Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

AMENDMENT NO. 1 TO MASTER REPURCHASE AND SECURITIES CONTRACT 

AMENDMENT NO. 1 TO MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of April 26, 2018 (this “Amendment”),
between and among FS CREIT FINANCE WF-1 LLC, a Delaware limited liability company (“Seller”), FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”) and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below). 

RECITALS 
 WHEREAS, Seller
and Buyer are parties to that certain Master Repurchase and Securities Contract, dated as of August 30, 2017 (as amended hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Repurchase Agreement”); 
 WHEREAS, in connection with the Repurchase Agreement, Guarantor executed and delivered to Buyer
that certain Guarantee Agreement, dated as of August 30, 2017 (as amended pursuant to the terms of Amendment No. 1 to Guarantee Agreement, dated of even date herewith, by and between Guarantor and Buyer (the “Guarantee
Amendment”) and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Guarantee Agreement”); and 

WHEREAS, Seller and Buyer have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein and to separately
terminate each of the Shareholder Cash Collateral Account Control Agreements, and Guarantor hereby agrees to make the acknowledgements set forth herein. 

Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller, Buyer and Guarantor hereby agree as follows: 
 SECTION 1. Repurchase Agreement Amendments. 

(a) Clause (h) of the definition of “Eligible Asset”, as set forth in Section 2.01 of the Repurchase
Agreement, is hereby amended and restated in its entirety to read as follows: 
 (h) with respect to such Asset, none of the Underlying
Obligors (and any of their respective Affiliates) related to such Asset are Sanctioned Targets; 
 (b) The defined term “Repurchase
Documents”, as set forth in Article 2 of the Repurchase Agreement, is hereby amended and restated in its entirety to read as follows: 

“Repurchase Documents”: Collectively, this Agreement, the Custodial Agreement, the Fee Letter, the Controlled
Account Agreement, the Servicing 

 
Agreement and any related sub servicing agreements, the Pledge and Security Agreement, the Guarantee Agreement, all Account Control Agreements, the Power of Attorney, all Confirmations, all UCC
financing statements, amendments and continuation statements filed pursuant to any other Repurchase Document, and all additional documents, certificates, agreements or instruments, the execution of which is required, necessary or incidental to or
desirable for performing or carrying out any other Repurchase Document. 
 (c) The defined term “Shareholder Cash Collateral Account
Control Agreements”, as set forth in Article 2 of the Repurchase Agreement, is hereby deleted in its entirety. 
 (d) The second
full sentence of Section 7.06 of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 

None of Seller, Guarantor nor any Subsidiaries of Seller or Guarantor, nor to the knowledge of Seller or Guarantor, any
Affiliate of Seller or Guarantor (i) is in violation of any Sanctions or (ii) is a Sanctioned Target. 
 (e) Sections 10.01(r),
(s) and (t) of the Repurchase Agreement are hereby deleted in their entirety and replaced with the following, new Sections 10.01 (r) and (s): 

(r) any Material Modification is made to any Purchased Asset or any Purchased Asset Document without the prior written
consent of Buyer; and 
 (s) at any time the total amount on deposit in the Waterfall Account is less than the Minimum
Liquidity Amount and Seller fails to cure such circumstance within one (1) Business Day after either receiving notice of the related shortfall or otherwise becoming aware of such shortfall. 

SECTION 2. Conditions Precedent. This Amendment and its provisions shall become effective on the first date (the
“Amendment Effective Date”) on which (a) this Amendment is executed and delivered by a duly authorized officer of each of Seller, Buyer and Guarantor, along with such other documents as Buyer or counsel to Buyer may reasonably
request, and (b) each of the conditions precedent set forth in Section 2 of each of the Guarantee Amendment and Amendment No. 1 to Fee and Pricing Letter, dated of even date herewith, by and between Seller and Buyer, have been
satisfied. 
 SECTION 3. Representations, Warranties and Covenants. Each of Seller and Guarantor hereby represents and
warrants to Buyer, as of the date hereof and as of the Amendment Effective Date, that (i) it is in full compliance with all of the terms and provisions set forth in each Repurchase Document to which it is a party on its part to be observed or
performed, and (ii) no Default or Event of Default has occurred or is continuing. Each of Seller and Guarantor hereby confirms and reaffirms its representations, warranties and covenants contained in each Repurchase Document to which it is a
party. 
 SECTION 4. Acknowledgements of Seller. Seller hereby acknowledges that (a) Buyer is in compliance with its
undertakings and obligations under the Repurchase Agreement and the other Repurchase Documents, and (b) Seller has no defenses, counterclaims or set-offs with respect to any of its obligations under any of the Repurchase Documents. 

  
 -2- 

 SECTION 5. Acknowledgments of Guarantor. Guarantor hereby acknowledges
(a) the execution and delivery of this Amendment and agrees that it continues to be bound by the Guarantee Agreement to the extent of the Guaranteed Obligations (as defined therein), and (b) that Buyer is in compliance with its
undertakings and obligations under the Repurchase Agreement, the Guarantee Agreement and each of the other Repurchase Documents. 

SECTION 6. Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase Agreement and each of the
other Repurchase Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the Amendment Effective Date, each (x) reference therein and
herein to the “Repurchase Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase Agreement” in any of the Repurchase Documents shall be deemed to be a reference to the
Repurchase Agreement, as amended hereby, and (z) each reference in the Repurchase Agreement to “this Agreement”, this “Repurchase Agreement”, “hereof”, “herein” or words of similar effect in referring to
the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement, as amended by this Amendment. 
 SECTION 7.
No Novation, Effect of Agreement. The parties hereto have entered into this Amendment solely to amend the terms of the Repurchase Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this
Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owning by Seller, Guarantor or any of their respective Affiliates (the “Repurchase Parties”) under or in
connection with the Repurchase Agreement or any of the other Repurchase Documents. It is the intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase
Obligations of the Repurchase Parties under the Repurchase Agreement are preserved, (ii) the liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase
Agreement in any such Repurchase Document shall be deemed to also reference this Amendment. 
 SECTION 8. Counterparts. This
Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof. 

SECTION 9. Expenses. Seller and Guarantor agree to pay and reimburse Buyer for all out-of-pocket costs and expenses incurred by
Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader, Wickersham & Taft LLP, counsel to Buyer. 

SECTION 10. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN

  
 -3- 

 
CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

[SIGNATURES FOLLOW] 

  
 -4- 

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

			
	SELLER:
	
	FS CREIT FINANCE WF-1, LLC, a Delaware limited
		 	liability company
		
	By:	 	/s/ William Goebel
		 	Name: William Goebel
		 	Title: Chief Financial Officer
	
	GUARANTOR:
	
	FS CREDIT REAL ESTATE INCOME TRUST INC.,
		 	a Maryland corporation
		
	By:	 	/s/ William Goebel
		 	Name: William Goebel
		 	Title: Chief Financial Officer

 
			
	BUYER:
	
	WELLS FARGO BANK, NATIONAL
		 	ASSOCIATION, a national banking association
		
	By:	 	/s/ Michael P. Duncan
		 	Name: Michael P. Duncan
		 	Title: Vice PresidentEX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

AMENDMENT NO. 1 TO GUARANTEE AGREEMENT 

AMENDMENT NO. 1 TO GUARANTEE AGREEMENT, dated as of April 26, 2018 (this “Amendment”), by and between FS CREDIT REAL
ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”). Capitalized terms used but not otherwise defined
herein shall have the meanings given to them in the Repurchase Agreement (as defined below). 
 RECITALS 

WHEREAS, FS CREIT Finance WF-1 LLC, a Delaware limited liability company (“Seller”) and Buyer are parties to that certain
Master Repurchase and Securities Contract, dated as of August 30, 2017 (as amended by that certain Amendment No. 1 to Master Repurchase and Securities Contract, dated of even date herewith, by and between Seller, Buyer and Guarantor, the
“Repurchase Agreement Amendment”, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”); 

WHEREAS, in connection with the Repurchase Agreement, (a) Buyer and Seller entered into that certain Fee and Pricing Letter, also dated
as of August 30, 2017, as amended by Amendment No. 1 to Fee and Pricing Letter dated of even date herewith, by and between Seller and Buyer (the “Fee and Pricing Letter Amendment”), and (b) Guarantor executed and
delivered to Buyer the Guarantee Agreement dated as of August 30, 2017, as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Guarantee Agreement”); 

WHEREAS, Guarantor and Buyer have agreed to amend certain provisions of the Guarantee Agreement in the manner set forth herein. 

Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor and Buyer hereby each agree as follows: 
 SECTION 1. Amendments to Guarantee Agreement. 

(a) The defined term “Adjusted Tangible Net Worth”, as set forth in Section 1(a) of the Guarantee Agreement, is
hereby amended and restated in its entirety to read as follows: 
 “(a) “Adjusted Tangible Net Worth”:
With respect to any Person and its consolidated Subsidiaries on any date, an amount equal to the sum of such Person’s Tangible Net Worth plus such Person’s Net Available Capital Commitments.” 

 (b) The defined term “FS Shareholder Account Control Agreement”, as set
forth in Section 1(f) of the Guarantee Agreement, is hereby amended and restated in its entirety to read as follows: 

“(f) [Reserved]”. 

(c) The defined term “Shareholder Cash Collateral Accounts”, as set forth in Section 1(o) of the Guarantee
Agreement, is hereby deleted in its entirety and replaced with the new defined term “Shareholder Capital Commitments Accounts”, as set forth below: 

(o) “Shareholder Capital Commitment Accounts”: Each of the deposit accounts described in
Section 6.01(e) of the Repurchase Agreement and opened and maintained at all times separately by Rialto Shareholder and FS Shareholder on the books and records of Wells Fargo Bank, National Association. 

(d) The defined term “Shareholder Liquidity Balance”, as set forth in Section 1(p) of the Guarantee Agreement, is
hereby amended and restated in its entirety to read as follows: 
 “(p) [Reserved]”. 

(e) The following new defined term “Net Available Capital Commitments” is hereby added to the Guarantee Agreement as the new
Section 1(s) thereto: 
 “(s) “Net Available Capital Commitments”: As of any date of
determination with respect to Guarantor, calculated, without duplication and determined on an aggregate basis, the amount of any unfunded, unencumbered and uncalled capital commitments in favor of Guarantor and callable as of right by Guarantor
pursuant to the Subscription Agreement, dated July 28, 2017, between FS Shareholder and Guarantor, or the Subscription Agreement, dated July 28, 2017, between Rialto Shareholder and Guarantor, but in each case only to the extent that each
such capital commitment (i) is from either FS Shareholder or Rialto Shareholder, but only to the extent that each such entity (A) is not subject to an Act of Insolvency, and (B) has not previously failed to fund any other capital call
under a partnership agreement, subscription agreement or another similar agreement, (ii) is payable in cash; (iii) is readily available to be called by Guarantor without condition from time to time other than customary notice and similar
administrative conditions; and (iv) does not exceed the amount then-currently on deposit in the respective Shareholder Cash Collateral Accounts of each of FS Shareholder and Rialto Shareholder, as applicable.” 

  
 -2- 

 (f) Section 9(d) of the Guarantee Agreement is hereby amended and restated in
its entirety to read as follows: 
 “(d) Minimum Liquidity. On and after April 26, 2018, Guarantor shall not
permit the sum of its Liquidity plus all Net Available Capital Commitments to be less than (i) until such time as the amount of equity capital received by Guarantor equals or exceeds $125,000,000, 7.5% of the Maximum Amount and (ii) at and
after such time as the amount of equity capital received by Guarantor equals or exceeds $125,000,000, 7.5% of the Aggregate Amount Outstanding.” 

(g) Section 9(f) of the Guarantee Agreement is hereby amended and restated in its entirety to read as follows: 

“(f) Distributions. Prior to the Target Capital Trigger Date, Guarantor shall not make, pay or declare any
Distribution at any time; provided that, notwithstanding the foregoing, (i) so long as no Event of Default has occurred and is continuing and to the extent that the balance in the Shareholder Capital Commitment Account of FS Shareholder is
zero, Guarantor shall be permitted to make, pay or declare any Distribution in an amount equal to the proceeds of Class S Shares purchased by individuals and entities other than FS Shareholder and Rialto Shareholder, but not to exceed the total
proceeds of Class S Shares purchased by FS Shareholder, and (ii) Guarantor shall be permitted to make, pay or declare any Distribution to maintain its status as a REIT. In connection with any distributions pursuant to clause (i) of the
immediately preceding sentence, Guarantor shall provide Buyer with written evidence satisfactory to Buyer of the receipt by Guarantor of the proceeds of each issuance of Class S Shares prior to such distribution of the related proceeds
thereof.” 
 (h) The following new Section 9(g) is hereby added to the Guarantee Agreement: 

“(g) Shareholder Capital Commitment Accounts. Guarantor shall at all times cause each of FS Shareholder and Rialto
Shareholder to maintain each of the Shareholder Capital Commitment Accounts with Wells Fargo Bank, National Association on a fully unencumbered basis.” 

SECTION 2. Conditions Precedent. This Amendment and its provisions shall become effective on the first date on which
(i) this Amendment is executed and delivered by a duly authorized officer of Guarantor and Buyer and (ii) Buyer receives delivery from Guarantor of a fully-executed Repurchase Agreement Amendment and the related Fee and Pricing Letter
Amendment (the “Amendment Effective Date”). 
 SECTION 3. Conditions Subsequent. Within ten
(10) Business Days following the Amendment Effective Date, Seller and Guarantor shall provide Buyer with legal opinions from counsel to Seller and Guarantor to Buyer with respect to the enforceability of each of this Amendment, the Repurchase
Agreement Amendment and the Fee and Pricing Letter Amendment. The failure of Seller and Guarantor to do so on a timely basis shall constitute an immediate Event of Default under the Repurchase Agreement. 

  
 -3- 

 SECTION 4. Representations, Warranties and Covenants. Guarantor hereby
represents and warrants to Buyer, as of the date hereof and as of the Amendment Effective Date, that (i) it is in full compliance with all of the terms and provisions set forth in each Repurchase Document to which it is a party on its part to
be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing. Guarantor hereby confirms and reaffirms its representations, warranties and covenants contained in each Repurchase Document to which it is a party.

 SECTION 5. Acknowledgements of Guarantor. Guarantor hereby acknowledges that Buyer is in compliance with its undertakings
and obligations under the Repurchase Agreement and the other Repurchase Documents. 
 SECTION 6. Limited Effect. Except as
expressly amended and modified by this Amendment, the Fee and Pricing Letter shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the Amendment
Effective Date, each (x) reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this Amendment, (y) reference to the “Guarantee Agreement” in any of the Repurchase Documents
shall be deemed to be a reference to the Guarantee Agreement, as amended hereby, and (z) reference in the Guarantee Agreement to “this Guarantee Agreement”, “hereof”, “herein” or words of similar effect in
referring to the Guarantee Agreement shall be deemed to be references to the Guarantee Agreement, as amended by this Amendment. 

SECTION 7. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts,
each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission
shall be effective as delivery of a manually executed original counterpart thereof. 
 SECTION 8. Expenses. Guarantor agrees
to pay and reimburse Buyer for all out-of-pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader,
Wickersham & Taft LLP, counsel to Buyer. 
 SECTION 9. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AMENDMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF 

  
 -4- 

 
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AMENDMENT.

[SIGNATURES FOLLOW] 

  
 -5- 

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

			
	GUARANTOR:
	
	FS CREDIT REAL ESTATE INCOME TRUST,
		 	INC., a Maryland corporation
		
	By:	 	/s/ William Goebel
		 	Name: William Goebel
		 	Title: Chief Financial Officer

 
			
	BUYER:
	
	WELLS FARGO BANK, N.A., a national banking
		 	association
		
	By:	 	/s/ Michael P. Duncan
		 	Name: Michael P. Duncan
		 	Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]