# EDGAR Filing Document

**Accession Number:** 0002066337
**File Stem:** 0001999371-25-013955
**Filing Date:** 2025-9
**Character Count:** 214600
**Document Hash:** e4fb9f7d9dd6c4369f9c8cc28286a4c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-013955.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001999371-25-013955

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250922

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNL Strategic Residential Credit, Inc.
- **CENTRAL INDEX KEY:** 0002066337
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 333001463
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56755
- **FILM NUMBER:** 251339734

**BUSINESS ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 1400
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 4076501000

**MAIL ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 1400
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**FORM 8-K**

------

**CURRENT REPORT** 

**Pursuant to section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

------

Date of Report (Date of Earliest Event Reported): **September 22, 2025**

**CNL STRATEGIC RESIDENTIAL CREDIT, INC.** 

(Exact name of registrant as specified in its charter)

------

---

| | | |
|:---|:---|:---|
| **Maryland** | **000-56755** | **33-3001463** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (Commission<br> File Number) | (IRS Employer<br> Identification Number) |

---

**CNL Center at City Commons** 

**450 South Orange Avenue** 

**Orlando, Florida 32801** 

(Address of Principal Executive Offices; Zip Code)

Registrant's telephone number, including area code: **(407)** **650-1000**

------

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:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |

---

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. ☐

**Item 1.01 Entry into a Material Definitive Agreement.** 

 

*Managing Dealer Agreement* 

On September 24, 2025, CNL Strategic Residential Credit, Inc. (the "Company") entered into a Managing Dealer Agreement (the "Managing Dealer Agreement") with the Company's investment advisor, CNL Residential Credit Manager, LLC (the "Advisor") and the Company's managing dealer, CNL Securities Corp. (the "Managing Dealer"), an affiliate of the Advisor. Under the Managing Dealer Agreement, the Managing Dealer will serve as Managing Dealer on a best efforts basis for the Company's private offering exempt from registration under the Securities Act of 1933, as amended (the "Private Offering"). The Managing Dealer Agreement updates the Amended and Restated Placement Agent Agreement dated July 16, 2025, previously entered into by and among the Company, the Advisor and the Managing Dealer. Pursuant to the Managing Dealer Agreement, shares of the Company's Class E common stock ("Class E Shares"), Class FA common stock, Class A common stock, Class T common stock, Class D common stock and Class I common stock (collectively, the "Shares") will be sold through the Managing Dealer. The Managing Dealer may reallow any portion of the selling commissions and the managing dealer fees to distribution participants. The Company may also reimburse the Managing Dealer and/or distribution participants for certain costs and expenses associated with the Private Offering, including certain costs for the marketing of the shares, technology costs, and reasonable out-of-pocket due diligence expenses that are incurred by the Managing Dealer and/or distribution participants. The Managing Dealer Agreement contains customary representations, warranties, and agreements of the Company, the Advisor and the Managing Dealer, indemnification rights and obligations of the parties and termination provisions. The foregoing is qualified in its entirety by reference to the full text of the Managing Dealer Agreement, which is filed here as Exhibit 10.1 and incorporated herein by reference.

*Form of Participating Broker Agreement*

On September 22, 2025, the Company and the Managing Dealer amended and restated the Form of Participating Broker Agreement (the "Participating Broker Agreement") to be entered into between the Managing Dealer and other participating broker-dealers participating in the Private Offering. Pursuant to the Participating Broker Agreement, the Managing Dealer may reallow the selling commissions and the managing dealer fees to distribution participants. The Participating Broker Agreement also contains customary representations, warranties, and agreements of the Managing Dealer and distribution participants, indemnification rights and obligations of the parties and termination provisions. The foregoing is qualified in its entirety by reference to the full text of the Participating Broker Agreement, which is filed here as Exhibit 10.2 and incorporated herein by reference.

*Amended and Restated Escrow Agreement*

On September 24, 2025, the Company, the Managing Dealer and UMB Bank, N.A., the escrow agent (the "Escrow Agent"), entered into an amended and restated escrow agent agreement (the "Escrow Agreement") pursuant to which the Escrow Agent will provide escrow services to the Company in connection with the Private Offering. The foregoing is qualified in its entirety by reference to the full text of the Escrow Agreement, which is filed here as Exhibit 10.3 and incorporated herein by reference.

**Item 8.01 Other Items.**

*Amended and Restated Distribution Reinvestment Plan*

On September 22, 2025, the Company adopted an amended and restated distribution reinvestment plan (the "DRP") pursuant to which stockholders who enroll in the DRP will apply all cash distributions to the purchase of additional Shares for such stockholders, except for distributions paid on Class E Shares, which are not eligible to participate in the DRP. The Shares purchased pursuant to the DRP shall be of the same Share class as the Shares with respect to which the stockholder is receiving such cash distribution to be reinvested through the DRP, except for distributions paid on Class E Shares. The foregoing is qualified in its entirety by reference to the full text of the DRP, which is filed here as Exhibit 4.1 and incorporated herein by reference.

**Item 9.01. Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 4.1 | [Amended and Restated Distribution Reinvestment Plan](ex4-1.htm) (Filed herewith.) |
| 10.1 | [Managing Dealer Agreement dated September 24, 2025, by and among CNL Strategic Residential Credit, Inc., CNL Residential Credit Manager, LLC, and CNL Securities Corp.](ex10-1.htm) (Filed herewith.) |
| 10.2 | [Form of Participating Broker Agreement](ex10-2.htm) (Filed herewith.) |
| 10.3 | [Amended and Restated Escrow Agreement dated September 24, 2025, by and among CNL Strategic Residential Credit, Inc., CNL Securities Corp., and UMB Bank, N.A.](ex10-3.htm) (Filed herewith.) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: September 24, 2025 |  | CNL Strategic Residential Credit, Inc.<br> a Maryland corporation |
|  | By: | /s/ Chirag J. Bhavsar |
|  |  | Chirag J. Bhavsar<br> Chief Executive Officer |

---

## Exhibit 4.1

**[CNL Strategic Residential Credit, Inc. 8-K](cnlr_8k-092425.htm)**

**Exhibit 4.1**

**AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN**

CNL STRATEGIC RESIDENTIAL CREDIT, INC., a Maryland Corporation (the "**Company**"), has adopted the following Amended and Restated Distribution Reinvestment Plan (the "**DRP**"). Capitalized terms shall have the same meaning as set forth in the Company's Amended and Restated Charter dated May 28, 2025, as may be amended ("**Charter**") unless otherwise defined herein. The effective date of the DRP is September 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Distribution Reinvestment**. As an agent for the stockholders ("**Stockholders**") of the Company who purchase shares of common stock of the Company (the "**Shares**") pursuant to a private offering by the Company (an "**Offering**") and the stockholders who enroll in the DRP (each a "**Participant**" and, collectively, the "**Participants**"), SS&C Technologies, Inc. (f/k/a DST Systems, Inc.), the reinvestment agent (the "**Reinvestment Agent**"), will apply all cash distributions ("**Distributions**"), including Distributions paid with respect to any full or fractional Shares acquired under the DRP, to the purchase of the Shares for such Participants directly, if permitted under state securities laws and, if not, through the Managing Dealer or other Participating Broker-Dealers registered in the Participant's state of residence. The Shares purchased pursuant to the DRP shall be of the same Share class as the Shares with respect to which the Participant is receiving Distributions to be reinvested through the DRP, except for distributions paid on Class E Shares, which are not eligible to participate in the DRP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Participation**. Any eligible Stockholder who owns Shares and who has received a private placement offering memorandum, as supplemented and amended ("**Memorandum**"), will automatically become a Participant, however, other Stockholders who are clients of certain participating broker-dealers that do not permit automatic enrollment in the DRP (collectively, the "**Opt-In Stockholders**") will not be automatically enrolled in the DRP. An Opt-In Stockholder may elect to become a Participant by completing and executing a subscription agreement, an enrollment form or any other appropriate authorization form as may be available from the Company from time to time. For Opt-In Stockholders, participation in the DRP will begin with the next Distribution payable after receipt of the Opt-In Stockholders' written election to participate in the DRP at least 15 business days prior to the last day of the calendar month.

Subject to the provisions of the Charter relating to certain restrictions on and after the effective dates of transfer, Shares acquired pursuant to the DRP entitle the Participant to the same rights, including the same voting rights, and to be treated in the same manner as those purchased by the investors in an Offering. The Company's board of directors (the "**Board of Directors**") reserves the right to prohibit fiduciaries, pension or profit-sharing plans, other employee benefit plans, individual retirement accounts and other plans, whether or not subject to Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, from participating in the DRP if such participation could, in the Company's view, cause its underlying assets to constitute "plan assets" of such plans and accounts, and entities deemed to hold assets of such plans and accounts.

Participation in the DRP shall continue until such participation is terminated in writing by the Participant pursuant to Section 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Suitability**. Each Participant that is reinvesting into Shares of the Company pursuant to the DRP, which are not registered under the Securities Act of 1933, as amended (the "**Securities Act**") 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 definition of an "accredited investor" and other investment requirements, as set forth in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Share Purchases***.* Shares to be distributed by the Company in connection with this DRP will be offered and sold by the Company pursuant to an applicable exemption from such registration requirements under the Securities Act.

Each class of Shares under the DRP will be initially issued at $25.00 per Share, until such time as the Company commences monthly valuations of its assets commencing no later than the first full calendar month following the satisfaction of the minimum offering requirement and, thereafter, at the price equal to the most recently determined and published net asset value per share of the applicable class of Shares. Participants in the DRP may also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Shares pursuant to the DRP to the extent that any such purchase would cause such Participant to violate any provision of the Charter.

Shares to be distributed by the Company in connection with the DRP may (but are not required to) be supplied from: (a) the DRP Shares which are exempt from registration under the Securities Act, (b) Shares to be registered with the Securities and Exchange Commission (the "**Commission**") after an Offering for use in the DRP (a "**Future Registration**"), or (c) Shares purchased by the Company for the DRP in a secondary market (if available) or on a securities exchange (if listed) (collectively, the "**Secondary Market**"). Shares purchased on the Secondary Market as set forth in (c) above will be purchased at the then-prevailing market price, which price will be utilized for purposes of purchases of Shares in the DRP. Shares acquired by the Company on the Secondary Market will have a price per share equal to the then-prevailing market price, which shall equal the price on the securities exchange, or over-the-counter market on which such Shares are listed at the date of purchase if such Shares are then listed.

If the Company acquires Shares in the Secondary Market for use in the DRP, the Company shall use reasonable efforts to acquire Shares for use in the DRP at the lowest price then reasonably available. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the DRP will be at the lowest possible price. Further, irrespective of the Company's ability to acquire Shares in the Secondary Market or to complete a Future Registration for Shares to be used in the DRP, the Company is in no way obligated to do either, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Timing of Purchases***.* The Reinvestment Agent will make every reasonable effort to reinvest all Distributions on the day the cash Distribution is paid, except where necessary for the Company to comply with applicable securities laws*.* If, for any reason beyond the control of the Reinvestment Agent, reinvestment of the Distribution cannot be completed within 30 days after the applicable distribution payment date, Participants' funds held by the Reinvestment Agent will be distributed to the Participants to whom they are attributable*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Taxation of Distributions***.* The reinvestment of Distributions does not relieve the Participant of any taxes which may be payable as a result of those Distributions and their reinvestment in Shares pursuant to the terms of the DRP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Commissions***.* The Company will not pay any selling commissions or dealer manager fees on Shares issued pursuant to the DRP. The annual distribution and stockholder servicing fee payable with respect to Class T or Class D shares will be allocated among all Class T or Class D shares including those issued pursuant to the DRP. The Company shall be responsible for all administrative charges and expenses charged by the Reinvestment Agent. Any interest earned on Distributions will be paid to the Company to defray costs relating to the DRP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Termination by Participant***.* A Participant may terminate participation in the DRP at any time by written instructions to that effect to the Reinvestment Agent*.* To be effective on a Distribution payment date, the notice of termination must be received by the Reinvestment Agent at least fifteen days before the record date fixed by the Board of Directors for such Distribution payment date; otherwise, such termination will be effective with respect to any subsequent Distribution payment date*.* The Reinvestment Agent may also terminate any Participant's account at any time in its discretion by notice in writing mailed to such Participant. The Reinvestment Agent will terminate a Participant's participation in the DRP if the Company receives a request from such Participant for repurchase of all of the Participant's Shares under the Company's Share Repurchase Plan. Notwithstanding the foregoing, if the Company publicly announces in a filing with the Commission a new net asset value per share or a new public offering price, then a Participant shall have no less than two business days after the date of such announcement to notify the Company in writing of such Participant's termination of participation in the DRP and the Participant's termination will be effective for the next date Shares are purchased under the DRP.

Any full or partial transfer of Shares by a Participant to a non-Participant will terminate participation in the DRP with respect to the transferred Shares. The transferee of such Shares in connection with such transfer (other than if the transferee is an Opt-In Stockholder) will have their Distributions automatically reinvested in additional Shares having the same class designation as the class of Shares to which such Distributions are attributable, unless such transferee elects to opt-out of the DRP in its executed enrollment form as otherwise provided. If the Company repurchases a portion of a Participant's Shares, the Participant's participation in the DRP with respect to the Participant's Shares that were not repurchased will not be terminated unless the Participant requests such termination. Conversion of a Participant's Shares from one class to another class pursuant to the Charter will not terminate a Participant's participation in the DRP with respect to such Shares, though it will cause, from the effective date of conversion, Distributions with respect to such Shares to be applied to the purchase of Shares of such new class.

Upon termination of DRP participation, future Distributions, if any, will be distributed to the Stockholders in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Amendment, Termination and Suspension by the Company***.* The Company reserves the right to amend any aspect of the DRP at any time; provided, however, that for any material amendment to the DRP, the Company shall provide to each Participant written notice at least 30 days prior to the effective date of that amendment. The Company reserves the right to suspend or terminate the DRP any time by the giving of written notice to each Participant at least 30 days prior to the effective date of the supplement or termination. The Company may provide notice by including such information in a current report on Form 8-K or in its annual or quarterly reports, each of which are publicly filed with the Commission. While the DRP is in effect and has not been terminated, the Company will not amend the DRP in a manner that would eliminate a Participant's right to terminate his or her participation in the DRP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **No Share Certificates***.* The ownership of the Shares purchased through the DRP will be in book-entry form only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Reports***.* During each fiscal quarter, but in no event later than 30 days after the end of each fiscal quarter, the Reinvestment Agent (or a broker-dealer acting on behalf of a Participant who is their client) will mail and/or make electronically available to each Participant, a statement of account describing, as to such Participant, the Distributions received during such quarter, the number of Shares purchased during such quarter, and the per share purchase price for such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Liability of the Company***.* Neither the Company nor the Reinvestment Agent shall be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims or liability: (a) arising out of failure to terminate a Participant's account upon such Participant's death prior to receipt of notice in writing of such death; and (b) with respect to the time and the prices at which Shares are purchased or sold for Participant's account. Neither the Company nor the Reinvestment Agent shall have any responsibility or liability as to the value of the Company's Shares, any change in the value of the Shares acquired for the Participant's account, or the rate of return earned on, or the value of, the interest-bearing accounts in which Distributions are invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Governing Law.** THIS DISTRIBUTION REINVESTMENT PLAN AND A PARTICIPANT'S ELECTION TO PARTICIPATE IN THE DISTRIBUTION REINVESTMENT PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY IN SAID STATE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATIONS OF FEDERAL OR STATE SECURITIES LAWS SHALL NOT BE GOVERNED BY THIS SECTION 13.

All correspondence concerning the plan should be directed to the Reinvestment Agent by mail at SS&C Technologies, Inc., 1055 Broadway, Kansas City, MO 64105.

## Exhibit 10.1

**[CNL Strategic Residential Credit, Inc. 8-K](cnlr_8k-092425.htm)**

**Exhibit 10.1**

**<u>CNL STRATEGIC RESIDENTIAL CREDIT, INC.</u>**

<u>MANAGING DEALER AGREEMENT</u>

**THIS MANAGING DEALER AGREEMENT** (the "Agreement") is made effective as of this <u>24th</u> day of September, 2025, by and among **CNL STRATEGIC RESIDENTIAL CREDIT, INC.**, a Maryland corporation (the "**Company**"); **CNL RESIDENTIAL CREDIT MANAGER, LLC,** a Delaware limited liability company (the "**Advisor**"); and **CNL SECURITIES CORP.**, a Florida corporation ("**Managing Dealer**"). In consideration of the promises and mutual covenants and agreements hereinafter set forth the parties hereto, intending to be legally bound, hereby agree as follows:

For purposes of this Agreement an "Affiliate" is (i) any person or entity directly or indirectly through one or more intermediaries controlling, controlled by or under common control with another person or entity; (ii) any person or entity owning or controlling ten percent or more of the outstanding voting securities of another person or entity; (iii) any officer, director, partner, or trustee of such person or entity; and (iv) if such other person or entity is an officer, director, partner, or trustee of a person or entity, the person or entity for which such person or entity acts in any such capacity.

This Agreement amends and restates in its entirety that certain Amended and Restate Placement Agent Agreement dated July 16, 2025, by and among the Company, the Advisor, and the Managing Dealer. The Advisor is entering into this Agreement solely with respect to the limited purposes set forth herein. References to "Managing Dealer" shall include the Managing Dealer and its officers, directors, agents, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Description of Offering and Appointment of the Managing Dealer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. On the basis of the representations, warranties, and covenants herein contained, but subject to the terms and conditions herein set forth, Managing Dealer is hereby retained for the purpose of using its best efforts to find, through a private offering pursuant to Rule 506(b) of Regulation D of the Securities Act of 1933, as amended (the "**Act**"), subscribers for offering of up to $250,000,000 (the "**Offering**") of shares of common stock of the Company (the "**Shares**"). In addition to the maximum offering amount, the Company is also offering, in any combination, up to $100,000,000 of Class FA Shares, Class A Shares, Class T Shares, Class D Shares and Class I Shares to be issued pursuant to its distribution reinvestment plan. The Company is initially offering Class E Shares ("**Class E Shares**"), as described in the Memorandum. The minimum offering amount is $10,000,000 in subscriptions for our Shares, including subscriptions from the Advisor, the Sub-Advisor or their respective affiliates and employees (the "**Minimum Offering Amount**"). The Offering will terminate if the Company does not obtain the Minimum Offering Amount within one year from the commencement of the offering (the "**Minimum Offering Requirement**"). Upon satisfaction of the minimum offering requirement, the Company can choose to hold an initial closing for its Shares, in its sole discretion.

Once the Company has completed the initial closing of its Shares, it will continue to offer available Class E Shares, if any, up to the Class E Shares maximum offering amount, and it will also begin to offer Class FA Shares ("**Class FA Shares**") up to the Class FA Shares maximum offering amount and, in its sole discretion, it may also begin to offer any combination of Class A Shares, Class T Shares, Class D Shares or Class I Shares (collectively, "**Non-Founder Shares**") up to the remaining maximum amount of the Offering. There are no selling commissions or managing dealer fees for the sale of Class E Shares and Class FA Shares. The Shares may be sold only to investors who are "accredited investors," as that term is defined in Regulation D under the Act, and meet the other suitability standards set forth in the Subscription Agreement (as defined herein). The Shares are more fully described in and are being offered and sold pursuant to the terms of the Company's definitive confidential offering memorandum, (collectively, the "**Memorandum**"). Except as otherwise indicated, as used herein, "Memorandum" shall include any supplements and amendments thereto, all financial statements, appendices, and all other documents which are a part thereof. Subscribers who are accepted by the Company are referred to as "stockholders" in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The "**Offering Period**" shall mean that period during which Shares may be offered for sale, commencing on the date the Shares are first offered for sale, and continuing until the close of business on the applicable date described in the Memorandum. Subject to the Minimum Offering Requirement, the Company intends to conduct the Offering until the earlier of: (i) the date the Company has sold the maximum offering amount and (ii) two years from the start of the Offering; provided, however, that the Company, in its sole discretion, may extend the Offering on a perpetual basis. The Company may, in its sole discretion, increase the Minimum Offering Requirement, decrease the initial minimum purchase amounts or increase the maximum offering amount of the Offering, conduct contemporaneous or additional offerings, and/or extend the outside date of the Offering.

As described in the Memorandum, the Company will schedule monthly closings on subscriptions received and accepted by the Company. After the Company holds its initial closing of Shares, the entire purchase price of Shares subscribed for by a subscriber will be payable upon subscription to the Company's escrow agent. Funds received in connection with a subscription will be placed in a non-interest-bearing escrow account pending Closing (defined herein). The monthly closing date on which we will accept subscriptions is expected to be the last business day of each month (the "**Closings**" or individually, a "**Closing**"), upon which time proceeds held in escrow, if any, will be released to the Company and subscribers will be admitted as stockholders of the Company. In each Closing, Shares will generally be issued at an offering price based on the net asset value of each class of shares as of the last calendar day of the prior month. Prior to each monthly closing, the Company will adjust the current price per share to ensure that no share is sold at a price, after deduction of any applicable upfront selling commissions and managing dealer fees, that is above or below the Company's net asset value per share of the prior month. After the Company holds its initial closing of Shares, subscribers are not committed to purchase Shares at the time their subscription orders are submitted and any subscription may be withdrawn at any time before the time it has been accepted by the Company. Subscriptions will be effective only upon the Company's acceptance, and the Company reserves the right to accept or reject, in whole or part, any subscription for any reasons in its sole and absolute discretion. Subscriptions will be accepted or rejected within thirty (30) calendar days of receipt by the Company. If a subscription is rejected, all subscription funds will be returned to the subscriber, without deduction for any expenses, within ten (10) business days from the date the subscription is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Managing Dealer may, in its sole discretion, request other registered broker-dealers who are members of the FINRA ("Participating Brokers") or investment advisers registered under the Investment Advisers Act of 1940 or under applicable state law ("Participating Advisors" and together, with Participating Brokers, collectively the "Distribution Participants") to assist in the efforts to locate and make offers of the Shares to a limited number of qualified persons. Before the Managing Dealer obtains such assistance from any Participating Broker, the Managing Dealer will cause such Participating Broker to execute a Participating Broker Agreement substantially in such form as is attached hereto as Exhibit A-1. Before Managing Dealer obtains such assistance from any Participating Advisor, Managing Dealer will cause such Participating Advisor to execute a Participating Advisor Agreement substantially in such form as is attached hereto as Exhibit A-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Subject to the performance by the Company of all of their respective obligations to be performed under this Agreement and to the completeness and accuracy of all of the representations and warranties contained herein, the Managing Dealer agrees on the terms and conditions herein set forth to use its best efforts during the Offering Period to find subscribers for the Shares. Upon termination of the Offering, this Agreement shall terminate without obligation on the Managing Dealer's part or on the part of the Advisor or the Company to the Managing Dealer, except as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Offering of the Shares shall be at the offering price upon the terms and conditions set forth in the Memorandum and the form of subscription agreement (the "Subscription Agreement"), which is an appendix thereto, and on the basis of the representations and warranties herein and therein contained, subject to the terms and conditions herein set forth. Prior to the admission of a subscriber as a stockholder, all monies received from subscribers by the Company will be held in an escrow account with UMB Bank, N.A. (the "**Escrow Agent**"), upon the terms and conditions described in the Memorandum. Shares purchased by subscribers who are admitted to the Company as stockholders will be registered in such names as are set forth in the applicable Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Company shall establish an escrow account with the Escrow Agent, which escrow account shall be entitled "UMB Bank, N.A. as EA for CNL Strategic Residential Credit, Inc." (the "Escrow Account"). The Escrow Account shall be effective on the date both (a) monies and (b) subscription documents received from subscribers for the subscription of Shares are first deposited into the Escrow Account. The Managing Dealer will cause the Distribution Participants to instruct subscribers to make payments for subscriptions payable as provided for in the Memorandum, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Notwithstanding anything to the contrary contained in Section 3 of this Agreement, in the event that the Company pays any managing dealer fees or other fees to the Managing Dealer for the sale of one or more Shares and the subscription is rescinded or rejected as to one or more of the Shares covered by such subscription, the Company may decrease the next payment of compensation otherwise payable to the Managing Dealer by the Company for sales by the Participating Broker that executed the Subscription Agreement that is rescinded or rejected under this Agreement by an amount equal to the compensation rate established in Section 3 of this Agreement, multiplied by the number of Shares as to which the subscription is rescinded or rejected, as applicable. In the event that no payment of compensation is due to the Managing Dealer after such withdrawal occurs, the Managing Dealer shall pay the amount specified in the preceding sentence to the Company within ten (10) days following mailing of notice to the Managing Dealer by the Company stating the amount owed as a result of rescinded or rejected, as applicable, subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations, Warranties, and Covenants of the Advisor and the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company represents, warrants, and covenants to the Managing Dealer and all Participating Brokers 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;(a) The Company has prepared the Memorandum, which furnishes all material information required to be furnished to offerees pursuant to an offering under Rule 506(b) of Regulation D of the 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;(b) The Memorandum will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; except that no representations or warranties are made with respect to any statements or omissions made in reliance upon and in conformity with information furnished to the Company by Managing Dealer with respect to Managing Dealer expressly for use in the Memorandum. The Company will promptly notify Managing Dealer of any amendments or supplements to 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;(c) Assuming the offering and sale of the Shares are made in compliance with the terms of the Memorandum and this Agreement, the Company shall have complied with the exemption provisions of Section 4(a)(2) of the Act and Rule 506(b) of Regulation D promulgated thereunder, and in compliance with all state securities laws and regulations applicable to it in connection with the Offering and sale of 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;(d) The Company has been duly incorporated and validly exists as a corporation under the Maryland General Corporation Law, as amended (the "**Maryland Law**"). The Company has not been, is not at present, and will not be in violation of its articles of incorporation or bylaws, as amended and/or restated from time to time (the "**Charter**") and will become duly qualified and in good standing in the jurisdiction in which the ownership or leasing of the property or the character of its operations makes such qualification necessary and will take such action as is necessary in any jurisdiction where the Company engages in to assure limited liability for the stockholders in those jurisdictions.

&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) The Shares, upon the issuance thereof and payment therefore, will conform in all material respects to all statements relating thereto contained in the Memorandum pursuant to which such Shares were issued, will have the rights set forth in the Charter, will be duly and validly authorized and issued and, except as set forth in the Memorandum, will be fully paid and non-assessable and will subject the holders thereof to no liability as such holders.

&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) The Company is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended, or the rules and regulations thereunder.

&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 Company has such corporate power, authority, authorizations, approvals and orders to enter into this Agreement and to carry out the provisions and conditions hereof and 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;(h) The execution and delivery of this Agreement by the Company, the consummation of the transactions by the Company herein contemplated, and compliance with the terms of this Agreement by the Company will not materially conflict with, or result in a material breach of, any of the terms, provisions, or conditions of the operating agreement or certificate of organization of the Charter of the Company, or any material agreement or instrument to which the Company is a party or by which each is bound, or, to the best knowledge of the Company, after reasonable inquiry, any order, rule or regulation directed to the Company by any court or governmental agency or body having jurisdiction over the Company, as the case may be, or any statute, rule, or regulation applicable to the Company. No other consent, approval, authorization, or action is required for the consummation of the transactions herein contemplated by the Company other than such as have been obtained or will be obtained prior to the date of the initial closing, except for any such conflict with or breach of, any statute, rule, or regulation or the failure to obtain any consent, approval, authorization, or action, which conflict, breach, or failure does not or will not materially adversely affect the business, property, prospects (financial or otherwise) of the Company, or either of their abilities to consummate their respective obligations hereunder or contemplated 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;(i) There is no litigation or governmental proceeding pending, or to the best knowledge of the Company after reasonable inquiry, threatened against, or involving the property or business of the Company that would materially adversely affect the value or the operation of such property or the business of the Company. For purposes of the foregoing representations and warranty, a litigation or governmental proceeding which is "pending" shall mean one in which the Company has been served with legal process or otherwise formally notified in writing of the same.

&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) There has been no material adverse change in the condition, business, property or prospects of the Company , financial or otherwise, from the latest dates as of which the descriptions of such condition, business, property or prospects are set forth in the Memorandum, except as referred to therein, and the outstanding debt, property and business of the Company conform in all material respects to the descriptions 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;(k) No defaults by the Company exist in the due performance and observance of any material obligation, term, covenant, or condition of any agreement or instrument to which the Company is party or by which each is bound.

&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) This Agreement has been duly authorized, and when executed and delivered by the Company and other parties hereto, will be the legal, valid, and binding agreement of the Company, enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by (i) bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, or similar laws from time to time in effect and affecting the rights of creditors generally, (ii) limitations upon the power of a court to grant specific performance or any other remedy with respect to the enforcement of this Agreement, (iii) judicial discretion, or (iv) the extent that the indemnification provisions of this Agreement are or may be held to be a violation of public policy (under either state or federal law) in the context of the offer, offer for sale, or sale of securities.

&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) None of the Company or any of their employees or agents have made, nor will they make, any payment of funds of the Company for any purpose other than that disclosed in the Memorandum, and no funds of the Company have been, or will be, set aside by the Company or their employees or agents to be used for any payment prohibited by law.

&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) All contracts or other documents or the form which the Company will use or would be entitled to use in connection with the Offering will be provided to the Managing Dealer upon request.

&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) The Company will notify the Managing Dealer immediately and confirm the notice in writing of the issuance by the Securities and Exchange Commission (the "Commission") or by any state securities administration of any stop order suspending the Offering or sale of the Shares or enjoining the sale of the Shares or of the initiation of any proceedings for that purpose. The Company will make every reasonable effort (i) to prevent the issuance of any such stop order, and (ii) if any such stop order shall at any time be issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) None of the Company or any of their agents or employees has made, or caused to be made, any payment of fees, commissions or other payments of funds, directly or indirectly, to or through any "broker" or "dealer" (as such terms are defined in the 1934 Act), as herein defined, in connection with the Offering or sale of the Shares other than brokers or dealers who are registered with the Commission pursuant to the 1934 Act and with the Financial Industry Regulatory Authority ("FINRA") or who are exempt from such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) No Disqualification Events. With respect to Shares to be offered and sold hereunder in reliance on Rule 506, none of the Company, any director, executive officer, other officers of the Company participating in the offering, any beneficial owner (as that term is defined in Rule 13d-3 under the 1934 Act) of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Act) connected with the Company in any capacity at the time of sale of any Shares (but, in each case, excluding the Distribution Participant Covered Persons, as defined below, as to whom no representation is made) (each, a "Company Covered Person" and, collectively, "Company Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Act. The Company has exercised reasonable care to determine (i) the identity of each person that is a Company Covered Person; and (ii) whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e) under the Act, and has furnished to the Managing Dealer a copy of any disclosures provided thereunder. The Company will notify the Managing Dealer in writing, prior to the closing date of the Offering of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Company Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Managing Dealer represents, warrants, and covenants to the Company 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;(a) The Managing Dealer is a corporation, duly organized, validly existing, and in good standing under the laws of the State of Florida. The Managing Dealer has the requisite corporate power and authority to execute this Agreement and to perform its duties hereunder, and the execution and delivery by it of this Agreement and the consummation of the transactions herein contemplated will not result in any violation of, or be in conflict with, or constitute a default under, any agreement or instrument to which the Managing Dealer is a party or by which the Managing Dealer or its properties are bound, or any judgment, decree, order, or, to its knowledge, any statute, rule or regulation applicable to it.

&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 Managing Dealer is a member of FINRA and a broker-dealer registered as such under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and under the securities laws of the states in which the Shares are to be offered or sold.

&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 Managing Dealer will offer the Shares in accordance with the applicable provisions of the Act in a manner so as to preserve the exemption from registration as provided in Section 4(a)(2) of the Act and will not take, or omit to take, any action in connection with offers and sales of Shares that would cause the Offering not to be made in compliance with Rule 506(b) pursuant to Regulation D promulgated thereunder; the Managing Dealer will not offer the Shares for sale in any jurisdiction unless and until the Company shall have advised it that the Shares are either registered in accordance with, or exempt from, the securities, and other laws applicable thereto; and Managing Dealer has not and will not take any action that would require registration of the Shares under any federal or state securities laws, real estate syndication laws, or any other laws, orders, rules or regulations. The Managing Dealer will not use any offering or selling materials other than materials furnished or previously approved in writing by 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) The Managing Dealer shall make no representations concerning the Offering, except as set forth in the Memorandum, as it may be amended or supplemented, and except for such supplemental information relating to the Company as shall be made available in writing by the Company to offerees and their representatives as contemplated by Regulation D promulgated under the 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;(e) The Managing Dealer will not offer the Shares by means of any form of general solicitation or general advertising, including but not limited to: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising, and otherwise will comply with the provisions of Rule 506(b) of Regulation D. The Managing Dealer shall make and maintain a record of each contact with each Financial Intermediary and each potential subscriber to the Company, which shall include the identity of the Distribution Participant or potential subscriber, the date of contact and the information provided to such Distribution Participant or potential subscriber. The Managing Dealer shall provide a written summary of such records to the Company at such time as shall be agreed by the Managing Dealer and the Company. Further, the Managing Dealer will conduct the Offering only with Distribution Participants and potential subscriber that have a substantive pre-existing relationship with the Managing Dealer or Distribution Participants, or their respective affiliates.

&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) This Agreement has been duly authorized, and when executed and delivered by the Managing Dealer and the other parties hereto, will be the Managing Dealer's legal, valid and binding agreement, enforceable in accordance with its terms, except to the extent that the enforceability hereof may by limited by (i) bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, or similar laws from time to time in effect and affecting the rights of creditors generally, (ii) limitations upon the power of a court to grant specific performance or any other remedy with respect to the enforcement of this Agreement, (iii) judicial discretion, or (iv) the extent that the indemnification provisions of this Agreement are or may be held to be in violation of public policy (under either state or federal law) in the context of the offer, offer for sale, or sale of securities.

&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) Neither the Managing Dealer nor any of its agents or employees has made, or caused to be made, nor will they cause to be made, any payment of fees, commissions or other payments of funds, directly or indirectly, to or through any "broker" or "dealer" (as such terms are defined in the 1934 Act), in connection with the Offering or sale of the Shares other than brokers or dealers who are registered with the Commission pursuant to the 1934 Act and with FINRA or who are exempt from such registration.

&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) Any written information relating to the Managing Dealer furnished to the Company and/or their counsel expressly for inclusion in the Memorandum or in any Blue Sky Application (as defined in Section 5 below) does not, and will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, 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;(i) The Managing Dealer either (1) will not purchase Shares for its own account or (2) will hold all such Shares for 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;(j) The Managing Dealer represents that neither it, nor any of its directors, executive officers, other officers, or employees of the Managing Dealer participating in the offering of Shares that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares ("Collectively Managing Dealer Covered Person") is subject to any Disqualification Event except for a Disqualification Event (i) contemplated by Rule 506(d)(2) under the Act and (ii) a description of which has already been furnished in writing to the Company prior to the date hereof. Managing Dealer further agrees to notify the Company in a writing provided in accordance with Section 9 of this Agreement prior to offering Shares of (i) any Disqualification Event relating to any Managing Dealer Covered Person or Distribution Participant Covered Person (as defined in the Participating Broker Agreement or Participating Advisor Agreement, respectively) not previously disclosed to the Company and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Managing Dealer Covered Person or any Distribution Participant Covered Person. Each of the Managing Dealer will, and the Managing Dealer will cause the Distribution Participants to, notify the Company in writing, prior to the offering of Shares of (i) any Disqualification Event relating to any Distribution Participant Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Distribution Participant Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Advisor represents, warrants, and covenants to the Managing Dealer and all Participating Brokers 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;(a) The Advisor has such corporate power, authority, authorizations, approvals and orders to enter into this Agreement. The Advisor has been duly organized and validly exists as a limited liability company in good standing under the laws of the State of Delaware.

&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) No Disqualification Events. With respect to Shares to be offered and sold hereunder in reliance on Rule 506, none of the Advisor, any director, executive officer, other officers of the Advisor participating in the offering, any beneficial owner (as that term is defined in Rule 13d-3 under the 1934 Act) of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Act) connected with the Advisor in any capacity at the time of sale of any Shares (but, in each case, excluding the Distribution Participant Covered Persons, as defined below, as to whom no representation is made) (each, a "Company Covered Person" and, collectively, "Company Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Act. The Advisor has exercised reasonable care to determine (i) the identity of each person that is an Advisor Covered Person; and (ii) whether any Advisor Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e) under the Act, and has furnished to the Managing Dealer a copy of any disclosures provided thereunder. The Advisor will notify the Managing Dealer in writing, prior to the closing date of the Offering of (i) any Disqualification Event relating to any Advisor Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Advisor Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation and Expenses</u>. As compensation for the Managing Dealer's services hereunder and the agreements hereunder pursuant to the Memorandum, the Company agrees to pay (in accordance with the terms of the Memorandum):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. There are no selling commissions or managing dealer fees for Class E Shares, Class FA Shares, Class D Shares, and Class I Shares. Sales of Shares shall be deemed to be completed only after (i) the Company receives a properly completed Subscription Agreement from a subscriber who satisfies each of the terms and conditions of the Memorandum and (ii) such Subscription Agreement has been accepted in writing by the Company or an agent acting on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as may be provided in the "Plan of Distribution" section of the Memorandum, the Company shall pay to the Managing Dealer, as compensation for all services to be rendered by the Managing Dealer pursuant to this Agreement, a commission of 6.0% of the price of each Class A Share in the Offering, and 3.0% of the price of each Class T Share in the Offering, regardless of whether such Shares are sold by the Managing Dealer or a Participating Broker. The Company will not pay commissions for sales of Class A or Class T Shares pursuant to the Distribution Reinvestment Plan, and will not pay commissions for sales of any Class D or Class I Shares in the Offering or pursuant to the Distribution Reinvestment Plan. The Company may pay reduced commissions or eliminate commissions on certain sales of Shares in accordance with, and on the terms set forth in, the Memorandum and herein, which reduction or elimination of commissions will not change the net proceeds to the Company. Such commission rate shall remain in effect during the full term of this Agreement unless otherwise changed by a written agreement between the parties hereto. The Managing Dealer may reallow all or any portion of such selling commissions to Distribution Participants in its sole discretion in compliance with applicable law. The Managing Dealer shall not re-allow any commissions to non-FINRA members. Sales of Non-Founder Shares shall be deemed to be completed only after (i) the Company receives a properly completed Subscription Agreement from a subscriber who satisfies each of the terms and conditions of the Memorandum and (ii) such Subscription Agreement has been accepted in writing by the Company or an agent acting on behalf of the Company. Notwithstanding anything contained herein, in accordance with and provided by the terms of the Memorandum, which may be amended and supplemented from time to time, discounts may be offered for the Company's Shares. The amount of net proceeds to the Company will not be affected by reducing or eliminating commissions and dealer manager fees payable in connection with sales to investors described in this paragraph. In accordance with the volume discounts schedule set forth in the "Plan of Distribution" section of the Memorandum, the amount of selling commissions otherwise payable shall be reduced with respect to sales to a subscriber or group of subscribers based upon the aggregate number of Class A Shares purchased by such subscriber or group through the same Distribution Participant. Distribution Participants and/or subscribers are responsible for requesting that subscriptions be combined, if applicable, for the purpose of determining whether such subscriptions qualify for volume discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In addition, the Company will pay the Managing Dealer a dealer manager fee equal to 2.5% of the price of each Class A Share and 1.75% of the price of each Class T Share sold in the Offering, subject to reduction in certain circumstances as outlined in the Memorandum. The Managing Dealer may re-allow to Participating Brokers, in its discretion, all or a portion of the dealer manager fee as a marketing support fee. The Company will pay for all other fees and expenses of the Offering of the Shares by the Company, including fees and expenses associated with any qualification of the Shares under state securities or "blue sky" laws. The Company will reimburse the Advisor and its Affiliates for Company Organizational and Offering Expenses ("O&O Expenses") at an amount up to 1.5% of Gross Proceeds. The Company will not pay a dealer manager fee for sales of Class A or Class T Shares pursuant to the Distribution Reinvestment Plan, and will not pay a dealer manager fee for sales of any Class D or Class I Shares in the Offering or pursuant to the Distribution Reinvestment Plan. The Managing Dealer may reallow all or any portion of this dealer manager fee for each Share sold by a Distribution Participant that agrees to comply with one or more of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have and use internal marketing support personnel (such as telemarketers or a marketing director) to assist
the Managing Dealer's marketing team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have and use internal marketing communications vehicles, including, but not limited to, newsletters, conference
calls, interactive technology and internal mail to promote the Company and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) answer investors' inquiries concerning monthly statements, valuations, distribution rates, tax information,
annual reports, reinvestment and repurchase rights and procedures, the Company's financial status and the businesses in which the
Company has invested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) assist investors with reinvestments and repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) maintain the technology necessary to adequately service investors as otherwise associated with the Offering;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide other services as requested by investors from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Except as may be provided in the "Plan of Distribution" section of the Memorandum, the Company will pay to the Managing Dealer an annual distribution and stockholder servicing fee in connection with sales of Class T Shares and Class D Shares in the Offering during the term of this Agreement, subject to the limitations set forth below. The annual distribution and stockholder servicing fee of 1.0% per annum and 0.50% per annum of the then-current Offering price (or, once reported, the amount of the estimated net asset value per Share) per Class T Share and Class D Share, respectively, will accrue daily and be paid to the Managing Dealer monthly in arrears, as provided in the "Plan of Distribution" section of the Memorandum. For Class T Shares and Class D Shares, the Managing Dealer agrees to provide oversight services related to administration of the annual distribution and stockholder servicing fee, which may include oversight of the Company's Transfer Agent, tracking underwriting compensation consistent with applicable regulatory limits, and assistance with stockholder Share conversions. The Managing Dealer may reallow all or a portion of the distribution and stockholder servicing fee to one or more Distribution Participants or broker-dealers providing services with respect to the Class T Shares or Class D Shares, in its sole discretion, to the extent a distribution agreement or other servicing agreement with such Distribution Participant or servicing broker-dealer provides for such a reallowance. All determinations regarding reallowance of the annual distribution and stockholder servicing fee will be made in good faith. Additionally, for Class T Shares and Class D Shares, the Managing Dealer also agrees to use commercially reasonable efforts to cause a Participating Broker to make available on-going stockholder and account maintenance services with respect to the Company's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Company will cease paying the annual distribution and stockholder servicing fee with respect to Class T Shares held in any particular account, upon the conversion of those Class T Shares into a number of Class A Shares in accordance with the provisions of the Company's Charter. If the Company repurchases a portion, but not all of the Class T Shares held in a stockholder's account, the total underwriting compensation limit and amount of underwriting compensation previously paid will be prorated between the Class T Shares that were repurchased and those Class T Shares that were retained in the account. Likewise, if a portion of the Class T Shares in a stockholder's account is sold or otherwise transferred in a secondary transaction, the total underwriting compensation limit and amount of underwriting compensation previously paid will be prorated between the Class T Shares that were transferred and the Class T Shares that were retained in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Company will cease paying the annual distribution and stockholder servicing fee with respect to Class D Shares held in any particular account, upon the conversion of the Class D Shares into a number of Class A Shares in accordance with the provisions of the Company's Charter. If the Company repurchases a portion, but not all of the Class D Shares held in a stockholder's account, the total underwriting compensation limit and amount of underwriting compensation previously paid will be prorated between the Class D Shares that were repurchased and those Class D Shares that were retained in the account. Likewise, if a portion of the Class D Shares in a stockholder's account is sold or otherwise transferred in a secondary transaction, the total underwriting compensation limit and amount of underwriting compensation previously paid will be prorated between the Class D Shares that were transferred and the Class D Shares that were retained in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Company will further cease paying the annual distribution and stockholder servicing fee on any Class T or Class D Share that is repurchased, as well as upon the Company's dissolution, liquidation or the winding up of the Company's affairs, or a merger or other extraordinary transaction in which the Company is a party and, with respect to Class T Shares, in which the Class T Shares as a class are exchanged for cash or other securities, or, with respect to Class D Shares, in which the Class D Shares as a class are exchanged for cash or other securities. If the Company liquidates (voluntarily or otherwise), dissolves or winds up its affairs, then, immediately before such liquidation, dissolution or winding up, the Class FA Shares, Class E Shares, Class T Shares, Class D Shares, and Class I Shares will automatically convert to Class A Shares in accordance with the provisions of the Company's Charter, and the Company's net assets, or the proceeds therefrom, will be distributed to the holders of Class A Shares, which will include all converted Class FA Shares, Class E Shares, Class T Shares, Class D Shares, and Class I Shares, in accordance with their proportionate interests. A distribution and stockholder servicing fee will not be paid on any Class FA Shares, Class A Shares, and Class I Shares sold in the Offering or pursuant to the Distribution Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. It is understood and agreed by the parties hereto that the Managing Dealer will not be considered to be a partner of the Company by virtue of its receipt of any of the above-described compensation. It is further understood and agreed by the parties hereto that payment of all commissions and other fees contemplated hereby will be made to the Managing Dealer, and the Managing Dealer may, in turn will pay any Participating Broker retained by Managing Dealer on such terms to which Managing Dealer and the Participating Broker may agree. The Managing Dealer will indemnify and hold harmless the Company and the Advisor from any claim or action by, or liability to, any Participating Broker retained by Managing Dealer arising from or related to the non-payment or alleged non-payment of managing dealer fees or marketing support fees to any such Participating Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Company will reimburse the Managing Dealer and Distribution Participants for reasonable out-of-pocket due diligence expenses that are incurred by the Managing Dealer and/or Distribution Participants, provided that such expenses are detailed on itemized invoices and such expenses do not exceed the Company's limits on Organization and Offering Expenses, as set forth in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Managing Dealer may reimburse Distribution Participants for technology costs and other costs and expenses associated with the Offering, the facilitation of the marketing of the Shares and the ownership of such Shares by the customers of Distribution Participants, subject to the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Covenants of the Company, the Advisor and the Managing Dealer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company covenants and agrees that it will:

&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) Deliver to the Managing Dealer such number of copies of the Memorandum, including any amendment or supplement thereto, and appendices, as it may reasonably request for the purposes contemplated by the Act or 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;(b) Comply with all requirements imposed upon them by the Act, as now and hereafter amended, and by all applicable state securities laws (of those states in which an exemption has been obtained or qualification of the Shares has been effected), to permit the continuance of offers and sales of the Shares in accordance with the provisions hereof and of the Memorandum. During the Offering Period, they will amend or supplement the Memorandum as necessary to comply with the requirements of the 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;(c) Furnish the Managing Dealer, until the termination of the Offering, information necessary in their judgment, or in the reasonable judgment of its counsel, to keep the Memorandum fair, accurate, and complete in all material respects.

&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) Notify the Managing Dealer of the occurrence of any event of which the Company becomes aware if such event would cause the Memorandum to include an untrue statement of a material fact or, in view of the circumstances under which such statement of fact was made, omit to state any material fact necessary to make the statements therein not misleading, in which event the Company will promptly effect the preparation of an amended or supplemented Memorandum which will correct such 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) Endeavor in good faith, in cooperation with the Managing Dealer, prior to, or as soon as practicable after, the commencement of the Offering Period, to qualify the Shares (or to obtain an exemption from any registration requirement) for offering and sale under the securities laws relating to the offering or sale of the Shares in such jurisdictions as the Managing Dealer may reasonably request. In each jurisdiction where such qualification or exemption shall be effected, the Company will file and make such statements or reports at such times as are or may reasonably be required by the laws of such jurisdiction.

&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) Not offer, offer to sell, offer for sale or sell any Shares or interest in the Company, or other securities, except and to the extent any such offer, offer to sell, offer for sale or sale shall not render unavailable the exemptions from registration or qualification requirements of applicable federal and state securities laws relied upon with respect to the offering and sale of the Shares contemplated by 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;(g) Upon the initial closing of Shares, admit as stockholders all subscribers for Shares approved and accepted by the Company, in accordance with the description of the procedures set forth 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;(h) Pursuant to Regulation D of the Act, file a Form D (and any amendment(s) thereto and periodic filings thereof) with the Commission and any applicable state regulatory agencies or authorities in a timely manner and promptly deliver copies of the same to the Managing Dealer.

&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) Apply the net proceeds from the Offering received by the Company in the manner set forth 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;(j) Not take any action or permit any action to be taken on behalf of the Company that would result in any of the Company's representations and warranties contained herein being untrue in any material respect as of a time immediately after such action is taken or permitted.

&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) Endeavor, for as long as the Company shall own assets, to maintain the Company as a validly existing corporation under Maryland Law or under the laws of whatever state in which it shall be incorporated and duly qualified as a foreign corporation in the state where it shall own and/or lease property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Managing Dealer covenants and agrees with the Company and the Advisor that it will:

&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) In connection with the offering and sale of the Shares by the Company, comply with all requirements imposed upon the Managing Dealer by the Act, as now and hereafter amended, Regulation D of the Act and any other applicable law, all applicable state securities laws, this Agreement and 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;(b) Provide the Company on a timely basis (i.e., at the time of an offer or sale of one or more Shares) with such information relating to the offering and sale of the Shares by it, to the extent the Managing Dealer has such information in its possession or may reasonably obtain such information, as the Company may from time to time request or as may be requested to enable the Company to prepare such other reports of sale as may be required to be filed under the applicable state 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) Not take any action or permit any action to be taken on behalf of the Managing Dealer that would result in any of the representations and warranties contained herein being untrue in any material respect as of a time immediately after such action is taken or permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Managing Dealer agrees to indemnify, defend and hold harmless the Company, for whose account it offers and sells Shares, and their respective officers, directors, managers, trustees, employees and agents, against all losses, claims, demands, liabilities, and expenses, joint or several, including reasonable legal and other expenses incurred in defending such claims or liabilities, whether or not resulting from any liability to the Company, the Advisor, and their respective officers, directors, managers, trustees, employees, or agents, which they or any of them may incur arising out of the offer or sale by the Managing Dealer, or any officer, director or employee acting on the Managing Dealer's behalf, of any Shares pursuant to this Agreement if such loss, claim, demand, liability or expense arises out of or is based upon (i) an untrue statement or alleged untrue statement of a material fact, or any omission or alleged omission of a material fact, which is also, as the case may be, contained in or omitted from the Memorandum and which statement or omission was based on information supplied to the Company by the Managing Dealer, or (ii) the breach by the Managing Dealer, or any person acting on its behalf, of any of the terms and conditions of this Agreement. This indemnity provision shall survive the termination of this Agreement. By virtue of entering into a Participating Broker Agreement or a Participating Advisor Agreement, the Managing Dealer shall ensure that Distribution Participants agree to indemnify, defend and hold harmless the Company as an intended third party beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company agrees to indemnify, defend and hold harmless the Managing Dealer, and its officers, directors, managers, trustees, employees and agents, and each Distribution Participant, against all losses, claims, demands, liabilities and expenses, including reasonable legal and other expenses incurred in defending such claims or liabilities, which they or any of them may incur, including, but not limited to, alleged violations of the Act, but only to the extent that such losses, claims, demands, liabilities and expenses shall arise out of or be based upon (i) any untrue statement of a material fact contained in the Memorandum or in any amendment or supplement thereto, or in any application prepared and filed with the Commission and any state regulatory agency in order to comply with the exemptions available in such states with respect to the Shares (the "Blue Sky Applications"), (ii) any omission or alleged omission to state therein a material fact required to be stated in the Memorandum or the Blue Sky Applications, or necessary to make such statements, and any part thereof not misleading; provided, that any such untrue statement, omission or alleged omission is not based on information which was supplied to the Company or the Advisor by the Managing Dealer, or (iii) the breach by the Company or the Advisor, or any person acting on their behalf, of any of the terms and conditions of this Agreement. This indemnity provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No indemnifying party shall be liable under the indemnity agreements contained in subparagraphs A. and B. above unless the party to be indemnified shall have notified such indemnifying party in writing promptly after the summons or other first legal process giving information of the nature of the claim shall have been served upon the party to be indemnified, but failure to notify an indemnifying party of any such claim shall not relieve it from any liabilities which it may have to the indemnified party against whom action is brought other than on account of its indemnity agreement contained in subparagraphs A. and B. above. In the case of any such claim, if the party to be indemnified notified the indemnifying party of the commencement thereof as aforesaid, the indemnifying party shall be entitled to participate at its own expense in the defense of such claim. If it so elects, in accordance with arrangements satisfactory to any other indemnifying party or parties similarly notified, the indemnifying party has the option to assume the entire defense of the claim, with counsel who shall be satisfactory to such indemnified party and all other indemnified parties who are defendants in such action; and after notice from the indemnifying party of its election so to assume the defense thereof and the retaining of such counsel by the indemnifying party, the indemnifying party shall not be liable to such indemnified party under subparagraphs A. or B. above for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof, other than for the reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compliance</u>. All actions, direct or indirect, by the Managing Dealer, the Company, and the Advisor, and their respective, officers, directors and employees in connection with the offering and sale of the Shares shall conform to the requirements of the exemption available under Section 4(a)(2) of the Act and Rule 506(b) of Regulation D and to all procedures for the offering and sale of the Shares established by the Managing Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Agreements to Survive Sale and Payment</u>. Except as the context otherwise requires, all representations, warranties and agreements contained in this Agreement shall be deemed to be representations, warranties, and agreements at each closings on subscriptions received and accepted by the Company, and such representations, warranties and agreements of the Managing Dealer, the Company, and the Advisor (individually or on behalf of the Company), including the indemnity agreements contained in Section 5 hereof and the covenants contained in Section 2 and 4 hereof, shall remain operative and in full force and effect regardless of any investigation made by the Managing Dealer or on its behalf, or by any controlling person of it, and shall survive the sale of, and payment for, the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination of this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the date on which this Agreement is executed by the Managing Dealer, the Company and the Advisor. After this Agreement becomes effective, any party may terminate it at any time for any reason by giving thirty (30) days written notice to the other party; provided, however, that this Agreement shall in any event automatically terminate at the first occurrence of any of the following events: (a) the termination of the Offering as described in the Memorandum; (b) the termination and liquidation of the Company; (c) the revocation or suspension of the Managing Dealer's license or registration to act as broker-dealer by any federal, self-regulatory or state agency and such revocation or suspension is not cured within ten (10) days from the date of such occurrence; or (d) the determination by any of the parties that there shall have been such change in the condition or prospects of the Company or the Advisor that would make it inadvisable to proceed with the Offering and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If any party hereto elects to terminate this Agreement as provided in this Section 8, all other parties hereto shall be notified promptly by the terminating party pursuant to Section 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If this Agreement is terminated pursuant to this Section 8, no party shall have any liability to any other party, other than for obligations, if any, pursuant to Section 3 and Section 5 hereof. Notwithstanding the foregoing, no fee, compensation or expense reimbursement may be paid to the Managing Dealer or any Participating Broker following the termination of this Agreement in violation of FINRA Conduct Rule 5110(f)(2)(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. All notices provided for in this Agreement shall be made in writing either (i) by actual delivery of the notice into the hands of the parties thereto entitled or (ii) by the mailing of the notice in the United States mail to the address, as stated below (or at such other address as may have been designated by written notice), of the party entitled thereto, by certified or registered mail, return receipt requested. The notice shall be deemed to be received in case (i) on the date of its actual receipts by the party entitled thereto and in case (ii) on the date of deposit in the United States mail.

All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if sent to the Managing Dealer, shall be mailed or delivered to CNL Securities Corp., 450 South Orange Ave., Suite 1300 Orlando, Florida 32801 Attention: Legal Counsel; if sent to the Company or the Advisor, shall be mailed or delivered to CNL Residential Credit Manager, LLC, 450 South Orange Ave., Suite 1400, Orlando, Florida 32801 Attention: Legal Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Construction</u>. This Agreement shall be governed by, subject to and construed in accordance with the internal laws (without regard to principles of conflicts of laws) of the State of Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Severability</u>. If any portion of this Agreement shall be held invalid or inoperative, then, so far as is reasonable and possible (i) the remainder of this Agreement shall be considered valid and operative and (ii) effect shall be given to the intent manifested by the portion held invalid or inoperative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Modification or Amendment</u>. This Agreement may not be modified or amended except by written agreement executed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Number and Gender of Words</u>. Whenever the context so requires, the masculine shall include the feminine and neuter, and the singular shall include the plural, and conversely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Other Instruments</u>. The parties hereto covenant and agree that they will execute such other and further instruments and documents as are or may become necessary to effectuate and carry out this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Captions</u>. The captions used in this Agreement are for convenience only and shall not be construed in interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Parties</u>. This Agreement shall be binding upon the parties hereto and inure solely to the benefit of the parties hereto and their respective successors, legal representatives, heirs, and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Entire Agreement</u>. This Agreement, together with Exhibit A hereto, contains the entire understanding between the parties hereto and supersedes any prior understanding or written or oral agreements between them respecting the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Definitions</u>. Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. The Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Third-Party Beneficiaries</u>. The Distribution Participants shall be third-party beneficiaries of Section 5(B) of this Agreement; otherwise, there shall be no third-party beneficiaries of this Agreement, and other than the Participating Brokers with respect to Section 5(B), no provision of this Agreement is intended for the benefit of any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of this Agreement. Further, no other third party shall by virtue of any provision of this Agreement have a right of action or an enforceable remedy against either party to this Agreement.

*(signature page follows)*

 

**IN WITNESS WHEREOF**, the parties hereto have each duly executed this Managing Dealer Agreement as of the day and year above written.

---

| | | | |
|:---|:---|:---|:---|
| **CNL Securities CORP.** | **CNL Securities CORP.** | **CNL STRATEGIC Residential credit, inc.**  | **CNL STRATEGIC Residential credit, inc.**  |
| By: | /s/ Ryan Furman | By: | /s/ Tammy Tipton |
|  | Name: Ryan W. Furman |  | Name: Tammy Tipton |
|  | Title: Corporate Counsel |  | Title: Chief Financial Officer |
|  |  | **CNL RESIDENTIAL Credit Manager, LLC,** solely with respect to the limited purposes set forth herein | **CNL RESIDENTIAL Credit Manager, LLC,** solely with respect to the limited purposes set forth herein |
|  |  | By: | /s/ Chirag Bhavsar |
|  |  |  | Name: Chirag J. Bhavsar |
|  |  |  | Title: Chief Executive Officer |

---

<u>EXHIBIT A-1</u> 

FORM OF PARTICIPATING BROKER AGREEMENT

<u>EXHIBIT A-2</u> 

FORM OF PARTICIPATING ADVISOR AGREEMENT

## Exhibit 10.2

**[CNL Strategic Residential Credit, Inc. 8-K](cnlr_8k-092425.htm)**

**Exhibit 10.2** 

**FORM OF PARTICIPATING BROKER AGREEMENT**

**CNL STRATEGIC RESIDENTIAL CREDIT, INC.**

**THIS PARTICIPATING BROKER AGREEMENT** (the "Agreement") is made and entered into as of _________________, 20___, by and between CNL SECURITIES CORP., a Florida corporation (the "Managing Dealer"), and ______________________________________, (the "Broker").

**WHEREAS**, CNL STRATEGIC RESIDENTIAL CREDIT, INC. is a Maryland corporation (the "Company"); and

**WHEREAS**, the Company is offering to sell up to $250,000,000 (the "Offering") of shares of its common stock in the Company (the "Shares") pursuant to a private offering (the "Offering") that is intended to qualify for an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, (the "Act") and Rule 506(b) of Regulation D promulgated thereunder, and an exemption from registration under various state securities laws, and, in addition to the maximum offering amount, the Company is also offering, in any combination, up to $100,000,000 of Class FA shares, Class A shares, Class T shares, Class D shares and Class I shares to be issued pursuant to its distribution reinvestment plan; and

**WHEREAS**, the Company has prepared a definitive confidential offering memorandum , as may be amended and supplemented from time to time (the "Memorandum"), and the offering and sale of Shares will be made only to investors who are "Accredited Investors," as that term is defined under the Act and Regulation D promulgated thereunder, and meet the other suitability standards set forth in the Subscription Agreement and further pursuant to the terms and conditions of all applicable federal securities laws and all applicable securities laws of all states in which the Shares are offered and sold; and

**WHEREAS,** the Company is initially offering Class E Shares, as described in the Memorandum, and, upon satisfaction of the Minimum Offering Requirement, the Company can choose to hold an initial closing for its Shares, in its sole discretion, and, once the Minimum Offering Requirement is satisfied and the Company has completed the initial closing of its Shares, the Company will continue to offer available Class E Shares, if any, up to the Class E Shares maximum offering amount, and it will also begin to offer Class FA Shares up to the Class FA Shares maximum offering amount and, in its sole discretion, the Company may also begin to offer any combination of Class A Shares, Class T Shares, Class D Shares or Class I Shares (collectively, "Non-Founder Shares") up to the remaining maximum amount of the Offering, and

**WHEREAS,** the Offering will terminate if the Company does not obtain subscriptions for at least $10,000,000 within one year from the commencement of the offering (the "Minimum Offering Requirement"), and subject to the Minimum Offering Requirement, the Company currently intends to conduct the Offering until the earlier of: (i) the date the Company has sold the maximum offering amount an (ii) two years from the start of the Offering; provided, however, that the Company, in its sole discretion, may extend the Offering on a perpetual basis; and

**WHEREAS**, the initial minimum purchase amount for Shares is $10,000, and once the Company has met its Minimum Offering Requirement and completed its initial closing of its Shares, the Shares will generally be issued at an offering price based on the net asset value of each class of Shares as of the last calendar day of the prior month; and

**WHEREAS**, the Managing Dealer, which has heretofore entered into a managing dealer agreement (the "Managing Dealer Agreement") with the Company pursuant to which it has been designated as the Managing Dealer to sell and manage the sale of the Shares by other participating broker-dealers pursuant to the terms of such Managing Dealer Agreement and the Offering, is a corporation incorporated in and presently in good standing in the State of Florida, and is presently registered with the securities commissions of all states and with the Financial Industry Regulatory Authority ("FINRA") as a securities broker-dealer qualified to offer and sell to members of the public securities of the type represented by the Shares; and

**WHEREAS**, the Broker is an entity organized and presently in good standing in the jurisdictions in which it does business, presently registered as a broker-dealer with FINRA, and presently licensed by the appropriate regulatory agency of each jurisdiction in which it will offer and sell the Shares as a securities broker-dealer qualified to offer and sell to members of the public securities of the type represented by the Shares or exempt from all such registration requirements; and

**WHEREAS**, the Managing Dealer desires to retain the Broker to use its best efforts to sell the Shares, and the Broker is willing and desires to serve as a broker for the Managing Dealer for the sale of the Shares upon the following terms and conditions.

**NOW, THEREFORE**, in consideration of the terms and conditions hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed between the Managing Dealer and the Broker as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Relationship.* 

&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) Subject to the terms and conditions herein set forth, the Managing Dealer hereby retains the Broker to use its best efforts to sell for the account of the Company a portion of the Shares described in the Memorandum. The Broker hereby accepts such retention and covenants, warrants and agrees to sell the Shares according to all of the terms and conditions of the Memorandum, all applicable state and federal laws, including the Act, and any and all regulations and rules pertaining thereto, including, but not limited to, Rule 506(b) of Regulation D promulgated thereunder. The Broker and its associated persons shall have no authority to give any information or make any representations in connection with any offer or sale of the Shares other than as contained in the Memorandum, the brochure, and the sales material supplied by the Company, each as amended and supplemented.

&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 Broker shall comply with all requirements set forth in the Memorandum. The Broker shall use and distribute, in connection with the offering and sale of the Shares, only the Memorandum, the brochure, and any other sales material which have been supplied by the Company, and no other material shall be permitted to be used or distributed. The Managing Dealer reserves the right to establish such additional procedures as it may deem necessary to ensure compliance with the requirements of the Memorandum, and the Broker shall comply with all such additional procedures to the extent that it has received written notice thereof.

&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) Notwithstanding anything to the contrary contained in Section 2 of this Agreement, in the event that the Managing Dealer pays any managing dealer fees or other fees to the Broker for sale of one or more Shares, where representatives of the Broker execute the subscription agreement relating to such Shares, and the subscription is rescinded or rejected as to one or more of the Shares covered by such subscription, the Managing Dealer shall decrease the next payment of compensation otherwise payable to the Broker by the Managing Dealer under this Agreement by an amount equal to the compensation rate established in Section 2, multiplied by the number of Shares as to which the subscription is rescinded or rejected, as applicable. In the event that no payment of compensation is due to the Broker after such withdrawal occurs, the Broker shall pay the amount specified in the preceding sentence to the Managing Dealer within ten (10) days following mailing of notice to the Broker by the Managing Dealer stating the amount owed as a result of rescinded or rejected, as applicable, subscriptions.

&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) All monies received for purchase of any of the Shares shall be forwarded by the Broker to UMB Bank, N.A. (the "Escrow Agent"), where such monies will be deposited in a non-interest bearing escrow account, established by the Company solely for such subscriptions, except that, until such time (if any) that such monies are deliverable to the Company pursuant to the escrow agreement between the Company and the Escrow Agent, the Broker shall return any monies not made payable to "UMB Bank as EA for CNL Strategic Residential Credit, Inc." directly to the subscriber who submitted the monies. In such case, the Broker will collect the proceeds of the subscribers' payments and issue a payment made payable to the order of the Escrow Agent for the aggregate amount of the subscription proceeds. Subscription documents in the form attached as Appendix II to the Memorandum (the "Subscription Documents") will be executed as described in the Memorandum. The monies shall be deposited or transmitted by the Broker to the Company no later than as allowed by the Securities Exchange Act of 1934 and the rules promulgated thereunder, (collectively, the "1934 Act") and interpretive guidance from self-regulatory organizations applicable to the Managing Dealer.

&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) During the full term of this Agreement, the Managing Dealer shall have full authority to take such action as it may deem advisable in respect to all matters pertaining to the performance of the Broker under 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) The Shares shall be offered and sold by the Broker only where the Shares may be legally offered and sold, only by Broker's registered representatives appropriately licensed to sell Shares in such jurisdiction, and only to such persons in such states who shall be legally qualified to purchase the Shares. For purposes of this Agreement, wherever used herein the terms "state" and "states" shall be deemed to refer inclusively to the 50 states in the United States, the District of Columbia, and the Commonwealth of Puerto Rico. The Managing Dealer shall give the Broker written notice of those states in which the offering and sale of Shares may be made, and shall amend such notice thereafter as additional states are added; no Shares shall be offered or sold in any other states.

&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 Broker shall have no obligation under this Agreement to purchase any of the Shares for its own account.

&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) The Broker will use every reasonable effort to assure that Shares are sold only to investors who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) meet the investor suitability standards, including the minimum income and net worth standards established by the definition of the term "accredited investor" as set forth in Regulation D under the Act, and the minimum purchase requirements set forth 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) can reasonably benefit from an investment in the Shares based on the prospective investor's overall investment objectives and portfolio structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) are able to bear the economic risk of the investment based on the prospective investor's overall financial situation; 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;(iv) have apparent understanding of: (A) the fundamental risks of the investment; (B) the risk that the prospective investor may lose the entire investment; (C) the lack of liquidity of the Shares; (D) the restrictions on transferability of the Shares; (E) the background and qualifications of the officers and directors of the Company, of CNL Residential Credit Manager, LLC, or of Balbec Capital Management, L.P.; and (F) the tax consequences of an investment in the Shares.

The Broker will make the determinations required to be made by it pursuant to this subsection (h) based on information it has obtained from the prospective investor, including, at a minimum, but not limited to, the prospective investor's age, investment objectives, investment experience, income, net worth, financial situation, other investments and information gathered pursuant to FINRA's anti-money laundering rules and the Securities and Exchange Commission's (the "SEC") current books and records rules, as well as any other pertinent factors deemed by the Broker to be relevant. The Broker agrees that the Managing Dealer is not and does not intend to be in any fiduciary relationship or contract with investors or clients of the Broker.

&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) The Broker will offer the Shares in accordance with the applicable provisions of the Act in a manner so as to preserve the exemption from registration as provided in Section 4(a)(2) of the Act and will not take, or omit to take, any action in connection with offers and sales of Shares that would cause the Offering not to be made in compliance with Rule 506(b) pursuant to Regulation D promulgated thereunder; the Broker will not offer the Shares for sale in any jurisdiction unless and until the Managing Dealer shall have advised it that the Shares are either registered in accordance with, or exempt from, the securities, real estate syndication, and other laws applicable thereto; and the Broker has not and will not take any action that would require registration of the Shares under any federal or state securities, real estate syndication, or any other laws, orders, rules or regulations. The Broker will not use any offering or selling materials other than materials furnished or previously approved in writing by the Managing Dealer.

&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) The Broker shall make no representations concerning the Offering, except as set forth in the Memorandum, and except for such supplemental information relating to the Offering, the Company as shall be made available in writing by the Managing Dealer to offerees and their representatives as contemplated by Regulation D promulgated under the 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;(k) The Broker will not offer the Shares by means of any form of general solicitation or general advertising, including but not limited to: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising, and otherwise will comply with the provisions of Rule 506(b) of Regulation D.

&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) In addition to complying with the provisions of subsection (h) above, and not in limitation of any other obligations of the Broker to determine suitability imposed by state or federal law, the Broker agrees that it will comply fully with all of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Broker shall have reasonable grounds to believe, based upon information provided by the prospective investor concerning his investment objectives, other investments, financial situation and needs, and upon any other information known by the Broker, that (A) each prospective investor to whom the Broker sells Shares is in a financial position appropriate to enable him to realize to a significant extent the benefits (including tax benefits) of an investment in the Shares, (B) each prospective investor to whom the Broker sells Shares has a fair market net worth sufficient to sustain the risks inherent in an investment in the Shares (including potential loss and lack of liquidity), and (C) the Shares otherwise are a suitable investment for each prospective investor to whom it sells Shares, and the Broker shall maintain files disclosing the basis upon which the determination of suitability was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Broker shall cause the prospective investor to fully complete the Subscription Documents provided by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Broker shall have reasonable grounds to believe, based upon the information made available to it, that all material facts are adequately and accurately disclosed in the Memorandum and provide a basis for evaluating 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In making the determination set forth in subsection (iii) above, the Broker shall evaluate items of compensation, physical properties, tax aspects, financial stability and experience of the Company, conflicts of interest and risk factors, appraisals, as well as any other information deemed pertinent by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) If the Broker relies upon the results of any inquiry conducted by another member of FINRA with respect to the obligations set forth in subsections (iii) or (iv) above, the Broker shall have reasonable grounds to believe that such inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not a sponsor or an affiliate of the sponsor of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Prior to executing a purchase transaction in the Shares, the Broker shall have informed the prospective investor of all pertinent facts relating to the lack of liquidity and marketability of the Shares and the risk factors involved in the purchase of Shares as disclosed in the Memorandum and by delivery of the Memorandum to such 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;(m) The Broker agrees that it will comply with all FINRA Conduct Rules.

&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) The Broker agrees to retain in its files, for at least six years, or for that period of time which shall comply with all applicable federal, state, jurisdictional and other regulatory requirements, including as required by FINRA and the SEC books and records rules, information that will establish that each purchaser of Shares falls within the permitted class of investors and will update all such information as may be required under FINRA's anti-money laundering rules and the SEC's books and records rules.

&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) The Broker shall verify the identity of each prospective investor to whom it offers and sells Shares under its "customer identification program" and verify the source of the prospective investor's funds as required by the anti-money laundering rules of FINRA, the SEC and Department of Treasury, and screen such investors against current lists of individuals and organizations available from the Office of Foreign Asset Control ("OFAC"). The Broker shall not accept subscriptions from any person, entity or organization in a blocked jurisdiction. The Broker shall file any necessary or appropriate suspicious activity reports and currency transaction reports and other required under applicable "know your customer" and "anti-money laundering" laws and regulations in respect of investors or potential investors. The Broker has in place and adheres to a comprehensive anti-money laundering program that meets the requirements of FINRA Conduct Rule 3011, Department of Treasury regulations issued pursuant to Title III of the USA PATRIOT Act and other applicable laws and regulations. The Broker agrees to cooperate with the Company and the Managing Dealer in gathering additional information in respect of an investor or the source of the investor's funds as reasonably requested by the Managing Dealer or the Company, and agrees to cooperate with the Company and the Managing Dealer in connection with anti-money laundering laws and regulations. By forwarding an investor's subscription information to the Company, the Broker represents and warrants that it has verified the identity of the investor and the source of the investor's funds, that the investor is not listed on the OFAC list, and that the Broker, after conducting commercially reasonable diligence, is not aware of any suspicious or illegal activity associated with the prospective investor or the source of the prospective investor's funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Broker agrees to have in place and adhere to a commercially reasonable program of customer privacy in compliance with applicable laws and industry best practices designed to assure the confidentiality and security of confidential investor information, as required by Regulation S-P and other applicable 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;(q) The Broker agrees to have in place and adhere to a "business continuity plan" in conformity with the rules of FINRA and to cooperate with the Managing Dealer on business continuity plan 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;(r) The Broker shall not, directly or indirectly, pay or award any finder's fees, managing dealer fees or other compensation to any persons engaged as a registered investment adviser by a prospective investor for investment advice as an inducement to such adviser to advise the prospective investor to purchase Shares 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;(s) The Broker understands that the Shares have not been registered under the Act or any other securities laws on the grounds that the offering and sale of the Shares are exempt from registration under applicable exemptions from federal securities laws and in accordance with the private, covered securities or limited offering exemptions available in the states in which the Company desires to sell Shares, and the Broker represents and warrants that it shall not offer or sell Shares in a manner which would prevent the Company from availing itself of such exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Broker either (i) shall not purchase Shares for its own account or (ii) if it purchases Shares for its own account, shall hold all such Shares for 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;(u) The Broker shall not in any way participate in, or effect the sale or transfer of Shares in connection with, a tender offer with respect to Shares of the Company, whether or not such offer is subject to Section 14(d)(1) of the 1934 Act, other than with the written consent of the Company and/or the Managing Dealer.

&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) Neither the Broker, nor any officer, director, employee or agent of the Broker, shall disclose to any person, other than an officer, director, employee or agent of the Broker, any password relating to a restricted website or portion of a website provided to such Broker in connection with the Offering. Neither the Broker, nor any officer, director, employee or agent of the Broker, shall disclose to any person, other than an officer, director, employee or agent of the Broker, any material downloaded from such a restricted website or portion of a website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Broker shall promptly provide subscribers with all amendments or supplements to the Memorandum provided to the Broker by the Managing Dealer or 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;(x) The Broker hereby represents and warrants that all registered representatives who participate in, or who effect a sale or transfer in Shares in connection with this Offering shall have, and be in good standing with, all required FINRA and state licensing and any other applicable regulatory licensing prior to such participation, sale or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) To the extent that the Broker and the Broker's clients execute the Subscription Agreement and/or other applicable account-related forms, in whole or in part, by electronic means, the Broker will comply with the Electronic Signatures in Global and National Commerce Act and the Uniform Electronic Transactions Act (collectively, as such may be amended from time to time, "Electronic Signature Law"), and the following terms and conditions set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) In facilitating the use of Electronic Signatures (as defined by Electronic Signature Law), the Broker will utilize technology that: (a) will be implemented in compliance with Electronic Signature Law, and will include a commercially reasonable level of security and assurances of accuracy, and will include required federal disclosures, as applicable; (b) will employ an authentication process to establish signer credentials; (c) will employ mechanisms that ensure the potential investor reviews all required disclosure on the Subscription Agreement; (d) will employ security features that protect signed records from alteration; (e) will affix the Electronic Signature to the appropriate location in the relevant document; and (f) will provide for retention of electronically signed documents in compliance with applicable laws and regulations; 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;(ii) The Broker shall: (a) advise clients that the execution of documents by Electronic Signature is optional and that participation may be terminated at any time; (b) prior to use of Electronic Signature, obtain and document the prospective investor's written consent to utilize Electronic Signature, and such consent shall be made available to the Company and/or the Managing Dealer upon request; (c) allow clients that elect to participate in electronic signature initiative the ability to receive offering documents and other materials electronically or in paper form; (d) allow its clients to sign any document with an original handwritten signature; 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;(iii) The Broker shall maintain written policies and procedures covering the use of Electronic Signatures, which shall comply with all applicable federal, state, jurisdictional and other regulatory requirements. Such policies and procedures shall include a process for removing Electronic Signature credentials, if any, used in connection with the Electronic Signature, when a client revokes their participation in the Electronic Signature initiative; 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;(iv) The Broker will provide clients participating in the Electronic Signature program a written confirmation of purchase, which may be provided in electronic or paper format at the election of the client. The Broker will also maintain a copy of each Electronic Signature used to execute a transaction in accordance with applicable recording obligations under state and federal securities laws and regulations and all applicable FINRA rules and regulations; 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;(v) An election to participate in an Electronic Signature initiative may only be used in connection with, and to the extent permitted by, the Company, and, in its sole and absolute discretion, the Company reserves the right to prohibit the use of Electronic Signature by the Broker and the Broker's clients at any time; 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;(vi) The Broker may not charge different fees or expenses to clients based upon an election to participate, or not participate, in the Electronic Signature initiative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compensation of Broker.

Except as provided in the Memorandum, which may be amended or supplemented from time to time:

&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) *Up-Front Selling Commission*. As compensation for completed sales of Non-Founder Shares and for services to be rendered by the Broker hereunder, the Managing Dealer shall reallow to the Broker an up-front selling commission in an amount of up to the corresponding Class percentage set forth on **Schedule I** to this Agreement of the gross proceeds on such completed sales of Shares by the Broker, subject to reduction as provided herein or in the "Plan of Distribution" section of the Memorandum, which may be amended and supplemented from time to time. The Broker shall not receive commissions for sales of Class A or Class T Shares pursuant to the Distribution Reinvestment Plan, or for sales of any Class E, Class FA, Class D, or Class I Shares in the Offering or pursuant to 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) *Up-Front Dealer Manager Fee*. Except as may be provided in the "Plan of Distribution" section of the Memorandum, which the Company may be amend or supplement from time to time, the Managing Dealer may reallow to the Broker, in its sole discretion, all or a portion of the dealer manager fee received by it in an amount of up to the corresponding percentage set forth on **Schedule I** of gross proceeds of completed sales of Class A Shares or Class T Shares in the Offering by the Broker as a marketing fee if the Broker has executed the addendum to this Agreement, attached as **Schedule I** to this Agreement, whereby the Broker agrees to use its internal marketing support personnel to assist the Managing Dealer's marketing team and their internal marketing communication tools to promote the Company as more specifically set forth in and conditioned on the terms of **Schedule I** attached hereto. Such rates shall remain in effect during the full term of this Agreement unless otherwise changed by a written agreement between the parties hereto. The Broker shall not receive reallowance of dealer manager fees for sales of Class A or Class T Shares pursuant to the Distribution Reinvestment Plan, or for sales of any Class E, Class FA, Class D, or Class I Shares in the Offering or pursuant to 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;(c) *Distribution and Stockholder Servicing Fee*. Except as may be provided in the "Plan of Distribution" section of the Memorandum, which the Company may be amend or supplement from time to time and subject to the Company's Distribution and Stockholder Servicing Plan, the Managing Dealer may agree to reallow to the Broker, as compensation for the sale of Shares in the Offering and for ongoing stockholder services, all or a portion of the annual distribution and stockholder servicing fee (the "Distribution Fee") received by the Managing Dealer as described in the Managing Dealer Agreement and the Memorandum with respect to the Class T Shares and/or the Class D Shares sold in the Offering by the Broker during the term of this Agreement if the Broker has elected to sell Class T Shares or Class D Shares, as applicable, and has executed the addendum to this Agreement attached as **Schedule I** to this Agreement, which sets forth the terms and conditions of the Managing Dealer's reallowance of the Distribution Fee to Broker. The Distribution Fee will be based the then-current Offering price (or, once reported, the amount of the most recent reported net asset value per Share) per Class T Share and Class D Share. The Broker shall not receive reallowance of Distribution Fees for sales of any Class E, Class FA, Class I, or Class A Shares in the Offering or pursuant to 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;(d) Commissions and any reallowance of the dealer manager fees or Distribution Fees shall be payable to the Broker by the Managing Dealer after such acceptance of the Subscription Agreement in accordance with the terms of this Agreement; provided however, that commissions, reallowance of dealer manager fees or Distribution Fees shall not be paid by the Managing Dealer: (i) other than from commissions, dealer manager fees or Distribution Fees, as applicable, received from the Company for the sale of its Shares; (ii) until any and all commissions, dealer manager fees and Distribution Fees, as applicable, payable by the Company to the Managing Dealer have been received by the Managing Dealer; (iii) until the Minimum Offering Requirement has been reached; and (iv) to the extent the commission, Managing Dealer fee or Distribution Fee payable to any broker dealer exceeds the amount allowed by any regulatory agency. The Broker acknowledges that, if the Company pays commissions, dealer manager fees or Distribution Fees to the Managing Dealer, the Company is relieved of any obligation for commissions, dealer manager fees or Distribution Fees, as applicable, to the Broker. The Company may rely on and use the preceding acknowledgment as a defense against any claim by the Broker for commissions, dealer manager fees or Distribution Fees the Company pays to the Managing Dealer but that Managing Dealer fails to remit to the Broker. The Company (and the Managing Dealer) may pay reduced commissions, dealer manager fees and/or Distribution Fees or may eliminate such compensation on certain sales of Shares, including the reduction or elimination of compensation in accordance with the following paragraphs of this Section 2. Any such reduction or elimination of compensation will not, however, change the net proceeds to 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;(e) Notwithstanding anything to the contrary contained in this Section 2, in the event that the Managing Dealer has reallowed any commission and/or fees to the Broker for the sale of one or more Shares and the subscription is rescinded or rejected as to one or more of the Shares covered by such subscription, the Broker shall pay the amount specified to the Managing Dealer within ten (10) days following mailing of notice to the Broker by the Managing Dealer stating the amount owed as a result of rescinded or rejected subscriptions, and if the Broker fails to pay such amount, the Managing Dealer shall have the right to offset such amounts owed against future compensation due and otherwise payable to the Broker (it being understood and agreed that such right to offset shall not be in limitation of any other rights or remedies that the Managing Dealer may have in connection with such failure).

&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) After the Minimum Offering Requirement has been reached, the Broker may withhold the selling commissions and reallowance of dealer manager fees to which it is entitled from the purchase price for the Shares in the Offering and forward the balance to SS&C Technologies, Inc. (f/k/a DST Systems, Inc.), which acts as the Company's transfer agent (the "Transfer Agent") if it represents to the Managing Dealer that: (i) the Broker is legally permitted to do so; and (ii) (A) the Broker meets all applicable net capital requirements under the rules of FINRA or other applicable rules regarding such an arrangement; (B) the Broker has forwarded the Subscription Agreement to the Company's Transfer Agent and received the Company's written acceptance of the subscription prior to forwarding the purchase price for the Shares, net of the commissions and dealer manager fees to which the Broker is entitled, to the Company's Transfer Agent; and (C) the Broker has verified that there are sufficient funds in the investor's account with the Broker to cover the entire cost of the subscription.

&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) As may be provided in the "Plan of Distribution" section of the Memorandum, which may be amended and supplemented from time to time, certain persons and entities may purchase Shares net of all or a portion of the commissions and/or the dealer manager fees. The amount of net proceeds to the Company will not be affected by reducing or eliminating commissions and dealer manager fees payable in connection with sales to investors described in this paragraph.

&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) In accordance with the volume discounts schedule set forth in the "Plan of Distribution" section of the Memorandum, as amended and supplemented, the amount of selling commissions otherwise payable may be reduced with respect to sales to a subscriber or group of subscribers based upon the aggregate of Class A Shares purchased by such subscriber or group through the Broker. The Broker shall assume exclusive responsibility for failures with respect to the calculation, offer or omissions of investor qualifications for reduced commissions or discounts for volume purchases or otherwise, as described in the Memorandum. To the extent an investor qualifies for a volume discount on a particular purchase, such investor's subsequent purchases, regardless of the Shares subscribed for in such purchases, will also qualify for: (i) that volume discount; or (ii) to the extent the subsequent purchase when aggregated with the prior purchases qualifies for a greater volume discount, such greater discounts. For purposes of determining the applicability of discounts, a single "purchaser" shall have the meaning set forth in the Memorandum. For purposes of volume discounts, all such Shares must be purchased through the same broker. Any such discounts will reduce the amount of compensation otherwise payable to the Broker.

&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) No commissions or dealer manager fees will be paid to the Broker in connection with any Shares purchased through 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;(j) The Managing Dealer may reimburse the Broker for bona fide due diligence expenses incurred in connection with the Offering, provided that such expenses are detailed on itemized invoices and such expenses do not exceed the Company's limits on Organization and Offering Expenses, as set forth in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Association with Other Dealers.* 

It is expressly understood between the Managing Dealer and the Broker that the Managing Dealer may cooperate with other broker-dealers who are registered as broker-dealers with FINRA and duly licensed by the appropriate regulatory agency of each state in which they will offer and sell the Shares or with broker-dealers exempt from all such registration requirements. Such other participating broker-dealers may be employed by the Managing Dealer as brokers on terms and conditions identical or similar to this Agreement and shall receive such rates of compensation as are agreed to between the Managing Dealer and the respective other participating broker-dealers and as are in accordance with the terms of the Memorandum. The Broker understands that, to that extent, such other participating broker-dealers shall compete with the Broker in the sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Conditions of the Broker's Obligations.* 

The Broker's obligations hereunder are subject, during the full term of this Agreement and the Offering, to (a) the performance by the Managing Dealer of its obligations hereunder, and (b) the conditions that: (i) the Memorandum shall remain in effect, and (ii) no stop order shall have been issued suspending the sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Conditions to the Managing Dealer's Obligations.* 

The obligations of the Managing Dealer hereunder are subject, during the full term of this Agreement and the Offering, to the conditions that: (a) the terms of the Offering set forth in the Memorandum shall remain in effect while any Shares remain unsold; (b) no stop order (or other order prohibiting or restraining the offer or sale of the Shares) shall have been issued nor proceedings therefor initiated or threatened by any state regulatory agency or the Securities and Exchange Commission; and (c) the Broker shall have satisfactorily performed all of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Covenants of the Broker.* 

 

The Broker covenants, warrants and represents, during the full term of this Agreement, 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) The Broker has necessary power and authority to enter into this Agreement and to consummate 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) The Broker is duly organized, validly existing, and in good standing under the laws of the jurisdictions in which it does business. The Broker has the requisite corporate power and authority to execute this Agreement and to perform its duties hereunder, and the execution and delivery by it of this Agreement and the consummation of the transactions herein contemplated will not result in any violation of, or be in conflict with, or constitute a default under, any agreement or instrument to which the Broker is a party or by which the Broker or its properties are bound, or any judgment, decree, order, or, to its knowledge, any statute, rule or regulation applicable to it.

&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 Broker is a member of FINRA and a broker-dealer registered as such under the 1934 Act and under the securities laws of the states in which the Shares are to be offered or sold.

&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) This Agreement has been duly authorized, and when executed and delivered by the Broker and the other parties hereto, will be the Broker's legal, valid and binding agreement, enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by (i) bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, or similar laws from time to time in effect and affecting the rights of creditors generally, (ii) limitations upon the power of a court to grant specific performance or any other remedy with respect to the enforcement of this Agreement, (iii) judicial discretion, or (iv) the extent that the indemnification provisions of this Agreement are or may be held to be in violation of public policy (under either state or federal law) in the context of the offer, offer for sale, or sale of securities.

&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) The Broker represents that neither it, nor any of its directors, executive officers, other officers, or employees of the Broker participating in the offering of Shares that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares or otherwise distribute the Shares ("Collectively Distribution Participant Covered Person") is subject to any Disqualification Event (defined below) except for a Disqualification Event (i) contemplated by Rule 506(d)(2) under the Act and (ii) a description of which has already been furnished in writing to the Managing Dealer prior to the date hereof. Broker further agrees to notify the Managing Dealer in a writing provided in accordance with Section 11 of this Agreement prior to offering Shares of (i) any Disqualification Event relating to any Distribution Participant Covered Person not previously disclosed to the Managing Dealer and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Distribution Participant Covered Person. The Broker will notify the Managing Dealer in writing, prior to the offering of Shares of (i) any Disqualification Event relating to any Distribution Participant Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Distribution Participant Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Covenants of the Managing Dealer.* 

The Managing Dealer covenants, warrants and represents, during the full term of this Agreement, 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) The Managing Dealer has the necessary power and authority to enter into this Agreement and to consummate 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) The Managing Dealer is duly organized, validly existing, and in good standing under the laws of the jurisdictions in which it does business. The Managing Dealer has the requisite corporate power and authority to execute this Agreement and to perform its duties hereunder, and the execution and delivery by it of this Agreement and the consummation of the transactions herein contemplated will not result in any violation of, or be in conflict with, or constitute a default under, any agreement or instrument to which the Managing Dealer is a party or by which the Managing Dealer or its properties are bound, or any judgment, decree, order, or, to its knowledge, any statute, rule or regulation applicable to it.

&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 Managing Dealer is a member of FINRA and a broker-dealer registered as such under the 1934 Act, and under the securities laws of the states in which the Shares are to be offered or sold.

&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) This Agreement has been duly authorized, and when executed and delivered by the Managing Dealer and the other parties hereto, will be the Managing Dealer's legal, valid and binding agreement, enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by (i) bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, or similar laws from time to time in effect and affecting the rights of creditors generally, (ii) limitations upon the power of a court to grant specific performance or any other remedy with respect to the enforcement of this Agreement, (iii) judicial discretion, or (iv) the extent that the indemnification provisions of this Agreement are or may be held to be in violation of public policy (under either state or federal law) in the context of the offer, offer for sale, or sale of securities.

&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) The Managing Dealer shall use its best efforts to prevent the sale of the Shares through persons other than registered FINRA broker-dealers or with entities exempt from all such registration requirements.

&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) The Managing Dealer shall advise the Broker whenever and as soon as it receives or learns of any order issued by the SEC, any state regulatory agency or any other regulatory agency that suspends or prevents the offering or sale of the Shares, or receives notice of any proceedings regarding any such order.

&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 Managing Dealer shall use its best efforts to prevent the issuance of any order described herein at subsection (f) hereof and to obtain the lifting of any such order if issued.

&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) The Managing Dealer agrees to have in place and adhere to a commercially reasonable program of customer privacy in compliance with applicable laws and industry best practices designed to assure the confidentiality and security of confidential investor information, as required by Regulation S-P and other applicable 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;(i) The Managing Dealer shall give the Broker such number of copies of the Memorandum as the Broker may reasonably request for sale of 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;(j) The Managing Dealer shall promptly notify the Broker of any amendments or supplements to the Memorandum, and shall furnish the Broker with copies of any revised Memorandum and all supplements and/or amendments to 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) In conjunction with the Company, on whose behalf Shares are being offered, the Managing Dealer shall use its best efforts to cause the Shares to be exempt from registration under the securities laws of such states as the Company shall elect.

&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) No Disqualification Events. With respect to Shares to be offered and sold hereunder in reliance on Rule 506, none of the Company, any director, executive officer, other officers of the Company participating in the offering, any beneficial owner (as that term is defined in Rule 13d-3 under the 1934 Act) of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Act) connected with the Company in any capacity at the time of sale of any Shares, including the Managing Dealer (but, in each case, excluding the Distribution Participant Covered Persons, as defined above, as to whom no representation is made) (each, a "Company Covered Person" and, collectively, "Company Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Act. The Company has exercised reasonable care to determine (i) the identity of each person that is a Company Covered Person; and (ii) whether any Company Covered Person is subject to a Disqualification Event. The Managing Dealer will notify the Broker in writing, prior to the closing date of the Offering of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Company Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Payment of Costs and Expenses.* 

The Broker shall pay all of its own costs and expenses incident to the performance of its obligations under this Agreement, including:

&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) All expenses incident to the preparation, printing and filing of all advertising originated by it related to the sale of the Shares; 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;(b) All other costs and expenses incurred in connection with its sales efforts related to the sales of the Shares that are not expressly assumed by the Company in its Managing Dealer Agreement with the Managing Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *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;(a) The Broker agrees to indemnify, defend and hold harmless the Company, the Managing Dealer, their affiliates and their respective officers, directors, managers, trustees, employees and agents, against all losses, claims, demands, liabilities and expenses, joint or several, including reasonable legal and other expenses incurred in defending such claims or liabilities, whether or not resulting in any liability to the Company, the Managing Dealer, their affiliates and their respective officers, directors, manager, trustees, employees or agents, which they or any of them may incur arising out of the offer or sale by the Broker, or any person acting on its behalf, of any Shares pursuant to this Agreement if such loss, claim, demand, liability, or expense arises out of or is based upon (i) an untrue statement or alleged untrue statement of a material fact by the Broker or any person acting on its behalf, or any omission or alleged omission of a material fact by the Broker or any person acting on its behalf, other than an untrue statement, omission, or alleged omission by the Broker that is also, as the case may be, contained in or omitted from the Memorandum unless such statement or omission was based on information supplied to the Company or the Managing Dealer by the Broker, or (ii) the breach by the Broker, or any person acting on its behalf, of any of the terms and conditions of this Agreement. This indemnity provision shall survive the termination 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;(b) The Managing Dealer agrees to indemnify, defend and hold harmless the Broker, its officers, directors, managers, trustees, employees and agents, against all losses, claims, demands, liabilities and expenses, including reasonable legal and other expenses incurred in defending such claims or liabilities, which they or any of them may incur, including, but not limited to, alleged violations of the Act, but only to the extent that such losses, claims, demands, liabilities and expenses shall arise out of or be based upon (i) a breach or alleged breach by CNL of any of its representations, warranties or covenants in this Agreement; (ii) any untrue statement of a material fact contained in the Memorandum or in any application prepared or approved in writing by counsel to the Company and filed with any state regulatory agency in order to comply with any private, covered securities or limited offering exemptions available in such states with respect to the Shares (the "Blue Sky Applications"); or (iii) any omission or alleged omission to state therein a material fact required to be stated in the Memorandum or the Blue Sky Applications, or necessary to make such statements, and any part thereof, not misleading; provided, that any such untrue statement, omission or alleged omission is not based on information included in any such document which was supplied to the Managing Dealer, the Company, or any officer of the Company by the Broker. This indemnity provision shall survive the termination 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;(c) If the rights to indemnification provided for in this Section 9 would by their terms be available to a person hereunder (collectively, the "Indemnified Parties" and individually, an "Indemnified Party"), but is held to be unavailable by a court of competent jurisdiction for any reason other than because of the terms of such indemnification provision, then Managing Dealer and the Broker, to the extent an indemnifying party with respect to an Indemnified Party (each, to such extent, an "Indemnifying Party"), shall contribute to the aggregate of such losses, claims, damages and liabilities as are contemplated in those paragraphs (including, but not limited to, any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any claim, action, suit or proceeding) in the ratio in which the net proceeds of the Offering of Shares have been actually received and retained by such Indemnifying Party. For purposes of the preceding sentence, proceeds, commissions, marketing support fees, due diligence expense reimbursements or other amounts paid to Managing Dealer under Managing Dealer Agreement and paid by Managing Dealer to the Broker under this Agreement shall not be deemed received and retained by Managing Dealer. However, the right of contribution described in the preceding sentences is subject to the following limitation: No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&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) Any Indemnified Party entitled to contribution or indemnification under this Section 9 will, promptly after receipt of such notice of commencement of any action, suit, proceeding or claim against him or it in respect of which a claim for contribution or indemnification may be made against another Indemnifying Party or Indemnifying Parties, notify such other Indemnifying Party or Indemnifying Parties. No indemnifying party shall be liable under the indemnity agreements contained in subsections (a) and (b) above unless the party to be indemnified shall have notified such indemnifying party in writing promptly after the summons or other first legal process giving information of the nature of the claim shall have been served upon the party to be indemnified, but failure to notify an indemnifying party of any such claim shall not relieve it from any liabilities which it may have to the indemnified party against whom action is brought other than on account of its indemnity agreement contained in subsections (a) and (b) above. In the case of any such claim, if the party to be indemnified notified the indemnifying party of the commencement thereof as aforesaid, the indemnifying party shall be entitled to participate at its own expense in the defense of such claim. If it so elects, in accordance with arrangements satisfactory to any other indemnifying party or parties similarly notified, the indemnifying party has the option to assume the entire defense of the claim, with counsel who shall be satisfactory to such indemnified party and all other indemnified parties who are defendants in such action; and after notice from the indemnifying party of its election so to assume the defense thereof and the retaining of such counsel by the indemnifying party, the indemnifying party shall not be liable to such indemnified party under subsections (a) and (b) above for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof, other than for the reasonable costs of investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Term of Agreement.* 

This Agreement shall become effective on the date on which this Agreement is fully executed by both the Managing Dealer and the Broker. After this Agreement becomes effective, either party may terminate it at any time for any reason by giving two (2) business days' written notice to the other party; provided, however, that this Agreement shall in any event automatically terminate at the first occurrence of any of the following events: (a) the termination of the Offering as described in the Memorandum; (b) the termination and liquidation of the Company; (c) the termination of the Managing Dealer Agreement between the Company and the Managing Dealer; or (d) the revocation or suspension of the Broker's license or registration to act as a broker-dealer by any federal, self-regulatory or state agency and such revocation or suspension is not cured within ten (10) days from the date of such occurrence. In any event, this Agreement shall be deemed suspended during any period for which such license is revoked or suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Notices.* 

All notices and communications hereunder shall be in writing and shall be deemed to have been given and delivered when deposited in the United States mail, postage prepaid, registered or certified mail, to the applicable address set forth below. Any updates to this section are effective ten (10) days from the date written notice has been received by the other party.

If sent to the Managing Dealer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNL SECURITIES CORP.<br> CNL Center at City Commons<br> 450 South Orange Avenue<br> Orlando, Florida 32801<br> Attention: Legal Counsel<br>

If sent to the Broker:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Successors.* 

This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective legal representatives, and successors, and shall not be assigned or transferred by the Broker by operation of law or otherwise except with the written consent of the Managing Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Miscellaneous.* 

&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) This Agreement shall be construed and enforced under the laws of the State of Florida, excluding the choice of law provisions thereof. If it became necessary for any party to this Agreement to institute litigation to enforce or construe any of its terms, then the prevailing party in such action shall be entitled to recover an award of reasonable attorneys' fees. Any aggrieved party may proceed to enforce its rights in the appropriate action at law or in equity. Venue for all suits arising out of this Agreement shall lie exclusively in the courts of Orange County, Florida. By execution or adoption of this Agreement, each party hereby submits itself to the in personam jurisdiction of all courts of Orange County, Florida, and waives any right they may have to seek any change of jurisdiction or venue.

&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) Nothing in this Agreement shall constitute the Broker as in association with or in partnership with the Managing Dealer. Instead, this Agreement shall only authorize the Broker to sell the Shares according to the terms as expressly set forth herein; provided, further, that the Broker shall not in any event have any authority to act as the agent or broker of the Managing Dealer except according to the terms expressly set forth herein. The Company shall be a third party beneficiary of Section 9(a) of this Agreement; otherwise there shall be no third party beneficiaries of this Agreement, and other than the Company with respect to Section 9(a) herein, no provision of this Agreement is intended to be for the benefit of any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of this Agreement. Further, no third party shall by virtue of any provision of this Agreement have a right of action or an enforceable remedy against either party to 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;(c) This Agreement embodies the entire understanding between the parties to the Agreement, and except as specified herein, no variation, modification or amendment to this Agreement shall be deemed valid or effective unless it is in writing and signed by both parties hereto.

&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) If any provision of this Agreement shall be deemed void, invalid or ineffective for any reason, the remainder of the Agreement shall remain in full force and effect.

&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) Any terms used but not defined herein shall have the meanings given to them 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;(f) This Agreement may be executed in counterpart copies, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&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 Broker shall be entitled to submit Subscription Agreements using facsimile signatures and hereby agrees to acknowledge such facsimile signatures as if they were an original execution, and such Subscription Agreements shall be deemed as executed when an executed facsimile thereof is transmitted to the Company or the Managing Dealer.

**IN WITNESS WHEREOF**, the parties hereto have each duly executed this Participating Broker Agreement as of the day and year above written.

---

| | |
|:---|:---|
| <br> **BROKER:** | **MANAGING DEALER**  |
| (Name of Broker)  | **CNL SECURITIES CORP.** |
| By: | By |
| Print Name: | Name: |
| Title: | Title: |

---

**SCHEDULE I**

**FIRST ADDENDUM TO THE PARTICIPATING BROKER AGREEMENT**

Name of Broker: ______________________________

The following reflects the up-front selling commission, dealer manager fee and/or distribution and stockholder servicing fee as agreed upon between CNL Securities Corp. (the "Managing Dealer") and the Broker, effective as of the effectiveness of the Participating Broker Agreement (the "Agreement") between the Managing Dealer and the Broker in connection with the offering of Shares of CNL Strategic Residential Credit, Inc. (the "Company").

<u>Marketing Support Fee</u>

Eligibility to receive the reallowance of the dealer manager fee as a marketing support fee ("Marketing Fee") described herein is conditioned upon the Broker's compliance with one or more of the following conditions. Any determination regarding the Broker's compliance with the listed conditions will be made in good faith by the Managing Dealer, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Broker has and uses internal marketing support personnel (such as telemarketers,
or a marketing director) to assist the Managing Dealer's marketing team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Broker has and uses internal marketing communications vehicles, including, but
not limited to, newsletters, conference calls, interactive software and internal mail to promote the Company and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Broker will answer investors' inquiries concerning monthly statements,
valuations, distribution rates, tax information, annual reports, reinvestment and repurchase rights and procedures, and the financial
status of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Broker will assist investors with reinvestments and repurchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Broker will maintain the technology necessary to adequately service the Company's
investors as otherwise associated with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Broker will provide such information and other services as requested by investors from time to time.

<u>Distribution and Stockholder Servicing Fee</u>

The terms and conditions of the annual distribution and stockholder servicing Fee ("Distribution Fee") are subject to the Memorandum as may be amended or supplemented from time to time. If the Broker elects to sell Class T Shares and/or Class D Shares, the Managing Dealer may reallow to the Broker a Distribution Fee in an amount described below, for each Class T Share or Class D Share, as applicable, sold by the Broker in the Offering during the term of this Agreement. The Distribution Fee will accrue daily and will be paid monthly in arrears as described in the Memorandum. The Broker waives any and all rights to receive compensation, including the Distribution Fee, until it is paid to and received by the Managing Dealer. Payment of the Distribution Fee by the Company is subject to the terms and conditions of the Company's Distribution and Stockholder Servicing Plan filed with the Company's Registration Statement.

Eligibility to receive the Distribution Fee for Class T Shares and/or Class D Shares is conditioned upon: (i) payment through an existing Participating Broker Agreement or other ongoing stockholder servicing agreement between the Managing Dealer and the Broker, (ii) the provision of on-going services with respect to the Shares by the Broker, which may include ongoing account maintenance, assistance with recordkeeping, assistance with distributions payments and reinvestment decisions, assistance with Share repurchase requests, assistance with Share conversion processing, or providing such other similar services as the stockholder may reasonably require in connection with investment in the class of Shares, and (iii) acting as broker-dealer of record with respect to such Shares (in which case the Broker agrees to promptly notify the Managing Dealer in writing if it is no longer the broker-dealer of record with respect to some or all of the Shares) or, if not acting as broker-dealer of record, otherwise providing advanced written confirmation to the Managing Dealer that it performed or arranged for provision of stockholder services to be provided to the account with respect to the Shares. In connection with this provision, the Broker agrees to reasonably cooperate to provide certification to the Company, the Managing Dealer, and its agents (including its auditors) confirming the provision services to each particular class of stockholder upon reasonable request. The Broker hereby represents by its acceptance of each payment of the Distribution Fee that it complies with each of the above requirements and is providing the above-described services. This Schedule I and ongoing payment of the Distribution Fee shall survive termination of the Offering and this Agreement but remains subject to all of the terms, conditions, and limitations in the Agreement and Schedule I, in the Company's Managing Dealer Agreement or other servicing agreement with the Managing Dealer, and in the Company's Distribution and Stockholder Servicing Plan.

Notwithstanding the foregoing, upon the date, if any, the Managing Dealer is notified that the Broker is no longer meets the above eligibility requirements of the Distribution Fee with respect to such Class T Shares or Class D Shares, as applicable, then the Broker's entitlement to the Distribution Fee related to such Class T Shares or Class D Shares, shall cease, and the Broker shall not receive the Distribution Fee for any portion of the month in which the Broker 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 T Shares or Class D Shares, as applicable, made in connection with a change in the registration of record for the Class T Shares or Class D 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 shall be entitled to a pro rata portion of the Distribution Fee related to the Class T Shares or Class D Shares, as applicable, for the portion of the month for which the Participating Broker was the broker dealer of record. Thereafter, the Distribution Fee may be reallowed by the Managing Dealer to another Participating Broker or other meeting the eligibility requirements of the Class T Shares or Class D Shares, if any, pursuant to a Participating Broker Agreement or similar servicing agreement with the Managing Dealer that provides for such reallowance. The Managing Dealer may also reallow some or all of the Distribution Fee to other broker-dealers who provide services with respect to the Class T Shares or Class D Shares pursuant to a servicing agreement with the Managing Dealer to the extent such servicing agreement provides for such reallowance, all in accordance with the terms of such servicing agreement. All determinations regarding the reallowance of the Distribution Fee will be made by the Managing Dealer in good faith in its sole discretion.

<u>Conversion of Class FA, Class E, Class T, Class D, and I Shares; Termination of the Distribution Fee</u>.

Payment of the Distribution Fee with respect to the Class T Shares and/or Class D Shares (as each class may be applicable) sold by the Broker in the Offering will terminate, and those Class T Shares and/or Class D Shares (as applicable) will convert into a number of Class A Shares determined by multiplying each Class T Share or Class D Share to be converted by the applicable "Conversion Rate" described in the Memorandum, on the earlier of (i) a listing of the Class A Shares on a national securities exchange; (ii) a 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; (iii) with respect to Class T Shares, the end of the month in which the total underwriting compensation paid by a particular stockholder's account with respect to Class T Shares purchased in the Offering is not less than 8.5% of the gross offering price of those Class T Shares purchased in in the Offering (excluding Shares purchased through our distribution reinvestment plan and those received as stock dividends) or with respect to Class D Shares, the end of the month in which the total underwriting compensation paid by a particular stockholder's account with respect to Class D Shares purchased in the Offering is not less than 8.5% of the gross offering price of those Class D Shares purchased in in the Offering (excluding Shares purchased through our distribution reinvestment plan and those received as stock dividends); and (iv) the date upon which the Company's stockholder distribution and servicing fee plan adopted by the Company's board of directors terminates or is not continued for either the Class T Shares or the Class D Shares, respectively.

The Company will further cease paying the Distribution Fee on any Class T or Class D Share that is repurchased. If the Company redeems a portion, but not all of the Class T Shares held in a stockholder's account, the total underwriting compensation limit and amount of underwriting compensation previously paid will be prorated between the Class T Shares that were repurchased and those Class T Shares that were retained in the account. Likewise, if a portion of the Class T Shares in a stockholder's account is sold or otherwise transferred in a secondary transaction, the total underwriting compensation limit and amount of underwriting compensation previously paid will be prorated between the Class T Shares that were transferred and the Class T Shares that were retained in the account. The Company will further cease paying the Distribution Fee on any Class T or Class D Share upon the Company's dissolution, liquidation or the winding up of the Company's affairs, or a merger or other extraordinary transaction in which the Company is a party and, with respect to Class T Shares, in which the Class T Shares as a class are exchanged for cash or other securities, or, with respect to Class D Shares, in which the Class D Shares as a class are exchanged for cash or other securities. If the Company liquidates (voluntarily or otherwise), dissolves or winds up its affairs, then, immediately before such liquidation, dissolution or winding up, the Class FA, Class E, Class T, Class D, and Class I Shares will automatically convert to Class A Shares at the applicable Conversion Rate and the Company's net assets, or the proceeds therefrom, will be distributed to the holders of Class A Shares, which will include all converted Class FA, Class E Shares, Class T Shares, Class D, and Class I Shares, in accordance with their proportionate interests.

<u>***Share Class Election***</u>

 ****

**CHECK EACH APPLICABLE OPTION BELOW IF THE BROKER ELECTS TO PARTICIPATE IN THE LISTED SHARE CLASS:**

---

| | | | |
|:---|:---|:---|:---|
| **Share Classes** | **Non-Founder Shares\*** | **Non-Founder Shares\*** | **Non-Founder Shares\*** |
| &nbsp;&nbsp; ☐ Class E Shares<br>☐ Class FA Shares<br> (Available after initial closing) | &nbsp;&nbsp;☐ Class A Shares | &nbsp;&nbsp;☐ Class T Shares | &nbsp;&nbsp;☐ Class I Shares |
| &nbsp;&nbsp; ☐ Class E Shares<br>☐ Class FA Shares<br> (Available after initial closing) | &nbsp;&nbsp;☐ Class A Shares (Wrap Account) | &nbsp;&nbsp;☐ Class D Shares | |

---

The following reflects the Selling Commission, Marketing Fee and/or the Distribution Fee as agreed upon between the Managing Dealer and the Broker for the applicable Share Class.

---

| | | |
|:---|:---|:---|
| **Non-Founder Shares\*** | **Non-Founder Shares\*** | **Non-Founder Shares\*** |
| &nbsp;&nbsp; <br> ________<br>**(Initials)**<br>| &nbsp;&nbsp;**Up-Front Selling Commission of up to 6.0% of price per Class A Share\*\*** | &nbsp;&nbsp;By initialing here, the Broker hereby agrees to the terms of the Agreement and this Schedule with respect to the Class A Shares. |
| &nbsp;&nbsp; <br> ________<br>**(Initials)**<br>| &nbsp;&nbsp;**Up-Front Selling Commission of up to 3.0% of price per Class T Share\*\*** | &nbsp;&nbsp;By initialing here, the Broker hereby agrees to the terms of the Agreement and this Schedule with respect to the Class T Shares. |
| &nbsp;&nbsp; <br> ________ <br> **(Initials)**<br>| &nbsp;&nbsp;**Up-Front Marketing Fee of up to 2.5% of price per Class A Share\*\*** | &nbsp;&nbsp;By initialing here, the Broker agrees to the terms of eligibility for the Marketing Fee set forth in the Agreement and this Schedule I for the Class A Shares. Should the Broker choose to opt out of this provision, it will not be eligible to receive the Marketing Fee and initialing is not necessary. |
| &nbsp;&nbsp; <br> ________<br>**(Initials)**<br>| &nbsp;&nbsp;**Up-Front Marketing Fee of up to 1.75% of price per Class T Share\*\*** | &nbsp;&nbsp;By initialing here, the Broker agrees to the terms of eligibility for the Marketing Fee set forth in the Agreement and this Schedule I for the Class T Shares. Should the Broker choose to opt out of this provision, it will not be eligible to receive the Marketing Fee and initialing is not necessary. |
| &nbsp;&nbsp; <br>________<br>**(Initials)**<br>| &nbsp;&nbsp;**Distribution Fee of up to 1.0% (Annualized Rate) of most recently published estimated NAV per Class T Share up to a total of [<u> </u>]% of the price per Class T Share\*\*** | &nbsp;&nbsp;By initialing here, the Broker agrees to the terms of eligibility for the Distribution Fee set forth in the Agreement and this Schedule I for the Class T Shares. Should the Broker choose to opt out of this provision, it will not be eligible to receive the Distribution Fee and initialing is not necessary. |
| &nbsp;&nbsp; <br>________<br>**(Initials)**<br>| &nbsp;&nbsp;**Distribution Fee of up to 0.5% (Annualized Rate) of most recently published estimated NAV per Class D Share up to a total of [<u> </u>]% of the price per Class D Share\*\*** | &nbsp;&nbsp;By initialing here, the Broker agrees to the terms of eligibility for the Distribution Fee set forth in the Agreement and this Schedule I for the Class D Shares. Should the Broker choose to opt out of this provision, it will not be eligible to receive the Distribution Fee and initialing is not necessary. |

---

\* See the Memorandum for details.

\*\* Paid on Shares of the applicable Class sold by the Broker, excluding Shares sold pursuant to the Distribution Reinvestment Plan, as provided in this Agreement and in the Memorandum. The Distribution Fee will be based on the then-current Offering price (or, once reported, the amount of the most recently reported net asset value per Share) per Class T Share and Class D Share.

*(Signature page follows)*

**IN WITNESS WHEREOF**, the parties hereto have each duly executed this First Addendum to the Participating Broker Agreement as of the day and year set forth in the preamble hereto.

---

| | |
|:---|:---|
| BROKER | MANAGING DEALER FOR CNL STRATEGIC RESIDENTIAL CREDIT, INC. |
|  | CNL SECURITIES CORP. |
| (Name of Broker) |  |
| By: | By: |
| Printed Name: | Printed Name: |
| Title: | Title: |

---

## Exhibit 10.3

**[CNL Strategic Residential Credit, Inc. 8-K](cnlr_8k-092425.htm)**

**Exhibit 10.3**

**AMENDED AND RESTATED ESCROW AGREEMENT**

**THIS ESCROW AGREEMENT** (the "<u>Agreement</u>") is made and entered into as of September 24, 2025, by and among CNL Strategic Residential Credit, Inc., a Maryland corporation (the "<u>Company</u>"), UMB Bank, N.A. (the "<u>Escrow Agent</u>") and CNL Securities Corp. (the "<u>Placement Agent</u>"). This Agreement shall be effective as provided in Section 1 below.

**WHEREAS,** CNL Residential Credit Manager, LLC, a Delaware limited liability company, is serving as the adviser (the "<u>Advisor</u>") of the Company; and

**WHEREAS**, the Company is offering up to $250,000,000 ("<u>Maximum Offering Amount</u>") of shares of common stock of the Company (the "<u>Shares</u>") to investors (the "<u>Offering</u>") pursuant to the Company's Private Placement Memorandum dated September 15, 2025, as supplemented and amended from time to time (the "<u>Memorandum</u>"), and in addition to the Maximum Offering Amount, the Company is also offering, in any combination, up to $100,000,000 of Class FA shares, Class A shares, Class T shares, Class D shares and Class I shares to be issued pursuant to its distribution reinvestment plan; and

**WHEREAS**, the minimum offering amount is $10,000,000 in Shares (the "Minimum Offering Amount"), and the Company is initially offering its Class E Shares, as described in the Memorandum, and, once the Minimum Offering Amount is satisfied and the Company has completed the initial closing of its Shares (the "<u>Initial Closing</u>"), the Company will continue to offer up to the remaining maximum offering amount of its Shares; and

**WHEREAS**, once the Company has completed the Initial Closing, it will continue to offer available Class E Shares, if any, up to the Class E Shares maximum offering amount, subject to the Memorandum, and it will also begin to offer Class FA Shares up to the Class FA Shares maximum offering amount and, the Company may, in its sole discretion, also begin to offer any combination of Class A Shares, Class T Shares, Class D Shares or Class I Shares (collectively, "<u>Non-Founder Shares</u>"); and

**WHEREAS**, the Company proposes to offer and sell, on a best-efforts basis through the Placement Agent and selected broker-dealers that are registered with the Financial Industry Regulatory Authority or that are exempt from such broker-dealer registration (the Placement Agent and such selected broker-dealers are hereinafter referred to collectively as the "<u>Soliciting Dealers</u>") and registered investment advisers registered under the Investment Advisers Act of 1940, as amended, or under applicable state laws, ("<u>Registered Investment Advisors</u>"); and

**WHEREAS**, upon meeting the Minimum Offering Requirement, the Company intends to conduct its Offering until the earlier of: (i) the date the Company has sold the Maximum Offering Amount and (ii) two years from the start of the Offering; provided, however, that the Company, in its sole discretion, may extend the Offering on a perpetual basis; and

**WHEREAS,** after the Initial Closing, subscriptions for Class E Shares, Class FA Shares and, if offered, Non-Founder Shares, will be payable upon subscription, of which, a subscriber must deliver, in addition to the subscriber's executed subscription agreement, the full amount of its subscription, subject to discounts, as applicable (i) by check in U.S. dollars, (ii) by wire transfer of immediately available funds in U.S. dollars, or (iii) as otherwise agreed to in writing by the Company and the Escrow Agent (collectively, the "<u>Payment</u>").

**WHEREAS**, the Company will hold monthly closings, which are expected to be the last business day of each month after the Initial Closing until all Shares to be issued in the Offering have been sold or until the Offering terminates; (provided that each of these monthly closings shall be referred to as a "Closing" and, collectively, as the "<u>Closings</u>"); and

**WHEREAS**, the Company desires to establish an escrow account, as further described herein, into which funds received from subscribers will be deposited (i) in connection with the Initial Closing for Class E Shares subscriptions and (ii) after the Initial Closing for Class E Shares, Class FA Shares, and, if offered, Non-Founder Shares, until the next monthly Closing date, and, the Escrow Agent is willing to serve as escrow agent for such account upon the terms and conditions herein set forth; and

**WHEREAS**, the Escrow Agent has engaged DST Systems Inc. (the "<u>Processing Agent</u>" or "<u>DST</u>") to receive and facilitate subscriptions into and out of an escrow account, as further described herein, and to serve as the record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account (as defined below); and

**WHEREAS**, in so acting, DST shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Placement Agent, nor shall the Company or the Placement Agent have any interest, other than that provided in this Agreement, in assets in Processing Agent's possession as the agent of the Escrow Agent; and

**WHEREAS**, the parties acknowledge that the Company has engaged the Processing Agent as transfer agent on the Company's behalf; and

**NOW, THEREFORE**, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Establishment of Escrow Account</u>. On or prior to the commencement
of the Offering, the Company shall establish a non-interest-bearing deposit account with the Escrow Agent, which deposit account shall
be entitled "Escrow Account for the Benefit of Subscribers to Shares of CNL STRATEGIC RESIDENTIAL CREDIT, INC." (the " <u>Escrow Account</u> "). This Agreement shall be effective as of the date first written above (the " <u>Effective Date")</u>. All
monies deposited in the Escrow Account are hereinafter referred to as the " <u>Escrowed Funds</u>." The Company will cause
the Soliciting Dealers and Registered Investment Advisors to instruct subscribers to make Payments for subscriptions payable to the order
of "**UMB Bank, N.A., Escrow Agent for CNL Strategic Residential Credit, Inc."** until such time (if any) as the Escrowed
Funds are deliverable to the Company pursuant to the provisions of Section 4(a) below. From and after such time, Payments may be made
payable to the Escrow Agent (as indicated above). Any Payments received prior to the time, if any, that the Escrowed Funds are deliverable
to the Company pursuant to the provisions of Section 4(a) below that are made payable to a party other than the Escrow Agent shall be
returned to the Soliciting Dealer or Registered Investment Advisor that submitted the Payment. In such case, the Soliciting Dealer will
collect the proceeds of the subscribers' Payments and issue a Payment made payable to the order of the Escrow Agent for the aggregate
amount of the subscription proceeds, which payments shall be deposited the same as other Payments pursuant to Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Deposits into the Escrow Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Completed subscription agreements and checks in payment for the purchase
price shall be remitted to the address designated for the receipt of such agreements and funds; and, drafts, wires or Automated Clearing
House ("ACH") payments shall be transmitted directly to the Escrow Account. The Processing Agent will promptly deliver all
monies received in good order from subscribers (or from the Placement Agent or other Soliciting Dealers transmitting monies and subscriptions
from subscribers) for the payment of Shares to the Escrow Agent for deposit in the Escrow Account. Until such time that the Escrowed Funds
are deliverable to the Company pursuant to the provisions of Section 4(a) below, the Escrow Agent agrees to cause the Processing Agent
to maintain a written account of each subscription, which account shall set forth, among other things, the following information: (i)
the subscriber's name and address, (ii) the number of Shares purchased by such subscriber, and (iii) the amount paid or due in connection
with a subscription by such subscriber for such Shares. The Company, the Escrow Agent and the Processing Agent are aware and understand
that, during the escrow period prior to the Initial Closing, none of them is entitled to any funds received into the Escrow Account, and
no amounts deposited in the Escrow Account shall become the property of the Company, its affiliates, the Escrow Agent or the Processing
Agent, or be subject to the debts or offsets of the Company, its affiliates, the Escrow Agent or the Processing Agent. As used herein,
the term " <u>Business Day</u> " means any day that is not a Saturday, Sunday or a day on which commercial banks in Kansas City,
Missouri are closed in recognition of a federal or state holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Collection Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Escrow Agent is hereby instructed by the Company
to forward each Payment for Federal Reserve Bank clearing and upon collection of the proceeds of each Payment, to deposit the collected
proceeds into the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Escrow Agent will timely notify the Company
and the Processing Agent of any Payment returned unpaid. Any Payment returned unpaid to the Escrow Agent shall be returned to the Soliciting
Dealer or Registered Investment Advisor that submitted the Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company, the Advisor, or any
agent acting on behalf of the Company rejects any subscription for Shares and the funds for such subscription have already been collected
by the Escrow Agent, the Escrow Agent shall, upon receipt from the Company of written notice of such rejection, promptly issue a refund
payment to be returned to the rejected or withdrawing subscriber. If the Escrow Agent has not yet collected funds for such subscription
but has submitted such subscription for clearing, the Escrow Agent shall promptly issue a payment in the amount of such Payment to be
returned to the rejected or withdrawing subscriber only after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet
submitted the Payment relating to the subscription of the rejected or withdrawing subscriber, the Escrow Agent shall promptly remit such
Payment to be returned to the drawer of the Payment submitted by or on behalf of the subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that funds are deposited into the Escrow
Account in error, the Escrow Agent shall notify the Company and the Processing Agent in writing of any such error and promptly issue a
refund payment to be returned to the appropriate party only after the Payment has cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Distribution of Escrowed Funds</u>. Upon receipt of a written notice
from the Company to the Escrow Agent by 3:00 p.m. Eastern Time and contingent upon the prior day's notification by the Company to
the Escrow Agent of the Company's best efforts at an estimate of the amount of funds anticipated to be released from the Escrow
Account, the Escrow Agent will release that day from the Escrow Account to the Company (or otherwise will release within one Business
Day following receipt by Escrow Agent of such notice), all Escrowed Funds therein as provided herein below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the fourth sentence of this Section 4(a),
if at any time subscriptions and payment for the Minimum Offering Requirement have been received
from investors then upon the instruction to have the Initial Closing, the Escrow Agent shall deliver
all or a portion of the Escrowed Funds to the Company from time to time, as the Company shall direct in writing as provided in this Section
4(a). An affidavit or certification from an officer of the Company to the Escrow Agent stating that at least the Minimum Offering Requirement has been timely sold, shall constitute sufficient evidence for the purpose of this Agreement that
such event has occurred (the " <u>Subscription Affidavit</u> "). The Subscription Affidavit shall indicate (i) the date on which
at least the Minimum Offering Requirement sold and the Initial Closing date, which shall also
be the " <u>Break Escrow Date</u> " and (ii) the actual total number of Shares sold as of the Break Escrow Date. Thereafter,
the Company shall instruct the Escrow Agent to release from the Escrow Account to the Company such amount of Escrowed Funds therein on
each monthly Closing date as directed by the Company pursuant to written instructions the Company shall provide to the Escrow Agent
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Escrow Agent has not received a Subscription
Affidavit and the Escrowed Funds do not become deliverable to the Company pursuant to Section 4(a) above and the Escrow Agent receives
written notice from the Company that the Offering has been terminated, the Escrow Agent shall return the Escrowed Funds for further delivery
to the Soliciting Dealer or Registered Investment Advisor that submitted the Payment in amounts equal to the subscription amount theretofore
paid by respective subscribers, without deduction, penalty or expense to the subscriber. The purchase money returned to each subscriber
shall also be free and clear of any and all claims of the Company, the Processing Agent, the Escrow Agent, the Soliciting Dealers or any
of their creditors. The Escrow Agent shall notify the Processing Agent, the Company and the Placement Agent of any such return of subscription
amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Post Break Escrow Period.</u> From and after
the Break Escrow Date (the " <u>Post Break Escrow Period</u> "), the Escrow Agent shall periodically transfer to the Company
Escrowed Funds pursuant to standing written instructions from the Company in delivered to the Escrow Agent and the Processing Agent from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any disbursement made to or at the
direction of the Company under this Section 4, the Company certifies it shall review any wire instructions set forth herein to confirm
such wire instructions are accurate, and agrees it will not seek recourse from the Escrow Agent as a result of losses incurred by it for
making the disbursement in accordance with its instructions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Liability Escrow Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing any of their duties under this Agreement, or upon the claimed
failure to perform their duties hereunder, the Processing Agent and Escrow Agent shall not be liable to anyone for any damages, losses,
or expenses that they may incur as a result of either agent so acting, or failing to act; provided, however, the Escrow Agent shall be
liable for damages arising out of its negligence or willful misconduct under this Agreement and Processing Agent shall be liable for damages
arising out of its negligence or willful misconduct. The Escrow Agent shall be entitled to seek the advice of legal counsel in the event
of any dispute or question as to the construction of any of the provisions hereof or its duties hereunder and may rely upon any such advice
or opinion of counsel. Accordingly, neither the Processing Agent nor the Escrow Agent shall incur any liability with respect to (i) any
action taken or omitted to be taken in good faith upon advice of its counsel that is given with respect to any questions relating to their
duties and responsibilities hereunder, or (ii) any action taken or omitted to be taken in reliance upon any document, including any written
notice or instructions provided for in this Agreement, not only as to its due execution and to the validity and effectiveness of its provisions
but also as to the truth and accuracy of any information contained therein, if the Processing Agent and/or the Escrow Agent shall in good
faith believe such document to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby agrees to indemnify and hold harmless the Processing
Agent and Escrow Agent from and against any and all losses, claims, damages, liabilities and expenses, including, without limitation,
reasonable costs of investigation and counsel fees and disbursements that may be incurred by either of them resulting from any act or
omission of the Company or arising from the Escrow Agent's acceptance of its appointment hereunder or performance of its duties
in accordance with this Agreement; provided, however, that the Company shall not indemnify the Processing Agent or the Escrow Agent for
any losses, claims, damages, or expenses arising directly out of such agent's negligence or willful misconduct under this Agreement.
The provisions of this section shall survive the termination of this Agreement and any resignation or removal of the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a dispute ensues between any of the parties hereto that, in the opinion
of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall be entitled to tender into the registry or custody
of any court of competent jurisdiction, all money or property in its hands under the terms of this Agreement, and to file such legal proceedings
as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such legal action may be
brought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. The Company shall indemnify the Processing
Agent and/or Escrow Agent against their reasonable court costs and attorneys' fees incurred in filing such legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Inability to Deliver</u>. In the event that Payments for subscriptions
are not cleared through normal banking channels according to the regular Federal Reserve Bank clearing schedule, the Escrow Agent will
cause the Processing Agent to promptly notify the Company of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notice</u>. All notices, requests, demands and other communications or
deliveries required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally,
given by facsimile confirmed by telephone call or deposited for mailing, first class, postage prepaid, registered or certified mail, as
follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;If to the subscribers for Shares: | &nbsp;&nbsp;To their respective addresses as specified in their subscription agreements. |
| &nbsp;&nbsp;If to the Company: | &nbsp;&nbsp;CNL Strategic Residential Credit, Inc. |
|  | &nbsp;&nbsp;Post Office Box 4920 |
|  | &nbsp;&nbsp;Orlando, Florida 32802-4920 |
| &nbsp;&nbsp;or |  |
|  | &nbsp;&nbsp; CNL Strategic Residential Credit, Inc. |
|  | &nbsp;&nbsp; CNL Center at City Commons |
|  | &nbsp;&nbsp; 450 South Orange Avenue, Suite 1400 |
|  | &nbsp;&nbsp; Orlando, Florida 32801 |
|  | &nbsp;&nbsp; Attention: General Counsel |
| &nbsp;&nbsp;If to the Escrow Agent: | &nbsp;&nbsp;UMB Bank, N.A. |
|  | &nbsp;&nbsp;Corporate Trust & Escrow Services |
|  | &nbsp;&nbsp;928 Grand Blvd., 12th Floor |
|  | &nbsp;&nbsp;Mail Stop: 1020409 |
|  | &nbsp;&nbsp;Kansas City, Missouri 64106 |
|  | &nbsp;&nbsp;Attention: Lara L. Stevens |
|  | &nbsp;&nbsp;Facsimile: (816) 860-3029 |
| &nbsp;&nbsp;If to the Processing Agent: | &nbsp;&nbsp;DST Systems Inc. |
|  | &nbsp;&nbsp;333 W. 11<sup>th</sup> Street, 5<sup>th</sup> Floor |
|  | &nbsp;&nbsp;Kansas City, MO 64105 |
|  | &nbsp;&nbsp;Attention: (1) President and (2) General Counsel<br> Facsimile: _____________________ |
| &nbsp;&nbsp;If to the Placement Agent: | &nbsp;&nbsp;CNL Securities Corp. c/o CNL Capital Markets, LLC |
|  | &nbsp;&nbsp;CNL Center at City Commons |
|  | &nbsp;&nbsp;450 South Orange Avenue, Suite 1300 |
|  | &nbsp;&nbsp;Orlando, Florida 32801 |
|  | &nbsp;&nbsp;Attention: Corporate Counsel |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Fees to Escrow Agent</u>. In consideration of the services to be provided
by the Escrow Agent hereunder, the Company agrees to pay the fees and related expenses to the Escrow Agent as outlined in <u>Attachment I</u> hereto. Additionally, should it become necessary for the Escrow Agent to perform extraordinary services in furtherance of the services
to be provided by the Escrow Agent hereunder, the Escrow Agent shall be entitled to reasonable additional compensation therefore and reimbursement
for reasonable out-of-pocket expenses, including, but not limited to, reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Third Party Beneficiaries</u>. The Processing Agent shall be a third
party beneficiary under this Agreement, entitled to enforce any rights, duties or obligations owed to it under this Agreement notwithstanding
the terms of any other agreements between the Processing Agent and any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination of the Escrow Agreement</u>. This Agreement, except for Sections
7, 14 and this Section 12, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent.
Unless otherwise provided, final termination of this Agreement shall occur on the date that all funds held in the Escrow Account are distributed
either (a) to subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account or (b) to a successor escrow
agent upon written instructions from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Patriot Act Compliance; OFAC Search Duties</u>. The Company shall provide
to Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow
Agent to comply with the USA Patriot Act of 2001, as amended from time to time and the Bank Secrecy Act of 1970, as amended from time
to time. The Escrow Agent, or its agent, shall complete an OFAC search, in compliance with its policy and procedures, of each subscription
check and shall inform the Company if a subscription check fails the OFAC search.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be interpreted, construed and enforced in all respects
in accordance with the laws of the State of Missouri applicable to contracts to be made and performed entirely in said state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The section headings contained herein are for reference purposes only and
shall not in any way affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement sets forth the entire agreement and understanding of the
parties with regard to this escrow transaction and supersedes all prior agreements, arrangements and understandings relating to the subject
matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended, modified, superseded or cancelled, and any
of the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver,
by the party waiving compliance. The failure of any party at any time or times to require performance of any provision hereof shall in
no manner affect the right at a later time to enforce the same. No waiver in any one or more instances by any party of any condition,
or of the breach of any term contained in this Agreement, whether by conduct or otherwise, shall be deemed to be, or construed as, a further
or continuing waiver of any such condition or breach, or a waiver of any other condition or breach of any other terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Copies, telecopies,
facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts
of such original documents for all purposes, including the filing of any claim, action, or suit in the appropriate court of law. In addition,
the transaction described herein may be conducted and related documents may be stored by electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Escrow Agent may rely conclusively on and shall
not be required to make any independent inspection or investigation in connection therewith any electronic communication, resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, affidavit, letter, telegram or paper
or other document received by it, provided for under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement shall inure to the benefit of the parties hereto and their
respective administrators, successors, and assigns. Except as set forth in Section 16, the Escrow
Agent shall not assign (voluntarily, by operation of law or otherwise) this Agreement or any right, interest or benefit under this Agreement
without the prior written consent of the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If any one or more of the provisions contained in this Agreement shall,
for any reason, be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, then to the maximum
extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Representation of the Company</u>. The Company hereby acknowledges that
the status of the Processing Agent and the Escrow Agent with respect to the offering of the Shares is that of agent solely of the Company
only for the limited purposes herein set forth, and hereby agrees it will not represent or imply that the Processing Agent or Escrow Agent,
by serving as the escrow agent or processing agent hereunder or otherwise, has investigated the desirability or advisability of an investment
in the Shares, or has approved, endorsed or passed upon the merits of the Shares, nor shall the Company use the name of the Processing
Agent or Escrow Agent in any manner whatsoever in connection with the offer or sale of the Shares, other than by acknowledgement that
it has agreed to serve as processing agent or escrow agent for the limited purposes herein set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Resignation of Escrow Agent or Processing Agent</u>. At any time the
Processing Agent or Escrow Agent may resign by notifying the Company. Such resignation shall become effective on the earlier to occur
of (i) the acceptance by a successor Processing Agent or Escrow Agent or (ii) ninety (90) days following the date upon which such notice
was mailed. Upon the effective date of such resignation in accordance with clause (ii) of this Section 16, all Escrowed Funds then held
by the Escrow Agent hereunder shall be delivered by it to the Company or such successor Escrow Agent, as directed in writing by the Company.
To the extent no successor has been appointed, the Escrow Agent shall be entitled to petition a court of proper jurisdiction to appoint
a successor. Until such time as the Processing Agent or Escrow Agent has resigned in accordance herewith, the Processing Agent or Escrow
Agent shall perform its duties hereunder in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Force Majeure</u>. No party hereto shall be responsible for any failure
or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including without limitation, acts of God, earthquakes, fires, floods, wars, civil or military disturbances,
sabotage, epidemics, riots, interruptions, loss or malfunctions of utilities, communication service, accidents, labor disputes, acts of
civil or military authority, or governmental actions.

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> CNL Strategic Residential Credit, Inc.<br>By: <u>/s/ Tammy Tipton</u><br> Name: Tammy Tipton<br> Title: Chief Financial Officer<br>|
| &nbsp;&nbsp; UMB BANK, N.A.<br>By: <u>/s/ Lara Stevens</u><br> Name: Lara L. Stevens<br> Title: Vice President<br>|
| &nbsp;&nbsp; CNL Securities Corp.<br>By: <u>/s/ Ryan Furman</u><br> Name: Ryan Furman<br> Title: Corporate Counsel<br>|

---

**ATTACHMENT I** 

**Escrow Agent Fee Schedule**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acceptance Fee** | &nbsp;&nbsp;**Acceptance Fee** |
| &nbsp;&nbsp;&nbsp;Review escrow agreement, establish account | &nbsp;&nbsp;$2000 |
| &nbsp;&nbsp;&nbsp;DST Agency Engagement | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Annual Escrow Agent Fee** | &nbsp;&nbsp;$2500 |
| &nbsp;&nbsp;**Transactional Fees** | &nbsp;&nbsp;**Transactional Fees** |
| &nbsp;&nbsp;&nbsp;Outgoing Wire Transfer | &nbsp;&nbsp;$35 each |
| &nbsp;&nbsp;&nbsp;Daily BAI Recon File to DST | &nbsp;&nbsp;$75 per month |
| &nbsp;&nbsp;&nbsp;Wire Ripping to DST | &nbsp;&nbsp;$200 per month |
| &nbsp;&nbsp;&nbsp;Overnight Delivery/Mailings | &nbsp;&nbsp;$16.50 each |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses\* | &nbsp;&nbsp;$100 per quarter (est.) |

---

Acceptance fee will be payable at the initiation of the escrow. The Annual Escrow Agent Fee and Transaction Fees will be billed quarterly in arrears. Other fees and expenses will be billed as incurred.

Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate.

\*All expenses related to the administration of the Escrow Agreement such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable.