Sixth Amendment to Master Repurchase and Securities Contract and Third Amendment to Fee Letter by Morgan Stanley Bank, ACRC Lender MS LLC, ACRC Lender MS II LLC, and Ares Commercial Real Estate Corporation

WHEREAS, Buyer and Seller I are parties to that certain Master Repurchase and Securities Contract Agreement, dated as of January 16, 2020, as joined by Seller II pursuant to that certain Omnibus Amendment to Transaction Documents, dated as of December 23, 2024, by and among Buyer, Seller, Guarantor, and Pledgors (as such term is defined therein) (as amended prior to the date hereof, the “Existing Repurchase Agreement”; as amended hereby and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”);

WHEREAS, Buyer and Seller I are parties to that certain Fee Letter, dated as of January 16, 2020, as joined by Seller II pursuant to that certain Omnibus Amendment to Transaction Documents, dated as of December 23, 2024, by and among Buyer, Seller, Guarantor, and Pledgors (as such term is defined therein) (as amended prior to the date hereof, the “Existing Fee Letter”; as amended hereby and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Fee Letter”); and

WHEREAS, Seller has requested certain amendments and modifications be made to the Existing Repurchase Agreement and Existing Fee Letter, and Buyer has agreed to amend the Existing Repurchase Agreement and Existing Fee Letter as more specifically set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

““Facility Amount” shall mean $150,000,000.00.”

““Initial Facility Termination Date” shall mean July 16, 2026.”

““Preapproved Accordion Amount” shall mean $250,000,000.00.”

b.    Article 2 of the Existing Repurchase Agreement is hereby amended to insert the definition of “Upsize Fee” in correct alphabetical order as follows:

““Upsize Fee” shall have the meaning specified in the Fee Letter.”

c.    Section 9(a) of the Existing Repurchase Agreement is hereby amended and restated in its entirety as follows:

“(a)    Extension of Facility Termination Date. At the request of Seller delivered to Buyer no earlier than ninety (90) days and no later than thirty (30) days before the Initial Facility Termination Date, Seller may request a one (1) year extension of such Initial Facility Termination Date (such extended Initial Facility Termination Date, the “Extended Facility Termination Date”). Such request may be approved or denied in Buyer’s sole discretion, and in any case shall be approved only if (i) no Default, Event of Default or Margin Deficit that is due and unpaid in accordance with Section 4(a), shall exist, in each case, on the date of Seller’s request to extend or on the Initial Facility Termination Date, (ii) Seller shall deliver an Officer’s Certificate to Buyer certifying that all representations and warranties in this Agreement remain true, correct, complete and accurate in all respects as of the Initial Facility Termination Date (except such representations which by their terms speak as of a specified date and subject to any exceptions disclosed to Buyer in an Exception Report prior to such date and approved by Buyer), and (iii) on or before the Initial Facility Termination Date, Seller shall have paid the Extension Fee to Buyer. For the avoidance of doubt, in the event that Seller requests the extension set forth in this Section 9(a) and Buyer approves such extension, Seller would be obligated to pay the Extension Fee to Buyer on or before July 16, 2026, and the Initial Facility Termination Date would be extended by one (1) year to July 16, 2027 (the “Extended Facility Termination Date”).

d.    Section 9(b) of the Existing Repurchase Agreement is hereby amended and restated in its entirety as follows:

“(b)    Increase of Facility Amount. At the request of Seller, Seller may permanently increase the Facility Amount to an amount not to exceed the Preapproved Accordion Amount, provided that the following conditions are satisfied:

(i) Seller shall, as applicable, execute: (A) an amendment documenting such increased Facility Amount or (B) such other documents as Buyer may reasonably require;

(ii) no Default, Event of Default or Margin Deficit that is due and unpaid in accordance with Section 4(a) shall exist, in each case, on the date of Seller’s request to increase the Facility Amount or on the date of such increase of the Facility Amount;

(iii) Seller shall deliver an Officer’s Certificate to Buyer certifying that all representations and warranties in this Agreement remain true, correct, complete and accurate in all respects as of the date of such increase of the Facility Amount (except such representations which by their terms speak as of a specified date and subject to any exceptions disclosed to Buyer in an Exception Report prior to such date and approved by Buyer); and

(iv) Seller shall pay the Upsize Fee.

““Upsize Fee” means a non-refundable fee in the amount equal to the product of (A) (x) the Preapproved Accordion Amount, multiplied by (y) 25 basis points (0.25%), and (B) the result of a

fraction, the numerator of which is the number of days from the date on which the Facility Amount is increased in accordance with Section 9(b) of the Repurchase Agreement until the Initial Facility Termination Date, after giving effect to the applicable extension thereof (if any), and the denominator of which is 365.”

ACRC LENDER MS LLC, a Delaware limited liability company, as Seller I

ACRC LENDER MS II LLC, a Delaware limited liability company, as Seller II

ARES COMMERCIAL REAL ESTATE CORPORATION, a Maryland corporation, as Guarantor