Document:

EX-10.23

 Exhibit 10.23 

EXECUTION COPY 
 LIMITED
GUARANTY 
 This LIMITED GUARANTY (as amended, modified, supplemented or restated from time to time, this “Guaranty”) is made
and entered into by TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company, whose address is c/o TPG RE Finance Trust Management, L.P., 888 7th Avenue, 35th Floor, New York, New York 10106 (“Guarantor”), for the benefit of U.S. BANK NATIONAL ASSOCIATION, a national banking association whose address is 13737 Noel Road, Suite 800,
Dallas, Texas 75240 (“Buyer”) as of March 31, 2017 This Guaranty is made with reference to the following facts (with some capitalized terms being defined below): 

A. TPG RE Finance 14, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands, as seller
(“Seller”), and Buyer have entered into that certain Master Repurchase and Securities Contract, dated as of the date hereof (as the same may be amended, modified, supplemented or restated, the “Repurchase
Agreement”), pursuant to which the Buyer may, from time to time, purchase certain Eligible Mortgage Loans from Seller with a simultaneous agreement from Seller to repurchase such Eligible Mortgage Loans at a date certain or on demand (the
“Transactions”); 
 B. Buyer has requested, as a condition of entering into the Repurchase Agreement, that Guarantor deliver
to Buyer this Guaranty; 
 C. Guarantor directly owns 100% of Seller; 

D. Guarantor will benefit if Buyer enters into the Repurchase Agreement with Seller, and desires that Buyer enter into the Repurchase Agreement
with Seller; and 
 E. Buyer would not enter into the Repurchase Agreement with Seller unless Guarantor executed this Guaranty. This Guaranty
is therefore delivered to Buyer to induce Buyer to enter into the Repurchase Agreement. 
 NOW, THEREFORE, in exchange for good,
adequate, and valuable consideration, the receipt of which Guarantor acknowledges, and to induce Buyer to enter into the Repurchase Agreement, Guarantor agrees as follows: 

1. Definitions. For purposes of this Guaranty, the following terms shall be defined as set forth below. In addition, any capitalized
term defined in the Repurchase Agreement but not defined in this Guaranty shall have the same meaning in this Guaranty as in the Repurchase Agreement. 

(a) Available Borrowing Capacity” shall mean, with respect to any Person, on any date of determination, the total unrestricted
borrowing capacity which may be drawn upon (taking into account required reserves and discounts) by such Person or its Affiliates under any subscription credit facilities of such Person or its Affiliates. 

(b) “Capital Call” shall mean a demand or call made upon the limited partners or shareholders of Sponsor under and in
accordance with the governing documents in respect of Sponsor’s right to made demand upon its limited partners or shareholders to fund Qualified Capital Commitments 

 (c) “Capital Lease”, as applied to any Person, means any lease of any property
(whether real, personal or mixed) by that Person or entity as lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person or entity. 

(d) “Cash Equivalents” shall mean, as of any date of determination, (a) marketable securities listed on a national or
international exchange reasonably acceptable to Buyer, marked to market and (b) certificates of deposit (with a maturity of two years or less) issued by, or savings accounts with, any bank or other financial institution reasonably acceptable to
Buyer. 
 (e) “Cash Liquidity” shall mean for any Person, including but not limited to, Sponsor, and its Consolidated
Subsidiaries, the sum of (a) cash, (b) Cash Equivalents held by such Person at such time, (c) Qualified Capital Commitments and (d) without duplication of amounts available under clause (c), Available Borrowing Capacity. 

(f) “Consolidated Subsidiaries” shall mean, as of any date and any Person, any and all Subsidiaries or other entities that
are consolidated with such Person in accordance with GAAP. 
 (g) “EBITDA” shall mean, for any period, with respect to any
Person and its Consolidated Subsidiaries, an amount equal to the Net Income of such Person, plus the sum of (a) the amount of depreciation and amortization expense deducted in determining Net Income for such period, (b) the amount
of Interest Expense deducted in determining Net Income for such period, (c) the sum of federal, state, local and foreign income taxes accrued or paid in cash during such period, and (d) the amount of any extraordinary or non-recurring items reducing Net Income for such period. 
 (h) “GAAP” means with respect
to the financial statements or other financial information of any Person, generally accepted accounting principles in the United States which are in effect from time to time, consistently applied. 

(i) “Guarantied Obligations” means 

(i) Seller’s obligations (without regard to any limitation of recourse against Seller) under the Transaction Documents subject to applicable notice and
cure periods set forth in the Transaction Documents as follows: 
 (a) subject to the Guaranty Limit, to fully and promptly pay the
Repurchase Price and other sums owed by Seller to Buyer under the Transaction Documents at the times and according to the terms required by the Transaction Documents, without regard to any modification, suspension, or limitation of such terms not
agreed to by Buyer, such as a modification, suspension, or limitation arising in or pursuant to any Insolvency Proceeding affecting Seller (even if any such modification, suspension, or limitation causes Seller’s obligation to become discharged
or unenforceable); and 

 (b) to pay all other sums actually expended by Buyer or Buyer’s designee or nominee acting
on Buyer’s behalf in exercising Buyer’s rights and remedies under this Guaranty, including Buyer’s Legal Costs relating to the enforcement of remedies pursuant to this Guaranty in which Buyer is the prevailing party; and 

(c) Notwithstanding the limitation on recourse liability as set forth in clause (a) of this definition, Guarantor shall be liable to Buyer
to fully and promptly pay any and all Losses actually incurred by Buyer arising out of or attributable to any of the following: 
 (i) Fraud,
intentional misrepresentation, willful misconduct or gross negligence by Seller or Guarantor, any Affiliate of Seller or Guarantor in connection with the execution and delivery of this Guaranty, the Repurchase Agreement or any of the other
Transaction Documents, or any certificate, report, financial statement or other instrument or document furnished to Buyer at the time of the closing of the Repurchase Agreement or during the term of the Repurchase Agreement; 

(ii) Any misappropriation or conversion by Seller or Guarantor of Income or other amounts payable to Buyer in violation of the Transaction
Documents; 
 (iii) Any action taken by Seller in violation of Section 24 of the Repurchase Agreement; 

(iv) Seller’s failure to obtain Buyer’s prior written consent to any subordinate financing, voluntary or involuntary Lien on any
Purchased Mortgage Loan in violation of the Transaction Documents; or 
 (v) Any sale, transfer, pledge of or Lien on any Purchased Mortgage
Loans in violation of the terms of the Repurchase Agreement. 
 (d) Notwithstanding any other provision herein to the contrary, the
limitation on recourse liability as set forth in clause (a) of this definition SHALL BECOME NULL AND VOID and shall be of no further force and effect, and the Guarantied Obligations shall be fully recourse to Seller and Guarantor, jointly and
severally, upon the occurrence of any of the following: 
 (i) Seller or Guarantor, or any Person which Controls Seller or Guarantor,
objecting, opposing or taking a position inconsistent with Buyer seeking relief from the automatic stay under the Bankruptcy Code or Buyer’s position that the automatic stay under the Bankruptcy Code is inapplicable due to one or more safe
harbor provisions under the Bankruptcy Code, 
 (ii) Seller or Guarantor, or any Person which Controls Seller or Guarantor, in bad faith
interfering with, objecting, opposing or taking a position inconsistent with (A) Buyer taking any action to foreclose on the Purchased Mortgage Loans in accordance with the Repurchase Agreement, or (B) Buyer taking any other remedial
action expressly permitted under the Transaction Documents or Requirements of Law (other than the exercise of compulsory counterclaims); 

 (iii) Seller or Guarantor, or any Person which Controls Seller or Guarantor, asserts any position
that, or any court of competent jurisdiction holding that, (A) any transaction under the Transaction Documents or any Transaction is or constitutes a fraudulent conveyance or is otherwise voidable under any applicable bankruptcy or insolvency
law or (B) any transfer of a Purchased Mortgage Loan from an Affiliate of Seller to Seller was not a true sale of the Purchased Mortgage Loan to Seller; 

(iv) Seller or Guarantor filing a voluntary case under any applicable bankruptcy or insolvency law now or hereafter in effect by or against
Seller or Guarantor or any substantial part of its assets or property; 
 (v) the filing of a decree or order of relief by a court having
jurisdiction with respect to Seller or Guarantor or any substantial part of its assets or property under any applicable bankruptcy or insolvency law now or hereafter in effect, or appointing of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its assets or property, or ordering the winding–up or liquidation of Seller’s or Guarantor’s affairs, where, in each case, Seller, Guarantor, or any
Affiliate of Seller or Guarantor has or have colluded in any way with its creditors; 
 (vi) any Person which Controls Seller or Guarantor
filing, or joining in the filing of any involuntary petition against Seller or Guarantor under any applicable bankruptcy or insolvency law, or, colluding with, soliciting or causing to be solicited petitioning creditors for any involuntary petition
against Seller or Guarantor; 
 (vii) Seller or Guarantor filing an answer consenting to, otherwise acquiescing in, or joining in, any
involuntary petition filed against it by any Person under any applicable bankruptcy or insolvency law, or colluding with, soliciting or causing to be solicited petitioning creditors for any involuntary petition against Seller or any Guarantor; 

(viii) Seller or Guarantor, or any Person which Controls Seller or Guarantor, consenting to, acquiescing in, or joining in, an application for
the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for Seller or Guarantor or any substantial part of the applicable Person’s assets or property; 

(ix) Any breach of the covenants set forth in Section 12 of the Repurchase Agreement that results in the substantive consolidation of any
of the assets/and or liabilities of Seller with the assets and/or liabilities of any other entity in a bankruptcy or insolvency proceeding; or 

(x) Seller or Guarantor making any general assignment for the benefit of creditors or making a public disclosure or otherwise admitting in
writing its insolvency or inability to pay its debts as they become due, which admission is used as evidence of Seller’s or Guarantor’s insolvency in connection with an involuntary petition filed against Seller or Guarantor. 

 (j) “Guarantor Litigation” means any litigation, arbitration, investigation, or
administrative proceeding of or before any court, arbitrator, or governmental authority, bureau or agency instituted by Buyer against Guarantor that relates to or affects this Guaranty or any asset(s) or property(ies) of Guarantor. 

(k) “Guaranty Limit” means twenty-five percent (25%) of the then currently due and unpaid aggregate Repurchase Price of all
Purchased Mortgage Loans. 
 (l) “Indebtedness” means, without duplication, for any Person: (a) obligations created,
issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property
from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary
course of business so long as such trade accounts payable are payable within sixty (60) days of the date the respective goods are delivered or the respective services are rendered; (c) indebtedness of others secured by a Lien on the
property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other
financial institutions for account of such person; (e) Capital Leases of such Person; and (f) indebtedness of others guaranteed by such Person. 

(m) “Insolvency Proceeding” means any case under Title 11 of the United States Code or any successor statute or any other
insolvency, bankruptcy, reorganization, liquidation, or like proceeding, or other statute or body of law relating to creditors’ rights, whether brought under state, federal, or foreign law. 

(n) “Interest Expense” shall mean, for any period, with respect to any Person and its Consolidated Subsidiaries, the amount
of total interest expense (including capitalized and accruing interest) incurred by such Person. 
 (o) “Legal Costs” means
all costs and actual out-of-pocket expenses reasonably incurred by Buyer in any Proceeding or in obtaining legal advice and assistance in connection with any Proceeding,
any Guarantor Litigation, or any default by Seller under the Transaction Documents or by any Guarantor under this Guaranty (including any breach of a representation or warranty contained in this Guaranty), including reasonable attorneys’ fees
of outside counsel, disbursements, and other reasonable out-of-pocket charges incurred by Buyer’s outside attorneys, court costs and expenses, and reasonable
charges for the services of paralegals, law clerks, and all other personnel whose services are charged to Buyer in connection with Buyer’s receipt of legal services of outside counsel incurred in connection with the enforcement of this
Guaranty. 

 (p) “Lien” means any mortgage, lien, encumbrance, charge or other security
interest, whether arising under contract, by operation of law, judicial process or otherwise. 
 (q) “Losses” means any and
all claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages (excluding, in each case, consequential, special or punitive damages), losses, actual out-of-pocket costs or expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited to
reasonable legal fees of outside counsel and other reasonable out of pocket costs of defense or enforcement). 
 (r) “Net
Income” means, for any period, with respect to any Person, the consolidated net income (or loss) for such period as reported in such Person’s financial statements prepared in accordance with GAAP. 

(s) “Person” means an individual, partnership, corporation, joint stock company, trust or unincorporated organization or a
governmental agency or political subdivision thereof. 
 (t) “Proceeding” means any action, suit, arbitration, or other
proceeding arising out of, or relating to the interpretation or enforcement of, this Guaranty or the Transaction Documents, including (i) an Insolvency Proceeding; (ii) any proceeding in which Buyer endeavors to realize upon any Security
or to enforce any Transaction Document(s) (including this Guaranty) against Seller or Guarantor whether or not Buyer prevails, and (iii) any proceeding (other than as described in clause (ii)) commenced by Seller or Guarantor against Buyer.

 (u) “Qualified Capital Commitments” shall mean, as of any date of determination with respect to any Person, the amount
of any unfunded, unconditional, unencumbered (other than encumbrances with respect to pledges of capital commitments in support of a subscription credit facility) and irrevocable uncalled capital commitments of institutional investors in, callable
as of right by such Person or Sponsor that are (a) payable in cash; (b) readily available to be called by such Person or Sponsor without restriction or any other condition at any time and from time to time other than notice; and
(c) from an investor that is not subject to an Act of Insolvency. 
 (v) “Recourse Indebtedness” shall mean, with
respect to any Person, for any period, without duplication, the aggregate Indebtedness of such Person during such period for which such Person is directly responsible or liable as obligor or guarantor. 

(w) “Security” means any security or collateral held by or for Buyer for the Transactions or the Guarantied Obligations,
whether real or personal property, including any mortgage, deed of trust, financing statement, security agreement, and other security document or instrument of any kind securing the Transactions in whole or in part. “Security” shall
include all assets and property of any kind whatsoever pledged or mortgaged to Buyer pursuant to the Transaction Documents. 

 (x) “Subsidiary” means as to any Person, a corporation, partnership, limited
liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of a contingency) to elect a majority of the
board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or
both, by such Person. 
 (y) “Tangible Net Worth” shall mean, with respect to any Person, as of any date of determination,
on a consolidated basis, (a) the total assets of such Person, less (b) the total liabilities of such Person, in each case, on or as of such date and as determined in accordance with GAAP. 

(z) “Total Equity” shall mean, with respect to any Person as of any date, the sum of (a) all paid-in capital of any Person, as determined in accordance with GAAP plus (b) Qualified Capital Commitments. 

(a) “Total Indebtedness” shall mean, with respect to any Person and its Consolidated Subsidiaries and any date, determined
without duplication on a consolidated basis, all amounts of the aggregate Indebtedness of such Person plus the proportionate share of such Person of all Indebtedness of all non-consolidated Subsidiaries of
such Person in which such Person, as of such date. 
 (b) “Transaction Documents” shall have the meaning set forth in the
Repurchase Agreement. 
 2. Absolute Guaranty of All Guarantied Obligations. Guarantor unconditionally and irrevocably guarantees the
prompt and complete payment, observance, fulfillment, and performance of all Guarantied Obligations when due. Guarantor shall be liable for, and obligated to pay and perform, all Guarantied Obligations when due. All assets and property of Guarantor,
but only to the extent of the Guarantied Obligations, shall be subject to recourse if Guarantor fails to pay and perform any Guarantied Obligation(s) when and as required to be paid and performed pursuant to the Transaction Documents. 

3. Nature and Scope of Liability. Guarantor’s liability under this Guaranty is primary and not secondary. Guarantor’s
liability under this Guaranty shall be in the full amount of all Guarantied Obligations. 
 4. Changes in Transaction Documents.
Without notice to, or consent by, Guarantor, and in Buyer’s sole and absolute discretion and without prejudice to Buyer or in any way limiting or reducing Guarantor’s liability under this Guaranty but subject, in each case, to the terms of
the Transaction Documents, Buyer may: (a) grant extensions of time, renewals or other indulgences or modifications to Seller or any other party under any of the Transaction Document(s), (b) change, amend or modify any Transaction Document(s),
(c) authorize the sale, exchange, release or subordination of any Security, (d) accept or reject additional Security, (e) discharge or release any party or parties liable under the Transaction Documents, (f) foreclose or otherwise
realize on any Security, or attempt to foreclose or otherwise realize on any Security, 

 
whether such attempt is successful or unsuccessful, (g) accept or make compositions or other arrangements or file or refrain from filing a claim in any Insolvency Proceeding, (h) engage
in other or additional Transactions with Seller in such amount(s) and at such time(s) as Buyer may determine, (i) credit payments in such manner and order of priority to principal, interest or other obligations as Buyer may determine in its
discretion, and (j) otherwise deal with Seller and any other party related to the Transactions or any Security as Buyer may determine in its sole and absolute discretion. Without limiting the generality of the foregoing, Guarantor’s
liability under this Guaranty shall continue even if Buyer alters any obligations under the Transaction Documents in any respect or Buyer’s or Guarantor’s remedies or rights against Seller are in any way impaired or suspended without
Guarantor’s consent. If Buyer performs any of the actions described in this paragraph, then Guarantor’s liability hereunder shall continue in full force and effect even if Buyer’s actions impair, diminish or eliminate Guarantor’s
subrogation, contribution, or reimbursement rights (if any) against Seller or otherwise adversely affect Guarantor or expand Guarantor’s liability hereunder. 

5. Certain Financial Covenants. (a) Guarantor shall not permit with respect to itself (and its Subsidiaries on a
consolidated basis) any of the following to be breached, as determined quarterly on a consolidated basis in conformity with GAAP: 
 (i)
Total Indebtedness to Total Equity. The ratio of Total Indebtedness to Total Equity to be greater than 3.00 to 1.00. For the avoidance of doubt, any calculation of Total Indebtedness will include, without duplication, any and all recourse and
non-recourse Indebtedness of any Consolidated Subsidiary of Guarantor to the extent that such Indebtedness is included as indebtedness or liabilities of Guarantor in accordance with GAAP. 

(ii) EBITDA. The ratio of EBITDA to Interest Expense to be less than 1.50 to 1.00. 

(iii) Minimum Liquidity. (1) Cash Liquidity to be less than $50,000,000 and (2) available cash to be less than the greater of
(i) Twelve Million Five Hundred Thousand and No/100 Dollars ($12,500,000.00) and (ii) five percent (5%) of Guarantor’s Recourse Indebtedness. 

(iv) Tangible Net Worth. Tangible Net Worth to be less than the sum of (x) seventy-five percent (75%) of the net cash proceeds of
all equity issuances made by Guarantor or Sponsor as of the date hereof and (y) seventy-five percent (75%) of the aggregate net cash proceeds of any equity issuances made by Guarantor or Sponsor after the date hereof; provided, however, that
during a Wind Down Period, a breach of this Section 5(a)(iv) shall not be a default or result in an Event of Default under this Guaranty, the Repurchase Agreement or the other Transaction Documents, provided that all Principal Payments are applied
in accordance with Section 5(f) of the Repurchase Agreement. 
 (b) Indebtedness. Guarantor shall not expressly subordinate the
Guaranteed Obligations to other Indebtedness of Guarantor. 

 (c) Notwithstanding anything to the contrary contained in this Guaranty, in the event Guarantor,
Seller or any Affiliate thereof that is a Subsidiary of Guarantor has entered into or shall enter into or amend any other commercial real estate loan repurchase agreement, warehouse facility or credit facility with any other lender or repurchase
buyer with financial covenants more restrictive to the guarantor thereunder than the covenants contained in this Section 5, then (i) this Section 5 shall be deemed to be automatically modified
to such more restrictive financial covenants and (ii) Guarantor shall promptly notify Buyer of such change. To the extent that Guarantor agrees, in other commercial real estate loan repurchase agreements, warehouse facilities or credit
facilities with other lenders or repurchase buyers, to additional financial covenants which are not set forth in Section 5(a) of this Guaranty, Section 5(a) shall be deemed to be automatically modified to include such additional
financial covenants. 
 6. Nature of Guaranty. Guarantor’s liability under this Guaranty is a guaranty of payment of the
Guarantied Obligations, and is not a guaranty of collection or collectability. Guarantor’s liability under this Guaranty is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of any of the Transaction
Documents. Guarantor’s liability under this Guaranty is a continuing, absolute, and unconditional obligation under any and all circumstances whatsoever (except as expressly stated, if at all, in this Guaranty), without regard to the validity,
regularity or enforceability of any of the Guarantied Obligations. Guarantor acknowledges that Guarantor is fully obligated under this Guaranty even if Seller had no liability at the time of execution of the Transaction Documents or later ceases to
be liable under any Transaction Document pursuant to Insolvency Proceedings. Guarantor shall not be entitled to claim, and irrevocably covenants not to raise or assert, any defenses against the Guarantied Obligations that would or might be available
to Seller, other than actual payment and performance of all Guarantied Obligations in full in accordance with their terms. Guarantor waives any right to compel Buyer to proceed first against Seller or any Security before proceeding against
Guarantor. Guarantor agrees that if any of the Guarantied Obligations are or become void or unenforceable (because of inadequate consideration, lack of capacity, or Insolvency Proceedings), then Guarantor’s liability under this Guaranty shall
continue in full force with respect to all Guarantied Obligations as if they were and continued to be legally enforceable, all in accordance with their terms before giving effect to the Insolvency Proceedings. Guarantor also recognizes and
acknowledges that its liability under this Guaranty may be more extensive in amount and more burdensome than that of Seller. Guarantor waives any defense that might otherwise be available to Guarantor based on the proposition that a guarantor’s
liability cannot exceed the liability of the principal. Guarantor intends to be fully liable under the Guarantied Obligations regardless of the scope of Seller’s liability thereunder. Without limiting the generality of the foregoing, if the
Guarantied Obligations are “nonrecourse” as to Seller or Seller’s liability for the Guarantied Obligations is otherwise limited in some way, Guarantor nevertheless intends to be fully liable, to the full extent of all of
Guarantor’s assets, with respect to all the Guarantied Obligations, even though Seller’s liability for the Guarantied Obligations may be less limited in scope or less burdensome. Guarantor waives any defenses to this Guaranty arising or
purportedly arising from the manner in which Buyer disburses the Purchase Price for Transactions to Seller or otherwise, or any waiver of the terms of any Transaction Document by Buyer or other failure of Buyer to require full compliance with the
Transaction Documents. Guarantor’s liability under this Guaranty shall continue until all sums due under the Transaction Documents have been paid in full and all other performance required under the Transaction Documents has been rendered in
full, except as expressly provided otherwise in this Guaranty. Guarantor’s liability under this Guaranty shall not be limited or affected in any way by any impairment or any diminution or loss of value of any Security whether caused by
(a) hazardous substances, (b) Buyer’s failure to perfect a security interest in any Security, (c) any disability or other defense(s) of Seller, or (d) any breach by Seller of any representation or warranty contained in any
Transaction Document. 
  

 7. Waivers of Rights and Defenses. Guarantor waives any right to require Buyer to
(a) proceed against Seller, (b) proceed against or exhaust any Security, or (c) pursue any other right or remedy for Guarantor’s benefit. Guarantor agrees that Buyer may proceed against Guarantor with respect to the Guarantied
Obligations without taking any actions against Seller and without proceeding against or exhausting any Security; provided however, that Buyer acknowledges and agrees that Seller has an unrestricted right to repurchase all of the Purchased Mortgage
Loans at any time in accordance with the Repurchase Agreement (without regard to the existence of any Default or Event of Default thereunder), upon payment of all amounts due and owing under the Transaction Documents. Guarantor agrees that Buyer may
unqualifiedly exercise in its sole discretion (or may waive or release, intentionally or unintentionally) any or all rights and remedies available to it against Seller without impairing Buyer’s rights and remedies in enforcing this Guaranty,
under which Guarantor’s liabilities shall remain independent and unconditional. Guarantor agrees and acknowledges that Buyer’s exercise (or waiver or release) of certain of such rights or remedies may affect or eliminate Guarantor’s
right of subrogation or recovery against Seller (if any) and that Guarantor may incur a partially or totally nonreimbursable liability in performing under this Guaranty. Guarantor has assumed the risk of any such loss of subrogation rights, even if
caused by Buyer’s acts or omissions. If Buyer’s enforcement of rights and remedies, or the manner thereof, limits or precludes Guarantor from exercising any right of subrogation that might otherwise exist, then the foregoing shall not in
any way limit Buyer’s rights to enforce this Guaranty. Without limiting the generality of any other waivers in this Guaranty, Guarantor expressly waives any statutory or other right (except as set forth herein) that Guarantor might otherwise
have to: (i) limit Guarantor’s liability after a foreclosure sale or any other exercise of remedies pursuant to the UCC, to the difference between the Guarantied Obligations and the fair market value of the property or interests sold at
such foreclosure sale or any other exercise of remedies pursuant to the UCC, or to any other extent, (ii) otherwise limit Buyer’s right to recover a deficiency judgment after any foreclosure sale, or (iii) require Buyer to exhaust its
Security before Buyer may obtain a personal judgment for any deficiency. Any proceeds of a foreclosure or similar sale may be applied first to any obligations of Seller that do not also constitute Guarantied Obligations within the meaning of this
Guaranty. Guarantor acknowledges and agrees that any nonrecourse or exculpation provided for in any Transaction Document, or any other provision of a Transaction Document limiting Buyer’s recourse to specific Security or limiting Buyer’s
right to enforce a deficiency judgment against Seller or any other person, shall have absolutely no application to Guarantor’s liability under this Guaranty. To the extent that Buyer collects or receives any sums or payments from Seller or any
proceeds of a foreclosure or similar sale, Buyer shall have the right, but not the obligation, to apply such amounts first to that portion of Seller’s indebtedness and obligations to Buyer (if any) that is not covered by this Guaranty,
regardless of the manner in which any such payments and/or amounts are characterized by the person making payment. 
 8. Additional
Waivers. Guarantor waives diligence and all demands, protests, presentments and notices of every kind or nature, including notices of protest, dishonor, nonpayment, acceptance of this Guaranty and the creation, renewal, extension, modification
or accrual of any of the Guarantied Obligations. Guarantor further waives the right to pledge any and all statutes of limitation as a defense to Guarantor’s liability under this Guaranty of the enforcement of this Guaranty. No failure or delay
on Buyer’s part in exercising any power, right or privilege under this Guaranty shall impair or waive any such power, right or privilege. 

 9. Loss Payment. To the extent that Guarantor at any time incurs any liability under this
Guaranty, Guarantor shall immediately pay Buyer (to be applied on account of the Guarantied Obligations) the amount provided for in this Guaranty, without any requirement that Buyer demonstrate that the Security is inadequate for the Transactions;
that Buyer has suffered any loss; or that Buyer has otherwise exercised (to any degree) or exhausted any of Buyer’s rights or remedies with respect to Seller or any Security. 

10. Full Knowledge. Guarantor acknowledges, represents, and warrants that Guarantor has had a full and adequate opportunity to review
the Transaction Documents, the transaction contemplated by the Transaction Documents, and all underlying facts relating to such transaction. Guarantor represents and warrants that Guarantor fully understands: (a) the remedies Buyer may pursue
against Seller and/or Guarantor in the event of a default under the Transaction Documents, (b) the value (if any) and character of any Security, and (c) Seller’s financial condition and ability to perform under the Transaction
Documents. Guarantor agrees to keep itself fully informed regarding all aspects of the foregoing and the performance of Seller’s obligations to Buyer. Buyer has no duty, whether now or in the future, to disclose to Guarantor any information
pertaining to Seller, the Transactions or any Security. At any time provided for in the Transaction Documents, Guarantor agrees and acknowledges that an Insolvency Proceeding affecting Guarantor, or other actions or events relating to Guarantor
(including Guarantor’s death, disability, or change in financial position), as set forth in the Transaction Documents, may be event(s) of default under the Transaction Documents. 

11. Representations and Warranties. Guarantor acknowledges, represents and warrants as follows, and acknowledges that Buyer is relying
upon the following acknowledgments, representations, and warranties by Guarantor in entering into the Transactions: 
 (a) Transaction
Documents. This Guaranty has been duly authorized, executed, and delivered, and is fully valid, binding, and enforceable against Guarantor in accordance with its terms, subject to bankruptcy, insolvency and other limitations on creditors’
rights generally and to equitable principles. 
 (b) No Conflict. The execution, delivery, and performance of this Guaranty will not
violate any provision of any law, regulation, judgment, order, decree, determination, or award of any court, arbitrator or governmental authority, or of any mortgage, indenture, loan, or security agreement, lease, contract or other agreement,
instrument or undertaking to which Guarantor is a party or that purports to bind Guarantor or any of Guarantor’s property or assets. 

(c) No Third Party Consent Required. No consent of any person (including creditors or partners, members, stockholders, or other owners
of Guarantor), other than those consents obtained as of the date hereof, is required in connection with Guarantor’s execution of this Guaranty or performance of Guarantor’s obligations under this Guaranty.

 
Guarantor’s execution of, and obligations under, this Guaranty are not contingent upon any consent, license, permit, approval, or authorization of, exemption by, notice or report to, or
registration, filing, or declaration with, any governmental authority, bureau, or agency, whether local, state, federal, or foreign. 
 (d)
Authority and Execution. Guarantor has full power, authority, and legal right to execute, deliver and perform its obligations under this Guaranty. Guarantor has taken all necessary corporate and legal action to authorize this Guaranty, which
has been duly executed and delivered and is a legal, valid and binding obligation of Guarantor, enforceable in accordance with its terms. 

(e) No Representations by Buyer. Guarantor delivers this Guaranty based solely upon Guarantor’s own independent investigation and
based in no part upon any representation or statement by Buyer. 
 (f) No Misstatements. No information, financial statement,
exhibit, schedule, report or certificate furnished by Guarantor to Buyer concerning Seller, or Guarantor or, any Purchased Mortgage Loan in connection with the Transactions or any Transaction Document, when taken as a whole, contains any material
misstatement of fact or, to the best of Guarantor’s knowledge, has omitted to state a material fact or any fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which they were
made. 
 12. Reimbursement and Subrogation Rights. Except to the extent that Buyer notifies Guarantor to the contrary in writing from
time to time: 
 (a) General Deferral of Reimbursement. Guarantor waives any right to be reimbursed by Seller for any payment(s) made
by Guarantor on account of the Guarantied Obligations, unless and until all Guarantied Obligations have been paid in full and all periods within which such payments may be set aside or invalidated have under applicable law expired. Guarantor
acknowledges that Guarantor has received adequate consideration for execution of this Guaranty by virtue of Buyer’s entering into the Transactions (which benefits Guarantor, as an owner or principal of Seller) and Guarantor does not require or
expect, and is not entitled to, any other right of reimbursement against Seller as consideration for this Guaranty. 
 (b) Deferral of
Subrogation and Contribution. Guarantor agrees it shall have no right of subrogation against Seller or Buyer and no right of subrogation against any Security unless and until: (a) such right of subrogation does not violate (or otherwise
produce any result adverse to Buyer under) any applicable law, including any bankruptcy or insolvency law; (b) all amounts due under the Transaction Documents have been paid in full and all other performance required under the Transaction
Documents has been rendered in full to Buyer; and (c) all periods within which such payment may be set aside or invalidated have under applicable law expired (such deferral of Guarantor’s subrogation and contribution rights, the
“Subrogation Deferral”). 

 (c) Effect of Invalidation. To the extent that a court of competent jurisdiction
determines that Guarantor’s Subrogation Deferral is void or voidable for any reason, Guarantor agrees, notwithstanding any acts or omissions by Buyer that Guarantor’s rights of subrogation against Seller or Buyer and Guarantor’s right
of subrogation against any Security shall at all times be junior and subordinate to Buyer’s rights against Seller and to Buyer’s right, title, and interest in such Security. 

(d) Claims in Insolvency Proceeding. Guarantor shall not file any claim in any Insolvency Proceeding affecting Seller unless Guarantor
simultaneously assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer. Guarantor shall automatically be deemed to have assigned and transferred such claim to Buyer whether or not
Guarantor executes documentation to such effect, and by executing this Guaranty hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable) to execute and file such assignment and transfer
documentation on Guarantor’s behalf. Buyer shall have the sole right to vote, receive distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guarantied Obligations have been paid in
full Buyer shall release to Guarantor any further payments received on account of any such claim. 
 13. Waiver Disclosure. Guarantor
acknowledges that pursuant to this Guaranty, Guarantor has waived a substantial number of defenses that Guarantor might otherwise under some circumstance(s) be able to assert against Guarantor’s liability to Buyer. Guarantor acknowledges and
confirms that Guarantor has substantial experience as a sophisticated participant in substantial commercial real estate transactions and is fully familiar with the legal consequences of signing this or any other guaranty. In addition, Guarantor is
represented by competent counsel. Guarantor has obtained from such counsel, and understood, a full explanation of the nature, scope, and effect of the waivers contained in this Guaranty (a “Waiver Disclosure”). In the alternative,
Guarantor has, with advice from such counsel, knowingly and intentionally waived obtaining a Waiver Disclosure. Accordingly Guarantor does not require or expect Buyer to provide a Waiver Disclosure. It is not necessary for Buyer or this Guaranty to
provide or set forth any Waiver Disclosure, notwithstanding any principles of law to the contrary. Nevertheless, Guarantor specifically acknowledges that Guarantor is fully aware of the nature, scope, and effect of all waivers contained in this
Guaranty, all of which have been fully disclosed to Guarantor. Guarantor acknowledges that as a result of the waivers contained in this Guaranty: 

(a) Actions by Buyer. Buyer will be able to take a wide range of actions relating to Seller, the Transactions, and the Transaction
Documents, all without Guarantor’s consent or notice to Guarantor. Guarantor’s full and unconditional liability under this Guaranty will continue whether or not Guarantor has consented to such actions. Guarantor may disagree with or
disapprove such actions, and Guarantor may believe that such actions should terminate or limit Guarantor’s obligations under this Guaranty, but such disagreement, disapproval, or belief on the part of Guarantor will in no way limit
Guarantor’s obligations under this Guaranty. 
 (b) Interaction with Seller Liability. Guarantor shall be fully liable for all
Guarantied Obligations even if Seller has no liability whatsoever under the Transaction Documents or the Transaction Documents are otherwise invalid, unenforceable, or subject to defenses available to Seller. Guarantor acknowledges that
Guarantor’s full and unconditional liability under this Guaranty (with respect to the Guarantied Obligations as if they were fully enforceable against Seller) will continue notwithstanding any such limitations on or impairment of Seller’s
liability. 

 (c) Timing of Enforcement. Buyer will be able to enforce this Guaranty against Guarantor
even though Buyer might also have available other rights and remedies that Buyer could conceivably enforce against the Security or against other parties. As a result, Buyer may require Guarantor to pay the Guarantied Obligations earlier than
Guarantor would prefer to pay the Guarantied Obligations, including immediately upon the occurrence of a default by Seller. Guarantor will not be able to assert against Buyer various defenses, theories, excuses, or procedural requirements that might
otherwise force Buyer to delay or defer the enforcement of this Guaranty against Guarantor. Guarantor acknowledges that Guarantor intends to allow Buyer to enforce the Guaranty against Guarantor in such manner. All of Guarantor’s assets will be
available to satisfy Buyer’s claims against Guarantor under this Guaranty. 
 (d) Continuation of Liability. Guarantor’s
liability for the Guarantied Obligations shall continue at all times until the Guarantied Obligations have actually been paid in full, even if other circumstances have changed such that in Guarantor’s view Guarantor’s liability under this
Guaranty should terminate, except to the extent that any express conditions to the termination of this Guaranty, as set forth in this Guaranty, have been satisfied. Nothing herein shall be deemed a waiver of any right which Buyer may have under
Sections 506(a). 506(b), 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the outstanding obligations under the Repurchase Agreement or to require that all Purchased Mortgage Loans shall continue to secure
all of the outstanding obligations owing to Buyer in accordance with the Repurchase Agreement or any other Transaction Documents. 
 14.
Buyer’s Disgorgement of Payments. Upon payment of all or any portion of the Guarantied Obligations, Guarantor’s obligations under this Guaranty shall continue and remain in full force and effect if all or any part of such payment
is, pursuant to any Insolvency Proceeding or otherwise, avoided or recovered directly or indirectly from Buyer as a preference, fraudulent transfer, or otherwise, irrespective of (a) any notice of revocation given by Guarantor prior to such
avoidance or recovery, or (b) payment in full of the Transactions. Guarantor’s liability under this Guaranty shall continue until all periods have expired within which Buyer could (on account of Insolvency Proceedings, whether or not then
pending, affecting Seller or any other person) be required to return, repay, or disgorge any amount paid at any time on account of the Guarantied Obligations. 

15. Financial Information. Guarantor shall deliver to Buyer the financial statements and information required to be delivered by
Guarantor pursuant to the terms of the Repurchase Agreement. 
 16. Consent to Jurisdiction. Each party irrevocably and
unconditionally (i) submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in New York County, and any appellate court from any such court, solely for the
purpose of any suit, action or proceeding brought to enforce its obligations under this Guaranty or relating in any way to this Guaranty or any Transaction and (ii) waives, to the fullest extent it may effectively do so, any defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court and any right of jurisdiction on account of its place of residence or domicile. 

 17. Merger; No Conditions; Amendments. This Guaranty and documents referred to herein
contain the entire agreement among the parties with respect to the matters set forth in this Guaranty. This Guaranty supersedes all prior agreements among the parties with respect to the matters set forth in this Guaranty. No course of prior
dealings among the parties, no usage of trade, and no parol or extrinsic evidence of any nature shall be used to supplement, modify, or vary any terms of this Guaranty. This Guaranty is unconditional. There are no unsatisfied conditions to the full
effectiveness of this Guaranty. No terms or provisions of this Guaranty may be changed, waived, revoked, or amended without Buyer’s written agreement. If any provision of this Guaranty is determined to be unenforceable, then all other
provisions of this Guaranty shall remain fully effective. 
 18. Enforcement. In the event of any Proceeding between Seller or
Guarantor and Buyer, including any Proceeding in which Buyer enforces or attempts to enforce this Guaranty or the Transactions against Seller or Guarantor, or in the event of any Guarantor Litigation, Guarantor shall reimburse Buyer for all Legal
Costs of such Proceeding. 
 19. Fundamental Changes. Unless otherwise expressly permitted pursuant to the terms of the Transaction
Documents, Guarantor shall not (a) wind up, liquidate, or dissolve its affairs, except during a Wind Down Period and only so long as Guarantor continues to comply with Section 5(a) of this Agreement, (b) enter into any transaction
of merger or consolidation that results in a Change of Control, or (c) sell, lease or otherwise dispose of (or agree to sell, lease or dispose) all or substantially all of its property or assets such that a Change of Control or a violation of
Section 5(a) of this Guaranty occurs, in each case, without Buyer’s prior written consent, provided that the foregoing shall not restrict Guarantor from originating, buying, or selling real estate mortgage, mezzanine, or other loans (or
any interest therein), or accepting full or partial payment in respect thereof, or releasing any collateral securing loans, in each case in the ordinary course of Guarantor’s business operation. 

20. Further Assurances. Guarantor shall execute and deliver such further documents, and perform such further acts, as Buyer may request
to achieve the intent of the parties as expressed in this Guaranty, provided in each case that any such documentation is consistent with this Guaranty and with the Transaction Documents and does not increase Guarantor’s liabilities or
obligations or decrease Guarantor’s rights, in other than a de minimis manner. 
 21. Counterparts. This Guaranty may be executed
in counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery by electronic transmission (including a .pdf e-mail transmission) of an executed counterpart of a signature page to this Guaranty shall be effective as delivery of an original executed counterpart of this Guaranty. 

22. WAIVER OF TRIAL BY JURY.EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 

 23. Set Off. Buyer is hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all amounts held by Buyer or any Affiliate of Buyer and any other obligations at any time owing by Buyer or any Affiliate of Buyer to or for the credit or the account of Guarantor against
any of or all the obligations of Guarantor now or hereafter existing under this Guaranty irrespective of whether or not Buyer shall have made any demand under this Guaranty (and without prior notice to Guarantor) and although such obligations may be
unmatured, whereupon such obligations owing by Buyer or its Affiliates to Guarantor shall, to the extent (and only to the extent) of such set off actually made by Buyer, be discharged. The rights of Buyer under this
Section 23 are in addition to other rights and remedies (including other rights of setoff) which Buyer may have. Buyer shall notify Guarantor promptly of any such set-off and the
application made by Buyer. 
 24. Miscellaneous. 

(a) Assignability. Buyer may assign this Guaranty (in whole or in part) together with any one or more of the Transaction Documents, in
accordance with the terms of the Transaction Documents (including, for the avoidance of doubt, Section 18 of the Repurchase Agreement) without in any way affecting Guarantor’s or Seller’s liability. Upon request in connection with any
such assignment Guarantor shall deliver such documentation as Buyer shall reasonably request provided that such documentation does not increase Guarantor’s liabilities or obligations or decrease Guarantor’s rights in more than a de minimis
manner (at Buyer’s sole cost and expense). This Guaranty shall benefit Buyer and its successors and assigns and shall bind Guarantor and its successors, and assigns. Guarantor may not assign this Guaranty in whole or in part without the prior
written consent of Buyer; provided, however, Buyer hereby acknowledges and agrees that an IPO Transaction with respect to Sponsor and/or Guarantor shall not be construed as an assignment prohibited by this Section 24. 

(b) Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be
effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or
United States Postal Service, with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged) or e-mail provided that such telecopied or
e-mailed notice must also be delivered by one of the means set forth in (a), (b) or (c) above, to (i) in the case of a notice to Buyer, to the addresses and addresses set forth on Annex I of the
Repurchase Agreement and (ii) in the case of a notice to Guarantor, to the address set forth for Guarantor in the opening paragraph of this Guaranty, Attention: TRT Asset Management, Deborah Ginsberg, and Jason Ruckman, with a copy to Ropes and
Gray LLP, 1211 Avenue of the America, New York, New York 10036, Attention: David C. Djaha, or such other addresses and persons as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties
hereto in the manner provided for in this Section 24(b) (unless such answerback expressly provides that no such other delivery is required). A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of
delivery, (b) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (c) in the case 

 
of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case telecopier or e-mail, upon receipt of answerback
confirmation, provided that such telecopied or e-mailed notice was also delivered as required in this Section 24(b). A party receiving a notice which does not comply with the technical requirements for
notice under this Section 24(b) may elect to waive any deficiencies and treat the notice as having been properly given. 
 (c)
Interpretation. This Guaranty shall be governed by the laws of the State of New York without giving effect to the conflict of laws principles thereof. The word “include” and its variants shall be interpreted in each case as if
followed by the words “without limitation.” 
 (d) Integration. This Guaranty contains a final and complete integration of
all prior expressions by the parties with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings. 

(e) Severability. Each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Guaranty shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Guaranty. 
 25. Business Purposes. Guarantor acknowledges that this Guaranty is executed and delivered for
business and commercial purposes, and not for personal, family, household, consumer, or agricultural purposes. Guarantor acknowledges that Guarantor is not entitled to, and does not require the benefits of, any rights, protections, or disclosures
that would or may be required if this Guaranty were given for personal, family, household, consumer, or agricultural purposes. Guarantor acknowledges that none of Guarantor’s obligation(s) under this Guaranty constitute(s) a “debt”
within the meaning of the United States Fair Debt Collection Practices Act, 15 U.S.C. § 1692a(5), and accordingly compliance with the requirements of such Act is not required if Buyer (directly or acting through its counsel) makes any
demand or commences any action to enforce this Guaranty. 
 26. No Third-Party Beneficiaries. This Guaranty is executed and delivered
for the benefit of Buyer and its successors, and assigns, and is not intended to benefit any third party. 
 27. CERTAIN
ACKNOWLEDGMENTS BY GUARANTOR. GUARANTOR ACKNOWLEDGES THAT BEFORE EXECUTING THIS GUARANTY: (A) GUARANTOR HAS HAD THE OPPORTUNITY TO REVIEW IT WITH AN ATTORNEY OF GUARANTOR’S CHOICE; (B) BUYER HAS
RECOMMENDED TO GUARANTOR THAT GUARANTOR OBTAIN SEPARATE COUNSEL, INDEPENDENT OF SELLER’S COUNSEL, REGARDING THIS GUARANTY; AND (C) GUARANTOR HAS CAREFULLY READ THIS GUARANTY AND UNDERSTOOD THE MEANING AND EFFECT OF ITS TERMS,
INCLUDING ALL WAIVERS AND ACKNOWLEDGMENTS CONTAINED IN THIS GUARANTY AND THE FULL EFFECT OF SUCH WAIVERS AND THE SCOPE OF GUARANTOR’S OBLIGATIONS UNDER THIS GUARANTY.  

 28. Joint and Several. If Guarantor consists of one or more Person or party, the
obligations and liabilities of each such Person or party hereunder shall be joint and several. 
 29. Capital Calls. Guarantor agrees
that upon demand for payment by Buyer under this Guaranty, Guarantor will, upon receipt of funds from Sponsor or Sponsor’s limited partners or shareholders in connection with a Capital Call, promptly pay such funds to Buyer to the extent
necessary to satisfy its obligations hereunder. If a Capital Call is necessary for Guarantor to satisfy its obligations hereunder, Guarantor shall not be in breach of this Guaranty so long as a Capital Call has been made by or on behalf of Sponsor
within five (5) Business Days of demand for payment hereunder by Buyer in an amount that, together with any other available funds of Guarantor, will satisfy its obligations hereunder, and such demand has been satisfied within five
(5) Business Days of such Capital Call. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the date first
indicated above. 
  

			
	GUARANTOR:
	
	TPG RE FINANCE TRUST HOLDCO,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Matthew Coleman

	Name:	 	Matthew Coleman
	Title:	 	Vice President, Transactions

 [Signatures continue on the following page.] 

  
 S-1 

			
	Acknowledgement:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Thomas R. Salmen

		 	Name: Thomas R. Salmen
		 	Title: Authorized Signatory

  
 S-2EX-10.24

 Exhibit 10.24 

Execution Version 

Collateral Management Agreement 

This Collateral Management Agreement (this “Agreement”), dated as of December 18, 2014, is entered into by and between
TPG RE Finance Trust CLO Issuer, L.P., an exempted limited partnership incorporated under the laws of the Cayman Islands, with its registered office located at Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104,
Cayman Islands (together with successors and assigns permitted hereunder, the “Issuer”), acting by TPG RE Finance Trust GenPar, Inc., as its general partner (the “General Partner”) and TPG RE Finance Trust
Management, L.P., a Delaware limited partnership, with its principal offices located at 345 California Street, Suite 3300, San Francisco, CA 94104, as collateral manager (in such capacity, together with successors and assigns permitted hereunder,
the “Collateral Manager”). 
 WHEREAS, the Issuer desires to engage the Collateral Manager to provide the services
described herein, and the Collateral Manager desires to provide such services; and 
 WHEREAS, capitalized terms used herein that are not
otherwise defined herein shall have the respective meanings ascribed thereto in the Indenture, dated as of December 18, 2014 (the “Indenture”), among the Issuer, the General Partner and U.S. Bank National Association, as
trustee (together with any successor trustee permitted under the Indenture, the “Trustee”). 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein, the parties hereby agree as follows: 
  

	 	1.	General Duties of the Collateral Manager. 

 The Collateral Manager will provide the
Issuer with services (in accordance with the applicable requirements of the Indenture), including the following: 
 (a) (i)
Determining specific Collateral Obligations to be sold by the Issuer, and specific Eligible Investments and Equity Securities to be purchased or otherwise acquired or sold by the Issuer, in each case taking into consideration the payment and
distribution obligations of the Issuer under the Indenture on each Payment Date in so doing, such that expected distributions on such Collateral Obligations, Eligible Investments and Equity Securities permit a timely performance of the payment and
distribution obligations by the Issuer; provided, however, that the Collateral Manager does not hereby guarantee the timely performance of such payment obligations; 

(ii) Facilitating the acquisition and settlement of Eligible Investments and Equity Securities; 

(iii) Advising the Issuer with respect to interest rate risk and cash flow timing, including selecting and negotiating Cap
Agreements, monitoring any Cap Agreements and determining whether and when the Issuer should exercise any rights available under Cap Agreements; 

 (iv) Negotiating with the applicable obligors of Collateral Obligations or
Eligible Investments (the “Debt Issuers”) as to proposed modifications of the Underlying Instruments governing such Collateral Obligations or Eligible Investments; 

(v) To the extent the Issuer is permitted by the Indenture to exercise such rights, making determinations with respect to
the Issuer’s exercise of any rights (including but not limited to voting rights, rights to grant waivers and consents and rights arising in connection with the bankruptcy or insolvency of an issuer of a Collateral Obligation or Eligible
Investment or the consensual or non-judicial restructuring of the debt or equity of any such issuer) or remedies in connection with the Collateral Obligations and Eligible Investments and participating in the committees (official or otherwise) or
other groups formed by creditors of Debt Issuers; 
 (vi) Selecting Approved Appraisal Firms for the purposes of
obtaining Appraisals with respect to the Collateral Obligations, and selecting independent pricing services or dealers for the purpose of determining the fair market values of Defaulted Assets; 

(vii) Determining whether a specific Collateral Obligation is a Defaulted Asset; 

(viii) To the extent that the Issuer is permitted by the Indenture to make such investments, determining whether to the Issuer
shall make investments in Defaulted Assets or in any portion of the collateral for a Defaulted Asset that is acquired through foreclosure, power of sale, acceptance of a deed-in-lieu of foreclosure or otherwise, and facilitating any such investment;

 (ix) Determining whether the Issuer shall exercise any right to purchase an additional Collateral Obligation pursuant
to a buy-sell arrangements in the Master Co-Lender Agreement, and facilitating any such purchase; 

(x) (A) Monitoring the Assets on an ongoing basis and (B) assisting the Issuer with the preparation of all
reports (x) which the Issuer required to prepare and deliver pursuant to Section 10.6 of the Indenture or (y) which otherwise relate to the Assets or the Notes and which the Issuer is required to prepare and deliver under the
Indenture, including verifying drafts of any such reports prepared by the Trustee; 
 (xi) Notifying the Trustee and the
Issuer when any Collateral Obligation is a Defaulted Asset, and instructing the Trustee whether to retain or dispose of such Collateral Obligation; 

(xii) Managing the Issuer’s obligations within the parameters set forth in the Indenture, including without
limitation, each of the Overcollateralization Tests; 
 (xiii) As soon as reasonably practicable after the occurrence of
any Default actually known to the Collateral Manager, notifying the Trustee and the Issuer in writing thereof; 

  
 -2- 

 (xiv) Directing the Trustee to accept or participate in, or to decline or refuse
to participate in, an Offer; 
 (xv) Directing the Trustee to apply amounts on deposit in the Contribution Account to one or
more uses permitted under Section 10.3 of the Indenture, if such uses are within the Collateral Manager’s reasonable discretion thereunder; 

(xvi) Taking appropriate action with respect to any Equity Security and any other Asset that does not constitute a Collateral
Obligation or an Eligible Investment; 
 (xvii) Determining whether the Issuer should transfer any Asset to an Issuer
Subsidiary (including any Blocker Subsidiary), and the terms of any loan, advance or equity investment made by the Issuer to or in any Issuer Subsidiary; 

(xviii) Determining when the Issuer should make Draw Requests, and the amount thereof; and 

(xix) Complying with such other duties and responsibilities as may be required of the Collateral Manager by the Indenture, this
Agreement, any other Transaction Document and applicable law (including, without limitation, the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”)). 

The Collateral Manager shall comply with all of the terms and conditions of the Indenture affecting the duties and functions
that have been delegated to it thereunder and hereunder, and (without in any way limiting Section 14 of this Agreement) shall perform its obligations hereunder and thereunder in good faith and using its best judgment and efforts in rendering
its services and performing its obligations as Collateral Manager, using a degree of skill and attention no less than that which the Collateral Manager and its Affiliates exercise with respect to comparable assets that they manage for themselves and
others in accordance with their existing practices and procedures relating to clients having similar investment objectives and restrictions as the Issuer (“Similar Clients”) and to assets of the nature and character of the Assets.
To the extent not inconsistent with the foregoing, the Collateral Manager shall follow its customary standards, policies and procedures in performing its duties under the Indenture and this Agreement (including those duties of the Issuer under the
Indenture which the Collateral Manager has agreed hereunder to perform on the Issuer’s behalf). The Collateral Manager shall not be bound to follow any amendment to the Indenture unless the Collateral Manager shall have consented thereto in
writing. The Collateral Manager hereby agrees to send Part 2A of the Collateral Manager’s Form ADV (“Form ADV”) filed with the Securities and Exchange Commission, as required by Rule 204-3 under the Investment Advisers Act, to
the Issuer on or prior to the date of execution of this Agreement. 
 (b) The Collateral Manager shall cause any sale of any
Collateral Obligation and any purchase or sale of any Eligible Investment or Equity Security to be conducted on an arm’s length basis or on terms that would be obtained in an arm’s length transaction in compliance with Section 9, if
applicable, in each case subject to and in accordance with the applicable requirements of the Indenture. 

  
 -3- 

 (c) The Issuer hereby makes, constitutes and appoints the Collateral Manager,
with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all documents
which the Collateral Manager reasonably deems appropriate or necessary in connection with its duties under this Agreement. The foregoing power shall survive and not be affected by the subsequent dissolution, bankruptcy or termination of the Issuer;
provided, however, that the foregoing power of attorney will expire, and the Collateral Manager will cease to have any power to act as the Issuer’s attorney-in-fact, upon termination of this Agreement (upon the effectiveness of
any resignation or removal of the Collateral Manager or otherwise) in accordance with the terms hereof. The Issuer shall execute and deliver to the Collateral Manager or cause to be executed and delivered to the Collateral Manager all such other
powers of attorney, proxies and other orders, and all such instruments, without recourse to the Issuer, as the Collateral Manager may reasonably request for the purpose of enabling the Collateral Manager to exercise the rights and powers which it is
entitled to exercise pursuant to this Section 1. 
  

	 	2.	Brokerage. 

 (a) The Collateral Manager shall use its best efforts to
obtain the best prices and execution for all orders placed with respect to the Collateral Obligations and Eligible Investments, considering all relevant factors. Subject to the objective of obtaining best prices and execution, the Collateral Manager
may take into consideration research and other brokerage services furnished to the Collateral Manager or its Affiliates by brokers and dealers; provided that the price of any Collateral Obligations and Eligible Investments sold to (or, in the
case of Eligible Investments, acquired from) the Collateral Manager or any Affiliate of the Collateral Manager shall be determined in accordance with the procedures set forth in Section 9 hereof. In a manner consistent with Section 28(e)
of the Securities Exchange Act of 1934, the Collateral Manager may, in its discretion, agree to pay a broker or dealer that furnishes research and other brokerage services a higher commission than that which might have been charged by another
broker-dealer for effecting the same transaction. Such services may be used by the Collateral Manager or its Affiliates in connection with its other activities or investment operations. To the extent consistent with the Collateral Manager’s
obligation to obtain the best prices and execution for all orders placed with respect to the Collateral Obligations and Eligible Investments, the Collateral Manager may aggregate sales and purchase orders of obligations placed with respect to the
Collateral Obligations and Eligible Investments with similar orders being made simultaneously for other accounts managed by the Collateral Manager or with similar orders being made simultaneously for accounts of its Affiliates, if, in the Collateral
Manager’s reasonable judgment, such aggregation results in an overall economic benefit to the Issuer, taking into consideration the selling or purchase price, brokerage commission and other expenses. The Issuer acknowledges that the
determination of any such economic benefit by the Collateral Manager is subjective, and represents the Collateral Manager’s evaluation at the time that the Issuer will be benefited by relatively better purchase or sale prices, lower commission
expenses and beneficial timing of transactions or a combination of these and other factors. When any aggregate sales or purchase orders occur, the objective of the Collateral Manager (and any of its Affiliates involved in such transactions) shall be
to allocate the executions among the accounts in an equitable manner. 
 (b) All sales of Collateral Obligations, and all
purchases and sales of Eligible Investments and Equity Securities, by the Collateral Manager on behalf of the Issuer shall be in accordance with reasonable and customary business practices and in compliance with applicable laws. 

  
 -4- 

	 	3.	Representations and Warranties of the Issuer. 

 The Issuer hereby represents and warrants
to the Collateral Manager as follows: 
 (a) The Issuer has been duly incorporated and is validly existing as an exempted
limited partnership under the laws of the Cayman Islands, has the full power and authority to own its assets and the obligations proposed to be owned by it and included in the Assets and to transact the business in which it is presently engaged and
is duly qualified under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement, the Indenture, the Servicing Agreement, the Note
Purchase Agreement, the Master Purchase Agreement, the Master Co-Lender Agreement, the Account Control Agreement, any Cap Agreement, any Issuer Subsidiary Funding and Security Agreement or the Notes (collectively, the “Issuer
Documents”) would require, such qualification, except for failures to be so qualified, authorized or licensed that would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the
Issuer. 
 (b) The Issuer has the necessary power and authority to execute and deliver each of the Issuer Documents, and to
perform all of its obligations required thereunder, and has taken all necessary action to authorize each of the Issuer Documents on the terms and conditions hereof and thereof and the execution, delivery and performance of each of the Issuer
Documents and the performance of all obligations imposed upon it hereunder and thereunder. 
 (c) This Agreement has been
executed and delivered by a duly authorized officer of the Issuer, and this Agreement constitutes the legally valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, to
(i) the effect of bankruptcy, insolvency, reorganization, moratorium, winding up or similar laws affecting generally the enforcement of creditors’ rights, as such laws would apply in the event of any bankruptcy, receivership, insolvency,
winding up or similar event applicable to the Issuer and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

(d) No consent of any other Person, and no license, permit, approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority, other than those that may be required under state securities or “blue sky” laws and those that have been or shall be obtained in connection

  
 -5- 

 
with the Indenture and the issuance of the Notes, is required by the Issuer in connection with the Issuer Documents or the execution, delivery, performance, validity or enforceability of the
Issuer Documents or the obligations imposed upon the Issuer hereunder or thereunder. 
 (e) The Issuer is not in violation of
any federal or state securities law or regulation promulgated thereunder, and there is no charge, investigation, action, suit or proceeding before or by any court pending or, to the best knowledge of the Issuer, threatened that, if determined
adversely to the Issuer, would have a material adverse effect upon the performance by the Issuer of its duties hereunder, or on the validity or enforceability of, this Agreement. 

(f) The execution, delivery and performance of the Issuer Documents, and the documents and instruments required thereunder do
not violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Issuer, or the Organization Documents of, or any securities
issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party or by which the Issuer 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 Issuer or the performance by the Issuer of its duties under this Agreement, and do 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 (other than the lien of the Indenture). 

(g) The Issuer is not in violation of its Organization Documents, or in breach or violation of, or in default under, the
Indenture or any contract or agreement to which it is a party or by which it or any of its assets may be bound, or any applicable statute or any rule, regulation or order of any court, government agency or body having jurisdiction over the Issuer or
its properties, except for any breach, violation or default that would not have a material adverse effect on the validity or enforceability of this Agreement, the Indenture or the other Issuer Documents, or the performance by the Issuer of its
duties under this Agreement, the Indenture or the other Issuer Documents. 
 (h) The Issuer is not required to be registered
as an “investment company” under the Investment Company Act. 
 (i) There is no charge, investigation, action, suit
or proceeding before or by any court pending or, to the best knowledge of the Issuer, threatened that, if determined adversely to the Issuer, would have a material adverse effect upon the performance by the Issuer of its duties under, or on the
validity or enforceability of, this Agreement or the provisions of the Indenture or the other Issuer Documents applicable to the Issuer thereunder. 

  
 -6- 

	 	4.	Representations and Warranties of the Collateral Manager. 

 The Collateral Manager hereby
represents and warrants to the Issuer as follows: 
 (a) The Collateral Manager is a limited partnership duly organized and
validly existing and in good standing under the laws of the State of Delaware, and has full power and authority to own its assets and to transact the business in which it is currently engaged and is duly qualified and in good standing under the laws
of each jurisdiction where its ownership or lease of property or the conduct of its business requires, or the performance of this Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified,
authorized or licensed would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager, or on the ability of the Collateral Manager to perform its obligations under, or
on the validity or enforceability of, this Agreement and the provisions of the Indenture applicable to the Collateral Manager. 

(b) The Collateral Manager has full power and authority to execute and deliver this Agreement and to perform all of its
obligations required hereunder and under the provisions of the Indenture applicable to the Collateral Manager, and has taken all necessary 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 and under the terms of the Indenture applicable to the Collateral Manager. 

(c) This Agreement has been executed and delivered by a duly authorized officer of the Collateral Manager and constitutes the
valid and legally binding obligations of the Collateral Manager enforceable against the Collateral Manager in accordance with its terms, subject to (i) bankruptcy, insolvency, winding-up, reorganization, moratorium or other similar laws now or
hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

(d) No consent of any other Person 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 Collateral Manager in connection with this Agreement or the execution, delivery, performance, validity and enforceability of this Agreement or the obligations
required hereunder and under the terms of the Indenture applicable to the Collateral Manager. 
 (e) The Collateral Manager
is not in violation of any federal or state securities law or regulation promulgated thereunder and there is no charge, investigation, action, suit or proceeding before or by any court pending or, to the best knowledge of the Collateral Manager,
threatened that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance by the Collateral Manager of its duties under, or on the validity or enforceability of, this Agreement and the provisions
of the Indenture applicable to the Collateral Manager hereunder. 

  
 -7- 

 (f) The execution, delivery and performance of this Agreement and the terms of
the Indenture applicable to the Collateral Manager and the documents and instruments required thereunder or under the terms of the Indenture will not violate any provision of any existing law or regulation binding on the Collateral Manager, or any
order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Manager, or the organizational documents of, or any securities issued by the Collateral Manager or of any mortgage, indenture, lease,
contract or other agreement, instrument or undertaking to which the Collateral Manager is a party or by which the Collateral 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 Collateral Manager or its ability to perform its obligations under this Agreement and the terms of the Indenture applicable to the Collateral Manager, and will not result in or require the creation or
imposition of any lien on any of the Collateral Manager’s property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 

(g) The Collateral Manager is not in violation of its organizational documents, or in breach or violation of or in default
under any contract or agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation or order of any court, government agency or body having jurisdiction over the Collateral
Manager or its properties, the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the provisions of the Indenture applicable to the Collateral Manager, or
the performance by the Collateral Manager of its duties thereunder. 
 (h) The Collateral Manager is registered as an
“investment adviser” under the Investment Advisers Act. 
  

	 	5.	Expenses. 

 The Collateral Manager shall pay (without reimbursement by the Issuer) its
overhead expenses, including, without limitation, (a) all costs and expenses on account of salaries, wages, bonuses and other employee benefits of the Collateral Manager and (b) all office expenses, including, without limitation, rent,
taxes and utilities, of the Collateral Manager; provided, however, that the Collateral Manager shall not be liable for and the Issuer shall be responsible for the payment of (or reimbursement of the Collateral Manager for) (x) the
reasonable expenses and costs of legal advisers, accountants, consultants and other third party professionals retained by the Issuer or by the Collateral Manager on behalf of the Issuer in connection with the services provided by the Collateral
Manager pursuant to Section 1 hereof and (y) the reasonable expenses reasonably incurred by the Collateral Manager and the disposition or proposed disposition of any Collateral Obligations or Eligible Investments, the acquisition or
proposed acquisition of any Eligible Investments or Equity Securities, the default or restructuring of any Assets, including news and quotation subscription expenses, brokerage commissions, research expenses, accountant fees, rating agency fees,
computer software and services costs and travel costs (airfare, meals, lodging and other transportation), provided, that, to the extent such expenses are incurred for the benefit of the Issuer and other entities affiliated with or advised by
the Collateral Manager, the Issuer shall be responsible for only a pro rata portion of such expenses of the 

  
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Collateral Manager, based on a good faith allocation by the Collateral Manager of such expenses among all such entities and the Issuer. Expenses and costs payable to the Collateral Manager under
this Section 5 shall constitute Administrative Expenses (as defined in the Indenture) and shall be paid in accordance with Section 10.2(d) of the Indenture Other than as stated above, the Issuer will bear, and will pay directly in
accordance with the Indenture, all other costs and expenses incurred by it in connection with the organization, operation or liquidation of the Issuer. 
  

	 	6.	Delivery of Collateral. 

 Each time that the Collateral Manager, on behalf of the Issuer,
shall direct or cause the acquisition of any Eligible Investment or Equity Security, the Collateral Manager (on behalf of the Issuer) shall cause such Eligible Investment or Equity Security to be delivered, as provided in the Indenture;
provided, however, that the Collateral Manager need not confirm that the Trustee and the Securities Intermediary have taken the actions that the Indenture and the Account Control Agreement require them to take in order to effect such
delivery. 
  

	 	7.	Collateral Management Fee. 

 (a) On each Payment Date, the Issuer shall,
for services rendered under this Agreement, pay to the Collateral Manager a collateral management fee (the “Collateral Management Fee”), which shall accrue monthly in arrears on each Payment Date, in an amount equal to an aggregate
0.075% per annum (calculated on the basis of a 360-day year of twelve 30-day months) of the aggregate par amount of the Collateral Obligations owned by the Issuer on the Calculation Date immediately preceding such Payment Date. 

(b) If this Agreement is terminated pursuant to Sections 11 or 12 hereof or otherwise, the Collateral Management Fee calculated
as provided herein shall be prorated for any partial periods between Payment Dates during which this Agreement was in effect and shall be due and payable on the first Payment Date following the effective date of such termination, together with all
expenses payable to the Collateral Manager. 
 (c) If the Collateral Manager resigns pursuant to this Agreement, compensation
payable to the successor collateral manager from the Assets may not be greater than that paid to the resigning or removed Collateral Manager without the prior written consent of (A) a Majority of the Limited Partnership Interests and (B) a
Majority of the Class A Notes. 
 (d) Notwithstanding the above or anything in this Agreement to the contrary, the
obligations of the Issuer under this Agreement are at all times limited recourse obligations payable or distributable solely from the Assets at such time and amounts derived therefrom or referable thereto at any time. No recourse shall be had for
the payment or distribution of any amount owing in respect of this Agreement against any other asset of the Issuer or against any officer, director, employee, shareholder, partner or incorporator of the Issuer. Because the obligations of the Issuer
under this Agreement are limited recourse obligations of the Issuer, payable or distributable solely from the Assets, following any liquidation of the Assets and disbursement of the proceeds thereof in accordance with the Indenture all claims of the
Collateral Manager against the Issuer remaining thereafter shall thereupon be extinguished, and shall not thereafter revive. 

  
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	 	8.	Non-Exclusivity. 

 The services of the Collateral Manager to the Issuer are not to be
deemed exclusive, and the Collateral Manager shall be free to render collateral management and management services to others (including Affiliates, other investment companies and Similar Clients). It is understood and agreed that the officers and
directors of the Collateral Manager may engage in any other business activity or render services to any other Person or serve as partners, officers or directors of any other firm or corporation. 

 

	 	9.	Conflicts of Interest. 

 (a) After the Closing Date, the Collateral
Manager shall not direct the Trustee to purchase any Eligible Investment for inclusion in the Assets from the Collateral Manager as principal, any Affiliate of the Collateral Manager or any account or fund for which the Collateral Manager or any of
its Affiliates serves as investment advisor (each such party or fund, a “Related Party”), or direct the Trustee to sell directly any Collateral Obligation or Eligible Investment to the Collateral Manager as principal, any Affiliate
of the Collateral Manager or any account or fund for which the Collateral Manager or any of its Affiliates serves as investment advisor, unless (i) such transaction is exempt from the prohibited transaction rules of ERISA and the Code,
(ii) such transaction is in compliance with the requirements of the Investment Advisers Act and is not prohibited by the Investment Company Act (including without limitation the disclosure of all relevant information to the Issuer and the
receipt of all necessary consents in connection with such transaction) and (iii) the terms and conditions of such transaction are no less favorable to the Issuer as the terms it would obtain in a comparable arm’s length transaction with a
party that is not a Related Party. 
 (b) Various potential and actual conflicts of interest may arise from the overall
investment of the Collateral Manager, its Affiliates and any account or portfolio for which the Collateral Manager or any of its Affiliates serves as investment advisor, including those disclosed in Form ADV. The Collateral Manager, its Affiliates
and any account or portfolio for which the Collateral Manager or any of its Affiliates serves as investment advisor may have ongoing relationships with companies whose loans are included in the Assets. Such relationships may include funds advised by
Affiliates of the Collateral Manager owning all or part of the equity of such companies and employees of Affiliates of the Collateral Manager serving as officers or directors of such companies. Affiliates and clients of the Collateral Manager may
invest in loans that are senior to, or have interests different from or adverse to, the loans included in the Assets. The Collateral Manager and its Affiliates may serve as portfolio manager for, invest in, or be affiliated with, other entities
organized to issue collateralized loan obligations or other structured finance obligations secured by loans similar to the loans included in the Assets. The Collateral Manager and its Affiliates may at certain times be simultaneously seeking to
purchase or sell investments for the Issuer and to buy or sell such obligations for any entity for which any of them serves as collateral manager, or for their clients and Affiliates. 

  
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 (c) On the Closing Date, the Limited Partnership Interests of the Issuer will be
owned indirectly by an investment fund advised by the Collateral Manager. In certain circumstances, the interests of the Issuer with respect to matters as to which the Collateral Manager is advising the Issuer may conflict with the interests of such
investment fund. 
 (d) The Issuer hereby acknowledges the various potential and actual conflicts of interest that may exist
with respect to the Collateral Manager as described in subsections (b) and (c) above and in Form ADV and agrees that the Collateral Manager may resolve any potential or actual conflicts of interest in the manner described in Form ADV. 

(e) In circumstances where funds or accounts managed by the Collateral Manager or one of its Affiliates have interests that are
adverse to those of the Issuer, the Collateral Manager may exercise its reasonable judgment (in accordance with the applicable requirements of the Investment Advisers Act) considering the interests of the Issuer and such funds and accounts taken as
a whole. 
 (f) Some or all of the professionals associated with the Collateral Manager may be investors in other funds
managed by the Collateral Manager, may be actively involved in managing the investment decisions of these funds and other clients and may not devote all of their time to the Issuer’s business and affairs. 

 

	 	10.	Records; Confidentiality. 

 (a) The Collateral Manager shall maintain
appropriate books of account and records relating to services performed hereunder, and such books of account and records shall be accessible for inspection by representatives of the Issuer, the Trustee, the Initial Class A Noteholder and the
independent accountants appointed by the Issuer pursuant to the Indenture at any mutually agreed reasonable time during normal business hours and upon not less than five Business Days prior notice. The Collateral Manager shall keep confidential any
and all information that is either (i) of a type that would ordinarily be considered proprietary or confidential or (ii) designated as confidential (collectively “Confidential Information”) and obtained in connection with
the services rendered hereunder, and shall not disclose any such Confidential Information to non-affiliated third parties (which shall in no event be deemed to include holders of Notes) except (i) with the prior written consent of the Issuer,
(ii) such information as a rating agency shall reasonably request in connection with its rating of the Notes, (iii) as required by law, regulation, court order, regulator or the rules or regulations of any stock exchange or self-regulating
organization, body or official having jurisdiction over the Issuer or the Collateral Manager, (iv) to its professional advisers, (v) such information as shall have been publicly available or disclosed other than in violation of this
Agreement or the Indenture, (vi) such information that was or is obtained by the Collateral Manager on a non-confidential basis, (vii) such information that was or is obtained by the Collateral Manager from a non-affiliated third party,
provided that such non-affiliated third party is 

  
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not known by the Collateral Manager to be bound by this Agreement or another confidentiality agreement with the Issuer or (viii) such information that is related to the investment
performance of the Collateral Manager. 
 (b) Notwithstanding the provisions of Section 10(a), the Collateral Manager
and each of its respective employees, representatives or other agents may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and U.S. federal income tax structure of the transactions contemplated
by the Issuer Documents, and all materials of any kind (including opinions and other tax analyses) that are provided to them relating to such U.S. federal income tax treatment and U.S. income tax structure. 

 

	 	11.	Term; Termination. 

 (a) This Agreement shall commence as of the date
first set forth above and shall continue in force and effect until the first of the following occurs: (i) the payment in full of the Notes and the termination of the Indenture in accordance with its terms; (ii) the liquidation of the
Assets and the final distribution of the proceeds of such liquidation to the holders of the Securities; or (iii) the termination of this Agreement in accordance with subsections (b) or (c) of this Section 11 or Section 12 of
this Agreement. 
 (b) Notwithstanding any other provision hereof to the contrary (but subject to subsection (e) below),
this Agreement may be terminated without cause by the Collateral Manager, and the Collateral Manager may resign, upon at least 90 days’ written notice to the Issuer (or such shorter notice as is acceptable to the Issuer); provided, that,
the Collateral Manager shall have the right to resign immediately upon the effectiveness of any material change in applicable law or regulations which renders the performance by the Collateral Manager of its duties under this Agreement or the
Indenture to be a violation of such law or regulation. 
 (c) This Agreement shall be automatically terminated in the event
the Collateral Manager or the Issuer takes any action which would require a registration of the Issue or of the pool of Assets under the provisions of the Investment Company Act, and the Issuer notifies the Collateral Manager thereof. 

(d) If this Agreement is terminated pursuant to this Section 11, neither party shall have any further liability or
obligation to the other, except as provided in Sections 7(c), 10 (other than the first sentence of clause (a) thereof), 13, 14 and 20(b) and (c) of this Agreement. 

(e) Any removal or resignation of the Collateral Manager while any Notes are Outstanding will not be effective until
(i) the appointment by the Issuer, at the direction of a Majority of the Class A Notes and a Majority of the Limited Partnership Interests (excluding any Limited Partnership Interests owned by the Collateral Manager), of a successor
collateral manager that is an established institution with experience managing assets similar to the Assets which (A) has demonstrated an ability to professionally and competently perform duties reasonably comparable to those imposed upon the
Collateral 

  
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Manager hereunder and under the Indenture, (B) is legally qualified and has the capacity to act as successor to the Collateral Manager under this Agreement in the assumption of all of the
responsibilities, duties and obligations of the Collateral Manager hereunder and under the terms of the Indenture applicable to the Collateral Manager, (C) shall not cause the Issuer or the pool of Assets to become required to register as an
investment company under the provisions of the Investment Company Act and (D) shall not result in the imposition of any entity-level or withholding tax on the Issuer or the payments to the holders of Notes and (ii) written acceptance of
appointment and assumption of all of the duties and obligations of the Collateral Manager hereunder and under the terms of the Indenture applicable to the Collateral Manager by such successor collateral manager. The Issuer shall use its commercially
reasonable efforts to appoint a successor collateral manager to assume the duties and obligations of the removed or resigning Collateral Manager. If within 90 days following a notice of resignation or removal no replacement collateral manager has
been appointed and accepted such appointment, the Collateral Manager may petition a court of competent jurisdiction for the appointment of a successor collateral manager. No vote of the holders of the Class A Notes or Limited Partnership
Interests will be required in connection with such appointment by a court of competent jurisdiction. 
 (f) In the event of
removal of the Collateral Manager by the Issuer pursuant to this Agreement, the Issuer shall have all of the rights and remedies available with respect thereto at law or equity, and, without limiting the foregoing, the Issuer or the Trustee, to the
extent so provided in the Indenture, may by notice in writing to the Collateral Manager as provided under this Agreement terminate all the rights and obligations of the Collateral Manager under this Agreement (except those that survive termination
pursuant to subsection 11(d) above or as otherwise provided in this Agreement). Upon expiration of the applicable notice period with respect to termination specified in this Section 11 or Section 12 of this Agreement, as applicable, and
upon acceptance by a successor collateral manager of appointment, all authority and power of the Collateral Manager under this Agreement or the Indenture, whether with respect to the Assets or otherwise, shall automatically and without further
action by any Person pass to and be vested in the successor collateral manager. 
  

	 	12.	Termination by the Issuer for Cause. 

 This Agreement may be terminated, and the
Collateral Manager may be removed for cause (as defined below) by the Issuer, at any time upon the vote of a Majority of the Class A Notes; provided, that Collateral Manager Notes shall be excluded from the numerator and denominator of
any such vote. No such termination or removal shall be effective until such time as a successor collateral manager shall have assumed all of the Collateral Manager’s duties and obligations pursuant to Section 11(e) hereof. For purposes of
determining “cause” with respect to any such termination of this Agreement, such term shall mean only any one of the following events: 

(a) The Collateral Manager knowingly and intentionally breaches any provision of this Agreement or any provisions of the
Indenture applicable to it; 

  
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 (b) the Collateral Manager breaches in any respect any provision of this
Agreement or any provisions of the Indenture applicable to it (other than as covered by clause (a)), if any such breach has had, or could reasonably be expected to have, a material adverse effect on the Issuer, the holders of the Notes or the
Assets, and which, if capable of being cured, the Collateral Manager fails to cure such breach within 30 days of receiving notice of such breach; 

(c) the failure of any representation warranty, certification or statement made in writing by the Collateral Manager pursuant
to this Agreement or the Indenture to be true and accurate when made and such failure has had, or could reasonably be expected to have, a material adverse effect on the Issuer, the holders of the Notes or the Assets; 

(d) the Collateral Manager is wound up or dissolved, or there is appointed over it or a substantial portion of its assets a
receiver, administrator, administrative receiver, trustee or similar officer; or the Collateral Manager (i) ceases to be able to, or admits in writing its inability to, pay its debts as they become due and payable, or makes a general assignment
for the benefit of, or enters into any composition or arrangement with, its creditors generally; (ii) applies for or consents (by admission of material allegations of a petition or otherwise) to the appointment of a receiver, trustee, assignee,
custodian, liquidator or sequestrator (or other similar official) of the Collateral Manager, or of any substantial part of its properties or assets, or authorizes such an application or consent, or proceedings seeking such appointment are commenced
without such authorization, consent or application against the Collateral Manager and continue un-dismissed for 60 days; (iii) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material
allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment of debt, insolvency or dissolution, or authorizes such application or consent, or proceedings to such end are instituted against
the Collateral Manager without such authorization, application or consent and are approved as properly instituted and remain un-dismissed for 60 days, or result in adjudication of bankruptcy or insolvency; or (iv) permits or suffers all or any
substantial part of its properties or assets to be sequestered or attached by court order and the order remains un-dismissed for 60 days; 

(e) the occurrence and continuance of an “Event of Default” under the Indenture that (i) consists of a default
in the payment of principal or interest on the Notes when due and payable and (ii) results from any breach by the Collateral Manager of its duties hereunder or under the Indenture; 

(f) the Issuer or the Assets become an investment company required to be registered under the Investment Company Act and such
requirement has not been eliminated after a period of 45 days; or 
 (g) (i) the occurrence of an act by the Collateral
Manager that constitutes fraud in the performance of its obligations under this Agreement or the provisions of the Indenture applicable to it, (ii) the Collateral Manager being indicted of a criminal offense or (iii) any officer or
director of the Collateral Manager having responsibility for the performance by the Collateral Manager of its obligations hereunder being indicted of a criminal offense. 

  
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 If any of the events specified in this Section 12 shall occur, the Collateral Manager shall
give prompt written notice thereof to the Issuer, the Trustee and the Holders of all Outstanding Notes upon the Collateral Manager’s becoming aware of the occurrence of such event. The Holders of a Majority of the Class A Notes may waive
any event described in paragraphs (a), (b), (d) or (e) above as a basis for termination of this Agreement and removal of the Collateral Manager under this Section 12; provided, in each case, that Collateral Manager Notes shall
be excluded from the numerator and denominator in calculating such vote. 
  

	 	13.	Action Upon Termination. 

 (a) From and after the effective date of the
termination of the Collateral Manager’s duties and obligations pursuant to this Agreement or the resignation or removal of the Collateral Manager hereunder, the Collateral Manager shall only be entitled to reimbursements to the extent so
provided in Section 5 hereof and accrued through the date of termination and compensation to the extent so provided in Section 7 hereof, and shall be entitled to receive any amounts owing under Section 14 hereof. Upon such
termination, resignation or removal, the Collateral Manager shall as soon as practicable: 
 (i) deliver to the Issuer all
property and documents of the Trustee or the Issuer, or otherwise relating to the Assets then in the custody of the Collateral Manager; and 

(ii) deliver to the Trustee an accounting with respect to the books and records delivered to the Issuer or the successor
collateral manager appointed pursuant to subsection 11(e) hereof. 
 Notwithstanding such termination, resignation or removal, the
Collateral Manager shall remain liable to the extent set forth herein (but subject to Section 14 hereof) for its acts or omissions hereunder arising prior to termination. 

 

	 	14.	Liability; Delegation. 

 (a) The Collateral Manager assumes no
responsibility under this Agreement other than to render in good faith the services called for hereunder in accordance with the standard of care set forth in Section 1 of this Agreement and under the terms of the Indenture applicable to it in
accordance with the standard of care set forth in Section 1 of this Agreement and shall not be responsible for any action of the Issuer or the Trustee in following or declining to follow any advice, recommendation or direction of the Collateral
Manager. Notwithstanding any provision to the contrary in this Agreement or the Indenture, neither the Collateral Manager nor any of its directors, managers, officers, stockholders, members, partners, agents, employees or Affiliates will be liable
to the Trustee, the Calculation Agent, the Paying Agent, the Noteholders, the Committed Purchaser or any other Person for any losses, claims, damages, judgments, assessments, costs or other liabilities (collectively, “Liabilities”)
incurred by any such Person that arise 

  
 -15- 

 out of or in connection with the actions taken or recommended, or for any omissions, by the
Collateral Manager, its directors, managers, officers, stockholders, members, partners, agents, employees or Affiliates under this Agreement or the Indenture or for any decrease in the value of, the Collateral Obligations or Eligible Investments,
except in the case of the Collateral Manager, by reason of acts or omissions of it or its directors, managers, officers, stockholders, members, partners, agents, employees or Affiliates constituting bad faith, willful misconduct, gross negligence or
fraudulent or illegal conduct in the performance of the obligations of the Collateral Manager under this Agreement or under the terms of the Indenture applicable to it. The Collateral Manager may delegate to an agent selected with reasonable care
any or all of the duties assigned to the Collateral Manager hereunder, provided that (i) no delegation by the Collateral Manager of any of its duties hereunder shall relieve the Collateral Manager of any of its duties hereunder, or
relieve the Collateral Manager of any liability with respect to the performance of such duties, and (ii) any delegation of duties relating to the Collateral Manager’s provision of discretionary investment management services to a
non-Affiliated party must be consented to by the Initial Class A Noteholder. Notwithstanding anything to the contrary in this Agreement, the Collateral Manager shall not be liable for any consequential, special, indirect or punitive damages
hereunder. 
 (b) The Issuer shall indemnify and hold harmless the Collateral Manager, its directors, managers, officers,
stockholders, members, partners, agents and employees and its Affiliates and their directors, managers, officers, stockholders, members, partners, agents and employees (each, a “Manager Party”) from and against any and all
Liabilities, and will promptly reimburse each such Person for all reasonable fees and expenses (including reasonable fees and expenses of counsel) as such fees and expenses (collectively, the “Expenses”) are incurred in
investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened litigation (collectively, the “Actions”), caused by, or arising out of or in connection with,
the Assets or business of the Issuer, or otherwise relating to the Indenture or this Agreement, and/or any action taken by, or any failure to act by, such Manager Party in connection therewith; provided, however, that such Manager
Party shall not be indemnified for any Liabilities or reimbursed for any Expenses it incurs as a result of any acts or omissions by any such Person constituting bad faith, willful misconduct, gross negligence or fraudulent or illegal conduct in the
performance, of the obligations of the Collateral Manager under this Agreement or the terms of the Indenture applicable to it. 

(c) The Collateral Manager, its directors, managers, officers, stockholders, members, partners, agents and employees may
consult with counsel and accountants with respect to the affairs of the Issuer, and shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is taken or made in good faith
and is in accordance with the advice or opinion of such counsel or accountants. 
 (d) Notwithstanding anything contained
herein to the contrary, the obligations of the Issuer under this Section 14 shall be subject to Section 20(c) hereof. 

  
 -16- 

 (e) The Collateral Manager shall indemnify and hold harmless the Issuer and its
Affiliates, from and against (i) any and all Liabilities, and will promptly reimburse each such Person for all Expenses in respect of or arising out of any breach or violation by the Collateral Manager of this Agreement or the provisions of the
Indenture applicable to the Collateral Manager that is attributable to any acts or omissions of the Collateral Manager, its directors, managers, officers, stockholders, members, partners, agents, employees or Affiliates constituting bad faith,
willful misconduct, gross negligence or fraudulent or illegal conduct in the performance of its duties under this Agreement or under the terms of the Indenture applicable to it and (ii) (without duplication) the amount of any Extraordinary
Expenses incurred by the Issuer as a result of any acts or omissions of the Collateral Manager, its directors, managers, officers, stockholders, members, partners, agents, employees or Affiliates constituting bad faith, willful misconduct, gross
negligence or fraudulent or illegal conduct in the performance of its duties under this Agreement or under the terms of the Indenture applicable to it. 

(f) With respect to any claim made or threatened against a party entitled to indemnification under this Section 14 (an
“Indemnified Party”), or compulsory process or request or other notice of any loss, claim, damage or liability served upon an Indemnified Party, for which such Indemnified Party is or may be entitled to indemnification under this
Section 14, such Indemnified Party shall (or with respect to Indemnified Parties that are directors, managers, officers, stockholders, members, partners, agents, employees or Affiliates of the Collateral Manager, the Collateral Manager shall
cause such Indemnified Party to): 
 (i) give written notice to the party required to indemnify the Indemnified Party under
this Section 14 (the “Indemnifying Party”) of such claim within twenty (20) days after such claim is made or threatened, which notice shall specify in reasonable detail the nature of the claim and the amount (or an
estimate of the amount) of the claim; provided, that the failure of any Indemnified Party to provide such notice to the Indemnifying Party shall not relieve the Indemnifying Party of its obligations under this Section 14 except to the
extent the Indemnifying Party is materially prejudiced or otherwise forfeits rights or defenses by reason of such failure; 

(ii) provide the Indemnifying Party such information and cooperation with respect to such claim as the Indemnifying Party may
reasonably require, including, but not limited to, making appropriate personnel available to the Indemnifying Party at such reasonable times as the Indemnifying Party may request; 

(iii) cooperate and take all such steps as the Indemnifying Party may reasonably request to preserve and protect any defense to
such claim; 
 (iv) in the event suit is brought with respect to such claim, upon reasonable prior notice, afford to the
Indemnifying Party the right, which the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement of such claim; and 

  
 -17- 

 (v) upon reasonable prior notice, afford to the Indemnifying Party the right, in
its sole discretion and at its sole expense, to assume the defense of such claim, including, but not limited to, the right to designate counsel (which such counsel shall be reasonably satisfactory to the Indemnified Party) and to control all
negotiations, litigation, arbitration, settlements, compromises and appeals of such claim; provided, that if the Indemnifying Party assumes the defense and appeals of such claim, the Indemnified Party shall have the right, in its sole
discretion, to consent in writing to the entry of any settlement, compromise, or entry of judgment in respect thereof; provided, further, that if the Indemnifying Party assumes the defense of such claim, for so long as it actively and
diligently defends such claim, it shall not be liable for any fees and expenses of counsel for any Indemnified Party incurred thereafter in connection with such claim except that if such Indemnified Party reasonably determines that counsel
designated by the Indemnifying Party has a conflict of interest due to the conflicting interests of the Indemnifying Party and the Indemnified Party, such Indemnifying Party shall pay the reasonable fees and disbursements of one counsel (in addition
to any local counsel) separate from its own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances; and
provided, further, that prior to entering into any final settlement or compromise, such Indemnifying Party shall use commercially reasonable efforts to defend such claim. 

(vi) In the event that any Indemnified Party waives its right to indemnification hereunder, the Indemnifying Party shall not be
entitled to appoint counsel to represent such Indemnified Party nor shall the Indemnifying Party reimburse such Indemnified Party for any costs of counsel to such Indemnified Party. 

(g) Notwithstanding anything herein to the contrary, the provisions of Section 14 shall not be construed so as to provide
for the indemnification of any Indemnified Party for any liability (including liability under U.S. federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the
extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of Section 14 to the fullest extent permitted by law. 

 

	 	15.	Obligations of Collateral Manager. 

 (a) Unless otherwise specifically required by any
provision of the Indenture or this Agreement or by applicable law, the Collateral Manager shall use commercially reasonable efforts to ensure that no action is taken by it, and shall not intentionally or with gross negligence or reckless disregard,
take any action which would (a) materially adversely affect the Issuer for purposes of Cayman Islands law, United States federal or state law or any other law known to the Collateral Manager to be applicable to the Issuer, (b) with respect
to the Issuer, not be permitted under the Issuer’s Organization Documents, (c) violate any law, rule or regulation of any governmental body or agency 

  
 -18- 

 having jurisdiction over the Issuer, including, without limitation, any Cayman Islands or United
States federal, state or other applicable securities law the violation of which would have an adverse effect on the business, operations, assets or financial condition of the Issuer, or on the ability of the Collateral Manager to perform its
obligations hereunder or under the provisions of the Indenture applicable to it, (d) require registration of the Issuer or the pool of Assets as an “investment company” under the Investment Company Act, (e) cause the Issuer to
violate the terms of the Indenture; (f) adversely affect the interests of the Noteholders in any material respect (other than as permitted or required hereunder or under the Indenture, or (g) cause the Issuer to be a taxable mortgage pool
or otherwise taxable as a corporation for U.S. federal income tax purposes, or (h) cause Clover REIT to fail to qualify as a real estate investment trust for U.S. federal income tax purposes, it being understood that, in connection with the
foregoing, the Collateral Manager will not be required to make any independent investigation of any facts or laws not otherwise actually known to it in connection with its obligations under this Agreement or the Indenture, or the conduct of its
business generally). The Collateral Manager covenants that it shall comply in all material respects with all laws and regulations applicable to it in connection with the performance of its duties under this Agreement or the Indenture.
Notwithstanding anything in this Agreement, the Collateral Manager shall not take any discretionary action that could reasonably be expected to cause an Event of Default under the Indenture. 

From and after the occurrence of an Event of Default, the Collateral Manager shall continue to perform and be bound by the provisions of this
Agreement and the Indenture. 
 (b) At all times when the Class A Notes are Outstanding, the Collateral Manager and/or its
Affiliates shall hold (indirectly through Clover REIT) Limited Partnership Interests of the Issuer representing an initial investment amount of not less than $25,000,000. The Collateral Manager agrees that it will not, and it will cause any of its
Affiliates that hold such Limited Partnership Interests not to, directly or indirectly, hedge its or their respective exposures with respect to such Limited Partnership Interests. Notwithstanding the foregoing, the Collateral Manager and its
Affiliates shall not be required to hold any Limited Partnership Interests of the Issuer, and shall not be restricted from hedging their respective exposures with respect to such Limited Partnership Interests, in the event that the Collateral
Manager has bene removed for cause pursuant to Section 12 and a successor collateral manager has been appointed in accordance with Section 11 hereof. 
  

	 	16.	No Partnership or Joint Venture. 

 The Issuer and the Collateral 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 to impose any liability as such on either of them. The Collateral Manager’s relation to the Issuer shall be deemed to be
that of an independent contractor, and not an agent. 

  
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	 	17.	Notices. 

 Unless expressly provided otherwise herein, all notices, requests, demands and
other communications required or permitted under this Agreement shall be in writing (including by facsimile), and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of registered or
certified mail, postage prepaid, return receipt requested, or, in the case of facsimile notice, when receipt is confirmed, addressed as set forth below: 

(a) If to the Issuer: 

TPG RE Finance Trust CLO Issuer, L.P. 

345 California Street, Suite 3300 

San Francisco, CA 94104 

Facsimile: (415) ###-#### 

Email: ########@tpg.com 

Attention: Matthew J. Coleman, Esq. 

with a copy to the Collateral Manager and to: 

Ropes & Gray LLP 
 The
Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02199 

Telephone: (617) ###-#### 

Facsimile: (617) ###-#### 

Email: ###########@ropesgray.com; ##############@ropesgray.com 

Attention: Alfred O. Rose, Esq., Alison T. Bomberg, Esq. 

(b) If to the Collateral Manager: 

TPG RE Finance Trust Management, L.P. 

345 California Street, Suite 3300 

San Francisco, CA 94104 

Facsimile: (415) ###-#### 

Email: ########@tpg.com 

Attention: Matthew J. Coleman, Esq. 

with a copy to: 

Ropes & Gray LLP 
 The
Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02199 

Telephone: (617) ###-#### 

Facsimile: (617) ###-#### 

Email: ###########@ropesgray.com; ##############@ropesgray.com 

Attention: Alfred O. Rose, Esq., Alison T. Bomberg, Esq. 

  
 -20- 

 (c) If to the Trustee: 

U.S. Bank National Association 

190 LaSalle Street, 8th Floor 

Chicago, Illinois 60603 

Facsimile: (866) ###-#### 

Email: #####.#####@usbank.com 

Attention: TPG RE Finance Trust CLO Issuer, L.P. 

Any party may alter the address or facsimile number to which communications or copies are to be sent by giving notice of such change of
address in conformity with the provisions of this Section 17 for the giving of notice. 
  

	 	18.	Succession and Assignment. 

 (a) This Agreement shall inure to the
benefit of and be binding upon the successors to the parties hereto. No assignment of this Agreement shall be made without the consent of the other party except as set forth below; provided, however, that the Issuer may collaterally
assign its interest in this Agreement to the Trustee under the Indenture. 
 (b) Any assignment (including, without
limitation, within the meaning of Section 205(a)(2) of the Investment Advisers Act) of this Agreement to any Person, in whole or in part, by the Collateral Manager shall be deemed null and void unless such assignment is consented to in writing
by the Issuer and Holders of a Majority of the Class A Notes; provided, that, without the consent of any Person (but with prior notice to the Trustee), the Collateral Manager may (i) assign its rights and obligations under this
Agreement if (A) the assignment would not constitute an “assignment” under Section 205(a)(2) of the Investment Advisers Act and related regulatory guidance and (B) the assignment is made to an Affiliate of the Collateral
Manager that (i) has demonstrated ability, whether as an entity or by its principals and employees, to professionally and competently perform duties similar to those imposed upon the Collateral Manager pursuant to this Agreement, (ii) has
the legal right and capacity to act as Collateral Manager under this Agreement, and (iii) shall not cause the Issuer or the pool of Assets to become required to register under the provisions of the Investment Company Act. In addition, the
Collateral Manager may, to the extent it would not constitute an “assignment” under Section 205(a)(2) of the Investment Advisers Act and related regulatory guidance, with prior notice to the Trustee, appoint any of its Affiliates
(other than an individual) as a sub-investment manager under this Agreement; provided that no such appointment by the Collateral Manager of any of its duties hereunder shall relieve the Collateral Manager of any of its duties hereunder, or
relieve the Collateral Manager of any liability with respect to the performance of such duties, unless the consent of the a Majority of the Class A Notes has been obtained. Any assignment of this Agreement consented to by the Issuer and a
Majority of the Class A Notes shall bind the assignee hereunder in the same manner as the Collateral Manager is bound. In addition, any assignee of this Agreement 

  
 -21- 

 shall execute and deliver to the Issuer and the Trustee a counterpart of this Agreement naming
such assignee as Collateral Manager. Upon the execution and delivery of such a counterpart by the assignee, the Collateral Manager shall be released from further obligations pursuant to this Agreement, except with respect to its obligations arising
under Section 14 of this Agreement prior to such assignment, and except with respect to its obligations under Section 13 and Section 20(b) hereof. The Collateral Manager shall deliver any executed sub-management agreement to the
Issuer and the Trustee. 
 (c) The Collateral Manager agrees that its obligations hereunder in accordance with the terms of
this Agreement and the terms of the Indenture applicable to it shall be enforceable by the Issuer on behalf of the Issuer, by the Trustee on behalf of the Noteholders and by the requisite percentage of Noteholders, on behalf of themselves, as and to
the extent provided in the Indenture. 
  

	 	19.	Miscellaneous. 

 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 (b) The captions in this Agreement are included for convenience
only, and in no way define or limit any of the provisions hereof, or otherwise affect their construction or effect. 
 (c) In
the event that any provision of this Agreement shall be held invalid or unenforceable, by any court of competent jurisdiction, such holding shall not, to the fullest extent permitted by law, invalidate or render unenforceable any other provision
hereof. 
 (d) This Agreement may not be modified or amended other than by an agreement in writing executed by the parties
hereto and with the consent of a Majority of the Class A Notes. 
 (e) This Agreement constitutes the entire understanding
and agreement between the parties and supersedes all other prior understandings and agreements, whether written or oral, between the parties concerning this subject matter. 

(f) The Collateral Manager (i) consents to, and agrees to perform, the provisions of the Indenture applicable to the
Collateral Manager and (ii) acknowledges that the Issuer is assigning all of its estate, right, title and interest in, to and under this Agreement to the Trustee for the benefit of the Noteholders and other secured parties to the extent
provided in the Indenture. 
 (g) This Agreement may be executed in any number of counterparts, each of which so executed
shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 -22- 

 (h) Collateral Manager shall notify the Issuer of any material change in the
ownership of the Collateral Manager within a reasonable period of time after such change. 
 (i) Each of the Collateral
Manager and Issuer hereby consents to the assignment of this Agreement as provided in Section 15.1 of the Indenture. 

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

	 	20.	Non-Petition; Non-Recourse. 

 (a) The Collateral Manager shall continue
to serve as Collateral Manager under this Agreement notwithstanding that the Collateral Manager shall not have received money due it under this Agreement because sufficient funds were not then available hereunder to pay such amounts. 

(b) The Collateral Manager agrees not to institute against or join any other person in instituting against the Issuer any
bankruptcy, reorganization, arrangement, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws, or the similar laws of the Cayman Islands or other applicable
jurisdiction, until the payment in full of all Notes issued under the Indenture and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period, following such payment. Nothing in this Section 20(b)
shall preclude the Collateral Manager (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency
proceeding filed or commenced by a Person other than the Collateral Manager, or (ii) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium,
winding up or liquidation proceeding. 
 (c) Notwithstanding any other provision of this Agreement, all obligations of the
Issuer under this Agreement are solely the obligations of the Issuer and shall at all times constitute limited recourse obligations of the Issuer, payable from the Assets at such time and amounts derived therefrom or referable thereto at any time.
The Issuer’s obligations shall extinguish, and shall not thereafter revive, at such time as the Issuer’s Assets are reduced to zero, and no further claim shall be made against the Issuer in respect of any shortfall after the extinction of
such obligations. 
 (d) The provisions of subsections (b) and (c) of this Section 20 shall survive
termination of this Agreement for any reason whatsoever. 

  
 -23- 

	 	21.	Firm Name. 

 The Issuer shall have the right to use the firm name, “TPG RE Finance
Trust CLO Issuer, L.P.” provided that the Collateral Manager and its Affiliates may use all or any portion of such name as part of their names or otherwise so long as such use does not cause confusion with or detriment to the Issuer. Upon
satisfaction and discharge of the Indenture, the entire right, title and interest to the firm name, and the goodwill attached thereto, shall be assigned without compensation to the Collateral Manager or to its designee. 

 

	 	22.	Jurisdiction and Venue. 

 The parties to this Agreement irrevocably submit to the
non-exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to this Agreement, the Notes or the Indenture, and the parties irrevocably
agree that all claims in respect of such action or proceeding may be heard and determined in such state or federal court. The parties to this Agreement irrevocably waive, to the fullest extent they may legally do so, the defense of an inconvenient
forum to the maintenance of such action or proceeding. The parties to this Agreement irrevocably consent to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to each of them in
accordance with Section 17 hereof. The parties agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

 

	 	23.	Third Party Beneficiaries. 

 Except as provided in Section 18(c) hereof, nothing in
this Agreement is intended or shall be construed to entitle any Person other than the parties, and their respective transferees and assigns permitted hereby, to any claim, cause of action, remedy or right of any kind. 

 

	 	24.	Definitions. 

 “Collateral Manager Notes” means any Notes held by the
Collateral Manager, any of its Affiliates or any account or collector vehicle or investment fund for which the Collateral Manager or any Affiliate thereof acts as investment advisor (and for which the Collateral Manager or such Affiliate has
discretionary voting authority) except (i) in the case of a collector vehicle or investment fund owned directly or indirectly in whole or in part by persons other than the Collateral Manager or its Affiliates to the extent the vote of such
collector vehicle or investment fund is determined by reference to voting decisions made by the direct or indirect owners of such collector vehicle or investment fund who are not the Collateral Manager or an Affiliate thereof and (ii) in the
case of an account for which the Collateral Manager or any Affiliate thereof acts as investment advisor (and for which the Collateral Manager or such Affiliate has discretionary voting authority) if the vote of such account is directed by an owner
of such account (or an owner of the owner of such account) that is not the Collateral Manager or an Affiliate thereof. 
 [Signature Pages
Follow] 

  
 -24- 

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

			
	Executed and delivered as a DEED:
	
	TPG RE FINANCE TRUST CLO ISSUER, L.P.
	
	By: TPG RE Finance Trust GenPar, Inc., its general partner
		
	By:	 	

		 	Name: Ronald Cami
		 	Title:   Vice President
	
	in the presence of:
	
	

	Witness
	
	TPG RE FINANCE TRUST MANAGEMENT, L.P.
	
	By: TPG Real Estate Advisors, LLC, its general partner
		
	By:	 	

		 	Name: Ronald Cami
		 	Title:   Vice President

 [Signature page to the Collateral Management Agreement]

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