Document:

Amendment No. 3 to Wells Fargo MRA

 Exhibit 10.26 

Execution Version 

AMENDMENT NO. 3 TO MASTER REPURCHASE AND SECURITIES CONTRACT 

AMENDMENT NO. 3 TO MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of June 8, 2017 (this “Amendment”),
between and among TPG RE FINANCE 11, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”), TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company
(“Guarantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the
Repurchase Agreement (as defined below).  
 RECITALS 

WHEREAS, Seller and Buyer are parties to that certain Master Repurchase and Securities Contract, dated as of May 25, 2016, as amended
pursuant to (i) Amendment No. 1 to Master Repurchase and Securities Contract, by and between Seller and Buyer, dated as of September 21, 2016 and (ii) Amendment No. 2 to Master Repurchase and Securities Contract, by and
between Seller and Buyer, dated as of December 22, 2016 (the “Repurchase Agreement”); 
 WHEREAS, in connection with
the Repurchase Agreement, Guarantor executed and delivered to Buyer that certain Guarantee Agreement, dated as of May 25, 2016 (the “Guarantee Agreement”); 

WHEREAS, Seller and Buyer have agreed to further amend certain provisions of the Repurchase Agreement in the manner set forth herein, and
Guarantor hereby agrees to make the acknowledgements set forth herein. 
 Therefore, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Buyer and Guarantor hereby agree as follows: 

SECTION 1. Repurchase Agreement Amendments. 

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

 “Third Amendment Effective Date” shall mean June 8, 2017. 

(b) The first line of the defined term “Maximum Amount”, as set forth in Article 2 of the Repurchase Agreement, is
hereby amended to replace the dollar figure “$500,000,000” with the dollar figure “$750,000,000”. 
 (c) The defined
terms “Anti-Terrorism Laws” and “Sanctioned Entity”, each as forth in Section 2.01 of the Repurchase Agreement, are each hereby deleted in their entirety. 

 (d) Clause (f) of the definition of “Eligible Asset”, as set forth in
Section 2.01 of the Repurchase Agreement, is hereby amended and restated in its entirety to read as follows: 
 (f) with respect
to such Asset, none of the Underlying Obligors (and any of their respective Affiliates) related to such Assets are Sanctioned Targets; 

(e) The defined term “Requirements of Law”, as set forth in Section 2.01 of the Repurchase Agreement, is hereby
amended and restated in its entirety to read as follows: 
 “Requirements of Law”: With respect to any
Person or property or assets of such Person and as of any date, all of the following applicable thereto as of such date: all Governing Documents and existing and future laws, statutes, rules, regulations, treaties, codes, ordinances, permits,
certificates, orders and licenses of and interpretations by any Governmental Authority (including Environmental Laws, ERISA, Anti-Corruption Laws, Anti-Money Laundering Laws, Sanctions, regulations of the Board of Governors of the Federal Reserve
System, and laws, rules and regulations relating to usury, licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), judgments, decrees, injunctions, writs, awards
or orders of any court, arbitrator or other Governmental Authority. 
 (f) The following new defined terms “Anti-Corruption
Law”, “Anti-Money Laundering Law”, “Parent”, “Investor”, “Sanction” and “Sanctioned Target” are each hereby added to Section 2.01 of the
Repurchase Agreement in correct alphabetical order: 
 “Anti-Corruption Law”: The U.S. Foreign Corrupt
Practices Act of 1977, the UK Bribery Act, the Canadian Corruption of Foreign Public Officials Act or any other law applicable to Seller or any of its Affiliates that prohibits the bribery of foreign officials to gain a business advantage. 

“Anti-Money Laundering Laws”: The applicable laws or regulations in any jurisdiction in which Seller,
Guarantor or any Affiliate of Seller or Guarantor is located or doing business that relate to money laundering, any predicate crime to money laundering or any financial record keeping and reporting requirements related thereto. 

“Investor”: Any Person that is admitted to Seller or Guarantor as a member in accordance with the applicable
operating agreement or limited liability company agreement, as applicable, of Seller or Guarantor, as applicable. 

“Parent”: All of the direct holders of any Equity Interests in Guarantor. 

“Sanction” or “Sanctions”: Individually and collectively, any and all economic or financial
sanctions, trade embargoes and anti-terrorism 

  
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 laws imposed, administered or enforced from time to time by: (a) the United States of
America, including those administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the U.S. State Department, the U.S. Department of Commerce, or through any existing or future Executive Order, (b) the United
Nations Security Council, (c) the European Union, (d) the United Kingdom, or (e) any other Governmental Authorities with jurisdiction over Seller, Guarantor or any of their Affiliates. 

“Sanctioned Target”: Any Person, group, sector, territory, or country that is the target of any Sanctions,
including without limitation any legal entity that is deemed to be the target of any Sanctions based upon the direct or indirect ownership or control of such entity by any other Sanctioned Target(s). 

(g) The following new Section 6.01(d) of the Repurchase Agreement is hereby amended and restated in its entirety to read as
follows: 
 (d) Buyer has completed to its satisfaction such due diligence (including, Buyer’s “Know Your Customer”,
Anti-Corruption Laws, Sanctions and Anti-Money Laundering Laws diligence) and modeling as Buyer may require. 
 (h) The second and third
full sentences of Section 7.07 of the Repurchase Agreement are hereby amended and restated in their entirety to read as follows: 

None of Seller, Guarantor nor any Subsidiaries or Parents of Seller or Guarantor, nor to the knowledge of Seller or Guarantor, any Affiliates
of Seller or Guarantor (i) is in violation of any Sanctions, or (ii) is a Sanctioned Target. The proceeds of any Transaction have not been and will not be used, directly or indirectly, to fund any operations in, finance any investments or
activities in or make any payments to a Sanctioned Target or otherwise in violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws. 

(i) The following new Sections 7.19 and 7.20 are hereby added to the end of ARTICLE 7 of the Repurchase Agreement in
correct numerical order: 
 Section 7.19 Anti-Money Laundering Laws and Anti-Corruption Laws. The operations of each of Seller
and Guarantor are, and have been, conducted at all times in compliance with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws. No litigation, regulatory or administrative proceedings of or before any court, tribunal or agency with
respect to any Anti-Money Laundering Laws or Anti-Corruption Laws have been started or (to the best of its knowledge and belief) threatened against each of Seller and Guarantor or to the knowledge of Seller or Guarantor, any Affiliates of Seller or
Guarantor. 

  
 -3- 

 Section 7.20 Sanctions. None of Seller, Guarantor, any Subsidiaries or Parents of
Seller or Guarantor and, to the knowledge of Seller or Guarantor, no Affiliate of Seller or Guarantor (a) is a Sanctioned Target, (b) is controlled by or is acting on behalf of a Sanctioned Target, or (c) to the best knowledge of
Seller or Guarantor after due inquiry, is under investigation for an alleged breach of Sanctions by a Governmental Authority that enforces Sanctions. To Seller’s knowledge, no Investor is a Sanctioned Target. 

(j) The third full sentence of Section 8.02 of the Repurchase Agreement is hereby deleted in its entirety. 

(k) The following new Sections 8.15 and 8.16 are hereby added to the end of ARTICLE 8 of the Repurchase Agreement in
correct numerical order: 
 Section 8.15 Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 

(a) The proceeds of any Transaction shall not be used, directly or indirectly, for any purpose which would breach any applicable
Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. 
 (b) Seller and Guarantor shall (i) conduct its business in compliance
with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions; and (ii) maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 (c) The repurchase of any Purchased Asset or any other payment due to Buyer under this Agreement or any other Repurchase Document shall
not be funded, directly or indirectly, with proceeds derived from a transaction that would be prohibited by Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions, or in any manner that would cause Seller or Guarantor or to the knowledge of
Seller or Guarantor, any Affiliates of Seller or Guarantor to be in breach of any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. 

(d) With respect to the Purchased Assets that were originated by Seller or any Affiliate of Seller, Seller has conducted the customer
identification and customer due diligence required in connection with the origination of each Purchased Asset for purposes of complying with all Anti-Money Laundering Laws, and will maintain sufficient information to identify each such customer for
purposes of such Anti-Money Laundering Laws. 
 Section 8.16 Compliance with Sanctions. The proceeds of any Transaction hereunder
will not, directly or indirectly, be used to lend, contribute, or otherwise be made available: (i) to fund any activities or business of or with a Sanctioned Target, or (ii) be used in any manner that 

  
 -4- 

 would be prohibited by Sanctions or would otherwise cause Buyer to be in breach of any Sanctions.
Seller or Guarantor shall notify the Buyer in writing not more than three (3) Business Days after becoming aware of any breach of Section 7.20 or this Section 8.16. 

(l) The following new sentence is hereby added to the end of Section 18.15(b) of the Repurchase Agreement: 

Seller and Guarantor shall, promptly upon Buyer’s request, deliver documentation in form and substance satisfactory to Buyer which Buyer
deems necessary or desirable to evidence compliance with all applicable “know your customer” due diligence checks. 
 SECTION
2. Conditions Precedent. This Amendment and its provisions shall become effective on the Third Amendment Effective Date provided that (a) this Amendment is duly executed and delivered by a duly authorized officer of each of Seller,
Buyer and Guarantor, (b) Seller and Buyer have executed and delivered that certain Amendment No. 3 to Fee and Pricing Letter, dated as of the date hereof, by and between Seller and Buyer and (c) outside counsel to Seller and Guarantor
have delivered to Buyer updated copies of each of the legal opinions which were originally delivered to Buyer on May 25, 2016, each in form and substance acceptable to Buyer and its counsel. 

SECTION 3. Representations, Warranties and Covenants. Each of Seller and Guarantor hereby represents and warrants to Buyer, as
of the date hereof and as of the Amendment Effective Date, that (i) it is in full compliance with all of the terms and provisions set forth in each Repurchase Document to which it is a party on its part to be observed or performed, and
(ii) no Default or Event of Default has occurred or is continuing. Each of Seller and Guarantor hereby confirms and reaffirms its representations, warranties and covenants contained in each Repurchase Document to which it is a party. 

SECTION 4. Acknowledgements of Seller. Seller hereby acknowledges that Buyer is in compliance with its undertakings and
obligations under the Repurchase Agreement and the other Repurchase Documents. 
 SECTION 5. Acknowledgments of Guarantor.
Guarantor hereby acknowledges (a) the execution and delivery of this Amendment by Seller and Buyer and agrees that it continues to be bound by the Guarantee Agreement to the extent of the Guaranteed Obligations (as defined therein), as such
obligations may be increased in connection with the increase of the maximum facility size to $750,000,000 pursuant to this Amendment, and (b) that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement, the
Guarantee Agreement and each of the other Repurchase Documents. 
 SECTION 6. Limited Effect. Except as expressly amended and
modified by this Amendment, the Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon
the Amendment Effective Date, each (x) reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this 

  
 -5- 

 Amendment, (y) each reference to the “Repurchase Agreement” in any of the Repurchase Documents
shall be deemed to be a reference to the Repurchase Agreement, as amended hereby, and (z) each reference in the Repurchase Agreement to “this Agreement”, this “Repurchase Agreement”, “hereof”, “herein” or
words of similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement, as amended by this Amendment. 

SECTION 7. No Novation, Effect of Agreement. The parties hereto have entered into this Amendment solely to amend the terms
of the Repurchase Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owning by
Seller, Guarantor or any of their respective Affiliates (the “Repurchase Parties”) under or in connection with the Repurchase Agreement or any of the other Repurchase Documents. It is the intention of each of the parties hereto
that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Repurchase Agreement are preserved, (ii) the liens and security interests granted under
the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement in any such Repurchase Document shall be deemed to also reference this Amendment. 

SECTION 8. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts,
each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission
shall be effective as delivery of a manually executed original counterpart thereof. 
 SECTION 9. Expenses. Seller agrees to
pay and reimburse Buyer for all reasonable out-of-pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment in accordance with the Repurchase Agreement. 

SECTION 10. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION
WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 [SIGNATURES FOLLOW] 

  
 -6- 

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

			
	SELLER:
	
	 TPG RE FINANCE 11, LTD., an exempted company incorporated with limited liability under
the laws of the Cayman Islands

  

					
	By:	 	 /s/ Matthew J Coleman

		 	Name: Matthew J Coleman
		 	Title: Vice President Transactions

  

					
	 Acknowledged solely with respect to Section 5 hereof:

	
	GUARANTOR:
	
	 TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company

		
	By:	 	 /s/ Matthew J Coleman

		 	Name: Matthew J Coleman
		 	Title: Vice President Transactions

 
					
	BUYER:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association

		
	By:	 	 /s/ Allen Lewis

		 	Name:	 	Allen Lewis
		 	Title:	 	Managing DirectorThird Amendment to Goldman Sachs MRA

 Exhibit 10.27 

EXECUTION VERSION 
 THIRD
AMENDMENT TO MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT 
 This Third Amendment to the Master Repurchase and Securities
Contract Agreement (this “Amendment”), dated as of June 12, 2017, is by and between GOLDMAN SACHS BANK USA, a New York state-chartered bank, as buyer (“Buyer”), and TPG RE FINANCE 2, LTD., an
exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Master Repurchase
Agreement (as defined below). 
 WITNESSETH: 

WHEREAS, Seller and Buyer have entered into that certain Master Repurchase and Securities Contract Agreement dated as of
August 19, 2015 as amended by that certain First Amendment to the Master Repurchase and Securities Contract Agreement, dated as of December 29, 2015 and that certain Second Amendment to the Master Repurchase and Securities Contract
Agreement, dated as of November 3, 2016 (as the same may be further amended, modified or supplemented from time-to-time, collectively, the “Master Repurchase Agreement”); and 

WHEREAS, Seller and Buyer wish to modify certain terms and provisions of the Master Repurchase Agreement. 

NOW, THEREFORE, the parties hereto agree as follows: 

1. First Renewal Option. Seller and Buyer hereby agree to Seller’s exercise of the First Renewal Option on the date hereof and
agree that, subject to payment of the Renewal Standby Fee, the Availability Period Renewal Conditions are deemed to have been satisfied. From and after the date hereof, the Availability Period Expiration Date shall be August 19, 2018, as such
date may be further extended in accordance with Article 3(h) of the Master Repurchase Agreement. 
 2. Amendments to Master Repurchase
Agreement. The Master Repurchase Agreement is hereby amended as follows: 
 (a) The definition of “Debt Yield Margin
Percentage” in Article 2 of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Debt Yield Margin Percentage” shall mean, with respect to any Purchased Asset, on any date of determination: 

(i) if the Minimum Debt Yield for the related Purchased Asset is less than ten percent (10%), a percentage equal to (A) the Minimum Debt
Yield for such Purchased Asset, minus (B) one percent (1%), and 
 (ii) if the Minimum Debt Yield for the related Purchased Asset
is equal to or greater than ten percent (10%), a percentage equal to the product of (A) ninety percent (90%) and (B) the Minimum Debt Yield for such Purchased Asset. 

(b) The definition of Margin Availability in Article 2 of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with
the following: 

  
 1 

 “Buyer’s Margin Amount” shall mean the lesser of: (a) with
respect to any Purchased Asset, on any date of determination, the product of (i) the Maximum LTV for such Purchased Asset as set forth in the related Confirmation (as determined by Buyer in its sole good faith discretion), multiplied by
(ii) the Market Value for such Purchased Asset; or (b) with respect to any Purchased Asset, on any date of determination, the amount of Purchase Price that can be outstanding on such Purchased Asset such that the Debt Yield for such
Purchased Asset is no lower than the Minimum Debt Yield for such Purchased Asset. 
 (c) The definition of “Maximum Facility
Amount” in Article 2 of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

“Maximum Facility Amount” shall mean $750,000,000.00; provided, that any amounts paid to Buyer on account of a
Repurchase Price may be readvanced hereunder and utilized for purchasing additional Assets in accordance with the terms of this Agreement; provided further, however, that (i) from and after the commencement of the Term Out Period, the Maximum
Facility Amount shall be reduced, from time to time, as applicable, by all Principal Proceeds which are applied in reduction of the aggregate outstanding Purchase Prices and (ii) during a Wind Down Period, Seller may, from time to time, reduce
the Maximum Facility Amount by an amount up to the positive difference, as of the relevant date of determination, when subtracting the then current aggregate Repurchase Prices of all Purchased Assets from the then current Maximum Facility Amount.

 (d) The definition of “Minimum Debt Yield” in Article 2 of the Master Repurchase Agreement is hereby deleted in its entirety
and replaced with the following: 
 “Minimum Debt Yield” shall mean the Minimum Debt Yield for any Purchased Asset as
of the applicable time period as set forth in the Confirmation for such Purchased Asset. 
 (e) The definition of “Margin Deficit”
in Article 2 of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 
 “Margin
Deficit” shall mean the greater of: (i) LTV Margin Deficit (as defined in Article 4(a)) and (ii) Debt Yield Margin Deficit (as defined in Article 4(b)). 

(f) The following definitions are hereby deleted from Article 2 of the Master Repurchase Agreement in their entirety: “Debt Yield
Purchased Asset” and “LTV Purchased Asset”. 
 (g) Article 3(b)(iv)(H) of the Master Repurchase Agreement is
hereby deleted in its entirety and replaced with the following: 
 (H) (Intentionally Omitted); 

(h) Article 3(b)(iv)(I) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

(I) the Maximum LTV of the Purchased Assets included in the Transaction; 

(i) Article 3(b)(iv)(J) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

(J) the Minimum Debt Yield of the Purchased Assets included in the Transaction; 

  
 2 

 (j) The Confirmation Statement as set forth in Exhibit I of the Master Repurchase Agreement is
hereby deleted in its entirety and replaced by Exhibit A attached hereto. 
 (k) Article 4 of the Master Repurchase Agreement is hereby
deleted in its entirety and replaced with the following: 
 ARTICLE 4. 

MARGIN MAINTENANCE 
 (a) If
at any time, the outstanding Purchase Price for any Purchased Asset is greater than an amount equal to the product of (i) Buyer’s LTV Margin Percentage multiplied by (ii) Market Value for such Purchased Asset (an
“LTV Margin Deficit”) then Buyer may by notice to Seller (each, an “LTV Margin Notice”) require Seller to, at Seller’s option, within two (2) Business Days of Seller’s receipt of any
such LTV Margin Notice: (i) repurchase such Purchased Asset at its respective Repurchase Price, (ii) make a cash payment in reduction of the Purchase Price of such Purchased Asset, (iii) deliver Cash Equivalents subject to
Buyer’s satisfaction in Buyer’s sole discretion, or (iv) choose any combination of the foregoing. Notwithstanding the foregoing, in the event Seller or Guarantor must issue a capital call to its investors to satisfy such LTV Margin
Deficit and Seller has provided Buyer with evidence thereof within two (2) Business Days of Seller’s receipt of any such Margin Notice, then Seller shall have an additional three (3) Business Days to satisfy such LTV Margin Deficit
with respect to the related Purchased Asset in accordance with the terms of this Article 4(a). An LTV Margin Deficit shall be deemed to no longer exist when, after giving effect to any payments, repurchases or transfers provided in
this Article 4(a), the LTV with respect to any such Purchased Asset is less than or equal to the Maximum LTV set forth on the related Confirmation. 

(b) If at any time, the Debt Yield for any Purchased Asset is less than the Debt Yield Margin Percentage for such Purchased Asset (a
“Debt Yield Margin Deficit”) then Buyer may by notice to Seller (each, a “Debt Yield Margin Notice”) require Seller to, at Seller’s option, within two (2) Business Days of Seller’s
receipt of any such Debt Yield Margin Notice: (i) repurchase such Purchased Asset at its respective Repurchase Price, (ii) make a cash payment in reduction of the Purchase Price of such Purchased Asset, (iii) deliver Cash Equivalents
subject to Buyer’s satisfaction in Buyer’s sole discretion, (iv) choose any combination of the foregoing. Notwithstanding the foregoing, in the event Seller or Guarantor must issue a capital call to its investors to satisfy such Debt
Yield Margin Deficit and Seller has provided Buyer with evidence thereof within two (2) Business Days of Seller’s receipt of any such Debt Yield Margin Notice, then Seller shall have an additional three (3) Business Days to satisfy
such Debt Yield Margin Deficit with respect to the related Purchased Asset in accordance with the terms of this Article 4(b). A Debt Yield Margin Deficit shall be deemed to no longer exist when, after giving effect to any payments,
repurchases or transfers provided in this Article 4(b), the Debt Yield with respect to any such Purchased Asset is equal to or greater than the Minimum Debt Yield set forth on the related Confirmation. 

(c) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions
to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement
or otherwise existing by law or in any way create additional rights for Seller. 
 3. Effectiveness. The effectiveness of this
Amendment is subject to receipt by Buyer of the following: 

  
 3 

 (a) Amendment. This Amendment, duly executed and delivered by Seller and Buyer; 

(b) Amendment to Fee Letter. The Third Amendment to Fee Letter, dated as of the date hereof (the “Fee Letter
Amendment”), by and between Buyer and Seller. 
 (c) Responsible Officer Certificate. A signed certificate from a
Responsible Officer of Seller certifying: (i) that no amendments have been made to the organizational documents of Seller, Pledgor and Guarantor since August 19, 2015, unless otherwise stated therein; and (b) the authority of Seller
and Guarantor to execute and deliver this Amendment and the other Transaction Documents to be executed and delivered in connection with this Amendment. 

(d) Good Standing. Certificates of existence and good standing and/or qualification to engage in business for the Seller, Pledgor and
Guarantor. 
 (e) Legal Opinion. Opinions of outside counsel to Seller reasonably acceptable to Buyer as to such matters as Buyer may
reasonably request, provided, that the execution of this Amendment by Buyer shall evidence satisfaction of this condition. 
 (f)
Fees. Payment by Seller of (i) the Third Supplemental Standby Fee (as defined in the Fee Letter Amendment) on the date hereof, the Renewal Standby Fee on the date hereof and (ii) the actual costs and expenses, including, without
limitation, the reasonable fees and expenses of counsel to Buyer, incurred by Buyer in connection with this Amendment and the transactions contemplated hereby. 

4. Continuing Effect; Reaffirmation of Guarantee. As amended by this Amendment, all terms, covenants and provisions of the Master
Repurchase Agreement are ratified and confirmed and shall remain in full force and effect. In addition, any and all guaranties and indemnities for the benefit of Buyer (including, without limitation, the Guarantee) and agreements subordinating
rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall not be released, diminished, impaired, reduced or adversely affected by this Amendment, and each party indemnifying Buyer, and each party subordinating
any right or lien to the rights and liens of Buyer, hereby consents, acknowledges and agrees to the modifications set forth in this Amendment and waives any common law, equitable, statutory or other rights which such party might otherwise have as a
result of or in connection with this Amendment. 
 5. Binding Effect; No Partnership; Counterparts. The provisions of the Master
Repurchase Agreement, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing herein contained shall be deemed or construed to create a partnership or
joint venture between any of the parties hereto. For the purpose of facilitating the execution of this Amendment as herein provided, this Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an
original, and such counterparts when taken together shall constitute but one and the same instrument. 
 6. Further Agreements.
Seller agrees to execute and deliver such additional documents, instruments or agreements as may be reasonably requested by Buyer and as may be necessary or appropriate from time to time to effectuate the purposes of this Amendment. 

  
 4 

 7. Governing Law. The provisions of Article 19 of the Master Repurchase Agreement are
incorporated herein by reference. 
 8. Headings. The headings of the sections and subsections of this Amendment are for convenience
of reference only and shall not be considered a part hereof nor shall they be deemed to limit or otherwise affect any of the terms or provisions hereof. 

9. References to Transaction Documents. All references to the Master Repurchase Agreement in any Transaction Document, or in any other
document executed or delivered in connection therewith shall, from and after the execution and delivery of this Amendment, be deemed a reference to the Master Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

 [NO FURTHER TEXT ON THIS PAGE] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Amendment as a deed as of the day first
written above. 
  

			
	BUYER:
	
	GOLDMAN SACHS BANK USA, a New York state-chartered bank
		
	By:	 	/s/ Jeffrey Dawkins
		 	 Name: Jeffrey Dawkins
 Title: Authorized
Person

  
 6 

 
			
	SELLER:
	
	TPG RE FINANCE 2, LTD., a Cayman Islands exempted company
		
	By:	 	/s/ Matthew Coleman
		 	 Name: Matthew Coleman
 Title: Vice President,
Transactions

  
 7 

 
			
	AGREED AND ACKNOWLEDGED:
	
	GUARANTOR:
	
	TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	/s/ Matthew Coleman
		 	 Name: Matthew Coleman
 Title: Vice President,
Transactions

  
 8 

 EXHIBIT A 

CONFIRMATION STATEMENT 

GOLDMAN SACHS BANK USA 
 Ladies and
Gentlemen: 
 Seller is pleased to deliver our written CONFIRMATION of our agreement to enter into the Transaction pursuant to which
GOLDMAN SACHS BANK USA, a New York state-chartered bank, shall purchase from us the Purchased Assets identified on the attached Schedule 1 pursuant to the Master Repurchase and Securities Contract Agreement, dated as of August 19,
2015 (the “Master Repurchase and Securities Contract Agreement”), between GOLDMAN SACHS BANK USA, a New York state-chartered bank (“Buyer”) and TPG RE FINANCE 2, LTD., a Cayman Islands exempted company
(“Seller”) on the following terms. Capitalized terms used herein without definition have the meanings given in the Master Repurchase and Securities Contract Agreement. 

 

							
				
	Purchase Date:	  	                    , 20    	  		  	
			
	Purchased Assets:	  	[Name]: As identified on attached Schedule 1	  	
				
	Aggregate Principal Amount of Purchased Assets:	  	[$         ]	  		  	
				
	Repurchase Date:	  		  		  	
				
	Purchase Price:	  	[$        ]	  		  	
				
	Market Value:	  	[$        ]	  		  	
				
	LTV:	  		  		  	
				
	Change in Purchase Price	  	[$        ]	  		  	
				
	Hedge-Required Asset [Y/N]	  		  		  	
				
	Pricing Rate:	  	LIBOR Rate plus     %	  		  	
				
	Advance Rate:	  		  		  	
				
	Maximum Advance Rate:	  		  		  	
				
	Applicable Spread:	  		  		  	
				
	Maximum LTV:	  		  		  	
				
	Minimum Debt Yield:	  	 Time Period
	  	 Underwritten Net

Operating Income
	  	 Minimum Debt

Yield

				
	Net Operating Income:	  		  		  	
				
	Debt Yield:	  		  		  	
				
	Remaining Future Funding Advances:	  		  		  	

  
 9 

							
			
	Governing Agreements:	  	As identified on attached Schedule 1	  	
				
	Requested Wire Amount:	  		  		  	
				
	Requested Fund Date:	  		  		  	
				
	Type of Funding:	  	[Table/Non-table]	  		  	
				
	REMIC-Eligible Asset: [Y/N]	  		  		  	
				
	Wiring Instructions:	  	See Schedule 2	  		  	

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]