Document:

Exhibit 10.1

 

 

 

MANAGEMENT AGREEMENT

by and between

LoanCore Realty Trust, Inc.

 

and

LoanCore Advisors, LLC

 

 

 

    	 

    	 

    

 

MANAGEMENT AGREEMENT, dated as of [●],
2015, by and between LoanCore Realty Trust, Inc., a Maryland corporation (the “Company”), and LoanCore Advisors,
LLC, a Delaware limited liability company (the “Manager”).

 

W I T N E
S S E T H:

 

WHEREAS, the Company was formed as a corporation
which has elected to be treated as a REIT (as defined below) for U.S. federal income tax purposes pursuant to Sections 856 through
860 of the Internal Revenue Code of 1986, as amended (the “Code”); and

 

WHEREAS, the Company desires to retain the
Manager to manage the business and investment affairs of the Company and the Subsidiaries (as defined below) and to perform services
for the Company and the Subsidiaries in the manner and on the terms set forth herein and the Manager wishes to be so retained and
to provide such services.

 

NOW THEREFORE, in consideration of the premises
and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Section
1. Definitions.

 

(a)               
The following terms shall have the meanings set forth in this Section 1(a):

 

“Affiliate” means, with
respect to a Person, (i) any Person directly or indirectly controlling, controlled by, or under common control with such other
Person, (ii) any executive officer, employee or general partner of such Person, (iii) any member of the board of directors or board
of managers (or bodies performing similar functions) of such Person, and (iv) any legal entity for which such Person acts as an
executive officer or general partner.

 

“Agreement” means this
Management Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

“Allocation Policy” means
the investment allocation policy and procedures of the Manager and LoanCore Capital (as the same may be amended, updated or revised
from time to time).

 

“Automatic Renewal Term”
has the meaning set forth in Section 10(a) hereof.

 

“Base Management Fee” means
the management fee, without duplication, payable quarterly in arrears with respect to each calendar quarter commencing with the
quarter in which this Agreement is executed, in an amount equal to the greater of:

 

(i)$250,000 per annum ($62,500 per quarter);
and

 

(ii)1.50% per annum (0.375% per quarter)
of the Company’s Equity.

 

The Base Management Fee shall be pro-rated
for partial periods, to the extent necessary, as described more fully elsewhere herein.

 

    	 

    	 

    

 

“Board” means the board
of directors of the Company.

 

“Business Day” means any
day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required to be open.

 

“Cause Event” means (i)
the Manager, its agents or its assignees breaches any material provision of this Agreement and such breach shall continue for a
period of thirty (30) days after written notice thereof specifying such breach and requesting that the same be remedied in such
30-day period (or 45 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of
the written notice), (ii) a final judgment by any court or governmental body of competent jurisdiction not stayed or vacated within
thirty (30) days that the Manager, any of its agents or any of its assignees has committed a felony or a material violation of
applicable securities laws that has a material adverse effect on the business of the Company or the ability of the Manager to perform
its duties under the terms of this Agreement, (iii) an order for relief in an involuntary bankruptcy case relating to the Manager
or the Manager authorizing or filing a voluntary bankruptcy petition, (iv) the dissolution of the Manager, or (v) a determination
that the Manager has committed fraud against the Company, misappropriated or embezzled funds of the Company, or has acted, or failed
to act, in a manner constituting bad faith, willful misconduct, gross negligence or reckless disregard in the performance of its
duties under this Agreement; provided, however, that if any of the actions or omissions described in this clause (v) are
caused by an employee and/or officer of the Manager or one of its Affiliates and the Manager takes all necessary action against
such person and cures the damage caused by such actions or omissions within thirty (30) days of such determination, then such event
shall not constitute a Cause Event.

 

“CEA” means the U.S. Commodities
Exchange Act, as amended.

 

“Claim” has the meaning
set forth in Section 8(c) hereof.

 

“Closing Date” means the
date of closing of the Company’s Initial Public Offering.

 

“Code” has the meaning
set forth in the Recitals.

 

“Common Stock” means the
common stock, par value $0.01, of the Company.

 

“Company” means LoanCore
Realty Trust, Inc., a Maryland corporation, and, where the context requires, its Subsidiaries and Affiliates.

 

“Company Indemnified Party”
has the meaning set forth in Section 8(b) hereof.

 

“Concurrent Private Offerings”
means the sale of Common Stock by the Company in private placements made concurrently with the Initial Public Offering pursuant
to a stock purchase agreement, dated as of June 22, 2015, by and among the Company, Mark Finerman, Christopher McCormack, Daniel
Bennett, Jordan Bock, Gary Berkman, Stuart Shiff, LC REIT LLC and Jefferies Group LLC.

 

“Conduct Policies” has
the meaning set forth in Section 2(n) hereof.

 

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“Confidential Information”
has the meaning set forth in Section 5 hereof.

 

“Core Earnings” means the
net income (loss) attributable to the stockholders of the Company, computed in accordance with GAAP, including realized losses
not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation,
(iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net
income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss,
or in net income and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in
each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors.

 

For the avoidance of doubt, the exclusion
of depreciation and amortization from the calculation of Core Earnings shall only apply to debt investments related to real estate
to the extent that the Company forecloses upon the property or properties underlying such debt investments.

 

“Effective Termination Date”
has the meaning set forth in Section 10(b) hereof.

 

“Equity” means (a) the
sum of (1) the net proceeds received by the Company in the Initial Public Offering and in the Concurrent Private Offerings
and from all other issuances of capital stock following the Closing Date, plus (2) the Company’s cumulative Core Earnings
for the period commencing upon the Closing Date to the end of the most recently completed calendar quarter, and (b) less (1) any
distributions to the Company’s stockholders, (2) any amount that the Company or any of its Subsidiaries has paid to
repurchase the Common Stock following the Closing Date and (3) any Incentive Compensation earned by the Manager. With respect to
any period used in the calculation of Incentive Compensation or the Base Management Fee, all items in the foregoing sentence (other
than clause (a)(2)) shall be calculated on a daily weighted average basis.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“GAAP” means generally
accepted accounting principles in effect in the United States on the date such principles are applied.

 

“Governing Agreements”
means, with regard to any entity, the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation,
the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership,
the certificate of formation and limited liability company agreement in the case of a limited liability company, the trust instrument
in the case of a trust, or similar governing documents in each case as amended.

 

“Incentive Compensation”
means the incentive fee calculated and payable with respect to each calendar quarter (or part thereof that this Agreement is in
effect) in arrears in an amount, not less than zero, equal to the difference between (1) the product of (a) 20% and (b) the difference
between (i) the Company’s Core Earnings for the most recent 12-month period (or such lesser number of completed calendar
quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of Incentive Compensation
is being made (the “applicable period”), and (ii) the product of (A) the Company’s Equity in the most recent
12-month period (or such lesser number of completed calendar quarters, if applicable), including the applicable period, and (B)
7% per annum, and (2) the sum of any Incentive Compensation paid to the Manager with respect to the first three calendar quarters
of the most recent 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable);
provided, however, that no Incentive Compensation shall be payable with respect to any calendar quarter unless Core Earnings
for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from the Closing Date)
is greater than zero.

 

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Incentive Compensation shall be pro-rated
for partial periods, to the extent necessary, as described more fully elsewhere herein.

 

“Indemnified Party” has
the meaning set forth in Section 8(b) hereof.

 

“Independent Director”
means a member of the Board who is “independent” in accordance with the Company’s Governing Agreements and the
rules of the NYSE or such other securities exchange on which the shares of Common Stock are listed.

 

“Initial Public Offering”
means the Company’s sale of Common Stock to the public through underwriters pursuant to the Company’s registration
statement on Form S-11 (No. 333-204154).

 

“Initial Term” has the
meaning set forth in Section 10(a) hereof.

 

“Investment Company Act”
means the U.S. Investment Company Act of 1940, as amended.

 

“Investment Guidelines”
means the investment guidelines of the Company approved by the Board, as may be amended, restated, supplemented or waived pursuant
to the approval of the Board (which must include a majority of the Independent Directors) from time to time. As of the date hereof,
such investment guidelines are listed on Exhibit A.

 

“JLC” means Jefferies LoanCore
LLC, a joint venture among Affiliates of each of Jefferies Group LLC, GIC Real Estate Private Limited, and certain individuals,
including Mark Finerman and Christopher McCormack.

 

“LoanCore Capital” means
LoanCore Capital, LLC, a Delaware limited liability company.

 

“Losses” has the meaning
set forth in Section 8(a) hereof.

 

“Manager” means LoanCore
Advisors, LLC, a Delaware limited liability company.

 

“Manager Indemnified Party”
has the meaning set forth in Section 8(a) hereof.

 

“Manager Investment Committee”
means the investment committee formed by the Manager, the members of which shall consist of employees of the Manager and its Affiliates
and may change from time to time.

 

“Manager Permitted Disclosure Parties”
has the meaning set forth in Section 5(a) hereof.

 

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“Notice of Proposal to Negotiate”
has the meaning set forth in Section 10(c) hereof.

 

“NYSE” means the New York
Stock Exchange, Inc.

 

“Other LoanCore Vehicles”
means existing or future vehicles or accounts managed or sponsored by LoanCore Capital and/or its Affiliates (which Affiliates
include Divco West Real Estate Services, LLC and DivCore LLC).

 

“Person” means any natural
person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal, state, county
or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such
capacity on behalf of the foregoing.

 

“Regulation FD” means Regulation
FD as promulgated by the SEC.

 

“REIT” means a “real
estate investment trust” as defined under the Code.

 

“SEC” means the United
States Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Subsidiary” means a corporation,
limited liability company, partnership, joint venture or other entity or organization of which: (a) the Company or any other subsidiary
of the Company is a general partner or managing member; or (b) voting power to elect a majority of the board of directors, trustees
or other Persons performing similar functions with respect to such entity or organization is held by the Company or by any one
or more of the Company’s subsidiaries.

 

“Target Assets” means the
types of assets described under “Business—Our Target Assets” in the Company’s prospectus dated [●],
2015 relating to the Initial Public Offering, subject to, and including any changes to the Company’s Investment Guidelines
or Target Assets that may be approved by the Board from time to time.

 

“Termination Fee” means
a termination fee equal to three (3) times the sum of (i) the average annual Base Management Fee and (ii) the average annual Incentive
Compensation, in each case, earned by the Manager during the 24-month period immediately preceding the most recently completed
calendar quarter prior to the Effective Termination Date, or, if termination occurs within two (2) years of the Closing Date, the
Base Management Fee and Incentive Compensation annualized for such two-year period based on such fees actually received by the
Manager during such period.

 

“Termination Notice” has
the meaning set forth in Section 10(b) hereof.

 

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“Termination Without Cause”
has the meaning set forth in Section 10(b) hereof.

 

“Treasury Regulations”
means the Procedures and Administration Regulation promulgated by the U.S. Department of Treasury under the Code, as amended.

 

(b)              
As used herein, accounting terms relating to the Company and its Subsidiaries, if any, not defined in Section 1(a)
and accounting terms partly defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them
under GAAP. As used herein, “calendar quarters” shall mean the period from January 1 to March 31, April 1 to June 30,
July 1 to September 30 and October 1 to December 31 of the applicable year.

 

(c)               
The words “hereof,” “herein” and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section
references are to this Agreement unless otherwise specified.

 

(d)              
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.”

 

Section
2. Appointment and Duties of the Manager.

 

(a)               
The Company hereby appoints the Manager, as agent, to manage the investments and day-to-day business and affairs
of the Company and its Subsidiaries, subject at all times to the further terms and conditions set forth in this Agreement (including
the Investment Guidelines) and to the supervision of the Board. Except as otherwise provided in this Agreement, the Manager hereby
agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, provided that the Company
reimburses the Manager for costs and expenses in accordance with Section 7 hereof. The appointment of the Manager shall be exclusive
to the Manager, except to the extent that the Manager elects, in its sole and absolute discretion, subject to the terms of this
Agreement, to cause the duties of the Manager as set forth herein to be provided by third parties and/or its Affiliates.

 

(b)              
The Manager, in its capacity as manager of the investments and the operations of the Company, at all times will be
subject to the supervision and direction of the Board and will have only such functions and authority as the Board may delegate
to it, including managing the Company’s investment activities and other business affairs in conformity with the Investment
Guidelines and other policies that are approved and monitored by the Board. The Company and the Manager hereby acknowledge the
recommendation by the Manager and the approval by the Board of the Investment Guidelines.

 

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(c)               
Subject to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines),
the Manager will have plenary authority with respect to the management of the business and affairs of the Company and will be responsible
for the day-to-day management of the Company. The Manager will perform (or cause to be performed through one or more of its Affiliates
or Subsidiaries) such services and activities relating to the investments and business and affairs of the Company as may be appropriate
or otherwise mutually agreed from time to time, which may include:

 

(i) serving
as an advisor to the Company with respect to the establishment and periodic review of the Investment Guidelines for the Company’s
investments, financing activities and operations, any modifications to which will be approved by a majority of the Board (which
must include a majority of the Independent Directors);

 

(ii)
identifying, investigating, analyzing, and selecting possible investment opportunities and originating, negotiating, acquiring,
consummating, monitoring, financing, retaining, selling, negotiating for prepayment, restructuring, refinancing, hypothecating,
pledging or otherwise disposing of investments consistent in all material respects with the Investment Guidelines;

 

(iii)
with respect to prospective purchases, sales, exchanges or other dispositions of investments, conducting negotiations on
the Company’s behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors
and representatives;

 

(iv)
negotiating and entering into, on the Company’s behalf, repurchase agreements, interest rate or currency swap agreements,
hedging arrangements, financing arrangements (including one or more credit facilities), foreign exchange transactions, derivative
transactions, and other agreements and instruments required or appropriate in connection with the Company’s activities;

 

(v) engaging
and supervising, on the Company’s behalf and at the Company’s expense, independent contractors, advisors, consultants,
attorneys, accountants, auditors, and other service providers (which may include Affiliates of the Manager) that provide various
services with respect to the Company, including investment banking, securities brokerage, mortgage brokerage, credit analysis,
risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence
services, underwriting review services, and all other services (including transfer agent and registrar services) as may be required
relating to the Company’s activities or investments (or potential investments);

 

(vi)
coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting
all matters with the joint venture or co-investment partners;

 

(vii)
providing executive and administrative personnel, office space and office services required in rendering services to the
Company;

 

(viii)
administering the day-to-day operations and performing and supervising the performance of such other administrative functions
necessary to the Company’s management as may be agreed upon by the Manager and the Board, including the collection of revenues
and the payment of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative
functions;

 

(ix)
communicating on the Company’s behalf with the holders of any of the Company’s equity or debt securities as
required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain
effective relations with such holders;

 

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(x) advising
the Company in connection with policy decisions to be made by the Board;

 

(xi)
engaging one or more sub-advisors with respect to the management of the Company, including, where appropriate, Affiliates
of the Manager;

 

(xii)
evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s behalf,
consistent with the Company’s qualification as a REIT and with the Investment Guidelines;

 

(xiii)
advising the Company regarding the maintenance of the Company’s qualification as a REIT and monitoring compliance
with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations thereunder and using commercially
reasonable efforts to cause the Company to qualify for taxation as a REIT;

 

(xiv)
advising the Company regarding the maintenance of the Company’s exemption or exclusion from regulation as an investment
company under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemption or exclusion
and using commercially reasonable efforts to cause the Company to maintain such exemption or exclusion from regulation as an investment
company under the Investment Company Act;

 

(xv)
furnishing reports to the Company regarding the Company’s activities and services performed for the Company by the
Manager and its Affiliates;

 

(xvi)
monitoring the operating performance of the Company’s investments and providing periodic reports with respect thereto
to the Board, including comparative information with respect to such operating performance and budgeted or projected operating
results;

 

(xvii)
investing and reinvesting any moneys and securities of the Company (including investing in short-term investments pending
investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company’s
stockholders and partners) and advising the Company as to the Company’s capital structure and capital raising;

 

(xviii)
causing the Company to retain a qualified independent public accounting firm and legal counsel, as applicable, to assist
in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and systems with
respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and to conduct periodic
compliance reviews with respect thereto;

 

(xix)
assisting the Company in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate
licenses;

 

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(xx)
assisting the Company in complying with all regulatory requirements applicable to the Company in respect of the Company’s
business activities, including (1) preparing or causing to be prepared all financial statements required under applicable regulations
and contractual undertakings and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by
the NYSE, and facilitating compliance with the Sarbanes-Oxley Act of 2002, the listing rules of the NYSE, and the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 and (2) in the event that the Company is a commodity pool under the CEA, acting
as the Company’s commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including,
for the avoidance of doubt, the authority to make any filings, submissions or registrations (including for exemptive or “no
action” relief) to the extent required or desirable under the CEA (and the Company hereby appoints the Manager to act in
such capacity and the Manager accepts such appointment and agrees to be responsible for such services);

 

(xxi)
assisting the Company in taking all necessary actions to enable the Company to make required tax filings and reports, including
soliciting stockholders for all information required to the extent provided by the provisions of the Code and Treasury Regulations
applicable to REITs;

 

(xxii)
placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the
Company either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer);

 

(xxiii)
handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other
proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s
day-to-day activities (other than with the Manager or its Affiliates), subject to such reasonable limitations or parameters as
may be imposed from time to time by the Board;

 

(xxiv)
using commercially reasonable efforts to cause expenses incurred by the Company or on the Company’s behalf to be commercially
reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board from time to time;

 

(xxv)
advising the Company with respect to and structuring long-term financing vehicles for the Company’s portfolio of assets,
and offering and selling securities publicly or privately in connection with any such structured financing;

 

(xxvi)
serving as the Company’s advisor with respect to decisions regarding any of the Company’s financings, hedging
activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity
financing that is specifically tailored to the Company’s investment objectives, and (2) advising the Company with respect
to obtaining appropriate financing for the Company’s investments (which, in accordance with applicable law and the terms
and conditions of this Agreement and the Company’s Governing Agreements may include financing by the Manager or its Affiliates);

 

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(xxvii)
providing the Company with portfolio management and other related services;

 

(xxviii)
arranging marketing materials and other related documentation, advertising, industry group activities (such as conference
participations and industry organization memberships) and other promotional efforts designed to promote the Company’s business;
and

 

(xxix)
performing such other services from time to time in connection with the management of the business and affairs of the Company
and its investment activities as the Board shall reasonably request and/or the Manager shall deem appropriate under the particular
circumstances.

 

(d)              
For the period and on the terms and conditions set forth in this Agreement, the Company and each of its Subsidiaries
hereby constitutes, appoints and authorizes the Manager, and any officer of the Manager acting on its behalf from time to time,
as the Company’s true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver
and enter into any certificates, instruments, agreements, authorizations and other documentation in the name and on behalf of the
Company as the Manager, in its sole discretion, deems necessary or appropriate in connection with the performance of its services
hereunder. This power of attorney is deemed to be coupled with an interest. In performing such services, as an agent of the Company,
the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its
obligations under this Agreement, including, the following powers, subject in each case to the terms and conditions of this Agreement,
including the Investment Guidelines:

 

(i) to
purchase, exchange or otherwise acquire and to sell, exchange or otherwise dispose of, any investment at public or private sale;

 

(ii)
to borrow and, for the purpose of securing the repayment thereof, to pledge, mortgage or otherwise encumber investments
and enter into agreements in connection therewith, including repurchase agreements, master repurchase agreements, International
Swap Dealer Association swaps, caps and other agreements and annexes thereto and other futures and forward agreements;

 

(iii)
to purchase, take and hold investments subject to mortgages or other liens;

 

(iv)
to extend the time of payment of any liens or encumbrances which may at any time be encumbrances upon any investment, irrespective
of by whom the same were made;

 

(v) to
foreclose, to reduce the rate of interest on, and to consent to the modification and extension of the maturity or other terms of
any investments, or to accept a deed in lieu of foreclosure;

 

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(vi)
to join in a voluntary partition of any investment;

 

(vii)
to cause to be demolished any structures on any real estate investment;

 

(viii)
to cause renovations and capital improvements to be made to any real estate investment;

 

(ix)
to abandon any real estate investment deemed to be worthless;

 

(x) to
enter into joint ventures or otherwise participate in investment vehicles investing in investments;

 

(xi)
to cause any real estate investment to be leased, operated, developed, constructed or exploited;

 

(xii)
to obtain and maintain insurance in such amounts and against such risks as are prudent in accordance with customary and
sound business practices in the appropriate geographic area;

 

(xiii)
to cause any property to be maintained in good state of repair and upkeep; and to pay the taxes, upkeep, repairs, carrying
charges, maintenance and premiums for insurance;

 

(xiv)
to use the personnel and resources of its Affiliates in performing the services specified in this Agreement;

 

(xv)
to designate and engage all professionals, consultants and other service providers subject to and in accordance with, as
applicable, Section 2(e), to perform services (directly or indirectly) on behalf of the Company and its Subsidiaries, including
accountants, legal counsel and engineers; and

 

(xvi)
to take any and all other actions as are necessary or appropriate in connection with the Company’s investments.

 

The Manager shall be authorized to represent
to third parties that it has the power to perform the actions which it is authorized to perform under this Agreement.

 

(e)               
The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of the
persons and firms referred to in Section 7(b) hereof as the Manager deems necessary or advisable in connection with the management
and operations of the Company, which may include Affiliates of the Manager; provided, that any such services may only be
provided by Affiliates to the extent (i) such services are on arm’s-length terms and competitive market rates in relation
to terms that are then customary for agreements regarding the provision of such services to companies that have assets similar
in type, quality and value to the assets of the Company and its Subsidiaries, or (ii) such services are approved by a majority
of the Independent Directors or a committee of the Board comprised solely of Independent Directors. In performing its duties under
this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including accountants,
legal counsel and other professional service providers) hired by the Manager at the Company’s sole cost and expense. The
Manager shall keep the Board reasonably informed on a periodic basis as to any services provided by Affiliates of the Manager not
approved by a majority of the Independent Directors or a committee of the Board comprised solely of Independent Directors.

 

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(f)               
The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance
with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the
Code or the Company’s and its Subsidiaries’ status as entities exempted or excluded from investment company status
under the Investment Company Act, or (iii) would materially violate the Conduct Policies, any law, rule or regulation of any governmental
body or agency having jurisdiction over the Company and its Subsidiaries or of any exchange on which the securities of the Company
may be listed or that would otherwise not be permitted by the applicable Governing Agreements. If the Manager is ordered to take
any action by the Board, the Manager shall seek to promptly notify the Board if it is the Manager’s judgment that such action
would adversely and materially affect such status or violate any such law, rule or regulation, Conduct Policies or Governing Agreements.
Notwithstanding the foregoing, neither the Manager nor any of its Affiliates shall be liable to the Company, the Board, or the
Company’s stockholders for any act or omission by the Manager or any of its Affiliates, except as provided in Section 8 of
this Agreement.

 

(g)              
The Company (including the Board) agrees to take all actions reasonably required to permit and enable the Manager
to carry out its duties and obligations under this Agreement, including all steps reasonably necessary to allow the Manager to
make any filing required to be made under the Securities Act, the Exchange Act, the NYSE’s Listed Company Manual, the Code
or other applicable law, rule or regulation on behalf of the Company in a timely manner. The Company further agrees to use commercially
reasonable efforts to make available to the Manager all resources, information and materials reasonably requested by the Manager
to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial statements and any other
information or reports with respect to the Company.

 

(h)              
As frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board, the Manager
shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, (i) reports and other information on the
Company’s operations and (ii) other information relating to any proposed or consummated investment as may be reasonably requested
by the Company.

 

(i)                
The Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all periodic reports
and financial statements with respect to the Company reasonably required by the Board in order for the Company to comply with its
Governing Agreements, or any other materials required to be filed with any governmental body or agency, including the SEC, and
shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all materials and data necessary to complete
such reports and other materials, including an annual audit of the Company’s books of account by a nationally recognized
independent accounting firm.

 

(j)                
The Manager shall prepare, or, at the sole cost and expense to the Company, cause to be prepared, regular reports
for the Board to enable the Board to review the Company’s acquisitions, portfolio composition and characteristics, credit
quality, performance, asset performance and compliance with the Investment Guidelines, and policies approved by the Board.

 

    	12

    	 

    

 

(k)              
Officers, employees and agents of the Manager and its Affiliates may serve as directors, officers, employees, agents,
nominees or signatories for the Company or any of its Subsidiaries, to the extent permitted by their Governing Agreements, by any
resolutions duly adopted by the Board. When executing documents or otherwise acting in such capacities for the Company or any of
its Subsidiaries, such Persons shall indicate in what capacity they are executing on behalf of the Company or any of its Subsidiaries.
Without limiting the foregoing, while this Agreement is in effect, the Manager will provide the Company with a management team,
including a Chief Executive Officer, a President and a Chief Financial Officer or similar positions, along with appropriate support
personnel, to provide the management services to be provided by the Manager to the Company hereunder, who shall devote such amount
of their time to the management of the Company as necessary and appropriate, commensurate with the level of activity of the Company
from time to time.

 

(l)                
At all times during the term of this Agreement, the Manager, at its sole cost and expense, shall maintain “errors
and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and investment managers
performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company
and the Subsidiaries.

 

(m)            
The Manager, at its sole cost and expense, shall provide or otherwise cause to be provided, such internal audit,
compliance and control services as may be required for the Company to comply with applicable law (including the Securities Act
and the Exchange Act), regulations (including SEC regulations) and the rules and requirements of the NYSE and as otherwise reasonably
requested by the Company or the Board from time to time.

 

(n)              
The Manager agrees to be bound by the Company’s Code of Business Conduct and Ethics, Corporate Governance Guidelines
and Policy on Insider Trading and other compliance and governance policies and procedures required under the Exchange Act, the
Securities Act, or by the NYSE or other securities exchange, if any (collectively, the “Conduct Policies”),
and to take, or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees,
and any principals, officers or employees of its Affiliates who are involved in the business and affairs of the Company, to be
bound by the Conduct Policies to the extent applicable to such Persons.

 

Section
3. Additional Activities of the Manager; Allocation of Investment Opportunities; Non-Solicitation; Restrictions.

 

(a)               
Nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or employees
from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment
objectives or policies of any such other Person or entity are similar to those of the Company, (ii) in any way bind or restrict
the Manager or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities
for their own accounts or for the account of others for whom the Manager or any of its Affiliates, officers, directors or employees
may be acting, or (iii) prevent the Manager or any of its Affiliates from receiving fees or other compensation or profits from
such activities described in this Section 3(a) which shall be for the Manager’s (and/or its Affiliates’) sole benefit.
While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment,
be appropriate under the circumstances and in light of the investment objectives and policies of the Company, they may be different
in certain material respects from the information and recommendations supplied by the Manager or any Affiliate of the Manager to
others. The Company shall be entitled to equitable treatment under the circumstances in receiving information, recommendations
and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the
treatment given by the Manager or any Affiliate of the Manager to others.

 

    	13

    	 

    

 

(b)              
In the event that the Company co-invests or otherwise participates in an investment with (including where the Company
participates at a more junior or senior level in the capital structure of an underlying borrower), purchases assets from, sells
assets to or arranges financing from or provides financing to, any Other LoanCore Vehicle, any such transaction must be approved
by a majority of the Independent Directors or a committee of the Board comprised solely of Independent Directors. In the event
that the Company co-invests with or otherwise participates in an investment with any Other LoanCore Vehicle, the Company shall
not be responsible for any fees payable to LoanCore Capital or any of its Affiliates other than to the Manager as set forth in
this Agreement, unless approved by a majority of the Independent Directors or a committee of the Board comprised solely of Independent
Directors.

 

(c)               
In the event of a Termination Without Cause of this Agreement by the Company pursuant to Section 10(b) hereof, for
two (2) years after such termination of this Agreement, the Company shall not, without the consent of the Manager, employ or otherwise
retain any employee of the Manager or any of its Affiliates or any person who has been employed by the Manager or any of its Affiliates
at any time within the two (2) year period immediately preceding the date on which such person commences employment with or is
otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Manager may be entitled
to equitable relief for any violation of this Section 3(c) by the Company, including injunctive relief.

 

(d)              
At the reasonable request of the Board, the Manager shall review the Allocation Policy with the Board and respond
to reasonable questions regarding the Allocation Policy as it relates to services under this Agreement. The Manager shall promptly
provide the Board with a description of any material amendments, updates and revisions to the Allocation Policy.

 

Section
4. Bank Accounts. At the direction of the Board, the Manager may establish and maintain, as agent on behalf of
the Company, one or more bank accounts in the name of the Company or any Subsidiary, and may collect and deposit into any such
account or accounts, and disburse funds from any such account or accounts, under such terms and conditions as the Board may approve;
and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board and, upon
request, to the auditors of the Company or any Subsidiary.

 

    	14

    	 

    

 

Section
5. Records; Confidentiality.

 

The Manager shall maintain appropriate books
of account, records and files relating to services performed hereunder, and such books of account, records and files shall be accessible
for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon advance written
notice. The Manager shall have full responsibility for the maintenance, care and safekeeping of all such books of account, records
and files (it being understood that services may be provided with respect to the Company by service providers (e.g., administrators,
prime brokers and custodians) and so long as such service providers are monitored by the Manager with due care, the Manager shall
be in compliance with the foregoing). The Manager shall keep confidential any and all non-public information, written or oral,
obtained by it in connection with the services rendered hereunder (“Confidential Information”) and shall not
use Confidential Information except in furtherance of its duties under this Agreement or disclose Confidential Information, in
whole or in part, to any Person other than (i) to officers, directors, employees, agents, representatives, advisors of the Manager
or its Affiliates who need to know such Confidential Information for the purpose of rendering services hereunder, (ii) to appraisers,
lenders or other financing sources, co-originators, custodians, administrators, brokers, commercial counterparties or any similar
entity and others in the ordinary course of the Company’s business ((i) and (ii) collectively, “Manager Permitted
Disclosure Parties”), (iii) in connection with any governmental or regulatory filings of the Company or disclosure or
presentations to Company investors (subject to compliance with Regulation FD), (iv) to governmental officials having jurisdiction
over the Company, (v) as requested by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder
is a party, or (vi) otherwise with the written consent of the Company. The Manager agrees to inform each of its Manager Permitted
Disclosure Parties of the non-public nature of the Confidential Information. Nothing herein shall prevent the Manager from disclosing
Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of, or pursuant
to any law or regulation to, any regulatory agency or authority, (iii) to the extent reasonably required in connection with the
exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided, however, that with respect
to clauses (i) and (ii), it is agreed that, so long as not legally prohibited, the Manager will provide the Company with written
notice within a reasonable period of time of such order, request or demand so that the Company may seek, at its sole expense, an
appropriate protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the
entry of a protective order or the receipt of a waiver hereunder, the Manager is required to disclose Confidential Information,
the Manager may disclose only that portion of such information that is legally required without liability hereunder; provided,
that the Manager agrees to exercise its reasonable best efforts to obtain reliable assurance that confidential treatment will be
accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded
from the provisions hereof: any Confidential Information that (A) is available to the public from a source other than the Manager,
(B) is released by the Company to the public (except to the extent exempt under Regulation FD) or to persons who are not under
a similar obligation of confidentiality to the Company, or (C) is obtained by the Manager from a third-party which, to the best
of the Manager’s knowledge, does not constitute a breach by such third-party of an obligation of confidence with respect
to the Confidential Information disclosed. The provisions of this Section 5 shall survive the expiration or earlier termination
of this Agreement for a period of one year.

 

    	15

    	 

    

 

Section
6. Compensation.

 

(a)               
For the services rendered under this Agreement, the Company shall pay the Base Management Fee and the Incentive Compensation
to the Manager. The Manager will not receive any compensation for the period prior to the Closing Date; provided, however,
that the Manager shall be entitled to reimbursement for certain expenses pursuant to Section 7 hereof.

 

(b)              
The parties acknowledge that the Base Management Fee is intended in part to compensate the Manager and its Affiliates
for the costs and expenses they will incur hereunder and pursuant to any sub-advisory agreement, as well as certain expenses not
otherwise reimbursable under Section 7 below, in order for the Manager to provide the Company the investment advisory services
and certain general management services rendered under this Agreement. The fee paid by the Manager under a sub-advisory agreement
(if any) shall not constitute an expense reimbursable by the Company under this Agreement or otherwise.

 

(c)               
The Base Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the quarter
in which this Agreement is executed. If applicable, the initial and final installments of the Base Management Fee shall be pro-rated
based on the number of days during the initial and final quarter, respectively, that this Agreement is in effect. The Manager shall
calculate each quarterly installment of the Base Management Fee, and deliver such calculation to the Company, within thirty (30)
days following the last day of each calendar quarter. The Company shall pay the Manager each installment of the Base Management
Fee within five (5) Business Days after the date of delivery to the Company of such computations.

 

(d)              
The Incentive Compensation shall be payable in arrears in cash, in quarterly installments commencing with the quarter
in which this Agreement is executed. Incentive Compensation shall be pro-rated for partial periods, to the extent necessary,
based on the number of days elapsed or remaining in such period, as the case may be (including the calendar quarter during which
the Closing Date occurs and any calendar quarter during which any Effective Termination Date occurs). The Manager shall compute
each quarterly installment of the Incentive Compensation within forty-five (45) days after the end of the calendar quarter with
respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall
thereafter promptly be delivered to the Board and, upon such delivery, payment of such installment of the Incentive Compensation
shown therein shall be due and payable no later than the date which is five (5) Business Days after the date of delivery to the
Board of such computations.

 

Section
7. Expenses of the Company.

 

(a)               
Subject to Section 7(b), the Manager shall be responsible for the expenses related to the personnel of the Manager
and its Affiliates who provide services to the Company pursuant to this Agreement or otherwise, including salaries, bonus and other
wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel,
except for the allocable share of the salaries and other compensation of the Company’s (a) Chief Financial Officer, based
on the percentage of his time spent on the affairs of the Company and (b) other corporate finance, tax, accounting, internal audit,
legal, risk management, operations, compliance and other non-investment professional personnel of the Manager or its Affiliates
who spend all or a portion of their time managing the affairs of the Company based on the percentage of their time spent on the
affairs of the Company.

 

    	16

    	 

    

 

(b)              
The Company shall pay all of its costs and expenses and shall reimburse the Manager or its Affiliates for documented
costs and expenses of the Manager and its Affiliates incurred on behalf of the Company, other than the expenses that are specifically
the responsibility of the Manager pursuant to Section 7(a). Without limiting the generality of the foregoing, it is specifically
agreed that the following costs and expenses of the Company or any Subsidiary shall be paid by the Company and shall not be paid
by the Manager or Affiliates of the Manager:

 

(i) fees,
costs and expenses in connection with the issuance and transaction costs incident to the acquisition, negotiation, structuring,
trading, settling, disposition and financing of the investments of the Company and its Subsidiaries (whether or not consummated),
including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited
deposits, and other investment costs, fees and expenses actually incurred in connection with the pursuit, making, holding, settling,
monitoring or disposing of actual or potential investments;

 

(ii)
fees, costs, and expenses of legal, tax, accounting, consulting, auditing, finance, administrative, investment banking,
capital market and other similar services rendered to the Company (including, where the context requires, by or through one or
more third parties and/or Affiliates of the Manager) or, if provided by the Manager’s personnel or personnel of Affiliates
of the Manager, in amounts that are no greater than those that would be payable to outside professionals or consultants engaged
to perform such services pursuant to agreements negotiated on an arm’s-length basis;

 

(iii)
the compensation and expenses of the Company’s directors (excluding those directors who are officers of the Manager)
and the cost of liability insurance to indemnify the Company’s directors and officers;

 

(iv)
interest and fees and expenses arising out of borrowings made by the Company, including costs associated with the establishment
and maintenance of any of the Company’s credit facilities, other financing arrangements, or other indebtedness of the Company
(including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities
offerings;

 

(v) expenses
connected with communications to holders of the Company’s securities or securities of the Subsidiaries and other bookkeeping
and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting
and other requirements of governmental bodies or agencies, including all costs of preparing and filing required reports with the
SEC, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the
Company’s securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing,
costs of preparing, printing and mailing the Company’s annual report to the Company’s stockholders and proxy materials
with respect to any meeting of the Company’s stockholders and any other reports or related statements;

 

    	17

    	 

    

 

(vi)
the Company’s allocable share of costs associated with technology-related expenses, including any computer software
or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Manager
that is used solely for the Company, technology service providers and related software/hardware utilized in connection with the
Company’s investment and operational activities;

 

(vii)
the Company’s allocable share of expenses incurred by managers, officers, personnel and agents of the Manager for
travel on the Company’s behalf and other out-of-pocket expenses incurred by them in connection with the purchase, financing,
refinancing, sale or other disposition of an investment or the establishment and maintenance of any securitizations or any of the
Company’s securities offerings;

 

(viii)
the Company’s allocable share of costs and expenses incurred with respect to market information systems and publications,
research publications and materials, including news research and quotation equipment and services;

 

(ix)
the costs and expenses relating to ongoing regulatory compliance matters and regulatory reporting obligations relating to
the Company’s activities;

 

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

 

(xi)
all taxes and license fees;

 

(xii)
all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable
to the insurance that the Manager elects to carry for itself and its personnel;

 

(xiii)
the Company’s allocable share of costs and expenses incurred in contracting with third parties, in whole or in part,
on the Company’s behalf;

 

(xiv)
all other costs and expenses relating to the Company’s business and investment operations, including the costs and
expenses of acquiring, owning, protecting, maintaining, developing and disposing of investments, including appraisal, reporting,
audit and legal fees;

 

(xv)
expenses (including the Company’s pro rata portion of rent, telephone, printing, mailing, utilities, office
furniture, equipment, machinery and other office, internal and overhead expenses) relating to any office(s) or office facilities,
including disaster backup recovery sites and facilities, maintained for the Company or the investments of the Company, its Subsidiaries,
the Manager or their Affiliates required for the Company’s operations;

 

    	18

    	 

    

 

(xvi)
expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused
to be made by the Board to or on account of holders of the Company’s securities or of the Subsidiaries, including in connection
with any dividend reinvestment plan;

 

(xvii)
any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company
or any Subsidiary, or against any director, trustee, partner, member or officer of the Company or of any Subsidiary in his capacity
as such for which the Company or any Subsidiary is required to indemnify such director, trustee, partner, member or officer by
any court or governmental agency; and

 

(xviii)
all other expenses actually incurred by the Manager (except as otherwise specifically excluded herein) which are reasonably
necessary for the performance by the Manager of its duties and functions under this Agreement.

 

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

 

(d)              
The Manager shall prepare a written expense statement in reasonable detail documenting the costs and expenses of
the Company incurred during each fiscal quarter to be reimbursed by the Company, and shall use commercially reasonable efforts
to deliver the same to the Company within forty-five (45) days following the end of the applicable fiscal quarter (subject to reasonable
delays resulting from delays in the receipt of information). The amounts payable for such cost and expense reimbursement shall
be paid by the Company within ten (10) days following delivery of the expense statement by the Manager; provided, that such
payments may be offset by the Manager against amounts due to the Company from the Manager. Cost and expense reimbursement to the
Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.

 

(e)               
The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent
such expenses have previously been incurred or are incurred in connection with such expiration or termination.

 

Section
8. Limits of the Manager’s Responsibility; Indemnification.

 

(a)               
The Manager assumes no responsibility under this Agreement other than to render the services called for hereunder
in good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations
of the Manager, including as set forth in the Investment Guidelines. To the fullest extent permitted by law, the Manager and its
Affiliates, and the directors, officers, employees, members, partners and stockholders of the Manager and its Affiliates, will
not be liable to the Company, any Subsidiary, the Board, the Company’s stockholders or any Subsidiary’s stockholders,
members or partners for any acts or omissions by the Manager or its officers, employees, members, partners or Affiliates performed
in accordance with, and pursuant to, this Agreement, except by reason of acts or omission constituting bad faith, willful misconduct,
gross negligence or reckless disregard of their respective duties under this Agreement. The Company shall, to the full extent lawful,
reimburse, indemnify and hold harmless the Manager, its Affiliates, and the directors, officers, employees, members, partners and
stockholders of the Manager and its Affiliates (each, a “Manager Indemnified Party”), from any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees)
(collectively “Losses”) in respect of or arising from any acts or omissions of such Manager Indemnified Party
performed in good faith under this Agreement and not constituting bad faith, willful misconduct, gross negligence or reckless disregard
of duties of such Manager Indemnified Party under this Agreement; provided, however, that the Company
shall not be required to indemnify a Manager Indemnified Party for any Losses to the extent such Losses were caused by acts or
omissions constituting a Cause Event. In addition, the Manager will not be liable for trade errors that may result from
ordinary negligence, including errors in the investment decision making process and/or in the trade process.

 

    	19

    	 

    

 

(b)              
The Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, its Subsidiaries,
the stockholders, members and partners of its subsidiaries and the directors, officers and employees of the Company and its Subsidiaries
and each Person, if any, controlling the Company (each, a “Company Indemnified Party”; a Manager Indemnified
Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”)
from any and all Losses in respect of or arising from (i) any acts or omissions of the Manager constituting bad faith, willful
misconduct, gross negligence or reckless disregard of duties of the Manager under this Agreement or (ii) any claims by the Manager’s
employees relating to the terms and conditions of their employment by the Manager.

 

(c)               
In case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified
Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall
give prompt written notice thereof to the indemnifying party, which notice shall include all documents and information in the possession
of or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall
specifically state that indemnification for such Claim is being sought under this Section; provided, however, that the failure
of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s rights other
than pursuant to this Section unless the failure to provide such notice results in material prejudice to the indemnifying party.
Subject to any applicable insurance policy’s terms and conditions, upon receipt of such notice of Claim (together with such
documents and information from such Indemnified Party), the indemnifying party shall, at its sole cost and expense, in good faith
defend any such Claim with counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights
of such Indemnified Party pursuant to the next succeeding sentence of this Section, also represent the indemnifying party in such
investigation, action or proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim if
(i) such Indemnified Party reasonably determines that the conduct of its defense by the indemnifying party could be materially
prejudicial to its interests, (ii) the indemnifying party refuses to assume such defense (or fails to give written notice to the
Indemnified Party within ten (10) days of receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii)
the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith.
The indemnifying party may settle any Claim against such Indemnified Party, provided, that (i) such settlement is
without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any admission of liability
or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written release of liability for
such Indemnified Party from the party to the Claim with whom such settlement is being made, which release must be reasonably acceptable
to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified
Party in connection with such Claim. The applicable Indemnified Party shall reasonably cooperate with the indemnifying party, at
the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with
the terms hereof. If such Indemnified Party is entitled pursuant to this Section 8 to elect to defend such Claim by counsel of
its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered
into by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle
any Claim and seek reimbursement therefor under this Section.

 

    	20

    	 

    

 

(d)              
Any Indemnified Party entitled to indemnification hereunder shall first seek recovery from any other indemnity then
available with respect to portfolio entities and/or any applicable insurance policies by which such Indemnified Party is indemnified
or covered prior to seeking recovery hereunder and shall obtain the written consent of the Company or the Manager (as applicable)
prior to entering into any compromise or settlement which would result in an obligation of the Company or the Manager (as applicable)
to indemnify such Indemnified Party. If such Indemnified Party shall actually recover any amounts under any applicable insurance
policies or other indemnity then available, it shall offset the net proceeds so received against any amounts owed by the Company
or the Manager (as applicable) by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by the
Company or the Manager (as applicable) in full prior to the actual receipt of such net insurance proceeds, it shall pay over such
proceeds (up to the amount of indemnification paid by the Company or the Manager (as applicable) to such Indemnified Party) to
the Company or the Manager (as applicable). If the amounts in respect of which indemnification is sought arise out of the conduct
of the business and affairs of the Company or the Manager and also of any other Person or entity for which the Indemnified Party
hereunder was then acting in a similar capacity, the amount of the indemnification to be provided by the Company or the Manager
(as applicable) may be limited to the Company’s or the Manager’s (as applicable) allocable share thereof if so determined
by the Company or the Manager (as applicable) in good faith. Notwithstanding anything to the contrary in this Section 8 and for
greater certainty it is understood and/or agreed that, to the extent that an Indemnified Party is also entitled to be indemnified
by one or more portfolio entities, it is intended that (i) such portfolio entities shall be the indemnitors of first resort, (ii)
the Company’s or the Manager’s (as applicable) obligation, if any, to indemnify any Indemnified Party shall be reduced
by any amount that such Indemnified Party shall collect as indemnification from such entity and from any then available insurance
policies, which the Indemnified Party shall have an obligation to seek payment from prior to seeking payment from the Company or
the Manager in respect of such Claims, and (iii) if the Company or the Manager pays or causes to be paid any amounts that should
have been paid by such portfolio entity or under such insurance policies, then (x) the Company or the Manager (as applicable) shall
be fully subrogated to all rights of the relevant Indemnified Party with respect to such payment, and (y) each relevant Indemnified
Party shall assign to the Company or the Manager (as applicable) all of the Indemnified Party’s rights to indemnification
from or with respect to such entity’s indemnification.

 

    	21

    	 

    

 

(e)               
The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement.

 

Section
9. No Joint Venture. The Company and the Manager are not partners or joint venturers with each other and nothing
herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.

 

Section
10. Term; Renewal; Termination Without Cause.

 

(a)               
This Agreement is effective on the Closing Date and shall continue in operation, unless terminated in accordance
with the terms hereof, until the third anniversary of the Closing Date (the “Initial Term”). After the Initial
Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic
Renewal Term”) unless the Company or the Manager elects not to renew this Agreement in accordance with Section 10(b)
or Section 10(d), respectively.

 

(b)              
Notwithstanding any other provision of this Agreement to the contrary, upon the expiration of the Initial Term or
any Automatic Renewal Term and upon one hundred eighty (180) days’ prior written notice to the Manager (the “Termination
Notice”), the Company may, without cause, in connection with the expiration of the Initial Term or the then current Automatic
Renewal Term, decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”) upon the
affirmative vote of at least two-thirds (2/3) of the Independent Directors that (1) there has been unsatisfactory performance by
the Manager that is materially detrimental to the Company and its Subsidiaries taken as a whole or (2) the Base Management Fee
and the Incentive Compensation, taken as a whole, payable to the Manager is not fair, subject to Section 10(c) below. In the event
of a Termination Without Cause, the Company shall pay the Manager the Termination Fee before or on the last day of the Initial
Term or such Automatic Renewal Term, as the case may be (the “Effective Termination Date”). The Company may
terminate this Agreement upon the occurrence of a Cause Event pursuant to Section 12 hereof even after a Termination Notice and,
in such case, no Termination Fee shall be payable.

 

(c)               
Notwithstanding the provisions of subsection (b) above, if the reason for nonrenewal specified in the Company’s
Termination Notice is that two-thirds (2/3) of the Independent Directors have determined that the Base Management Fee and the Incentive
Compensation, taken as a whole, payable to the Manager is unfair, the Company shall not have the foregoing nonrenewal right in
the event the Manager agrees that it will continue to perform its duties hereunder during the Automatic Renewal Term that would
commence upon the expiration of the Initial Term or then current Automatic Renewal Term at a fee that at least two-thirds of the
Independent Directors determine to be fair; provided, however, the Manager shall have the right to renegotiate the Base
Management Fee and/or the Incentive Compensation, by delivering to the Company, not less than 120 days prior to the pending Effective
Termination Date, written notice (a “Notice of Proposal to Negotiate”) of its intention to renegotiate the Base
Management Fee and/or the Incentive Compensation. Thereupon, the Company and the Manager shall endeavor to negotiate the Base Management
Fee and/or the Incentive Compensation in good faith. Provided that if the Company and the Manager agree to a revised Base Management
Fee, Incentive Compensation or other compensation structure within sixty (60) days following the Company’s receipt of the
Notice of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement
shall continue in full force and effect on the terms stated herein, except that the Base Management Fee, the Incentive Compensation
or other compensation structure shall be the revised Base Management Fee, Incentive Compensation or other compensation structure
as then agreed upon by the Company and the Manager. The Company and the Manager agree to execute and deliver an amendment to this
Agreement setting forth such revised Base Management Fee, Incentive Compensation or other compensation structure promptly upon
reaching an agreement regarding the same. In the event that the Company and the Manager are unable to agree to a revised Base Management
Fee, Incentive Compensation or other compensation structure during such sixty (60) day period, this Agreement shall terminate on
the Effective Termination Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective Termination
Date.

 

    	22

    	 

    

 

(d)              
No later than one hundred eighty (180) days prior to the expiration of the Initial Term or the then current Automatic
Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to
renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on
the anniversary date of this Agreement next following the delivery of such notice. The Company is not required to pay to the Manager
the Termination Fee if the Manager terminates this Agreement pursuant to this Section 10(d).

 

(e)               
Except as set forth in this Section 10, a nonrenewal of this Agreement pursuant to this Section 10 shall be without
any further liability or obligation of either party to the other, except as provided in Section 3(c), Section 5, Section 7, Section
8 and Section 14 of this Agreement.

 

(f)               
The Manager shall cooperate, at the Company’s expense, with the Company in executing an orderly transition
of the management of the Company’s consolidated assets to a new manager.

 

Section
11. Assignments.

 

(a)               
Assignments by the Manager. This Agreement shall terminate automatically without payment of the Termination
Fee in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the
Company with the consent of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under
this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all acts or omissions
of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of
this Agreement naming such assignee as the Manager. Notwithstanding the foregoing, the Manager may, without the approval of the
Company’s Independent Directors, (i) assign this Agreement to one or more Affiliates of the Manager and (ii) delegate to
one or more of its Affiliates, including sub-advisors where applicable, the performance of any of its responsibilities hereunder
so long as it remains liable for any such Affiliate’s performance, in each case so long as assignment or delegation does
not require the Company’s approval under the Advisers Act (but if such approval is required, the Company shall not unreasonably
withhold, condition or delay its consent). Nothing contained in this Agreement shall preclude any pledge, hypothecation or other
transfer of any amounts payable to the Manager under this Agreement.

 

    	23

    	 

    

 

(b)              
Assignments by the Company. This Agreement shall not be assigned by the Company without the prior written
consent of the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor
(by merger, consolidation, purchase of assets, or other transaction) to the Company, in which case such successor organization
shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement.

 

Section
12. Termination for Cause.

 

(a)               
The Company may terminate this Agreement effective upon thirty (30) days’ prior written notice of termination
from the Company to the Manager, without payment of any Termination Fee, upon the occurrence of a Cause Event.

 

(b)              
The Manager may terminate this Agreement effective upon sixty (60) days’ prior written notice of termination
to the Company in the event that the Company shall default in the performance or observance of any material term, condition or
covenant contained in this Agreement and such default shall continue for a period of thirty (30) days after written notice thereof
specifying such default and requesting that the same be remedied in such 30-day period. The Company is required to pay to the Manager
the Termination Fee if the termination of this Agreement is made pursuant to this Section 12(b).

 

(c)               
The Manager may terminate this Agreement if the Company becomes required to register as an investment company under
the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall
not be required to pay the Termination Fee.

 

Section
13. Action Upon Termination. From and after the effective date of termination of this Agreement pursuant to Sections
10, 11, or 12 of this Agreement, the Manager shall not be entitled to compensation for further services hereunder, but shall be
paid all compensation accruing to the date of termination and, if terminated pursuant to Section 12(b) hereof or not renewed pursuant
to Section 10(b) hereof (subject to Section 10(c) hereof), the Termination Fee. Upon any such termination, the Manager shall forthwith:

 

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

 

(b)              
deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement
of all money held by it, covering the period following the date of the last accounting furnished to the Board with respect to the
Company and any Subsidiaries; and

 

(c)               
deliver to the Board all property and documents of the Company and any Subsidiaries then in the custody of the Manager,
provided, that the Manager shall be permitted to retain copies of such documents for its records and, if so retained, the
Manager shall continue to be bound by the confidentiality obligations and other obligations set forth in Section 5 hereof with
respect to the retained documents.

 

    	24

    	 

    

 

Section
14. Release of Money or Other Property Upon Written Request.

 

The Manager agrees that any money or other
property of the Company (which such term, for the purposes of this Section, shall be deemed to include any and all of its Subsidiaries,
if any) held by the Manager shall be held by the Manager as custodian for the Company, and the Manager’s records shall be
appropriately and clearly marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the
Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company
any money or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release
such money or other property to the Company within a reasonable period of time, but in no event later than thirty (30) days following
such request. Upon delivery of such money or other property to the Company, the Manager shall not be liable to the Company, the
Board, or the Company’s stockholders or partners for any acts or omissions by the Company in connection with the money or
other property released to the Company in accordance with this Section. The Company shall indemnify the Manager, its directors,
officers, stockholders, members, partners, employees and agents against any and all Losses which arise in connection with the Manager’s
proper release of such money or other property to the Company in accordance with the terms of this Section 14. Indemnification
pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 8 of this Agreement.

 

Section
15. Representations and Warranties.

 

(a)               
The Company hereby represents and warrants to the Manager as follows:

 

(i) The
Company is duly organized, validly existing and in good standing under the laws of the State of Maryland, has the corporate power
and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct
the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures
to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations,
assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole.

 

(ii)
The Company has the corporate power and authority and the legal right to make, deliver and perform this Agreement and all
obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions
hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any
other Person that has not already been obtained, including stockholders and creditors of the Company, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Company in connection with this Agreement or the execution, delivery, performance, validity or enforceability
of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder
will be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each instrument
or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation
of the Company enforceable against the Company in accordance with its terms.

 

    	25

    	 

    

 

(iii)
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Company, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Company, or the Governing Agreements of, or any securities issued by the Company or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Company is a party or by which
the Company or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole, and will not result in, or require,
the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of any such mortgage,
indenture, lease, contract or other agreement, instrument or undertaking.

 

(b)              
The Manager hereby represents and warrants to the Company as follows:

 

(i) The
Manager is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the limited liability
company power and authority and the legal right to conduct the business in which it is now engaged and is duly qualified as a foreign
corporation and in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of
its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the
aggregate have a material adverse effect on the business operations, assets or financial condition of the Manager.

 

(ii)
The Manager has the limited liability company power and authority and the legal right to make, deliver and perform this
Agreement and all obligations required hereunder and has taken all necessary limited liability company action to authorize this
Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations
required hereunder. No consent of any other Person, including members and creditors of the Manager, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability
of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder
will be, executed and delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument
or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation
of the Manager enforceable against the Manager in accordance with its terms.

 

(iii)
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Manager, or the Governing Agreements of, or any securities issued by the Manager or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which
the Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien on any
of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking.

 

    	26

    	 

    

 

Section
16. Miscellaneous.

 

(a)               
Notices. Any notices that may or are required to be given hereunder by any party to another shall be deemed
to have been duly given if (i) personally delivered or delivered by facsimile, when received, (ii) sent by U.S. Express Mail or
recognized overnight courier, on the second following Business Day (or third following Business Day if mailed outside the United
States), (iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Manager
and for which the Company has received access instructions by electronic mail, when posted:

 

	The Company:	
        LoanCore Realty Trust, Inc. 

        55 Railroad Avenue, Suite 100 

        Greenwich, Connecticut 06830 

        Attention: Chief Financial Officer 

        Fax: (203) 861-6006 

        Email: cmccormack@loancorecapital.com 

	 	 
	with a copy to:	
        Sidley Austin LLP 

        787 Seventh Avenue 

        New York, New York 10019 

        Attention: Edward F. Petrosky, Esq.

                           J. Gerard
Cummins, Esq. 

        Fax: (212) 839-5300 

        Email: epetrosky@sidley.com

                    jcummins@sidley.com 

	 	 
	The Manager:	
        LoanCore Advisors, LLC 

        55 Railroad Avenue, Suite 100 

        Greenwich, Connecticut 06830 

        Attention: Jordan Bock 

        Fax: (203) 861-6006 

        Email: jbock@loancorecapital.com 

	 	 
	with a required copy to:	
        Sidley Austin LLP 

        787 Seventh Avenue 

        New York, New York 10019 

        Attention: Edward F. Petrosky, Esq.

                           J. Gerard
Cummins, Esq. 

        Fax: (212) 839-5300 

        Email: epetrosky@sidley.com 

                    jcummins@sidley.com

 

    	27

    	 

    

(b)              
Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided
herein.

 

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

 

(d)              
Amendments. Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except
in an instrument in writing executed by the parties hereto.

 

(e)               
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT
COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT.

 

(f)               
WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(g)              
Survival of Representations and Warranties. All representations and warranties made hereunder, and in any
document, certificate or statement delivered pursuant hereto or in connection herewith, shall survive the execution and delivery
of this Agreement.

 

(h)              
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party
hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

    	28

    	 

    

 

(i)                
Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements
of counsel and accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement,
and all matters incident thereto.

 

(j)                
Section Headings. The section and subsection headings in this Agreement are for convenience of reference only
and shall not be deemed to alter or affect the interpretation of any provisions hereof.

 

(k)              
Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts
(including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(l)                
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each of the parties hereto
has executed this Management Agreement as of the date first written above.

 

 

	 	LoanCore Realty Trust, Inc.
	 	 	 	 
	 	 	 	 
	 	By:  	 
	 	 	Name:  	 
	 		Title:  	 
	 	 	 	 
	 	 
	 	LoanCore Advisors, LLC
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 		Title:	 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Management Agreement]

 

    	 

    	 

    

 

Exhibit A

 

Investment Guidelines

 

1.                
No investment shall be made without
the approval of the Manager Investment Committee.

 

2.                
No investment shall be made that would
cause the Company to fail to qualify as a REIT under the Code.

 

3.                
No investment shall be made that would
cause the Company or any of its Subsidiaries to be required to be registered as an investment company under the Investment Company
Act.

 

4.                
Investments will be predominantly in
the Company’s Target Assets.

 

5.                
Prior to the deployment of capital into
investments, the Manager may cause the capital of the Company to be invested in any short-term investments in money market funds,
bank accounts, overnight repurchase agreements with primary Federal Reserve Bank Dealers collateralized by direct U.S. government
obligations and other instruments or investments determined by the Manager to be of high quality.

 

6.                
Not more than 25% of Equity will be
invested in any individual investment without the approval of the Board (it being understood, however, that for purposes of the
foregoing concentration limit, in the case of any investment that is comprised (whether through a structured investment vehicle
or other arrangement (including through DivCore CLO 2013-1, Ltd.)) of securities, instruments or assets of multiple portfolio issuers,
such investment for purposes of the foregoing limitation shall be deemed to be multiple investments in such underlying securities,
instruments and assets and not such particular vehicle, product or other arrangement in which they are aggregated).

 

7.                
Any investment in excess of $250 million
shall require the approval of the Board.

 

These Investment Guidelines may be amended,
restated, supplemented or waived by the Board (which must include a majority of the Independent Directors) from time to time, without
the approval of the Company’s stockholders.Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is entered into as of [●] [●], 2015 among LoanCore Realty Trust, Inc., a Maryland corporation
(the “Company”), and LoanCore Advisors, LLC, a Delaware limited liability company (the “Manager”).

WHEREAS, the Company may, from time to
time, grant to the Manager awards under the Company’s 2015 Equity Incentive Plan consisting of Common Shares (as defined
herein) or securities exercisable or exchangeable for common shares (the “Plan Common Shares”); and

WHEREAS, the parties hereto desire to
enter into this Agreement to provide each Designated Holder (as defined herein) with certain registration rights described herein
with respect to his/her or its Registrable Securities (as defined herein).

NOW, THEREFORE, the parties hereto, in
consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, hereby agree as follows:

SECTION
1  DEFINITIONS

As used in this Agreement, and unless
the context requires a different meaning, the following terms have the meanings indicated:

“Affiliate” means,
with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person.
For purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Agreement” mean this
Agreement, as the same may be amended in accordance with the terms hereof.

“Board of Directors”
means the board of directors of the Company.

“Business Day” means
any day except a Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
law or regulation to close.

“Closing Price” means,
with respect to the Registrable Securities, as of the date of determination, (a) if the Registrable Securities are listed on a
national securities exchange, the closing price per share of a Registrable Security on such date quoted on Bloomberg or a similar
platform or, if no such closing price on such date is quoted on Bloomberg or a similar platform, the average of the closing bid
and asked prices on such date, as officially reported on the principal national securities exchange on which the Registrable Securities
are then listed or admitted to trading, (b) if the Registrable Securities are not then listed on a national securities exchange,
the last sale price or, if such last sale price is not then reported, the average of the high bid and low asked prices in the over-the-counter
market, as reported by The Nasdaq Stock Market or comparable system then in use, (c) if the Registrable Securities are not then
reported by The Nasdaq Stock Market or comparable system, the average of the closing bid and asked prices as furnished by a professional
market-maker making a market in the Registrable Securities selected by the Company or (d) if none of (a), (b) or (c) is applicable,
a market price per Common Share determined in good faith by the Board of Directors. If trading is conducted on a continuous basis
on any national securities exchange, then the closing price shall be at 4:00 P.M. New York City time.

    	 

    	 

    

“Commission” means the Securities and
Exchange Commission or any successor agency then having jurisdiction to enforce the Securities Act.

“Common Shares” means
shares of the Company’s common stock, par value $0.01 per share.

“Company” has the
meaning set forth in the preamble to this Agreement.

“Demand Registration”
has the meaning set forth in Section 3.1(a).

“Designated Holder”
means (a) the Manager in its capacity as a holder of Registrable Securities and (b) any direct or indirect transferee of such Registrable
Securities from the Manager permitted under Section 9.4, provided, in each case, that the Manager or such transferee shall
then own Registrable Securities.

“Disclosure Package”
means, with respect to any offering of Common Shares, (a) the Prospectus, (b) each Free Writing Prospectus and (c) all oral information,
in each case, that is conveyed, in accordance with Rule 159 under the Securities Act, by or on behalf of the Company to purchasers
of such Common Shares at the time of sale therefor (including a contract of sale).

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

“Existing Shelf Registration
Statement” has the meaning set forth in Section 3.1(a).

“FINRA” means the
Financial Industry Regulatory Authority, Inc.

“Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 under the Securities Act.

“Holders’ Counsel”
has the meaning set forth in Section 5.2(a).

“Indemnified Party”
has the meaning set forth in Section 6.3.

“Indemnifying Party”
has the meaning set forth in Section 6.3.

“Initiating Holder”
has the meaning set forth in Section 3.1(a).

“Inspector” has the
meaning set forth in Section 5.2(j).

    	2

    	 

    

“IPO” means the Company’s
proposed initial public offering of Common Shares.

“Lock-Up Agreement”
has the meaning set forth in Section 3.1.

“Majority-in-Interest”
means holders of a majority of the specified Registrable Securities.

“Managing Underwriter”
means the managing underwriter(s) for an underwritten offering.

“New Registration Statement”
has the meaning set forth in Section 3.1(a).

“Person” means a natural
person, partnership (whether general or limited), trust, estate, association, corporation, limited liability company, unincorporated
organization, custodian, nominee or any other individual or entity in its own or any representative capacity.

“Piggy-Back Registration”
has the meaning set forth in Section 4.1.

“Plan Common Shares”
has the meaning set forth in the recitals to this Agreement.

“Prospectus” has the
meaning set forth in Section 3.1(a).

“Records” has the
meaning set forth in Section 5.2(j).

“Registrable Securities”
means, subject to Section 9.4, at any time (i) the Plan Common Shares, upon original issuance thereof and at all times subsequent
thereto, and (ii) any Common Shares issued or issuable with respect to any Plan Common Shares by way of a stock dividend or stock
split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization; provided,
however, that Plan Common Shares referred to in clause (i) and the Common Shares referred to in clause (ii) shall cease
to be Registrable Securities upon the earliest to occur of the following: (a) a Registration Statement covering the offering and
sale of such Registrable Securities has been declared or otherwise has become effective under the Securities Act and such Registrable
Securities have been disposed of pursuant to such effective Registration Statement; (b) such Registrable Securities shall have
been sold pursuant to Rule 144 (or any successor provision) under the Securities Act; and (c) such Registrable Securities cease
to be outstanding.

“Registration Expenses”
has the meaning set forth in Section 7.

“Registration Notice”
has the meaning set forth in Section 3.1(a).

“Registration Rights”
has the meaning set forth in Section 2.1.

“Registration Statement”
has the meaning set forth in Section 3.1(a).

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

    	3

    	 

    

“Shelf Registration Statement”
means a registration statement filed with the Commission pursuant to Rule 415 under the Securities Act (or any successor rule)
with respect to the offer and sale of Common Shares from time to time on a delayed basis.

“Suspension Event”
has the meaning set forth in Section 3.2.

SECTION
2  REGISTRATION RIGHTS

2.1  
Grant of Rights. The Company hereby agrees that each Designated Holder shall be entitled to offer and sell
his/her or its Registrable Securities pursuant to one or more Registration Statements, subject to the terms and conditions set
forth in Section 3 and Section 4 hereof (the “Registration Rights”).

SECTION
3  DEMAND REGISTRATION RIGHTS

3.1  
(a) Demand Registration. Subject to Sections 3.1(c) and 3.2 hereof, at any time and from time to time, each
Designated Holder (in such capacity, an “Initiating Holder”) may deliver to the Company a written notice (a
“Registration Notice”) informing the Company of his/her or its desire to have his/her or its Registrable Securities
registered for sale and specifying the number of Registrable Securities to be registered by the Company and the intended method
of disposition thereof and that such request is being made pursuant to this Section 3.1(a) (a “Demand Registration”).

The Company may cause the Registrable
Securities that are the subject of a Demand Registration made in accordance with the immediately preceding paragraph to be included
as part of an existing shelf registration statement and related prospectus that the Company then has on file with, and which has
been declared effective by, the Commission under the Securities Act, or otherwise become effective thereunder, and which remains
effective and not subject to any stop order of the Commission (an “Existing Shelf Registration Statement”).
Absent inclusion of such Registrable Securities in an Existing Shelf Registration Statement and subject to Sections 3.1(c) and
3.2 hereof, the Company shall file with the Commission as soon as reasonably practicable after receiving a Registration Notice,
but in any event prior to the later of (i) the first Business Day following the expiration of the period referred to in the lock-up
letter to be delivered by the Manager pursuant to the underwriting agreement to be entered into among the Company, the Manager
and the underwriters named therein for the sale of Common Shares in the IPO (the “Lock-Up Agreement”) and (ii)
the sixtieth (60th) day following the Company’s receipt of such Registration Notice, a new registration statement
and related prospectus (which may take the form of a Shelf Registration Statement in the sole discretion of the Company) (a “New
Registration Statement”) providing for the offer and sale by the applicable Designated Holder of such Registrable Securities
and agrees to use its commercially reasonable efforts to cause such New Registration Statement be declared effective by the Commission
under the Securities Act as soon as practicable thereafter (unless such New Registration Statement is automatically effective upon
filing), in each case giving due regard to the need to prepare current financial statements, conduct due diligence and complete
other actions necessary to effect a registered public offering of securities. As used herein, “Registration Statement”
and “Prospectus” refer to a registration statement on a form the Company is then eligible to use and related
prospectus (including any preliminary prospectus and prospectus supplement) filed with the Commission pursuant to the Securities
Act and utilized by the Company to satisfy a Designated Holder’s Registration Rights pursuant to this Agreement, including
an Existing Shelf Registration Statement and related prospectus (including any preliminary prospectus and prospectus supplement)
or a New Registration Statement and related prospectus (including any preliminary prospectus and prospectus supplement), including,
in each case, any documents incorporated or deemed to be incorporated therein by reference.

    	4

    	 

    

(b)   
Offers and Sales. All offers and sales of Registrable Securities by a Designated Holder under the Registration
Statement shall be completed within the period during which such Registration Statement remains effective and not the subject of
any stop order of the Commission. Upon notice from the Company pursuant to Section 5.2(d)(2) hereof that such Registration Statement
is no longer effective, no Designated Holder shall offer or sell the Registrable Securities covered by such Registration Statement
or use the Prospectus then in its possession.

Notwithstanding the foregoing, a registration
of Registrable Securities pursuant to a Registration Notice shall not constitute a Demand Registration:

(1)   
until the applicable Registrable Statement has become effective and has been effective under the Securities Act for
the lesser of (i) the period during which all such Registrable Securities registered in the Demand Registration are sold and (ii)
one hundred twenty (120) days, in the case of a New Registration Statement other than a Shelf Registration Statement, and three
(3) years, in the case of a Shelf Registration Statement; provided, however, that if the Company postpones the filing of the applicable
Registration Statement or suspends the effectiveness of, or prohibits sales of Registrable Securities under, the applicable Registration
Statement, in each case as permitted by Section 3.2 hereof, the time periods referenced in clause (ii) above shall be extended
by the aggregate number of days of such postponement, suspension or prohibition, as the case may be; and

(2)   
if the Company fails to satisfy the conditions specified in the underwriting agreement, if any, entered into in connection
with such Demand Registration that it is required to satisfy at or prior to the closing for the sale of such Registrable Securities.

(c)    
Restrictions on Public Sale by Designated Holders. Each Designated Holder hereby agrees that it shall not,
to the extent requested by the Company or, in the case of an underwritten offering, the Managing Underwriter, directly or indirectly,
sell, offer to sell (including, without limitation, any short sale), grant any option or otherwise transfer or dispose of any Common
Shares (other than to donees or Affiliates of such Designated Holder who agree to be similarly bound) within fifteen (15) days
prior to, and for (1) one hundred eighty (180) days, in the event of the IPO (or such other period as may be requested by the Company
or the Managing Underwriter pursuant to the Lock-Up Agreement) or (2) 90 days (or such shorter period as agreed upon with the Company
and the Managing Underwriter), in the event of any subsequent offering, beginning on, the date of an underwriting agreement with
respect to an underwritten offering of Common Shares by the Company, either directly or on behalf of the applicable Designated
Holder; provided, however, that the Company shall provide prior notice to the Designated Holders of any offering
contemplated by this Section 3.1(c); and provided, further, that:

    	5

    	 

    

(x)    all executive officers and directors
of the Company then holding Common Shares shall enter into similar agreements;

(y)    the Company shall use its commercially
reasonable efforts to obtain similar agreements from each 5% or greater holder of Common Shares; and

(z)    such Designated Holder shall be
allowed any concession or proportionate release allowed to any officer, director or other 5% or greater holder of Common Shares
that entered into similar agreements.

In order to enforce the foregoing covenant, the Company shall
have the right to place restrictive legends on the certificates representing the Registrable Securities subject to this Section
3.1(c) and to impose stop transfer instructions with respect to the Registrable Securities and such other Common Shares of a Designated
Holder (and the Common Shares or securities of every other person subject to the foregoing restriction) until the end of such period.

3.2  
Limitations on Demand Registrations; Suspension of Offering. A Designated Holder may not exercise any Demand
Registration rights within 60 days following such Designated Holder’s prior exercise of a Demand Registration right. Notwithstanding
Section 3.1(a) hereof, if the Board of Directors, in its good faith judgment, determines that (a) any registration, offer or sale
of Registrable Securities would materially and adversely affect any financing or other offering of securities of the Company, (b)
any registration, offer or sale of Registrable Securities should not be made or continued because of the negotiation, probability
or consummation of a material transaction by the Company or its subsidiaries or (c) an event has occurred whose negotiation, probability
or consummation would require additional or different disclosure by the Company in the Registration Statement of material information
which the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration
Statement would be expected, in the Board of Directors’ reasonable determination, to cause the Registration Statement to
fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”), the Company
may (1) postpone the filing of a Registration Statement, and (2) in the case of a Registration Statement that has been filed relating
to a Demand Registration, upon the approval of the Board of Directors, prohibit the Designated Holders from offering or selling
Registrable Securities under such Registration Statement and suspend the effectiveness of such Registration Statement and prohibit
the use of the applicable Prospectus therefor; provided, however, that the Designated Holders’ rights to make sales
pursuant to an effective Registration Statement cannot be suspended following an abandonment of the transactions described in clauses
(a) or (b) or if the Board of Directors no longer believes (in its good faith judgment) that the event described in clause (c)
would continue to require additional or different disclosure in the Registration Statement of material information which the Company
has a bona fide business purpose for keeping confidential; and provided, further, that the Company may not effect
any such postponement, prohibition or suspension for more than sixty (60) consecutive days at any one time or more than twice
in any twelve (12) month period.

    	6

    	 

    

Upon receipt of any written notice from
the Company of the occurrence of any Suspension Event or that the applicable Registration Statement or Prospectus contains any
untrue statement of a material fact or omits 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, in the case of the Prospectus) not misleading, each
Designated Holder agrees that (a) it will immediately discontinue offers and sales of his/her or its Registrable Securities under
the applicable Registration Statement and use of the Prospectus then in its possession until such Designated Holder is notified
in writing by the Company that it may resume such offers and sales, and (b) it will maintain the confidentiality of the delivery
of any such written notice to it by the Company and any information included in such written notice unless otherwise required by
applicable law or subpoena. If so directed by the Company, each Designated Holder will deliver any amended or supplemented Prospectus
provided to it by the Company in connection with such Designated Holder’s offers and sales of Registrable Securities in lieu
of the Prospectus previously in its possession.

In the event that the applicable Registration
Statement incorporates by reference documents filed by the Company under the Exchange Act and all reports required to be filed
by the Company pursuant to the Exchange Act have not been filed by the required date (taking into account any permissible extension),
upon written notice thereof by the Company to the Designated Holders, the rights of the Designated Holders to offer and/or sell
any Registrable Securities or to require the Company to take action with respect to the registration, offer or sale of any Registrable
Securities shall be suspended until the date on which the Company has filed such reports, and the Company shall file all such reports
as promptly as practicable and promptly notify the Designated Holders in writing when such suspension is no longer required.

3.3  
Underwriting Procedures. If an Initiating Holder so elects, the Company shall use its commercially reasonable
efforts to cause his/her or its Demand Registration to be in the form of an underwritten offering (which, for the avoidance of
doubt, shall include, if the Registration Statement is in the form of a Shelf Registration Statement, preparing and filing a prospectus
supplement that relates to such underwritten offering) and the Managing Underwriter for such offering shall be selected by the
Company and such Initiating Holder. If the Managing Underwriter advises the Company that the aggregate amount of such Registrable
Securities requested to be included in such offering is sufficiently large to have a material adverse effect on the success of
such offering, then the Company shall include in such Demand Registration only the aggregate amount of Registrable Securities that
the Managing Underwriter believes may be sold without any such material adverse effect and shall reduce the amount of Registrable
Securities to be included in such registration, which, in the case of multiple Initiating Holders exercising their Demand Registration
rights as part of such offering, shall be made pro rata based on the number of Registrable Securities requested by each
such Initiating Holders to be part of such offering. Notwithstanding anything to the contrary contained herein, (i) if the Company
desires to sell Common Shares for its own account, it may include a number of Common Shares in the applicable Registration Statement
and related offering up to 10% of all of the Common Shares being sold in such offering, and (ii) the Company shall not be obligated
to effect, or take any action to effect, an underwritten offering pursuant to a Demand Registration by an Initiating Holder during
the period commencing on the date that is thirty (30) days prior to the Company’s good faith estimate of the filing date
for a registration statement covering the offering and sale of Common Shares by the Company with respect to which the Company gave
written notice to such Initiating Holder pursuant to Section 4.1 and ending on the date that is ninety (90) days after the effectiveness
of such registration statement.

    	7

    	 

    

SECTION
4  PIGGY-BACK REGISTRATION.

4.1  
Request for Piggy-Back Registration. Following the expiration of the periods referred to in the Lock-Up Agreement
or an earlier release from the terms thereof by the Managing Underwriter, if at any time the Company proposes to file a Registration
Statement (other than a Registration Statement on Form S-4 or Form S-8 or a Registration Statement for the offering and sale of
convertible debt securities) with respect to an offering of Common Shares by the Company for its own account solely for cash or
for the account of any registered holder of Common Shares (including other Designated Holders), then the Company shall give written
notice of such proposed filing to each of the Designated Holders at least fifteen (15) Business Days before the anticipated filing
date, and such notice shall describe the proposed registration and offering and offer the Designated Holders the opportunity to
register the number of Registrable Securities as each such Designated Holder may request (a “Piggy-Back Registration”).
The Company shall use its commercially reasonable efforts to cause the Managing Underwriter for such offering to permit each Designated
Holder who has requested of the Company in writing at least five (5) Business Days before the anticipated filing date to participate
in the Piggy-Back Registration to include his/her or its Registrable Securities in such offering on the same terms and conditions
as the Common Shares of the Company or the applicable registered holders, as the case may be, included therein. The Company shall
have the absolute right to withdraw or cease to prepare or file any Registration Statement or otherwise terminate any offering
of Common Shares referred to in this Section 4.1 without any obligation or liability to any Designated Holder.

4.2  
Allocation. In connection with any Piggy-Back Registration under Section 4.1 involving an underwritten
offering, the Company shall not be required to include any Registrable Securities in such underwritten offering unless the Designated
Holders thereof accept the terms of such underwritten offering as agreed upon between the Company and the Managing Underwriter,
and then only in such quantity as the Managing Underwriter believes, in its sole judgment, will not jeopardize the timing, terms
or success of such underwritten offering for the Company. If the Managing Underwriter determines, in its sole judgment, that a
limitation in the Piggy-Back Registration of the number of Common Shares to be included therein is required in order to not jeopardize
the timing, terms or success of such underwritten offering for the Company, then the Piggy-Back Registration shall cover, first,
all of the Common Shares to be offered for the account of the Company, second, the Registrable Securities to be offered
for the account of the Designated Holders who have exercised their Piggy-Back Registration rights and all other Common Shares being
registered pursuant to the exercise of contractual rights comparable to the Registration Rights contained herein, pro rata
based on the estimated gross proceeds from the sale thereof, and third, all other Common Shares to be included in such registration.

4.3  
No Other Senior Piggy-Back Registrations. The Company shall not enter into any agreement or arrangement with
any holder or prospective holder of any securities of the Company that would grant piggyback registration rights to such holder
or prospective holder that have priority in a Piggy-Back Registration to the rights of Designated Holders in such Piggy-Back Registration.

    	8

    	 

    

SECTION
5  REGISTRATION PROCEDURES.

5.1  
Qualification. The Company agrees to use its commercially reasonable efforts to (a) register or qualify the
Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions as the Managing
Underwriter, in the case of an underwritten offering, or, in the case of a Demand Registration, an Initiating Holder, or, in the
case of multiple Initiating Holders at any one time, the Initiating Holders of a Majority-in-Interest of the related Registrable
Securities, as the case may be, may reasonably request in writing, (b) keep each such registration or qualification effective until
such time when such Registrable Securities no longer meet the definition of “Registrable Securities” herein and (c)
take any other similar action which may be reasonably requested by the Designated Holder(s) to consummate the disposition of the
Registrable Securities owned by such Designated Holder(s); provided, however, that the Company shall not be required to
(i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would
not otherwise be required to qualify but for this Agreement, (ii) take any action that would subject it to any taxation in any
jurisdiction where it would not otherwise be subject to such taxation or (iii) take any action that would subject it to the general
service of process in any jurisdiction where it is not then so subject.

5.2  
Obligations of the Company. When the Company is required to effect the registration of Registrable Securities
under the Securities Act pursuant to Section 3 or Section 4 of this Agreement, subject to Section 3.2 hereof, the Company shall:

(a)    
prepare and file with the Commission a Registration Statement (including a related Prospectus) on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which complies as to form in all material
respects with applicable Commission rules providing for the offer and sale by the applicable Designated Holders of their respective
Registrable Securities to be filed with the Commission; provided, however, that before filing a Registration Statement or
the Prospectus or any amendments or supplements thereto, the Company shall provide counsel selected by Designated Holders owning
a Majority-in-Interest of the Registrable Securities being registered in such registration (“Holders’ Counsel”)
with an opportunity to review and comment on such Registration Statement and Prospectus and each amendment or supplement thereto
and each Free Writing Prospectus to be filed by the Company with the Commission;

(b)   
prepare and file with the Commission such amendments and supplements as to the Registration Statement and the Prospectus
used in connection therewith as may be necessary (1) to keep such Registration Statement effective and (2) to comply with the provisions
of the Securities Act with respect to the disposition of the Registrable Securities covered by such Registration Statement, in
each case until such time when such Registrable Securities no longer meet the definition of “Registrable Securities”
herein (it being understood that the Company may thereafter file a post-effective amendment to such Registration Statement, or
otherwise withdraw such Registration Statement, for the purpose of removing the registration of offers and sales of such Registrable
Securities under the Securities Act);

    	9

    	 

    

(c)    
furnish, without charge, to each Designated Holder selling Registrable Securities, upon request, one copy of the
Registration Statement and each amendment thereto (in each case including all exhibits, but excluding any documents incorporated
or deemed to be incorporated by reference therein), and such number of copies of the Prospectus and each amendment or supplement
thereto as the Designated Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable
Securities owned by such Designated Holder;

(d)   
promptly notify the Designated Holders: (1) when the Registration Statement, or any amendment thereto, or the Prospectus,
or any amendment or supplement thereto (including any prospectus supplement) has been filed with the Commission and, with respect
to the Registration Statement or any post-effective amendment, when the same has become effective, (2) of the receipt by the Company
of any notification with respect to the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose, (3) of the receipt by the Company of any notification with respect
to the suspension of the qualification of any Registrable Securities for sale under state securities or “blue sky”
laws or the initiation of any proceedings for that purpose and (4) of the receipt by the Company of any comments or correspondence
from the Commission relating to the applicable Registration Statement or Prospectus;

(e)    
promptly use its commercially reasonable efforts to prevent the issuance of any stop order suspending the effectiveness
of a Registration Statement during the period contemplated in Section 5.2(b) and, if any such stop order suspending the effectiveness
of a Registration Statement is issued during such period, shall promptly use its commercially reasonable efforts to obtain the
withdrawal of such order as promptly as is practicable;

(f)    
following receipt of a Registration Notice and thereafter until the sooner of (1) the completion, abandonment or
termination of the offering or sale of Registrable Securities contemplated thereby and (2) the expiration of the period during
which the Company is required to maintain the effectiveness of the applicable Registration Statement as contemplated in Section
5.2(b), promptly notify the applicable Designated Holder(s): (i) of the existence of any fact or the occurrence of any event, in
each case, of which the Company is aware, which has resulted in (A) the Registration Statement, as then in effect, containing an
untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any
statements therein not misleading or (B) the Prospectus containing an untrue statement of a material fact or omitting to state
a material fact necessary in order to make any statements therein, in the light of the circumstances under which they were made,
not misleading; and (ii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement
would be appropriate or that there exist circumstances not yet disclosed to the public which make further offers and sales of Registrable
Securities under such Registration Statement inadvisable pending such disclosure and post-effective amendment; and, after any such
mandatory notification by the Company, subject to Section 3.2 hereof, at the request of a Designated Holder, the Company shall
promptly prepare and, to the extent the exemption from the prospectus delivery requirements in Rule 172 under the Securities Act
is not available, furnish to such Designated Holder a reasonable number of copies of a supplement or post-effective amendment to
such Registration Statement and/or the Prospectus or file any other required document so that (1) such Registration Statement shall
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 not misleading and (2) as thereafter delivered to the purchasers of the Registrable Securities being
sold pursuant thereto, the Prospectus shall not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

    	10

    	 

    

(g)   
use its commercially reasonable efforts to cause all such Registrable Securities to be listed on the national securities
exchange on which the Common Shares are then listed, if applicable;

(h)   
if requested by a Designated Holder, include in a prospectus supplement or post-effective amendment to the applicable
Registration Statement, if not already included therein, such information concerning such Designated Holder or the intended method
of distribution as such Designated Holder reasonably requests to be included therein and is reasonably necessary to permit the
sale of the Registrable Securities pursuant to such Registration Statement, including information with respect to the number of
Registrable Securities being sold, the purchase price being paid therefor and any other material terms of the offering of the Registrable
Securities to be sold in such offering; provided, however, that the Company shall not be obligated to include in any such
prospectus supplement or post-effective amendment any requested information that is not required by the rules of the Commission
or is unreasonable in scope compared with the Company’s most recent prospectus or prospectus supplement used in connection
with a primary or secondary offering of equity securities by the Company;

(i)     
if such sale is an underwritten offering pursuant to Section 3.3, enter into and perform customary agreements (including
an underwriting agreement in customary form with the Managing Underwriter for such offering) and use its commercially reasonable
efforts to cause to be delivered customary opinions of Company counsel and a customary comfort letter from the Company’s
independent public accountants;

(j)     
make available at reasonable times for inspection by any seller of Registrable Securities, the Managing Underwriter,
counsel to such seller or, in the case of multiple sellers, Holders’ Counsel and any accountant or other agent retained by
any such seller or Managing Underwriter (each, an “Inspector” and collectively, the “Inspectors”)
all financial and other records, pertinent corporate documents and investment information of the Company and its subsidiaries (collectively,
the “Records”) as shall be reasonably necessary to enable such seller and Managing Underwriter to exercise their
due diligence responsibility, and cause the Company’s directors and officers, and the independent public accountants of the
Company, to supply all information reasonably requested by any such Inspector in connection with such offering; provided,
however, that, unless the release of Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, the Company shall not be required to provide any Records to Inspectors if (1) the Company believes, after consultation
with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege or (2) either (a) the
Company has requested and been granted from the Commission confidential treatment of information in such Records contained in any
filing with the Commission or documents provided supplementally or otherwise or (b) the Company reasonably determines in good faith
that such Records are confidential and so notifies the Inspectors in writing unless, prior to furnishing any such information with
respect to (a) or (b), such Inspector requesting such Records enters into, and causes each of his/her or its other Inspectors to
enter into, a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that
each Inspector agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction,
give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential;

    	11

    	 

    

(k)   
comply with all applicable rules and regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable but no later than 15 months after the effective date of the applicable Registration Statement, an
earnings statement covering a period of 12 months beginning after the effective date of such Registration Statement, in a manner
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

(l)     
if such sale is an underwritten offering pursuant to Section 3.3, cooperate with each seller of the related Registrable
Securities and each underwriter participating in such offering and their respective counsel in connection with any filings required
to be made with FINRA; and

(m)   
otherwise use its commercially reasonable efforts to effect the registration of such Registrable Securities.

5.3  
Obligations of Designated Holders. In connection with any Registration Statement utilized by the Company to
satisfy the Registration Rights of a Designated Holder in respect of his/her or its Registrable Securities pursuant to Section
3 or Section 4, such Designated Holder agrees to cooperate with the Company in connection with the preparation of such Registration
Statement and further agrees that it will (a) respond within ten (10) Business Days to any reasonable written request by the Company
to provide or verify information regarding such Designated Holder or such Designated Holder’s Registrable Securities (including
the proposed manner of sale) that may be required to be included in such Registration Statement and the Prospectus pursuant to
the rules and regulations of the Commission, (b) provide in a timely manner information regarding the proposed distribution
by such Designated Holder of the Registrable Securities and such other information as may be reasonably requested by the Company
from time to time in connection with the preparation of, and for inclusion, in the Registration Statement and related Prospectus,
and (c) in connection with an underwritten offering of such Registrable Securities, enter into an underwriting agreement with
the Managing Underwriter, which, in the case of a Piggy-Back Registration, shall be on the same terms (including price for his/her
or its Registrable Securities) as agreed to by the Company, and complete or otherwise cause to be furnished all questionnaires,
powers-of-attorney, opinions and other documents reasonably required by the Managing Underwriter for the sole purpose of completing
such underwritten offering pursuant to the terms of such underwriting agreement; provided, however, that in the event
that such Designated Holder fails to satisfy his/her or its obligations under clause (a), (b) or (c), the Company shall no
longer be obligated to satisfy such Designated Holder’s Registration Rights in respect of such Registrable Securities.

    	12

    	 

    

SECTION
6  INDEMNIFICATION; CONTRIBUTION

6.1  
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Designated Holder and
each person, if any, who controls a Designated Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, and any officer, director, employee, agent, general partner, limited partner or member of such Designated Holder,
as follows:

(a)    
against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, arising out of
or based upon (1) any untrue statement or alleged untrue statement of a material fact contained in the applicable Registration
Statement, the Disclosure Package or the Prospectus or in any amendment or supplement thereto or (2) the omission or alleged
omission to state, in the applicable Registration Statement, the Disclosure Package or the Prospectus or in any amendment or supplement
thereto, any material fact required to be stated therein or necessary to make the statements therein (in the light of the circumstances
in which they were made, in the case of the Disclosure Package and the Prospectus or any amendment or supplement thereto) not misleading;

(b)   
against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of
the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental entity, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement
or omission, if such settlement is effected with the prior written consent of the Company; and

(c)    
against any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably
incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental entity,
commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (a) or (b)
above;

provided, however, that the indemnity provided pursuant
to this Section 6.1 does not apply to any Designated Holder with respect to any loss, liability, claim, damage, judgment or expense
to the extent arising out of or based upon (A) any untrue statement or omission or alleged untrue statement or omission made in
reliance upon, and in conformity with, written information furnished to the Company by such Designated Holder expressly for use
in the applicable Registration Statement, the Disclosure Package or the Prospectus or in any amendment or supplement thereto or
(B) such Designated Holder’s failure to deliver an amended or supplemental prospectus furnished to such Designated Holder
by the Company if such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery occurred.

    	13

    	 

    

In connection with an underwritten offering,
the Company will indemnify each underwriter thereof, its officers and directors and each person that controls such underwriter
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as provided above with
respect to the indemnification of each Designated Holder of Registrable Securities included in the applicable Registration Statement;
provided, however, that such indemnity shall not apply to any underwriter with respect to any loss, liability, claim, damage,
judgment or expense to the extent arising out of or based upon (A) any untrue statement or omission or alleged untrue statement
or omission made in reliance upon, and in conformity with, written information furnished to the Company by such underwriter expressly
for use in the applicable Registration Statement, the Disclosure Package or the Prospectus or in any amendment or supplement thereto
or (B) such underwriter’s failure to deliver an amended or supplemental prospectus furnished to such underwriter by the Company
if such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery occurred.

6.2  
Indemnification by Designated Holder. Each Designated Holder, severally and not jointly, agrees to indemnify
and hold harmless the Company, and each of its directors and officers, the underwriter(s) for any offering of Registrable Securities,
and each person, if any, who controls the Company or any such underwriter within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act, as follows:

(a)    
against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, arising out of
or based upon (1) any untrue statement or alleged untrue statement of a material fact contained in the applicable Registration
Statement, the Disclosure Package or the Prospectus or in any amendment or supplement thereto or (2) the omission or alleged
omission to state, in the applicable Registration Statement, the Disclosure Package or the Prospectus or in any amendment or supplement
thereto, any material fact required to be stated therein or necessary to make the statements therein (in the light of the circumstances
under which they were made, in the case of the Disclosure Package and the Prospectus and any amendment or supplement thereto) not
misleading;

(b)   
against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of
the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental entity, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement
or omission, if such settlement is effected with the prior written consent of such Designated Holder; and

(c)    
against any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably
incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental entity,
commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (a) or (b)
above;

    	14

    	 

    

provided, however, that the indemnity provided pursuant
to this Section 6.2 shall only apply with respect to any loss, liability, claim, damage, judgment or expense to the extent arising
out of or based upon (A) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with written information furnished to the Company by such Designated Holder pursuant to Section 5.3 expressly for use
in the applicable Registration Statement, the Disclosure Package or the Prospectus or in any amendment or supplement thereto or
(B) such Designated Holder’s failure to deliver an amended or supplemental prospectus furnished to such Designated Holder
by the Company. Notwithstanding the provisions of this Section 6.2, no Designated Holder shall be required to indemnify any Person
pursuant to this Section 6.2 in excess of the amount of the net proceeds received by such Designated Holder from sales of his/her
or its Registrable Securities that are the subject of the indemnification claim.

6.3  
Conduct of Indemnification Proceedings. An indemnified party hereunder (the “Indemnified Party”)
shall give reasonably prompt written notice to the indemnifying party (the “Indemnifying Party”) of any action
or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify the Indemnifying
Party shall not relieve the Indemnifying Party from any obligations to any Indemnified Party other than the indemnification obligation
provided under Section 6.1 or 6.2, as applicable, if and to the extent the Indemnifying Party is actually prejudiced by such failure
to notify. The Indemnifying Party may assume the defense of such action or proceeding at such Indemnifying Party’s own expense
with counsel chosen by the Indemnifying Party and approved by the Indemnified Party, which approval shall not be unreasonably withheld;
provided, however, that the Indemnifying Party may not settle, compromise or consent to the entry of any judgment with respect
to any such action or proceeding without the prior written consent of the Indemnified Party unless such settlement, compromise
or consent secures the unconditional release of the Indemnified Party. The Indemnified Party shall have the right to employ separate
counsel in any such action or proceeding and participate in the defense thereof, but the fees and expense of such counsel shall
be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails
to assume the defense of such action or proceeding or (iii) the named parties to any such action or proceeding (including any impleaded
parties) include both the Indemnifying Party and the Indemnified Party and such parties have been advised by such counsel that
either (x) representation of such Indemnified Party and the Indemnifying Party by the same counsel, if applicable, would be inappropriate
under applicable standards of professional conduct or (y) one or more legal defenses are available to the Indemnified Party which
are different from or additional to those available to the Indemnifying Party. In any of such cases, the Indemnifying Party shall
not be entitled to assume such defense and the Indemnified Party shall be entitled to separate counsel at the Indemnifying Party’s
expense. If the Indemnifying Party is not entitled to assume the defense of such action or proceeding as a result of clause (iii)
above, the Indemnifying Party’s counsel shall be entitled to conduct the Indemnifying Party’s defense and counsel for
the Indemnified Party shall be entitled to conduct the defense of the Indemnified Party, it being understood that both such counsel
will cooperate with each other to conduct the defense of such action or proceeding as efficiently as possible. If the Indemnifying
Party is not so entitled to assume the defense of such action or proceeding or does not assume such defense, after having received
the notice referred to in the first sentence of this paragraph, the Indemnifying Party will be obligated to pay the reasonable
fees and expenses of counsel for the Indemnified Party. In such event, however, the Indemnifying Party will not be liable for any
settlement, compromise or consent to the entry of any judgment effected without the prior written consent of the Indemnifying Party.
If an Indemnifying Party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph,
the Indemnifying Party shall not be liable for any fees and expenses of counsel for the Indemnified Party incurred in connection
with such action or proceeding.

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6.4  
Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnity
agreement provided for in Sections 6.1 and 6.2 above is for any reason held to be unenforceable by the Indemnified Party although
applicable in accordance with its terms, the Indemnified Party and the Indemnifying Party shall contribute to the aggregate losses,
liabilities, claims, damages, judgments and expenses of the nature contemplated by such indemnity agreement incurred by the Indemnified
Party and the Indemnifying Party, in such proportion as is appropriate to reflect the relative fault of the Indemnified Party on
the one hand and the Indemnifying Party on the other hand, in connection with the statements or omissions which resulted in such
losses, liabilities, claims, damages, judgments or expenses. The relative fault of the Indemnifying Party and the Indemnified Party
shall be determined by reference to, among other things, whether the action in question has been made by, or relates to information
supplied by, the Indemnifying Party or the Indemnified Party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such action.

The parties hereto agree that it would
not be just or equitable if contribution pursuant to this Section 6.4 were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph.

Notwithstanding the provisions of this
Section 6.4, a Designated Holder shall not be required to contribute in excess of the amount of the net proceeds received by such
Designated Holder from sales of his/her or its Registrable Securities that are the subject of the indemnification claim.

Notwithstanding the foregoing, no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 6.4, each person, if any,
who controls a Designated Holder within the meaning of Section 15 of the Securities Act and each officer, director, general partner
or member of a Designated Holder shall have the same rights to contribution as such Designated Holder, and each director and officer
of the Company and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act shall have the same rights to contribution as the Company.

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SECTION
7  EXPENSES

The Company shall pay all expenses incurred
in connection with any registration of Registrable Securities for a Designated Holder pursuant to his/her or its Registration Rights
specified in Section 3 and Section 4 hereof, including the registration and filing fees of the Commission, stock exchanges and
FINRA, all fees and expenses incurred in complying with state securities or “blue sky” laws, all printing, messenger
and delivery expenses, the fees and disbursements of counsel to the Company and of the Company’s independent public accountants
(including any expenses arising from any “comfort” letters) and the reasonable fees and disbursements of one firm of
counsel for the applicable Designated Holder(s) for each exercise of Registration Rights pursuant to Section 3 and Section 4
hereof (which counsel shall be selected by Designated Holders owning a Majority-in-Interest of Registrable Securities exercising
their Registration Rights at any one time). All of the expenses described in the preceding sentence of this Section 7 are referred
to herein collectively as “Registration Expenses”, provided, however, that the Company shall not
be required to pay any Registration Expenses relating to any registration commenced under Section 3.1(a) hereof if such registration
is subsequently withdrawn by the applicable Designated Holder(s), in which case such Designated Holder(s) shall bear such Registration
Expenses, unless such registration is withdrawn in connection with the Company’s postponement of the filing of a Registration
Statement pursuant to clause (1) of the first paragraph of Section 3.2 hereof. Except as specified above, each Designated Holder
shall be responsible for the payment of any brokerage and sales commissions, underwriting discounts, fees and disbursements of
such Designated Holder’s counsel, accountants and other advisors, and any transfer taxes relating to the sale or disposition
of the Registrable Securities by such Designated Holder pursuant to this Agreement.

SECTION
8  RULE 144 COMPLIANCE

The Company covenants that it will use
its commercially reasonable efforts to timely file the reports required to be filed by the Company under the Securities Act and
the Exchange Act and take such further action as each Designated Holder may reasonably request (including providing any information
necessary to comply with Rule 144 under the Securities Act), so as to enable the Designated Holders to sell the Registrable Securities
pursuant to Rule 144 under the Securities Act or any similar rules or regulations hereinafter adopted by the Commission. In connection
with any sale or other disposition by a Designated Holder of any Registrable Securities pursuant to Rule 144 under the Securities
Act, the Company shall cooperate with such Designated Holder to facilitate the timely preparation and delivery of certificates
representing such Registrable Securities not bearing any Securities Act legend and registered in such names as such Designated
Holder may reasonably request at least five (5) Business Days prior to any such sale or other disposition of such Registrable Securities.

SECTION
9  MISCELLANEOUS

9.1  
No Impairment. The Company shall not enter into any new agreement with respect to its securities that impairs
or violates the rights granted to the Designated Holders in this Agreement.

9.2  
Integration. This Agreement constitutes the entire agreement among the parties hereto with respect to the
matters set forth herein and supersedes and renders of no force and effect all prior oral or written agreements, commitments and
understandings among the parties with respect to the matters set forth herein.

    	17

    	 

    

9.3  
Amendments; Waivers.

(a)    
This Agreement may not be amended or modified, in whole or in part, except by an agreement in writing signed by each
of the parties hereto.

(b)   
No waiver by a party hereto shall be effective unless made in a written instrument duly executed by the party against
whom such waiver is sought to be enforced, and only to the extent set forth in such instrument. No failure or delay by any party
in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

9.4  
Assignment; Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon,
and shall inure to the benefit of, the parties thereto and their respective heirs, assigns, executors, administrators and successors;
provided, however, that the rights and obligations of a Designated Holder hereunder may be assigned and delegated by such
Designated Holder in conjunction with, and to the extent of, any transfer of Registrable Securities owned by such Designated Holder
(subject to any obligation of such Designated Holders to the contrary), and any such assignment and delegation shall be effective
only upon the Company’s receipt of a written notice of such transfer and an unconditional and irrevocable written agreement
of the transferee to be bound by all of the provisions of this Agreement with respect to the Registrable Securities transferred
to it; provided, further, that the Manager shall be permitted, without the prior written consent of the other parties,
to assign all or a portion of its respective rights and obligations hereunder to one or more Affiliates of the Manager, in connection
with the corresponding transfer of all or a portion of its Registrable Securities in accordance with any transfer restrictions
under the Securities Act then applicable to such Registrable Securities, in which case, such Affiliates of the Manager shall become
a party to this Agreement and such Affiliates of the Manager shall constitute a “Designated Holder” for all purposes
hereunder.

9.5  
Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to
be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is thereafter promptly
delivered as provided in this Section 9.5) or nationally recognized overnight courier, addressed to such party at the address or
facsimile number set forth below or such other address or facsimile number as may hereafter be designated in writing by such party
to the other parties.

To the Company:

LoanCore Realty Trust, Inc.

55 Railroad Avenue, Suite 100

Greenwich, Connecticut 06830

		Facsimile:	(203) 861-6006

		Attention:	Jordan Bock

    	18

    	 

    

To the Manager:

LoanCore Advisors, LLC

55 Railroad Avenue, Suite 100

Greenwich, Connecticut 06830

		Facsimile:	(203) 861-6006

Attention: Jordan Bock

in each case with a copy (which shall not constitute
notice) to:

Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

		Facsimile:	(212) 839-5599

		Attention:	Edward F. Petrosky

J. Gerard Cummins

In the event of a transfer of Registrable Securities
from the Manager or another Designated Holder, the Manager or such other Designated Holder, as the case may be, shall communicate
to the Company the address and other contact information for its transferee.

9.6  
Specific Performance. The parties hereto acknowledge that the obligations undertaken by them hereunder are
unique and that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly
agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to (i)
compel specific performance of the obligations, covenants and agreements of any other party under this Agreement in accordance
with the terms and conditions of this Agreement and (ii) obtain preliminary injunctive relief to prevent a breach or contemplated
breach of this Agreement in the U.S. Federal and State courts of the State of New York.

9.7  
Governing Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York. The parties hereby agree that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive.
The parties hereby waive any objection to such exclusive jurisdiction and agree not to plead or claim that such courts represent
an inconvenient forum.

9.8  
Waiver of Jury Trial. Each party hereby waives, to the fullest extent permitted by applicable law, any right
it may have to a trial by jury in respect to any litigation, directly or indirectly, arising out of or relating to this Agreement
or any transaction contemplated hereby. Each party certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and acknowledges
that it and the other parties have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications
in this Section 9.8.

    	19

    	 

    

9.9  
Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference
only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning,
construction or scope of any of the provisions hereof.

9.10  Pronouns; Interpretation. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the person or entity may require. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.”

9.11  
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This
Agreement or any counterpart may be executed via facsimile or pdf transmission, and any such executed facsimile or pdf copy shall
be treated as an original.

9.12  
Severability. In case any provision of this Agreement shall be found by a court of law to be invalid, illegal,
or unenforceable, the validity, legality, and enforceability of the remaining provisions of this Agreement shall not in any way
be affected or impaired thereby.

9.13  
No Third Party Beneficiaries. It is the explicit intention of the parties hereto that no person or entity
other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against any
of the parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit
of, and shall be enforceable only by, the parties hereto or their respective successors, heirs, permitted assigns, administrators,
executors and successors.

9.14  
Termination. This Agreement may be terminated at any time by a written instrument signed by the parties hereto.
Unless sooner terminated in accordance with the preceding sentence, this Agreement (other than Section 6 hereof) shall terminate
in its entirety on such date as there shall be no Registrable Securities outstanding.

Signatures on following page

    	20

    	 

    

IN WITNESS WHEREOF, each of the parties
hereto has caused this Agreement to be duly executed on its behalf as of the date first herein above set forth.

	 	COMPANY:
	 	 
	 	LOANCORE REALTY TRUST, INC.
	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	LOANCORE ADVISORS, LLC
	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

[Signature Page to Manager Registration Rights
Agreement]

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