Document:

EX-10.8

 Exhibit 10.8 

[●], 2021 
 Thoma Bravo Advantage 

150 N. Riverside Plaza, Suite 2800 
 Chicago, Illinois 60606 

 

	 	Re:	 Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among Thoma Bravo Advantage, a Cayman Islands exempted
company, (the “Company”) and Citigroup Global Markets Inc., as representatives (the “Representatives”) of the several underwriters named therein (the “Underwriters”), relating
to an underwritten initial public offering (the “Public Offering”) of 90,000,000 of the Company’s units (including up to 10,000,000 additional units that may be purchased pursuant to the Underwriters’ option to
purchase additional units, the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-fifth of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to
adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S.
Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 1 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Thoma Bravo Advantage Sponsor, LLC (the “Sponsor”) and each of the undersigned (each, an “Insider”
and, collectively, the “Insiders”) hereby agree with the Company as follows: 
 1. Definitions. As used
herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Founder
Shares” shall mean the 25,000,000 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Warrants” shall
mean the warrants that will be acquired by the Sponsor for an aggregate purchase price of $22,000,000 (or up to $24,000,000 if the Underwriters’ exercise their option to purchase additional units in full) in a private placement that shall close
simultaneously with the consummation of the Public Offering (including the Ordinary Shares issuable upon exercise of such Private Placement Warrants thereof); (iv) “Public Shareholders” shall mean the holders of Ordinary
Shares included in the Units issued in the Public Offering; (v) “Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public Offering; (vi) “Trust Account” shall mean the
trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private 

 
Placement Warrants shall be deposited; (vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any
option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any
transaction specified in clause (a) or (b); and (viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time. 

2. Representations and Warranties. (a) The Sponsor and each Insider, with respect to itself, herself or himself, represent and
warrant to the Company that it, she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, and, as applicable, to serve as an officer of the Company and/or a director on the Company’s Board of
Directors (the “Board”), as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable. 

(b) Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information furnished to
the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire
furnished to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any
such criminal proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 

3. Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a
proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination
(including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval. 

  
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 4. Failure to Consummate a Business Combination; Trust Account Waiver. (a) The
Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider
shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares,
at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of
clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any
amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to
redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares
unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes, if any, divided by the number of then-outstanding Public Shares. 

(b) The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or
claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each Insider hereby
further waives, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with (x) the completion of the Company’s initial Business Combination,
and (y) a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection
with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to the
rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time period
set forth in the Charter). 

  
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 5. Lock-up; Transfer Restrictions.
(a) The Sponsor and the Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of (A) one year after the completion
of the Company’s initial Business Combination and (B) the date following the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction
that results in all of the Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”).
Notwithstanding the foregoing, if, subsequent to a Business Combination, the last reported sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination,
the Founder Shares shall be released from the Founder Shares Lock-up. 
 (b) Subject to the
provisions set forth in paragraph 5(c), the Sponsor and Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or the Ordinary Shares underlying such Private Placement Warrants until 30 days after the
completion of an initial Business Combination. 
 (c) Notwithstanding the provisions set forth in paragraphs 5(a) and (b),
Transfers of the Founder Shares, Private Placement Warrants or Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliates or family member of any of the Company’s
officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s
immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and
distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business Combination at prices
no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the
Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of its initial Business Combination, (h) in the event of the Company’s liquidation prior to the completion of its initial Business
Combination; or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash,
securities or other property subsequent to the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions. 
 (d) During the period commencing on the effective date of the Underwriting Agreement and
ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable or exchangeable
for, Ordinary Shares held by it, her or him, as applicable, subject to certain exceptions enumerated in Section 5(g) of the Underwriting Agreement. 

  
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 6. Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that
(i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under paragraphs 3, 4, 5, 7, 10
and 11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party
may have in law or in equity, in the event of such breach. 
 7. Payments by the Company. Except as disclosed in the Prospectus,
neither the Sponsor nor any affiliate of the Sponsor nor any director or officer of the Company nor any affiliate of the directors and officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of
any payment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

8. Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

9. Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall terminate in the event that the Public Offering is not consummated and closed by
[●], 2021; provided further that paragraph 10 of this Letter Agreement shall survive such liquidation. 
 10.
Indemnification. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the
“Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred
in investigating, preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company
(except for the Company’s independent auditors) or (ii) any prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that
such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds
in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to
reductions in the value of the trust assets, in each case net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights
to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the
Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the
Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. 

  
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 11. Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise
their option to purchase additional Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no consideration, for cancellation at no
cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and Insiders further agree that to the
extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation of the Public
Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. 

12. Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the
subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.
This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such
change, amendment, modification or waiver and (2) the Sponsor. 
 13. Assignment. No party hereto may assign either this Letter
Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or
assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees. 

14. Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

15. Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement and shall not
affect the interpretation thereof. 
 16. Severability. This Letter Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

17. Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or
relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and
(ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

  
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 18. Notices. Any notice, consent or request to be given in connection with any of the
terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile or other electronic transmission. 

[Signature Page Follows] 

  
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	 Sincerely,

	
	 Thoma Bravo Advantage Sponsor, LLC

		
	 By:
	 	 
		 	 Name: Orlando Bravo

Title:   Managing Member

			
	 Acknowledge and Agreed:

		
	 By:
	 	 
		 	 Name: Orlando Bravo

Title:   Director

		
	 By:
	 	 
		 	 Name: Les Brun

Title:   Director

		
	 By:
	 	 
		 	 Name: Cam McMartin

Title:   Director

		
	 By:
	 	 
		 	 Name: Pierre Naudé

Title:   Director

		
	 By:
	 	 
		 	 Name: Amy Coleman Redenbaugh

Title:   Chief Financial Officer

			
	 Thoma Bravo Advantage

		
	 By:
	 	 
		 	 Name: Robert Sayle

Title:   Chief Executive OfficerEX-10.1

 Exhibit 10.1 

Execution Version 

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT 

This Third Amendment to Loan and Security Agreement (this “Amendment”) is dated as of December 23, 2020 by and among
FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“FS CREIT”), and FS CREIT FINANCE HOLDINGS LLC, a Delaware limited liability company (“Finance Holdings” and together
with FS CREIT, each individually referred to hereinafter as a “Borrower” and collectively as the “Borrowers”), the Lenders (as defined below) party hereto, and CITY NATIONAL BANK, a national banking
association, as administrative agent for the Lenders (in such capacity, “Agent”). 
 RECITALS 

WHEREAS, the Borrowers, certain banks and financial institutions from time to time party thereto (the “Lenders”) and the
Agent, entered into that certain Loan and Security Agreement, dated as of August 22, 2019 (the “Loan Agreement”, as amended by that certain First Amendment to Loan and Security Agreement, dated as of December 4, 2019, as
further amended by that certain Second Amendment to Loan and Security Agreement, dated as of March 23, 2020, and as the same may be further amended, modified, supplemented or restated from time to time); 

WHEREAS, the Borrower has requested that the Lenders and the Agent amend the Loan Agreement to (i) increase the commitments in respect of
the Revolving Credit Facility as set forth herein, (ii) extend the maturity date of the Revolving Credit Facility as set forth herein and (iii) make certain other changes in connection therewith as set forth herein; and 

NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 1. Definitions. For the purposes of this Amendment, unless
otherwise expressly defined, the terms used herein shall have the respective meanings assigned to them in the Loan Agreement. 
 2. Amendments to Loan
Agreement. 
 2.01. The following definitions contained in Section 1.1 of the Loan Agreement are hereby amended and restated in
their entirety as follows: 
 “Debt” means, as to any Person, (a) all obligations for such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments, all reimbursement or other obligations of such Person in respect of letters of credit, bankers acceptances, or other financial products and
all net obligations of such Person under interest rate swaps, (c) all obligations of such Person to pay the deferred purchase price of Assets or services, exclusive of trade payables that are due and payable in the ordinary and usual course of
such Person’s business, (d) all Capitalized Lease Obligations of such Person, (e) all obligations or liabilities of others secured by a Lien on any Asset owned by such Person, irrespective of whether such obligation or liability is
assumed, to the extent of the lesser of such obligation or liability or the fair market value of such Asset and (f) all Contingent Obligations of such Person. Notwithstanding the foregoing, Debt shall not include any Debt that would appear on
such Person’s consolidated balance sheet solely as a result of consolidation under the variable interest entity guidance in ASC 810.” 

 ““Maximum Revolver Amount” means $25,000,000, as such amount may be
decreased from time to time pursuant to Section 2.10(c).” 
 “Maturity Date” means
August 23, 2022, subject to any extension thereof in accordance to Section 2.20.” 
 2.02. Section 2.21
of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “[Reserved].” 
 2.03. Section 6.14 of
the Loan Agreement is hereby deleted in its entirety and replaced as follows: 
 “6.14 Net Asset Value. In the case of FS CREIT,
fail to maintain a Net Asset Value greater than or equal to $175,000,000 at any time.” 
 2.04. A new Section 6.15 is hereby added
immediately after Section 6.14 of the Loan Agreement as follows: 
 “6.15 Debt to Asset Ratio. Permit the Debt to Asset
Ratio to be greater than 3.00:1.00 at any time. As used herein, “Debt to Asset Ratio” means the result of (a) all Debt of the Borrowers and each of their respective Subsidiaries (including, without limitation, any Subsidiary
Financing) to (b) the Net Asset Value.” 
 2.05. Section 7.1(b) of the Loan Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(b) Breach of Certain Covenants. 

(i) Any Borrower shall fail to perform or comply fully with any covenant, term, or condition contained in Sections 5.3, 5.8, or
5.9, Article VI (other than Section 6.15) or Article XI; 
 (ii) Any Borrower shall fail to perform or comply fully with
any covenant, term, or condition contained in (x) Section 5.2 hereof and such failure shall not have been remedied or waived within 10 days after the occurrence thereof or (y) Section 6.15 hereof and such failure shall not have
been remedied or waived within 45 days after the occurrence thereof; 
 (iii) Any Borrower shall fail to perform or comply
fully with any other covenant, term, or condition contained in this Agreement or other Loan Documents and such failure shall not have been remedied or waived within 30 days after any Borrower receives notice from Agent or has knowledge of the
occurrence thereof; provided, that this clause (iii) shall not apply to: (1) the covenants, terms, or conditions referred to in subsections (a) and (c) of this Section 7.1 or (2) the covenants, terms, or conditions referred
to in clauses (i) or (ii) above of this subsection (b); or” 
 2.06. Schedule
C-1 of the Loan Agreement is hereby deleted in its entirety and replaced with Schedule C-1 attached as Exhibit A hereto. 

3. Conditions Precedent. This Amendment shall become effective upon satisfaction (or waiver) of the following conditions (in each case, in form and
substance acceptable to the Agent in its sole discretion: 
 (i) the Agent shall have received a copy of this Amendment executed and
delivered by each Borrower, the Lenders and the Agent. 

  
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 (ii) the Agent shall have received a certificate of a Responsible Officer of each Borrower
(i) attesting to the written consent of the board of directors or similar governing body of such Borrower authorizing the execution, delivery, and performance of this Amendment, and (ii) certifying that, as of the date hereof, the
following documents delivered to the Agent on the Closing Date remain true and correct without amendment thereto: (A) the incumbency certificate, (B) the certificate of incorporation of FS CREIT and Charter, (C) the certificate of
formation of Finance Holdings, (D) the Bylaws of FS CREIT and (E) the operating agreement of Financing Holdings. 
 (iii) No
Unmatured Event of Default or Event of Default shall have occurred or be continuing or would be caused by the consummation of the transactions contemplated by this Amendment. 

(iv) The Agent, on behalf of the Lenders, shall have received an amendment fee in an amount previously agreed between the Agent and the
Borrower from the Borrower, which amendment fee shall be fully-earned and non-refundable as of the date hereof. 

(v) The Agent shall have received full payment of all of the
out-of-pocket fees, costs, and expenses of Agent (including the reasonable and documented fees and expenses of Agent’s counsel) incurred in connection with the
preparation, negotiation, execution, and delivery of this Amendment (including those payable pursuant to Section 10.7 of the Loan Agreement). 

(vi) The representations and warranties contained in Section 4 below shall be true and correct as of the date hereof. 

4. Representations and Warranties. Each Borrower represents and warrants to Agent and each Lender as follows: 

(i) Each has all requisite power and authority under applicable law and under its organizational documents to execute, deliver and perform its
obligations under this Amendment and to perform its obligations under the Loan Agreement as amended hereby; 
 (ii) All actions, waivers and
consents (corporate, regulatory and otherwise) necessary or appropriate for it to execute, deliver and perform its obligations under this Amendment and to perform its obligations under the Loan Agreement as amended hereby, have been taken and/or
received; 
 (iii) This Amendment and the Loan Agreement, as amended by this Amendment, constitute the legal, valid and binding obligation
of it enforceable against it in accordance with the terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by
the limitation of certain remedies by certain equitable principles of general applicability; 
 (iv) The execution, delivery and performance
of this Amendment, and the performance of its obligations under the Loan Agreement, as amended hereby, will not violate or contravene (a) any provision of any federal (including the Exchange Act), state, local or other law, rule, or regulation
(including Regulations T, U, and X of the Federal Reserve Board) binding on it, (b) any order of any Governmental Authority, court, arbitration board, or tribunal binding on it or (c) result in or require the creation of any Lien (other
than a Permitted Lien) upon or with respect to any of the Collateral; 
 (v) The representations and warranties contained in the Loan
Agreement and the other Loan Documents are correct in all material respects without duplication of any materiality qualifier contained therein on and as of the date of this Amendment, before and after giving effect to the same, as though made on and
as of such date (except to the extent they relate to an earlier date); 

  
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 (vi) After giving effect to this Amendment, no event has occurred and is continuing which
constitutes an Unmatured Event of Default or an Event of Default; and 
 (vii) The Loan Agreement continues to create a valid security
interest in, and Lien upon, the Collateral, in favor of the Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Loan Agreement and prior to all Liens other than Permitted Liens.

 5. Reaffirmation of Obligations. Each Borrower hereby ratifies the Loan Agreement and acknowledges and reaffirms (a) that it is bound
by all terms of the Loan Agreement (as amended hereby) and each other Loan Documents and (b) that it is responsible for the observance and full performance of its Obligations. Each Borrower acknowledges receipt of a copy of the Amendment. Each
Borrower hereby consents to the Amendment and reaffirms the other Loan Documents and acknowledges that the execution and delivery of this Amendment shall have no effect on any Borrower’s obligations under the Loan Agreement or such other Loan
Documents, each of which remains the legal, valid and binding obligation of each Borrower and are hereby reaffirmed. 
 6. Binding Effect; Confirmation
of Obligations. Except as modified by this Amendment, the Loan Agreement and the other Loan Documents remain unmodified and in full force and effect. The provisions of the Loan Documents, as amended hereby, shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. 
 7. Loan Document. This Amendment shall constitute a Loan
Document under the terms of the Loan Agreement. 
 8. Further Assurances. Each Borrower agrees to promptly take such action, upon the reasonable
request of the Agent, as is necessary to carry out the intent of this Amendment. 
 9. Governing Law. THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF BORROWERS HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. 

10. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an
original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as
delivery of a manually executed original counterpart thereof. 
 11. Severability. The provisions of this Amendment are severable, and if any
one clause or provision hereof shall be held invalid or unenforceable in whole or in part, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, and not any other clause or provision of this Amendment

 12. Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions
set forth in Sections 12.8 and 12.9 of the Loan Agreement are hereby incorporated by reference, mutatis mutandis. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 SIGNATURE PAGES FOLLOW. 

  
 -4- 

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

			
	BORROWERS:
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC.
		
	By:	 	/s/ Edward T. Gallivan, Jr.
		 	Name: Edward T. Gallivan, Jr.
		 	Title: Chief Financial Officer
	
	FS CREIT FINANCE HOLDINGS LLC
		
	By:	 	FS Credit Real Estate Income Trust, Inc., its sole member

  

					
	        	 	By:	 	/s/ Edward T. Gallivan, Jr.
		 		 	Name: Edward T. Gallivan, Jr.
		 		 	Title: Chief Financial Officer

 [Signature Page to Third Amendment] 

			
	CITY NATIONAL BANK, 
a national banking association, as Agent and 
as a Lender
		
	By:	 	/s/ Adam Strauss
		 	Name: Adam Strauss
		 	Title: Vice President

 [Signature Page to Third Amendment] 

 EXHIBIT A 

SCHEDULE C-1 

LENDERS’ COMMITMENTS 
  

					
	 Lender
	  	Revolver Commitment	 
	 City National Bank
	  	$	25,000,000	 
	 All Lenders
	  	$	25,000,000

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