to take or authorize any action within the powers of the Trust under the MSTA, the Certificate of Trust, this Declaration and the Bylaws, including the power to authorize or approve any action that would otherwise require the approval of one or more Shareholders under the MSTA. The Board may take any action as in its sole judgment and discretion is necessary or appropriate to conduct the business and affairs of the Trust. This Declaration shall be construed with the presumption in favor of the grant of power and authority to the Board. The enumeration and definition of particular powers of the Trustees included in this Declaration or in the Bylaws shall in no way be construed or deemed by inference or otherwise in any manner to exclude or limit the powers conferred upon the Board under the general laws of the State of Maryland or any other applicable laws. Any determination regarding any matter within the powers of the Board or any construction of the Certificate of Trust, this Declaration or the Bylaws (including any construction of the Certificate of Trust or this Declaration regarding the scope of the powers of the Board) made in good faith by the Board shall be final, conclusive and binding upon the Trust and the Shareholders.

Section 7.5.2&nbsp;&nbsp;&nbsp;&nbsp; Without limiting the foregoing, the Board, without any action by or approval of the Shareholders, shall have and may exercise, on behalf of the Trust, the power to: (a) adopt, amend and repeal the Bylaws, which may contain any provisions not inconsistent with the MSTA, the Certificate of Trust or this Declaration; (b) elect or appoint officers or other agents of the Trust in the manner provided in the Bylaws; (c) solicit proxies from Shareholders; (d) authorize the issuance of Shares in one or more classes and series; (e) authorize the declaration and payment of distributions; (f) cause the Trust to elect to qualify as a REIT and take such actions as may be necessary or appropriate to maintain such qualification; (g) cause the Trust to cease to qualify, or attempt to qualify, as a REIT; (h) determine that compliance with any restriction or limitation on ownership or Transfer of Shares set forth in <u>ARTICLE VI</u> of this Declaration is no longer required for the Trust to qualify as a REIT; and (i) do any other act and authorize the Trust to do any other act or enter into any agreement or other document necessary or appropriate to exercise the powers or effectuate the purposes of the Trust.

Section 7.5.3&nbsp;&nbsp;&nbsp;&nbsp; Any action to be taken by the Board may be taken within or without the State of Maryland.

Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Determinations by Board</u>. The determination as to any of the following matters by or pursuant to the direction of the Board and consistent with this Declaration, shall be final and conclusive and shall be binding upon the Trust and every Shareholder: the amount of the net income of the Trust for any period and the amount of assets at any time legally available for the payment of dividends, redemption of Shares or the payment of other Distributions to the Shareholders; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the Certificate of Trust or this Declaration (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other Distributions, qualifications or terms or conditions of redemption of any class or series of Shares) or of the Bylaws; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Trust or of any Shares; the number of outstanding Shares at any time or from time to time; the NAV of the Trust allocable to any class or series of Shares; any matter relating to the acquisition, holding or disposition of any assets by the Trust; any interpretation of the terms and conditions of one or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other entity; the compensation of Trustees, officers, employees or agents of the Trust; or any other matter relating to the business and affairs of the Trust or required or permitted by law, this Declaration or otherwise to be determined by the Board.

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Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Committees</u>. The Board may establish such committees as it deems appropriate, in its sole discretion; *provided*, that the majority of the members of each committee are Independent Trustees.

Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>REIT Qualification</u>. If the Trust elects or intends to elect to qualify for federal income tax treatment as a REIT, the Board shall use its reasonable best efforts to take such actions as it determines are necessary or appropriate to preserve the status of the Trust as a REIT; however, if the Board determines that it is no longer in the best interests of the Trust to attempt to, or continue to qualify as a REIT, the Board may revoke or otherwise terminate the Trust's REIT election pursuant to Section 856(g) of the Code. The Board also may determine that compliance with any restriction or limitation on share ownership and Transfers set forth in <u>ARTICLE VI</u> is no longer required for REIT qualification.

Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Legal Title</u>. Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Board may cause legal title to any Trust Property to be held by, or in the name of one or more of the Trustees acting for and on behalf of the Trust, or in the name of any person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate, undivided beneficial interest in the Trust. The Trust, or at the determination of the Board, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities of the Trust issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. In the event that title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his, her or its due election and qualification. Upon the resignation, death or incapacity of a Trustee, he, she, or it shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 7.10&nbsp;&nbsp;&nbsp;&nbsp; <u>ERISA Matters</u>. Notwithstanding any other provision of this Declaration, the Board is authorized to take any action or refrain from taking any action which in its judgment is necessary or desirable to prevent the Trust or any of its assets from being deemed to constitute Plan Assets of any Benefit Plan Investor.

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Section 7.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Consent for Certain Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11.1&nbsp;&nbsp;&nbsp;&nbsp; The Board, without any action by the Shareholders, shall have and may exercise, on behalf of the Trust, without limitation, the power to provide the requisite consent in connection with (i) approvals required under the Investment Advisers Act of 1940, as amended (the "<u>Investment Advisers Act</u>"), including any approvals required under Section 206(3) thereof, or (ii) subject to <u>Section 5.15</u>, any consent to a transaction that would result in any "assignment" (within the meaning of the Investment Advisers Act) with respect to the Adviser, and such approval shall constitute consent of the Shareholders and the Trust for purposes of the Investment Advisers Act. Such consent of the Board may be provided by the vote of a majority of Trustees (including a majority of Independent Trustees). Each Shareholder agrees that, with respect to any Board consent sought by Fortress or its Affiliates relating to any Adviser Agreement, or the arrangements contemplated thereby, such consent shall be binding upon the Trust and each Shareholder. Each Shareholder further agrees that any such consent alternatively may be granted by consent of the Board and, subject to <u>Section 5.15</u>, Shareholders entitled to cast a majority of the votes entitled to be cast on the matter. Notwithstanding anything to the contrary in this Declaration, if (A) the Board waives any conflict of interest or duty of the Adviser or (B) the Adviser acts in a manner, or pursuant to the standards and procedures, consented to by the Board with respect to a conflict of interest, then, in each case, the Adviser and its Affiliates shall not be in breach of any such duty or this Declaration and shall not have any liability to the Trust or the Shareholders for such actions taken in good faith by them.

Without limiting <u>Section 5.15</u>, for purposes of obtaining any required approval or consent under the Investment Advisers Act with respect to a transaction that would result in any "assignment" (within the meaning of the Investment Advisers Act) with respect to the Adviser or any other investment advisory affiliate of the Adviser, Fortress or its Affiliates may request such approval or consent and require a response within a specified reasonable time period (which shall not be less than 45 days), and failure by a Shareholder to respond within such time period shall be deemed to constitute such Shareholder's approval or consent.

#### ARTICLE VIII

#### ADVISER
Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Appointment of Adviser</u>. The Board is responsible for setting the general policies of the Trust and for the general supervision of its business conducted by officers, agents, employees, advisors or independent contractors of the Trust. However, the Board is not required personally to conduct the business of the Trust, and it may (but need not) appoint, employ or contract with any Person (including a Person that is an Affiliate of any Trustee) as an Adviser and may grant or delegate such authority to the Adviser as the Board may, in its sole discretion, deem necessary or desirable. The term of retention of any Adviser shall be determined by a majority of the Board (including a majority of the Independent Trustees).

Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Supervision of Adviser</u>. The Board shall review and evaluate the qualifications of the Adviser before entering into, and shall evaluate the performance of the Adviser before renewing, any Adviser Agreements, and the criteria used in such evaluation shall be reflected in the minutes of the meetings of the Board. The Board may exercise broad discretion in allowing the Adviser to administer and regulate the operations and investment activities of the Trust, to act as agent for the Trust, to execute documents on behalf of the Trust and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser to assure that the administrative procedures, operations and programs of the Trust are in the best interests of the Trust and are fulfilled. The Independent Trustees are responsible for reviewing the performance of the Adviser and approving the compensation paid to the Adviser and its Affiliates. The Independent Trustees may also consider all other factors that they deem relevant, and the findings of the Independent Trustees on each of the factors considered shall be recorded in the minutes of the Board. The Board shall determine whether any successor Adviser possesses sufficient qualifications to perform the advisory function for the Trust and whether the compensation provided for in its contract with the Trust is justified.

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#### ARTICLE IX

#### INVESTMENT POLICIES AND LIMITATIONS
Section 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Review of Investment Policies</u>. The Board shall establish written policies on investments and borrowing. The Board may revise these policies or establish further written policies on investments and borrowings and shall monitor the administrative procedures, investment operations and performance of the Trust to assure that such policies are carried out. The Board, including a majority of the Independent Trustees, may from time to time adopt, amend, revise or terminate any policy or policies with respect to investments by the Trust as it shall deem appropriate in its sole discretion.

Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right of Inspection</u>. Shareholders may, upon reasonable notice and during usual business hours, inspect and copy this Declaration and the Bylaws and all amendments thereto, minutes of the proceedings of the Shareholders, the annual statement of affairs of the Trust and any voting trust agreements on file at the Adviser's principal office.

#### ARTICLE X

#### DUTIES, LIABILITY LIMITATION, INDEMNIFICATION, AND IMPACT OF CORPORATE LAW
Section 10.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties</u>. The duties of the Trustees shall be as expressly provided by this Declaration. To the maximum extent permitted by the MSTA, no Trustee shall have (or be deemed to have) any duties, fiduciary or otherwise, to the Trust, any Shareholder, any other Trustee or any other Person, except that each Trustee shall have a duty to perform his or her obligations as a Trustee under the MSTA, this Declaration and the Bylaws in good faith. A Trustee's act, or failure to act, shall be presumed to satisfy the standards set forth in the preceding sentence. The provisions of this Declaration, to the extent that they restrict or otherwise limit the duties and liabilities of the Trustees otherwise existing under applicable law are agreed by the parties hereto to replace such other duties and liabilities of the Trustees.

Section 10.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation of Liability</u>.

Section 10.2.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation of Shareholder Liability</u>. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Trust by reason of his, her or its being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person by reason of their being a Shareholder.

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Section 10.2.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation of Trustee and Officer Liability</u>. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, adviser, sub-adviser, manager or underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. To the maximum extent Maryland law in effect from time to time permits the limitation of liability of trustees and officers of a statutory trust, no present or former Trustee or officer of the Trust shall be liable to the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this <u>Section 10.2.2</u>, nor the adoption or amendment of any other provision of this Declaration inconsistent with this <u>Section 10.2.2</u>, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption. Every note, bond, contract, instrument, certificate, Share or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

Section 10.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification</u>.

Section 10.3.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification of Trustees, Officers, Adviser, etc</u>. To the maximum extent to which indemnification of any director, officer, employee or agent of a corporation is permitted by the MGCL, the Trust shall indemnify each present and former Trustee and officer (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) and the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and Affiliates (each of the foregoing hereinafter referred to as a "<u>Covered Person</u>") against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person, except, in the case of a Covered Person that is the Adviser or any its officers, managers, partners, agents, employees, controlling persons, members or Affiliates, in each case, in his, her or its capacity as such, with respect to any matter as to which such Covered Person shall have been finally adjudicated in a decision on the merits in any such action, suit or other proceeding to have engaged in Disabling Conduct. Expenses, including counsel fees incurred by any such Covered Person, shall, without requiring a preliminary determination of ultimate entitlement to indemnification, be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of (i) a written affirmation by the Covered Person of the Covered Person's good faith belief that the Covered Person has met the applicable standard of conduct for indemnification by the Trust pursuant to this <u>ARTICLE X</u> and (ii) a written undertaking by or on behalf of such Covered Person to repay amounts so paid by the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this <u>ARTICLE X</u>. Notwithstanding the foregoing, the Trust shall not be required to indemnify or advance funds to any Covered Person entitled to indemnification hereunder (x) with respect to any action initiated or brought voluntarily by such Covered Person (and not by way of defense) unless approved or authorized by the Board or incurred to establish such Covered Person's right to indemnification hereunder, or (y) in connection with any claim with respect to which such Covered Person is found to be liable to the Trust.

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The Trust may, with the approval of the Board, provide or obligate itself to provide such indemnification or payment or reimbursement of expenses to any Person that served a predecessor of the Trust as a Covered Person or any employee or agent of the Trust or any predecessor of the Trust. Except that no preliminary determination of the ultimate entitlement to indemnification shall be required for the payment or reimbursement of expenses, any indemnification or payment or reimbursement of the expenses permitted by this Declaration shall be furnished in accordance with the procedures provided for indemnification or advance or reimbursement of expenses, as the case may be, under Section 2-418 of the MGCL for directors of Maryland corporations.

Neither the amendment nor repeal of this <u>ARTICLE X</u>, nor the adoption or amendment of any other provision of this Declaration inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. The rights to indemnification and advance of expenses provided by this Declaration shall vest immediately upon a Person becoming a Covered Person.

Section 10.3.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification Not Exclusive</u>. The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this <u>ARTICLE X</u>, the term "<u>Covered Person</u>" shall include such person's heirs, executors and administrators. Nothing contained in this <u>ARTICLE X</u> shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other Persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of such Person; *provided, however*, that the Trust shall not purchase or maintain any such liability insurance in contravention of applicable law.

Section 10.4&nbsp;&nbsp;&nbsp;&nbsp; <u>General Corporation Law</u>. To the fullest extent permitted by applicable law, the establishment of Trustees limitation of liability as set forth in <u>Section 10.2.2</u> and the providing of indemnity or contracting with related parties described in this <u>ARTICLE X</u> in accordance with terms and procedures not materially less favorable to the Trust than the maximum discretion and maximum indemnification permitted by the MGCL (as in effect at the time such provision was adopted or such contract or transaction was entered into or as it may thereafter be in effect) shall be deemed to have satisfied the criteria set forth in this <u>ARTICLE X</u>; but nothing herein is intended to require that the terms and procedures established by the MGCL shall be required to limit liability, to provide indemnification or for contracting as set forth in this <u>ARTICLE X</u>.

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Section 10.5<u>Right of Trustees, Officers, Employees and Agents to Own Shares or Other Property and to Engage in Other Business</u>. Subject to any restrictions which may be adopted by the Trustees in the Bylaws or otherwise, the Adviser and each of its Affiliates and each Trustee and officer of the Trust may acquire, own, hold and dispose of Shares in the Trust, for their individual account, and may exercise all rights of a Shareholder to the same extent and in the same manner as if they were not the Adviser or its Affiliate or a Trustee or officer of the Trust. The Adviser and each of its Affiliates and each Trustee and officer of the Trust may, in their personal capacity or in the capacity of trustee, officer, director, equityholder, partner, member, advisor or employee of any Person or otherwise, have business interests and engage in business activities similar to or in addition to those relating to the Trust, which interests and activities may be similar to and competitive with (or complimentary to) those of the Trust and may include the investing in securities of real estate or other companies or in other interests in Persons engaged in real estate or other businesses. The Adviser and each of its Affiliates and each Trustee and officer of the Trust shall be free of any obligation to present to the Trust any business opportunity which comes to them, even if such opportunity is of a character which, if presented to the Trust, could be taken by the Trust, and the Trust hereby renounces any interest or expectancy in any such opportunity. The Adviser and each of its Affiliates and each Trustee and officer of the Trust may be interested as a trustee, officer, director, equityholder, partner, member, advisor or employee of, or otherwise have a direct or indirect interest in: (a) any Person who may be engaged to render advice or services to the Trust, (b) any Person in which the Trust has invested or may invest, (c) any Person from which the Trust has purchased or may purchase securities or other property and (d) any Person to which the Trust has sold or may sell securities or other property; and the Adviser and each of its Affiliates and each Trustee and officer of the Trust may receive compensation from such other Person as well as compensation from the Trust. None of these activities shall be deemed to conflict with any applicable duties or powers as the Adviser or its Affiliate or as a Trustee or officer of the Trust.

Section 10.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Trustees, Shareholders, etc. Not Personally Liable</u>. All Persons extending credit to, contracting with or having any claim against the Trust or a particular series or class of Shares shall look only to the assets of the Trust or the assets of that particular series or class of Shares for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Section 10.7&nbsp;&nbsp;&nbsp;&nbsp; <u>Trustees and Officers Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee or officer shall not be liable for errors of judgment or mistakes of fact or law. The Trustees or officers may take advice of counsel or other experts with respect to the meaning and operation of this Declaration, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees and officers shall not be required to give any bond as such, nor any surety if a bond is required.

Section 10.8&nbsp;&nbsp;&nbsp;&nbsp; <u>Liability of Third Persons Dealing with Trustees</u>. No Person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

Section 10.9&nbsp;&nbsp;&nbsp;&nbsp; <u>Interested Trustee Transactions</u>. Subject to any express restrictions in the Certificate of Trust or this Declaration or adopted by the Board, the Trust may enter into any contract or transaction of any kind, including for the purchase or sale of property or for any type of services, including those in connection with the offer or sale of securities of the Trust, with any Person, including any Covered Person or employee or agent of the Trust or any Person Affiliated with a Covered Person or employee or agent of the Trust, whether or not any of them has a financial interest in such transaction. The procedures and presumptions set forth in Section 2-419 of the MGCL shall be available for and apply to any contract or other transaction between the Trust and any of its Trustees or between the Trust and any other trust, corporation, firm or other legal entity in which any of its Trustees is a trustee or director, or has a material financial interest.

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#### ARTICLE XI

#### AMENDMENTS
Section 11.1&nbsp;&nbsp;&nbsp;&nbsp; <u>General</u>. The Trust reserves the right from time to time to make any amendment to the Certificate of Trust or this Declaration now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration, of any outstanding Shares. The Certificate of Trust or this Declaration may be amended only as provided in this <u>ARTICLE XI</u>. The merger or consolidation of the Trust with another Person, the conversion of the Trust, the dissolution of the Trust or any other transaction between the Trust and another Person in which the Trust does not survive as a separate entity shall not be considered an amendment to this Declaration for purposes of this <u>ARTICLE XI</u>. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments.

Section 11.2&nbsp;&nbsp;&nbsp;&nbsp; <u>By Board</u>. Except as expressly provided in the Certificate of Trust, <u>Section 11.3</u> or in the terms of any class or series of Shares, this Declaration may be amended by the Board, without any action by the Shareholders. Except as may otherwise be expressly provided in the Certificate of Trust, the Certificate of Trust may be amended only by the Board, without any action or approval by the Shareholders, including, but not limited to, amendments for clarity, that cure any ambiguity, or cure, correct or supplement any defective provision contained herein, or that add or change any other provisions with respect to matters or questions arising under this Declaration as the Board may deem necessary or desirable and that the Board determines does not materially and adversely affect the contract rights of outstanding Shares.

Section 11.3&nbsp;&nbsp;&nbsp;&nbsp; <u>By Shareholders</u>.

Amendments to this Declaration that the Board determines would, viewed as a whole, materially and adversely affect the contract rights of outstanding Shares, but excluding amendments of the type specified in (a) this Declaration as expressly not requiring any action or approval by the Shareholders or (b) Section 2-605 of the MGCL (any and all of which shall not require approval of any Shareholder), must be approved by the Board and Shareholders entitled to cast a majority of the votes entitled to be cast on the matter.

Any (i) amendment to this Declaration that disproportionately and adversely impacts the contract rights of outstanding Class B Common Shares as compared to other classes of Common Shares or (ii) amendment to <u>Section 5.15</u> or <u>Section 13.2.2</u> of this Declaration, but in each case excluding amendments of the type specified in (a) this Declaration as expressly not requiring any action or approval by the Shareholders or (b) Section 2-605 of the MGCL (any and all of which shall not require approval of any Shareholder), must be approved by the Board and the holders of a majority of the outstanding Class B Common Shares, voting separately as a class.

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#### ARTICLE XII

#### MERGER, CONSOLIDATION OR SALE OF TRUST PROPERTY; CONVERSION EVENT
Section 12.1&nbsp;&nbsp;&nbsp;&nbsp; The Trust may (a) merge with or into or convert into another entity, (b) consolidate with one or more other entities into a new entity or (c) transfer all or substantially all of its assets to another person. Subject to the terms of any class or series of Shares at the time outstanding, any such action must be approved by the Board and, unless such action (i) could be taken by a Maryland corporation without the approval of its Shareholders pursuant to Subtitle 1 of Title 3 of the MGCL, (ii) is taken in connection with an internal restructuring transaction (including the conversion of the Trust into another type of legal entity), as determined by the Board in its sole discretion, or (iii) is in connection with a Conversion Event (as defined below), as determined by the Board in its sole discretion, by Shareholders entitled to cast a majority of all of the votes entitled to be cast on the matter. Notwithstanding the foregoing, a transfer of all or substantially all of the Trust's assets to another Person in connection with a dissolution of the Trust as approved by the Board pursuant to <u>Section 13.2</u> of this Declaration shall not require the approval of the Shareholders.

Section 12.2The Board may determine, in its sole discretion and without any action by the Shareholders, that the Trust will (a) conduct a public offering as a non-listed REIT subject to the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association on May 7, 2007, as amended, or (b) undertake a Listing. In connection with such determination and the conduct of such public offering or Listing, as applicable, the Board may cause the Trust to (i) merge with or into or convert into another entity, (ii) consolidate with one or more entities into a new entity, (iii) transfer all or substantially all of its assets to another entity or (iv) amend this Declaration and the Bylaws (in each case, a "<u>Conversion Event</u>"). Notwithstanding any other provision of this Declaration, the Board may take all actions that are required to effect a Conversion Event without any action by the Shareholders.

#### ARTICLE XIII

#### DURATION OF TRUST; DISSOLUTION, WINDING UP AND TERMINATION
Section 13.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Duration of Trust</u>. The Trust shall continue perpetually unless dissolved pursuant to <u>Section 13.2</u> of this <u>ARTICLE XIII</u> or pursuant to the applicable provisions of the MSTA. No Shareholder or other Person shall have any right to petition a court for judicial dissolution of the Trust.

Section 13.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Dissolution, Winding Up and Termination</u>.

Section 13.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms of any class or series of Shares at the time outstanding, the Trust may be dissolved and its affairs wound up, and its existence terminated in such manner and time as the Board may determine, with the approval of the Board and without Shareholder approval.

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Section 13.2.2Notwithstanding the foregoing, if the Trust has not raised $300 million or more in gross proceeds from subscriptions in the Offering (including uncalled commitments pursuant to binding subscription agreements whereby the Trust has the right to draw down an investor's subscription at one or more closings) on or before August 1, 2027, then, upon the written request of Shareholders holding at least a majority of the outstanding Class B Common Shares as of the close of business on the date of such written request, the Board shall commence the liquidation, dissolution and winding up of the Trust (a "<u>Liquidation</u>"). In connection with a Liquidation:

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Trust shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of its creditors, and shall not take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Trust's business and affairs or inconsistent with the provisions of this Declaration; *provided*, *however*, that all obligations provided for in this Declaration shall continue to be fully binding upon the Trust and the Shareholders until such time as all of the Trust's assets have been distributed;

&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;(b)&nbsp;&nbsp;&nbsp;&nbsp; the Trust shall endeavor to complete the winding up 180 days from the date of such written request; *provided*, that the Trust may, in the reasonable discretion of the Board, extend the winding up period for longer than 180 days if needed to comply with the Board's duties or if otherwise necessary or advisable after taking into consideration the factors described in clause (c) below; and

&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Trust shall take into account the prevailing real estate debt markets and financial markets, the economic conditions in the submarkets where any properties secured directly or indirectly by the Trust's loans are located, and the U.S. federal income tax consequences to the Trust.

In addition, in the event the Trust commences a Liquidation, all Organization and Offering Expenses and all operating costs and expenses that the Adviser previously advanced on the Trust's behalf pursuant to the FCR Management Agreement and that have not been reimbursed by the Trust shall become due and payable and shall be reimbursed by the Trust to the Adviser in connection with, and prior to the completion of, such Liquidation.

#### ARTICLE XIV

#### MISCELLANEOUS
Section 14.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Certificate of Trust</u>. In the event of any conflict between the provisions of the Certificate of Trust and this Declaration, the provisions of the Certificate of Trust shall control.

Section 14.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Law</u>. This Declaration is created under and is to be governed by and construed and administered according to the laws of the State of Maryland; *provided, however*, that notwithstanding the provisions of Section 12-102(a) of the MSTA, to the maximum extent permitted by applicable law, no law of the State of Maryland (whether common, statutory, or other law) pertaining to trusts, if and to the extent inconsistent with the provisions of this Declaration, shall be applicable to the Trust or the parties to this Declaration. The Trust is a Maryland statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust and the Trustees may exercise all powers which are ordinarily exercised by trustees of such a trust.

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Section 14.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association. Nothing in this Declaration, however, shall prevent the Trust from being a corporation or association for tax purposes.

Section 14.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Organization and Offering Expenses</u>. The Trust may reimburse the Board, the Adviser or Fortress for Organization and Offering Expenses incurred by the Board, the Adviser or Fortress in connection with any offering of Shares, on an accountable or nonaccountable basis.

Section 14.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Bylaws</u>. The Board shall have the exclusive power, at any time, to adopt, amend, alter or repeal any provision of the Bylaws and to make new Bylaws. Except as they may directly contradict provisions of this Declaration, the Bylaws may implement and interpret this Declaration.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, this Sixth Amended and Restated Declaration of Trust has been duly executed as of the date first written above.

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| | |
|:---|:---|
| Fortress Credit Realty Income Trust | Fortress Credit Realty Income Trust |
| By: | /s/ Avraham Dreyfuss |

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Name: Avraham Dreyfuss <br> Title: Chief Financial Officer

*[Signature Page to Sixth Amended and Restated Declaration of Trust of<br> Fortress Credit Realty Income Trust]*

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## Exhibit 4.1

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#### Exhibit 4.1

#### DISTRIBUTION REINVESTMENT PLAN
Fortress Credit Realty Income Trust, a Maryland statutory trust (the "**Company**"), hereby adopts the following plan (the "**Plan**") with respect to cash distributions declared by its board of trustees on the Company's common shares, par value $0.01 per share (the "**Common Shares**"), which are classified as Class B common shares ("**Class B Common Shares**"), Class R common shares ("**Class R Common Shares**"), Class J-1 common shares ("**Class J-1 Common Shares**"), Class J-2 common shares ("**Class J-2 Common Shares**"), Class J-3 common shares ("**Class J-3 Common Shares**"), Class J-4 common shares ("**Class J-4 Common Shares**"), Class J-5 common shares ("**Class J-5 Common Shares**"), Class S common shares ("**Class S Common Shares**"), Class D common shares ("**Class D Common Shares**"), Class I common shares ("**Class I Common Shares**"), Class F-I common shares ("**Class F-I Common Shares**"), and Class F-S common shares ("**Class F-S Common Shares**"), and Class E common shares ("**Class E Common Shares**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless a shareholder specifically opts out of participating in the Plan (or, in the case of clients of participating broker-dealers that do not permit automatic enrollment in the Plan, opts to participate in the Plan), all cash distributions hereafter declared by the Company's board of trustees shall be reinvested by the Company, in the same class of Common Shares with respect to which the distribution was received, on behalf of each shareholder, and no action shall be required on such shareholder's part to receive such Common Shares. The Plan will be administered by SS&C Technologies, Inc. (the "**Plan Administrator**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the board of trustees' discretion and applicable legal restrictions, the Company intends to authorize and declare distributions on a monthly basis or on such other date or dates as may be fixed from time to time by the board of trustees to shareholders of record at the close of business on the record date(s) established by the board of trustees for the cash distribution involved. The Company intends to pay distributions on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use newly-issued shares of its Common Shares, in the same class of the Common Shares with respect to which the distribution was received, to implement the Plan. The number of newly-issued shares to be issued to a shareholder shall be determined by dividing the total dollar amount of the distribution payable to such shareholder by a price equal to the transaction price, which will generally be the prior month's net asset value ("**NAV**") per share for such class. Common Shares issued pursuant to the Plan will have the same voting rights as shares of Common Shares issued pursuant to the Company's private offering. There will be no selling commissions or other sales charges on Common Shares issued to a shareholder under the Plan; *provided, however*, that Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-4 Common Shares, Class S Common Shares, Class F-S Common Shares and Class D Common Shares will be subject to ongoing servicing fees as set forth in the Company's private placement memorandum, as amended and/or supplemented from time to time (the "**PPM**"). The Company shall pay the Plan Administrator's fees under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For each participant, the Plan Administrator will maintain a record which shall reflect for each calendar month the distributions received by the Plan Administrator on behalf of such participant. The Plan Administrator will use the aggregate amount of distributions to all participants for each calendar month or quarter to purchase shares for the participants. Distributions shall be invested by the Plan Administrator in shares, to the extent available, promptly following the payment date with respect to such distributions. The purchased shares will be allocated among the participants based on the portion of the aggregate distributions received by the Plan Administrator on behalf of each participant, as reflected in the records maintained by the Plan Administrator. The ownership of the shares purchased pursuant to the Plan shall be reflected on the books of the Company or its transfer agent. No certificates will be issued to a participant for shares purchased on behalf of the participant pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Plan Administrator will confirm to each participant each acquisition made pursuant to the Plan on a quarterly basis. Distributions on fractional shares will be credited to each participant's account. In the event of termination of a participant's account under the Plan, the Plan Administrator will adjust for any such undivided fractional interest in cash at the monthly transaction price of the Company's shares available at the time of termination. For purposes of the Plan, "**Business Day**" means any day except Saturday, Sunday, or any day commercial banks are closed in New York pursuant to federal or state law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each participant is requested to promptly notify the Company in writing if the participant experiences a material change in his or her financial condition, including the failure to meet the income and net worth standards set forth in the Company's PPM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Plan may be terminated by the Company upon notice in writing mailed to each participant at least 10 business days prior to the effectiveness of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A participant may terminate participation in the Plan at any time, without penalty, by delivering written notice (which may be electronic) to the Plan Administrator. Such notice must be received by the Plan Administrator 10 Business Days in advance of the first calendar day of the next month in order for a participant's termination to be effective for such month. Any distributions to be paid to such shareholder on or after such date will be paid in cash on the scheduled distribution payment date. If a participant terminates Plan participation, the Company may, at its option, ensure that the terminating participant's account will reflect the whole number of shares in such participant's account and provide a check for the cash value of any fractional share in such account. Upon termination of Plan participation for any reason, future Distributions will be distributed to the shareholder in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; These terms and conditions may be amended or supplemented by the Company at any time; *provided* that notice of any material amendment is sent to participants at least 10 Business Days prior to the effective date of that amendment. Any amendment or supplement may include an appointment by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator as agreed to by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Plan Administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp; These terms and conditions shall be governed by the laws of the State of New York, without regard to the conflicts of law principles thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

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## Exhibit 4.2

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**Exhibit 4.2**<br>

#### FORTRESS CREDIT REALTY INCOME TRUST
Class B, Class R, Class F-I, Class F-S, Class J-1, Class J-2, Class J-3, Class J-4, Class J-5, Class

S, Class D, Class I and Class E Share Repurchase Plan

Effective as of March 23, 2026

#### Definitions
*Adviser* – FCR Advisors LLC, a Delaware limited liability company.

*Class B shares* – shall mean the Company's common shares classified as Class B.

*Class D shares* – shall mean the Company's common shares classified as Class D.

*Class E shares* – shall mean the Company's common shares classified as Class E.

*Class F-I shares*—shall mean the Company's common shares classified as Class F-I.

*Class F-S shares*—shall mean the Company's common shares classified as Class F-S.

*Class I shares* – shall mean the Company's common shares classified as Class I.

*Class J-1 shares* – shall mean the Company's common shares classified as Class J-1.

*Class J-2 shares* – shall mean the Company's common shares classified as Class J-2.

*Class J-3 shares* – shall mean the Company's common shares classified as Class J-3.

*Class J-4 shares* – shall mean the Company's common shares classified as Class J-4.

*Class J-5 shares* – shall mean the Company's common shares classified as Class J-5.

*Class R shares –* shall mean the Company's common shares classified as Class R.

*Class S shares* – shall mean the Company's common shares classified as Class S.

*Company* – shall mean Fortress Credit Realty Income Trust, a Maryland statutory trust.

*Dealer Manager* – shall mean Fortress Wealth Solutions LLC, a Delaware limited liability company.

*Fortress Affiliates* – shall mean all affiliates, partners, members, shareholders, officers, directors and employees of Fortress Investment Group LLC, a Delaware limited liability company.

*NAV* – shall mean the net asset value of the Company attributable to its Shareholders or the net asset value of a class of its shares, as the context requires, determined in accordance with the Company's net asset value calculation policies and procedures and Valuation Guidelines described in the Company's confidential private placement memorandum, as it may be amended or supplemented from time to time.

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*Plan* – shall mean this share repurchase plan of the Company.

*Shareholders* – shall mean the holders of Class B shares, Class R shares, Class F-I shares, Class F-S shares, Class J-1 shares, Class J-2 shares, Class J-3 shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares.

*Transaction Price* – shall mean the repurchase price per share for each class of common shares, which shall be equal to the then-current offering price before any applicable selling commissions and dealer manager fees.

#### Share Repurchase Plan
Shareholders may request that the Company repurchase its common shares through their financial advisor or directly with the Company's transfer agent. The procedures relating to the repurchase of the Company's common shares are as follows:

• Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may impact the time necessary to process such repurchase request, impose more restrictive deadlines than described under this Plan, impact the timing of a Shareholder receiving repurchase proceeds and require different paperwork or process than described in this Plan. Shareholders should contact their broker-dealer first if they want to request the repurchase of their shares.

• Under this Plan, to the extent the Company chooses to repurchase shares in any particular quarter, the Company will only repurchase shares as of the opening of the last business day of that quarter (a "<u>Repurchase Date</u>"). Shareholders will not receive any distributions for such shares for the month in which their shares are repurchased. To have shares repurchased, a Shareholder's repurchase request and required documentation must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. Repurchase requests received and processed by the Company's transfer agent will be effected at a repurchase price equal to the Transaction Price on the applicable Repurchase Date (which will generally be equal to the Company's prior month's NAV per share), subject to any Early Repurchase Deduction (in the case of any Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares) (as defined below).

• A Shareholder may withdraw his or her repurchase request by completing a repurchase withdrawal form and sending the form to the transfer agent, directly or through the Shareholder's financial intermediary, or by emailing FCR@fortress.com. Repurchase requests must be canceled before 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter.

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• If a repurchase request is received after 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter, the repurchase request will be executed, if at all, on the next quarter's Repurchase Date at the Transaction Price applicable to that quarter (subject to any Early Repurchase Deduction in the case of any Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares), unless such request is withdrawn prior to the repurchase. Repurchase requests received and processed by the Company's transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding.

• Repurchase requests may be made by mail or by contacting the Shareholder's financial intermediary, both subject to certain conditions described in this Plan. If making a repurchase request by contacting the Shareholder's financial intermediary, the Shareholder's financial intermediary may require the Shareholder to provide certain documentation or information. If making a repurchase request by mail to the transfer agent, the Shareholder must complete and sign a repurchase authorization form, which can be found at the end of this Plan. Written requests should be sent to the transfer agent at the following address:

FCR@fortress.com

c/o Fortress Investment Group LLC

PO Box 219090

Kansas City, MO 64121-9090

Toll Free Number: 866-966-0155

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing repurchases. A signature guarantee may be required.

• For processed repurchases, repurchase proceeds are to be paid by the instructions on file with the transfer agent. Shareholders should check with their broker-dealer that such payment may be made via wire transfer, as further described below.

• A medallion signature guarantee will be required in certain circumstances described below. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Shareholder wishes to have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Shareholder's address of record for the past 30 days; or (3) the Company's transfer agent cannot confirm a Shareholder's identity or suspects fraudulent activity.

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<br> • If a Shareholder has made multiple purchases of the Company's common shares, any repurchase request will be processed on a first in/first out basis unless otherwise requested in the repurchase request.

#### Minimum Account Repurchases
Notwithstanding any Mandatory Holding Period (as defined below), in the event that any Shareholder fails to maintain the minimum balance of $500 of the Company's common shares, the Company may repurchase all of the shares held by that Shareholder at the repurchase price in effect on the date the Company determines that such Shareholder has failed to meet the minimum balance, less any Early Repurchase Deduction (in the case of any Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares). Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. Minimum account repurchases are subject to any Early Repurchase Deduction.

#### Sources of Funds for Repurchases
The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of the Company's common shares to Fortress Affiliates), sales of the Company's liquid investments, and, if necessary, sales of the Company's investments and/or assets, and the Company has no limits on the amounts it may fund from such sources.

In an effort to have adequate cash available to support this Plan and to fund investments, the Company may reserve borrowing capacity under a line of credit. The Company could then elect to borrow against this line of credit in part to repurchase shares presented for repurchase during periods when the Company does not have sufficient proceeds from operating cash flows or the sale of shares in its continuous offering to fund all repurchase requests.

#### Repurchase Limitations
The Company may repurchase fewer shares than have been requested in any particular quarter to be repurchased under this Plan, or none at all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Class B shares, Class R shares, Class F-I shares, Class F-S shares, Class J-1 shares, Class J-2 shares, Class J-3 shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold the Company's common shares but excluding any Early Repurchase Deduction applicable to the repurchased shares) under this Plan will be limited to no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding three months).

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In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any quarter, shares repurchased at the end of the quarter will be repurchased on a *pro rata* basis. All unsatisfied repurchase requests must be resubmitted after the start of the next quarter, or upon the recommencement of this Plan, as applicable.

Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real estate debt investments rather than repurchasing the Company's shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular quarter than have been requested to be repurchased (including relative to the 5% quarterly limit under this Plan), or none at all. Further, the Company's board of trustees may make exceptions to, modify or suspend this Plan (including to make exceptions to repurchase limitations, or repurchase fewer shares than such repurchase limitations) if in its reasonable judgment it deems such action to be in the best interest of the Company and its Shareholders. Material modifications to, including any amendment to the 5% quarterly limitation on repurchases, and suspensions of, this Plan will be promptly disclosed to Shareholders' financial advisors. In addition, the Company may determine to suspend this Plan due to regulatory changes, changes in law or if the Company becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. Once this Plan is suspended, the Company's board of trustees will be required to consider at least quarterly whether the continued suspension of this Plan is in the best interests of the Company and its Shareholders. The Company's board of trustees must affirmatively authorize the recommencement of this Plan before Shareholder requests will be considered again. The Company's board of trustees cannot terminate this Plan absent a liquidity event which results in Shareholders receiving cash or securities listed on a national securities exchange or where otherwise required by law.

Shares held by the Adviser acquired as payment of the Adviser's management fee, performance fee or as reimbursements of expenses will not be subject to the limits of this Plan, any Early Repurchase Deduction or any Mandatory Holding Period. Shareholders who are exchanging a class of the Company's shares for an equivalent aggregate NAV of another class of the Company's shares will not be subject to, and will not be treated as repurchases for the calculation of, the 5% quarterly limitation on repurchases and will not be subject to any Early Repurchase Deduction or Mandatory Holding Period in respect of any such exchange.

#### Mandatory Holding Period (Class B Shares, Class R Shares, Class J-1 Shares, Class J-2 Shares and Class J-3 Shares)
Class B shares, Class R shares, Class J-1 shares, Class J-2 shares and Class J-3 shares may only be repurchased by the Company to the extent they have been outstanding for at least two years (the "<u>Mandatory Holding Period</u>"). The Mandatory Holding Period is measured as of the first calendar day immediately following the prospective Repurchase Date. The Mandatory Holding Period will not apply to Class B shares, Class R shares, Class J-1 shares, Class J-2 shares or Class J-3 shares acquired through the Company's distribution reinvestment plan.

The Company may, from time to time, waive the Mandatory Holding Period in the following circumstances (subject to the conditions described below):

<br> • Repurchases resulting from death or qualifying disability; or

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• In the event that a Shareholder's Class B shares, Class R shares, Class J-1 shares, Class J-2 shares or Class J-3 shares are repurchased because the Shareholder has failed to maintain the $500 minimum account balance.

As set forth above, the Company may waive the Mandatory Holding Period in respect of repurchase of Class B shares, Class R shares, Class J-1 shares, Class J-2 shares and Class J-3 shares resulting from the death or qualifying disability (as such term is defined in Section 72(m)(7) of the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) of a Shareholder who is a natural person, including such shares held by such Shareholder through a trust or an individual retirement account (IRA) or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Shareholder, the recipient of such shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust or (ii) in the case of qualified disability, receiving written notice from such Shareholder along with a physician's certification of disability as defined in Section 72(m)(7) of the Code; provided that the condition causing the qualifying disability was not pre-existing on the date that the Shareholder became a Shareholder. The Company must receive the written repurchase request within 12 months after the death of the Shareholder or the initial determination of the Shareholder's disability in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death or disability of a Shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Shareholder. If spouses are joint registered holders of any Class B shares, Class R shares, Class J-1 shares, Class J-2 shares or Class J-3 shares, the request to have such shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the Shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Mandatory Holding Period upon death or disability does not apply.

In addition, Class B shares may be sold to certain feeder vehicles primarily created to hold such shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company may agree not to apply the Mandatory Holding Period to the feeder vehicles or underlying investors, often because of administrative or systems limitations. Further, the Company will not apply the Mandatory Holding Period on repurchases of any Class B shares or Class R shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company.

#### Early Repurchase Deduction
For Class F-I shares, Class F-S shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares, there is no minimum holding period and Shareholders holding any such shares can request that the Company repurchase such shares at any time. However, subject to limited exceptions, Class F-I shares, Class F-S shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares that have not been outstanding for at least one year will be repurchased at 98% of the Transaction Price (an "<u>Early Repurchase Deduction</u>") on the applicable Repurchase Date. The one-year holding period is measured as of the first calendar day immediately following the prospective Repurchase Date. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Early Repurchase Deduction will not apply to (i) Class F-I shares, Class F-S shares, Class J-4 shares,

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Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares acquired through the Company's distribution reinvestment plan and (ii) Class B shares, Class R shares, Class J-1 shares, Class J-2 shares and Class J-3 shares which cannot be repurchased during the Mandatory Holding Period.

The Company may, from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described below):

<br> • Repurchases resulting from death or qualifying disability; or

• In the event that a Shareholder's Class F-I shares, Class F-S shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares or Class E shares are repurchased because such Shareholder has failed to maintain the $500 minimum account balance.

As set forth above, the Company may waive the Early Repurchase Deduction in respect of repurchases of Class F-I shares, Class F-S shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares and Class E shares resulting from the death or qualifying disability (as such term is defined in Section 72(m)(7) of the Code) of a Shareholder who is a natural person, including such shares held by such Shareholder through a trust or an individual retirement account (IRA) or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Shareholder, the recipient of such shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust or (ii) in the case of qualified disability, receiving written notice from such Shareholder along with a physician's certification of disability as defined in Section 72(m)(7) of the Code; *provided* that the condition causing the qualifying disability was not pre-existing on the date that the Shareholder became a Shareholder. The Company must receive the written repurchase request within 12 months after the death of the Shareholder or the initial determination of the Shareholder's disability in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death or disability of a Shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Shareholder. If spouses are joint registered holders of any Class F-I shares, Class F-S shares, Class J-4 shares, Class J-5 shares, Class S shares, Class D shares, Class I shares or Class E shares, the request to have such shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the Shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death or disability does not apply.

In addition, Class I shares may be sold to certain feeder vehicles primarily created to hold the Company's shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company may agree not to apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. Further, the Company will not apply the Early Repurchase Deduction on repurchases of any Class S shares, Class D shares, Class I shares or Class E shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company.

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Notwithstanding anything herein to the contrary, any shares held by the Adviser acquired as payment of the Adviser's management fee or performance fee will not be subject to the limits of this Plan, including the Early Repurchase Deduction. Shareholders who are exchanging any class of shares for an equivalent aggregate NAV of another class of shares will not be subject to, and such exchanges will not be treated as repurchases for the calculation of, the 5% quarterly limitation on repurchases and will not be subject to the Early Repurchase Deduction.

#### Fortress Initial Capitalization
Fortress Investment Group LLC may, from time to time, request to have any Class E shares it receives in connection with the Initial Capitalization (as defined in the Company's confidential private placement memorandum, as it may be amended or supplemented from time to time) repurchased by the Company at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date. Any such repurchase will not be subject to the Early Repurchase Deduction.

#### Items of Note
• If a Shareholder requests that some but not all of his or her shares be repurchased, such Shareholder should keep his or her balance above $500 to avoid minimum account repurchase, if applicable;

• Shareholders will not receive interest on amounts represented by uncashed repurchase checks;

<br> • Under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be suspended, restricted or canceled and the proceeds may be withheld; and

• All common shares of the Company requested to be repurchased must be beneficially owned by the Shareholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Shareholder of record of the shares or his or her estate, heir or beneficiary, and such common shares must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the shares requested for repurchase are not subject to any liens or encumbrances. If the Company determines that a lien exists against the shares, the Company will not be obligated to repurchase any shares subject to the lien.

#### Frequent Trading and Other Policies
The Company may reject for any reason, or cancel as permitted or required by law, any purchase orders for its common shares. For example, the Company may reject any purchase orders from market timers or investors that, in the Company's opinion, may be disruptive to its operations. Frequent purchases and sales of the Company's shares can harm Shareholders in<sup>.</sup> various ways, including reducing the returns to long-term Shareholders by increasing the Company's costs, disrupting portfolio management strategies and diluting the value of the shares of long-term Shareholders.

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In general, Shareholders may request that the Company repurchase their shares once every 30 days. However, the Company prohibits frequent trading. The Company defines frequent trading as follows:

<br> • Any Shareholder who requests that the Company repurchase common shares within 30 calendar days of the purchase of such common shares;

<br> • Transactions deemed harmful or excessive by the Company (including, but not limited to, patterns of purchases and repurchases), in the Company's sole discretion; and

<br> • Transactions initiated by financial advisors, among multiple Shareholder accounts, that in the aggregate are deemed harmful or excessive.

The following are excluded when determining whether transactions are excessive:

• Purchases and requests for repurchase of the Company's shares in the amount of $2,500 or less;

<br> • Purchases or repurchases initiated by the Company; and

<br> • Transactions subject to the trading policy of an intermediary that the Company deems materially similar to the Company's policy.

At the Dealer Manager's discretion, upon the first violation of the policy in a calendar year, purchase and repurchase privileges may be suspended for 90 days. Upon a second violation in a calendar year, purchase and repurchase privileges may be suspended for 180 days. On the next business day following the end of the 90 or 180-day suspension, any transaction restrictions placed on a Shareholder may be removed.

#### Mail and Telephone Instructions
The Company and its transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Shareholder transactions if they reasonably believe that such instructions were genuine. The Company's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Shareholder to provide certain specific identifying information on file and sending written confirmation to Shareholders of record. Shareholders, or their designated custodian or fiduciary, should carefully review such correspondence to ensure that the instructions were properly acted upon. If any discrepancies are noted, the Shareholder, or its agent, should contact his, her or its financial advisor as well as the Company's transfer agent in a timely manner, but in no event more than 60 days from receipt of such correspondence. Failure to notify such entities in a timely manner will relieve the Company, the Company's transfer agent and the financial advisor of any liability with respect to the discrepancy.

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![](image00002.jpg)

**** 

<br> **Instructions:** The purpose of this form is to request repurchase of your common shares (the "shares" or "common shares") of Fortress Credit Realty Income Trust (the "Company"). Please complete all sections below.

Note: All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  | **1 \| Repurchase from the following account**  |
| Name(s) on the Account | Name(s) on the Account | Name(s) on the Account | Name(s) on the Account | Name(s) on the Account |  | Account Number | Account Number | Account Number | Account Number | Social Security Number/TIN | Social Security Number/TIN | Social Security Number/TIN | Social Security Number/TIN |
| Financial Advisor Name | Financial Advisor Name | Financial Advisor Name | Financial Advisor Name | Financial Advisor Name | Financial Advisor Name | Financial Advisor Name |  | Financial Advisor Phone Number | Financial Advisor Phone Number | Financial Advisor Phone Number | Financial Advisor Phone Number | Financial Advisor Phone Number | Financial Advisor Phone Number |
| **Repurchase Request Information** | **Repurchase Request Information** | **Repurchase Request Information** | **Repurchase Request Information** | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): | Share Class (select one): |
| Class<br> B | Class<br> R | Class<br> J-1 | Class<br> J-2 |  | Class<br> J-3 |  | Class<br> J-4 | Class <br> J-5 | Class<br> S | Class<br> D | Class <br> I | Class<br> F-1 | Class<br> F-S |

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| | |
|:---|:---|
| **2 \| Repurchase Amount (Check one, required)** | **3 \| Repurchase Type (Check one, required)** |

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| | | | |
|:---|:---|:---|:---|
| **Repurchase Amount** (Check one, required): | **Repurchase Amount** (Check one, required): | **Repurchase Type**  | **Repurchase Type**  |
|  | Repurchase All Shares | | Death *(provide copy of death certificate)\**  |
|  | Number of Shares: | | Disability *(provide physician certification form)\** |
|  | Dollar Amount $: | | Normal |

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*\*The additional documentation required if repurchasing due to Death or Disability must be submitted within 12 months of the date of Death or the date of determination of Disability.*

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| | |
|:---|:---|
| **4 \| Cost Basis Selection** | **4 \| Cost Basis Selection** |
| U.S. federal income tax information reporting rules generally apply to certain transactions in the Company's common shares. Where they apply, the "cost basis" calculated for the shares involved will be reported to the Internal Revenue Service ("IRS") and to you. Generally these rules apply to the Company's common shares, including those purchased through the Company's distribution reinvestment plan. You should consult your own tax advisor regarding the consequences of these new rules and your cost basis reporting options.<br> Indicate below the cost basis method you would like us to apply. <br> IMPORTANT: If an option is not selected, your cost basis will be calculated using the FIFO method. | U.S. federal income tax information reporting rules generally apply to certain transactions in the Company's common shares. Where they apply, the "cost basis" calculated for the shares involved will be reported to the Internal Revenue Service ("IRS") and to you. Generally these rules apply to the Company's common shares, including those purchased through the Company's distribution reinvestment plan. You should consult your own tax advisor regarding the consequences of these new rules and your cost basis reporting options.<br> Indicate below the cost basis method you would like us to apply. <br> IMPORTANT: If an option is not selected, your cost basis will be calculated using the FIFO method. |
| FIFO (First – In / First Out) | FIFO (First – In / First Out) |
| LIFO (Last – In / First Out) (Note: Consult your tax advisor to determine whether this method is available to you) | LIFO (Last – In / First Out) (Note: Consult your tax advisor to determine whether this method is available to you) |
| Specific Lots, please identify below: | Specific Lots, please identify below: |
| Date of Purchase: | Amount of Purchase: |
| Date of Purchase: | Amount of Purchase: |
| Date of Purchase: | Amount of Purchase: |

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| |
|:---|
| **5 \| Wire Instructions** |
| For custodial held accounts, if you elect cash distributions, the funds must be sent to the custodian. Please provide the wire instructions where the repurchase proceeds should be sent to. |
| Account Name: |
| Bank Name: |
| ABA: |
| DDA: |
| FFC Account Name: |
| FFC Account Number: |

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![](image00003.jpg)

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| |
|:---|
| **6 \| Authorization and Signature** |
|  **** <br>**By signing below, you hereby certify to, represent to, and instruct the Company:**<br> To make a cash payment payable by wire transfer of the Transaction Price (as defined in the Company's share repurchase plan (the "Plan")) for common shares accepted for repurchase by the Company, without interest thereon and less any applicable withholding taxes, to which the signatory is entitled in accordance with the payment instructions on file;<br> You hereby offer for delivery to the Company the number of, or dollar amount in, common shares indicated in Section 2 above;<br> You have full power, authority, and capacity to execute this Repurchase Authorization;<br> The information provided above is true and correct; and<br> You authorize the custodian of the common shares (if applicable) to execute this Repurchase Authorization.<br> **IMPORTANT: Signature Guarantee may be required if any of the following applies:**<br> Amount to be repurchased is over $500,000.<br> The repurchase proceeds are being transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days.<br> The repurchase is to be sent to an address other than the address on record for the past 30 days.<br> If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same name signature guarantee must state " is one-and-the-same as " and you must sign your old and new name.<br> The transfer agent suspects fraudulent activity. |

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| | | |
|:---|:---|:---|
| Investor Name (Please Print) | Investor Signature | Date |
| Co-Investor Name (Please Print) | Signature | Date |

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Signature Guarantee Affix Medallion Signature Guarantee Stamp Here – Custodian <br> Custodian and/or Broker/Dealer Authorization <br> (if applicable) <br>    

  <br>  <u> Signature of Authorized Person </u>  

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| | |
|:---|:---|
| Please refer to the memorandum you received in connection with your initial investment in the Company, as amended by any amendments or supplements to that memorandum to date, for a description of the current terms of the Plan. The repurchase price will be available at https://pws.fortress.com/repurchase-offers-fcr. There are various limitations on your ability to request that the Company repurchase your shares, including, subject to certain exceptions, (i) an early repurchase deduction which provides that Class F-I, Class F-S, Class J-4, Class J-5, Class S, Class D, Class I and Class E shares that have not been outstanding for at least one year will be repurchased at 98% of the Transaction Price and (ii) a mandatory holding period of two years applicable to Class B, Class R, Class J-1, Class J-2 and Class J-3 shares. In addition, the aggregate NAV of total repurchases of Class B, Class R, Class F-I, Class F-S, Class J-1, Class J-2, Class J-3, Class J-4, Class J-5, Class S, Class D, Class I and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold the Company's common shares but excluding any early repurchase deduction applicable to the repurchased shares) under the Plan will be limited to no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding three months). The Company's board of trustees may determine to make exceptions to, modify or suspend the Plan (including to make exceptions to the repurchase limitations, or repurchase fewer shares than such repurchase limitations) without shareholder approval. Material modifications to and suspensions of the Plan will be disclosed to shareholders' financial advisors. Repurchases of shares, when requested, will generally be made quarterly; provided, however, that the board of trustees may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. A shareholder may withdraw his or her repurchase request by completing a repurchase withdrawal form and sending the form to the Company's transfer agent, directly or through the shareholder's financial intermediary, or by emailing <u>FCR@fortress.com</u>. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. The Company cannot guarantee that it will have sufficient available funds or that the Company will otherwise be able to accommodate any or all requests made in any applicable repurchase period and the Company may elect to repurchase fewer shares than have been requested in any particular quarter, or none at all. If the number of shares subject to repurchase requests exceeds the then applicable limitations, or if the Company otherwise does not make all requested repurchases, each shareholder's request will be reduced on a pro rata basis. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. | Please refer to the memorandum you received in connection with your initial investment in the Company, as amended by any amendments or supplements to that memorandum to date, for a description of the current terms of the Plan. The repurchase price will be available at https://pws.fortress.com/repurchase-offers-fcr. There are various limitations on your ability to request that the Company repurchase your shares, including, subject to certain exceptions, (i) an early repurchase deduction which provides that Class F-I, Class F-S, Class J-4, Class J-5, Class S, Class D, Class I and Class E shares that have not been outstanding for at least one year will be repurchased at 98% of the Transaction Price and (ii) a mandatory holding period of two years applicable to Class B, Class R, Class J-1, Class J-2 and Class J-3 shares. In addition, the aggregate NAV of total repurchases of Class B, Class R, Class F-I, Class F-S, Class J-1, Class J-2, Class J-3, Class J-4, Class J-5, Class S, Class D, Class I and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold the Company's common shares but excluding any early repurchase deduction applicable to the repurchased shares) under the Plan will be limited to no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding three months). The Company's board of trustees may determine to make exceptions to, modify or suspend the Plan (including to make exceptions to the repurchase limitations, or repurchase fewer shares than such repurchase limitations) without shareholder approval. Material modifications to and suspensions of the Plan will be disclosed to shareholders' financial advisors. Repurchases of shares, when requested, will generally be made quarterly; provided, however, that the board of trustees may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. A shareholder may withdraw his or her repurchase request by completing a repurchase withdrawal form and sending the form to the Company's transfer agent, directly or through the shareholder's financial intermediary, or by emailing <u>FCR@fortress.com</u>. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. The Company cannot guarantee that it will have sufficient available funds or that the Company will otherwise be able to accommodate any or all requests made in any applicable repurchase period and the Company may elect to repurchase fewer shares than have been requested in any particular quarter, or none at all. If the number of shares subject to repurchase requests exceeds the then applicable limitations, or if the Company otherwise does not make all requested repurchases, each shareholder's request will be reduced on a pro rata basis. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. |
| Once completed, send to:<br> Regular Mail: Fortress Investment Group <br> PO Box 219090<br> Kansas City, MO 64121-9090 | Any questions? <br> Email: <u>FCR@fortress.com</u><br> Toll Free: 1-866-966-0155 |

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## Exhibit 10.1

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#### Exhibit 10.1<br>

#### FIFTH AMENDED AND RESTATED

#### MANAGEMENT AGREEMENT

#### BETWEEN

#### FORTRESS CREDIT REALTY INCOME TRUST

#### AND

#### FCR ADVISORS LLC

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#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **<u>Page</u>** |  |  |
| 1. | **DEFINITIONS** | 1 |
| 2. | **APPOINTMENT** | 5 |
| 3. | **DUTIES OF THE ADVISER** | 5 |
| 4. | **AUTHORITY OF ADVISER** | 6 |
| 5. | **BANK ACCOUNTS** | 7 |
| 6. | **RECORDS; ACCESS** | 7 |
| 7. | **OTHER ACTIVITIES OF THE ADVISER** | 7 |
| 8. | **RELATIONSHIP WITH TRUSTEES AND OFFICERS** | 10 |
| 9. | **COMPENSATION** | 10 |
| 10. | **EXPENSES** | 11 |
| 11. | **OTHER SERVICES** | 16 |
| 12. | **ADVISER AS INDEPENDENT CONTRACTOR** | 16 |
| 13. | **NO JOINT VENTURE** | 16 |
| 14. | **TERM OF AGREEMENT** | 16 |
| 15. | **TERMINATION BY THE PARTIES** | 16 |
| 16. | **ASSIGNMENTS** | 17 |
| 17. | **PAYMENTS TO AND DUTIES OF ADVISER UPON TERMINATION** | 17 |
| 18. | **INDEMNIFICATION BY THE COMPANY** | 18 |
| 19. | **NON-SOLICITATION** | 19 |
| 20. | **MISCELLANEOUS** | 19 |

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i

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#### FIFTH AMENDED AND RESTATED MANAGEMENT AGREEMENT
THIS FIFTH AMENDED AND RESTATED MANAGEMENT AGREEMENT (this "**<u>Agreement</u>**"), dated as of March 23, 2026, is by and between Fortress Credit Realty Income Trust, a Maryland statutory trust (the "**<u>Company</u>**"), and FCR Advisors LLC, a Delaware limited liability company (the "**<u>Adviser</u>**"), and hereby amends and restates the Fourth Amended and Restated Management Agreement dated as of December 16, 2024 in its entirety. Capitalized terms used herein shall have the meanings ascribed to them in <u>Section 1</u>.

#### W I T N E S S E T H
WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code;

WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Adviser and to have the Adviser undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Trustees, all as provided herein; and

WHEREAS, the Adviser is willing to undertake to render such services, subject to the supervision of the Board of Trustees, on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DEFINITIONS**. As used in this Agreement, the following terms have the definitions hereinafter indicated:

"**<u>Adjusted Capital</u>**" shall mean cumulative net proceeds generated from sales of Class J-4 Common Shares, Class J-5 Common Shares, Class S Common Shares, Class D Common Shares and Class I Common Shares (including proceeds from the Company's distribution reinvestment plan (as in effect from time to time)) reduced for Distributions from non-liquidating dispositions of the Company's Investments paid to Shareholders holding Class J-4 Common Shares, Class J-5 Common Shares, Class S Common Shares, Class D Common Shares and Class I Common Shares and amounts paid to Shareholders holding Class J-4 Common Shares, Class J-5 Common Shares, Class S Common Shares, Class D Common Shares and Class I Common Shares for share repurchases pursuant to the Company's share repurchase plan (as in effect from time to time).

"**<u>Administration Agreement</u>**" shall mean the Administration Agreement between the Company and the Adviser, dated as of June 14, 2024, as amended from time to time.

"**<u>Adviser</u>**" shall mean FCR Advisors LLC, a Delaware limited liability company.

"**<u>Adviser Expenses</u>**" shall have the meaning set forth in <u>Section 10(a)</u>.

"**<u>Advisers Act</u>**" shall mean the U.S. Investment Advisers Act of 1940.

"**<u>Affiliate</u>**" shall have the meaning set forth in the Declaration of Trust.

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"**<u>Affiliated Service Companies</u>**" shall have the meaning set forth in the Memorandum.

"**<u>Agreement</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Board of Trustees</u>**" shall mean the Board of Trustees of the Company, as of any particular time.

"**<u>Bylaws</u>**" shall mean the bylaws of the Company, as amended from time to time.

"**<u>Class B Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class D Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class E Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class F-I Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class F-S Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class I Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class J-1 Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class J-2 Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class J-3 Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class J-4 Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class J-5 Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class R Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Class R Share Offering Period</u>**" shall have the meaning set forth in the Memorandum.

"**<u>Class S Common Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Code</u>**" shall mean the Internal Revenue Code of 1986, as amended.

"**<u>Company</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Core Earnings</u>**" shall mean the net income (loss) attributable to Shareholders of Class J-3 Common Shares, Class S Common Shares, Class D Common Shares and Class I Common Shares, computed in accordance with GAAP, including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the performance fee, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, (v) one-time events pursuant to changes in GAAP, and (vi) certain non-cash adjustments and certain material non-cash income or expense items, in each case after discussions between the Adviser and the Company's Independent Trustees and approved by a majority of the Company's Independent Trustees.

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"**<u>CRE Debt</u>**" shall have the meaning set forth in the Memorandum.

"**<u>Declaration of Trust</u>**" shall mean the Sixth Amended and Restated Declaration of Trust for the Company, as amended, supplemented or restated from time to time.

"**<u>Disabling Conduct</u>**" shall mean, with respect to the termination of this Agreement, fraud, gross negligence, recklessness, willful misconduct, bad faith (in each case as determined in accordance with the laws of the State of Delaware), or intentional and material breach of this Agreement.

"**<u>discretion</u>**" shall mean to the fullest extent permitted by applicable law, a Person's entitlement to act in its "sole and absolute" discretion, and to consider only such interests and factors as it, acting in a manner not constituting Disabling Conduct, considers appropriate in the circumstances.

"**<u>Distributions</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Effective Date</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Fortress</u>**" shall mean Fortress Investment Group LLC, a Delaware limited liability company, and its successors and assigns.

"**<u>Fortress Affiliate</u>**" shall have the meaning set forth in the Memorandum.

"**<u>Fortress Managed Accounts</u>**" shall mean any current or future investment fund, account or company sponsored, managed or advised by Fortress or any of its investment advisory Affiliates, including the Adviser. For the avoidance of doubt, portfolio companies of any other Fortress Managed Account shall not be included within the definition of "Fortress Managed Account."

"**<u>GAAP</u>**" shall mean generally accepted accounting principles as in effect in the United States of America from time to time.

"**<u>hurdle rate</u>**" shall have the meaning set forth in <u>Section 9(b)</u>.

"**<u>Indemnitee</u>**" shall mean (i) the Adviser, Fortress, the members of the Board of Trustees, any consultant and the affiliates of any of them, and (ii) the officers, directors, members, principals, shareholders, controlling Persons, representatives, partners, managers, employees, agents, affiliates and assigns of any Person in <u>item (i)</u> above.

"**<u>Independent Trustee</u>**" shall have the meaning set forth in the Declaration of Trust.

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"**<u>Initial Sales Program</u>**" shall have the meaning set forth in the Memorandum.

"**<u>Initial Share Offering Period</u>**" shall have the meaning set forth in the Memorandum.

"**<u>Investment Guidelines</u>**" shall mean the investment guidelines adopted by the Board of Trustees, as amended from time to time, pursuant to which the Adviser has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board of Trustees.

"**<u>Investments</u>**" shall mean any investments by the Company, directly or indirectly, in CRE Debt, Residential Investments or other assets.

"**<u>Liquidation</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Management Fee</u>**" shall have the meaning set forth in <u>Section 9(a)</u>.

"**<u>Memorandum</u>**" shall mean the Confidential Private Placement Memorandum of the Company, as amended, modified or supplemented from time to time.

"**<u>NAV</u>**" shall mean the Company's net asset value, calculated pursuant to the Valuation Guidelines.

"**<u>New Issuance</u>**" shall mean the initial sale by the issuer (or its underwriter acting as such) of an interest in the relevant structured product.

"**<u>Offering</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Organization and Offering Expenses</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Performance Fee</u>**" shall have the meaning set forth in <u>Section 9(b)</u>.

"**<u>Person</u>**" shall mean an individual, corporation, business trust, estate, trust, partnership, joint venture, limited liability company or other legal entity.

"**<u>REIT</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Residential Investments</u>**" shall have the meaning set forth in the Memorandum.

"**<u>SEC</u>**" shall mean the U.S. Securities and Exchange Commission.

"**<u>Services</u>**" shall have the meaning set forth in <u>Section 7(c)</u>.

"**<u>Shareholders</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Shares</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Termination Date</u>**" shall mean the date of termination of this Agreement or date of expiration of this Agreement in the event this Agreement is not renewed for an additional term.

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"**<u>Trustees</u>**" shall have the meaning set forth in the Declaration of Trust.

"**<u>Valuation Guidelines</u>**" shall mean the valuation guidelines of the Company as have been adopted by the Board of Trustees, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **APPOINTMENT**. The Company hereby appoints the Adviser to serve as its investment adviser on the terms and conditions set forth in this Agreement, and the Adviser hereby accepts such appointment.

FIG LLC, an affiliate of the Adviser, is registered as an investment adviser under the Advisers Act with the SEC. FIG LLC and the Adviser operate under a single set of policies and procedures that are reasonably designed to comply with the requirements of the Advisers Act. The Adviser is a relying adviser pursuant to applicable SEC guidance and is a statutory fiduciary under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DUTIES OF THE ADVISER**. Subject to the oversight of the Board of Trustees and the terms and conditions of this Agreement and the Investment Guidelines, and consistent with the provisions of the Memorandum, the Declaration of Trust and Bylaws, the Adviser will have plenary authority with respect to the management of the business and affairs of the Company and will be responsible for implementing the investment strategy of the Company. The Adviser will perform (or cause to be performed through one or more of its Affiliates or third parties) such services and activities relating to the selection of investments and the rendering of investment advice to the Company as may be appropriate or otherwise mutually agreed from time to time, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; managing the Company's assets in accordance with its investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)determining the composition of the Company's portfolio, the nature and timing of the changes to the Company's portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)making investment decisions for the Company, including decisions related to the origination, acquisition, management, financing and disposition of Investments and negotiating the terms related thereto and other instruments on the Company's behalf, including transactions with other Fortress Managed Accounts, and any hedging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; monitoring the Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; engaging and supervising, on the Company's behalf, agents and service providers to assist in making and managing the Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determining valuations of the Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; performing due diligence on prospective Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; recommending the appropriate level of leverage and debt financing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exercising voting rights in respect of portfolio securities and other Investments for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; serving on, and exercising observer rights for, boards of directors and similar committees of the Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; providing risk management and tax services with respect to the Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; providing the Company with such other investment advisory and related services as the Company may, from time to time, reasonably require for the investment of capital.

The Adviser may delegate any of the services for which it is responsible to an Affiliate or to a third party and the Company will reimburse the Adviser for any services performed for the Company by such Affiliate or third party. To the extent that the Adviser outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without profit to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AUTHORITY OF ADVISER**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the terms of this Agreement (including the restrictions included in this <u>Section 4</u>), and subject to the continuing and exclusive authority of the Board of Trustees over the management of the Company, the Board of Trustees (by virtue of its approval of this Agreement and authorization of the execution hereof by the officers of the Company) hereby delegates to the Adviser the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the judgment of the Adviser, may be necessary or advisable in connection with the Adviser's duties described in <u>Section 3</u>, including the making of any Investment that fits within the Company's investment objectives, strategy and guidelines, policies and limitations and within the discretionary limits and authority as granted to the Adviser from time to time by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing, any Investment that does not fit within the Investment Guidelines will require the prior approval of the Board of Trustees or any duly authorized committee of the Board of Trustees, as the case may be. Except as otherwise set forth herein, in the Investment Guidelines or in the Declaration of Trust, any Investment that fits within the Investment Guidelines may be made by the Adviser on the Company's behalf without the prior approval of the Board of Trustees or any duly authorized committee of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees will review the Investment Guidelines periodically, in its discretion, and may, at any time upon the giving of notice to the Adviser, amend the Investment Guidelines; *provided, however*, that such modification or revocation shall be effective upon receipt by the Adviser or such later date as is specified by the Board of Trustees and included in the notice provided to the Adviser, and such modification or revocation shall not be applicable to investment transactions to which the Adviser has committed the Company prior to the date of receipt by the Adviser of such notification, or if later, the effective date of such modification or revocation specified by the Board of Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser may retain, for and on behalf of the Company, and at the sole cost and expense of the Company, such services as the Adviser deems necessary or advisable in connection with the management and operations of the Company, which may include Affiliates of the Adviser or unaffiliated third parties. In performing its duties under <u>Section 3</u>, the Adviser shall be entitled to rely reasonably on qualified experts and professionals (including accountants, legal counsel and other professional service providers) hired by the Adviser at the Company's sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company may retain or otherwise purchase services from Fortress Affiliates and businesses in which it or Fortress employees or other related persons have an interest in addition to management services to be provided by the Adviser. Subject to the restrictions stated in the Memorandum, the Adviser may cause the Company to retain or otherwise purchase services from Fortress Affiliates or businesses it or Fortress employees or other related persons have interests in without obtaining the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK ACCOUNTS**. The Adviser may establish and maintain one or more bank accounts in the name of the Company and any subsidiary thereof and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, consistent with the Adviser's authority under this Agreement; *provided* that no funds shall be commingled with the funds of the Adviser; and the Adviser shall from time to time render, upon request by the Board of Trustees, its audit committee or the auditors of the Company, appropriate accountings of such collections and payments to the Board of Trustees, its audit committee or the auditors of the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RECORDS; ACCESS**. The Adviser shall maintain, or shall cause to be maintained, appropriate records of its activities hereunder and make such records, or shall cause such records to be made, available for inspection by the Board of Trustees and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Adviser shall at all reasonable times have access to the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ACTIVITIES OF THE ADVISER**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this Agreement shall (i) prevent the Adviser or any of its Affiliates, officers, directors or employees from engaging in other businesses or from rendering services of any kind to any other Person, whether or not the investment objectives or policies of any such other Person are similar to those of the Company, including the sponsoring, closing, advising and/or managing of other Fortress Managed Accounts, (ii) in any way bind or restrict the Adviser or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the Adviser or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Adviser or any of its Affiliates, officers, directors or employees from receiving fees or other compensation or profits from such activities described in this <u>Section 7(a)</u> which shall be for the sole benefit of the Adviser (and/or its Affiliates, officers, directors or employees). While information and recommendations supplied to the Company shall, in the Adviser's reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, such information and recommendations may be different in certain material respects from the information and recommendations supplied by the Adviser or any Affiliate of the Adviser to others (including, for greater certainty, other Fortress Managed Accounts and their investors, as described more fully in <u>Section 7(b)</u>).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each of the Adviser and the Company acknowledge and agree that, notwithstanding anything to the contrary contained herein, (i) Affiliates of the Adviser sponsor, advise and/or manage other Fortress Managed Accounts and may in the future sponsor, advise and/or manage additional other Fortress Managed Accounts, (ii) with respect to other Fortress Managed Accounts with investment objectives or guidelines that overlap with the Company's but that do not have priority over the Company, the Adviser and its Affiliates will allocate investment opportunities between the Company and such other Fortress Managed Accounts in accordance with Fortress' prevailing policies and procedures on a basis that the Adviser and its Affiliates determine to be reasonable in their discretion, and there may be circumstances where investments that are consistent with the Company's Investment Guidelines may be shared with or allocated to one or more other Fortress Managed Accounts (in lieu of the Company) in accordance with Fortress's prevailing policies and procedures and (iii) certain Fortress Managed Accounts will receive priority over the Company with respect to investments within such accounts' investment objectives and guidelines as described in the Memorandum and the Adviser will not allocate investment opportunities to the Company unless the investment advisers of such Fortress Managed Accounts forgo, in their discretion, all or a portion of such investments because of such accounts' investment objectives, guidelines, concentration limitations or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with the services of the Adviser hereunder, the Company and the Board of Trustees acknowledge and agree that (i) as part of Fortress's regular businesses, personnel of the Adviser and its Affiliates may from time-to-time work on other projects and matters (including with respect to one or more other Fortress Managed Accounts), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more other Fortress Managed Accounts and/or the Adviser and such other Affiliates as described in the Memorandum, (ii) unless prohibited by the Declaration of Trust, other Fortress Managed Accounts may invest, from time to time, in investments in which the Company also invests (including at a different level of an issuer's capital structure (*e.g*., an investment by an other Fortress Managed Account in a mezzanine debt interest with respect to the same issuer to whom the Company has made a mortgage loan)) and while the Adviser will seek to resolve any such conflicts in a fair and reasonable manner (subject to any priorities of any other Fortress Managed Accounts) in accordance with its prevailing policies and procedures with respect to conflicts resolution among other Fortress Managed Accounts generally, such transactions are not required to be presented to the Board of Trustees or any committee thereof for approval (unless otherwise required by the Declaration of Trust or the Investment Guidelines), and there can be no assurance that any conflicts will be resolved in the Company's favor, (iii) the Company will from time to time pay fees to the Adviser and its Affiliates, including portfolio entities of other Fortress Managed Accounts, for providing various services described in the Memorandum (collectively, "**<u>Services</u>**"), which fees will be in addition to the compensation paid to the Adviser pursuant to <u>Section 9</u>, (iv) the Adviser and its Affiliates may from time to time receive fees from portfolio entities or other issuers for providing Services, including with respect to other Fortress Managed Accounts and related portfolio entities, and while such fees may give rise to conflicts of interest, the Company will not receive the benefit of any such fees, and (v) the terms and conditions of the governing agreements of such other Fortress Managed Accounts (including with respect to the economic, reporting, and other rights afforded to investors in such other Fortress Managed Accounts) are materially different from the terms and conditions applicable to the Company and the Shareholders, and neither the Company nor the Shareholders (in such capacity) shall have the right to receive the benefit of any such different terms applicable to investors in such other Fortress Managed Accounts as a result of an investment in the Company or otherwise. The Adviser shall keep the Board of Trustees reasonably informed on a periodic basis in connection with the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The prior approval of a majority of the Trustees not otherwise interested in the transaction will be required for each transaction to which the Adviser or its Affiliates is a party; *provided, however*, that (i) no approval by the Board of Trustees shall be required for transactions with other Fortress Managed Accounts, in the event of a purchase of an asset from the other Fortress Managed Account, at a price no greater than, and, in the event of a sale to a Fortress Managed Account, at a price no less than, fair market value of such asset as confirmed by (x) an independent third-party valuation agent or (y) a broker; (ii) the Adviser may cause the Company to co-invest alongside a Fortress Aﬃliate, including in the acquisition of a portfolio of commercial real estate debt and residential loans and assets from the same seller. The Adviser may, in its discretion, allocate the assets from such portfolio and the associated purchase price between the Company and such Fortress Aﬃliate, and no approval of the Board of Trustees will be required for such transaction. The purchase price paid by the Company for any asset from such portfolio that is allocated to the Company shall be no greater than its fair market value as confirmed by (x) an independent third-party valuation agent or (y) a broker; (iii) the Adviser may cause the Company and other Fortress Aﬃliates, from time to time, to combine one or more assets into a securitization vehicle the equity of which is allocated on a pro rata basis among the Company and such Fortress Aﬃliates based on asset valuations, and where the valuations are (x) confirmed by an independent third-party valuation agent or (y) approved by the Board of Trustees; (iv) the Adviser shall obtain the approval of the Board of Trustees in respect of any purchase by the Company of a New Issuance of the issuer of a structured product unless (a) at the time of such purchase (A) the issuer is not a Fortress Affiliate or controlled by a Fortress Affiliate and (B) no Affiliated Service Company is engaged by the issuer, or (b) (x) a Fortress Affiliate proposes to purchase at such time a larger percentage of the same class or tranche (or multiple classes or tranches in similar proportions) of such New Issuance than the Adviser proposes for the Company to purchase, and the advisory board, independent board of directors (or committee thereof) or the third-party investors (or equivalent, as applicable) of such Fortress Affiliate has approved such purchase on the same terms as the Company, and (y) the Adviser determines in good faith that (A) the conflict of interest with respect to the Company is substantially the same as the conflict of interest with respect to such Fortress Affiliate and (B) there is no material conflict of interest as between the Company, on the one hand, and such Fortress Affiliate, on the other; and (v) the Company may enter into joint ventures (or enter into joint acquisitions of or dispositions of jointly held assets) with other Fortress Managed Accounts, or with Fortress, the Adviser, or any of their respective Affiliates without approval of the Board of Trustees (unless otherwise required by the Declaration of Trust or the Investment Guidelines).

The Adviser will seek to resolve any conflicts of interest in a fair and reasonable manner (subject to any priorities of certain Fortress Managed Accounts) in accordance with its prevailing policies and procedures with respect to conflicts resolution among other Fortress Managed Accounts generally, but only those transactions expressly requiring prior approval pursuant to this <u>Section</u> <u>7(d)</u> shall be required to be presented for approval to the majority of the Trustees or any committee thereof (unless otherwise required by the Declaration of Trust or the Investment Guidelines).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; For the avoidance of doubt, it is understood that neither the Company nor the Board of Trustees has the authority to determine the salary, bonus or any other compensation paid by the Adviser to any director, officer, member, partner, employee, or stockholder of the Adviser or its Affiliates, including any person who is also a Trustee, officer or employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RELATIONSHIP WITH TRUSTEES AND OFFICERS**. Subject to <u>Section 7</u> and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Adviser or an Affiliate of the Adviser or any corporate parent of an Affiliate, may serve as a Trustee or officer of the Company, except that (a) such director, manager, officer or employee of the Adviser shall be deemed to be acting in such capacity solely for the Company, and not as a director, manager, officer or employee of the Adviser, and (b) no director, manager, officer or employee of the Adviser or an Affiliate of the Adviser who also is a Trustee or officer of the Company shall receive any compensation from the Company for serving as a Trustee or officer other than (i) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Trustees or (ii) as otherwise approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMPENSATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Management Fee</u>.** The Company will pay the Adviser a management fee (the "**<u>Management Fee</u>**"), equal to (i) for Class J-4 Common Shares, Class J-5 Common Shares, Class S Common Shares, Class D Common Shares and Class I Common Shares, 1.25% of NAV per annum payable monthly, and (ii) for Class B Common Shares, Class R Common Shares, Class F-I Common Shares, Class F-S Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-3 Common Shares and Class E Common Shares, 1.00% of NAV per annum payable monthly, in each case, before giving effect to any accruals of the Management Fee, the Performance Fee, ongoing servicing fees or any Distributions. The Adviser shall receive the Management Fee as compensation for services rendered hereunder. The Adviser has agreed to waive the Management Fee in respect of any Class B Common Shares that are purchased by a Shareholder during the Initial Share Offering Period, in respect of any Class R Common Shares that are purchased by a Shareholder during the Class R Share Offering Period, and in respect of any Class J-1 Common Shares, Class J-2 Common Shares or Class J-3 Common Shares that are purchased by a Shareholder through the Initial Sales Program, in each case until March 31, 2025 (including any Shares issued pursuant to any distribution reinvestment plan with respect to such waiver-eligible Shares). In addition, the Management Fee paid to the Adviser in respect of any Class E Common Shares shall be subject to the Company's ability to meet the applicable REIT requirements (which may require that such Management Fee is waived prior to March 31, 2025 if the Company is not a "publicly offered REIT" for U.S. federal income tax purposes), and shall be waived by the Adviser following the time that the Company becomes a "publicly offered REIT" for U.S. federal income tax purposes. Any Management Fee shall be calculated and paid to the Adviser on a class-by-class basis, based on the NAV of each applicable class of the Company's Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; **<u>Performance Fee</u>**. The Company shall pay the Adviser a performance fee (the "**<u>Performance Fee</u>**"), which is accrued monthly and payable quarterly (or part thereof that this Agreement is in effect) in arrears. The Performance Fee shall be an amount, not less than zero, equal to 12.5% of Core Earnings (and, in the case of Class F-I Shares and Class F-S Shares, 10.0% of Core Earnings) for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on Adjusted Capital, equal to 1.25% per quarter (the "**<u>hurdle rate</u>**"), or an annualized hurdle rate of 5.0%. As a result, the Adviser does not earn a performance fee for any quarter until Core Earnings for such quarter exceeds the hurdle rate of 1.25%. Once Core Earnings in any quarter exceeds the hurdle rate, the Adviser shall be entitled to a "catch-up" fee equal to the amount of Core Earnings in excess of the hurdle rate, until Core Earnings for such quarter exceeds a percentage of Adjusted Capital equal to the hurdle rate divided by 0.875 (or 1 minus 0.125) for such quarter. Thereafter, the Adviser shall be entitled to receive 12.5% of Core Earnings (and, in the case of Class F-I Shares and Class F-S Shares, 10.0% of Core Earnings). The Performance Fee shall be calculated based on the full Management Fee earned and regardless of whether the Adviser elects to receive such fee in cash or Class E Common Shares. For the avoidance of doubt, the Company will not pay the Adviser a performance fee on Class B Common Shares, Class R Common Shares, Class J-1 Common Shares, Class J-2 Common Shares, Class J-3 Common Shares or Class E Common Shares, and as a result, it is a class-specific expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Management Fee and Performance Fee may be paid, at the Adviser's election, subject to the ownership restrictions in the Declaration of Trust, in cash or cash equivalent aggregate NAV amounts of Class E Common Shares, or any combination thereof. If the Adviser elects to receive any portion of its Management Fee or Performance Fee in Class E Common Shares, the Adviser or any subsequent transferee thereof may elect to have the Company repurchase such Class E Common Shares from the Adviser or such transferee at a later date at a repurchase price per Class E Common Share equal to the then NAV per Class E Common Share. Class E Common Shares obtained by the Adviser or any subsequent transferee will not be subject to the repurchase limits of the Company's share repurchase plan (as in effect from time to time), including the repurchase limits or any reduction or penalty for an early repurchase. The Adviser or any subsequent transferee will have the option of exchanging Class E Common Shares for an equivalent aggregate NAV amount of any other currently offered class of the Company's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; In the event this Agreement is terminated or its term expires without renewal, the Adviser will be entitled to receive each of its prorated Management Fee and Performance Fee through the date of termination. Such proration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the Company commences a liquidation of its Investments during any calendar year, the Company will pay the Adviser the Management Fee and the Performance Fee from the proceeds of the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; **EXPENSES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise provided herein or in the Administration Agreement, the Adviser shall be responsible for the expenses related to any and all personnel of the Adviser who provide investment advisory services to the Company pursuant to this Agreement (including each of the officers of the Company and any Trustees who are also directors, officers or employees of the Adviser or any of its Affiliates), including salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel ("**<u>Adviser Expenses</u>**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; In addition to the compensation paid to the Adviser pursuant to <u>Section 9</u>, the Company shall pay all of its costs and expenses directly or reimburse the Adviser or its Affiliates for costs and expenses of the Adviser and its Affiliates incurred on behalf of the Company, other than Adviser Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company are not Adviser Expenses and shall be paid or reimbursed by the Company and shall not be paid or borne by the Adviser or Affiliates of the Adviser:

&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)&nbsp;&nbsp;&nbsp;&nbsp; Organization and Offering Expenses;

&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)any and all expenses incurred by the Company, the Adviser or any of their respective Affiliates in connection with the selection, evaluation, structuring, acquisition, origination, financing and management of any Investments, whether or not such Investments are acquired or originated, and made payments to third parties or the Adviser's Affiliates in connection with making Investments, including legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments, accounting fees and expenses, title insurance premiums and the costs of performing due diligence, as well as expenses of other transactions relating to the Investments, including prepayments, maturities and workouts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, origination, acquisition, settling, disposition and financing of the Investments of the Company (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, originating, acquiring, settling, monitoring or disposing of actual or potential Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making Investments, and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; the actual cost of goods and services used by the Company and obtained from either Affiliates of the Adviser or Persons not Affiliated with the Adviser, including fees paid to administrators, consultants, attorneys, accountants, tax advisors, technology providers and other service providers, and brokerage fees paid in connection with the origination, acquisition, purchase and/or sale of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance, administrative, operations, treasury, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, data or technology services and other non-investment advisory services rendered to the Company by the Adviser or its Affiliates in compliance with <u>Sections 4(d)</u> or <u>(e)</u>, including salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans and insurance with respect to all personnel of the Adviser other than those who provide investment advisory services to the Company as described in <u>Section 10(a)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the compensation and expenses of the Trustees, including costs associated with events and trainings of the Trustees (including travel) (excluding those Trustees who are directors, officers or employees of the Adviser), and the cost of liability insurance to indemnify the Trustees and officers and expenses incurred in connection with preparation of materials for meetings of the Board of Trustees and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; interest, fees and expenses arising out of borrowings made by the Company, including costs associated with the establishment and maintenance of any of the Company's credit facilities, other financing arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company's securities offerings, whether or not any facilities, financing arrangements or indebtedness are implemented or such securities are offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)expenses connected with communications to holders of the Company's securities or securities of any subsidiary of the Company and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including costs of Sarbanes-Oxley Act of 2002, as amended, compliance and costs associated with preparation and filing of filings, reports or other documents with the SEC (or other regulatory bodies), if necessary, and other reporting and compliance costs (as applicable), including registration fees, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Company's securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company's annual report to the Shareholders and proxy materials, if any, with respect to any meeting of the Shareholders and any other reports or related statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp; the Company's allocable share of costs associated with technology-related expenses, including any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Adviser, technology service providers and related software/hardware utilized in connection with the Company's investment and operational activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp; the Company's allocable share of expenses incurred by managers, officers, personnel and agents of the Adviser for travel on the Company's behalf and other out-of- pocket expenses incurred by them in connection with the selection, origination, acquisition, financing, refinancing, sale or other disposition of an Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)expenses relating to compliance-related matters and regulatory filings relating to the Company's activities (including expenses relating to the preparation and filing of Form PF, Form ADV, reports to be filed with the U.S. Commodity Futures Trading Commission, reports, disclosures, and/or other regulatory filings of the Adviser and its Affiliates relating to the Company's activities (including the Company's pro rata share of the costs of the Adviser and its Affiliates of regulatory expenses that relate to the Company and other Fortress Managed Accounts));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp; the costs of any litigation involving the Company or its assets and the amount of any judgments or settlements paid in connection therewith, trustees and officers liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp; all taxes and statutory, regulatory or license fees or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp; all insurance costs incurred in connection with the operation of the Company's business, except for the costs attributable to the insurance that the Adviser elects to carry for itself and its personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp; expenses of managing, operating and disposing of Investments, whether payable to an Affiliate of the Adviser or a non-Affiliated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)expenses incurred in connection with maintaining the status of the Company as a REIT or the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board of Trustees to or on account of holders of the Company's securities, including in connection with any distribution reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company, or against any Trustee or officer of the Company, or in his or her capacity as such, for which the Company is required to indemnify such Trustee or officer by any court or governmental agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp; expenses incurred in connection with the formation, organization, continuation, liquidation and/or restructuring of any corporation, partnership, joint venture or other entity through which the Company's investments are made or in which any such entity invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp; expenses incurred in connection with winding up and liquidating the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp; expenses incurred related to industry association memberships or attending industry conferences on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Without limiting the foregoing, the Company may retain certain of the Adviser's Affiliates, from time to time, for services relating to Investments or the Company's operations, which may include accounting and audit services (including valuation support services), account management services, corporate secretarial services, data management services, trusteeship services, information technology services, finance and budget services, human resources, judicial processes, legal services, operational services, risk management services, tax services, treasury services, loan management services, construction management services, mortgage servicing, special servicing, services related to capital markets and credit origination, and/or other types of insurance and related services, asset management services, transaction support services, transaction consulting services and other similar operational matters. The Company or its subsidiaries may also issue equity incentives to certain employees of such Affiliates. Any payments made to the Adviser's Affiliates will not reduce the applicable Management Fee or Performance Fee. Any such arrangements will be at or below market rates.

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Such services may be provided by the Adviser's Affiliates to the Company and other Fortress Managed Accounts. In particular, the Adviser's Affiliates will provide asset management services, including certain mortgage-related services, to the Company and other Fortress Managed Accounts, which services may include credit evaluation of the properties securing the Investments, services related to mortgage servicing, consulting/brokerage, capital markets/credit origination, and loan servicing, monitoring Company management and operations where appropriate, monitoring the progress of construction and development of properties, including "build-to-suit" properties, and tracking of payment obligations and cash payments. The Adviser shall have the right to cause Fortress' in-house legal (including, for the avoidance of doubt, compliance) services for the Company to be rendered by employees of Fortress or its Affiliates, and the Company shall pay or reimburse Fortress or its Affiliates performing such services for the cost thereof. The Company shall bear all costs and expenses of the Adviser's Affiliates (other than the costs and expenses of Affiliated Service Companies) that are directly attributable to the salaries, bonuses and fringe benefits payable to employees of the Adviser's Affiliates performing asset management services whose work is provided solely to the Company and all costs and expenses of information systems, software and hardware utilized solely by the Company in connection with asset management. For any asset management services provided to the Company and other Fortress Managed Accounts, the Company shall bear its allocable share of such costs and expenses, as well as all costs and expenses of information systems, software and hardware utilized by the Company and other Fortress Managed Accounts in connection with asset management, such allocable share to be based on the relative values of the specific assets of the Company and other Fortress Managed Accounts for which asset management services are being provided. For the avoidance of doubt, if as part of his/her responsibilities, an employee of the Adviser's Affiliate performs functions in addition to asset management services, the Company shall only be responsible for the reimbursement of the allocable portion of the employee's salary, bonus and fringe benefits corresponding to the employee's time spent devoted to asset management services.

To the extent other services enumerated above are provided by the Adviser's Affiliates to the Company and other Fortress Managed Accounts, the Adviser shall allocate the costs and expenses related to such services among the Company and such other Fortress Managed Accounts in a manner that the Adviser, in its discretion, determines is fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp; The Adviser may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any reimbursement to the Adviser may be paid, at the Adviser's election, in cash or Class E Common Shares, or any combination thereof, and may be offset by the Adviser against amounts due to the Company from the Adviser. Cost and expense reimbursement to the Adviser shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, the Adviser shall pay for all Organization and Offering Expenses (other than servicing fees) incurred prior to the first anniversary of the initial closing of the Company's initial Offering. All Organization and Offering Expenses (other than servicing fees) paid by the Adviser pursuant to this <u>Section 10</u> shall be reimbursed by the Company to the Adviser in 60 equal monthly installments commencing with the first anniversary of the initial closing of the Company's initial Offering; *provided*, that in the event the Company commences a Liquidation, all such Organization and Offering Expenses shall become due and payable and shall be reimbursed by the Company to the Adviser in connection with, and prior to the completion of, such Liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything herein to the contrary, the Adviser may pay for certain of the costs and expenses of the Company contemplated by this <u>Section 10</u> (excluding Organization and Offering Expenses) and by the Administration Agreement incurred through the earlier of (i) the first date that the Company's aggregate NAV is at least $300 million and (ii) December 31, 2024. All such costs and expenses paid by the Adviser pursuant to this <u>Section 10(g)</u> shall be reimbursed by the Company to the Adviser in 60 equal monthly installments following such date; *provided*, that in the event the Company commences a Liquidation, all such costs and expenses shall become due and payable and shall be reimbursed by the Company to the Adviser in connection with, and prior to the completion of, such Liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **OTHER SERVICES**. Should the Board of Trustees request that the Adviser or any director, officer or employee thereof render services for the Company other than those set forth in <u>Section 3</u>, such services shall be separately compensated at such rates and in such amounts as are agreed by the Adviser and the Board of Trustees, subject to the limitations contained in the Declaration of Trust, and shall not be deemed to be services pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp; **ADVISER AS INDEPENDENT CONTRACTOR**. The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp; **NO JOINT VENTURE**. The Company, on the one hand, and the Adviser on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp; **TERM OF AGREEMENT**. This Agreement shall continue in force for a period of two years from the Effective Date, subject to an unlimited number of successive one-year renewals upon approval of a majority of the Trustees and a majority of the Independent Trustees. It is the duty of the Board of Trustees to evaluate the performance of the Adviser annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp; **TERMINATION BY THE PARTIES**. This Agreement may be terminated upon 60 days' written notice without penalty by approval of a majority of the Trustees; or upon 60 days' written notice by the Adviser. The provisions of <u>Sections 17</u> through <u>20</u> shall survive termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp; **ASSIGNMENTS**. This Agreement may be assigned by the Adviser to an Affiliate of the Adviser with the approval of a majority of the Trustees (including a majority of the Independent Trustees). The Adviser may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent of the Board of Trustees. This Agreement shall not be assigned by the Company without the approval of the Adviser, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. This Agreement shall be binding on successors to the Company resulting from a change in control or sale of all or substantially all the assets of the Company and shall likewise be binding on any successor to the Adviser. Without limiting the foregoing, but subject to Section 5.15 of the Declaration of Trust, the consent of the Company to a transaction that would result in any "assignment" (within the meaning of the Advisers Act) of this Agreement by the Adviser may be provided by (a) the vote of a majority of the Board of Trustees and (b) the vote of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp; **PAYMENTS TO AND DUTIES OF ADVISER UPON TERMINATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After the Termination Date, the Adviser shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Adviser shall promptly upon termination:

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deliver to the Board of Trustees a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; deliver to the Board of Trustees all assets, including all Investments, and documents of the Company then in the custody of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; cooperate with, and take all reasonable actions requested by, the Company and Board of Trustees in making an orderly transition of the advisory function.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**INDEMNIFICATION BY THE COMPANY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the fullest extent permitted by law, the Indemnitees shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company, and the Company shall indemnify and hereby agrees to indemnify and hold harmless the Indemnitees from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnitees in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising from any actual or alleged act or omission to act performed or omitted by it in connection with any matter arising out of or in connection with this Agreement, the Company's business or affairs or any investment made or held by the Company, or otherwise as an investment advisor of the Company, and for any losses due to any actual or alleged act or omission to act of any broker, agent, counsel or accountant of the Company (provided that the selection, engagement or retention of such broker, agent, counsel or accountant by the Indemnitee did not constitute Disabling Conduct), in each case except for any such losses primarily attributable to such Indemnitee's Disabling Conduct. An Indemnitee may, in good faith, consult with counsel and accountants and, to the fullest extent permitted by applicable law, will be fully protected and justified in any actual or alleged act or omission to act which is taken, in good faith, in accordance with the advice or opinion of such counsel or accountants so long as the selection, engagement or retention of such counsel or accountant did not constitute Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Company acknowledges and agrees that, to the fullest extent permitted by applicable law, neither the Adviser nor any if its Affiliates shall (i) be or be deemed to be in breach of this Agreement, or of any duty owed by the Adviser or such Affiliate to the Company with respect to any actual or potential conflict of interests, or (ii) have or be deemed to have any liability to the Company, in each case in respect of any act or omission to act (x) specifically authorized by this Agreement, (y) approved by the Board of Trustees or (z) approved by a majority in interest of Shareholders, and neither the Adviser nor any if its Affiliates shall be held responsible for any action of the Board of Trustees in following or declining to follow any advice or recommendation given by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall (i) advance to each Indemnitee, or (ii) promptly reimburse each Indemnitee for, all expenses (including fees and expenses of counsel) incurred in connection with investigating, preparing, pursuing or defending any proceeding related to, arising out of or in connection with this Agreement or the Company's business or affairs or any investment made or held by the Company; *provided* that such Indemnitee shall promptly repay to the Company the amount of any such advanced or reimbursed expenses paid to it if it shall be judicially determined by judgment or order not subject to further appeal or discretionary review that such Indemnitee is not entitled to be indemnified under the terms of this Agreement. If for any reason (other than such Indemnitee's Disabling Conduct) the foregoing indemnification is unavailable to any Indemnitee, or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by such Indemnitee as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and such Indemnitee, on the other hand, or, if such allocation is not permitted by applicable law, to reflect not only the relative benefits referred to above but also any other relevant equitable considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The indemnification provided by this <u>Section 18</u> shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; An Indemnitee shall not be denied indemnification in whole or in part under this <u>Section 18</u> because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Declaration of Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of this <u>Section 18</u> are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp; **NON-SOLICITATION**. In the event of a termination of this Agreement by the Company pursuant to <u>Section 15</u>, for two years after the Termination Date, the Company shall not, without the consent of the Adviser, employ or otherwise retain any employee of the Adviser or any of its Affiliates or any person who has been employed by the Adviser or any of its Affiliates at any time within the two year period immediately preceding the date on which such person commences employment with or is otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Adviser may be entitled to equitable relief for any violation of this <u>Section 19</u> by the Company, including injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; **<u>Notices</u>**. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Declaration of Trust, or the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier, by registered or certified mail, by electronic mail or posted on a password protected website maintained by the Adviser and for which the Company has received access instructions by electronic mail, when posted, using the contact information set forth herein:

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| | |
|:---|:---|
| **The Company:** | Fortress Credit Realty Income Trust |
|  | 1345 Avenue of the Americas, 46th Floor |
|  | New York, New York 10105 |
|  | Attention: David Brooks |
|  | Email: gc.credit@fortress.com; DBrooks@fortress.com |
| with required copies to: | Kirkland & Ellis LLP |
|  | 601 Lexington Avenue |
|  | New York, New York 10022 |
|  | Attention: Kelly Ryan |
|  | Email: kelly.ryan@kirkland.com |
|  | Fortress Investment Group, LLC |
|  | 1345 Avenue of the Americas, 46th Floor |
|  | New York, New York 10105 |
|  | Attention: David Brooks |
|  | Email: gc.credit@fortress.com; DBrooks@fortress.com |
| **The Adviser:** | FCR Advisors LLC |
|  | c/o Fortress Operating Entity I LP |
|  | 1345 Avenue of the Americas, 46th Floor |

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| | |
|:---|:---|
|  | New York, New York 10105 |
|  | Attention: David Brooks |
|  | Email: gc.credit@fortress.com; DBrooks@fortress.com |
| with required copies to: | Kirkland & Ellis LLP |
|  | 601 Lexington Avenue |
|  | New York, New York 10022 |
|  | Attention: Kelly Ryan |
|  | Email: kelly.ryan@kirkland.com |

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Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this <u>Section 20(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Modification</u>**. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; **<u>Severability</u>**. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason, any other provision or provisions may be invalid or unenforceable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Governing Law; Exclusive Jurisdiction; Jury Trial</u>**. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in Borough of Manhattan, New York, for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; **<u>Entire Agreement</u>**. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; **<u>Indulgences; No Waivers</u>**. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Interpretation</u>**. The section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. As used herein, masculine pronouns shall include the feminine and neuter, and the singular shall be deemed to include the plural and vice versa. The term "including," as used herein shall mean "including, without limitation," unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; **<u>Execution in Counterparts</u>**. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law (*e.g.*, www.docusign.com)), or other transmission method. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

[remainder of page intentionally left blank]

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

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| | | |
|:---|:---|:---|
| **Fortress Credit Realty Income Trust** | **Fortress Credit Realty Income Trust** | **Fortress Credit Realty Income Trust** |
| By: | /s/ Avraham Dreyfuss | /s/ Avraham Dreyfuss |
| : | Name | Avraham Dreyfuss |
|  | Title: | Chief Financial Officer |
| **FCR Advisors LLC** | **FCR Advisors LLC** | **FCR Advisors LLC** |
| By: | /s/ Avraham Dreyfuss | /s/ Avraham Dreyfuss |
|  | Name: | Avraham Dreyfuss |
|  | Title: | Chief Financial Officer |

---

[Signature Page to Fortress Credit Realty Income Trust – Fourth Amended and Restated Management Agreement]

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## Exhibit 10.2

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#### Exhibit 10.2<br>

#### DEALER MANAGER AGREEMENT
March 23, 2026

Fortress Wealth Solutions LLC,

as Dealer Manager

1345 Avenue of the Americas, 45<sup>th</sup> Floor

New York, NY 10105

Ladies and Gentlemen:

This Dealer Manager Agreement (this "<u>Agreement</u>") is hereby entered into as of April 11, 2025, by and among Fortress Credit Realty Income Trust, a Maryland statutory trust (the "<u>Company</u>"), FCR Advisors LLC, a Delaware limited liability company and an affiliate of FIG LLC ("<u>Fortress</u>") (the "<u>Adviser</u>"), and Fortress Wealth Solutions LLC, a Delaware limited liability company and an affiliate of Fortress, as the managing dealer (the "<u>Dealer Manager</u>"). This Agreement amends and restates in its entirety that certain Dealer Manager Agreement (the "<u>Prior Dealer Manager Agreement</u>"), dated as of April 11, 2025, by and among the Company, the Adviser, and the Dealer Manager.

The Company and the Adviser are engaging in one or more continuous private offerings (collectively, the "<u>Offering</u>") of an unlimited amount of the Company's common shares of beneficial interest, par value $0.01 per share ("<u>common shares</u>"), that will be issued and sold at the offering prices per Share (as defined below) as described in the Company's private placement memorandum (as may be amended, modified or supplemented from time to time, the "<u>Memorandum</u>"), which will consist of (i) a primary offering (the "<u>Primary Shares</u>") of (A) up to $300,000,000 in net proceeds, which the Company reserves the right to increase in its discretion (such amount, as may be so increased, the "<u>Initial Share Maximum Amount</u>"), in Class B common shares, (B) up to $50,000,000 in net proceeds, which the Company reserves the right to increase in its discretion, in Class R common shares, (C) an amount to be agreed upon with a certain Participating Broker-Dealer (as defined below) in Class J-1 common shares, Class J-2 common shares, Class J-3 common shares, Class J-4 common shares and Class J-5 common shares, (D) up to $300,000,000 in net proceeds in Class F-I common shares and F-S common shares, and (E) an unlimited amount in any combination of Future Offered Shares (as defined below) (in the case of each of clauses (A), (B), (C), (D) and (E), not including any Class E common shares purchased by Fortress or employees, officers or directors of Fortress or its affiliates (including eligible family members)), and (ii) the shares issued pursuant to the Company's distribution reinvestment plan (the "<u>DRIP Shares</u>"), to U.S. persons who are "accredited investors" as that term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Primary Shares will be distributed on a "best efforts" basis, in transactions exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder, through the Dealer Manager, as the managing dealer, and the broker-dealers participating in the Offering (collectively, "<u>Participating Broker-Dealers</u>", and each, individually, a "<u>Participating Broker-Dealer</u>"). The Primary Shares are to be offered and sold to investors as described under the caption "*Plan of Distribution"* in the Memorandum. For shareholders who participate in the Company's distribution reinvestment plan, the cash distributions paid on the Shares of each class that each shareholder owns will be automatically invested in additional Shares of the same class. The DRIP Shares are to be issued and sold to shareholders of the Company at the transaction price of the applicable class of Shares on the date that the distribution is payable, without any applicable selling commissions or dealer manager fees.

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Class B common shares are generally available for purchase in the Offering if (x) an investor would otherwise be eligible to purchase Class I common shares and (y) such investor, on its own, or together with any other commonly advised investors (as determined by the Adviser in its discretion), has invested at least $100 million in shares during the Initial Share Offering Period (as defined in the Memorandum) (*provided*, *however*, that the Adviser may accept lesser amounts for Class B common share eligibility in its discretion). Class R common shares are generally available for purchase in the Offering if (x) an investor would otherwise be eligible to purchase Class S common shares and (y) such investor is investing through a brokerage or transaction based account at a participating broker-dealer that provides access to Class R common shares. Class R common shares are not expected to be offered following the Class R Share Offering Period (as defined in the Memorandum). Class F-I common shares and Class F-S common shares shall only be available for purchase in the Offering by a certain Participating Broker-Dealer. Class F-I common shares and Class F-S common shares are not expected to be offered following the Class F-I Share Offering Period and Class F-S Share Offering Period (as defined in the Memorandum). Class J-1 common shares, Class J-2 common shares, Class J-3 common shares, Class J-4 common shares and Class J-5 common shares shall only be available for purchase in the Offering by a certain Participating Broker-Dealer, if an investor would otherwise be eligible to purchase Class B common shares (in the case of Class J-1 common shares, Class J-2 common shares or Class J-3 common shares) or Class D or Class S common shares (in the case of Class J-4 common shares or Class J-5 common shares) and, in either case, such investor is directed by such Participating Broker-Dealer to invest in the aforementioned classes. During and following the Initial Share Offering Period, the Company also expects to offer to all suitable investors an unlimited amount of common shares of different classes (including Class S common shares, Class D common shares and Class I common shares) ("<u>Future Offered Shares</u>"). Any issuances of Future Offered Shares will be subject to the Company's ability to meet the applicable REIT requirements (which may require that no such shares are issued, or that management fees and performance fees on such shares are waived or lowered, unless or until the REIT is a "publicly offered REIT" for U.S. federal income tax purposes (i.e., a REIT that is required to file annual and periodic reports with the Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")). The terms of the Class B common shares, Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-3 common shares, Class J-4 common shares, Class J-5 common shares, Class S common shares, Class D common shares, Class I common shares, Class E common shares Class F-I common shares and Class F-S common shares, including the eligibility requirements for each class, are described in detail in the Memorandum. For purposes of this Agreement, unless stated otherwise, any references herein to the (i) "Shares" shall include Class B common shares, Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-3 common shares, Class J-4 common shares, Class J-5 common shares, Class S common shares, Class D common shares, Class I common shares, Class E common shares, Class F-I common shares and Class F-S common shares and any other Future Offered Shares and (ii) "Memorandum" shall include any private placement memorandum used in connection with any offers and sales of the Future Offered Shares, including any amendment or supplement to the Memorandum used for the offer and sale of the Primary Shares initially being offered by the Company.

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Terms used but not defined herein shall have the meanings ascribed to them in the Memorandum, as such Memorandum may be amended, supplemented or restated from time to time.

In consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Adviser hereby agree with the Dealer Manager as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of the Company and the Adviser</u>. The Company, and, solely for purposes of <u>Section</u> 1(l), the Adviser, hereby represent and warrant to the Dealer Manager and each Participating Broker-Dealer with whom the Dealer Manager enters into a participating broker-dealer agreement (each, a "<u>Participating Broker-Dealer Agreement</u>"), in such form to be agreed between the Company and the Dealer Manager, that, as of the date of this Agreement and at all times during the Offering Period (as defined below) *(provided* that, to the extent such representations and warranties are given only as of a specified date or dates, the Company and, solely for purposes of <u>Section</u> 1(l), the Adviser only make such representations and warranties as of such specified date or dates):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has prepared the Memorandum and all other information required for the sale of the Shares in accordance in all material respects with all applicable requirements of the Securities Act, and all applicable rules and regulations of the SEC promulgated thereunder (collectively, the "<u>Securities Act Regulations</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Memorandum and any amendments or supplements thereto will, as of each closing date for the Offering of the applicable class of Shares (each, a "<u>Closing</u>"), comply in all material respects with any applicable requirements of the Securities Act and the Securities Act Regulations; the Memorandum does not, and any amendments or supplements thereto will not, as of the applicable Closing, contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; *provided, however,* that the Company makes no representation or warranty with respect to any statement contained in the Memorandum, or any amendments or supplements thereto, made in reliance upon and in conformity with information furnished in writing to the Company by the Dealer Manager or any Participating Broker-Dealers expressly for use in the Memorandum, or any amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has been duly and validly organized and formed as a statutory trust under the laws of the state of Maryland, with full power and authority to conduct its business as described in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the date of this Agreement, the Company has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in <u>Section</u> 6 may be limited under applicable securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise described in the Memorandum, as such Memorandum may be amended, supplemented or restated from time to time, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against the Company, or any judgment in effect at law or in equity or before or by any federal or state commission, regulatory body or administrative agency, or other governmental body, domestic or foreign, that would reasonably be expected to have a material adverse effect on the ability of the Company to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Company will not conflict with or constitute a default under: (i) the Company's declaration of trust (as may be amended, modified or supplemented from time to time, the "<u>Declaration of Trust</u>") or bylaws, (ii) any indenture, mortgage, deed of trust or lease to which the Company is a party or by which the Company or any of its properties is bound, (iii) any law, rule or regulation applicable to the Company, or (iv) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company, except in the cases of clauses (ii), (iii) and (iv), for such conflicts or defaults that, individually or in the aggregate, would not reasonably be expected to result in a material adverse effect on the ability of the Company to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; Except as have been obtained or waived, no material consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the issuance and sale by the Company of the Shares, except for (i) any necessary qualification or registration under the securities or blue sky laws of the jurisdictions in which the Shares will be offered by the Dealer Manager and the Participating Broker-Dealers, or the establishment of preemption or an exemption from such qualification or registration requirements, and (ii) any filing and approval required pursuant to the rules of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") contained in its rulebook (the "<u>FINRA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the time of the issuance of the Shares, the Shares will have been duly authorized and, when issued and sold as contemplated by the Memorandum and the Declaration of Trust, and upon payment therefor as provided by the Memorandum and this Agreement, will be validly issued, fully paid and nonassessable and will conform to the description thereof contained in the Memorandum.

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company does not intend to conduct its business so as to be considered an "investment company" (as that term is defined in the Investment Company Act, and the rules and regulations thereunder) required to register as such under the Investment Company Act, and it will exercise reasonable diligence to ensure that it does not become an "investment company" required to register as such under the Investment Company Act.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any and all printed sales literature or other materials in connection with the Offering that are prepared by the Company and/or the Dealer Manager, and that have been approved in advance, in writing, by the Company specifically for use with potential investors in connection with the Offering (and such approval has not been subsequently withdrawn pursuant to <u>Section</u> 14) (collectively, "<u>Authorized Sales Materials</u>"), when used in conjunction with the Memorandum, did not at the time provided for use, and, as to later provided materials, will not at the time provided for use, include any untrue statement of a material fact, nor did they at the time provided for use, or, as to later provided materials, will they at the time provided for use, omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made and when read in conjunction with the Memorandum, not misleading; *provided, however,* that the Company makes no representation or warranty with respect to any statement contained in any Authorized Sales Materials made in reliance upon, and in conformity with, information furnished in writing to the Company by the Dealer Manager or any Participating Broker-Dealers expressly for use in any Authorized Sales Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the Company's knowledge, none of the Company, the Adviser, or any of their respective affiliates, officers or directors has, within the six (6) calendar months preceding June 14, 2024, sold or offered for sale any securities that may be "integrated" with the Offering within the meaning of Rule 502(a) of Regulation D promulgated under the Securities Act, other than sales of securities to "accredited investors" that would not prevent the Offering from qualifying for the exemption from registration under the Securities Act provided by Rule 506 of Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company and the Adviser are not subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act and will not be disqualified from relying on the exemption from registration under the Securities Act provided by Rule 506 of Regulation D promulgated under the Securities Act with regard to the offer and sale of the Shares by the occurrence or issuance of any conviction, order, judgment, decree, suspension, injunction, expulsion or bar described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act (each, a "<u>Company Disqualifying Event</u>"), except for a Company Disqualifying Event covered by Rule 506(d)(2) or (3) of Regulation D promulgated under the Securities Act. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e) under the Securities Act, and has furnished to the Dealer Manager and any Participating Broker-Dealers a copy of any disclosures provided thereunder. The Company will notify the Dealer Manager and Participating Broker-Dealers of the occurrence or issuance of any Company Disqualifying Event of which the Company becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of the Dealer Manager</u>*.* The Dealer Manager hereby represents and warrants to the Company, as of the date of this Agreement and at all times during the Offering Period *(provided* that, to the extent such representations and warranties of the Dealer Manager are given only as of a specified date or dates, the Dealer Manager only makes such representations and warranties as of such specified date or dates), as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware, with, as of the date of this Agreement, all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the date of this Agreement, the Dealer Manager has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in <u>Section</u> 6 of this Agreement may be limited under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)There are no actions, suits or proceedings pending or, to the knowledge of the Dealer Manager, threatened against the Dealer Manager, or any judgment in effect at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, that would reasonably be expected to have a material adverse effect on the ability of the Dealer Manager to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Dealer Manager will not conflict with or constitute a default under (i) the Dealer Manager's certificate of formation or operating agreement, (ii) any indenture, mortgage, deed of trust or lease to which the Dealer Manager or any of its subsidiaries is a party or by which the Dealer Manager or any of its subsidiaries or any of their properties is bound, or (iii) any rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Dealer Manager, except in the cases of clauses (ii), (iii) and (iv), for such conflicts or defaults that, individually or in the aggregate, would not reasonably be expected to result in a material adverse effect on the ability of the Dealer Manager to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Dealer Manager of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager is, and during the term of this Agreement will be (i) duly registered as a broker-dealer pursuant to the provisions of the Exchange Act, (ii) a member in good standing of FINRA and (iii) a broker-dealer duly registered as such in those states where the Dealer Manager is required to be registered in order to carry out the Offering as contemplated by this Agreement and the Memorandum. Each of the Dealer Manager's employees and representatives has all required licenses and registrations to act under this Agreement and to carry out the Offering as contemplated thereby. There is no provision in the Dealer Manager's FINRA membership agreement that would restrict the ability of the Dealer Manager to carry out the Offering as contemplated by this Agreement and the Memorandum.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The information regarding the Offering in the Memorandum and all other information furnished to the Company by the Dealer Manager in writing expressly for use in the Memorandum, or any amendment or supplement thereto, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager has established and implemented anti-money laundering compliance programs (collectively, the "<u>AML Program</u>") in accordance with applicable U.S. anti-money laundering laws and regulations, including, but not limited to, applicable FINRA Rules, SEC rules and regulations, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended (the "<u>USA PATRIOT Act</u>"), and Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (collectively, the "<u>AML Laws</u>"), and that such AML Program is reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offer and sale of the Shares. In addition, the Dealer Manager has established and implemented a program for compliance with U.S. sanctions laws and regulations promulgated by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>") or any other U.S. governmental entity (such sanctions, regulations and laws, together with any supplements or amendments thereto, the "<u>U.S. Sanctions Laws</u>") (the "<u>Sanctions Program</u>") and will continue to maintain the Sanctions Program during the term of this Agreement. Upon request by the Company at any time, Dealer Manager hereby agrees to furnish (i) a written copy of its AML Program and Sanctions Program to the Company for review and (ii) a copy of the findings of, and any remedial actions taken in connection with the Adviser's most recent independent testing of its AML Program and/or its Sanctions Program.

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager is currently in compliance with all AML Laws and U.S. Sanctions Laws, including, but not limited to, the Customer Identification Program requirements under Section 326 of the USA PATRIOT Act (the "<u>CIP Requirements</u>"), and the Dealer Manager hereby agrees, upon request of the Company, to (A) provide an annual certification to the Company that, for the duration and as of the date of such certification, (i) its AML Program and Sanctions Program were and are consistent with the AML Laws and U.S. Sanctions Laws, (ii) it has implemented and continues to implement its AML Program and Sanctions Program and (iii) it was and is in compliance with all AML Laws and U.S. Sanctions Laws and all related requirements, including, but not limited to, the CIP Requirements; and (B) perform and carry out, on behalf of the Company, the CIP Requirements and any applicable customer identification requirements under Commission and U.S. Department of the Treasury regulations, rules, or guidance. The Dealer Manager represents, warrants, and covenants that it will immediately notify the Company in writing of any known or suspected violations of the AML Laws, U.S. Sanctions Laws, the AML Program, or the Sanctions Program (i) made or caused in relation to any Offering made pursuant to this Agreement or (ii) that could be expected to cause the Company to violate AML Laws or U.S. Sanctions Laws. The Company may, in its reasonable discretion, deem such an event a Dealer Manager Disqualifying Event (as defined below) pursuant to <u>Section</u> 2.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Dealer Manager, its subsidiaries and their respective officers, directors, employees and agents with (i) all applicable economic sanctions or trade embargoes ("<u>Sanctions</u>"), including, but not limited to, those administered by the OFAC and the U.S. Department of State, and (ii) applicable anti-corruption or anti-bribery laws and regulations ("<u>Anti-Corruption Laws</u>"), including, but not limited to, the Foreign Corrupt Practices Act of 1977, as amended (the "<u>FCPA</u>"). The Dealer Manager is not subject to, or the target of, any Sanctions and is in compliance with Sanctions and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None of the Dealer Manager or, to the knowledge of the Dealer Manager, any director, officer, employee or affiliate of the Dealer Manager is aware of or has taken any action, directly or indirectly, that would result in a violation by such person of the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager represents, warrants and agrees, and shall cause Participating Broker-Dealers to represent, warrant and agree, that (i) it is not subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act, and (ii) no conviction, order, judgment, decree, suspension, injunction, expulsion or bar described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act has occurred or been issued where the subject of such action is the Dealer Manager, the Dealer Manager's managing member, a Participating Broker-Dealer, a Participating Broker-Dealer's managing member or general partner, or, to its reasonable knowledge, any (A) director, (B) executive officer, or (C) any other officer participating in the Offering of the Dealer Manager or the Dealer Manager's managing member, or a Participating Broker-Dealer or a Participating Broker-Dealer's managing member or general partner, that would make the offer and sale of the Shares ineligible for the exemption from registration under the Securities Act provided by Rule 506 of Regulation D promulgated under the Securities Act (each, a "<u>Dealer Manager Disqualifying Event</u>"). For purposes of this Agreement, the terms "executive officer" and "officer" have the meanings ascribed to such terms in Rules 501 and 405 promulgated under the Securities Act, respectively. The Dealer Manager will notify the Company promptly of the occurrence or issuance of any Dealer Manager Disqualifying Event of which the Dealer Manager becomes aware before the expiration or termination of this Agreement. Set forth on <u>Exhibit A</u> hereto is a description of each circumstance that would have been a Dealer Manager Disqualifying Event but for the fact that it occurred before September 23, 2013 (each, a "<u>Dealer Manager Prior Disqualifying Event</u>"). Notwithstanding anything in this Agreement to the contrary, if the Dealer Manager, a Participating Broker-Dealer or any of their respective "covered persons" (as such term is described in Regulation D of the Securities Act) becomes subject to a Dealer Manager Disqualifying Event before the final sale of the Shares such that it would preclude the Offering of Shares contemplated by this Agreement from relying on Rule 506 of Regulation D under the Securities Act, (x) this Agreement shall terminate automatically and immediately upon such occurrence of the Dealer Manager Disqualifying Event, unless such termination is waived by the Company or the Adviser in writing, and (y) in the event that this Agreement is terminated because of a Dealer Manager Disqualifying Event, then the Company's or the Adviser's obligation to pay any unpaid portion of any fee (whether accrued or otherwise) contemplated under this Agreement will be reduced or eliminated if (and only to the extent that) such payment would preclude the Company from relying on the private placement safe harbor provisions of Rule 506 of Regulation D under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Rule 506(e) of Regulation D promulgated under the Securities Act, the Dealer Manager shall, or shall cause each Participating Broker-Dealer to, furnish to each purchaser of Shares in the Offering, at a reasonable time before sale, a description in writing of all Dealer Manager Prior Disqualifying Events, which may be included in the Memorandum or any Authorized Sales Materials or subscription documents furnished to such purchaser. The Dealer Manager shall be entitled to approve any description of Dealer Manager Prior Disqualifying Events in advance of use by the Company (such approval not to be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager has not made and, as of the time of any Offering, shall not have made, any contribution to any official of a government entity (as such terms are defined in Rule 206(4)-5 promulgated under the Investment Advisers Act of 1940, as amended) that the Dealer Manager intends to solicit in connection with its engagement hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager will use its reasonable best efforts to ensure that, as it is deemed to be providing any "endorsement" (as defined in Rule 206(4)-1 under the Investment Advisers Act of 1940, as amended (the "<u>SEC Marketing Rule</u>")) (each a "<u>Covered Endorsement</u>"), it or its representatives complies with the disclosure requirements set out in the SEC Marketing Rule, including that each Covered Endorsement includes disclosure as set out under Rule 206(4)-1(b)(1) of the SEC Marketing Rule in substantially the same form as provided on <u>Exhibit C</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Covenants of the Company</u>*.* The Company hereby covenants and agrees with the Dealer Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall, at no expense to the Dealer Manager, furnish the Dealer Manager and Participating Broker-Dealers designated by the Dealer Manager with electronic copies of (i) the Memorandum, including all amendments, supplements and exhibits thereto, (ii) this Agreement and (iii) any Authorized Sales Materials, in each case, as the Dealer Manager or such Participating Broker-Dealers may reasonably request in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to and apart from the Memorandum, the Company intends to use Authorized Sales Materials. In the event that the Company uses printed materials in connection with the Offering that have been prepared by the Company or the Dealer Manager and are intended for "broker-dealer use only" or "advisor use only," the Dealer Manager shall use such materials in accordance with the terms and conditions of <u>Section</u> 5(c) .

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will use commercially reasonable efforts to (i) (A) qualify or register the Shares for the offer and sale under or (B) establish an exemption or Federal preemption for the offer and sale of the Shares from qualification or registration under, the applicable state securities or "blue sky" laws of each jurisdiction in which the Company offers and sells the Shares or the applicable laws of any non-U.S. jurisdiction designated as <u>Exhibit B</u> hereto (collectively, the "<u>Offering Jurisdictions</u>") and (ii) maintain such qualifications, registrations, exemptions or preemption in effect throughout the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, at any time during the Offering when the Memorandum is in use, any event occurs as a result of which, in the determination of the Company, the Memorandum would include any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading, the Company will promptly notify the Dealer Manager thereof (unless the Company was informed of such untrue statement or omission by the Dealer Manager) and the Dealer Manager and the Participating Broker-Dealers shall immediately suspend the offer and sale of the Shares in accordance with <u>Section</u> 5(c) until such time as the Company, in its sole discretion, (i) instructs the Dealer Manager and Participating Broker-Dealers to resume the offer and sale of the Shares and (ii) has prepared such amendments or supplements to the Memorandum as shall be necessary to correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, at any time during the Offering, any event occurs that is known to the Company and as a result which any Authorized Sales Materials, when used in conjunction with the Memorandum, would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Company will promptly notify the Dealer Manager thereof (unless the Company was informed of such untrue statement or omission by the Dealer Manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will use commercially reasonable efforts to (i) timely file any Form D or amendment thereto with respect to sales of the Shares required by Rule 503 of Regulation D promulgated under the Securities Act and (ii) unless an exemption is available, timely file any required forms or amendments thereto with the Offering Jurisdictions in which the Shares have been sold; *provided* that the Dealer Manager shall have provided the Company with any information required for such filings that is in the Dealer Manager's possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will engage and maintain, at its expense, a registrar and transfer agent for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the term of this Agreement and for a period of six (6) months thereafter, neither the Company nor any of its respective affiliates, officers or trustees shall sell or offer for sale any securities, except for, and to the extent that, any such offers and sales shall not jeopardize the availability of the exemption from registration under the Securities Act provided by Rule 506 of Regulation D promulgated under the Securities Act with respect to the offer and sale of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Payment of Fees and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress shall pay the Dealer Manager on a monthly basis for its services in an amount equal to the expenses incurred by it in the prior month plus 1%, as specified in that certain Expense Sharing Agreement, dated as of October 9, 2023, by and between Fortress and the Dealer Manager (as such agreement may be amended, modified or supplemented, the "<u>Expense Sharing Agreement</u>"). No compensation (other than as specified in the Expense Sharing Agreement and payable by Fortress to the Dealer Manager) will be paid other than any Servicing Fees (as defined below) that become earned, due, and payable by the Company in accordance with <u>Section</u> 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company agrees to pay all costs and expenses incident to the Offering, other than those described in <u>Section</u> 4(c) (including legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of the Dealer Manager and any Participating Broker-Dealers supported by itemized invoices, costs in connection with the preparation of Authorized Sales Materials, design and website expenses, fees and expenses of the transfer agent, fees to attend retail seminars sponsored by the Dealer Manager and any Participating Broker-Dealers and reimbursements for customary travel, lodging, and meals).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager shall pay its own costs and expenses incident to the performance of this Agreement, including, but not limited to, paying all required state and federal taxes due and owing as a result of the payment of any Administrative Fee to the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Obligations and Compensation of Dealer Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company hereby confirms its appointment of the Dealer Manager as its non-exclusive agent and distributor during the period commencing with the date of this Agreement and ending on the date (the "<u>Termination Date</u>") that the Company notifies the Dealer Manager that the Offering has been terminated (the "<u>Offering Period</u>") to solicit, and to cause Participating Broker-Dealers to solicit, from "accredited investors" with whom they have substantive, pre-existing relationships, subscriptions for the Shares at the subscription prices to be paid in accordance with, and otherwise upon the other terms and conditions set forth in, the Memorandum and the applicable subscription documentation (including the related private placement questionnaire) for the applicable class of Shares (each, a "<u>Subscription Agreement</u>"), and the Dealer Manager agrees to use its best efforts to procure subscribers for the Shares during the Offering Period. Shares offered and sold through the Dealer Manager under this Agreement shall be offered and sold only by (A) the Dealer Manager and (B) any Participating Broker-Dealers that the Dealer Manager may retain, each of which shall be registered as a broker dealer with the SEC, a member of FINRA in good standing and duly licensed by the appropriate regulatory agency of each jurisdiction in which they will conduct offers and sales of the Shares, or with broker dealers exempt from all such registration requirements, pursuant to an executed Participating Broker-Dealer Agreement with such Participating Broker-Dealer. The Dealer Manager shall only retain Participating Broker-Dealers who have been previously approved by the Company. The Dealer Manager hereby confirms its acceptance of such agency and distributorship and agrees to use its best efforts to sell the Shares on the terms and conditions set forth in the Memorandum with the respect to the Offering and any additional terms and conditions set forth herein, as it may be amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to the Dealer Manager's participation and the participation by each Participating Broker-Dealer in the offer and sale of the Shares (including, without limitation, any permitted resales and transfers of Shares), the Dealer Manager agrees, and, by virtue of entering into a Participating Broker-Dealer Agreement, each Participating Broker-Dealer shall have agreed, to comply, and shall comply, with all the applicable requirements under the Securities Act, the Exchange Act, the SEC Marketing Rule and the FINRA Rules, as each may be amended from time to time, and any other applicable foreign, state or local securities or other laws or rules of FINRA or any other applicable self-regulatory organization in offer and sale of the Shares. The Dealer Manager agrees, and each Participating Broker-Dealer shall have agreed, to comply, and shall comply, with any applicable requirements with respect to its participation in any permitted resales or transfers of the Shares. In addition, the Dealer Manager agrees, and each Participating Broker-Dealer shall have agreed, that should it assist with the permitted resale or transfer of the Shares, it shall fully comply with all applicable FINRA Rules, SEC rules and any other applicable federal or state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager shall cause the Shares to be offered and sold only in the Offering Jurisdictions and in such additional jurisdictions that may be added thereto in which the offer and sale of the Shares has been authorized by the Company and under any applicable state securities or "blue sky" laws of such jurisdictions (or foreign equivalents). No Shares shall be offered or sold for the account of the Company in any other jurisdiction. The Dealer Manager shall use and distribute in conjunction with the offer and sale of the Shares only the Memorandum and the Authorized Sales Materials. The Dealer Manager represents and warrants to the Company that it will not use any sales literature not authorized and approved by the Company (and not subsequently withdrawn pursuant to <u>Section</u> 14<u>)</u> or use any "broker-dealer use only" or "advisor use only" materials with prospective accredited investors in connection with the offer and sale of the Shares. The Dealer Manager agrees, and will cause the Participating Broker-Dealers to each agree, to suspend or terminate the offer and sale of the Shares upon request of the Company at any time and to resume the offer and sale of the Shares upon any subsequent request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager shall make any filings required by the FINRA Rules on behalf of itself and all other FINRA members participating in any capacity in the Offering and shall have received all required FINRA and other regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as may be provided in the Memorandum, which may be amended and supplemented from time to time, and subject to the limitations set forth in <u>Schedule I,</u> the Company will pay to the Dealer Manager an ongoing servicing fee (the "<u>Servicing Fee</u>") with respect to any applicable class of Primary Shares (including any Future Offered Shares, if any) as described on <u>Schedule I</u> to this Agreement, as it may be amended from time to time by mutual written agreement of the parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The terms of any reallowance of the Servicing Fee shall be set forth in the Participating Broker-Dealer Agreement or Servicing Agreement (as defined in <u>Schedule I</u>) entered into with the Participating Broker-Dealers or Servicing Dealers (as defined in <u>Schedule I</u>), as applicable. The Company will not be liable or responsible to any Participating Broker-Dealer or Servicing Dealer for direct payment of the Servicing Fee to such Participating Broker-Dealer or Servicing Dealer; payment of the Servicing Fee to Participating Broker-Dealers and Servicing Dealers shall be the sole and exclusive responsibility of the Dealer Manager. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through DST Systems Inc. or such other agent appointed by it, may act as agent of the Dealer Manager by making direct payment of the Servicing Fee to Participating Broker-Dealers and Servicing Dealers without incurring any liability therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager shall not, and shall cause each Participating Broker-Dealer not to, use any form of written communication, other than the Memorandum, any Authorized Sales Materials and any other written documentation relating to the Offering previously approved by the Company, in connection with the offer and sale of the Shares without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager (i) shall not, and shall cause each Participating Broker-Dealer to represent that it shall not, solicit offers to buy, or offer or sell, the Shares by any form of general solicitation or general advertising (as those terms are used in Regulation D promulgated under the Securities Act), or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, and (ii) shall, and shall cause each Participating Broker-Dealer to represent that it shall, solicit offers for Shares only from, and offer Shares only to, persons that it reasonably believes are "accredited investors," as that term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act, based on a substantive, pre-existing relationship between the Dealer Manager or Participating Broker-Dealer, on the one hand, and the prospective purchaser, on the other hand. With respect to any sales of Shares made through a Participating Broker-Dealer, the Dealer Manager shall be entitled to rely on such Participating Broker-Dealer's substantive, pre-existing relationship with the prospective investor.

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager acknowledges, and shall cause each Participating Broker-Dealer to acknowledge, that the submission of an order for Shares or a request for the Company (or in the case of a Participating Broker-Dealer, the Company or the Dealer Manager) to provide a memorandum or Authorized Sales Materials shall constitute a representation and warranty that each of the representations and warranties of the Dealer Manager and such Participating Broker-Dealer under <u>Sections</u> 2(e), 2(m), 5(f), and 5(g) hereof continue to be true and accurate in all respects. The Dealer Manager shall, and shall cause each Participating Broker-Dealer to, during the course of the Offering, on an annual basis, provide to the Company a written certificate confirming that, to the best of its knowledge, each of the representations and warranties of the Dealer Manager under <u>Sections</u> 2(e), 2(m) 5(f), and 5(g) hereof continue to be true and accurate in all respects. The Dealer Manager shall be entitled to conduct such additional, supplemental due diligence inquiries with respect to Participating Broker-Dealers' compliance with the subject matter of the representations and warranties contained in <u>Sections</u> 2(e), 2(m) 5(f), and 5(g) hereof as the Dealer Manager may deem necessary or desirable. The Dealer Manager shall, and shall cause each Participating Broker-Dealer to represent that it shall, provide such information to the Company and the Dealer Manager, as applicable, as may be required for the Company or the Dealer Manager, as applicable, to comply with any law, rule or regulation or request by a regulatory authority or otherwise as reasonably requested by the Company or the Dealer Manager, as applicable, in connection with the Offering, and shall make the individuals primarily involved with the provision of services to the Company and/or the Dealer Manager under this Agreement or a Participating Broker-Dealer Agreement, as applicable, available for reasonable consultation with the Company and/or the Dealer Manager in regards to the Offering; *provided* that reasonable notice is provided to the Dealer Manager or Participating Broker-Dealer, as applicable.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager and all Participating Broker-Dealers will offer and sell the Shares at the offering prices per share described in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager shall remain in compliance with all AML Rules and shall, upon request by the Company, provide a certification to the Company that, as of the date of such certification, the Dealer Manager is in compliance with all AML Rules, specifically including, but not limited to, the specifically including, but not limited to, the Customer Identification Program requirements under Title III of the USA PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager will maintain in effect and shall enforce policies and procedures designed to ensure compliance with Sanctions and Anti-Corruption Laws by the Dealer Manager, its subsidiaries and their respective directors, officers, employees and agents. The Dealer Manager will not act in any manner that would result in the violation of any Sanctions or Anti-Corruption Laws by any party to this Agreement. The Dealer Manager will deliver in a timely manner all documents reasonably requested by the Company in connection with Sanctions or Anti-Corruption Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager shall keep, and shall cause its officers, directors, managers, employees, owners, members, partners and other agents (collectively, its "<u>Representatives</u>") to keep, all Confidential Information (as defined below) strictly confidential, and shall not use, distribute or copy the same except in connection with the Dealer Manager's performance of its obligations hereunder. The Dealer Manager agrees not to disclose, and to cause its Representatives not to disclose, such Confidential Information to the public, or to any person involved in selling efforts related to the Offering or to any other third party and agrees not to use the Confidential Information in any manner in the offer and sale of the Shares. The Dealer Manager shall use all reasonable precautions necessary to preserve the confidentiality of the Confidential Information, including, but not limited to, (i) limiting access to such information to persons who have a need to know such information only for the purpose of the performance of the Dealer Manager's obligations hereunder and (ii) informing each recipient of such Confidential Information of the Dealer Manager's confidentiality obligation. The Dealer Manager acknowledges that the Dealer Manager or its Representatives may have previously received Confidential Information, and agrees that the foregoing restrictions shall apply to any such previously received Confidential Information. The Dealer Manager acknowledges that the Dealer Manager or its Representatives may in the future receive Confidential Information, either in individual or collective meetings or telephone calls with the Company or the Adviser, and agrees that the foregoing restrictions shall apply to any Confidential Information received through any source or medium. Notwithstanding the foregoing, Confidential Information may be disclosed (A) if approved in writing for disclosure by the Company, (B) pursuant to a subpoena or as required by law, or (C) as required by any regulation, rule, order or request of any governing or self- regulatory organization (including the SEC or FINRA); *provided* that the Dealer Manager shall notify the Company, in advance if practicable under the circumstances, of any attempt to obtain Confidential Information pursuant to provisions (B) and (C). For purposes hereof, "<u>Confidential Information</u>" shall mean and include: (1) trade secrets concerning the business and affairs of the Company, the Adviser or their respective affiliates; (2) confidential data, know-how, current and planned research and development, current and planned methods and processes, investment strategies, marketing lists or strategies, slide presentations and business plans, however documented, belonging to the Company, the Adviser or their respective affiliates; (3) information concerning the business and affairs of the Company, the Adviser or their respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, investment-related information, models, budgets, plans, market studies and personal information, however documented); (4) any information marked or designated "Confidential"; and (5) any notes, analyses, compilations, studies, summaries and other material containing or based, in whole or in part, on any information included in the foregoing; *provided, however,* that "Confidential Information" shall not include information that (w) is or becomes available to the public other than as a result of disclosure by the Dealer Manager in breach of this Agreement, (x) was available to the Dealer Manager on a non-confidential basis prior to its disclosure to such Dealer Manager in connection with this Agreement, (y) becomes available to the Dealer Manager from a source that is not known by the Dealer Manager to be otherwise prohibited from communicating such information to the Dealer Manager or (z) is independently developed by the Dealer Manager without reference to the Confidential Information. Nothing herein shall be construed as restricting the Company in any way in the use of its own Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the request of the Company, the Dealer Manager will engage a Participating Broker-Dealer selected by the Company and enter into a related Participating Broker-Dealer Agreement. The Dealer Manager shall not engage a Participating Broker-Dealer without the prior written consent of the Company and shall not enter into a Participating Broker-Dealer Agreement unless the Company has approved such Agreement in writing (including via email). The Dealer Manager shall provide executed copies of each Participating Broker-Dealer Agreement to the Company on the day such Agreement is executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties hereto acknowledge that the Dealer Manager is granted certain discretion under the Participating Broker-Dealer Agreements, including the discretion to waive or modify certain rights and obligations of the Participating Broker-Dealers. The Dealer Manager shall not exercise any such discretion under a Participating Broker-Dealer Agreement or amend any Participating Broker-Dealer Agreement without receiving the Company's prior written (including via email) approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification</u>*.* For the purposes of this <u>Section</u> 6, an entity's "<u>Indemnified Parties</u>" shall include such entity's officers, directors, employees, members, partners, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Company will indemnify, defend (subject to <u>Section</u> 6(e)) and hold harmless the Participating Broker-Dealers and the Dealer Manager, and their respective Indemnified Parties, from and against any losses, claims (including the reasonable and documented costs of investigation), damages or liabilities, joint or several, to which such Participating Broker-Dealers or Dealer Manager, or their respective Indemnified Parties, may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Company, any material breach of a covenant contained herein by the Company or any material failure by the Company to perform its obligations hereunder or to comply with federal or state securities laws applicable to the Offering, (ii) any third-party claim arising out of any untrue statement or alleged untrue statement of a material fact contained (A) in a memorandum or any amendment or supplement thereto, or (B) in any Authorized Sales Materials or (iii) the omission or alleged omission of a material fact necessary to make the statements made in the Memorandum or any amendment or supplement thereto, in light of the circumstances under which they were made, not misleading, and the Company will reimburse each Participating Broker-Dealer, the Dealer Manager and their respective Indemnified Parties, for any legal or other expenses reasonably incurred by such Participating Broker-Dealer, the Dealer Manager and their respective Indemnified Parties, in connection with investigating or defending such loss, claim, damage, liability or action; *provided, however,* that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished either (x) to the Company or the Adviser by the Dealer Manager or (y) to the Company, the Adviser or Dealer Manager by or on behalf of any Participating Broker-Dealer expressly for use in a memorandum (including any amendment or supplement thereto) or any Authorized Sales Materials. This indemnity agreement will be in addition to any liability that the Company may otherwise have.

Notwithstanding the foregoing, the indemnification and agreement to hold harmless provided in <u>Section</u> 6(a) is further limited to the extent that no such indemnification by the Company of a Participating Broker-Dealer, the Dealer Manager or their respective Indemnified Parties shall be permitted under this Agreement for, or arising out of, an alleged violation of federal or state securities laws, unless one or more of the following conditions are met: (i) there has been a successful final adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authorities of the states in which the securities were offered or sold as to indemnification for violations of securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager will indemnify, defend and hold harmless the Company and its respective Indemnified Parties from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims (including the reasonable and documented costs of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Dealer Manager, any material breach of a covenant contained herein by the Dealer Manager or any material failure by the Dealer Manager to perform its obligations hereunder, (ii) any third-party claim arising out of any untrue statement or alleged untrue statement of a material fact contained (A) in a memorandum or any amendment or supplement thereto, or (B) in any Authorized Sales Materials, (iii) the omission or alleged omission to state a material fact necessary to make the statements made in a memorandum or any amendment or supplement thereto, in light of the circumstances under which they were made, not misleading; *provided, however,* that, in each case described in clauses (ii) and (iii), the Dealer-Manager will be liable to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of a memorandum or any such amendment or supplement thereto or any Authorized Sales Materials, (iv) any use of sales literature by the Dealer Manager not authorized or approved by the Company or any use of "broker-dealer use only" or "advisor use only" materials with prospective investors concerning the Shares by the Dealer Manager, (v) any untrue statement made by the Dealer Manager or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (vi) any material violation by the Dealer Manager of this Agreement, (vii) any failure by the Dealer Manager to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, SEC rules and the USA PATRIOT Act or (viii) any other failure by the Dealer Manager to comply with applicable FINRA Rules, SEC rules or any other applicable federal or state laws, including its failure to ensure the appropriate FINRA licensing credentials for its representatives. The Dealer Manager will reimburse the aforesaid parties in connection with the investigation or defense of any such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Participating Broker-Dealer, severally but not jointly, will indemnify, defend and hold harmless the Company, the Dealer Manager and each of their respective Indemnified Parties from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager or any of their respective Indemnified Parties may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims (including the reasonable and documented costs of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) in whole or in part, any material inaccuracy in a representation or warranty made by the Participating Broker-Dealer, any material breach of a covenant by the Participating Broker-Dealer or any material failure by the Participating Broker-Dealer to perform its obligations hereunder or under the applicable Participating Broker-Dealer Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained in (A) in a memorandum or any amendment or supplement thereto, or (B) in any Authorized Sales Materials; *provided, however,* that, in each case described in clause (ii), such Participating Broker-Dealer will be liable to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by the Participating Broker-Dealer specifically for use with reference to such Participating Broker-Dealer in a memorandum or any such amendment or supplement thereto, or any Authorized Sales Materials, (iv) any use of sales literature by the Participating Broker-Dealer not authorized or approved by the Company or use of "broker-dealer use only" or "advisor use only" materials with prospective investors concerning the Shares by such Participating Broker-Dealer or Participating Broker-Dealer's representatives or agents, (v) any untrue statement made by such Participating Broker-Dealer or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (vi) (x) any failure by the Participating Broker-Dealer to be properly registered or licensed as a broker-dealer, duly authorized to sell Shares under federal and state securities laws and regulations in all states where it offers or sells Shares, or to be a member in good standing of FINRA, (y) if the Participating Broker-Dealer becomes subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act and becomes disqualified from relying on the exemption from registration under the Securities Act provided by Rule 506 of Regulation D promulgated under the Securities Act with regard to the offer and sale of the Shares by the occurrence or issuance of any conviction, order, judgment, decree, suspension, injunction, expulsion or bar described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated under the Securities Act or (z) any other material violation of the Participating Broker-Dealer Agreement to which the Participating Broker-Dealer is a party, (vii) any failure of the Participating Broker-Dealer to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, SEC rules and the USA PATRIOT Act or (viii) any other failure by the Participating Broker-Dealer to comply with applicable FINRA Rules, SEC rules or any other applicable federal or state laws, including its failure to ensure the appropriate FINRA licensing credentials for its representatives. Each Participating Broker-Dealer will reimburse the aforesaid parties in connection with the investigation or defense of any such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which the Participating Broker-Dealer may otherwise have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly after receipt by an indemnified party under this <u>Section</u> <u>6</u> of notice of the commencement of an action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this <u>Section</u> 6, notify in writing the indemnifying party of the commencement thereof and the omission to so notify the indemnifying party will relieve such indemnifying party from any liability under this <u>Section</u> 6 as to the particular item for which indemnification is then being sought, but not from any other liability that it may have to any indemnified party. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable and documented legal and other expenses (subject to <u>Section</u> 6(e)) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An indemnifying party under this <u>Section</u> 6 shall be obligated to reimburse an indemnified party for reasonable and documented legal and other expenses 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; In the case of the Company indemnifying the Dealer Manager, the advancement of funds of the Company to the Dealer Manager for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought shall be permissible only if all of the following conditions are satisfied: (A) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (B) the legal action is initiated by a third party who is not a limited partner of the Company or the legal action is initiated by a limited partner of the Company acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement, and (C) the Dealer Manager undertakes to repay the advanced funds to the Company, together with the applicable legal rate of interest thereon, in cases in which the Dealer Manager is found not to be entitled to indemnification.

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any case of indemnification other than that described in <u>Section</u> 6(e)(i), the indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; *provided, however,* that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims, notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought, and, in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against such action or claim. Such law firm shall be paid only to the extent of services performed by such law firm, and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnity agreements contained in this <u>Section</u> 6 shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Participating Broker-Dealer, any person controlling any Participating Broker-Dealer or by or on behalf of the Company, the Dealer Manager or any officer, trustee or director thereof, or by or on behalf of the Company or the Dealer Manager, (ii) delivery of any Shares and payment therefor, and (iii) any termination of this Agreement or any Participating Broker-Dealer Agreement. A successor of any Participating Broker-Dealer or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits of the indemnity agreements contained in this <u>Section</u> 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Survival of Provisions</u>*.* The respective agreements, representations and warranties of the Company, the Adviser and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect until the Termination Date regardless of (a) any investigation made by or on behalf of the Dealer Manager or any Participating Broker-Dealer or any person controlling the Dealer Manager or any Participating Broker-Dealer or by or on behalf of the Company or any person controlling the Company, and (b) the delivery of payment for the Shares. Following the termination of this Agreement, this Agreement will become void and there will be no liability of any party to any other party hereto, except for the obligations under <u>Sections</u> 6 <u>to</u> 9, 11 <u>to</u> 16, 19 <u>and</u> 20, all of which will survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Law</u>*.* This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of New York, without giving effect to choice of law provisions thereof; *provided, however,* that causes of action for violations of federal or state securities laws shall not be governed by this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; <u>Venue; Waiver of Jury Trial</u>*.* EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT. The parties hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in the Borough of Manhattan, New York, for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consents to and grants any such court jurisdiction over the person of such parties and over the subject matter of any such dispute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>*.* This Agreement may be executed (including by email or in .pdf or by DocuSign or similar electronic signature) and delivered (including by email) by the parties hereto in one or more counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors and Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall inure to the benefit of and be binding upon the Dealer Manager, the Company, the Adviser and their respective successors and permitted assigns, and shall inure to the benefit of the Participating Broker-Dealers to the extent set forth in <u>Sections</u> 1 and 6 hereof. Nothing in this Agreement is intended, or shall be construed, to give to any other person any right, remedy or claim, except as otherwise specifically provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended only by the written agreement of the Dealer Manager, the Company and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Company, the Adviser or the Dealer Manager may assign or transfer any of such party's rights or obligations under this Agreement without the prior written consent of the Dealer Manager, on the one hand, or the Company and the Adviser, acting together, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be terminated by the Dealer Manager, on the one hand, or the Company and the Adviser acting together, on the other hand, (i) in the event that (A) the Company or the Adviser, on the one hand, or the Dealer Manager, on the other hand, shall have failed to comply with any of the material provisions of this Agreement, (B) the Company or the Adviser, on the one hand, or the Dealer Manager, on the other hand, materially breaches any of its representations and warranties contained in this Agreement and, in the case of the Company or the Adviser, such breach or breaches, individually or in the aggregate, would result in a material adverse effect on the business or property to the Company or the Adviser, respectively, or (ii) on thirty (30) days' written notice; *provided, however,* that no party may terminate this Agreement under clause <u>(i)(A)</u> or <u>(i)(B)</u> above unless such failures or breaches are not cured within thirty (30) days after such party has delivered notice of intent to terminate under this <u>Section</u> 12(a). In any case, this Agreement shall expire at the close of business on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager, upon the expiration or termination of this Agreement, shall (i) promptly deposit any and all funds, if any, in its possession which were received from investors for the sale of Shares into the appropriate account designated by the Company, (ii) promptly deliver to the Company all records and documents in its possession which relate to the Offering and are not designated as dealer copies, (iii) provide a list of all purchasers and broker-dealers with whom the Dealer Manager has initiated oral or written discussions regarding the Offering, (iv) notify Participating Broker-Dealers of such termination and (v) in the case of termination by the Company pursuant to <u>Section</u> 12(a), at the request of the Company, cooperate in good faith with the Company and any Participating Broker-Dealers to assign any Participating Broker-Dealer Agreements to a successor dealer manager. Solely to the extent required for legal or regulatory purposes, the Dealer Manager, at its sole expense, may make and retain copies of all such records and documents, but shall keep all such information confidential. The Dealer Manager shall use its best efforts to cooperate with the Company to accomplish an orderly transfer of management of the Offering to a party designated by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon expiration or termination of this Agreement, the Company shall pay to the Dealer Manager all compensation to which the Dealer Manager is or becomes entitled under <u>Section</u> 5 at such time as such compensation becomes payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confirmation</u>*.* The Company hereby agrees and assumes the duty to confirm, on its behalf and on behalf of the Participating Broker-Dealers who sell the Shares, all orders for purchase of Shares accepted by the Company. Such confirmations will comply with the rules of the SEC and FINRA, and will comply with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Memorandum and Authorized Sales Materials</u>*.* The Dealer Manager agrees that it is not authorized or permitted to give, and will not any information or make any representation concerning the Shares, except as set forth in the Memorandum and any Authorized Sales Materials. The Dealer Manager further agrees (a) not to deliver any Authorized Sales Materials to any investor or prospective investor, to any broker-dealer that has not entered into a Participating Broker-Dealer Agreement, or to any representatives or other associated persons of such a broker-dealer, unless it is accompanied or preceded by the Memorandum as amended and supplemented, (b) not to show or give to any investor or prospective investor or reproduce any material or writing that is supplied to it by the Company and marked "dealer only" or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public and (c) not to show or give to any investor or prospective investor in a particular jurisdiction (and will similarly require Participating Broker-Dealers pursuant to the Participating Broker-Dealer Agreement) any material or writing that is supplied to it by the Company if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction. Dealer Manager, in its agreements with Participating Broker-Dealers, will include requirements and obligations of the Participating Broker-Dealers similar to those imposed upon the Dealer Manager pursuant to this Section 14. The Dealer Manager agrees that the Company shall be permitted to deliver at any time, and from time to time, notice (including via email) that any materials that constitute Authorized Sales Materials shall no longer be used and no longer constitute Authorized Sales Materials for purposes of this Agreement. Following receipt of such notice, the Dealer Manager shall immediately cease using such Authorized Sales Materials and notify each Participating Broker-Dealer to cease using such Authorized Sales Materials immediately.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Submission of Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each person desiring to purchase Shares in the Offering will be required to complete and execute a Subscription Agreement and to deliver to the Participating Broker-Dealer or Dealer Manager, as the case may be (the "<u>Processing Broker-Dealer</u>"), such completed Subscription Agreement, together with a check, draft, wire or money order (a "<u>Subscription Payment</u>") for the purchase price of the Shares. The Dealer Manager shall ensure that any Participating Broker-Dealer shall only offer to sell and accept Subscription Agreements and Subscription Payments for classes of Shares that it is authorized to sell pursuant to the Participating Broker-Dealer Agreement (including any schedules or exhibits thereto) and for classes of Shares that are being issued and sold by the Company at such time. There shall be a minimum initial purchase by any one purchaser for each class of Shares of $25,000 (except as otherwise indicated in the Memorandum, or in any letter or memorandum from the Company to the Dealer Manager). Minimum subsequent purchases of any such class of Shares shall be $500 per transaction. The minimum subsequent investment amount does not apply to purchases made under the distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purchase price for the Shares will be sold at the then-current transaction price, which will generally be equal to the Company's prior month's net asset value per share applicable to the class of Shares being purchased (as calculated in accordance with the procedures described in the Memorandum), or at a different offering price made available to investors in cases where the Company believes there has been a material change to the NAV per Share since the end of the prior month, plus in either case any applicable selling commissions and dealer manager fees, subject in certain circumstances to reductions thereof as described in the Memorandum. The offering price for each class of Shares is subject to adjustment as described in the Memorandum. Each person desiring to purchase Shares in the Offering must submit subscriptions for a certain dollar amount, rather than a number of Shares, and, as a result, may receive fractional Shares. Subscription Agreements and instruments of payment will be transmitted by the Dealer Manager to the Company or its designated agent as set forth in the Subscription Agreement, as soon as practicable, but in any event not later than the end of the next business day following receipt by the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Processing Broker-Dealer receiving a Subscription Agreement and Subscription Payment not conforming to the foregoing instructions shall return such Subscription Agreement and Subscription Payment directly to such subscriber not later than the end of the second business day following rejection by the Processing Broker-Dealer of such materials. Subscription Agreements and Subscription Payments received by the Processing Broker-Dealer that conform to the foregoing instructions shall be transmitted to the Company or its designated agent as set forth in the Subscription Agreement, pursuant to one of the methods described in this <u>Section</u> 15. Transmittal of Subscription Payments will be made in accordance with the following procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Processing Broker-Dealer conducts its internal supervisory review at the same location at which Subscription Agreements and Subscription Payments are received from subscribers, then, by noon of the next business day following receipt by the Processing Broker-Dealer, the Processing Broker-Dealer will transmit the Subscription Agreements and Subscription Payments to the Company or its designated agent as set forth in the Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Processing Broker-Dealer conducts its internal supervisory review at a different location (the "<u>Final Review Office</u>"), Subscription Agreements and Subscription Payments will be transmitted by the Processing Broker-Dealer to the Final Review Office by noon of the next business day following receipt by the Processing Broker-Dealer. The Final Review Office will, in turn, by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and Subscription Payments to the Company or its designated agent as set forth in the Subscription Agreement.

Notwithstanding the foregoing, with respect to any Shares to be purchased by a custodial account, the Processing Broker-Dealer shall cause the custodian of such account to deliver a completed Subscription Agreement and Subscription Payment for such account directly to the Company or its designated agent as set forth in the Subscription Agreement. The Processing Broker-Dealer shall furnish to the Company and the Adviser, with each delivery of Subscription Payments, a list of the subscribers showing the name, U.S. address, tax identification number, state of residence, amount of Shares subscribed for and the amount of the Subscription Payment, together with copy of each completed Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Suitability of Investors; Compliance with Privacy Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager will offer Shares, and in its agreements with Participating Broker-Dealers will require that the Participating Broker-Dealers offer Shares, only to those persons who meet the suitability standards set forth in the Memorandum or in any suitability letter or memorandum sent by the Company (including, for the avoidance of doubt, only from investors each of which, together with any other investor for which such investor is acting as a trustee or other fiduciary, the Dealer Manager or Participating Broker-Dealer making such offering of Shares, shall reasonably believe (i) is an "accredited investor" with respect to the Shares within the meaning of Regulation D under the Securities Act; or (ii) is not a United States person within the meaning of Rule 902 under the Securities Act) and will only make offers to persons in the jurisdictions in which it is advised in writing by the Company that the Shares are qualified for sale or that such qualification is not required. Notwithstanding the qualification of the Shares for sale in any respective jurisdiction (or the exemption therefrom), the Dealer Manager represents, warrants and covenants (and, in its agreements with Participating Broker-Dealers, the Dealer Manager will require each Participating Broker-Dealer to represent, warrant and covenant) that it will not offer Shares and will not permit any of its registered representatives to offer Shares in any jurisdiction unless both the Dealer Manager and such registered representative are duly licensed to transact securities business in such jurisdiction. In offering Shares, the Dealer Manager will comply, and in its agreements with Participating Broker-Dealers the Dealer Manager will require that the Participating Broker-Dealers comply, with the provisions of the FINRA Rules, as well as all other applicable rules and regulations relating to suitability of investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager further represents, warrants and covenants, and in its agreements with Participating Broker-Dealers the Dealer Manager will require such Participating Broker-Dealers to represent, warrant and covenant that neither it, nor any person associated with it, shall offer or sell Shares in any jurisdiction, except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (i) applicable provisions described in the Memorandum, including status as an "accredited investor" as defined in Regulation D under the Securities Act, minimum income and net worth standards; (ii) applicable laws of the jurisdiction of which such investor is a resident; or (iii) applicable FINRA Rules. The Dealer Manager agrees to ensure that, and in its agreements with Participating Broker-Dealers the Dealer Manager will require such Participating Broker-Dealers to ensure that, in recommending the purchase, sale or exchange of Shares to an investor, it, or a person associated with it, shall have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the SEC, any state securities commission, FINRA or the Company) concerning the investor's age, investment objectives, other investments, financial situation and needs and any other information known to it, or persons associated with it, that (x) the investor can reasonably benefit from an investment in the Shares based on the investor's overall investment objectives and portfolio structure, (y) the investor is able to bear the economic risk of the investment based on the investor's overall financial situation and (z) the investor has an apparent understanding of (A) the fundamental risks of the investment, (B) the risk that the investor may lose his or her entire investment in the Shares, (C) the lack of liquidity of the Shares, (D) the background and qualifications of the Adviser or the persons responsible for directing and managing the Company and (E) the tax consequences of an investment in the Shares. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Shares or by the beneficiary of such fiduciary account; and the purchaser of Shares has a substantive pre-existing relationship with the Dealer Manager or the Participating Broker-Dealer, as applicable, pursuant to Regulation D under the Securities Act. The Dealer Manager further represents, warrants and covenants, and in its agreements with Participating Broker-Dealers the Dealer Manager will require such Participating Broker-Dealers to represent, warrant and covenant, that it, or a person associated with it, will make every reasonable effort to determine the suitability and appropriateness of an investment in Shares of each proposed investor by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by it, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereafter established. The Dealer Manager further represents, warrants and covenants, and in its agreements with Participating Broker-Dealers the Dealer Manager will require such Participating Broker-Dealers to represent, warrant and covenant, that it will maintain such records in compliance with applicable law and make available a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer or sale of Shares at the time of the initial purchase of Shares to (i) the Company and (ii) representatives of the SEC, FINRA and applicable state or non-U.S. securities administrators upon the Dealer Manager's receipt of an appropriate document subpoena or other appropriate request for documents from any such agency for a period of at least six (6) years following the Termination Date. In addition, at the Company's reasonable written request, which shall be no later than the six (6) year anniversary of the Termination Date, and at the Company's sole expense, the Dealer Manger agrees (and in its agreements with Participating Broker-Dealers the Dealer Manager will require such Participating Broker-Dealers to agree) to retain such records for a reasonable period of time beyond the six (6) year anniversary of the Termination Date. The Dealer Manager shall not purchase any Shares for a discretionary account without obtaining the prior written approval of the Dealer Manager's customer and his or her signature on a Subscription Agreement. The Dealer Manager shall not, and in its agreements with Participating Broker-Dealers the Dealer Manager will require such Participating Broker-Dealers not to, purchase any Shares for a discretionary account without obtaining the prior written approval of the Dealer Manager's or Participating Broker-Dealer's, as applicable, customer and his or her signature on a Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dealer Manager agrees, and in its agreements with Participating Broker-Dealers the Dealer Manager will require that the Participating Broker-Dealers agree, (i) to abide by and comply with (A) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 ("<u>GLB Act</u>") and Regulation S-P promulgated thereunder, (B) the privacy standards and requirements of any other applicable federal and state law and (C) its own internal privacy policies and procedures, each as may be amended from time to time; (ii) to refrain from the use or disclosure of nonpublic personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and (iii) to determine which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") as provided by each to identify customers that have exercised their opt-out rights.

In the event the Dealer Manager uses or discloses nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, the Dealer Manager will consult the List to determine whether the affected customer has exercised his or her opt-out rights. The Dealer Manager understands that it is prohibited from using or disclosing any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>*.* If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, so the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Partnership</u>*.* Nothing in this Agreement shall be construed or interpreted to constitute the Dealer Manager as an employee, agent or representative of, or in association with or in partnership with, the Company; instead, this Agreement shall only constitute the Dealer Manager as a dealer authorized to sell the Shares according to the terms set forth in the Memorandum as amended and supplemented and in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>*.* Notices and other writings contemplated by this Agreement shall be delivered via (a) hand, (b) first class registered or certified mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier or (d) email. All such notices shall be addressed, as follows:

If to the Dealer Manager:

Fortress Wealth Solutions LLC

1345 Avenue of the Americas, 45<sup>th</sup> Floor

New York, NY 10105

Email: Group_RegulatoryFilings@Fortress.com

If to the Company (or any of its common controlled affiliates):

Fortress Credit Realty Income Trust

c/o FIG LLC

1345 Avenue of the Americas, 45th Fl

New York, NY 10105

Tel: 212-798-6100

Email: Group_RegulatoryFilings@Fortress.com

If to the Adviser (or any of its common controlled affiliates):

FCR Advisors LLC

c/o FIG LLC

1345 Avenue of the Americas, 45th Fl

New York, NY 10105

Tel: 212-798-6100

Email: Group_RegulatoryFilings@Fortress.com

Any party may change its contact information specified above by giving the other party notice of such change in accordance with this <u>Section</u> 19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>*.* Except as specifically contemplated hereby, this Agreement supersedes any and all agreements, either oral or written, between the parties hereto with respect to the rendering of services by the Dealer Manager for the Company and contains all of the covenants and agreements between the parties with respect to the rendering of such services. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party that are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement shall be valid or binding. Any modification of this Agreement will be effective only if it is in writing signed by the party to be charged.

*[Signature pages follow]*

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If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **FORTRESS CREDIT REALTY INCOME TRUST** | **FORTRESS CREDIT REALTY INCOME TRUST** |
| By: | /s/ Avraham Dreyfuss |
| Name: Avraham Dreyfuss | Name: Avraham Dreyfuss |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **FCR ADVISORS LLC** | **FCR ADVISORS LLC** |
| By: | /s/ Avraham Dreyfuss |
| Name: Avraham Dreyfuss | Name: Avraham Dreyfuss |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

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Accepted and agreed to as of the date first

above written:

FORTRESS WEALTH SOLUTIONS LLC

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| | |
|:---|:---|
| By: | /s/ Adam Bobker |

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Name: Adam Bobker <br> Title: Co-CEO

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#### SCHEDULE I

#### SERVICING FEES
With respect to outstanding Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares and Class F-S common shares, an ongoing servicing fee will be paid monthly in arrears in an amount equal to 0.85% per annum of the aggregate net asset value ("<u>NAV</u>") of the outstanding Class R common shares and Class S common shares, respectively, in an amount equal to 0.50% per annum of the NAV of the outstanding Class J-1 common shares and Class J-4 common shares, respectively, and in an amount equal to 0.25% per annum of the aggregate NAV of the outstanding Class J-2 common shares and Class D common shares, respectively (the "<u>Servicing Fee</u>"). The Dealer Manager may reallow all or a portion of the Servicing Fee to any Participating Broker-Dealers who sold the Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares or Class F-S common shares giving rise to a portion of such Servicing Fee to the extent the Participating Broker-Dealer Agreement with such Participating Broker-Dealer provides for such a reallowance, and such Participating Broker-Dealer is in compliance with the terms of such Participating Broker-Dealer Agreement related to such reallowance; *provided, however,* that upon the date when the Dealer Manager is notified that the Participating Broker-Dealer who sold the Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares or Class F-S common shares giving rise to a portion of the Servicing Fee is no longer the broker-dealer of record with respect to such Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares or Class D common shares or that the Participating Broker-Dealer no longer satisfies any or all of the conditions in its Participating Broker-Dealer Agreement for the receipt of the Servicing Fee, then the Participating Broker-Dealer's entitlement to the Servicing Fees related to such Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares and/or Class F-S common shares, as applicable, shall cease, and the Participating Broker-Dealer shall not receive the Servicing Fee for any portion of the month in which the Participating Broker-Dealer is not eligible on the last day of the month; *provided, however,* if there is a change in the broker-dealer of record with respect to the Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares or Class F-S common shares, as applicable, made in connection with a change in the registration of record for the Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares or Class F-S common shares on the Company's books and records (including, but not limited to, a reregistration due to a sale or a transfer or a change in the form of ownership of the account), then the Participating Broker-Dealer shall be entitled to a pro rata portion of the Servicing Fees related to the Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares and/or Class F-S common shares, as applicable, for the portion of the month for which the Participating Broker-Dealer was the broker-dealer of record.

Schedule I -1

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Thereafter, such Servicing Fees may be reallowed to the then-current broker-dealer of record of the Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares and/or Class F-S common shares, as applicable, if any such broker-dealer of record has been designated (the "<u>Servicing Dealer</u>"), to the extent such Servicing Dealer has entered into a Participating Broker-Dealer Agreement or similar agreement with the Dealer Manager ("<u>Servicing Agreement</u>"), such Participating Broker-Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance and the Servicing Dealer is in compliance with the terms of such agreement related to such reallowance. In this regard, all determinations will be made by the Dealer Manager in good faith in its sole discretion. The Dealer Manager is not entitled to any Servicing Fee with respect to Class B common shares, Class I common shares and Class E common shares. The Dealer Manager may also reallow some or all of the Servicing Fee to other broker-dealers who provide services with respect to the Shares (who shall be considered additional Servicing Dealers) pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance and such additional Servicing Dealer is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Servicing Agreement.

To the extent an agreement between the Dealer Manager and a Participating Broker-Dealer or Servicing Dealer limits the transaction or other fees, including Servicing Fees, paid with respect to a shareholder, the Dealer Manager shall cease receiving the Servicing Fee with respect to any Class R common share, Class J-1 common share, Class J-2 common share, Class J-4 common share, Class S common share, Class D common share or Class F-S common share in such shareholder's account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total Servicing Fees paid with respect to such share would exceed, in the aggregate, the applicable limit, or, such Class R common share, Class J-1 common share, Class J-2 common share, Class J-4 common share, Class S common share, Class D common share and Class F-S common share (and any shares issued under the Company's distribution reinvestment plan with respect thereto) may be converted into or exchanged for a number of Class I common shares (including any fractional shares) with an equivalent aggregate NAV as such share. In addition, the Dealer Manager will cease receiving the Servicing Fee on Class R common shares, Class J-1 common shares, Class J-2 common shares, Class J-4 common shares, Class S common shares, Class D common shares and Class F-S common shares upon the earlier to occur of the following: (i) a listing of Class I common shares or (ii) the merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets.

Schedule I -2

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#### EXHIBIT A

#### DEALER MANAGER PRIOR DISQUALIFYING EVENT
Exhibit A - 1

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#### EXHIBIT B

#### OFFERING JURISDICTIONS
As of March 23, 2026

United States of America

Exhibit B - 1

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