Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of April 14, 2021 (the
“Effective Date”), is made by and among NSREIT CB LOAN, LLC, CB LOAN NT-II, LLC, CLNC CREDIT 3, LLC, CLNC CREDIT 4, LLC, CLNC CREDIT 3EU, LLC and CLNC CREDIT 3UK, LLC, each a Delaware limited
liability company (each such Person and any other Person when such Person joins as a Seller hereunder from time to time, individually and/or collectively as the context may require, “Seller”), CREDIT RE OPERATING COMPANY, LLC, a
Delaware limited liability company (“Guarantor”) (for the purpose of acknowledging and agreeing to the provision set forth in Section 3 hereof), and CITIBANK, N.A., a national banking association
(“Buyer”). 
 W I T N E S S E T H: 

WHEREAS, Seller and Buyer have entered into that certain Amended and Restated Master Repurchase Agreement, dated as of April 26,
2019, by and among Seller and Buyer (as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”); 

WHEREAS, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase
Agreement; 
 WHEREAS, Seller and Buyer desire to modify certain terms and provisions of the Repurchase Agreement as set forth
herein. 
 NOW, THEREFORE, in consideration of ten dollars ($10) and for other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, Seller and Buyer covenant and agree as follows as of the Effective Date and Guarantor acknowledges and agrees as to the provision set forth in Section 3 as of the Effective
Date: 
 1. Modification of Repurchase Agreement. The Repurchase Agreement is hereby modified as of the Effective Date
as follows: 
 (a) The following definitions in Section 2 of the Repurchase Agreement are hereby deleted in their entirety: 

“Index Rate”, “Substitute Index”, “Substitute Rate”, “Substitute Rate Applicable Spread” and
“Substitute Rate Transaction” 
 (b) The following definitions in Section 2 of the Repurchase Agreement are hereby deleted in
their entirety and the following corresponding definitions are substituted therefor: 

 “Business Day” shall mean (a) a day other than
(i) a Saturday or Sunday or (ii) a day in which the New York Stock Exchange, the Federal Reserve Bank of New York or Buyer is authorized or obligated by law or executive order to be closed and (b) with respect to any Pricing Rate
Determination Date, a day on which commercial banks in London, England or, as it relates to a specific Foreign Purchased Asset, the relevant non-U.S. jurisdiction in which the Mortgaged Property securing the
related Foreign Purchased Asset is located or the laws of which otherwise govern the Purchased Asset Documents relating to the subject Foreign Purchased Asset (or as otherwise designated in the Purchased Asset Documents relating to the subject
Foreign Purchased Asset and stated in the related Confirmation) are open for dealing in foreign currency and exchange. 

“Fee Letter” shall mean (i) the second amended and restated letter agreement, dated as of the date
hereof, from Buyer and accepted and agreed by Seller, as the same may be amended, modified and/or restated from time to time, and (ii) each additional letter agreement entered into among a new Seller admitted to this Agreement pursuant to a
Joinder Agreement, the Custodian and Buyer, as the same may be amended, modified and/or restated from time to time. 

“Pricing Rate” shall mean, for any Pricing Rate Period, an annual rate equal to the sum of (i) the
Benchmark plus (ii) the Applicable Spread, in each case, for the applicable Pricing Rate Period for the related Purchased Asset (subject to adjustment and/or conversion as provided in Article 3(g) of this
Agreement or the related Confirmation). 
 “Pricing Rate Determination Date” shall mean with respect to any
Pricing Rate Period with respect to any Transaction, the second (2nd) Business Day preceding the first day of such Pricing Rate Period. 

“Stated Facility Expiration Date” shall mean April 23, 2023 (or if such day is not a Business Day, the
immediately succeeding Business Day) as such date may be extended pursuant to Article 3(h) of this Agreement. 
 (c) The following defined
terms are hereby added to Section 2 of the Repurchase Agreement in their appropriate alphabetical location as follows: 

“Benchmark” shall mean, initially, LIBOR or EURIBOR, as applicable; provided that if a Benchmark
Transition Event, an Early Opt-in Election or a Term SOFR Transition Event, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR or EURIBOR, as applicable, or the then
current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Article 3(g); provided, further, that in
no event shall the Benchmark for any Pricing Rate Period be less than the Benchmark Floor. 
 “Benchmark
Floor” shall mean zero percent 0.0%. 

  
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 “Benchmark Replacement” shall mean, for any Pricing Rate
Period, the first alternative set forth in the order below that can be determined by Buyer for the applicable Benchmark Replacement Date: 
  

	 	(1)	 the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

  

	 	(2)	 the sum of: (a) Compounded SOFR and (b) the related Benchmark Replacement Adjustment; and

  

	 	(3)	 the sum of: (a) the alternate benchmark rate that has been selected by Buyer as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar denominated facilities or other similar agreements at such time and (b) the related
Benchmark Replacement Adjustment; 

 provided that, in the case of clauses (1) or (2) above, such
Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by Buyer in its reasonable discretion. 

“Benchmark Replacement Adjustment” shall mean, with respect to any replacement of the then current Benchmark
with an Unadjusted Benchmark Replacement for any applicable Pricing Rate Period for any setting of such Unadjusted Benchmark Replacement: 

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set
forth in the order below that can be determined by Buyer: 
 (a) the spread adjustment, or method for calculating or determining such spread
adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Pricing Rate Period that has been selected or recommended by the Relevant Governmental Body for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; or 
 (b) the spread
adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Pricing Rate Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and 

  
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 (2) for purposes of clause (3) of the definition of “Benchmark
Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by Buyer for the applicable Corresponding Tenor giving due
consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated loans or other similar agreements; provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other
information service that publishes such Benchmark Replacement Adjustment from time to time as selected by Buyer in its reasonable discretion. 

“Benchmark Replacement Conforming Changes” shall mean, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definitions of “Pricing Rate Period”, “Pricing Rate Determination Date”, “Reference Time” and
any similar defined term in this Agreement, provisions with respect to timing and frequency of determining rates and making payments of interest or price differential, timing of future funding requests, prepayments or repayments, conversion or
continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”, the formula, methodology or
convention for applying the successor Benchmark Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that Buyer decides may be appropriate to reflect the adoption and implementation of such
Benchmark Replacement and to permit the administration thereof by Buyer in a manner substantially consistent with market practice (or, if Buyer decides that adoption of any portion of such market practice is not administratively feasible or if Buyer
determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as Buyer decides is reasonably necessary in connection with the administration of this Agreement and the other
Transaction Documents). 
 “Benchmark Replacement Date” shall mean the earliest to occur of
the following events with respect to the then-current Benchmark: 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition
Event”, the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof)
permanently or indefinitely ceases to provide such Benchmark (or such component thereof); 

  
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	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event”, the date of
the public statement or publication of information referenced therein; 

  

	 	(3)	 in the case of an Early Opt-in Election, the fifth (5th) Business Day
after the applicable notice is provided to Seller; or 

  

	 	(4)	 in the case of a Term SOFR Transition Event, the date set forth in the related notice provided to Seller.

 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but
earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” shall mean the occurrence of one or more of the following events with respect to
the then-current Benchmark: 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark
(or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such
component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark (or such component thereof); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark (or the published component used in the calculation thereof) announcing that the Benchmark (or such component thereof) is no longer representative. 

  
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 “Compounded SOFR” shall mean the compounded average of
SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for such rate, and conventions for such rate (which may include compounding in advance or compounding in arrears with a lookback and/or suspension period as a mechanism to
determine the interest amount payable prior to the end of each Pricing Rate Period) being established by Buyer in accordance with: 
  

	 	(1)	 any rate, or methodology for this rate, and conventions for such rate selected or recommended by the Relevant
Governmental Body for determining compounded SOFR; provided that: 

  

	 	(2)	 if, and to the extent that, Buyer determines that Compounded SOFR cannot be determined in accordance with
clause (1) above, then any rate, or methodology for such rate, and conventions for such rate that Buyer determines are substantially consistent with at least five (5) currently outstanding U.S. dollar-denominated loans or other
similar agreements at such time (as a result of amendment, application of fallback benchmark rates or as originally executed); 

provided, further, that if Buyer decides that any such rate, methodology or convention determined in accordance with clause (1) or
(2) is not administratively feasible for Buyer, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement”. 

“Corresponding Tenor” shall mean a tenor or observation period (including overnight), as applicable, having
approximately the same length (disregarding business day adjustment) as the Pricing Rate Period. 
 “Delaware LLC
Act” shall mean Chapter 18 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq., as amended. 

“Division/Series Transaction” shall mean, with respect to any Person that is a limited liability company
organized under the laws of the State of Delaware, that any such Person (a) divides into two or more Persons (whether or not the original Person or Subsidiary thereof survives such division) or (b) creates, or reorganizes into, one or more
series, in each case, as contemplated under the laws of the State of Delaware, including without limitation Section 18-217 of the Delaware LLC Act. 

“Early Opt-in Election” shall mean, if the then-current Benchmark is
LIBOR, the occurrence of: 
  

	 	(1)	 a determination by Buyer that at least five (5) currently outstanding U.S. dollar-denominated loans or
other similar agreements at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate; and 

  
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	 	(2)	 the provision by Buyer of the applicable notice to Seller. 

“ISDA” shall mean the International Swaps and Derivatives Association, or any successor organization. 

“ISDA Definitions” shall mean the 2006 ISDA Definitions published by ISDA, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published by ISDA from time to time. 

“Reference Time” with respect to any setting of the then-current Benchmark shall mean (1) if such
Benchmark is LIBOR or EURIBOR, 11:00 a.m. (London time) on the Pricing Rate Determination Date, and (2) if the Benchmark is not LIBOR or EURIBOR, the time on the Pricing Rate Determination Date determined by Buyer in its reasonable discretion.

 “Relevant Governmental Body” shall mean the Board of Governors of the Federal Reserve System or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 

“SOFR” shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing
rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

“SOFR Administrator” shall mean the Federal Reserve Bank of New York (or a successor administrator of the
secured overnight financing rate). 
 “SOFR Administrator’s Website” shall mean the website of the
Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“Term SOFR” shall mean, for the applicable Corresponding Tenor, the forward-looking term rate based on SOFR
that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Transition Event”
shall have the meaning specified in Article 3(g)(iv). 
 (d) Section 3(f)(iii) of the Repurchase Agreement is hereby deleted in its
entirety and replaced with the following: 

  
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 “(iii) the determination of any Benchmark,” 

(e) Sections 3(g) and 3(h) of the Repurchase Agreement are hereby deleted in their entirety and replaced with the following: 

“(g) Effect of Benchmark Transition Event. 

(i) Benchmark Replacement. Notwithstanding anything to the contrary in this Agreement or in any other Transaction
Document, if a Benchmark Transition Event, an Early Opt-in Election or a Term SOFR Transition Event, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in
respect of any setting of the then-current Benchmark, then: 
 (A) if a Benchmark Replacement is determined in accordance
with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document; and 

(B) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City
time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to Seller without any amendment to, or further action or consent of any other party to, this
Agreement or any other Transaction Document. 
 (ii) Benchmark Replacement Conforming Changes. In connection with the
implementation of a Benchmark Replacement, Buyer will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Seller or any other party to this Agreement or any other Transaction Document. 

(iii) Market Disruption. Notwithstanding the foregoing, if Buyer determines that adequate and reasonable means do
not exist for ascertaining the then-current Benchmark (or, if such Benchmark is LIBOR, such Benchmark is determined pursuant to the second through fifth sentences in the definition of “LIBOR”), as of any date of determination, Buyer may
give notice to Seller, whereupon the Benchmark portion of the Pricing Rate for such date of determination, and for all subsequent dates of determination until such notice has been withdrawn by Buyer (or until the occurrence of any Benchmark
Transition Event, Early Opt-in Election or Term SOFR Transition Event, as applicable, with respect to the Benchmark which cannot be ascertained, and the related Benchmark Replacement Date), shall be a
Benchmark Replacement determined by Buyer pursuant to clause (3) of the definition of “Benchmark Replacement”. 

  
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 (iv) Term SOFR Transition. If (i) a Benchmark Replacement Date
has occurred and the applicable Benchmark Replacement on such Benchmark Replacement Date is a Benchmark Replacement other than the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, (ii) subsequently, the
Relevant Governmental Body recommends for use a forward-looking term rate based on SOFR and (iii) Buyer determines (in its sole discretion) that such forward looking term rate is administratively feasible for Buyer, then Buyer may (in its sole
discretion) provide Seller with written notice (a “Term SOFR Transition Event”) that from and after a date identified in such notice: (i) a Benchmark Replacement Date shall be deemed to have occurred and the Benchmark
Replacement on such Benchmark Replacement Date shall be deemed to be a Benchmark Replacement determined in accordance with clause (1) of the definition of “Benchmark Replacement”; provided, however, that if upon such
Benchmark Replacement Date the Benchmark Replacement Adjustment is unable to be determined in accordance with clause (1) of the definition of “Benchmark Replacement” and the corresponding definition of “Benchmark Replacement
Adjustment”, then the Benchmark Replacement Adjustment in effect immediately prior to such Benchmark Replacement Date shall be utilized for purposes of this Benchmark Replacement and (ii) such forward looking term rate shall be deemed to
be the forward looking term rate referenced in the definition of “Term SOFR” for all purposes under this Agreement or under any other Transaction Document in respect of any Benchmark setting and any subsequent Benchmark settings, without
any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document. For the avoidance of doubt, if the circumstances described in the immediately preceding sentence shall occur, all applicable
provisions set forth in this Article 3(g) shall apply with respect to such election of Buyer as completely as if such forward-looking term rate was initially determined in accordance with clause (1) of the definition of “Benchmark
Replacement”, including, without limitation, the provisions set forth in Article 3(g)(ii). 
 (v) Notices;
Standards for Decisions and Determinations. Buyer will promptly notify Seller of (a) any Benchmark Replacement Date, (b) the effectiveness of any Benchmark Replacement Conforming Changes and (c) the effectiveness of any changes to
the calculation of the Pricing Rate described in Article 3(g)(iii). For the avoidance of doubt, any notice required to be delivered by Buyer as set forth in this Article 3(g) may be provided, at the option of Buyer (in its sole
discretion), in one or more notices and may be delivered together with, or as a part of, any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made
by Buyer pursuant to this Article 3(g), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in Buyer’s sole discretion and without consent from Seller or any other party to this Agreement or any other
Transaction Document. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, Buyer shall exercise its rights under this Article 3(g) in a manner substantially similar to Buyer’s exercise of similar rights
in agreements with customers similarly situated to Seller where Buyer has comparable contractual rights. 

  
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 (vi) Disclaimer. Buyer does not warrant or accept any responsibility
for, and shall not have any liability with respect to (i) the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBOR” or with respect to any alternative
or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (ii) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or
produces the same value or economic equivalence to LIBOR (or any other Benchmark) or have the same volume or liquidity as did LIBOR (or any other Benchmark). So long as Buyer complies in all material respects with the requirements of this Agreement
with respect to the provisions covered by the following clauses, Buyer does not warrant or accept any responsibility for, and shall not have any liability with respect to, (i) any actions or use of its discretion or other decisions or
determinations made with respect to any matters covered by Article 3(g), including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or
non-representative tenors of LIBOR (or any other Benchmark), the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or
non-delivery of any notices required by Article 3(g)(v) or otherwise in accordance herewith to the extent pertaining to the Benchmark or any Benchmark Replacement Conforming Changes, and (ii) the
effect of any of the foregoing provisions of Article 3(g) to the extent pertaining to the Benchmark or any Benchmark Replacement Conforming Changes. 

(h) Extension Options. Seller shall have three (3) options to extend the Stated Facility Expiration Date to the
anniversary of such date in the immediately succeeding year (or if such day is not a Business Day, the immediately succeeding Business Day) (each, an “Extension Term”); provided, that the exercise of each such extension option by
Seller shall be subject to the following conditions precedent: (i) Seller shall have delivered to Buyer a written request to extend the then applicable Stated Facility Expiration Date not less than thirty (30) and not more than one hundred
twenty (120) calendar days prior to the then applicable Stated Facility Expiration Date, (ii) on the date Seller delivers the written request to extend the Stated Facility Expiration Date and on the first day of each Extension Term, no
Default or Event of Default has occurred and is continuing and no uncured Margin Deficit in the excess of the Margin Threshold then exists, (iii) the Minimum Portfolio Purchase Price Debt Yield is satisfied, (iv) on the first day of each
Extension Term, Seller pays to Buyer any amount payable pursuant to the Fee Letter and (v) on the first day of the third Extension Term, no Purchased Asset is subject to a Transaction where the related Purchase Date occurred prior to
April 26, 2022. 

  
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 (f) Section 3(i)(1)(C) of the Repurchase Agreement is hereby deleted in its entirety, the
comma immediately preceding Section 3(i)(1)(B) of the Repurchase Agreement is hereby deleted and replaced with the word “or” and the “, or” immediately preceding Section 3(i)(1)(C) of the Repurchase Agreement is hereby
deleted and replaced with a period. 
 (g) Section 10(i) of the Repurchase Agreement is hereby deleted in its entirety and replaced with the
following: 
 “(i) suffer a Change of Control that Buyer has not consented to or enter into or permit any
Division/Series Transaction with respect to Seller.” 
 2. Approval of Internalization of Management by Parent and
Guarantor. Buyer acknowledges that Parent and Guarantor intend to effectuate an internalization of management as contemplated in Article 10(o) of the Repurchase Agreement. Buyer hereby approves such internalization of management and
acknowledges and agrees that such internalization of management shall not constitute a breach of Article 10(o) of the Repurchase Agreement. 

3. Seller’s Representations. Seller has taken all necessary action to authorize the execution, delivery and
performance of this Amendment. This Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to
bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and
performance by Seller of this Amendment. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Seller of this Amendment has been
obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect). 

4. Reaffirmation of Guaranty. Guarantor has executed this Amendment for the purpose of acknowledging and agreeing that,
notwithstanding the execution and delivery of this Amendment and the amendment of the Repurchase Agreement hereunder, all of Guarantor’s obligations under the Guaranty remain in full force and effect and the same are hereby irrevocably and
unconditionally ratified and confirmed by Guarantor in all respects. 
 5. Conditions Precedent. This Amendment and its
provisions shall become effective upon the execution and delivery of this Amendment by a duly authorized officer of each of Seller, Buyer and Guarantor. 

6. Agreement Regarding Expenses. Seller agrees to pay Buyer’s reasonable out of pocket expenses (including
reasonable legal fees) incurred in connection with the preparation and negotiation of this Amendment promptly after Buyer or Buyer’s counsel gives Seller an invoice for such expenses. 

  
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 7. Full Force and Effect. Except as expressly modified hereby, all of
the terms, covenants and conditions of the Repurchase Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed by Seller. Any inconsistency between this Amendment and the
Repurchase Agreement (as it existed before this Amendment) shall be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Repurchase Agreement inconsistent with this Amendment.
All references to the “Agreement” in the Repurchase Agreement or to the “Repurchase Agreement” in any of the other Transaction Documents shall mean and refer to the Repurchase Agreement as modified and amended hereby. 

8. No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Buyer under the Repurchase Agreement, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection therewith. 

9. Headings. Each of the captions contained in this Amendment are for the convenience of reference only and shall not
define or limit the provisions hereof. 
 10. Counterparts. This Amendment may be executed in any number of
counterparts, and all such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures 

11. Governing Law. This Amendment shall be governed in accordance with the terms and provisions of Section 19
of the Repurchase Agreement. 
 [No Further Text on this Page; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their duly authorized representatives as of the day and year first above written and effective as of the Effective Date. 
  

			
	BUYER:
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Richard Schlenger

		 	Name: Richard Schlenger
		 	Title:   Authorized Signatory

 [SIGNATURES CONTINUE ON NEXT PAGE] 

 
			
	SELLER:
	
	 NSREIT CB LOAN, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CB LOAN NT-II, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CLNC CREDIT 3, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CLNC CREDIT 4, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CLNC CREDIT 3EU, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President

 
			
	 CLNC CREDIT 3UK, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President

 [SIGNATURES CONTINUE ON NEXT PAGE] 

 
			
	GUARANTOR:
	
	 CREDIT RE OPERATING COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title: Vice PresidentEX-10.2

 Exhibit 10.2 

SECOND AMENDMENT TO GUARANTY 

SECOND AMENDMENT TO GUARANTY, dated as of April 14, 2021 (this “Amendment”), by and between CREDIT RE OPERATING
COMPANY, LLC, a Delaware limited liability company (“Guarantor”), and CITIBANK, N.A., a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given
to them in the Repurchase Agreement (as hereinafter defined). 
 RECITALS 

WHEREAS, NSREIT CB Loan, LLC, CB Loan NT-II, LLC, CLNC Credit 3, LLC, CLNC Credit 4, LLC, CLNC Credit
3EU, LLC, and CLNC Credit 3UK, LLC, each a Delaware limited liability company (collectively, “Seller”) and Buyer are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of April 26, 2019 (as
amended, modified and/or restated, the “Repurchase Agreement”), between Seller and Buyer; 
 WHEREAS, Guarantor guaranteed
the obligations of Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that certain Guaranty, dated as of April 23, 2018, as amended by that certain First Amendment to Guaranty, dated as of May 7, 2020 (as
amended, modified and/or restated, the “Guaranty”), from Guarantor to Buyer; and 
 WHEREAS, Guarantor and Buyer wish to
amend and modify the Guaranty upon the terms and conditions hereinafter set forth. 
 NOW THEREFORE, in consideration of the premises and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor and Buyer hereby agree that the Guaranty shall be amended and modified as follows: 

1. Amendment of Guaranty. Guarantor and Buyer hereby agree that the Guaranty shall be amended and modified with retroactive effect as
follows: 
 (a) The following defined terms are hereby inserted in Article 1 of the Guaranty in alphabetical order: 

“Internalization Agreement” means that certain Termination Agreement, dated as of April 4, 2021, by and among Parent,
Guarantor, Manager and Colony Capital Investment Advisors, LLC. 
 “Internalization Date” means the “Closing
Date,” as such term is defined in the Internalization Agreement. 
 (b) Article V(l)(ii) of the Guaranty is hereby deleted in its
entirety and replaced with the following: 

 (ii) Minimum Consolidated Tangible Net Worth. Consolidated Tangible Net Worth
(A) at any time prior to the Internalization Date, shall not be less than the sum of (i) $1,500,000,000.00, and (ii) seventy-five percent (75%) of the net cash proceeds thereafter received by the Guarantor (x) from any offering by the
Guarantor of its common equity and (y) from any offering by the Sponsor of its common equity to the extent such net cash proceeds are contributed to the Guarantor, excluding any such net cash proceeds that are contributed to the Guarantor
within ninety (90) days of receipt of such net cash proceeds and applied to purchase, redeem or otherwise acquire Capital Stock issued by the Guarantor (or any direct or indirect parent thereof), and (B) from and after the Internalization
Date, shall not be less than the sum of (I) $1,350,000,000.00, and (II) the amount described in the foregoing clause (ii). 
 2.
Amendment of Transaction Documents. From and after the date hereof, all references in the Repurchase Agreement and the other Transaction Documents to the Guaranty shall be deemed to refer to the Guaranty as amended and modified by this
Amendment and as same may be further amended, modified and/or restated. 
 3. Reaffirmation of Representations and Warranties.
Guarantor hereby represents and warrants to Buyer that, as of the date hereof, (i) it has the power to execute, deliver and perform its respective obligations under this Amendment, (ii) this Amendment has been duly executed and delivered
by it for good and valuable consideration, and constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and
to equitable principles, and (iii) neither the execution and delivery of this Amendment, nor the consummation by it of the transactions contemplated by this Amendment, nor compliance by it with the terms, conditions and provisions of this
Amendment will conflict with or result in a breach of any of the terms, conditions or provisions of (A) its organizational documents, (B) any contractual obligation to which it is now a party or the rights under which have been assigned to
it or the obligations under which have been assumed by it or to which its assets are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of its assets, other than pursuant to this
Amendment, (C) any judgment or order, writ, injunction, decree or demand of any court applicable to it, or (D) any applicable Requirement of Law, in the case of clauses (B)-(D) above, to the extent that such conflict or breach is
reasonably likely to result in a Material Adverse Effect. Guarantor hereby represents and warrants to Buyer that all of the representations and warranties set forth in Article IV of the Guaranty remain true and correct as of the date hereof. 

4. Counterparts. This Amendment may be executed by each of the parties hereto in any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be
effective as delivery of a manually executed original counterpart thereof. 
 5. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
 6. Expenses. Seller
hereby acknowledges and agrees that Seller shall be responsible for all reasonable out-of-pocket costs and expenses of Buyer in connection with documenting and
consummating the modifications contemplated by this Amendment, including, but not limited to, the reasonable fees and expenses of Buyer’s external legal counsel. 

  
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 7. Reaffirmation of Guaranty. Guarantor acknowledges and agrees that, except as
modified hereby, the Guaranty remains unmodified and in full force and effect and enforceable in accordance with its terms. 
 8.
Repurchase Agreement, Guaranty and Transaction Documents in Full Force and Effect. Except as expressly amended hereby, Seller and Guarantor acknowledge and agree that all of the terms, covenants and conditions of the Repurchase Agreement and
the Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed in all respects. 
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FURTHER TEXT ON THIS PAGE] 

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

			
	GUARANTOR:
	
	CREDIT RE OPERATING COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title: Vice President
	
	BUYER:
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Richard Schlenger

		 	Name: Richard Schlenger
		 	Title: Authorized Signatory

 ACKNOWLEDGED AND AGREED 

AS OF THE DATE FIRST SET FORTH ABOVE: 
  

			
	SELLER:
	
	 NSREIT CB LOAN, LLC, 
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CB LOAN NT-II, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CLNC CREDIT 3, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CLNC CREDIT 4, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President

			
	
	 CLNC CREDIT 3EU, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President
	
	 CLNC CREDIT 3UK, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President

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