Document:

EX-10.2

 Exhibit 10.2 

FIRST AMENDED AND RESTATED 

SUB-ADVISORY AGREEMENT 

This First Amended and Restated Sub-Advisory Agreement (this “Amended
Agreement”), dated as of [                    , 20    ], is between Inland InPoint Advisor, LLC, a Delaware limited
liability company (the “Advisor”), and SPCRE InPoint Advisors, LLC, a Delaware limited liability company (the “Sub-Advisor”). This Amended Agreement amends and restates
in its entirety the Sub-Advisory Agreement dated October 25, 2016, between the Advisor and the Sub-Advisor (the “Existing
Sub-Advisory Agreement”), and shall become effective as of the date the Company’s Registration Statement on Form S-11 (Registration No. 333-[ ]) is initially declared effective (the “Effective Date”) by the SEC. 

WITNESSETH: 
 WHEREAS,
InPoint Commercial Real Estate Income, Inc., a Maryland corporation (the “Company”), has appointed the Advisor as its advisor pursuant to that certain Advisory Agreement among the Company, InPoint REIT Operating Partnership, LP
(the “Operating Partnership”) and the Advisor, dated as of October 25, 2016 (the “Existing Advisory Agreement”), which Existing Advisory Agreement was amended and restated in its entirety pursuant to that certain
First Amended and Restated Advisory Agreement among the Company, Operating Partnership and the Advisor, dated as of the date of this Agreement (as the same may be further amended, restated or otherwise modified from time to time in accordance with
its terms, the “Amended Advisory Agreement”); 
 WHEREAS, the Advisor and the
Sub-Advisor previously entered into the Existing Sub-Advisory Agreement, pursuant to which the Sub-Advisor agreed to undertake
the duties and responsibilities set forth in the Existing Sub-Advisory Agreement, on behalf of the Advisor, and subject to the supervision of, the Advisor and the Board of Directors; 

WHEREAS, the Advisor and Sub-Advisor desire to amend and restate the Existing Sub-Advisory Agreement in its entirety pursuant to this Amended Agreement; 
 WHEREAS, the Advisor desires
to continue to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Sub-Advisor and to have the
Sub-Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of the Advisor, and subject to the supervision of, the Advisor and the Board of Directors, all as provided herein; and

 WHEREAS, the Sub-Advisor is willing to undertake such duties and responsibilities on the terms
and subject to the conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements contained herein, the Parties hereto agree as follows: 
 Article 1 

Definitions 
 Capitalized
terms that are defined in the Amended Advisory Agreement but not otherwise defined in this Amended Agreement have the respective meanings ascribed to such terms in the Amended Advisory Agreement, a copy of which is attached hereto as Appendix
A. 
 The following defined terms used in this Amended Agreement shall have the meanings specified below: 

“Advisor Cause Event” means the occurrence of one or more of the following: (i) fraud, criminal conduct or willful misconduct
by the Advisor in connection with the performance of its obligations under the Amended Advisory Agreement; (ii) the Advisor breaches any material provision of the Amended Advisory Agreement and, after notice of such breach, does not cure such
breach within thirty (30) days; (iii) the Advisor is adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order is made by a court of competent jurisdiction for the appointment of a receiver, liquidator, custodian or
trustee of the Advisor, for all or a substantial part of its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the Advisor for reorganization,

 
and such adjudication or order remains in force or unstayed for a period of thirty (30) days; (iv) the Advisor institutes proceedings for voluntary bankruptcy or files a petition seeking
reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or consents to the appointment of a receiver, liquidator, custodian or trustee for itself or for all or a substantial part of its property, or makes
a general assignment for the benefit of its creditors, or admits in writing its inability to pay its debts, generally, as they become due; (v) grounds exist for the Sub-Advisor to terminate this Amended
Agreement for Sub-Advisor’s Good Reason; or (vi) the following events have occurred: (A) the Advisor or any Affiliate is the subject of an indictment, or a governmental or regulatory agency
commences an investigation or makes a finding that the Advisor or such Affiliate has engaged in fraud, willful misconduct or other illegal act and (B) within 60 days following such indictment, investigation or finding, three or more soliciting
dealers cancel or suspend for more than 90 consecutive days their selling agreements with the Dealer Manager related to the Company representing in the aggregate the lesser of (I) 7,500 financial advisors or (II) 25% of the aggregate number of
financial advisors selling the Company’s shares. For purposes of subsection (vi)(B) above, Affiliated soliciting dealers shall be counted collectively as one soliciting dealer. 

“Cause” means (i) fraud, criminal conduct or willful misconduct by the
Sub-Advisor in connection with the performance of its obligations under this Amended Agreement, or (ii) if any of the following events occur: (A) the
Sub-Advisor breaches any material provision of this Amended Agreement and, after notice of such breach, does not cure such breach within thirty (30) days; (B) the
Sub-Advisor is adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order is made by a court of competent jurisdiction for the appointment of a receiver, liquidator, custodian or trustee
of the Sub-Advisor, for all or a substantial part of its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the
Sub-Advisor for reorganization, and such adjudication or order remains in force or unstayed for a period of thirty (30) days; (C) the Sub-Advisor institutes
proceedings for voluntary bankruptcy or files a petition seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or consents to the appointment of a receiver, liquidator, custodian or trustee for
itself or for all or a substantial part of its property, or makes a general assignment for the benefit of its creditors, or admits in writing its inability to pay its debts, generally, as they become due; or (D) in the sole determination of the
Board of Directors, including a majority of the Independent Directors, the Sub-Advisor’s portfolio management is unsatisfactory. 

“Channels” has the meaning set forth in Section 3.4(C). 

“Investor Proceeds” means the Gross Offering Proceeds less Selling Commissions and
up-front Dealer Manager Fees, less any amounts invested in Equity Stock by the Advisor, the Sub-Advisor or any of their respective Affiliates and less any proceeds
raised from the sale of Shares outside of the Channels. 
 “Inland Names” has the meaning set forth in Section 9.1.

 “Major Decisions” has the meaning set forth in Section 3.5(A). 

“Most Recently Completed Calendar Quarter” has the meaning set forth in Section 3.3(E). 

“Party” or “Parties” refer to the Advisor or the Sub-Advisor or
both, as the case may be. 
 “Pipeline Report” has the meaning set forth in Section 3.1(A). 

“Primary Target Investment” means (i) first mortgage loans, subordinated mortgage and mezzanine loans, and
participations in such loans, (ii) commercial real estate securities, such as CMBS and senior unsecured debt of publicly-traded REITs, and (iii) other than with respect to Section 8.5, single-tenant, triple net
leased properties. 
 “Quarterly Co-Investment Transaction Report” has the meaning
set forth in Section 8.4. 
 “Receiving Party” has the meaning set forth in Section 10.5. 

“Reimbursable Expenses” has the meaning set forth in Section 3.3(E). 

“Selected Funds” means REITs, business development companies, funds registered under the Investment Company Act and
publicly-offered direct participation programs as defined by FINRA Rule 2310. 

  
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 “Sound Point Names” has the meaning set forth in Section 9.2. 

“Sub-Advisor Nominee” means (i) any person designated as a nominee to the Board
of Directors by the Sub-Advisor in accordance with Section 7.1(A), and (ii) any person designated to fill a vacancy on the Board of Directors pursuant to
Section 7.1(D). 
 “Sub-Advisor’s Good Reason” has
the meaning set forth in Section 12.2(C). 
 “Termination Date” has the meaning set forth in Section 12.2. 

Article 2 
 Appointment

 The Advisor, pursuant to its authority under the Amended Advisory Agreement to delegate its rights and powers to manage and control
the business and affairs of the Company to any third-party supervised by the Advisor, including the Sub-Advisor, hereby appoints the Sub-Advisor to serve as the sub-advisor for the Company pursuant to the terms hereof, and the Sub-Advisor hereby accepts such appointment. Pursuant to Section 2 of the Amended Advisory Agreement,
the Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its subsidiaries and their respective assets, including without limitation all investment activities of the Company
and its subsidiaries. The Advisor delegates, and the Sub-Advisor agrees to perform, the duties set forth in Article 3 hereof, subject to the terms and conditions of this Amended Agreement and the
limitations set forth in the Amended Advisory Agreement, and consistent with the provisions of the Charter and Bylaws and the continuing and exclusive authority of the Board of Directors over the supervision of the Company and its subsidiaries. 

Article 3 
 Duties of
the Sub-Advisor 
 Consistent with Article 2 hereof, the
Sub-Advisor undertakes to use commercially reasonable efforts to, either directly or indirectly by engaging an Affiliate or, if consented to in writing in advance by the Advisor, a third party, perform
the duties set forth in this Article 3; provided, however, that advance written consent shall not be required if a third party is engaged by the Sub-Advisor to perform activities reasonably
necessary to facilitate an Investment, which shall include but not be limited to appraisers, surveyors and environmental consultants; provided further that the fees and expenses of any such third party shall only be reimbursable by the
Company to the extent that, at the time of engagement of any such third party, it is acting in connection with an Investment on behalf of the Company and, if any such third party is simultaneously acting for any other Person in addition to the
Company, only to the extent of the services provided to the Sub-Advisor for purposes of such Investment. 

3.1 Investment Origination, Selection, Monitoring and Disposition Services. The Sub-Advisor
shall, subject to the oversight of the Advisor, manage the origination, selection and monitoring process for Investments and shall perform the following services: 

(A) Subject to the investment objectives and policies of the Company, the express terms of this Amended Agreement and any directions of the
Board of Directors, including the Investment Guidelines: (i) locate, analyze and select potential Investments; (ii) prepare a pipeline report summarizing potential investment opportunities
(the “Pipeline Report”) and provide the Pipeline Report to the Advisor on or about the same date as the Pipeline Report is provided internally by the Sub-Advisor to its
investment committee, but in any event no less frequently than monthly (it being understood and agreed that the Advisor shall not make the Pipeline Report or its contents available to any employee of the Advisor or its Affiliates who is responsible
for sourcing or recommending Primary Target Investments for any Person other than the Company; provided that the foregoing shall not prevent officers of the Advisor (other than those primarily responsible for sourcing investments) from reviewing the
Pipeline Report); (iii) structure and negotiate the terms and conditions of transactions pursuant to which Investments will be originated or acquired or pursuant to which Investments will be sold; and (iv) originate, acquire or sell
Investments on behalf of the Company; 

  
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 (B) Conduct due diligence on potential Investments and prepare reports regarding prospective
Investments, which include, for potential Investments that require the approval of the Board of Directors, recommendations and supporting documentation necessary for the Board of Directors to evaluate the prospective investments; 

(C) Manage the origination, closing and underwriting processes for Real Estate Loans and other Investments, as applicable; 

(D) Identify and evaluate potential financing and refinancing sources for the Investments, engaging a third-party broker if necessary, and
negotiate terms and arrange and supervise the execution of financing agreements; 
 (E) Provide credit analysis services for Investments;

 (F) Contract for, monitor and oversee the servicing of and compliance with the terms of Real Estate Loans, other Investments, debt
facilities and other borrowings; 
 (G) Assist the Advisor and the Company with compliance with the various REIT qualification tests in the
REIT Provisions of the Code; provided, that prior to making any Investment or disposition of any Investment pursuant to its discretionary authority that is not pre-approved by the Advisor, the Sub-Advisor shall confirm that each such Investment or disposition of any Investment, when made, will be in compliance with, and will not cause the REIT to fail to comply with, the various REIT qualification tests
in the REIT Provisions of the Code; 
 (H) Advise the Advisor and the Company regarding the maintenance of the Company’s exception from
the Investment Company Act and monitor compliance with the requirements for maintaining an exception from such act; 
 (I) Oversee material
leases and service contracts related to Investments; and 
 (J) (i) Except as provided in Section 3.1(I)(ii), the
Advisor shall have the right to pre-approve each Investment and each sale of any Investment (including any increase or decrease in a position size or any modification in the terms of any Investment). For each
proposed Investment and each sale of any Investment (including any proposed increase or decrease in a position size or any proposed modification), the Sub-Advisor shall provide the Advisor with (x) a
reasonably detailed explanation of the investment thesis or rationale for such Investment or sale, including any memoranda or other documents prepared for and provided to the investment committee of the
Sub-Advisor and any other relevant supporting documentation or materials reasonably sufficient to allow the Advisor to review and analyze the proposed Investment or sale and (y) reasonable access to the
officers and employees of the Sub-Advisor involved in sourcing, selecting, reviewing or approving such Investment or sale as the Advisor may reasonably request to answer reasonable questions regarding such
Investment or sale. The Advisor agrees to promptly consider each such Investment or sale presented to the Advisor for pre-approval as set forth above and inform the
Sub-Advisor of its decision. 
 (ii) Subject to Section 3.1(G), for
potential Investments or any sales of Investments (including any proposed increase or decrease in a position size or any modification in the terms of any Investment) that are within the parameters and below the dollar thresholds set forth in the
Investment Guidelines for which the Sub-Advisor has discretionary authority to act, the Sub-Advisor shall have the right to select and make each such Investment or sell
each such Investment, as the case may be, without the Advisor’s pre-approval; provided, however, that for each such Investment and each sale of such Investment (including any increase or
decrease in a position size or any modification in the terms of any Investment), as the case may be, either before or promptly after making such Investment or sale, as the case may be, the Sub-Advisor shall
provide the Advisor with (x) written notice of such Investment or sale, (y) a reasonably detailed explanation of the investment thesis or rationale for such Investment or sale, including any memoranda or other documents prepared for and
provided to the investment committee of the Sub-Advisor and any other relevant supporting documentation or materials reasonably sufficient to allow the Advisor to review and analyze the Investment or sale and
(z) reasonable access to the officers and employees of the Sub-Advisor involved in sourcing, selecting, reviewing or approving such Investment or sale as the Advisor may reasonably request to answer
reasonable questions regarding such Investment or sale. 

  
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 3.2 Portfolio Management Services. The Sub-Advisor shall perform the following
portfolio management services: 
 (A) Serve as the Company’s investment and financial advisor, conduct investment research, monitor
applicable markets and obtain reports where appropriate concerning the value and condition of Investments; 
 (B) Provide management services
in respect of Investments and perform and supervise the various management and operational functions related to the Investments; 
 (C)
Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Investments on an individual and overall
portfolio basis; 
 (D) Provide Investment portfolio management functions; 

(E) Provide the Company with, or assist the Company in arranging for, all necessary cash management services, including credit facility
management; 
 (F) Oversee the performance of the Real Estate Manager in connection with real estate management services and other activities
relating to the Company’s Real Property; provided that the Real Estate Manager for any triple net leased properties shall be an Affiliate of the Advisor unless the Sub-Advisor determines in its
commercially reasonable judgment that the Company would benefit from a Real Estate Manager other than an Affiliate of the Advisor; and 
 (G)
Provide liquidity management services for the Company’s share repurchase program as may be requested by the Advisor. 
 3.3 Joint
Duties of Advisor and Sub-Advisor. Subject to the oversight of the Board of Directors, the Advisor and the Sub-Advisor agree to jointly perform, or cause to be performed, the following services for the
Company: 
 (A) Investments and Credit Facility: (i) establishment of asset allocation guidelines; (ii) sourcing and
negotiating terms for a revolving credit facility; and (iii) ongoing monitoring of Investments; 
 (B) Board of Directors
Meetings: The Parties shall jointly participate in the preparation of Board of Directors meeting materials and their representatives shall participate in meetings of the Board of Directors upon the request of the Board of Directors, including
participating in quarterly meetings of the Board of Directors and preparing written reports and making presentations regarding the Company’s Investment portfolio to the Board of Directors and, in the case of the
Sub-Advisor, preparing and presenting to the Board of Directors the Quarterly Co-Investment Transaction Report; 

(C) Valuation: The Advisor, with the assistance of the Sub-Advisor, will be primarily
responsible for managing the process related to valuing the Investments in accordance with the requirements of the Valuation Guidelines including engaging one or more third-party valuation services to independently validate the inputs and
assumptions used in the valuation of the Company’s Investments and to evaluate the reasonableness of the monthly NAV calculation, and the Sub-Advisor shall be responsible for providing the Advisor with
pricing for fair valued Investments; and 
 (D) Sales and Liquidity Events: Assist the Board of Directors in evaluating Sales and
Liquidity Events, including without limitation: (i) performing due diligence in connection with investigating potential Sales or Liquidity Events; (ii) selecting and conducting relations with experts, investment banking firms and potential
acquirers of Real Property and Real Estate-Related Assets, among others; (iii) preparing investment and other strategic models regarding Sales and Liquidity Events for evaluation by the Board of Directors; and (iv) preparing written
reports and making presentations regarding potential Sales and Liquidity Events to the Board of Directors. 
 (E) Expense Budgeting:
Each Party shall provide to the other, not later than 60 days following each calendar quarter (the “Most Recently Completed Quarter”), (i) a budget itemized by mutually agreed expense categories for the four calendar quarters
immediately commencing after the Most Recently Completed Quarter projecting the third-party expenses (including for the avoidance of doubt all projected Organization and Offering 

  
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Expenses) that such party anticipates to expend on behalf of, and to be reimbursed by, the Company (the “Reimbursable Expenses”) and (ii) a reconciliation of the actual
Reimbursable Expenses for the Most Recently Completed Quarter to the most recently budgeted Reimbursable Expenses for the Most Recently Completed Quarter. The forward quarterly budgets exchanged between the Parties under this Section 3.3(E)
shall be mutually agreed upon by the Parties with due consideration given to their shared objective of achieving overall cost-savings and with a view to enhancing and maximizing distribution coverage. 

3.4 Sub-Advisor’s Support Services. The Sub-Advisor shall provide
advice and support to the Advisor, as necessary and requested, in connection with the Advisor’s performance of its responsibilities set forth below, which shall remain the responsibility of the Advisor. 

(A) Offering Process: (i) securities registration process, including liaising with counsel on compliance policies and procedures
and codes of ethics; (ii) retention and selection of auditor, any fund administrator, custodian, any valuation advisor and transfer agent; (iii) preparation of and completing offering documents including updates thereto and such other
amendments and supplements as the Advisor shall determine to be necessary or desirable; and (iv) preparation of marketing materials and content development. 

(B) Periodic Reporting, Repurchase Offers and Proxy Statements: (i) periodic and current reporting under the Exchange Act,
including Forms 10-K, 10-Q and 8-K; (ii) preparation of periodic financial statements, periodic stockholder reports and
annual and special meeting proxy statements, including Schedules 14A and 14C, as applicable; (iii) filings, reports and press releases associated with Company repurchase offers of any share class as may be approved by the Board of Directors;
and (iv) such other notices, filings and submissions pursuant to the Securities Act, the Exchange Act and the Commodity Exchange Act of 1936 as may be required from time to time. 

(C) Sales Support: (i) oversight of and assistance with, the wholesaling sale activities of the Dealer Manager, including building
of a “selling group,” to effectuate the distribution of the Shares in the Private Placement and any Public Offering through the independent broker-dealer, registered investment advisor, and “wire house” channels (collectively,
the “Channels”); (ii) third party reporting and due diligence; (iii) participation at industry conferences; (iv) sales compliance; and (v) processing of subscriptions for the Shares. 

(D) Administration: (i) financial reporting; (ii) stockholder communications and services; and (iii) financial advisor
communications and services. 
 3.5 Major Decisions. 

(A) Subject to Section 3.5(C), all major decisions of the Advisor pursuant to the Amended Advisory Agreement as set
forth below in clauses (A)(1) through (A)(2) (“Major Decisions”) shall be subject to joint approval by the Advisor and the Sub-Advisor. For the avoidance of doubt, Major
Decisions specifically exclude any decisions regarding the day-to-day operations of the Company delegated to the Sub-Advisor pursuant to this Amended Agreement. Major Decisions shall consist of: 

 

	 	(1)	 Recommendations to the Board of Directors with respect to the following: 

 

	 	(a)	 retention of investment banks for the Company; 

 

	 	(b)	 extending, initiating or terminating the Private Placement, the Initial Public Offering or any subsequent
Public Offering; and 

  

	 	(c)	 merging or otherwise engaging in any Change of Control or Liquidity Event; and 

 

	 	(2)	 Decisions related to: 

 

	 	(a)	 marketing methods for the Company’s sale of Shares; 

 

	 	(b)	 the deferral of all or any portion of the Advisory Fee; and 

 

	 	(c)	 issuing press releases involving the foregoing Major Decisions. 

  
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 (B) Notwithstanding anything in this Amended Agreement to the contrary, if the Parties do
not agree to any action constituting a Major Decision and that has been proposed by either Party, the Parties shall meet (in person or by phone) to discuss the issue in dispute in good faith over the five-Business Day period beginning with the
delivery of notice of the proposed action to the other Party. If, after the expiration of the above-referenced five-Business Day period, the Parties still do not agree as to the proposed course of action regarding such Major Decision,
representatives of both the Advisor and the Sub-Advisor will be obligated to present each of their respective proposed courses of action regarding such Major Decision to the Board of Directors for
consideration within an additional five -Business Day period and the Board of Directors, including a majority of the Independent Directors, shall thereafter decide the course of action to be taken regarding such Major Decision. 

(C) Notwithstanding the provisions of this Section 3.5 or any other provision in this Amended Agreement to the
contrary, in all events, including Major Decisions, the Company will be managed under the direction of the Board of Directors. 
 Article
4 
 Authority and Certain Activities of Sub-Advisor 

The Sub-Advisor shall have the authority set forth in Section 3 of the Amended Advisory Agreement
to the extent such authority is delegated to the Sub-Advisor hereunder, shall abide by the limitations of Section 5 of the Amended Advisory Agreement, and shall have the authority to establish and
maintain bank accounts as set forth in Section 6 of the Amended Advisory Agreement, all of which (i.e., Sections 3, 5 and 6 of the Amended Advisory Agreement) are incorporated herein by reference as if fully set forth herein. 

Article 4-A 

Sub-Advisor Compensation (Prior to the NAV Pricing Date) 

Prior to the NAV Pricing Date, the Sub-Advisor shall be entitled to the compensation described in Appendix C in connection with the
services performed under this Amended Agreement. The Sub-Advisor may assign any of its rights to receive such compensation or other payments under this Amended Agreement to an Affiliate, and the Advisor agrees to direct the Company to pay such
amounts directly to the assignee of any such assignment. 
 Article 5 

Sub-Advisor Compensation (After the NAV Pricing Date) 

From and after the NAV Pricing Date, the Sub-Advisor shall be entitled to the compensation described in Appendix C in connection with
the services performed under this Amended Agreement. The Sub-Advisor may assign any of its rights to receive such compensation or other payments under this Amended Agreement to an Affiliate, and the Advisor agrees to direct the Company to pay such
amounts directly to the assignee of any such assignment. 
 Article 6 

Expense Reimbursements 

6.1 Issuer Costs. The Advisor and the Sub-Advisor shall each be responsible for their
respective fees and expenses in connection with the preparation of this Amended Agreement, which shall be subject to reimbursement as Issuer Costs pursuant to Section 9 of the Amended Advisory Agreement. With respect to Issuer Costs incurred by
the Parties prior to the date of effectiveness of the Prospectus for the Initial Public Offering which are reimbursable pursuant to Section 9 of the Amended Advisory Agreement, until such date as the Company is able to pay all of such Issuer
Costs directly, the Advisor and the Sub-Advisor will pay such costs on behalf of the Company proportionately at the rates set forth on Appendix C; and each Party agrees to make a payment to the other
Party following the calculation of all unreimbursed Issuer Costs for a month in order to maintain such expense allocation. Any Issuer Costs not reimbursed because the Company is unable to pay all Issuer Costs will be deferred and paid by the Company
in future periods. In order to maintain the allocation described above, the Parties agree that payments by the Company for Issuer Costs shall be paid as set forth on Appendix C. To the extent the Advisor or the
Sub-Advisor, as applicable, receives reimbursement from the Company in excess of the Advisor’s or the Sub-Advisor’s allocated share, as

  
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applicable, under this Section 6.1, the Advisor or the Sub-Advisor, as applicable, shall promptly pay to the other Party its
proportionate share of such reimbursement (taking into account payments already received). Neither of the Parties shall be entitled to receive any reimbursement unless both Parties receive reimbursement from the Company in accordance with the
allocated share described above. From and after the termination of the Private Placement, the Advisor and Sub-Advisor shall have no obligation to pay or advance any Issuer Costs on behalf of the Company and
any such Issuer Costs incurred thereafter shall be paid directly by the Company; provided, however, the Parties shall remain liable for reimbursement or payment of their proportionate share of any such Issuer Costs solely to the extent such Issuer
Costs exceed any applicable cap or limitation on the amount thereof. 
 6.2 Expenses Other than Issuer Costs. When the Advisor is
entitled to reimbursement of expenses other than Issuer Costs pursuant to Sections 9 and 11 of the Amended Advisory Agreement, it shall reimburse the Sub-Advisor, or direct the Company to pay the Sub-Advisor directly for expenses other than Issuer Costs incurred by the Sub-Advisor. 

6.3 Fee Waivers. Any waiver of any fees shall be effected only upon the mutual agreement of the Parties. All fee waivers and
expense payments by the Parties shall be subject to a reimbursement obligation of the Company that meets regulatory requirements and conforms to the limitations of the Charter. 

6.4 Periodic Review of Expenses. The Parties shall review together all expenses of the Company on a monthly basis for purposes of
maintaining expense controls and shall reasonably agree on expenses in excess of budgeted amounts and any expenses to be incurred in excess of $20,000, individually or in the aggregate. 

6.5 Documenting Expenses. The Sub-Advisor shall prepare and deliver to the Advisor a
statement documenting the expenses paid or incurred by the Sub-Advisor and its Affiliates for the Company or its subsidiaries, including the Operating Partnership, on a monthly basis. The Advisor shall prepare
and deliver to the Sub-Advisor a statement documenting the fees billed for work done on behalf of the Company or its subsidiaries by Affiliates of the Advisor with respect to legal and marketing services, on a
monthly basis. Prior to incurring fees on account of such marketing services rendered by its Affiliates, Advisor shall consult with the Sub-Advisor as to the specific nature and scope of the marketing services
to be performed. The Parties shall work in good faith to resolve any disagreements related to the billing of legal and marketing matters. 

Article 7 
 Voting
Agreements 
 7.1 Company Directors. 

(A) Pursuant to Section 3(e) of the Amended Advisory Agreement and subject to the Charter and Bylaws, the Board of Directors will at all
times be comprised of no fewer than five (5) members. The Advisor and the Sub-Advisor shall each have the right to designate for nomination, subject to the approval of such nomination by the Board of
Directors, one (1) director to the slate to be voted on by the stockholders; provided however, that in the event the number of directors constituting the Board of Directors is increased by a vote of the Board of Directors pursuant to the
Charter and Bylaws, such number of director nominees which each of the Advisor and the Sub-Advisor is entitled to designate shall be increased as necessary by a number that will result in such nominees
representing not less than 20% of the total number of directors. 
 The Advisor and the Sub-Advisor
shall have the right to consult with each other and jointly designate for nomination, subject to approval of such nomination by the Board of Directors, three (3) individuals to serve as Independent Directors; provided, however, that in
the event the number of directors constituting the Board of Directors is increased by a vote of the Board of Directors pursuant to the Charter and Bylaws, such number of Independent Director nominees which the Advisor and the Sub-Advisor are entitled to designate shall be increased as necessary by a number that will result in such nominees representing not less than the minimum number of Independent Directors required under applicable
law and pursuant to the Charter and Bylaws. 
 The Advisor agrees, with respect to any Shares now or hereinafter owned by it, to vote such
Shares in favor of the Sub-Advisor’s nominees for the Board of Directors. As of the date hereof, the Sub-Advisor’s nominee is Donald MacKinnon. The Sub-Advisor agrees, with respect to any Shares now or hereinafter owned by it, to vote such Shares in favor of the Advisor’s nominees for the Board of Directors. As of the date hereof, the Advisor’s
nominee is Mitchell Sabshon. 

  
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 (B) To facilitate the nomination rights set forth above, the Advisor will use commercially
reasonable efforts to notify the Sub-Advisor in writing a reasonable period of time in advance of any action to be taken by the Company or the Board of Directors for the purpose of nominating, electing or
designating directors, which notice, in the case of a proxy statement, information statement or registration statement in which nominees for director would be named, shall be delivered by the Advisor to the
Sub-Advisor no later than 15 days prior to the anticipated mailing or filing date, as applicable. Such notice shall set forth in reasonable detail the nature of the action to be taken by the Company or the
Board of Directors, and the anticipated date thereof. Upon receipt of such notice, the Sub-Advisor will consult with the Advisor to designate any Sub-Advisor Nominees as
soon as reasonably practicable thereafter; provided, however, that if the Sub-Advisor shall have failed to designate Sub-Advisor Nominees in a timely manner, the Sub-Advisor shall be deemed to have designated any incumbent Sub-Advisor Nominees in a timely manner unless there are no remaining incumbent
Sub-Advisor Nominees or the incumbent Sub-Advisor Nominee declines to serve, in which case the Advisor or the Board of Directors may designate for nomination another
Person. 
 (C) The Sub-Advisor will provide the Company or the Advisor with such information about
each Sub-Advisor Nominee as is reasonably requested by the Company or the Advisor in order to comply with applicable disclosure rules, including without limitation, any information that a stockholder of the
Company must provide to the Company in order to nominate a director under the Bylaws. 
 (D) If a vacancy on the Board of Directors arises as
a result of the death, disability or retirement, resignation or removal of a Sub-Advisor Nominee and such vacancy results in the number of Sub-Advisor Nominees then
serving on the Board of Directors being less than the number that the Sub-Advisor is then entitled to designate for nomination to the Board of Directors, the Sub-Advisor
shall be entitled to designate for nomination a Sub-Advisor Nominee to fill such a vacancy subject to approval by the Board of Directors. If a vacancy on the Board of Directors arises as a result of the death,
disability or retirement, resignation or removal of an Independent Director and such vacancy results in the number of Independent Directors then serving on the Board of Directors being less than the number that the Advisor and the Sub-Advisor are then entitled to jointly designate for nomination to the Board of Directors, the Advisor and the Sub-Advisor shall consult with each other and agree upon an
individual to be designated for nomination to serve as an Independent Director to fill such a vacancy, subject to approval by the Board of Directors or the Independent Directors, as required by the Charter. 

7.2 Company Officers. Officers of the Company shall be jointly agreed upon by the Advisor and the
Sub-Advisor, subject to the approval of the Board of Directors. The Advisor and the Sub-Advisor shall consult with each other and jointly agree upon any officers to be
recommended to the Board of Directors, and the Advisor agrees to recommend such officers to the Board of Directors for approval. If an officer jointly recommended by the Advisor and the Sub-Advisor to serve as
an officer is not appointed to hold the designated office by the Board of Directors or following appointment by the Board of Directors is no longer retained as such officer of the Company as a result of death, disability, retirement, resignation or
removal, the Advisor and the Sub-Advisor shall consult with each other and jointly recommend a replacement for such officer subject to approval by the Board of Directors. The Parties acknowledge that the
following initial slate of officers of the Company has been previously submitted to and approved by the Board of Directors: 
  

			
	Name	  	Title
	Mitchell Sabshon	  	Chief Executive Officer
		
	Donald MacKinnon	  	President
		
	Catherine L. Lynch	  	Chief Financial Officer and Treasurer
		
	Andrew Winer	  	Chief Investment Officer
		
	Roderick S. Curtis	  	Vice President and Secretary

  
 9 

 7.3 Other Voting of Shares. The Advisor and the
Sub-Advisor each agrees that, with respect to any Shares now or hereinafter owned by it, neither will vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of
the Advisor or any Affiliate of the Advisor; (ii) the removal of the Sub-Advisor or any Affiliate of the Sub-Advisor; (iii) any transaction between the Company
and the Advisor or any of its Affiliates; or (iv) any transaction between the Company and the Sub-Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor
is no longer serving as such. 
 Article 8 

Relationship of Sub-Advisor and Advisor and their Affiliates; 

Other Activities of the Advisor and the Sub-Advisor 

8.1 Relationship. The Advisor and the Sub-Advisor are not partners or joint venturers with each
other, and nothing in this Amended Agreement shall be construed to make them such partners or joint venturers. Except as set forth in Section 8.5, nothing herein contained shall prevent the Advisor or Sub-Advisor from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised,
sponsored or organized by the Advisor or the Sub-Advisor, respectively, or any of their Affiliates. This Amended Agreement shall not limit or restrict the right of any manager, director, officer, member,
partner, employee or equityholder of the Advisor or the Sub-Advisor, or their Affiliates, to engage in or earn fees from any other business or to render services of any kind to any other Person. The Sub-Advisor may, with respect to any Investment in which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service.
Specifically, it is contemplated that the Company may enter into Joint Ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures or other similar co-investment
arrangements, the Advisor or the Sub-Advisor may be engaged to provide advice and service to such Persons, in which case, the Advisor or the Sub-Advisor, as applicable,
will earn fees for rendering such advice and service. Each of the Advisor and the Sub-Advisor shall promptly disclose to the Board of Directors the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, that creates or which would reasonably result in a conflict of interest between its obligations to the Company and its obligations to or its interest in any other Persons. 

8.2 Time Commitment. The Sub-Advisor shall, and shall cause its Affiliates and their respective
employees, officers and agents to, devote such time as shall be reasonably necessary to perform its duties under this Amended Agreement in an appropriate manner consistent with the terms of this Amended Agreement. Each Party acknowledges that the
other Party and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

8.3 Advisor and Sub-Advisor Meetings. Representatives of the Parties shall meet on a quarterly
basis, or, if reasonably requested, more frequently (in person or by phone), to discuss and consult with one another regarding the Company and its assets and opportunities. Additionally, the Advisor and the
Sub-Advisor shall promptly cause their respective principals to meet (in person or by phone) with representatives of each other upon the reasonable request of either Party. The Parties will provide each other
information regarding the operations and acquisitions of the Company as reasonably requested by the other. The Advisor shall provide or cause the Dealer Manager to meet with the Sub-Advisor in person and
telephonically and to provide to the Sub-Advisor the reports and other information set forth on Appendix B within the time periods set forth therein and such other information as is reasonably requested
by the Sub-Advisor. Each of the Advisor and the Sub-Advisor shall have direct access to the books and records of the Company and of each attorney, accountant, servicer
and other contracting party of the Company. 
 8.4 Investment Opportunities and Allocation. The
Sub-Advisor shall use commercially reasonable efforts to present investment opportunities to the Company that are consistent with the investment policies and objectives of the Company set forth in the
Memorandum and the Prospectus and the Investment Guidelines. In the event the Sub-Advisor or any of its Affiliates is seeking investments within the definition of Primary Target Investments for any other Person, the
Sub-Advisor shall present to the Advisor and the Board of Directors an allocation policy that fairly allocates investment opportunities to the Company, on the one hand, and to such other Persons, on the other
hand, and the Sub-Advisor shall use its best efforts to apply such allocation method fairly to the Company. The allocation policy and any amendments thereto shall be presented in advance and approved by the
Advisor and the Board of Directors, including a majority of the Independent Directors. The Sub-Advisor shall report to the Board of Directors, at least quarterly, of the allocation of investments to the
Company and other Persons advised or sub-advised by the Sub-Advisor 

  
 10 

 
or its Affiliates or for which the Sub-Advisor or any of its Affiliates is seeking investments that are consistent with the Primary Target Investments (the “Quarterly Co-Investment Transaction Report”). The Sub-Advisor shall promptly report to the Advisor and the Board of Directors the existence of any condition or circumstance,
existing or anticipated of which it has knowledge, which creates or could create a conflict of interest between the Sub-Advisor’s obligations to the Company and the Operating Partnership and its
obligations to or its interest in any other Person. 
 8.5 Mutual Non-Compete. Neither the Sub-Advisor nor any of its Affiliates may provide, or prepare to provide, or assist any other Person to provide, investment management services, and neither the Advisor nor any of its Affiliates (including the
Dealer Manager) may provide, or prepare to provide, or assist any other Person to provide, any services (including distribution and marketing services), substantially similar to those contemplated by the Amended Advisory Agreement or the Dealer
Manager Agreement, in each case to any entity that (a) would have an investment strategy primarily focused on Primary Target Investments and (b) was capitalized or intended to be capitalized substantially with capital sourced, directly or
indirectly, from individual investors through the Channels. For the avoidance of doubt, this provision does not restrict the Advisor or the Sub-Advisor or any of their respective Affiliates (i) with
respect to any entity having an investment strategy not primarily focused on investment in Primary Target Investments, irrespective of whether such entity was capitalized or is intended to be capitalized substantially with capital sourced, directly
or indirectly, from individual investors through the Channels, including but not limited to entities sponsored by Inland Private Capital Corporation, or (ii) with respect to any assets managed or to be managed on behalf of investors sourced,
directly or indirectly, outside of the Channels. 
 8.6 Offering Documents. The Sub-Advisor
will abide by the Memorandum and the Prospectus with respect to the Company’s investment objectives, targeted assets, investment restrictions and borrowing policies set forth in the Memorandum and the Prospectus, except to the extent otherwise
expressly directed by the Board of Directors. 
 8.7 Exclusivity. The Advisor and the Sub-Advisor acknowledge and agree that the
Sub -Advisor shall be the sole and exclusive source of Investments for the Company for so long as the Sub-Advisor shall serve in its capacity as sub -advisor under this Amended Agreement; provided that, notwithstanding the
foregoing, the Advisor may identify potential opportunities for Investments and present any such Investments to the Sub-Advisor. 

Article 9 
 Use of Names
in Marketing Materials 
 9.1 Sub-Advisor Use of Advisor Names in Marketing Materials.
The Advisor and its Affiliates have or may have a proprietary interest in the names “Inland InPoint Advisor, LLC” and “Inland” (together, the “Inland Names”). The
Sub-Advisor shall not use the Inland Names or any tradename, trademark, trade device, service mark, symbol or any abbreviation thereof of the Advisor or any of its Affiliates, except for any such use in its
marketing materials that is approved by the Advisor in writing prior to such use. The Advisor reserves the right to revoke such written approval at any time upon written notice. In addition, any previously approved use shall be deemed revoked upon
the Termination Date, at which time the Sub-Advisor will immediately cease such use in its marketing materials. 

9.2 Advisor Use of Sub-Advisor Names in Marketing Materials. The
Sub-Advisor and its Affiliates have or may have a proprietary interest in the names “Sound Point Capital Management,” “SPCRE InPoint Advisors, LLC” and “Sound Point” (together,
the “Sound Point Names”). The Advisor shall not use the Sound Point Names or any tradename, trademark, trade device, service mark, symbol or any abbreviation thereof of the Sub-Advisor
or any of its Affiliates, except for any such use in its marketing materials that is approved by the Sub-Advisor in writing prior to such use. The Sub-Advisor reserves
the right to revoke such written approval at any time upon written notice. In addition, any previously approved use shall be deemed revoked upon the Termination Date, at which time the Advisor will immediately cease such use in its marketing
materials. 

  
 11 

 Article 10 

Other Agreements 
 10.1
Amendments to Amended Advisory Agreement. The Advisor agrees to inform and make the Sub-Advisor a participant in all negotiations between the Advisor and the Company regarding any proposed amendment of
the Amended Advisory Agreement. 
 10.2 Initial Capital Contributions. Each of the Advisor and the
Sub-Advisor has purchased $1.0 million and $3.0 million, respectively, in Class P Shares at a price of $25.00 per share in the Private Placement. The Advisor and
Sub-Advisor agree that, for so long as such Party or its Affiliate serves as the advisor or the sub-advisor to the Company, respectively, its investment in the
Class P Shares will be subject to the following: (a) such Class P Shares will not be eligible for repurchase until the fifth anniversary of the purchase date and (b) repurchase requests made for such Class P Shares will only
be accepted (i) on the last business day of a calendar quarter, (ii) after all repurchase requests from all other stockholders for such quarter have been accepted and (iii) to the extent that such repurchases do not cause total
repurchases to exceed that quarter’s repurchase cap.  
 10.3 Sub-Advisor
Personnel. The compensation and other expenses of all personnel of the Sub-Advisor, when and to the extent engaged in providing services and assistance hereunder, shall be provided and paid for by the Sub-Advisor. 
 10.4 Cyber-Security and Business Continuity. The
Sub-Advisor shall maintain (i) business continuity and disaster recovery and backup capabilities and (ii) policies and procedures reasonably designed to detect, prevent and respond to cyber-attacks.
The Sub-Advisor shall promptly notify the Advisor of any cyber-security breach which could reasonably be expected to affect the Company or the ability of the Sub-Advisor
to perform its duties and other obligations under this Amended Agreement. 
 10.5 Confidentiality. Each Party (the “Receiving
Party”) acknowledges and agrees that it will have access to confidential and proprietary information and materials concerning or pertaining to the Company and the other Party. The Receiving Party, on behalf of itself and its Affiliates
shall, and shall cause its and its Affiliates’ partners, managers, officers, employees, representatives and agents, to hold such information in the strictest confidence and to not use, copy, or divulge to third parties or otherwise use, except
in accordance with the terms of this Amended Agreement (or in the case of the Advisor, the Amended Advisory Agreement) in furtherance of its duties and obligations hereunder (and thereunder), any information obtained from or through the Company or
the disclosing Party; provided that this covenant shall not apply to information (i) which is in the public domain now or when it becomes in the public domain in the future, other than by reason of a breach of this Amended Agreement,
(ii) which has come to the Receiving Party from a lawful source not bound to maintain the confidentiality of such information, or (iii) disclosures which are required by law, regulatory authority, regulation or legal process so long as the
Receiving Party provides prompt written notice in advance of such disclosures (to the extent permitted by applicable law and practical under the circumstances) in order to allow the Company or the disclosing Party, as the case may be, the
opportunity to seek (at the such party’s expense) a protective order or other appropriate remedy (and if such protective order or similar remedy is obtained no such disclosure shall be made to the extent no longer required as a result of such
protective order or similar remedy). 
 Article 11 

Representations, Warranties, and Agreements 

11.1 Mutual Representations and Warranties. The Advisor and the Sub-Advisor each hereby
represents and warrants to, and agrees with, the other as follows: 
 (A) Such Party is duly formed and validly existing under the laws of
the jurisdiction of its organization; 
 (B) Such Party has full power and authority to enter into this Amended Agreement and to conduct its
business to the extent contemplated in this Amended Agreement; 

  
 12 

 (C) This Amended Agreement has been duly authorized, executed and delivered by such Party
and, assuming due authorization, execution and delivery by the other Party, constitutes the valid and legally binding agreement of such Party, enforceable in accordance with its terms against such Party, except as such enforceability may be limited
by bankruptcy, insolvency, moratorium and other similar laws relating to creditors’ rights generally, and by general equitable principles. 

(D) The execution and delivery of this Amended Agreement by such Party and the performance of its duties and obligations hereunder do not
result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license,
permit, franchise or certificate to which such Party is a party or by which it is bound or to which its assets are subject or require any authorization or approval under or pursuant to any of the foregoing, or violate any statute, regulation, law,
order, writ, injunction, judgment or decree to which such Party is subject; 
 (E) Such Party is not aware of any facts pertaining to such
Party or its Affiliates that would cause such Party, or any of such Party’s Affiliates, to be unable to discharge timely the obligations of such Party or its Affiliates under this Amended Agreement or the obligations of the Company under any
agreement to which any of them is a party; 
 (F) To the knowledge of such Party, no consent, approval or authorization of, or filing,
registration or qualification with, any court or governmental authority on the part of such Party is required for the execution and delivery of this Amended Agreement by such Party and the performance of its obligations and duties hereunder and such
execution, delivery and performance shall not violate any other agreement to which such Party is bound; 
 (G) The Party is not acting as the
representative or agent or in any other capacity, fiduciary or otherwise, on behalf of another Person in connection with the Company or the other matters referred to in this Amended Agreement. Such Party is aware that the other Party and/or
Affiliates of such other Party now and in the future shall be, and in the past have been, engaged in businesses which are competitive with that of the Company. Each of the Parties hereby acknowledges and agrees that the Parties’ obligations
with respect to all future activities which are in competition with the Company are as set forth in Article 8 hereof; 
 (H) No Party
is required to cause the controlling persons of such Party to devote any specific portion of their time to Company business other than as necessary to fulfill such Parties’ obligations under this Amended Agreement and the Amended Advisory
Agreement, as the case may be, and such controlling persons are expected to spend substantial amounts of their time on activities that are unrelated to the Company; 

(I) Such Party understands that the other Party is relying on the accuracy of the representations set forth in this Article 11 in
entering into this Amended Agreement; 
 (J) Such Party has not granted to any third party rights that would be inconsistent with the rights
granted to the other Party by this Amended Agreement; 
 (K) Such Party has all requisite licenses to do and perform all acts and receive all
fees as contemplated by this Amended Agreement and the Amended Advisory Agreement; and 
 (L) None of its principals has been convicted of
any felony, or convicted of any misdemeanor involving moral turpitude (including fraud), or entered a plea of nolo contendere in connection with any felony or any such misdemeanor. 

11.2 Modification and Waiver. The Advisor covenants and agrees with the Sub -Advisor that without the prior written consent of the
Sub-Advisor, the Advisor and its Affiliates shall not: 
 (A) agree to any amendment to, modification of, or waiver of their rights or
obligations under the Amended Advisory Agreement which modifies the fees and reimbursements payable pursuant to the Amended Advisory Agreement or this Amended Agreement, reduces the indemnification of the Sub-Advisor and its Affiliates by the
Company, modifies the definitions of capitalized terms contained in the Amended Advisory Agreement which 

  
 13 

 
are used to define capitalized terms in this Amended Agreement, or otherwise modifies the Amended Advisory Agreement in a manner that is reasonably likely to materially adversely impact the
rights or obligations of the Sub-Advisor pursuant to this Amended Agreement; provided, that, with respect to this Section 11.2, the Sub-Advisor and its Affiliates shall agree to any amendment to the Amended Advisory
Agreement or this Amended Agreement necessary to comply with the comments of any of the Securities and Exchange Commission, state securities commissions or the Financial Industry Regulatory Authority; or 

(B) recommend or agree to nonpayment of or a deferral, waiver or other delay in the payment of the fees, reimbursements or any other
compensation payable pursuant to the Amended Advisory Agreement or this Amended Agreement; or 
 (C) elect to receive any fees payable under
the Amended Advisory Agreement in Shares. 
 Article 12 

Term and Termination of the Amended Agreement 

12.1 Term. The initial term of this Amended Agreement shall begin on the Effective Date and end on December 31, 2019 and,
thereafter, shall be automatically renewed and continue in force for an unlimited number of successive one-year terms upon renewal of the Amended Advisory Agreement, unless terminated pursuant to Section 12.2. 

12.2 Termination. The Parties may terminate this Amended Agreement as provided in this Section 12.2. The date
upon which this Amended Agreement is terminated is referred to herein as the “Termination Date”). 
 (A) Termination
without Cause or without Sub-Advisor’s Good Reason. This Amended Agreement may be terminated without Cause or without Sub-Advisor’s
Good Reason (as defined below), as applicable: 
  

	 	(1)	 by the Advisor upon ninety (90) days’ prior written notice by the Advisor to the Sub-Advisor with approval of a majority of the Independent Directors; or 

  

	 	(2)	 by the Sub-Advisor upon ninety (90) days’ prior written
notice by the Sub-Advisor to the Advisor. 

 (B) Termination by the Advisor for
Cause. This Amended Agreement may be terminated upon written notice by the Advisor, with approval of a majority of the Independent Directors, for Cause. 

(C) Termination by the Sub-Advisor for
Sub-Advisor’s Good Reason. This Amended Agreement may be terminated upon written notice by the Sub-Advisor upon the occurrence of any of
the following, which for the purposes of this Section 12.2(C), shall constitute “Sub-Advisor’s Good Reason”: 

 

	 	(1)	 the material breach of this Amended Agreement by the Advisor; provided, however, that the Advisor shall
have thirty (30) calendar days after the receipt of notice of such breach (or at such later time as may be stated in the notice) from the Sub-Advisor to cure such breach; 

 

	 	(2)	 any fraud, criminal conduct or willful misconduct by the Advisor or any Affiliate thereof in any action or
failure to act undertaken by such Person pertaining to or having a materially detrimental effect upon the ability of the Advisor or the Sub-Advisor to perform their respective duties hereunder; 

 

	 	(3)	 if the Advisor (a) commences a voluntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, (b) consents to the entry of an order for relief in an involuntary case under any such law, (c) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) for the Advisor or for any substantial part of its property, or (d) makes any general assignment for the benefit of creditors under applicable state law; 

  
 14 

	 	(4)	 if: (a) an involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect has been commenced against the Advisor, and such case has not been dismissed within sixty (60) days after the commencement thereof; or (b) a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) has been appointed for the Advisor or has taken possession of the Advisor or any substantial part of its property, and such appointment has not been rescinded or such possession has not been relinquished within sixty (60) days after
the occurrence thereof; 

  

	 	(5)	 if during the period starting on the Effective Date and ending on the date when the Board of Directors
terminates an Offering and no additional Offerings are on-going or contemplated in the future, the Dealer Manager and its controlled subsidiaries: (a) fail to use their commercially reasonable efforts to
market and distribute the Shares, or (b) fail to employ 12 or more external wholesalers on a full-time basis during any period of 90 consecutive calendar days; provided, however, that such 90-day
period shall be extended for one additional 30-day period to the extent the Dealer Manager is making good faith efforts to cure such failure by attempting to hire additional external wholesalers;

  

	 	(6)	 Intentionally Omitted; 

 

	 	(7)	 if during the period from October 25, 2018 to October 25, 2020, the Dealer Manager and any Affiliate
of Inland are actively marketing the securities of more than six Selected Funds; 

  

	 	(8)	 if the board of directors of any Inland-sponsored Selected Fund terminates such Selected Fund’s advisory
agreement (or agreement with a similar function), or does not renew it, other than in connection with an internalization or liquidity event, and such termination or non-renewal is followed by cancellation, or
suspension for more than 90 consecutive days, of the selling agreements between three or more soliciting dealers and the Dealer Manager, representing in the aggregate the lesser of (i) 7,500 financial advisors or (ii) 25% of the aggregate number of
financial advisors selling the Company’s shares, so long as such cancellation or suspension is not due substantially to the Sub-Advisor’s acts or performance. For purposes of this subsection
12.2(C)(8), Affiliated soliciting dealers shall be counted collectively as one soliciting dealer; or 

  

	 	(9)	 if a broker-dealer participating in the distribution of the Company’s securities terminates its selling
agreement with the Dealer Manager and executes a selling agreement with a different Inland-sponsored program within 90 days of such termination, so long as such termination is not substantially due to the
Sub-Advisor’s acts or performance. 

 (D) Termination of Amended Advisory
Agreement. This Amended Agreement shall automatically terminate in the event of the termination or non-renewal of the Amended Advisory Agreement. 

12.3 Survival Upon Termination. Notwithstanding anything else that may be to the contrary herein, the expiration or earlier termination
of this Amended Agreement shall not relieve a party for liability for any breach occurring prior to such expiration or earlier termination. The provisions of Sections 7.3 and 10.5 and Articles 9, 11, 12, 13, 14, 15 and 16
(and to the extent applicable in connection therewith, the definitions in Article 1) shall survive termination of this Amended Agreement. 

12.4 Payments on Termination; Survival of Certain Rights and Obligations; Additional Obligations Upon Termination. 

(A) After the Termination Date, the Sub-Advisor shall not be entitled to compensation for further
services hereunder except it shall be entitled to receive from the Advisor within thirty (30) days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Sub-Advisor prior to termination of this agreement, subject to the 2%/25% Guidelines to the extent applicable, subject to receiving a demand for payment and an accounting from the
Sub-Advisor. 

  
 15 

 (B) The Sub-Advisor shall promptly upon termination:

  

	 	(1)	 pay over to the Advisor or the Company as the case may be, all money collected and held for the account of such
party pursuant to the Amended Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

  

	 	(2)	 deliver to the Advisor, or if the Advisor has been terminated, to the Board of Directors, a full accounting
including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Advisor; 

 

	 	(3)	 deliver to the Advisor, or if the Advisor has been terminated, to the Board of Directors, all assets (including
without limitation all Investments) and documents of the Company then in the custody of the Sub-Advisor; and 

  

	 	(4)	 cooperate with the Advisor and the Company to provide an orderly transition of advisory functions, including,
if requested by the Advisor, identification of potential replacement sub-advisors. 

(C) If this Amended Agreement is terminated pursuant to Section 12.2(A)(1), the Advisor agrees that it shall
terminate the Amended Advisory Agreement and not provide any additional services to the Company, any Affiliate of the Company or any successor thereto for a period of two years; provided the Advisor may provide transition services as required by the
Amended Advisory Agreement. 
 (D) Except in the case of a termination or non-renewal of the Amended
Advisory Agreement and there has occurred an Advisor Cause Event, if the Amended Advisory Agreement is terminated by Company upon the determination of a majority of the Independent Directors or not renewed, the
Sub-Advisor acknowledges that this Amended Agreement shall terminate and agrees that the Sub-Advisor shall not provide any additional services to the Company, any
Affiliate of the Company or any successor thereto for a period of two years; provided the Sub-Advisor may provide transition services as required by this Amended Agreement. 

12.5 Non-Competition. Other than in the event that (i) the Advisor terminates the Amended
Agreement as provided in Section 12.2(A)(1), (ii) the Advisor terminates the Amended Agreement as provided in Section 12.2(B) on the basis of clause (ii)(D) in the definition of Cause in Article
1, (iii) the Sub-Advisor terminates the Amended Agreement with Sub-Advisor’s Good Reason as provided in Section 12.2(C) or
(iv) the Amended Agreement is automatically terminated as provided in Section 12.2(D), the Sub-Advisor, for a period of one year from the Termination Date, shall not provide
investment management services substantially similar to those contemplated by the Amended Advisory Agreement, in each case to any entity that (i) would have an investment strategy primarily focused on investment in Primary Target Investments
and (ii) was capitalized or intended to be capitalized substantially with capital sourced, directly or indirectly, from individual investors through the Channels. For the avoidance of doubt, this provision does not restrict Sub-Advisor (1) with respect to any entity having an investment strategy not primarily focused on investment in Primary Target Investments, irrespective of whether such entity was capitalized or is intended to
be capitalized substantially with capital sourced, directly or indirectly, from individual investors through the Channels, or (2) with respect to any assets managed or to be managed on behalf of investors outside of the Channels. The Sub-Advisor acknowledges and agrees that the restrictions contained in this Section 12.5 are reasonable and necessary to protect the legitimate interests of the Advisor and the Company and constitute a material
inducement of the Advisor to enter into this Amended Agreement. If the Sub-Advisor breaches, or threatens to commit a breach of, this Section 12.5, the Advisor shall have the right, in addition to, and
not in lieu of, any other rights and remedies available to it, to have this provision specifically enforced by any court having competent jurisdiction (without any requirement to post a bond), it being acknowledged and agreed that any such breach or
threatened breach will cause irreparable injury. 
 Article 13 

Assignment 
 This Amended
Agreement shall not be assigned by the Advisor or the Sub-Advisor without the consent of the other Party. Notwithstanding the foregoing, this Amended Agreement may be assigned by the Advisor or the Sub-Advisor, as applicable, to an Affiliate with the consent of the other Party, such consent not to be unreasonably withheld or delayed, provided that such Affiliate remains at all times thereafter an Affiliate of
the Advisor or the Sub-Advisor, as applicable. 

  
 16 

 Article 14 

Indemnification 
 The
Sub-Advisor and Advisor, as applicable, shall indemnify and hold harmless, in the case of the Sub-Advisor, the Advisor, and in the case of the Advisor, the Sub-Advisor,
including each of their respective Affiliates, officers, directors, equity holders, partners, members and employees, from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees,
to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Sub-Advisor’s or the Advisor’s, as applicable, bad faith, fraud, misfeasance,
intentional misconduct, gross negligence or reckless disregard of its duties. Except as expressly provided in this Article 14, the Advisor shall have no other obligation to indemnify the Sub-Advisor,
and the Sub-Advisor shall not look to the Advisor to enforce any right to indemnification that the Sub-Advisor may have against the Company pursuant to any other
agreement. 
 Article 15 

Non-Solicitation 

During the period commencing on the Effective Date and ending one year following the Termination Date, the Advisor and its respective
Affiliates shall not, without the Sub-Advisor’s prior written consent, and the Sub-Advisor and its Affiliates shall not, without the Advisor’s prior written consent, directly or indirectly; (i) solicit or encourage any person to leave
the employment or other service of the Advisor, the Sub-Advisor, or their respective Affiliates, as the case may be; or (ii) hire, on behalf of the Advisor or the Sub-Advisor, as the case may be, or any other person or entity, any person who
has left the employment within the one year period following the termination of that person’s employment with the Advisor, the Sub-Advisor or their respective Affiliates, as the case may be. During the period commencing on the date hereof
through and ending one year following the Termination Date, neither the Advisor nor the Sub-Advisor will, whether for its own account or for the account of any other Person, intentionally interfere with the relationship of the Advisor, the
Sub-Advisor or their respective Affiliates, as the case may be, with, or endeavor to entice away from any such party or its Affiliates, any person who during the term of the Amended Agreement is, or during the preceding one-year period, was a
tenant, co-investor, codeveloper, joint venturer or other customer of any such party or its Affiliates. Each of the Advisor and the Sub-Advisor acknowledges and agrees that the restrictions contained in this
Article 15 are reasonable and necessary to protect their respective legitimate interests and constitute a material inducement of each to enter into this Amended Agreement. If either Party breaches, or threatens to commit a breach of, this
Article 15, the other Party shall have the right, in addition to, and not in lieu of, any other rights and remedies available to such other Party, to have such provision specifically enforced by any court having competent jurisdiction
(without any requirement to post a bond), it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury. 

Article 16 

Miscellaneous 
 16.1
Notices. All notices, requests or demands to be given under this Amended Agreement from one Party to the other (collectively, “Notices” and individually a “Notice”) shall be in writing and shall be given
by personal delivery, or by overnight courier service for next Business Day delivery at the other Party’s address set forth below, or by telecopy transmission at the other party’s facsimile telephone number set forth below. Notices given
by personal delivery (i.e., by the sending Party or a messenger) shall be deemed given on the date of delivery. Notices given by overnight courier service shall be deemed given upon deposit with the overnight courier service and Notices given by
telecopy transmission shall be deemed given on the date of transmission provided such transmission is completed by 5:00 p.m. (sending Party’s local time) on a Business Day, otherwise delivery by transmission shall be deemed to occur on the
next succeeding Business Day. If any Party’s address is a business, receipt, or the refusal to accept delivery, by a receptionist or by any Person in the employ of such Party, shall be deemed actual receipt by the Party of Notices. Notices may
be issued by an attorney for a Party and in such case such Notices shall be deemed given by such Party. The Parties’ addresses are as follows: 

  
 17 

 If to the Advisor: 

Inland InPoint Advisor, LLC 

2901 Butterfield Road 

Oak Brook, IL 60523 

Facsimile: (630) 218-4900 

Attention: Cathleen Hrtanek 

If to the Sub-Advisor: 

SPCRE InPoint Advisors, LLC 

375 Park Avenue, 33rd Floor 

New York, NY 10152 

Attention: Marc Tolchin 

Either Party may at any time give Notice in writing to the other Party of a change in its address for the purposes of this
Section 16.1. Each Notice shall be deemed given and effective upon receipt (or refusal of receipt). 
 16.2
Modification. This Amended Agreement shall not be amended, supplemented, changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both Parties hereto, or their respective successors or
permitted assigns. 
 16.3 Severability. The provisions of this Amended Agreement are independent of and severable from each other,
and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

16.4 Construction. The provisions of this Amended Agreement shall be construed and interpreted in accordance with the laws of the State
of New York as at the time in effect, without regard to the principles of conflicts of laws thereof. 
 16.5 Entire Agreement. This
Amended Agreement contains the entire agreement and understanding between the Parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

16.6 Waiver. Neither the failure nor any delay on the part of a Party to exercise any right, remedy, power or privilege under this
Amended 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. 
 16.7 Third Party Beneficiary. Except for those Persons entitled to
indemnification under Article 14, who shall be third-party beneficiaries of this Amended Agreement, no other Person is a third party beneficiary of this Amended Agreement. 

16.8 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other
number singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 16.9 Titles Not to Affect
Interpretation. The titles of Articles and Sections contained in this Amended Agreement are for convenience only, and they neither form a part of this Amended Agreement nor are they to be used in the construction or interpretation hereof. 

  
 18 

 16.10 Counterparts. This Amended Agreement may be executed with counterpart signature
pages or in any number of counterparts, each of which shall be deemed to be an original as against any Party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Amended Agreement shall become
binding when one or more counterpart signature pages or counterparts hereof, individually or taken together, shall bear the signatures of all of the Parties reflected hereon as the signatories. 

16.11 Fiduciary Relationship to the Company and to the Company’s Stockholders. The
Sub-Advisor, on behalf of itself and its Affiliates, acknowledges that the Sub-Advisor has a fiduciary relationship to the Company and its Stockholders and the Operating
Partnership and its partners. 
 [The remainder of this page is intentionally left blank - Signature page follows.] 

  
 19 

 IN WITNESS WHEREOF, the Parties hereto have executed this First Amended and Restated Sub-Advisory Agreement as of the date and year first above written. 
  

			
	Inland InPoint Advisor, LLC
		
	By:	 	              

	Name:	 	Mitchell A. Sabshon
	Title:	 	Chief Executive Officer
	
	SPCRE InPoint Advisors, LLC
		
	By:	 	              

	Name:	 	Donald MacKinnon
	Title:	 	Portfolio Manager

 [Signature Page to Sub-Advisory Agreement] 

 Appendix A 

AMENDED ADVISORY AGREEMENT 

  
 A-1 

 Appendix B 

ADVISOR ACTIONS 
 The Advisor shall
provide or cause the Dealer Manager to provide to the Sub-Advisor the following: 
  

	 	•	 	 Bi-weekly meeting or call with the Dealer Manager’s head of national
accounts (this can be moved to monthly once the Company has raised at least $500 million in Offering proceeds). Topics to be discussed include the following: 

 

	 	•	 	 progress with selling agreements 

 

	 	•	 	 feedback from target broker-dealers 

 

	 	•	 	 momentum with non-traditional
non-listed REIT buyers (i.e. wire house, regional firms) 

  

	 	•	 	 travel requests for Sub-Advisor’s portfolio manager and/or senior
management 

  

	 	•	 	 Monthly report showing monthly meeting count from the external sales force where the Company is discussed

  

	 	•	 	 Monthly report showing monthly call count from the internal sale desk where the Company is discussed

  

	 	•	 	 Monthly conference calls with the broad sales organization (national accounts and internal/external) where the Sub-Advisor’s portfolio managers discuss market conditions and portfolio updates (this can moved to quarterly once the Company has raised at least $500 million in Offering proceeds) 

 

	 	•	 	 Quarterly conference calls with each individual external sales person. Topics to be discussed including the
following: 

  

	 	•	 	 travel schedules with the Sub-Advisor’s portfolio manager and new
business personnel 

  

	 	•	 	 where the Sub-Advisor can be more helpful/proactive with sales efforts

  

	 	•	 	 feedback from advisors/brokers regarding the Company, its fee structure, and other features of the Offering

  

	 	•	 	 Quarterly visits by the Sub-Advisor to the Advisor’s offices to meet
with sales management and shadow/present to internal sales 

  
 B-1 

 Appendix C 
  

	*	 Three pages (C-1 –
C-3) of this document have been redacted pursuant to a Confidential Treatment Request and filed separately with the Securities and Exchange Commission pursuant to Rule 406 under the Securities Act of 1933, as
amended, and Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  
 C-1 

 Appendix D 
  

	*	 Three pages (D-1 – D-3) of
this document have been redacted pursuant to a Confidential Treatment Request and filed separately with the Securities and Exchange Commission pursuant to Rule 406 under the Securities Act of 1933, as amended, and Rule
24b-2 under the Securities Exchange Act of 1934, as amended. 

  
 D-1EX-10.3

 Exhibit 10.3 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 INPOINT REIT
OPERATING PARTNERSHIP, LP 
 Dated as of October 7, 2016 

 
  

 LIMITED PARTNERSHIP AGREEMENT 

OF 
 INPOINT REIT
OPERATING PARTNERSHIP, LP 
 This Limited Partnership Agreement is entered into as of October 7, 2016, between InPoint Commercial
Real Estate Income, Inc., a Maryland corporation, as the General Partner, and InPoint REIT Holdings, LLC, a Delaware limited liability company, as the Limited Partner. Capitalized terms used herein but not otherwise defined shall have the meanings
given to them in Article 1. 
 AGREEMENT 

WHEREAS, the General Partner intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended; 

WHEREAS, InPoint REIT Operating Partnership, LP (the “Partnership”) was formed on September 13, 2016, as a limited
partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on September 13, 2016; 

WHEREAS, the General Partner desires to conduct its current and future business through the Partnership; and 

WHEREAS, to establish their respective rights and obligations in connection with all of the foregoing and certain other matters, the parties
hereto desire to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties
hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINED TERMS

 The following defined terms used in this Agreement shall have the meanings specified below: 

“Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 

“Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership,
(ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which
expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall
not include any administrative costs and expenses incurred by the General Partner that are attributable to a Property or equity interests in a Subsidiary that are owned by the General Partner directly. 

“Advisor” or “Advisors” means the Person or Persons, if any, appointed, employed or contracted by the
General Partner and responsible for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom such Advisor
subcontracts substantially all of such functions. 
 “Affiliate” means, with respect to any Person, (i) any Person
directly or indirectly, owning, controlling or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (ii) any Person with 10% or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. 

“Agreement” means this Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the
context requires. 

  
 1 

 “Articles of Incorporation” means the Articles of Incorporation of the
General Partner, as amended or restated from time to time, as filed with the Maryland State Department of Assessments and Taxation. 

“Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the fair market value of other
property which such Partner contributes or is deemed to contribute to the Partnership pursuant to Section 4.1 or 4.2 hereof. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor
holder of the Partnership Interest of such Partner. 
 “Certificate” means any instrument or document that is required
under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or
maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of
Delaware or such other jurisdiction. 
 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter
amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Event of Bankruptcy”, as to any Person, means the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court
proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a
debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is
commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

“General Partner” means InPoint Commercial Real Estate Income, Inc., a Maryland corporation, and any Person who becomes a
substitute or additional General Partner as provided herein, and any of their successors as General Partner, until such Person ceases to be a General Partner pursuant to the terms of this Agreement. 

“General Partnership Interest” means a Partnership Interest held by the General Partner that is a general partnership
interest. 
 “Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as the General
Partner or a director, officer or employee of the General Partner or the Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time, in its
sole and absolute discretion. 
 “Limited Partner” means InPoint REIT Holdings, LLC, a Delaware limited liability company
and a wholly-owned subsidiary of the General Partner, and any Person who becomes an additional Limited Partner or a Substitute Limited Partner pursuant to the terms of this Agreement, until such Person ceases to be a Limited Partner pursuant to the
terms of this Agreement. 
 “Limited Partnership Interest” means the ownership interest of a Limited Partner in the
Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner
to comply with all the provisions of this Agreement and of such Act. 
 “Partner” means any General Partner or Limited
Partner. 
 “Partnership” means InPoint REIT Operating Partnership, LP, a Delaware limited partnership. 

  
 2 

 “Partnership Interest” means an ownership interest in the Partnership held
by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the
terms and provisions of this Agreement. 
 “Partnership Record Date” means the record date established by the General
Partner for the distribution of cash pursuant to Section 5.1 hereof. 
 “Percentage Interest” means the percentage
determined by dividing the Capital Contributions of a Partner by the sum of the Capital Contributions of all Partners. 

“Person” means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity.

 “Property” means any real or personal property owned by the Partnership. 

“REIT” means a real estate investment trust under Sections 856 through 860 of the Code. 

“REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence and operation of the
General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees
payable to any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any private placement or public offering and registration of securities by the General Partner and all statements, reports, fees and
expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or
any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other
reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and
regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees
of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the
ordinary course of its business on behalf of or in connection with the Partnership. 
 “Subsidiary” means, with respect to
any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.2
hereof. 
 ARTICLE 2 

PARTNERSHIP CONTINUATION AND IDENTIFICATION 

2.1 Continuation of Limited Partnership. 

The parties to this Agreement hereby agree to continue a limited partnership pursuant to the provisions of the Act and in accordance with the
further terms and provisions of this Agreement. 
 2.2 Name, Office and Registered Agent. 

The name of the Partnership is InPoint REIT Operating Partnership, LP. The address of the registered office of the Partnership in the State of
Delaware and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is the Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The principal
office of the Partnership shall be 2901 Butterfield Road, Oak Brook, Illinois 60523, or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other
place or places within or outside the State of Delaware as the General Partner deems advisable. 

  
 3 

 2.3 Term and Dissolution. 

(a) The term of the Partnership shall continue in full force and effect until dissolved upon the first to occur of any of the following
events: 
 (i) the occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or
withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner
as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner
or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii) the passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership
(provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or
notes are paid in full); or 
 (iii) the election by the General Partner that the Partnership should be dissolved. 

(b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof), the
General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.3
hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the
Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.4 Filing of Certificate and
Perfection of Limited Partnership. 
 The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any
and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply
with, the laws of each state or other jurisdiction in which the Partnership conducts business. 
 ARTICLE 3 

BUSINESS OF THE PARTNERSHIP 

The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted
by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner
determines that it no longer intends to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture or other
similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without
limiting the General Partner’s right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and that such
qualification and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may
terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or
prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” that is taxable as a corporation under Section 7704 of the Code. 

ARTICLE 4 
 CAPITAL
CONTRIBUTIONS AND ACCOUNTS 
 4.1 Capital Contributions. 

The General Partner and the Limited Partner have made Capital Contributions to the Partnership in the amounts set forth opposite their names
on Exhibit A, as such Exhibit may be amended from time to time. 

  
 4 

 4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests. 

Except as provided in this Section 4.2, the Partners shall have no right or obligation to make any additional Capital Contributions or
loans to the Partnership. 
 (a) The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests
for any Partnership purpose at any time or from time to time, including but not limited to Partnership Interests issued in connection with acquisitions of properties, to the Partners (including the General Partner) or to other Persons for such
consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in
one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited
Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items
of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights
of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Interests for less
than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. In the event that the Partnership issues additional Partnership Interests pursuant
to this Section 4.2(a), the General Partner shall make such revisions to this Agreement as it deems necessary to reflect the issuance of such additional Partnership Interests. 

(b) The General Partner shall contribute the proceeds of any issuance of common stock of the General Partner to the Partnership as additional
Capital Contributions to the Partnership from time to time. 
 4.3 No Third-Party Beneficiary. 

No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner
to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by,
the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose
by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the
Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that,
notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of
the foregoing, a deficit capital account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

ARTICLE 5 
 DISTRIBUTIONS

 5.1 Distributions. 

(a) The Partnership shall make distributions at such times and in such amounts as the General Partner shall determine in its sole and absolute
discretion, to the Partners who are Partners on the Partnership Record Date with respect to such distribution period in accordance with Section 5.1(b). 

(b) Except for distributions pursuant to Section 5.1(c) or 5.3 of this Agreement in connection with the dissolution and liquidation of
the Partnership, distributions shall be made to the Partners in accordance with their respective Percentage Interests on the Partnership Record Date. 

(c) If the General Partner shall elect to purchase from its stockholders common stock of the General Partner for any purpose, the Partnership
shall distribute to the General Partner in reduction of its Capital Contributions the purchase price paid by the General Partner for such common stock and any other expenses incurred by the General Partner in connection with such purchase shall be
considered expenses of the Partnership and shall be reimbursed to the General Partner. 
 (d) In the event that the Partnership issues
additional Partnership Interests to the General Partner or any additional Limited Partner pursuant to Article 4 hereof, the General Partner shall make such revisions to this Article 5 as it deems necessary to reflect the issuance of such additional
Partnership Interests. 

  
 5 

 5.2 REIT Distribution Requirements. 

The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the
General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or
excise tax liability imposed by the Code. 
 5.3 Distributions Upon Liquidation. 

Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any
Partner loans, any remaining assets of the Partnership shall be distributed to all Partners in accordance with their Percentage Interests. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a
liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 ARTICLE 6

 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 

6.1 Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. 

(b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require
the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

6.2 Delegation of Authority. 

The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise
deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. 

6.3 Indemnification and Exculpation of Indemnitees. 

(a) The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the
operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was
material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, Property or services;
or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the
Partnership. 
 (b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a
proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for
indemnification by the Partnership as authorized in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has
not been met. 
 (c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee
or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

  
 6 

 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and
such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership
would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For purposes of this
Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves
services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3;
and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed
to be for a purpose which is not opposed to the best interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited
Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be
denied indemnification in whole or in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (i) Notwithstanding the foregoing, the
Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership; (iii) the liability or loss was not the result of (A) negligence or misconduct, in the
case that the Indemnitee is a director of the General Partner (other than an Independent Director (as such term is defined in the Articles of Incorporation)), the Advisor or an Affiliate of the Advisor or (B) gross negligence or willful
misconduct, in the case that the Indemnitee is an Independent Director (as such term is defined in the Articles of Incorporation); and (iv) the indemnification or agreement to hold harmless is recoverable only out of net assets of the
Partnership. In addition, the Partnership shall not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following
conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made,
and the court considering the request for indemnification has been advised of the position of the Commission and of the published position of any state securities regulatory authority in which securities of the General Partner or the Partnership
were offered or sold as to indemnification for violations of securities laws. 
 6.4 Liability of the General Partner. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the
Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General
Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 

(b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders
collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the
Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner
shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any
such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The General Partner
shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 

  
 7 

 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1
hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any
misconduct or negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this
Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is
necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other
provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any
amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under
this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such
matters may arise or be asserted. 
 6.5 Reimbursement of General Partner. 

(a) Except as provided in this Section 6.5 and elsewhere in this Agreement, the General Partner shall not be compensated for its services
as general partner of the Partnership. 
 (b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General
Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner. Reimbursement of Administrative Expenses shall be treated as an expense of the Partnership and not as allocations of
Partnership income or gain. 
 6.6 Outside Activities. 

Subject to the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or a
Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to
the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. None of the Partnership, Limited Partners or any other Person shall have any rights by virtue of this Agreement or the
partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and
activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

6.7 Employment or Retention of Affiliates. 

(a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether
as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and
reasonable. 
 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and
such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other
Person. 
 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which
it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law and the REIT status of the General Partner. 

(d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any
Property to, or purchase any Property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General Partner’s sole discretion, on terms that are fair and reasonable to the Partnership. 

6.8 Title to Partnership Assets. 

Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the
Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership,
the General Partner or one or more nominees, as the General 

  
 8 

 
Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the
General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall
use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the Property of the Partnership in its books and records,
irrespective of the name in which legal title to such Partnership assets is held. 
 ARTICLE 7 

CHANGES IN GENERAL PARTNER 

7.1 Transfer of the General Partner’s Partnership Interest. 

(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as
provided in, or in connection with a transaction contemplated by, Section 7.1(c). 
 (b) Except as otherwise provided in
Section 7.1(c) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or the sale of all or substantially all of its assets (other than in connection with a change in the
General Partner’s state of incorporation or organizational form), in each case which results in a change of control of the General Partner, unless the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited
Partners is obtained. 
 (c) Notwithstanding Section 7.1(a) or (b), 

(i) a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly owned Subsidiary
of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 

(ii) the General Partner may engage in a transaction not required by law or by the rules of any national securities exchange on
which the General Partner’s shares are listed to be submitted to the vote of the holders of the General Partner’s shares. 
 7.2
Admission of a Substitute or Additional General Partner. 
 A Person shall be admitted as a substitute or additional General Partner of the
Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted as a substitute or additional General
Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of
such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.4 hereof in connection with such admission shall
have been performed; 
 (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it
shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that
(i) the admission of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act and (ii) none of the actions taken in connection with the admission of such Person as a substitute or additional
General Partner will cause (x) the Partnership to be classified other than as a partnership for federal tax purposes, or (y) the loss of any Limited Partner’s limited liability. 

7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such
partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is
continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal,
dissolution or removal of the General Partner. 

  
 9 

 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its
removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence, a partnership, the withdrawal of, death, dissolution, Event
of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners,
within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.3 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement,
a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of
any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 
 7.4 Removal of a General
Partner. 
 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be
deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall
be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b)
hereof and otherwise be admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the
General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a
majority in interest of the Limited Partners within ten (10) days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the
Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within thirty (30) days of the General Partner’s
removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the
amount of the lower appraisal, the two appraisers, no later than forty (40) days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General
Partner’s General Partnership Interest no later than sixty (60) days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of
the two appraisals closest in value. 
 (c) The General Partnership Interest of a removed General Partner, during the time after default
until transfer under Section 7.4(b), shall be converted to that of a Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be
entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to
retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

8.1 Management of the Partnership. 

The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the
Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

  
 10 

 8.2 Power of Attorney. 

Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public
offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is
coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest, unless otherwise stated in this Agreement. 

8.3 Limitation on Liability of Limited Partners. 

No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable
to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further
Capital Contributions or other payments or lend any funds to the Partnership. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1 Restrictions on Transfer of Limited Partnership Interests. 

(a) No Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership
Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General
Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported Transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. 

(b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of its Partnership Interest
pursuant to this Article 9. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

9.2 Admission of Substitute Limited Partner. 

Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner. 

9.3 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. 

The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited
Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy
proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the
rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the
assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 
 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

10.1 Books and Records. 
 At all
times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office all documents and information required under the Act. 

10.2 Custody of Partnership Funds; Bank Accounts. 

All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage
institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

  
 11 

 10.3 Fiscal Year. 

The fiscal year of the Partnership shall be the calendar year. 

ARTICLE 11 
 AMENDMENT OF
AGREEMENT 
 The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the
consent of the Limited Partners, may amend this Agreement in any respect; provided, however, that any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with
respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof or any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership shall require the
consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners. 
 ARTICLE 12 

GENERAL PROVISIONS 
 12.1
Notices. 
 All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when
delivered personally, electronically or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth herein; provided, however, that any Partner may specify a different
address by notifying the General Partner in writing of such different address. 
  

							
				
		 	To the General Partner:	  	 InPoint Commercial Real Estate Income, Inc.

2901 Butterfield Rd.
 Oak Brook, Illinois 60523
	  	
				
		 	To the Partnership:	  	 InPoint REIT Operating Partnership, LP
 2901
Butterfield Rd.
 Oak Brook, Illinois 60523
	  	
				
		 	To the Limited Partner:	  	 InPoint REIT Holdings, LLC
 2901 Butterfield
Rd.
 Oak Brook, Illinois 60523
	  	

 12.2 Survival of Rights. 

Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the
Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3 Additional Documents. 

Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable,
necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 
 12.4 Severability. 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be
deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

12.5 Entire Agreement. 
 This
Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof. 
 12.6 Pronouns and Plurals/Headings. 

When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the
plural and the masculine gender shall include the neuter or female gender as the context may require. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any
particular Article. 

  
 12 

 12.7 Counterparts. 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall
constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 

12.8 Governing Law. 
 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 12.8. 

[Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
Limited Partnership Agreement, all as of the 7th day of October, 2016. 
  

			
	GENERAL PARTNER:
	
	InPoint Commercial Real Estate Income, Inc.
		
	By:	 	 /s/ Rod Curtis

	Name:	 	Rod Curtis
	Title:	 	Vice President
	
	LIMITED PARTNER:
	
	InPoint REIT Holdings, LLC
	By: InPoint Commercial Real Estate Income, Inc., its manager

  

			
	By:	 	 /s/ Rod Curtis

	Name:	 	Rod Curtis
	Title:	 	Vice President

 [Signature Page to Limited Partnership Agreement] 

 EXHIBIT A 

CAPITAL CONTRIBUTIONS 
  

							
	Partner	  	Address	  	Capital Contribution	 
	 GENERAL PARTNER
	  		  			
	 InPoint Commercial Real Estate Income, Inc.
	  	 2901 Butterfield Rd.

Oak Brook, IL 60523
	  	$	900	 
	 LIMITED PARTNER
	  		  			
	 InPoint REIT Holdings, LLC
	  	 2901 Butterfield Rd.

Oak Brook, IL 60523
	  	$	100	 
		  		  	  
	  
	 
	 Totals
	  		  	$	1,000

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