<SEC-DOCUMENT>0001104659-22-031094.txt : 20220307
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<ACCEPTANCE-DATETIME>20220307164744
ACCESSION NUMBER:		0001104659-22-031094
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20220304
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220307
DATE AS OF CHANGE:		20220307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13759
		FILM NUMBER:		22718696

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
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<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90A_edei--DocumentType_c20220304__20220304_zM8kmepgGIFl"><ix:nonNumeric contextRef="From2022-03-04to2022-03-04" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the
<br />
Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
reported): <span id="xdx_908_edei--DocumentPeriodEndDate_c20220304__20220304_zpl47pHxnsHb"><ix:nonNumeric contextRef="From2022-03-04to2022-03-04" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">March 4, 2022</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-variant: normal"><span id="xdx_90D_edei--EntityRegistrantName_c20220304__20220304_zs4DkI7yRNTg"><ix:nonNumeric contextRef="From2022-03-04to2022-03-04" name="dei:EntityRegistrantName">REDWOOD TRUST, INC.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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(Address of principal executive offices, including Zip Code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<span id="xdx_902_edei--CityAreaCode_c20220304__20220304_za38VhunZQ32"><ix:nonNumeric contextRef="From2022-03-04to2022-03-04" name="dei:CityAreaCode">415</ix:nonNumeric></span>) <span id="xdx_902_edei--LocalPhoneNumber_c20220304__20220304_zBIZSfRZtfcl"><ix:nonNumeric contextRef="From2022-03-04to2022-03-04" name="dei:LocalPhoneNumber">389-7373</ix:nonNumeric></span></b><br />
(Registrant&#8217;s telephone number, including area code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b><br />
(Former name or former address, if changed since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
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    <td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_905_edei--PreCommencementIssuerTenderOffer_c20220304__20220304_zMqkbpG2fvth"><ix:nonNumeric contextRef="From2022-03-04to2022-03-04" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-size: 10pt">Emerging growth
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">If an emerging growth company, indicate
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accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 9%; font-size: 10pt"><b>Item&#160;8.01</b></td>
    <td style="width: 91%; font-size: 10pt"><b>Other Events. </b></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Filing of Shelf Registration Statement and Prospectus Supplements</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March&#160;4, 2022, Redwood Trust,&#160;Inc.
(the &#8220;Company&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) a shelf registration statement
(File No.&#160;333<span style="font-size: 10pt">-263301</span>) (the &#8220;Registration Statement&#8221;), which became immediately
effective upon filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March&#160;7, 2022, the Company also filed
with the SEC two prospectus supplements, each dated March&#160;7, 2022, pursuant to Rule&#160;424(b)&#160;under the Securities Act
of 1933, as amended, relating to: (i)&#160;the Company&#8217;s Direct Stock Purchase and Dividend Reinvestment Plan (the
&#8220;Plan&#8221;), which is designed to provide the Company&#8217;s existing stockholders and interested new investors with a
method of purchasing shares of the Company&#8217;s common stock and investing all or a percentage of their cash dividends in
additional shares of common stock; and (ii)&#160;the offer and sale of up to an aggregate of $175,000,000 of the Company&#8217;s
common stock, par value $0.01 per share (the &#8220;Shares&#8221;) from time to time in &#8220;at the market&#8221; offerings (individually or collectively, as the context may require, the &#8220;ATM Offering&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the filing of the prospectus
supplements, the Company is filing as Exhibits 5.1 and 5.2 hereto opinions of its Maryland counsel, Venable LLP, regarding the legality
of the validity of the securities being registered under each respective prospectus supplement. Additionally, in connection with the filing
of the prospectus supplement related to the Plan, the Company is filing as Exhibit&#160;8.1 hereto an opinion of its counsel, Latham&#160;&amp;
Watkins LLP, with respect to certain tax matters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Entry into New Distribution Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March&#160;4, 2022, the Company entered into
a distribution agreement (the &#8220;Agreement&#8221;) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities
(USA) LLC, JMP Securities LLC, Nomura Securities International,&#160;Inc. and Mischler Financial Group,&#160;Inc., as the Company&#8217;s
sales agents (each, individually, an &#8220;Agent&#8221; and collectively, the &#8220;Agents&#8221;). Concurrent with entering into the
Agreement, the Company and the Agents terminated the prior distribution agreement, dated November&#160;14, 2018 (as amended or supplemented), by and between the Company and the Agents.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ATM Offering will occur pursuant to the Agreement.
The Company intends to use the net proceeds from the ATM Offering to fund its business and investment activity, which may include funding
its residential and business purpose mortgage banking businesses, acquiring mortgage-backed securities for its investment portfolio,
funding other long-term portfolio investments, funding strategic acquisitions and investments, as well as for general corporate purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company may sell the Shares in amounts and
at times to be determined by the Company from time to time but has no obligation to sell any of the Shares in the ATM Offering. Actual
sales will depend on a variety of factors to be determined by the Company from time to time, including (among others) market conditions,
the trading price of the Company&#8217;s common stock, capital needs and determinations by the Company of the appropriate sources of funding
for the Company</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sales of the Shares, if any, under the
Agreement may be made (1)&#160;in &#8220;at the market&#8221; offerings (as defined in Rule&#160;415 under the Securities Act of
1933, as amended) by means of ordinary brokers&#8217; transactions at market prices prevailing at the time of sale, including sales
made on the New York Stock Exchange, sales made to or through market makers and sales made through other securities exchange or
electronic communications networks and (2)&#160;in such privately negotiated transactions, which may include block trades, as the
Company and any Agent may agree. The ATM Offering will terminate upon the earlier of (1)&#160;the sale of Shares having an aggregate
gross sales price of $175,000,000 pursuant to the Agreement or (2)&#160;the termination of the Agreement by us or by the parties
thereto by mutual agreement. Any Agent may also terminate the Agreement but only with respect to itself.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the Agents is required to sell any specific
number or dollar amount of Shares but each has agreed to use its commercially reasonable efforts to sell, on the terms and subject to
the conditions of the Agreement, Shares on terms agreed upon by us and such Agent from time to time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Agreement contains customary representations,
warranties, and agreements of the Company and the Agents, indemnification rights and obligations of the parties, and termination provisions.
A copy of the Agreement is filed as Exhibit&#160;1.1 to this Current Report. The description of the Agreement does not purport to be complete
and is qualified in its entirety by reference to the Agreement filed as an exhibit to this Current Report and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Current Report shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation
or sale would be unlawful.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 9%; font-size: 10pt"><b>Item&#160;9.01</b></td>
    <td style="width: 91%; font-size: 10pt"><b>Financial Statements and Exhibits. </b></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="vertical-align: top; width: 5%; font-size: 10pt">(d)</td>
    <td style="vertical-align: top; font-size: 10pt; width: 91%">Exhibits. </td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="width: 3%">&#160;</td>
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    <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Description</p></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm228170d4_ex1-1.htm" style="-sec-extract: exhibit">1.1</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top"><a href="tm228170d4_ex1-1.htm" style="-sec-extract: exhibit">Distribution Agreement by and among Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, JMP Securities LLC, Nomura Securities International,&#160;Inc. and Mischler Financial Group,&#160;Inc., dated March&#160;4, 2022</a></td></tr>
  <tr>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm228170d4_ex5-1.htm">Opinion of Venable LLP</a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm228170d4_ex5-2.htm">5.2</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm228170d4_ex5-2.htm">Opinion of Venable LLP</a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm228170d4_ex8-1.htm" style="-sec-extract: exhibit">8.1</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm228170d4_ex8-1.htm" style="-sec-extract: exhibit">Opinion of Latham&#160;&amp; Watkins LLP</a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm228170d4_ex5-1.htm">23.1</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm228170d4_ex5-1.htm">Consent of Venable LLP (included in Exhibit&#160;5.1)</a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm228170d4_ex5-2.htm">23.2</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm228170d4_ex5-2.htm">Consent of Venable LLP (included in Exhibit&#160;5.2)</a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm228170d4_ex8-1.htm" style="-sec-extract: exhibit">23.3</a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm228170d4_ex8-1.htm" style="-sec-extract: exhibit">Consent of Latham&#160;&amp; Watkins LLP (included in Exhibit&#160;8.1)</a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">104</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>Date: March&#160;7<span style="font-size: 10pt">, </span>2022</td><td colspan="3">REDWOOD TRUST,&#160;INC.</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td>&#160;</td><td colspan="2">&#160;</td><td>&#160;</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td>&#160;</td><td>By:</td>
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                                                                                                                                          <tr style="vertical-align: top">
<td style="width: 50%">&#160;</td><td style="width: 4%">&#160;</td>
               <td style="width: 5%">Name:</td><td style="width: 41%">Brooke E. Carillo</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td></td><td>&#160;</td>
         <td>Title:</td><td>Chief Financial Officer</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REDWOOD TRUST, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Distribution Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 4, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">500 West 33<SUP>rd</SUP> Street, 14<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JMP Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">600 Montgomery Street, Suite 1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Francisco, California 94111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nomura Securities International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Worldwide Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">309 West 49<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mischler Financial Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1111 Bayside Drive, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corona del Mar, California 92625</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Redwood Trust, Inc., a Maryland
corporation (the &ldquo;<B>Company</B>&rdquo;), confirms its agreement with each of Wells Fargo Securities, LLC, J.P. Morgan Securities
LLC, Credit Suisse Securities (USA) LLC, JMP Securities LLC, Nomura Securities International, Inc. and Mischler Financial Group, Inc.,
as an agent and/or principal under any Terms Agreement (as defined in Section 1(a) below) (each, an &ldquo;<B>Agent</B>&rdquo; or collectively,
the &ldquo;<B>Agents</B>&rdquo;), with respect to the issuance and sale from time to time by the Company, after the date hereof, in the
manner and subject to the terms and conditions described below in this Distribution Agreement (this &ldquo;<B>Agreement</B>&rdquo;), of
shares of Common Stock, par value, $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;) of the Company having an aggregate Gross Sales
Price (as defined in Section 2(b) below) of up to $175,000,000 (the &ldquo;<B>Maximum Amount</B>&rdquo;) on the terms set forth in Section
1 of this Agreement. Such shares are hereinafter collectively referred to as the &ldquo;<B>Shares</B>&rdquo; and are described in the
Prospectus referred to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under the Securities Act of 1933,
as amended, and the rules and regulations of the Commission thereunder (collectively, the &ldquo;<B>Securities Act</B>&rdquo;), a registration
statement on Form S-3 (File No. 333-263301) for the registration of the offering and sale of the Shares and other securities of the Company,
including a prospectus dated March 4, 2022 (the &ldquo;<B>Base Prospectus</B>&rdquo;) relating to, among other things, the offering, sale
and plan of distribution of the Shares and containing additional information concerning the Company and its business. Except where the
context otherwise requires, &ldquo;<B>Registration Statement</B>,&rdquo; as used herein, means the registration statement, as amended
at the time it became effective for purposes of Section 11 of the </FONT>Securities Act as such section applies to the Agents, including
(1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein and (2) the information, if
any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of or incorporated by reference in the registration
statement at the time of its effectiveness. If the Company has filed a Replacement Registration Statement pursuant to Section 4(r) herein
or an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the &ldquo;<B>Rule 462 Registration Statement</B>&rdquo;),
then any reference herein to the term &ldquo;Registration Statement&rdquo; shall be deemed to include such Replacement Registration Statement
or Rule 462 Registration Statement; as used herein, the term &ldquo;<B>Preliminary Prospectus</B>&rdquo; means with respect to any offering
of Shares by an Agent as principal pursuant to a Terms Agreement, a prospectus in preliminary form filed in accordance with the provisions
of Rule 424(b), together with the Base Prospectus, in each case, as amended and supplemented (if applicable), including a preliminary
pricing supplement; &ldquo;<B>Prospectus Supplement</B>&rdquo; means the most recent prospectus supplement relating to the Shares, to
be filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act on or before the second business day after
the date of its first use in connection with a public offering or sale of Shares pursuant hereto (or such earlier time as may be required
under the Securities Act), in the form furnished by the Company to the Agents in connection with the offering of the Shares; as used herein,
the term &ldquo;<B>Prospectus</B>&rdquo; means the Prospectus Supplement and any additional prospectus supplement prepared in accordance
with the provision of Section 4(h) of the Agreements or a final pricing supplement relating to offering of the Shares by an Agent as principal
pursuant to a Terms Agreement, filed in accordance with the provisions of Rule 424(b), together with the Base Prospectus attached to or
used with the Prospectus Supplement; and &ldquo;<B>Permitted Free Writing Prospectus</B>&rdquo; has the meaning set forth in Section 3(b).
Any reference herein to the Registration Statement, the Base Prospectus, the Preliminary Prospectus, the Prospectus or any Permitted Free
Writing Prospectus shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated by reference,
or deemed to be incorporated by reference, therein (the &ldquo;<B>Incorporated Documents</B>&rdquo;), including, unless the context otherwise
requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms &ldquo;amend,&rdquo;
 &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, the Base Prospectus, the Preliminary Prospectus,
the Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to and include the filing of
any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &ldquo;<B>Exchange
Act</B>&rdquo;) on or after the initial effective date of the Registration Statement, or the date of the Base Prospectus, the Preliminary
Prospectus, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.
References in this Agreement to financial statements or other information that is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;described,&rdquo;
 &ldquo;set forth&rdquo; or &ldquo;provided&rdquo; in the Registration Statement, the Base Prospectus, the Preliminary Prospectus, the
Prospectus or any Permitted Free Writing Prospectus and any similar references shall, unless stated otherwise, include any information
incorporated or deemed to be incorporated by reference therein. As used herein, &ldquo;<B>Time of Sale</B>&rdquo; means (i)&nbsp;with
respect to each offering of Shares pursuant to this Agreement, the time of each Agent&rsquo;s initial entry into contracts with investors
for the sale of such Shares and (ii)&nbsp;with respect to each offering of Shares pursuant to any relevant Terms Agreement, the time of
sale of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and each Agent
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance and Sale</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein and provided
the Company provides the applicable Agent with any due diligence materials and information reasonably requested by each Agent necessary
for such Agent to satisfy its due diligence obligations, on any Exchange Business Day (as defined below) selected by the Company, the
Company and such Agent shall enter into an agreement in accordance with Section 2 hereof regarding the number of Shares to be placed by
such Agent, as agent, and the manner in which and other terms upon which such placement is to occur (each such transaction being referred
to as an &ldquo;<B>Agency Transaction</B>&rdquo;). The Company may also offer to sell the Shares directly to an Agent, as principal, in
which event such parties shall enter into a separate agreement (each, a &ldquo;<B>Terms Agreement</B>&rdquo;) in substantially the form
of <U>Exhibit A</U> hereto (with such changes thereto as may be agreed upon by the Company and such Agent to accommodate a transaction
involving more than one Agent), relating to such sale in accordance with Section 2(g) of this Agreement (each such transaction being referred
to as a &ldquo;<B>Principal Transaction</B>&rdquo;). As used herein, (i) the &ldquo;<B>Term</B>&rdquo; shall be the period commencing
on the date hereof and ending on the earlier of (x) the date on which the aggregate Gross Sales Price of Shares issued and sold pursuant
to this Agreement and any Terms Agreements are equal to the Maximum Amount and (y) any termination of this Agreement pursuant to Section
8(b), (ii) an &ldquo;<B>Exchange Business Day</B>&rdquo; means any day during the Term that is a trading day for the Exchange other than
a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time, and (iii) &ldquo;<B>Exchange</B>&rdquo;
means the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the terms and conditions set forth below, the Company appoints each Agent as agent in connection with the offer and
sale of Shares in any Agency Transactions entered into hereunder. Each Agent will use commercially reasonable efforts, consistent with
its normal trading and sales practices, to sell such Shares in accordance with the terms and subject to the conditions hereof and of the
applicable Transaction Acceptance (as defined below). Neither the Company nor any Agent shall have any obligation to enter into an Agency
Transaction. The Company shall be obligated to issue and sell through the Agents, and each of the Agents shall be obligated to use commercially
reasonable efforts, consistent with its normal trading and sales practices and as provided herein and in the applicable Transaction Acceptance,
to place Shares issued by the Company only if and when the Company makes a Transaction Proposal to such Agent related to such an Agency
Transaction and a Transaction Acceptance related to such Agency Transaction has been delivered to the Company by such Agent as provided
in Section 2 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Agent, as agent in any Agency Transaction, hereby covenants and agrees, severally and not jointly, not to make any sales of
the Shares on behalf of the Company pursuant to this Agreement other than (A) by means of ordinary brokers&rsquo; transactions at market
prices prevailing at the time of sale between members of the Exchange that qualify for delivery of a Prospectus in accordance with Rule
153 under the Securities Act and meet the definition of an &ldquo;at the market offering&rdquo; under Rule 415(a)(4) under the Securities
Act (such transactions are hereinafter referred to as &ldquo;<B>At the Market Offerings</B>&rdquo;), including sales made on the New York
Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;), sales made to or through market makers and sales made through other securities exchange or
electronic communications networks and (B) such other sales of the Shares on behalf of the Company in its capacity as agent of the Company
as shall be agreed by the Company and such Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If Shares are to be sold in an Agency Transaction in an At the Market Offering, the applicable Agent will confirm in writing to
the Company the number of Shares sold on any Exchange Business Day and the related Gross Sales Price and Net Sales Price (as each of such
terms is defined in Section 2(b) below) no later than the opening of trading on the immediately following Exchange Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company shall default on its obligation to deliver Shares to an Agent pursuant to the terms of any Agency Transaction or
Terms Agreement, other than as a result of bad faith or willful misconduct of such Agent, the Company shall (i) indemnify and hold harmless
such Agent and its successors and assigns from and against any and all losses, claims, damages, liabilities and expenses arising from
or as a result of such default by the Company and (ii) notwithstanding any such default, pay to such Agent the commission to which it
would otherwise be entitled in connection with such sale in accordance with Section 2(b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company acknowledges and agrees that (i) there can be no assurance that an Agent will be successful in selling the Shares,
(ii) no Agent shall incur any liability or obligation to the Company or any other person or entity if it does not sell Shares for any
reason other than a failure by such Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices
and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (iii) no Agent shall be under
any obligation to purchase Shares on a principal basis pursuant to this Agreement, except as may otherwise be specifically agreed by such
Agent and the Company in a Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transaction Acceptances and Terms Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, from time to time during the Term, propose to an Agent that they enter into an Agency Transaction to be executed
on a specified Exchange Business Day or over a specified period of Exchange Business Days, which proposal shall be made to such Agent
by telephone or by email from any of the individuals listed as an authorized representative of the Company on <U>Schedule A</U> hereto
to make such sales and shall set forth the information specified below (each, a &ldquo;<B>Transaction Proposal</B>&rdquo;). If such Agent
agrees to the terms of such proposed Agency Transaction or if the Company and such Agent mutually agree to modified terms for such proposed
Agency Transaction, then such Agent shall promptly deliver to the Company by email a notice (each, a &ldquo;<B>Transaction Acceptance</B>&rdquo;)
confirming the terms of such proposed Agency Transaction as set forth in such Transaction Proposal or setting forth the modified terms
for such proposed Agency Transaction as agreed by the Company and such Agent, as the case may be, whereupon such Agency Transaction shall
become a binding agreement between the Company and such Agent. Each Transaction Proposal shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the Exchange Business Day(s) on which the Shares subject to such Agency Transaction are intended to be
sold (each, a &ldquo;<B>Purchase Date</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the maximum number of Shares to be sold by such Agent (the &ldquo;<B>Specified Number of Shares</B>&rdquo;)
on, or over the course of, such Purchase Date(s), or as otherwise agreed between the Company and such Agent and documented in the relevant
Transaction Acceptance; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">the lowest price, if any, at which the Company is willing to sell Shares on each such Purchase Date or
a formula pursuant to which such lowest price shall be determined (each, a &ldquo;<B>Floor Price</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">A Transaction Proposal
shall not set forth a Specified Number of Shares that, upon sale and when added to the Gross Sales Price of Shares previously purchased
and to be purchased pursuant to pending Transaction Acceptances (if any) hereunder and any Terms Agreements, would be expected to result
in a total Gross Sales Price that exceeds the Maximum Amount nor shall it set forth a Floor Price which is lower than the minimum price
authorized from time to time by the Company&rsquo;s board of directors or, if permitted by applicable law and the Company&rsquo;s charter
and by-laws, a duly authorized committee thereof. The Company shall have responsibility for maintaining records with respect to the Gross
Sales Price of Shares sold and for otherwise monitoring the availability of Shares for sale under the Registration Statement and for insuring
that the aggregate Gross Sales Price of Shares offered and sold does not exceed the Maximum Amount, and the price at which any Shares
are offered or sold is not lower than the minimum price authorized from time to time by the Company&rsquo;s board of directors or, if
permitted by applicable law and the Company&rsquo;s charter and by-laws, a duly authorized committee thereof. In the event that more than
one Transaction Acceptance with respect to any Purchase Date(s) is delivered by the applicable Agent to the Company, the latest Transaction
Acceptance shall govern any sales of Shares for the relevant Purchase Date(s), except to the extent of any action taken by the Company
occurring pursuant to a prior Transaction Acceptance and prior to the delivery to the Company of the latest Transaction Acceptance. The
Company or the applicable Agent may, upon notice to the other such party by telephone (confirmed promptly by e-mail), suspend or terminate
the offering of the Shares pursuant to Agency Transactions for any reason; <I>provided</I>, <I>however</I>, that such suspension or termination
shall not affect or impair the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving of
such notice or their respective obligations under any Terms Agreement. Notwithstanding the foregoing, if the terms of any Agency Transaction
contemplate that Shares shall be sold on more than one Purchase Date, then the Company and the applicable Agent shall mutually agree to
such additional terms and conditions as they deem reasonably necessary in respect of such multiple Purchase Dates, and such additional
terms and conditions shall be set forth in or confirmed by, as the case may be, the relevant Transaction Acceptance and be binding to
the same extent as any other terms contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchase Date(s) in respect of the Shares deliverable pursuant to any Transaction Acceptance shall be set forth in or confirmed
by, as the case may be, the applicable Transaction Acceptance. Except as otherwise agreed between the Company and an Agent, such Agent&rsquo;s
commission for any Shares sold through such Agent pursuant to this Agreement shall be at a mutually agreed rate, not to exceed 2.0%, of
the actual sales price of such Shares (the &ldquo;<B>Gross Sales Price</B>&rdquo;), which commission shall be as set forth in or confirmed
by, as the case may be, the applicable Transaction Acceptance; <I>provided</I>, <I>however</I>, that such commission shall not apply when
an Agent acts as principal, in which case such commission or a discount shall be set forth in the applicable Terms Agreement. Notwithstanding
the foregoing, in the event the Company engages an Agent for a sale of Shares in an Agency Transaction that would constitute a &ldquo;distribution,&rdquo;
within the meaning of Rule 100 of Regulation M under the Exchange Act or a &ldquo;block&rdquo; within the meaning of Rule 10b-18(a)(5)
under the Exchange Act, the Company will provide such Agent, at such Agent&rsquo;s request and upon reasonable advance notice to the Company,
on or prior to the Settlement Date the opinions of counsel, accountants&rsquo; letters and officers&rsquo; certificates pursuant to Section
5 hereof, each dated the Settlement Date, and such other documents and information as such Agent shall reasonably request, and the Company
and such Agent will agree to compensation that is customary for such Agent with respect to such transaction. The Gross Sales Price less
the applicable Agent&rsquo;s commission and after deduction for any transaction fees, transfer taxes or similar taxes or fees imposed
by any governmental, regulatory or self-regulatory organization in respect of the sale of the applicable Shares is referred to herein
as the &ldquo;<B>Net Sales Price</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Payment of the Net Sales Price for Shares sold by the Company on any Purchase Date pursuant to a Transaction Acceptance shall be
made to the Company by wire transfer of immediately available funds to the account of the Company (which the Company shall provide to
the applicable Agent at least one Exchange Business Day prior to the applicable Agency Settlement Date (as defined below)) against delivery
of such Shares to such Agent&rsquo;s account, or an account of each such Agent&rsquo;s designee, at The Depository Trust Company through
its Deposit and Withdrawal at Custodian System (&ldquo;<B>DWAC</B>&rdquo;) or by such other means of delivery as may be agreed to by the
Company and such Agent. Such payment and delivery shall be made at or about 10:00 a.m. (New York City time) on the second Exchange Business
Day (or such other day as may, from time to time, become standard industry practice for settlement of such a securities issuance or as
agreed to by the Company and each such) following each Purchase Date (each, an &ldquo;<B>Agency Settlement Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, as set forth in or confirmed by, as the case may be, the related Transaction Acceptance, a Floor Price has been set by the
Company with respect to a Purchase Date, and the applicable Agent thereafter determines and notifies the Company that the Gross Sales
Price for such Agency Transaction would not be at least equal to such Floor Price, then the Company shall not be obligated to issue and
sell through such Agent, and such Agent shall not be obligated to place, the Shares proposed to be sold pursuant to such Agency Transaction
on such Purchase Date, unless the Company and such Agent otherwise agree in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If either the Company or an Agent has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation
M under the Exchange Act are not satisfied with respect to the Shares, the Company shall have a duty to promptly notify the other parties
to this Agreement and each Agent shall have a duty to promptly notify the Company, and sales of the Shares under this Agreement, any Transaction
Acceptance or any Terms Agreement shall be suspended until that or other exemptive provisions have been satisfied in the reasonable judgment
of each party to this Agreement. On or prior to the delivery of a prospectus that is required (whether physically or through compliance
with Rule 172 under the Securities Act or any similar rule) in connection with the offering or sale of the Shares, the Company shall calculate
the average daily trading volume (as defined under &ldquo;<B>ADTV</B>&rdquo; by Rule 100 of Regulation M under the Exchange Act) of the
Common Stock based on market data provided by Bloomberg L.P. or such other sources as agreed upon by the Company and the applicable Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify; width: 0.5in">(i)&nbsp;</TD>
                                                                                                                                                                <TD STYLE="text-align: justify">&nbsp;If the Company wishes to issue and sell the Shares pursuant to this Agreement but other than as set forth in Section 2(a) of this
Agreement, it will notify the applicable Agent of the proposed terms of the Principal Transaction. If such, acting as principal, wishes
to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company,
wishes to accept amended terms, the Company and such Agent shall enter into a Terms Agreement setting forth the terms of such Principal
Transaction.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">The terms set forth in a Terms Agreement shall not be binding on the Company or an Agent unless and until
the Company and such Agent have each executed and delivered such Terms Agreement accepting all of the terms of such Terms Agreement. In
the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement, the terms of such Terms Agreement shall
control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each sale of the Shares to an Agent in a Principal Transaction shall be made in accordance with the terms of this Agreement and
a Terms Agreement, which shall provide for the sale of such Shares to, and the purchase thereof by, such Agent. A Terms Agreement may
also specify certain provisions relating to the reoffering of such Shares by such Agent. The commitment of an Agent to purchase the Shares
pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations, warranties and agreements of the
Company contained, and shall be subject to the terms and conditions set forth, in this Agreement and such Terms Agreement. Any such Terms
Agreement shall specify the number of the Shares to be purchased by the applicable Agent pursuant thereto, the price to be paid to the
Company for such Shares, any provisions relating to rights of, and default by, underwriters, if any, acting together with such Agent in
the reoffering of the Shares, and the time and date (each such time and date being referred to herein as a &ldquo;<B>Principal Settlement
Date</B>&rdquo;; and, together with any Agency Settlement Date, a &ldquo;<B>Settlement Date</B>&rdquo;) and place of delivery of and payment
for such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale,
of any Shares pursuant to this Agreement (whether in an Agency Transaction or a Principal Transaction) and, by notice to each Agent given
by telephone (confirmed promptly by email), shall cancel any instructions for the offer or sale of any Shares, and none of the Agents
shall be obligated to offer or sell any Shares, (i) during any period in which the Company is, or could be deemed to be, in possession
of material non-public information; or (ii) at any time from and including the date on which the Company shall issue a press release containing,
or shall otherwise publicly announce, its earnings, revenues or other results of operations (an &ldquo;<B>Earnings Announcement</B>&rdquo;)
through and including the time that is 24 hours after the time that the Company files a Quarterly Report on Form 10-Q or an Annual Report
on Form 10-K (a &ldquo;<B>Filing Time</B>&rdquo;) that includes consolidated financial statements as of and for the same period or periods,
as the case may be, covered by such Earnings Announcement, unless the Company shall first (A) prepare and deliver to the Agents (with
a copy to counsel for the Agents) a Current Report on Form 8-K that includes substantially the same financial and related information
that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&rsquo;
quotations) (each, an &ldquo;<B>Earnings 8-K</B>&rdquo;), in form and substance reasonably satisfactory to the Agents, and, prior to its
filing, obtain the written consent of the Agents to such filing (which consent shall not be unreasonably withheld), (B) provide the Agents
with the officers&rsquo; certificates, opinions and letters of counsels and accountants&rsquo; letter specified in Section 6 hereof, (C)
afford the Agents the opportunity to conduct a due diligence review in accordance with Section 6(f) hereof prior to filing such Earnings
8-K and (D) file (rather than furnish) such Earnings 8-K with the Commission. For purposes of clarity, the parties hereto agree that the
delivery of any officers&rsquo; certificates, opinions or letters of counsel or accountants&rsquo; letter pursuant to this Section 2(h)
shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form 10-Q or Annual
Report on Form 10-K, as the case may be, including, without limitation, the obligation to deliver officers&rsquo; certificates, opinions
and letters of counsel and accountants&rsquo; letters as provided in Section 6 hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Shares by the Company shall be
effected only by or through one Agent on any Exchange Business Day.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Anything in this Agreement to the contrary notwithstanding, the Company shall not authorize the issuance and sale of, and no Agent,
as sales agent, shall be obligated to use its commercially reasonable efforts, consistent with its normal trading and sales practices,
to sell, any Shares at a price lower than the minimum price, or with a Gross Sales Price in excess of the Maximum Amount, as the case
may be, authorized from time to time to be issued and sold under this Agreement and any Terms Agreement, in each case by the Company&rsquo;s
board of directors or, if permitted by applicable law and the Company&rsquo;s charter and by-laws, a duly authorized committee thereof,
or in a number in excess of the number of Shares approved for listing on the Exchange, or in excess of the number or amount of Shares
available for issuance on the Registration Statement or as to which the Company has paid the applicable registration fee it being understood
and agreed by the parties hereto that compliance with any such limitations shall be the sole responsibility of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations, Warranties and Agreements of the Company</U>. The Company represents and warrants to, and agrees with, each
of the Agents, on and as of (i) the date hereof, (ii) each date on which the Company receives a Transaction Acceptance (the &ldquo;<B>Time
of Acceptance</B>&rdquo;), (iii) each date on which the Company executes and delivers a Terms Agreement, (iv) each Time of Sale, (v) each
Settlement Date and (vi) each Bring-Down Delivery Date (as defined in Section 6(b)) (each such date listed in (i) through (vi), a &ldquo;<B>Representation
Date</B>&rdquo;), as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined under Rule 405 of the Securities
Act that has been filed with the Commission not earlier than three years prior to the applicable Representation Date; no order preventing
or suspending the effectiveness of the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free
Writing Prospectus has been issued by the Commission, and, no proceeding for that purpose or pursuant to Section 8A of the Securities
Act against the Company or related to the offering has been initiated or threatened by the Commission; no notice of objection of the Commission
to the use of such Registration Statement or any post-effective amendment pursuant to Rule 401(g)(2) under the Securities Act has been
received by the Company; the Registration Statement and any post-effective amendment thereto complied as of the applicable effective date
of the Registration Statement and any such post-effective amendment thereto, complies as of the date hereof and, as amended or supplemented
as of each Representation Date, will comply, in all material respects, with the requirements of the Securities Act; the Preliminary Prospectus,
if any, complies as of the date hereof and, as amended or supplemented as of each other Representation Date, will comply, in all material
respects, with the requirements of the Securities Act; the Prospectus complies as of the date hereof and, as amended or supplemented as
of each other Representation Date, will comply, in all material respects, with the requirements of the Securities Act; the Registration
Statement, and any post-effective amendment thereto, did not, as of the applicable effective date of the Registration Statement and any
such post-effective amendment thereto, does not as of the date hereof and, as amended or supplemented as of each Representation Date,
will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; as of each Representation Date, the Preliminary Prospectus, if any, as then amended or supplemented,
together with all of the then-issued Permitted Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; as of each Representation Date, the Prospectus, as then amended or supplemented, together with all of the then
issued Permitted Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided </I>that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon
and in conformity with information relating to any Agent and furnished in writing by or on behalf of such Agent expressly for use in the
Registration Statement, the Preliminary Prospectus, if any, the Prospectus or such Permitted Free Writing Prospectus and any amendment
or supplement thereto (it being understood that such information consists solely of the information specified in Section 9(b)).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than the Registration Statement, the Preliminary Prospectus, if any, and the Prospectus, the Company (including its agents
and representatives, other than the Agents in their capacity as such) has not made, used, prepared, authorized, approved or referred to
and will not prepare, make, use, authorize, approve or refer to any &ldquo;written communication&rdquo; (as defined in Rule 405 under
the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication by the Company
or its agents and representatives (other than a communication referred to in clause (i) below an &ldquo;issuer free writing prospectus&rdquo;)
other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the
Securities Act or (ii) any free writing prospectus approved in writing in advance by the Agents (each, a &ldquo;<B>Permitted Free Writing
Prospectus</B>&rdquo;). Any Permitted Free Writing Prospectus complied and will comply in all material respects with the Securities Act,
has been or will be (within the time period specified in Rule 433 under the Securities Act) filed in accordance with the Securities Act
(to the extent required thereby) and, when taken together with the Prospectus filed prior to the first use of such Permitted Free Writing
Prospectus, did not, and as of each Representation Date, will not, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided, </I>that the Company makes no representation and warranty with respect to any statements or omissions made in each such Permitted
Free Writing Prospectus in reliance upon and in conformity with information relating to any Agent furnished to the Company in writing
by or on behalf of such Agent expressly for use in such Permitted Free Writing Prospectus (it being understood that such information consists
solely of the information specified in Section 9(b)). Each Permitted Free Writing Prospectus, as of its issue date and at all subsequent
times through the completion of the public offer and sale of the Shares or until any earlier date that the Company notified or notifies
the Agents as described in Section 4(h), did not, does not and will not include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein
and the Preliminary Prospectus, if any, deemed to be a part thereof that has not been superseded or modified.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Incorporated Documents, when they became effective or were filed with the Commission (or, if any amendment with respect to
any such document was filed, when such amendment was filed), conformed in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, and none of such documents contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; and any further documents so filed during the Term and incorporated by reference in the Registration Statement,
the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus, when such documents become effective or are
filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The financial statements and the related notes thereto of the Company and its consolidated subsidiaries included or incorporated
by reference in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus
comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present
fairly the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations
and the changes in their cash flows for the periods specified; such financial statements have been prepared in conformity with U.S. generally
accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis throughout the periods covered thereby, and the
supporting schedules included or incorporated by reference in the Registration Statement present fairly the information required to be
stated therein (subject to normal year-end adjustments, which adjustments, either individually or in the aggregate, will not be material);
the other financial information included or incorporated by reference in the Registration Statement, the Preliminary Prospectus, if any,
the Prospectus or any Permitted Free Writing Prospectus has been derived from the accounting records of the Company and its consolidated
subsidiaries and presents fairly the information shown thereby; and any pro forma financial information and related notes thereto included
or incorporated by reference in the Registration Statement, Preliminary Prospectus Supplement, if any, the Prospectus or any Permitted
Free Writing Prospectus have been prepared in accordance with and comply with the applicable requirements of the Securities Act and the
Exchange Act, as applicable, present fairly in all material respects the information shown therein, and the assumptions underlying such
pro forma financial information are reasonable and are set forth in the Registration Statement, the Preliminary Prospectus, if any, the
Prospectus or any Permitted Free Writing Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise described in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted
Free Writing Prospectus, since the date of the most recent financial statements of the Company included or incorporated by reference in
the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, (i) there has
been no material change in the capital stock, long-term debt, notes payable or current portion of long-term debt of the Company or any
of the Significant Subsidiaries (defined below), or any dividend or distribution of any kind declared, set aside for payment, paid or
made by the Company on any class of capital stock, or any material adverse change, or any development involving a prospective material
adverse change, in or affecting the business, management, financial position, stockholders&rsquo; equity, results of operations or prospects
of the Company and entities of which the Company (a) owns greater than 50% of the outstanding equity, (b) has greater than 50% of the
voting rights or (c) otherwise controls directly or indirectly through one or more intermediaries (each, a &ldquo;subsidiary&rdquo; and
together, the &ldquo;subsidiaries&rdquo;) taken as a whole; (ii) neither the Company nor any of its subsidiaries has entered into any
transaction or agreement that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation,
direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and (iii) neither the Company nor any of
its subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether
or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental
or regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its &ldquo;significant subsidiaries&rdquo; (as such term is defined in Rule 1-02 of Regulation S-X) (the
 &ldquo;<B>Significant Subsidiaries</B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT>
have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization,
are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property
or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their
respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good
standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business,
management, financial position, stockholders&rsquo; equity, results of operations or prospects of the Company and its subsidiaries taken
as a whole or on the performance by the Company of its obligations under this Agreement or any Terms Agreement (a &ldquo;<B>Material Adverse
Effect</B>&rdquo;). As of the date of this Agreement, the Significant Subsidiaries are those listed on Exhibit 21 to its Form 10-K for
year ended December 31, 2021 filed with the Commission and those found on <U>Exhibit E</U> hereto. As of the date of this Agreement, the
Significant Subsidiaries are the only subsidiaries material to the business of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has an authorized capitalization as set forth in the Registration Statement, the Preliminary Prospectus, if any, and
the Prospectus; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully
paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly contemplated by
the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, there are no
outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into
or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract,
commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or any such
subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock of the Company
conforms in all material respects to the descriptions thereof contained in the Registration Statement, the Prospectus and any Permitted
Free Writing Prospectus; and all the outstanding shares of capital stock or other equity interests of each subsidiary of the Company have
been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any foreign subsidiary, for directors&rsquo;
qualifying shares and are owned directly or indirectly by the Company and excluding, for purposes of this representation and for the avoidance
of doubt, each entity set forth in <U>Exhibit F</U> hereto, which may be amended or amended and restated from time to time in connection
with a Bring-Down Delivery Date), free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer
or any other claim of any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the stock options (the &ldquo;<B>Stock Options</B>&rdquo;) granted pursuant to the stock-based compensation plans
of the Company (the &ldquo;<B>Company Stock Plans</B>&rdquo;), (i) each Stock Option intended to qualify as an &ldquo;incentive stock
option&rdquo; under Section 422 of the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), so qualifies, (ii) each
grant of a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective
(the &ldquo;<B>Grant Date</B>&rdquo;) by all necessary corporate action, including, as applicable, approval by the board of directors
of the Company (or a duly constituted and authorized committee or delegatee thereof) and any required stockholder approval by the necessary
number of votes or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party
thereto, (iii) each such grant of Stock Options was made in accordance with the terms of the applicable Company Stock Plans, the Exchange
Act and all other applicable laws and regulatory rules or requirements, including the rules of the Exchange and any other exchange on
which Company securities are traded, (iv) the per share exercise price of each Stock Option was equal to the fair market value of a share
of Common Stock on the applicable Grant Date, and (v)&nbsp;each such grant was properly accounted for in accordance with GAAP in the financial
statements (including the related notes) of the Company and disclosed in the Company&rsquo;s filings with the Commission in accordance
with the Exchange Act and all other applicable laws. The Company has not knowingly granted, and there is no and has been no policy or
practice of the Company of granting, Stock Options prior to, or otherwise coordinated the grant of Stock Options with, the release or
other public announcement of material information regarding the Company or its subsidiaries or their results of operations or prospects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly authorized, executed and delivered by the Company and any Terms Agreement will have been duly authorized,
executed and delivered by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shares to be issued and sold by the Company hereunder or under any Terms Agreement have been duly authorized by the Company
and, when issued and delivered and paid for as provided herein or in any Terms Agreement, as the case may be, will be duly and validly
issued and will be fully paid and non-assessable and will conform to the descriptions thereof in the Registration Statement, the Preliminary
Prospectus, if any, the Prospectus, and any Permitted Free Writing Prospectus; and the issuance of the Shares are not and will not be
subject to any pre-emptive or similar rights.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has the corporate power and authority to execute and deliver this Agreement and any Terms Agreement and to perform
its obligations hereunder or thereunder; and all action required to be taken for the due and proper authorization, execution and delivery
by it of this Agreement and any Terms Agreement and the consummation by it of the transactions contemplated hereby and thereby or by the
Prospectus has been duly and validly taken (or, in the case of any Terms Agreement, such action will have been duly and validly authorized).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement conforms and each Terms Agreement will conform in all material respects to the description thereof contained in
the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of the Significant Subsidiaries is (i)&nbsp;in violation of its charter or by-laws or similar organizational
documents; (ii)&nbsp;in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default,
in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries
is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject; or (iii) in violation of any
law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except,
in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have
a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance by the Company of this Agreement and any Terms Agreement, the issuance and sale of the
Shares and the consummation of the transactions contemplated hereby or by any Terms Agreement or the Prospectus will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, any
indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is
a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of
its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents
of the Company or any of the Significant Subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule
or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above,
for any such breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or
regulatory authority is required for the execution, delivery and performance by the Company of this Agreement or any Terms Agreement or
the Preliminary Prospectus, if any, or the Prospectus, the issuance and sale of the Shares and the consummation of the transactions contemplated
by this Agreement or any Terms Agreement or the Prospectus, except for (i) the registration of the Shares under the Securities Act and
such consents, approvals, authorizations, orders and registrations or qualifications, as may be required under applicable state securities
laws or regulations, (ii) such filings of Permitted Free Writing Prospectuses and any amendments or supplements to the Registration Statement,
the Preliminary Prospectus, if any, or the Prospectus or any documents incorporated or deemed to be incorporated by reference therein
as may be required by the Securities Act or the Exchange Act from time to time and (iii) such filings as the Exchange may require from
time to time and in connection with any purchase and distribution of the Shares by the Agents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as described in the Registration Statement, the Preliminary Prospectus, if any, and the Prospectus, there are no legal,
governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its subsidiaries is or
may be a party or to which any property of the Company or any of its subsidiaries is or may be the subject that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect; to the knowledge of the Company, no such investigations, actions,
suits or proceedings are threatened or, contemplated by any governmental or regulatory authority or threatened by others; and (i) there
are no current or pending legal, governmental or regulatory, investigations, actions, suits or proceedings that are required under the
Securities Act or the Exchange Act to be described in the Registration Statement, the Preliminary Prospectus, if any, or the Prospectus
that are not so described as required and (ii)&nbsp;there are no statutes, regulations or contracts or other documents that are required
under the Securities Act or the Exchange Act to be filed as exhibits to the Registration Statement or described in the Registration Statement,
the Preliminary Prospectus, if any, or the Prospectus that are not so filed as exhibits to the Registration Statement or described in
the Registration Statement, the Preliminary Prospectus, if any, or the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Grant Thornton LLP, who have certified certain financial statements of the Company and its subsidiaries, is an independent registered
public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission
and the Public Company Accounting Oversight Board (&ldquo;<B>PCAOB</B>&rdquo;) and as required by the Securities Act. Each other independent
registered public accounting firm, if any, that has certified or reported on any financial statements included or incorporated by reference
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus is an independent
registered public accounting firm with respect to the Company and its subsidiaries or other appropriate entity, as applicable, within
the applicable rules and regulations adopted by the Commission and the PCAOB and as required by the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The investment portfolio (other than cash and cash equivalents) of the Company consists primarily of residential, business purpose
and multifamily real estate loans; residential, business purpose, multifamily real estate securities (including debt securities issued
by Fannie Mae or Freddie Mac); mortgage servicing rights; derivative financial instruments; and other investments that are related to,
or substantially economically equivalent to, any of the foregoing. The derivative financial instruments held by the Company consist of
interest rate cap agreements, interest rate swap agreements, interest rate futures and options, credit default index swaps, loan purchase
and forward sale commitments and mortgage &ldquo;to be announced&rdquo; (TBA) contracts. Except as otherwise described in the Registration
Statement, the Preliminary Prospectus, if any, or the Prospectus, the Company has no plan or intention to materially alter its stated
investment policies and operating policies and strategies as such are described in the Company&rsquo;s most recent Annual Report on Form
10-K, Quarterly Report on Form 10-Q or other document filed with the Commission and incorporated by reference into the Registration Statement,
the Preliminary Prospectus, if any, or the Prospectus. The Company is and at all times has been in compliance with its investment policy,
except as the Board of Directors of the Company shall have expressly approved otherwise in each instance of non-compliance. The Company
and its subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real
and personal property that are material to the respective businesses of the Company and its subsidiaries, in each case free and clear
of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use
made and proposed to be made of such property by the Company and its subsidiaries or (ii) could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the Preliminary Prospectus,
if any, or the Prospectus, and except for &ldquo;real estate owned&rdquo; properties owned by the Company as a result of foreclosures
on delinquent loans, if any, the Company and its subsidiaries do not own any material real property. Any real property and buildings held
under lease by the Company and its subsidiaries are held under valid, existing and enforceable leases, with such exceptions as are disclosed
in the Registration Statement, the Preliminary Prospectus, if any, and the Prospectus, or except as would not have a Material Adverse
Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the Company&rsquo;s best knowledge, (i) the Company and its subsidiaries own or possess adequate rights to use all material
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures) necessary for the conduct of their respective businesses; and &nbsp;(ii) the conduct of their respective businesses will
not conflict in any material respect with any such rights of others, and the Company and its subsidiaries have not received any notice
of any claim of infringement or conflict with any such rights of others.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the Securities
Act to be described in the Registration Statement and the Prospectus and that is not so described in such documents and in any Preliminary
Prospectus or Permitted Free Writing Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries is and, after giving effect to the offering and sale of the Shares and the application
of the proceeds thereof as described in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted
Free Writing Prospectus, will be required to be registered as an &ldquo;investment company&rdquo; within the meaning of the Investment
Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the &ldquo;<B>Investment Company
Act</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries have paid all material federal, state, local and foreign taxes and filed all material tax returns
required to be paid or filed through the date hereof (taking into account all permitted extensions); and except as otherwise disclosed
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, there is
no material tax deficiency that has been, or could reasonably be expected to be, asserted against the Company or any of its subsidiaries
or any of their respective properties or assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company, commencing with its taxable year ended December 31, 1994,&nbsp;has been organized and operated in conformity with
the requirements for qualification and taxation as a &ldquo;real estate investment trust&rdquo; (&ldquo;<B>REIT</B>&rdquo;) under Sections
856 through 860 of the Code; its proposed method of operation as described in the Registration Statement, the Preliminary Prospectus,
if any, any Permitted Free Wring Prospectus and the Prospectus will enable it to continue to meet the requirements for qualification and
taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT
under the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the subsidiaries listed on <U>Exhibit G</U>, which may be amended or amended and restated from time to time in connection
with a Bring-Down Delivery Date, is or, prior to its sale or dissolution was (i) a REIT (&ldquo;<B>Subsidiary REIT</B>&rdquo;), (ii) a
 &ldquo;qualified REIT subsidiary&rdquo; within the meaning of Section 856(i) of the Code (&ldquo;<B>Qualified REIT Subsidiary</B>&rdquo;)
or (iii) a partnership or an entity that is (or was) disregarded as an entity separate from its owner for U.S. federal income tax purposes.
Any securitization trusts formed by the Company&rsquo;s Qualified REIT Subsidiaries are either (i) treated as a real estate mortgage investment
conduit within the meaning of Section 860D of the Code, or (ii) disregarded as an entity separate from its owner for U.S. federal income
tax purposes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the subsidiaries listed on <U>Exhibit H</U>, which may be amended or amended and restated from time to time in connection
with a Bring-Down Delivery Date, is, or prior to its sale or dissolution was, a &ldquo;taxable REIT subsidiary&rdquo; within the meaning
of Section 856(l) of the Code. The Company has had and has no other &ldquo;taxable REIT subsidiaries&rdquo; other than wholly-owned subsidiaries
of the foregoing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries or asset pools is treated as a taxable mortgage pool within the meaning of Section
7701(i) of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made
all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary
for the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration
Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, except where the failure to possess
or make the same would not, individually or in the aggregate, have a Material Adverse Effect; except as described in the Registration
Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus, neither the Company nor any of
its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has
any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course and, to the
knowledge of the Company, all third-party service providers used, employed, hired or otherwise contracted with by the Company or any of
its subsidiaries have obtained all necessary licenses or other relevant authorizations to do business in all jurisdictions in which such
third-party service providers do business on behalf of the Company or its subsidiaries, except where the failure of that service provider
to obtain such license or authorization would not, individually or in the aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the best knowledge of
the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute
with, the employees of any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers, except, in each case, as would
not have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) The Company and its subsidiaries (x) are, and at all prior times were, in compliance with any and all applicable federal, state,
local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the
environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, &ldquo;Environmental
Laws&rdquo;), (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required
of them under applicable Environmental Laws to conduct their respective businesses, and (z) have not received notice of any actual or
potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release
of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably
be expected to result in any such notice, and (ii)&nbsp;there are no costs or liabilities associated with Environmental Laws of or relating
to the Company or its subsidiaries, except in the case of each of (i) and (ii) above, for any such failure to comply, or failure to receive
required permits, licenses or approvals, or cost or liability, as would not, individually or in the aggregate, have a Material Adverse
Effect; and (iii) except as described in each of the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any
Permitted Free Writing Prospectus (x) there are no proceedings that are pending, or that are known to be contemplated, against the Company
or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings that
would not reasonably be expected to have a Material Adverse Effect, (y) the Company and its subsidiaries are not aware of any issues regarding
compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances
or wastes, pollutants or contaminants, that could reasonably be expected to have a Material Adverse Effect, and (z)&nbsp;none of the Company
and its subsidiaries anticipates capital expenditures relating to any Environmental Laws that would be material to the Company and its
subsidiaries taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of
any kind of toxic wastes or hazardous substances, including, but not limited to, any naturally occurring radioactive materials, brine,
drilling mud, crude oil, natural gas liquids and other petroleum materials, by, due to or caused by the Company or any of its subsidiaries
(or, to the best of the Company&rsquo;s knowledge, any other entity (including any predecessor) for whose acts or omissions the Company
or any of its subsidiaries is or could reasonably be expected to be liable) upon any of the property now or previously owned or leased
by the Company or any of its subsidiaries, or upon any other property, in violation of any Environmental Laws or in a manner or to a location
that could reasonably be expected to give rise to any liability under the Environmental Laws, except for any violation or liability which
would not, individually or in the aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(&ldquo;<B>ERISA</B>&rdquo;), for which the Company or any member of its &ldquo;<B>Controlled Group</B>&rdquo; (defined as any organization
which is a member of a controlled group of corporations within the meaning of Section 414 of the Code) would have any liability (each,
a &ldquo;<B>Plan</B>&rdquo;) has been maintained in material compliance with its terms and the requirements of any applicable statutes,
orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no Plan has failed to satisfy the minimum funding
standard (within the meaning of Section 412 of the Code or Section 302 of ERISA), whether or not waived, nor is any such Plan in &ldquo;at
risk&rdquo; status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (iii) no &ldquo;reportable event&rdquo;
(within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur which could reasonably be expected to
result in a Material Adverse Effect; and (iv) neither the Company nor any member of the Controlled Group has incurred, nor reasonably
expects to incur, any material liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit
Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a &ldquo;multiemployer plan&rdquo;,
within the meaning of Section 4001(a)(3) of ERISA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo; (as defined in
Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s
rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&rsquo;s
management as appropriate to allow timely decisions regarding required disclosure. The Company and its subsidiaries have carried out evaluations
of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company, on a consolidated basis with its subsidiaries, maintains a system of &ldquo;internal control over financial reporting,&rdquo;
as defined in Rule 13a-15(f) of the Exchange Act, that complies with the requirements of the Exchange Act and has been designed by, or
under the supervision of, the Company&rsquo;s principal executive and principal financial officers, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, and includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company and its subsidiaries on a consolidated
basis; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the Company and its subsidiaries are being
made only in accordance with authorizations of management and directors of the Company and its subsidiaries; (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of the Company and its
subsidiaries that could have a material effect on the consolidated financial statements of the Company; and (iv) provide reasonable assurance
that interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Preliminary Prospectus, if
any, any Permitted Free Writing Prospectus and the Prospectus fairly present the information called for in all material respects and are
prepared in accordance with the Commission&rsquo;s rules and guidelines applicable thereto. Except as disclosed in the Registration Statement,
the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus and the Prospectus, there are no material weaknesses in the
Company&rsquo;s internal control over financial reporting. The Company&rsquo;s auditors and the Audit Committee of the Board of Directors
of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize and
report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Company&rsquo;s internal controls over financial reporting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and have been prepared in all material respects in accordance with
the Commission&rsquo;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in amounts and insures against such losses and risks as are prudent and customary
in the businesses in which the Company and its subsidiaries are engaged; and neither the Company nor any of its subsidiaries has (i) received
notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made
in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue
its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Company or any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or other
person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of
an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official
or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in
an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office;
(iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or
regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or
committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law; or
(iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without
limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries
have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure
compliance with all applicable anti-bribery and anti-corruption laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering
statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental agency (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries
with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Company, any of its subsidiaries, or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S.
government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;)
or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or
 &ldquo;blocked person&rdquo;), the United Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the European Union, Her Majesty&rsquo;s
Treasury (&ldquo;<B>HMT</B>&rdquo;) or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor is the Company
or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including,
without limitation, the Crimea Region of Ukraine, the so-called Donetsk People&rsquo;s Republic (DNR) or so-called Luhansk People&rsquo;s
Republic (LNR) regions of Ukraine, Cuba, Iran, North Korea and Syria (each, a &ldquo;<B>Sanctioned Country</B>&rdquo;); and the Company
will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business
with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any
activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including
any person participating in the transaction, whether as agent, underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions.
For the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings
or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with
any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No subsidiary of the Company (excluding, for purposes of this representation and for the avoidance of doubt, each entity set forth
in <U>Exhibit I</U> hereto, which may be amended or amended and restated from time to time in connection with a Bring-Down Delivery Date)
is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying
any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company
any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s properties or assets to
the Company or any other subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than
this Agreement or any Terms Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or any Agent
for a brokerage commission, finder&rsquo;s fee or like payment in connection with the offering and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Securities
Act by reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result
in any stabilization or manipulation of the price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as described
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus and any Permitted Free Writing Prospectus will violate
Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in the Registration Statement, the Preliminary Prospectus, if any, the Prospectus or any Permitted Free Writing Prospectus has been made
or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related
data included in the Registration Statement, the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus and the Prospectus
are not based on or derived from sources that are reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise disclosed in the Registration Statement, the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus
and the Prospectus, there is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers,
in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated in connection therewith (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;), including Section 402 related to loans
and Sections 302 and 906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company was not, at the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest
time thereafter that the Company or any offering participant made a&nbsp;<I>bona fide</I>&nbsp;offer (within the meaning of Rule 164(h)(2)
under the Securities Act) of the Shares, is not as of the date hereof and, as of each Representation Date, will not be an &ldquo;ineligible
issuer,&rdquo; as defined in Rule 405 under the Securities Act. At the time of filing the Registration Statement and the Company&rsquo;s
most recent Annual Report on Form 10-K, the Company was a well-known seasoned issuer, as defined in Rule 405 under the Securities Act,
and, as of the date hereof, the Company is, and, as of each Representation Date, the Company will be, eligible to use the Registration
Statement in connection with the offering and sale of the Shares. The Common Stock is an &ldquo;actively-traded security&rdquo; excepted
from the requirements of Rule 101 of Regulation M under the Exchange Act by Rule 101 (c)(1) thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries, taken as a whole (the &ldquo;<B>Group</B>&rdquo;), is, and immediately upon consummation of
the transactions contemplated herein and in the Preliminary Prospectus, if any, any Permitted Free Writing Prospectus and the Prospectus
will be, Solvent. As used herein, the term &ldquo;Solvent&rdquo; means, with respect to the Group, on a particular date, that on such
date (a) the fair market value of the assets of the Group is greater than the total amount of liabilities (including contingent liabilities)
of the Group, (b) the present fair salable value of the assets of the Group is greater than the amount that will be required to pay the
probable liabilities of the Group on its debt as they become absolute and mature, (c) the Group is able to realize upon its assets and
pay its debts and other liabilities (including contingent obligations) as they mature, and (d) the Group does not have unreasonably small
capital.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its subsidiaries&rsquo; information technology assets and equipment, computers, systems, networks, hardware, software,
websites, applications, and databases (collectively, &ldquo;<B>IT Systems</B>&rdquo;) are reasonably believed by the Company to be adequate
in all material respects for, and operate and perform in all material respects as required in connection with, the operation of the business
of the Company and its subsidiaries as currently conducted and, to the Company&rsquo;s knowledge, are free and clear of all material
bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its subsidiaries have implemented and
maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally
identifiable, sensitive, confidential or regulated data (&ldquo;<B>Personal Data</B>&rdquo;)) used in connection with the business of
the Company and its subsidiaries as currently conducted. To the knowledge of the Company, there have been no material breaches, violations,
outages or unauthorized uses of or accesses to Personal Data, or investigations relating to the same, except as otherwise disclosed in
the Registration Statement, the Preliminary Prospectus, if any, or the Prospectus. The Company and its subsidiaries are presently in
compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental
or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal
Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification, except
for such failures as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Covenants of the Company.</U> The Company hereby agrees with each of the Agents:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Securities
Act or any similar rule) in connection with the offering or sale of Shares, before using or filing any Permitted Free Writing Prospectus
and before using or filing any amendment or supplement to the Registration Statement, the Prospectus, the Preliminary Prospectus, if
any, or any Permitted Free Writing Prospectus (in each case, other than due to the filing of an Incorporated Document), to furnish to
each Agent a copy of each such proposed Permitted Free Writing Prospectus, amendment or supplement within a reasonable period of time
before filing with the Commission or using any such Permitted Free Writing Prospectus, amendment or supplement and the Company will not
use or file any such Permitted Free Writing Prospectus or any such proposed amendment or supplement to which an Agent reasonably objects,
unless the Company&rsquo;s legal counsel has advised the Company that use or filing of such document is required by law; and the Company
will not use or file any such Permitted Free Writing Prospectus or proposed, amendment or supplement to which an Agent reasonably objects
unless the Company&rsquo;s legal counsel has advised the Company that use or filing of such document is required by law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To file the Prospectus, each Prospectus Supplement, the Preliminary Prospectus, if any, and any other amendments or supplements
to such prospectuses pursuant to, and within the time period required by, Rule 424(b) under the Securities Act (without reference to
Rule 424(b)(8)) and to file any Permitted Free Writing Prospectus to the extent required by Rule 433 under the Securities Act and to
provide copies of the Prospectus, each Prospectus Supplement, the Preliminary Prospectus, if any, any other amendments or supplements
to such prospectuses and each Permitted Free Writing Prospectus (to the extent not previously delivered or filed on the Commission&rsquo;s
Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto (collectively, &ldquo;<B>EDGAR</B>&rdquo;))
to the Agents via e-mail in &ldquo;.pdf&rdquo; format on such filing date to an e-mail account designated by each Agent and, at an Agent&rsquo;s
request, to also furnish copies of the Prospectus, each Prospectus Supplement, the Preliminary Prospectus, if any, any other amendments
or supplements to such prospectuses and each Permitted Free Writing Prospectus to each exchange or market on which sales were effected
as may be required by the rules or regulations of such exchange or market.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To file timely all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the offering or sale of the Shares,
and during such same period to advise the Agents, promptly after the Company receives notice thereof, (i) of the time when any amendment
to the Registration Statement has been filed or has become effective or any supplement to the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus or any amended Prospectus or Preliminary Prospectus has been filed with the Commission;
(ii)&nbsp;of the issuance by the Commission of any stop order or any order preventing or suspending the use of any prospectus relating
to the Shares or the initiation or threatening of any proceeding for that purpose, pursuant to Section 8A of the Securities Act; (iii)
of any objection by the Commission to the use of Form S-3ASR by the Company pursuant to Rule 401(g)(2) under the Securities Act; (iv)
of the suspension of the qualification of the Shares for offering or sale in any jurisdiction or of the initiation or threatening of
any proceeding for any such purpose; (v) of any request by the Commission for the amendment of the Registration Statement or the amendment
or supplementation of the Prospectus or Preliminary Prospectus, if any (in each case including any documents incorporated by reference
therein) or for additional information; (vi) of the occurrence of any event as a result of which the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus as then amended or supplemented includes any untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances existing when the Prospectus, the Preliminary Prospectus, if any, or any such Permitted Free Writing Prospectus is delivered
to a purchaser, not misleading; and (vii) of the receipt by the Company of any notice of objection of the Commission to the use of the
Registration Statement or any post-effective amendment thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of the issuance of any such stop order or of any such order preventing or suspending the use of any such prospectus
or suspending any such qualification, or of any notice of objection by the Commission to the use of such prospectus pursuant to Rule
401(g)(2) under the Securities Act, to use promptly its commercially reasonable efforts to obtain its withdrawal.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To furnish such information as may be required and otherwise cooperate in qualifying the Shares for offering and sale under the
securities or blue sky laws of such states or other jurisdictions as the Agents may reasonably designate and to use its commercially
reasonable efforts to maintain such qualifications in effect so long as required for the distribution of the Shares; provided that the
Company shall not be required to qualify as a foreign corporation, become a dealer of securities, or become subject to taxation in, or
to consent to the service of process under the laws of, any such state or other jurisdictions (except service of process with respect
to the offering and sale of the Shares); and to promptly advise the Agents of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Shares for sale in any jurisdiction or the initiation of any proceeding for such purpose.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To make available to the Agents at their respective offices, at the addresses set out in Section 15 of this Agreement, without
charge, as soon as reasonably practicable after the Registration Statement becomes effective, and thereafter from time to time to furnish
to the Agents, as many copies of the Prospectus or the Preliminary Prospectus, if any, (or of the Prospectus or the Preliminary Prospectus,
if any, as amended or supplemented if the Company shall have made any amendments or supplements thereto and documents incorporated by
reference therein after the effective date of the Registration Statement) and each Permitted Free Writing Prospectus as the Agents may
reasonably request for so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under
the Securities Act or any similar rule); and for so long as this Agreement is in effect, the Company will prepare and file promptly such
amendment or amendments to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing
Prospectus as may be necessary to comply with the requirements of Section 10(a)(3) of the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To furnish or make available to the Agents during the Term (i) copies of any reports or other communications which the Company
shall send to its shareholders or shall from time to time publish or publicly disseminate and (ii) copies of all annual, quarterly and
current reports filed with the Commission on Forms 10-K, 10-Q and 8-K, or such other similar form as may be designated by the Commission,
and to furnish to the Agents from time to time during the Term such other information as the Agents may reasonably request regarding
the Company or its subsidiaries, in each case as soon as such reports, communications, documents or information becomes available or
promptly upon the request of the Agents, as applicable; provided, however, that the Company shall have no obligation to provide the Agents
with any document filed on EDGAR or included on the Company&rsquo;s Internet website.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time during the Term, any event shall occur or condition shall exist as a result of which it is necessary in the reasonable
opinion of counsel for the Agents or counsel for the Company, to further amend or supplement the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus as then amended or supplemented in order that the Prospectus, the Preliminary Prospectus,
if any, or any such Permitted Free Writing Prospectus will not include an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary in order to make the statements therein not misleading, in the light of the circumstances
existing at the time the Prospectus, the Preliminary Prospectus, if any, or any such Permitted Free Writing Prospectus is delivered to
a purchaser, or if it shall be necessary, in the reasonable opinion of either such counsel, to amend or supplement the Registration Statement,
the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus in order to comply with the requirements
of the Securities Act, in the case of such a determination by counsel to the Company, immediate notice shall be given, and confirmed
in writing, to the Agents to cease the solicitation of offers to purchase the Shares in the Agents&rsquo; capacity as agents, and, in
either case, the Company will, subject to Section 4(a) above, promptly prepare and file with the Commission such amendment or supplement,
whether by filing documents pursuant to the Securities Act, the Exchange Act or otherwise, as may be necessary to make the Registration
Statement, the Prospectus, the Preliminary Prospectus, if any, or any such Permitted Free Writing Prospectus, comply with such requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To generally make available to its security holders as soon as reasonably practicable, but not later than 16 months after the
first day of each fiscal quarter referred to below, an earnings statement (in form complying with the provisions of Section 11(a) under
the Securities Act and Rule 158 of the Commission promulgated thereunder) covering each twelve-month period beginning, in each case,
not later than the first day of the Company&rsquo;s fiscal quarter next following each &ldquo;effective date&rdquo; (as defined in such
Rule 158) of the Registration Statement with respect to each sale of Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To apply the net proceeds from the sale of the Shares in the manner described in the Prospectus under the caption &ldquo;Use of
Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not to, and to cause its subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that
constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Shares; <I>provided</I> that nothing herein shall prevent the Company from filing or submitting
reports under the Exchange Act or issuing press releases in the ordinary course of business or engaging in communications with investors
in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise agreed between the Company and the Agents, to pay all costs, expenses, fees and taxes in connection with (i)
the preparation and filing of the Registration Statement, the Prospectus, any Permitted Free Writing Prospectus, and any amendments or
supplements thereto, and the printing and furnishing of copies of each thereof to the Agents and to dealers (including costs of mailing
and shipment), (ii) the registration, issue and delivery of the Shares, (iii) the qualification of the Shares for offering and sale under
the securities or blue sky laws of such states or other jurisdictions as the Agents may reasonably designate as aforesaid (including
filing fees and the reasonable and documented legal fees and disbursements of counsel to the Agents in connection therewith not to exceed
$5,000) and the printing and furnishing of copies of any blue sky surveys to the Agents, (iv)&nbsp;the listing of the Shares on the Exchange
and any registration thereof under the Exchange Act, (v) any filing for review, and any review, of the public offering of the Shares
by FINRA (including filing fees and the reasonable and documented legal fees and disbursements of counsel to the Agents in connection
therewith not to exceed $5,000), (vi) the fees and disbursements of counsel to the Company and of the Company&rsquo;s independent registered
public accounting firm and (vii) the performance of the Company&rsquo;s other obligations hereunder and under any Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the offering(s) contemplated by this Agreement or any Terms Agreement, the Company will not offer shares of Common
Stock or any securities convertible into or exchangeable or exercisable for shares of the Common Stock in a manner in violation of the
Securities Act or the Exchange Act; and the Company will not distribute any offering material in connection with the offer and sale of
the Shares, other than the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing
Prospectus and any amendments or supplements thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Unless the Company has given written notice to the Agents that the Company has suspended activity under this Agreement and there
are no pending Agency Transactions or Principal Transactions, the Company will not, without (A) giving the Agents at least two Exchange
Business Days&rsquo; prior written notice specifying the nature of the proposed sale and the date of such proposed sale and (B) the Agents
suspending activity under this program for such period of time as requested by the Company or deemed appropriate by the Agents in the
light of the proposed sale, (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock or other equity securities of the Company or any securities convertible into or exercisable,
redeemable or exchangeable for Common Stock or other equity securities of the Company, or file any registration statement under the Securities
Act with respect to any of the foregoing (other than a registration statement on Form S-8, post-effective amendment to the Registration
Statement or a Replacement Registration Statement (as described herein)) or (ii) enter into any swap or other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of Common Stock or other equity securities of the Company, whether
any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares of Common Stock or other securities,
in cash or otherwise. The foregoing sentence shall not apply to (A) Shares offered and sold under this Agreement or any Terms Agreement,
(B) shares of Common Stock issued pursuant to the Company&rsquo;s Direct Stock Purchase and Dividend Reinvestment Plan; (C) shares of
Common Stock, options to purchase shares of Common Stock or other equity-based awards granted under the Company&rsquo;s existing equity
incentive plans, including the Employee Stock Purchase Plan or any replacement plan under a new registration statement; (D) any shares
of Common Stock issued upon the exercise of options or other awards (including deferred stock units) granted under existing equity incentive
plans, including the Employee Stock Purchase Plan; and (E) the sale or issuance of, or entry into agreement to sell or issue, any shares
of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock in connection with the acquisition
of an operating platform that originates business purpose mortgage loans, an associated portfolio of loans and subordinate mortgage-backed
securities, and any securities, businesses, property or assets related to such acquisition or portfolio, provided that the aggregate number
of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock may not exceed 5% of the
total number of shares of Common Stock outstanding as of the most recent fiscal quarter end prior to the earlier of (i) the sale or issuance
or (ii) the execution of a definitive agreement to sell or issue. Any lock-up provisions relating to a Principal Transaction shall be
set forth in the applicable Terms Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Permitted Free Writing Prospectus
that is not filed with the Commission in accordance with Rule 433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will use commercially reasonable efforts to cause the Shares to be listed on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company consents to each Agent trading in the Common Stock for such Agent&rsquo;s own account and for the account of its clients
at the same time as sales of the Shares occur pursuant to this Agreement or any Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any time before or after the third anniversary of the initial effective date of the Registration Statement, the Company may
file a new registration statement (a &ldquo;<B>Replacement Registration Statement</B>&rdquo;) with the Commission and a prospectus supplement
(the &ldquo;<B>Replacement Prospectus</B>&rdquo;), in form and substance satisfactory to the Agents. The Company shall promptly notify
the Agents in writing of the effectiveness of the Replacement Registration Statement and the filing of the Replacement Prospectus and,
following delivery of such notice, references herein to the &ldquo;Registration Statement&rdquo; and &ldquo;Prospectus&rdquo; shall refer
to such Replacement Registration Statement and Replacement Prospectus, as applicable, in lieu of the Registration Statement and Prospectus
as defined herein or any predecessor Replacement Registration Statement and Replacement Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution of Agreement</U>. Each Agent&rsquo;s obligations under this Agreement shall be subject to the satisfaction of the
following conditions in connection with and on the date of the execution of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">an
                                            officers&rsquo; certificate signed by two officers of the Company (one of whom shall be the
                                            Chief Financial Officer or other senior financial officer) certifying as to the matters set
                                            forth in <U>Exhibit B</U> hereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">(A)
                                            an opinion and, if not covered in such opinion, a negative assurance letter of Latham &amp;
                                            Watkins LLP, special counsel for the Company, (B) an opinion of Latham &amp; Watkins LLP,
                                            tax counsel for the Company, (C) an opinion of Venable LLP, Maryland counsel for the Company,
                                            and (D) an opinion of Weintraub Tobin Chediak Coleman Grodin Law Corporation, special counsel
                                            for the Company, each addressed to the Agents and dated the date of this Agreement, in the
                                            form of <U>Exhibit C-1</U> and <U>Exhibit C-2</U>, <U>Exhibit C-3</U> and <U>C-4</U>, respectively,
                                            hereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">a
                                            &ldquo;comfort&rdquo; letter from Grant Thornton LLP, addressed to the Agents and dated the
                                            date of this Agreement, addressing such matters as the Agents may reasonably request;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">if
                                            reasonably requested by the Agents, a certificate signed by the Company&rsquo;s Chief Financial
                                            Officer, in the form of <U>Exhibit D</U> hereto, certifying as to certain financial, numerical
                                            and statistical data not covered by the &ldquo;comfort&rdquo; letter referred to in Section
                                            5(a)(iii) hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">evidence
                                            reasonably satisfactory to the Agents and its counsel that the Shares have been approved
                                            for listing on the Exchange, subject only to notice of issuance on or before the date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">resolutions
                                            duly adopted by the Company&rsquo;s board of directors, and certified by an officer of the
                                            Company, authorizing the Company&rsquo;s execution of this Agreement and the consummation
                                            by the Company of the transactions contemplated hereby, including the issuance and sale of
                                            the Shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">such
                                            other documents as the Agents shall reasonably request; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Agents shall have received a letter or letters, which shall include legal opinions and negative assurance statements, of Clifford
Chance US LLP, counsel to the Agents, addressed to the Agents and dated the date of this Agreement, addressing such matters as each Agents
may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Covenants of the Company</U>. The Company further covenants and agrees with each of the Agents as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Transaction Proposal made by the Company that is accepted by an Agent by means of a Transaction Acceptance and each execution
and delivery by the Company of a Terms Agreement shall be deemed to be (i) an affirmation that the representations, warranties and agreements
of the Company herein contained and contained in any certificate delivered to the Agents pursuant hereto are true and correct at such
Time of Acceptance or the date of such Terms Agreement, as the case may be, and (ii) an undertaking that such representations, warranties
and agreements will be true and correct on any applicable Time of Sale and Settlement Date, as though made at and as of each such time
(it being understood that such representations, warranties and agreements shall relate to the Registration Statement, the Prospectus,
the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus as amended and supplemented to the time of such Transaction
Acceptance or Terms Agreement, as the case may be).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 6(h), each time that (i) the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or
any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 6(b), by the filing of any Incorporated Document), (ii) there is a Principal Settlement Date pursuant to a Terms Agreement, or
(iii) the Agents shall reasonably request, provided that the Agents shall not make such a request during the periods that there is no
proposed Agency Transaction pursuant to a delivery of a Transaction Proposal (each date referred to clauses (i), (ii) and (iii) above,
a &ldquo;<B>Bring-Down Delivery Date</B>&rdquo;), the Company shall, unless the Agents agree otherwise, furnish or cause to be furnished
to the Agents certificates, dated as of such Bring-Down Delivery Date and delivered within two Exchange Business Days after the applicable
Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on such
Principal Settlement Date, of the same tenor as the certificates referred to in Sections 5(a)(i) and 5(a)(iv) hereof, modified as necessary
to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus
as amended and supplemented to the time of delivery of such certificates and, in the case of the Chief Financial Officer&rsquo;s certificate,
covering such other financial, numerical and statistical data that is not covered by the accountant&rsquo;s &ldquo;comfort&rdquo; letter
dated as of such Bring-Down Delivery Date as the Agents may reasonably request, or, in lieu of such certificates, certificates to the
effect that the statements contained in the certificates referred to in Sections 5(a)(i) and, unless the Agents shall have requested
that the Chief Financial Officers&rsquo; certificate cover different or additional data as aforesaid, 5(a)(iv) hereof furnished to Agents
are true and correct as of such Bring-Down Delivery Date as though made at and as of such date (except that such statements shall be
deemed to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus
as amended and supplemented to the time of delivery of such certificate); <I>provided</I>, <I>however</I>, that the filing of a Current
Report on Form 8-K will not constitute a Bring-Down Delivery Date under clause (i) above unless either (A) (x) such Current Report on
Form 8-K is filed at any time during which either a Transaction Acceptance is binding and the Company has not suspended the use thereof
(and prior to the settlement of the Shares specified therein) or a prospectus relating to the Shares is required to be delivered under
the Securities Act (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) or such Current
Report on Form 8-K is filed at any time from and including the date of a Terms Agreement through and including the related Settlement
Date and (y) the Agents have reasonably requested that such date be deemed to be a Bring-Down Delivery Date based upon the event or events
reported in such Current Report on Form 8-K or (B) such Current Report on Form 8-K contains capsule financial information, historical
or pro forma financial statements, supporting schedules or other financial data, including any Current Report on Form 8-K or part thereof
under Item 2.02 of Form 8-K of the Commission that is considered &ldquo;filed&rdquo; under the Exchange Act; and <I>provided, further,
</I>that an amendment or supplement to the Registration Statement or the Prospectus or the Preliminary Prospectus, if any, relating solely
to the offering of other securities pursuant to the Registration Statement will not constitute a Bring-Down Delivery Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 6(h), each Bring-Down Delivery Date, the Company shall, unless the Agents agree otherwise, cause to be furnished
to the Agents (A) an opinion and, if not included in such opinion, negative assurance letter of Latham and Watkins, LLP, special counsel
to the Company, (B) an opinion of Latham &amp; Watkins LLP, tax counsel for the Company, (C) an opinion of Venable LLP, Maryland counsel
for the Company, (D) an opinion of Weintraub Tobin Chediak Coleman Grodin Law Corporation, special counsel for the Company, and (E)&nbsp;an
opinion and, if not included in such opinion, negative assurance letter of Clifford Chance US LLP, each dated as of the applicable Bring-Down
Delivery Date and delivered within two Exchange Business Days after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down
Delivery Date resulting from a Principal Settlement Date, dated and delivered on such Principal Settlement Date, of the same tenor as
the opinions and letters referred to in Section 5(a)(ii) or Section 5(b) hereof, as applicable, but modified as necessary to relate to
the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus as amended and
supplemented to the time of delivery of such opinions and letters, or, in lieu of such opinions and letters, each such counsel shall
furnish the Agents with a letter substantially to the effect that the Agents may rely on the opinion and letter of such counsel referred
to in Section 5(a)(ii) or Section 5(b), as applicable, furnished to the Agents, to the same extent as though they were dated the date
of such letter authorizing reliance (except that statements in such last opinion and letter of such counsel shall be deemed to relate
to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free Writing Prospectus as amended
and supplemented to the time of delivery of such letters authorizing reliance).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 6(h), each Bring-Down Delivery Date, the Company shall, unless the Agents agree otherwise, cause Grant Thornton
LLP to furnish to the Agents a &ldquo;comfort&rdquo; letter, dated as of the applicable Bring-Down Delivery Date and delivered within
two Exchange Business Days after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from
a Principal Settlement Date, delivered on such Principal Settlement Date, of the same tenor as the letter referred to in Section 5(a)(iii)
hereof, but modified to relate to the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free
Writing Prospectus as amended and supplemented to the date of such letter, and, if the Registration Statement, the Prospectus, the Preliminary
Prospectus, if any, or any Permitted Free Writing Prospectus shall include or incorporate by reference the financial statements of any
entity or business (other than the consolidated financial statements of the Company and its subsidiaries), the Company shall, if requested
by the Agents, cause a firm of independent public accountants to furnish to the Agents a &ldquo;comfort&rdquo; letter, dated as of the
applicable Bring-Down Delivery Date and delivered within one Exchange Business Day after the applicable Bring-Down Delivery Date or,
in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on such Principal Settlement Date, addressing
such matters as the Agents may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose
or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus, the Preliminary
Prospectus, if any, and each Permitted Free Writing Prospectus shall have been timely filed with the Commission under the Securities
Act (in the case of a Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act); and all requests
by the Commission for additional information shall have been complied with to the satisfaction of the Agents and no suspension of the
qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any
of such purposes, shall have occurred and be in effect at the time the Company delivers a Transaction Proposal to an Agent or the time
an Agent delivers a Transaction Acceptance to the Company; and (ii) the Registration Statement, the Prospectus, the Preliminary Prospectus,
if any, or any Permitted Free Writing Prospectus shall not contain an untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading at the time the Company delivers a Transaction Proposal to an Agent or the time an Agent delivers a Transaction Acceptance
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall reasonably cooperate with any reasonable due diligence review requested by the Agents or their counsel from
time to time in connection with the transactions contemplated hereby or any Terms Agreement, including, without limitation, (i) at the
commencement of each intended Purchase Date and any Time of Sale or Settlement Date, providing information and making available appropriate
documents and appropriate corporate officers of the Company and, upon reasonable request, representatives of Grant Thornton LLP (and,
if the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or any Permitted Free-Writing Prospectus shall include
or incorporate by reference the financial statements of any entity or business (other than the consolidated financial statements of the
Company and its subsidiaries), representatives of the independent public accountants that audited or reviewed such financial statements)
for an update on diligence matters with representatives of the Agents and (ii)&nbsp;subject to Section 6(h), at each Bring-Down Delivery
Date and otherwise as the Agents may reasonably request, providing information and making available documents and appropriate corporate
officers of the Company and representatives of Grant Thornton LLP (and, if the Registration Statement, the Prospectus, the Preliminary
Prospectus, if any, or any Permitted Free-Writing Prospectus shall include or incorporate by reference the financial statements of any
entity or business (other than the consolidated financial statements of the Company and its subsidiaries), representatives of the independent
public accountants that audited or reviewed such financial statements) for one or more due diligence sessions with representatives of
the Agents and their counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall disclose, in its quarterly reports on Form 10-Q and in its annual report on Form 10-K and, if requested by the
Agents, in supplements to the Prospectus, or Preliminary Prospectus, if any, to be filed by the Company with the Commission from time
to time, the number of the Shares sold through the Agents under this Agreement and any Terms Agreement, and the gross and net proceeds
to the Company from the sale of the Shares and the compensation paid by the Company with respect to sales of the Shares pursuant to this
Agreement and any Terms Agreement during the relevant quarter or, in the case of any such Prospectus Supplement, such shorter period
as the Agents may reasonably request or, in the case of an Annual Report on Form 10-K, during the fiscal year covered by such Annual
Report and the fourth quarter of such fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The requirements (i) to provide the officer&rsquo;s certificate, opinions and letters of counsel and accountants&rsquo; letter
specified in Section 6(b) through (d) and (ii) to reasonably cooperate with any reasonable due diligence review specified in Section
6(f) shall be waived for any Bring-Down Delivery Date occurring at a time at which no Transaction Proposal or offers to enter into a
Terms Agreement is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Proposal
or offers to enter into a Terms Agreement hereunder (which for such calendar quarter shall be considered a Bring-Down Delivery Date)
and the next occurring Bring-Down Delivery Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All opinions, letters and
other documents referred to in Sections 6(b) through (d) above shall be reasonably satisfactory in form and substance to the Agents.
The Agents will provide the Company with such notice (which may be oral, and in such case, will be confirmed via e-mail as soon as reasonably
practicable thereafter) as is reasonably practicable under the circumstances when requesting an opinion, letter or other document referred
to in Sections 6(b) through (d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions of the Agents&rsquo; Obligation</U>. The Agents&rsquo; obligation to solicit purchases on an agency basis for the
Shares or otherwise take any action pursuant to a Transaction Acceptance and to purchase the Shares pursuant to any Terms Agreement shall
be subject to the satisfaction of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the Time of Acceptance, at the time of the commencement of trading on the Exchange on the Purchase Date(s) and at the relevant
Time of Sale and Agency Settlement Date, or with respect to a Principal Transaction pursuant to a Terms Agreement, at the time of execution
and delivery of the Terms Agreement by the Company and at the relevant Time of Sale and Principal Settlement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The
                                            representations, warranties and agreements on the part of the Company herein contained or
                                            contained in any certificate of an officer or officers, general partner, managing member
                                            or other authorized representative of the Company or any subsidiary of the Company delivered
                                            pursuant to the provisions hereof shall be true and correct in all respects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">The
                                            Company shall have performed and observed its covenants and other obligations hereunder and/or
                                            under any Terms Agreement, as the case may be, in all material respects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">In
                                            the case of an Agency Transaction, from the Time of Acceptance until the Agency Settlement
                                            Date, or, in the case of a Principal Transaction pursuant to a Terms Agreement, from the
                                            time of execution and delivery of the Terms Agreement by the Company until the Principal
                                            Settlement Date, trading in the Common Stock on the Exchange shall not have been suspended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">From
                                            the date of this Agreement, no event or condition of a type described in Section 3(e) hereof
                                            shall have occurred or shall exist, which event or condition is not described in a Permitted
                                            Free Writing Prospectus (excluding any amendment or supplement thereto) or the Prospectus,
                                            or Preliminary Prospectus, if any, (excluding any amendment or supplement thereto) and the
                                            effect of which in the judgment of the Agents makes it impracticable or inadvisable to proceed
                                            with the offering, sale or delivery of the Shares on the applicable Settlement Date on the
                                            terms and in the manner contemplated by this Agreement, any Terms Agreement, any Permitted
                                            Free Writing Prospectus, Preliminary Prospectus, if any, and the Prospectus.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">Subsequent
                                            to the relevant Time of Acceptance or, in the case of a Principal Transaction, subsequent
                                            to execution of the applicable Terms Agreement, (A) no downgrading shall have occurred in
                                            the rating accorded any debt securities or preferred equity securities of or guaranteed by
                                            the Company or any of its subsidiaries by any &ldquo;nationally recognized statistical rating
                                            organization&rdquo;, as such term is defined by the Commission for purposes of Section 3(a)(62)
                                            of the Exchange Act and (B) no such organization shall have publicly announced that it has
                                            under surveillance or review, or has changed its outlook with respect to, its rating of any
                                            debt securities or preferred equity securities of or guaranteed by the Company or any of
                                            its subsidiaries (other than an announcement with positive implications of a possible upgrading)
                                            in each case that has not been described in any Permitted Free Writing Prospectus issued
                                            prior to any related Time of Sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify">The
                                            Shares to be issued pursuant to the Transaction Acceptance or pursuant to a Terms Agreement,
                                            as applicable, shall have been approved for listing on the Exchange, subject only to notice
                                            of issuance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify">(A)
                                            No action shall have been taken and no statute, rule, regulation or order shall have been
                                            enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority
                                            that would, as of the relevant Settlement Date, prevent the issuance or sale of the Shares
                                            and (B) no injunction or order of any federal, state or foreign court shall have been issued
                                            that would, as of the relevant Settlement Date, prevent the issuance or sale of the Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify">(A)
                                            No order suspending the effectiveness of the Registration Statement shall be in effect, no
                                            proceeding for such purpose or pursuant to Section 8A of the Securities Act shall be pending
                                            before or threatened by the Commission and no notice of objection of the Commission to the
                                            use of the Registration Statement pursuant to Rule 401(g)(2) under the Securities Act shall
                                            have been received by the Company; (B) the Prospectus, the Preliminary Prospectus, if any,
                                            and each Permitted Free Writing Prospectus shall have been timely filed with the Commission
                                            under the Securities Act (in the case of any Permitted Free Writing Prospectus, to the extent
                                            required by Rule 433 under the Securities Act); (C) all requests by the Commission for additional
                                            information shall have been complied with to the satisfaction of the Agents; and (D) no suspension
                                            of the qualification of the Shares for offering or sale in any jurisdiction, and no initiation
                                            or threatening of any proceedings for any of such purposes, shall have occurred and be in
                                            effect. The Registration Statement, the Prospectus, the Preliminary Prospectus, if any, or
                                            any Permitted Free Writing Prospectus shall not contain an untrue statement of material fact
                                            or omit to state a material fact required to be stated therein or necessary to make the statements
                                            therein, in the light of the circumstances under which they were made, not misleading at
                                            the time an Agent delivers a Transaction Acceptance to the Company or the Company and an
                                            Agent execute a Terms Agreement, as the case may be.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify">No
                                            amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free
                                            Writing Prospectus shall have been filed to which the Agents shall have reasonably objected
                                            in writing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within two Exchange Business Days after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date
resulting from a Principal Settlement Date, on such Principal Settlement Date, the Agents shall have received the officer&rsquo;s certificates,
opinions and negative assurance letters of counsel and &ldquo;comfort&rdquo; letters and other documents provided for under Sections
6(b) through (d), inclusive. For purposes of clarity and without limitation to any other provision of this Section&nbsp;7 or elsewhere
in this Agreement, the parties hereto agree that the Agents&rsquo; obligations, if any, to solicit purchases of Shares on an agency basis
or otherwise take any action pursuant to a Transaction Acceptance shall, unless otherwise agreed in writing by the Agents, be suspended
during the period from and including a Bring-Down Delivery Date through and including the time that each Agent shall have received the
documents described in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; width: 1in">(a)</TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">The
                                            Company may terminate this Agreement in its sole discretion at any time upon prior written
                                            notice to the Agents. Any such termination shall be without liability of any party to any
                                            other party, except that (A) with respect to any pending sale, the obligations of the Company,
                                            including in respect of compensation of the applicable Agent, shall remain in full force
                                            and effect notwithstanding such termination; and (B) the provisions of Sections 3, 4 (except
                                            that if no Shares have been previously sold hereunder or under any Terms Agreement, only
                                            Section 4(k)), 9, 12, 13 and 16 of this Agreement shall remain in full force and effect notwithstanding
                                            such termination.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">In
                                            the case of any sale by the Company pursuant to a Terms Agreement, the obligations of the
                                            Company pursuant to such Terms Agreement and this Agreement may not be terminated by the
                                            Company without the prior written consent of the applicable Agent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">Each
                                            Agent may terminate this Agreement with respect to itself in its sole discretion at any time
                                            upon giving prior written notice to the Company. Any such termination shall be without liability
                                            of any party to any other party, except that the provisions of Sections 3, 4 (except that
                                            if no Shares have been previously sold hereunder or under any Terms Agreement, only Section
                                            4(k)), 9, 12, 13 and 16 of this Agreement shall remain in full force and effect notwithstanding
                                            such termination.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: -67.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">In
                                            the case of any purchase by an Agent pursuant to a Terms Agreement, the obligations of such
                                            Agent pursuant to such Terms Agreement shall be subject to termination by such Agent at any
                                            time prior to or at the Principal Settlement Date if (A) since the time of execution of the
                                            Terms Agreement or the respective dates as of which information is given in the Registration
                                            Statement, the Prospectus, the Preliminary Prospectus, if any, and any Permitted Free Writing
                                            Prospectus, (i) trading generally shall have been suspended or materially limited on or by
                                            any of the New York Stock Exchange, the NYSE American (f/k/a the NYSE MKT and the American
                                            Stock Exchange) the Nasdaq Global Market the Chicago Board Options Exchange, the Chicago
                                            Mercantile Exchange or the Chicago Board of Trade; (ii) trading of any securities issued
                                            or guaranteed by the Company or any of its subsidiaries shall have been suspended on any
                                            exchange or in any over-the counter market, (iii) a general moratorium on commercial banking
                                            activities shall have been declared by federal or New York state authorities, (iv) there
                                            shall have occurred any outbreak or escalation of hostilities or any change in financial
                                            markets or any calamity or crisis, either within or outside the United States, that, solely
                                            in the case of events and conditions described in this clause (iv), in such Agent&rsquo;s
                                            judgment, is material and adverse and makes it impracticable or inadvisable to proceed with
                                            the offering, sale or delivery of the Shares on the terms and in the manner contemplated
                                            in the Prospectus, the Preliminary Prospectus, if any, or such Terms Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall remain in full force and effect until the earliest of (A)&nbsp;termination of the Agreement pursuant to Section
8(a) or 8(b) above or otherwise by mutual written agreement of the parties, and (B) such date that the Maximum Amount of Shares has been
sold in accordance with the terms of this Agreement and any Terms Agreements, in each case except that the provisions of Section 3, 4
(except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section 4(k)), 9, 12, 13, and 16 of
this Agreement shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that,
notwithstanding the foregoing, such termination shall not be effective until the close of business on the date of receipt of such notice
by the Agents or the Company, as the case may be, or such later date as may be required pursuant to Section&nbsp;8(a) or (b). If such
termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall settle in accordance with the provisions
of Section 2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification of the Agents.</I> The Company agrees to indemnify and hold harmless each Agent, its affiliates, directors
and officers and each person, if any, who controls such Agent within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable out-of-pocket
legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement (or any amendment thereto) or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein, not misleading or (ii) any untrue statement or alleged
untrue statement of a material fact contained in the Prospectus or Preliminary Prospectus, if any, (or any amendment or supplement thereto),
any Permitted Free Writing Prospectus (or any amendment or supplement thereto), any &ldquo;issuer information&rdquo; filed or required
to be filed pursuant to Rule 433(d) under the Securities Act or any &ldquo;road show&rdquo; as defined in Rule 433(h) under the Securities
Act (a &ldquo;<B>road show</B>&rdquo;), or caused by any omission or alleged omission to state therein a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar
as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with any information relating to the Agents furnished to the Company in writing by
the Agents expressly for use therein, it being understood and agreed that the only such information furnished by the Agents consists
of the information described as such in subsection (b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification of the Company.</I> Each Agent agrees, severally and not jointly, to indemnify and hold harmless the Company,
its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above,
but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Agents furnished
to the Company in writing by the Agents expressly for use in the Registration Statement (or any amendment thereto), the Prospectus or
Preliminary Prospectus, if any, (or any amendment or supplement thereto), any Permitted Free Writing Prospectus (or any amendment or supplement
thereto) or any &ldquo;road show&rdquo;, it being understood and agreed upon that such information shall consist solely of the name of
such Agent set forth in the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice and Procedures.</I> If any suit, action, proceeding (including any governmental or regulatory investigation), claim
or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either Section
9(a) or 9(b) above, such person (the &ldquo;<B>Indemnified Person</B>&rdquo;) shall promptly notify the person against whom such indemnification
may be sought (the &ldquo;<B>Indemnifying Person</B>&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have under this Section&nbsp;9 except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise
than under this Section&nbsp;9. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified
the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who
shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person
and any others entitled to indemnification pursuant to this Section 9 that the Indemnifying Person may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed in writing to the contrary; (ii)&nbsp;the
Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&nbsp;the
Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition
to those available to the Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties)
include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate
firm (in addition to any local counsel) for (A)&nbsp;the Agents and their affiliates, directors and officers and their control persons,
if any, or (B)&nbsp;the Company, its directors, its officers who signed the Registration Statement and its control persons, if any, as
the case may be, and that all such reasonable fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm
for the Agents and their affiliates, directors and officers and their control persons, if any, shall be designated in writing by the
Agents, and any such separate firm for the Company, its directors, its officers who signed the Registration Statement and its control
persons, if any, shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff,
the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement
or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending
or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification is or could have
been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person,
in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of
such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf
of any Indemnified Person. Notwithstanding the foregoing, if at any time an Indemnified Person shall have requested an Indemnifying Person
to reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this Section 9(c), the Indemnifying Person agrees
that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into
more than 30 days after receipt by such Indemnifying Person of the aforesaid request and (ii) such Indemnifying Person shall not have
reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Contribution.</I> If the indemnification provided for in Sections&nbsp;9(a) and 9(b) above is unavailable to an Indemnified
Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under
such Sections, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits
received by the Company, on the one hand, and the applicable Agents, on the other, from the offering of the Shares pursuant to this Agreement
and any Terms Agreements or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company, on the one
hand, and the applicable Agents, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand,
and the applicable Agents, on the other, shall be deemed to be in the same respective proportions as the net proceeds (before deducting
expenses) received by the Company from the sale of the Shares pursuant to this Agreement and any Terms Agreements and the total discounts
and commissions received by the applicable Agents in connection therewith bear to the aggregate Gross Sales Price of such Shares. The
relative fault of the Company, on the one hand, and the applicable Agent, on the other, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or by the applicable Agents, on the other hand, and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitation on Liability.</I> The Company and the Agents agree that it would not be just and equitable if contribution pursuant
to this Section&nbsp;9 were determined by <U>pro rata</U> allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in Section&nbsp;9(d) above. The amount paid or payable by an Indemnified Person as a result
of the losses, claims, damages and liabilities referred to in Section&nbsp;9(d) above shall be deemed to include, subject to the limitations
set forth above, any reasonable legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.
Notwithstanding the provisions of this Section&nbsp;9, in no event shall an Agent be required to contribute any amount in excess of the
amount by which the total discounts and commissions received by such Agent with respect to the offering of the Shares pursuant to this
Agreement and any Terms Agreements exceeds the amount of any damages that such Agent has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Agents under this Section 9(e) are several and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Non-Exclusive Remedies.</I> The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Fiduciary Relationship</U>. The Company acknowledges and agrees that each Agent is acting solely in the capacity of an arm&rsquo;s
length contractual counterparty to the Company with respect to the offering of Shares contemplated hereby and any Terms Agreements (including
in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company
or any other person. Additionally, none of the Agent is advising the Company or any other person as to any legal, tax, investment, accounting
or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible
for making its own independent investigation and appraisal of the transactions contemplated hereby, and no Agent shall have any responsibility
or liability to the Company with respect thereto. Any review by the Agents of the Company, the transactions contemplated hereby or other
matters relating to such transactions will be performed solely for the benefit of the Agents and shall not be on behalf of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share related numbers contained in this Agreement,
any Transaction Proposal and any Transaction Acceptance shall be adjusted to take into account any stock split effected with respect
to the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Persons Entitled to Benefit of Agreement</U>. This Agreement and any Terms Agreement shall inure to the benefit of and be binding
upon the parties hereto and thereto, respectively, and their respective successors and the officers, directors, affiliates and controlling
persons referred to in Section 9 hereof. Nothing in this Agreement or any Terms Agreement is intended or shall be construed to give any
other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any such Terms Agreement or any provision
contained herein or therein. No purchaser of Shares from or through an Agent shall be deemed to be a successor merely by reason of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U>. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company
and the Agents contained in this Agreement or any Terms Agreement or made by or on behalf of the Company or the Agents pursuant to this
Agreement or any Terms Agreement or any certificate delivered pursuant hereto or thereto shall survive the delivery of and payment for
the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any Terms Agreement or any investigation
made by or on behalf of the Company or the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Defined Terms</U>. For purposes of this Agreement, except where otherwise expressly provided, the term &ldquo;affiliate&rdquo;
has the meaning set forth in Rule 405 under Securities Act; the term &ldquo;business day&rdquo; means any day other than a day on which
banks are permitted or required to be closed in New York City; and the term &ldquo;subsidiary&rdquo; has the meaning set forth in Rule
405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices and other communications under this Agreement and any Terms Agreement shall be in writing and shall
be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notice to the Agents
shall be delivered or sent to (i) Wells Fargo Securities, LLC, 500 West 33<SUP>rd</SUP> Street, New York, New York 10001, Attention:
Equity Syndicate Department (fax: (212) 214-5918); (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, (fax:
212-622-8358), Attention: Equity Syndicate Desk; (iii) Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York
10010-3649, (fax: 212-325-4296), Attention: IBCM-Legal; (iv) JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, CA
94111, (email: syndicate@jmpsecurities.com), Attention: Equity Syndicate Department; (v) Nomura Securities International, Inc., Worldwide
Plaza, 309 West 49th Street, New York, New York 10019, Attention: Equity Capital Markets, Americas, email: NomuraATMExecution@nomura.com,
fax: 646-587-9562 with a copy to the Head of IBD Legal, fax: 646-587-9548); and (vi) Mischler Financial Group, Inc., 1111 Bayside Drive,
Suite 100, Corona del Mar, CA 92625, Attention: Capital Markets Office, email: jmaher@gtsmischler.com, fax: (203) 276-6686 with a copy
to Rob Karr and Doyle L. Holmes, fax: (203) 276-6686 / (949) 720-0229; and if to the Company, shall be delivered or sent to One Belvedere
Place, Suite 300, Mill Valley, California 94941, (fax: 415-381-1773), Attention: Andrew Stone, Chief Legal Officer (andy.stone@redwoodtrust.com),
with a copy, which shall not constitute notice, to Latham &amp; Watkins LLP, 650 Town Center Drive, 20th Floor, Costa Mesa, CA 92626,
(fax: 714-755-8290), Attention: William J. Cernius, Esq. (william.cernius@lw.com). Notwithstanding the foregoing, Transaction Proposals
shall be delivered by the Company to the Agents by telephone or email to (i) Wells Fargo Securities, LLC, 500 West 33<SUP>rd</SUP> Street,
New York, New York 10001, Attention: Equity Syndicate Department (fax: (212) 214-5918); (ii) J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York 10179 (fax: 312-3007716), Attention: Stephanie Little; Email: Stephanie.y.little@jpmorgan.com; (iii) Credit
Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3649 (telephone: 212-325-8766), Attention: Equity Capital
Markets Desk; (iv) JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, CA 94111 (telephone: 415-835-8985; email: syndicate@jmpsecurities.com),
Attention: Equity Syndicate Department; (v) Nomura Securities International, Inc., Worldwide Plaza, 309 West 49th Street New York, New
York 10019, Attention: Equity Capital Markets, Americas, email: NomuraATMExecution@nomura.com, fax: 646-587-9562 with a copy to the Head
of IBD Legal, fax: 646-587-9548; and (vi) Mischler Financial Group, Inc., 1111 Bayside Drive, Suite 100, Corona del Mar, CA 92625, Attention:
Capital Markets Office, email: jmaher@gtsmischler.com, fax: (203) 276-6686 with a copy to Rob Karr and Doyle L. Holmes, fax: (203) 276-6686
/ (949) 720-0640; and Transaction Acceptances shall be delivered by the Agents to the Company by email to Brooke Carillo (email: Brooke.Carillo@redwoodtrust.com).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. This Agreement, any Terms Agreement and any claim, counterclaim, controversies or dispute of any kind or
nature whatsoever arising out of or in any way relating to this Agreement or any Terms Agreement (each a &ldquo;<B>Claim</B>&rdquo;),
directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement and any Terms Agreement may be signed in counterparts (which may include counterparts delivered
by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the
same instrument. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. &sect;&sect;
301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this Agreement. Transmission
by telecopy, electronic mail or other transmission method of an executed counterpart of this Agreement will constitute due and sufficient
delivery of such counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments or Waivers</U>. No amendment or waiver of any provision of this Agreement or any Terms Agreement, nor any consent
or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties
hereto or thereto as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), the Agents are required to obtain, verify and record information that identifies their respective
clients, including the Company, which information may include the name and address of their respective clients, as well as other information
that will allow the Agents to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings herein and in any Terms Agreement are included for convenience of reference only and are not intended
to be part of, or to affect the meaning or interpretation of, this Agreement or any Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Recognition of the U.S. Special Resolution Regimes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following definitions shall be applied to the terms used in Section 21(b) and Section 21(c) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>BHC
Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with,
12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Covered
Entity</B>&rdquo; means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 35.95pt">&ldquo;<B>Default
Right</B>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81,
47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 35.95pt">&ldquo;<B>U.S.
Special Resolution Regime</B>&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and
(ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer from such Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same
extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Agent that is a Covered Entity or a BHC Act Affiliate of such Agent becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Agent are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">[Signature Pages Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Company and each of the Agents, please so indicate in the space provided below for that purpose,
whereupon this letter and your acceptance shall constitute a binding agreement among the Company and each of the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDWOOD TRUST, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Brooke Carillo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Brooke Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to Distribution
Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Accepted and agreed to as of the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Wells Fargo</FONT> <FONT STYLE="font-size: 10pt">SECURITIES,
    LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Andrew Weddenburn-Maxwell</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Andrew Weddenburn-Maxwell</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">J.P.
    Morgan securities llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Stephanie Little</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Stephanie Little</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Executive Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">credit suisse
    securities (USA) llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Nick Williams</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Nick Williams</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">jmp
    securities llc</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thomas Kilian</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Thomas Kilian</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: COO - Investment Banking</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">NOMURA SECURITIES
    INTERNATIONAL, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James Chenard</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: James Chenard</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">MISCHLER FINANCIAL
    GROUP, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Doyle L. Holmes</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#8239;Doyle L. Holmes</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;President</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to Distribution
Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">Authorized Company Representatives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Christopher J Abate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Dashiell I. Robinson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Brooke E. Carillo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Andrew P. Stone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Shoshone A. (&ldquo;Bo&rdquo;) Stern</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Collin L. Cochrane</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">REDWOOD TRUST, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B><U>TERMS AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right">_____________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Redwood Trust, Inc., a Maryland
corporation (the &ldquo;<B>Company</B>&rdquo;), proposes, subject to the terms and conditions stated herein and in the Distribution Agreement
dated March [&#9679;], 2022 (the &ldquo;<B>Distribution Agreement</B>&rdquo;) between the Company and Wells Fargo Securities, LLC, J.P.
Morgan Securities LLC, Credit Suisse Securities (USA) LLC, JMP Securities LLC, Nomura Securities International, Inc. and Mischler Financial
Group, Inc. (each, an &ldquo;<B>Agent</B>&rdquo;), to issue and sell to the Agent the securities specified in the Schedule hereto (the
 &ldquo;<B>Purchased Shares</B>&rdquo;). Unless otherwise defined below, terms defined in the Distribution Agreement shall have the same
meanings when used herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Each of the provisions of
the Distribution Agreement not specifically related to the solicitation by the Agent, as agent of the Company, of offers to purchase
securities is incorporated herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent
as if such provisions had been set forth in full herein. Each of the representations, warranties and agreements set forth therein shall
be deemed to have been made as of the date of this Terms Agreement and the Settlement Date set forth in the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">An amendment to the Registration
Statement or a supplement to the Prospectus, as the case may be, relating to the Purchased Shares, in the form heretofore delivered to
the Agent, is now proposed to be filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Subject to the terms and
conditions set forth herein and in the Distribution Agreement which are incorporated herein by reference, the Company agrees to issue
and sell to the Agent, and the latter agrees to purchase from the Company, the Purchased Shares at the time and place and at the purchase
price set forth in the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Notwithstanding any provision
of the Distribution Agreement or this Terms Agreement to the contrary, the Company consents to the Agent trading in the Common Stock
for Agent&rsquo;s own account and for the account of its clients at the same time as sales of the Purchased Shares occur pursuant to
this Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[</I></B></FONT><I>Signature
Page Follows<B>]</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 39; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including those provisions
of the Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between the Agent and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDWOOD TRUST, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Accepted and agreed as of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="text-transform: uppercase">[&#9679;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"></P>

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>Schedule to Terms Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Title of Purchased Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Common Stock, par value $0.01 per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Number of Shares of Purchased Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>&#9679;<B>]
</B>shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Initial Price to Public:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">$<B>[</B>&#9679;<B>]</B> per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Purchase Price Payable by the Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">$<B>[</B>&#9679;<B>]</B> per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Method of and Specified Funds for Payment of Purchase Price:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>By
wire transfer to a bank account specified by the Company in same day funds.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Method of Delivery:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>To
the Agent&rsquo;s account, or the account of the Agent&rsquo;s designee, at The Depository Trust Company via DWAC in return for payment
of the purchase price.<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Settlement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">[&#9679;], 20[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Closing Location:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>&#9679;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents
</FONT>to be Delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The following documents referred to in the Distribution
Agreement shall be delivered on the Settlement Date as a condition to the closing for the Purchased Shares (which documents shall be
dated on or as of the Settlement Date and shall be appropriately updated to cover any Preliminary Prospectus, Permitted Free Writing
Prospectuses and any amendments or supplements to the Registration Statement, any Preliminary Prospectus, the Prospectus, any Permitted
Free Writing Prospectuses and any documents incorporated by reference therein):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(1) the officer&rsquo;s certificate referred
to in Section 5(a)(i);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(2) the opinion<B>[</B>s<B>]</B> and negative
assurance letter<B>[</B>s<B>]</B> of the Company&rsquo;s outside counsel <B>[</B>and general counsel<B>]</B> referred to in Section 5(a)(ii);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(3) the &ldquo;comfort&rdquo; letter referred
to in Section 5(a)(iii);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(4) if reasonably requested by the Agent, the
Chief Financial Officer&rsquo;s certificate referred to in Section 5(a)(iv);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(5) the opinion and negative assurance letter
referred to in Section 5(b); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">(6) such other documents as the Agent shall reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>Lockup:<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>&#9679;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Time of sale: <B>[</B>&#9679;<B>] [</B>a.m./p.m.<B>]
</B>(New York City time) on <B>[</B>&#9679;<B>]</B>, <B>[</B>&#9679;<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Time of sale information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            number of shares of Purchased Shares set forth above</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            initial price to public set forth above</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>[Other]</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B><U>OFFICERS&rsquo; CERTIFICATE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">Dated __________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">Pursuant to Section[s] [&#9679;]
of the Distribution Agreement (the &ldquo;<B>Distribution Agreement</B>&rdquo;) dated March [&#9679;], 2022, by and among Redwood Trust,
Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse
Securities (USA) LLC, JMP Securities LLC, Nomura Securities International, Inc. and Mischler Financial Group, Inc., as agents (the &ldquo;<B>Agents</B>&rdquo;),
each of the undersigned, [&#9679;] and [&#9679;], in their capacity as [&#9679;] and [&#9679;], respectively, of the Company, and not
personally, do hereby certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">They
                                            have reviewed the Registration Statement and the Prospectus and, to his best knowledge, the
                                            representations and warranties of the Company set forth in Section 3(a) and 3(b) of the Distribution
                                            Agreement are true and correct as of the date hereof and as if made on the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">The
                                            other representations and warranties of the Company in the Distribution Agreement are true
                                            and correct as of the date hereof and as if made on the date hereof, and the Company has
                                            complied with all agreements and satisfied all conditions on its part to be performed or
                                            satisfied under the Distribution Agreement at or prior to the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">The
                                            conditions set forth in Section 5 and Section 7(a) of the Distribution Agreement have been
                                            met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">Except
                                            as described in the Registration Statement and the Prospectus, there are no legal, governmental
                                            or regulatory investigations, actions, suits or proceedings pending to which the Company
                                            or any of its subsidiaries is or may be a party or to which any property of the Company or
                                            any of its subsidiaries is or may be the subject that, individually or in the aggregate,
                                            could reasonably be expected to have a Material Adverse Effect; and, to his knowledge, no
                                            such investigations, actions, suits or proceedings are threatened or contemplated by any
                                            governmental or regulatory authority or threatened by others.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">Neither
                                            the Company nor any of its subsidiaries is subject to any judgment, order or decree of any
                                            court or arbitrator or governmental or regulatory authority that would, individually or in
                                            the aggregate, have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.75pt">Each
                                            of Latham &amp; Watkins LLP, counsel to the Company, Clifford Chance US LLP, counsel to the
                                            Agents, and Venable LLP, Maryland counsel to the Company, are entitled to rely on the representations
                                            and warranties of the Company contained in this certificate in rendering their respective
                                            legal opinions to the Agents in connection with the transactions contemplated by the Distribution
                                            Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">Capitalized terms used but
not otherwise defined herein shall have the meanings set forth in the Distribution Agreement, including, for the avoidance of doubt,
after giving effect to the provisions of Section 4(r) of the Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the undersigned
has executed this certificate on the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in"><B>Exhibit C-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>FORM OF OPINION AND NEGATIVE ASSURANCE STATEMENT
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>LATHAM &amp; WATKINS LLP,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>SPECIAL COUNSEL TO THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1.</FONT></TD><TD STYLE="text-align: justify">The
                                            Registration Statement has become effective under the Act. With your consent, based solely
                                            on a review of the list of stop orders on the Commission&rsquo;s website at http://www.sec.gov/litigation/stoporders.shtml,
                                            we confirm that no stop order suspending the effectiveness of the Registration Statement
                                            has been issued under the Act and no proceedings therefor have been initiated by the Commission.
                                            The Prospectus has been filed in accordance with Rule 424(b) and 430B under the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">2.</FONT></TD><TD STYLE="text-align: justify">The
                                            execution and delivery of the Distribution Agreement and the issuance and sale of the Shares
                                            by the Company to or through you pursuant to the Distribution Agreement do not on the date
                                            hereof:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>result
in the breach of or a default under any of the Specified Agreements; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>violate
any federal, California or New York statute, rule or regulation applicable to the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>require
any consents, approvals, or authorizations to be obtained by the Company from, or any registrations, declarations or filings to be made
by the Company with, any governmental authority under any federal, California or New York statute, rule or regulation applicable to the
Company on or prior to the date hereof that have not been obtained or made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">3.</FONT></TD><TD STYLE="text-align: justify">The
                                            statements in the Prospectus under the caption &ldquo;Plan of Distribution&rdquo;, and the
                                            statements in, or incorporated by reference in, the Company&rsquo;s Annual Report on Form
                                            10-K for the year ended December 31, [&#9679;] under the captions &ldquo;Executive Compensation
                                            &mdash; Potential Payments upon Termination or Change of Control&rdquo; (only with respect
                                            to the first fifteen paragraphs thereof) and &ldquo;Legal Proceedings,&rdquo; insofar as
                                            they purport to describe or summarize certain provisions of the documents referred to therein,
                                            are accurate descriptions or summaries in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">4.</FONT></TD><TD STYLE="text-align: justify">The
                                            Registration Statement at [&#9679;], including the information deemed to be a part thereof
                                            pursuant to Rule 430B under the Act, and the Prospectus, as of its date, each appeared on
                                            its face to be appropriately responsive in all material respects to the applicable form requirements
                                            for registration statements on Form&nbsp;S-3 under the Act and the rules and regulations
                                            of the Commission thereunder; it being understood, however, that we express no view with
                                            respect to Regulation S-T or the financial statements, schedules, or other financial data,
                                            included in, incorporated by reference in, or omitted from, the Registration Statement or
                                            the Prospectus. For purposes of this paragraph, we have assumed that the statements made
                                            in the Registration Statement and the Prospectus are correct and complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">5.</FONT></TD><TD STYLE="text-align: justify">Each
                                            of the Incorporated Documents, as of its respective filing or effective date, appeared on
                                            its face to be appropriately responsive in all material respects to the applicable form requirements
                                            for reports on Forms 10-K, 10-Q and 8-K, and proxy statements under Regulation 14A, as the
                                            case may be, under the Securities Exchange Act of 1934, as amended, and the rules and regulations
                                            of the Commission thereunder; it being understood, however, that we express no view with
                                            respect to Regulation S-T or the financial statements, schedules, or other financial data,
                                            included in, incorporated by reference in, or omitted from, such reports. For purposes of
                                            this paragraph, we have assumed that the statements made in the Incorporated Documents are
                                            correct and complete.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">* * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The primary purpose of our professional engagement
was not to establish or confirm factual matters or financial or quantitative information. Therefore, we are not passing upon and do not
assume any responsibility for the accuracy, completeness or fairness of the statements contained in, or incorporated by reference in,
the Registration Statement, the Prospectus or the Incorporated Documents (except to the extent expressly set forth in the numbered paragraph
3 of our letter to you of even date and in our letter to you of even date with respect to certain tax matters), and have not made an
independent check or verification thereof (except as aforesaid). However, in the course of acting as special counsel to the Company in
connection with the preparation by the Company of the Registration Statement and the Prospectus, we reviewed the Registration Statement,
the Prospectus and the Incorporated Documents, and participated in conferences and telephone conversations with officers and other representatives
of the Company, the independent public accountants for the Company, your representatives and your counsel, during which conferences and
conversations the contents of the Registration Statement and the Prospectus (and portions of certain of the Incorporated Documents) and
related matters were discussed. We also reviewed and relied upon certain corporate records and documents, letters from counsel and accountants,
and oral and written statements of officers and other representatives of the Company and others as to the existence and consequence of
certain factual and other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Based on our participation, review and reliance
as described above, we advise you that no facts came to our attention that caused us to believe that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 66pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            Registration Statement, at the time it became effective on [&#9679;], including the information
                                            deemed to be a part of the Registration Statement pursuant to Rule 430B under the Act (together
                                            with the Incorporated Documents at that time), contained an untrue statement of a material
                                            fact or omitted to state a material fact required to be stated therein or necessary to make
                                            the statements therein not misleading; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 66pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            Prospectus, as of the date hereof (together with the Incorporated Documents at that date),
                                            contains an untrue statement of a material fact or omits to state a material fact necessary
                                            to make the statements therein, in the light of the circumstances under which they were made,
                                            not misleading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">it being understood that we express no belief with respect to the
financial statements, schedules, or other financial data included or incorporated by reference in, or omitted from, the Registration
Statement, the Prospectus or the Incorporated Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit C-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>FORM OF OPINION OF TAX COUNSEL TO THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Commencing with the Company&rsquo;s taxable year ended December 31, 2011, the Company has been organized and has operated in conformity
with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the &ldquo;<B><I>Code</I></B>&rdquo;),
and its proposed method of operation will enable the Company to continue to meet the requirements for qualification and taxation as a
REIT under the Code; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The statements in the Prospectus under the heading &ldquo;Material U.S. Federal Income Tax Considerations,&rdquo; insofar as such
statements purport to constitute summaries of United States federal income tax law and regulations or legal conclusions with respect
thereto, constitute accurate summaries of the matters described therein in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

<!-- Field: Page; Sequence: 47; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-2-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit C-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>FORM OF OPINION OF MARYLAND COUNSEL TO THE
COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and RWT Holdings Sub is a corporation duly incorporated and validly existing under and by virtue of the laws of the State
of Maryland and is in good standing with the SDAT, with corporate power to own, lease and operate its properties and to conduct its business
in all material respects as described in the Registration Statement, the Preliminary Prospectus and the Prospectus under the heading
 &ldquo;Prospectus Supplement Summary&mdash;About Redwood Trust, Inc.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Common Stock of the Company issued and outstanding as of the date hereof immediately prior to the issuance of any Shares (the
 &ldquo;Outstanding Shares&rdquo;) have been duly authorized and validly issued and are fully paid and nonassessable and have not been
issued in violation of, or subject to, any preemptive or similar rights arising under the MGCL or the Company Charter or the Company
Bylaws. The stock of the Company conforms in all material respects to the description thereof contained in the Registration Statement,
the Preliminary Prospectus and the Prospectus under the headings &ldquo;General Description of Securities,&rdquo; &ldquo;Description
of Common Stock&rdquo; and &ldquo;Description of Preferred Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of stock of RWT Holdings Sub issued and outstanding as of the date hereof have been duly authorized and validly issued and are
fully paid and nonassessable, and have not been issued in violation of, or subject to, any preemptive or similar rights arising under
the MGCL, the Holdings Charter or the Holdings Bylaws, and are owned by the Company (excluding the shares of preferred stock issued by
RWT Holdings Sub).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power to execute and deliver the Distribution Agreement and to perform its obligations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of the Distribution Agreement have been duly authorized by the Company. The Distribution Agreement has been duly
executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Shares has been duly authorized and, when issued and delivered by the Company in accordance with the Corporate Proceedings,
the Resolutions and the Distribution Agreement, the Shares will be validly issued, fully paid and nonassessable, and will not have been
issued in violation of, or subject to, any preemptive or similar rights arising under the MGCL or the Company Charter or the Company
Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock Certificate complies with the applicable requirements of the MGCL and with any applicable requirement under the Company
Charter and the Company Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of the Distribution Agreement, the compliance by the Company with the terms thereof,
and the issuance and sale of the Shares will not (a) violate the provisions of the Company Charter, the Company Bylaws, the Holdings
Charter or the Holdings Bylaws or (b) result in the violation of any Maryland statute, rule or regulation, or, so far as is known to
us, judgment or order applicable to the Company of any court or governmental or regulatory authority of the State of Maryland (other
than any statute, rule, regulation, judgment or order in connection with the securities laws of the State of Maryland, as to which no
opinion is expressed hereby) except, in the case of clause (b) above, for such violation that would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 48; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-3-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consent, approval, authorization, order, registration or qualification of or with any court or governmental or regulatory authority of
the State of Maryland is required for the execution, delivery and performance by the Company of the Distribution Agreement, the compliance
by the Company with the terms thereof or the issuance and sale of the Shares except such as have been obtained or made, if any (other
than any consent, approval, authorization, order, registration or qualification in connection with the securities laws of the State of
Maryland, as to which no opinion is expressed hereby).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements (a) in the Preliminary Prospectus and the Prospectus under the headings &ldquo;Risk Factors&mdash;Provisions of Maryland law,
our charter and bylaws may impede or discourage a takeover, which could cause the market price of our common stock to decline,&rdquo;
 &ldquo;General Description of Securities,&rdquo; &ldquo;Description of Common Stock,&rdquo; &ldquo;Description of Preferred Stock,&rdquo;
 &ldquo;Restrictions on Ownership and Transfer and Repurchase of Shares&rdquo; and &ldquo;Certain Provisions of Maryland Law and of Our
Charter and Bylaws,&rdquo; (b) in the Form 10-K under the heading &ldquo;Risk Factors<B>&mdash;</B>Provisions in our charter and bylaws
and provisions of Maryland law may limit a change in control or deter a takeover that might otherwise result in a premium price being
paid to our shareholders for their shares in Redwood&rdquo; and &ldquo;Risk Factors&mdash;The ability to take action against our directors
and officers is limited by our charter and bylaws and provisions of Maryland law and we may (or, in some cases, are obligated to) indemnify
our current and former directors and officers against certain losses relating to their service to us&rdquo; and (c) in the Registration
Statement in Item 15, to the extent that they constitute summaries of the terms of the stock of the Company, matters of Maryland law
or the Company Charter or the Company Bylaws, are accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on the Officer&rsquo;s Certificate and upon any facts otherwise known to us, there is no action, litigation, arbitration or mediation
pending (in which service of process has been received by an employee of the Company) before any court, arbitrator, mediator or administrative
body against the Company that challenges the validity or enforceability, or seeks to enjoin the performance, of the Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-3-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit C-4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>FORM OF OPINION OF WEINTRAUB TOBIN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><B>CHEDIAK COLEMAN GRODIN LAW CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
subsidiary of the Company listed on Schedule 1 hereto (each, a &ldquo;Subsidiary&rdquo; and collectively, the &ldquo;Subsidiaries&rdquo;)
has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its formation, and has all
power and authority necessary to own or hold its respective properties and to conduct the businesses in which it is engaged, except where
the failure to be so qualified or have such power or authority would not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each of the Subsidiaries is duly qualified as a foreign corporation or limited liability company to transact business and
is in good standing in each jurisdiction in which such qualification is required whether by reason of the ownership or leasing of property
or the conduct of business, except where the failure to be so qualified or to be in good standing would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
the outstanding shares of capital stock or other equity interests of each Subsidiary have been duly and validly authorized and issued,
and are fully paid and non-assessable, and have not been issued in violation of or subject to any preemptive or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Company of the Distribution Agreement, the compliance by the Company with the terms thereof,
the issuance and sale of the Shares and the consummation of the transactions contemplated by the Distribution Agreement or the Prospectus
will not (i) result in any violation of the provisions of the certificate of formation or bylaws or similar organizational documents
of any of the Subsidiaries, (ii) result in the violation of any law or statute or any judgment, order or regulation of any court or arbitrator
or governmental or regulatory authority, or (iii) conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets
of the Company or any Subsidiary pursuant to, any of the agreements listed in Schedule 2 hereto, except, in the case of clauses (ii)
and (iii) above, for such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the best of our knowledge, except as described in the Registration Statement or the Prospectus, there are no legal, governmental or regulatory
investigations, actions, suits or proceedings pending to which any Subsidiary is or may be a party or to which any property of any Subsidiary
is or may be the subject which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; and
to the best of our knowledge, no such investigations, actions, suits or proceedings are threatened or contemplated by any governmental
or regulatory authority or threatened by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements in the Company&rsquo;s Annual Report under the heading &ldquo;Risk Factors &ndash; Conducting our business in a manner so
that we are exempt from registration under, and compliance with, the Investment Company Act may reduce our flexibility and could limit
our ability to pursue certain opportunities. At the same time, failure to continue to qualify for exemption from the Investment Company
Act could adversely affect us&rdquo; to the extent that they constitute summaries of matters of law or regulation or legal conclusions,
fairly summarize the matters described therein in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date hereof, neither the Company nor any of the Subsidiaries is an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

<!-- Field: Page; Sequence: 50; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit C-4-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CFO
Certificate</B></FONT><B><SUP>1</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Dated [&#9679;], 20[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned, <B>[</B>name<B>]</B>, <B>[</B>title<B>]</B> of Redwood Trust, Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;),
does hereby certify, pursuant to the Distribution Agreement dated March [&#9679;], 2022 (the &ldquo;<B>Distribution Agreement</B>&rdquo;)
between the Company and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, JMP Securities LLC,
Nomura Securities International, Inc. and Mischler Financial Group, Inc.</FONT> that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
have reviewed the data included as Exhibits A <B>[</B>through [&#9679;]<B>]</B> hereto, which was included in <B>[Revise as applicable&mdash;]
</B>the Registration Statement, the Prospectus, the Preliminary Prospectus, if any, the Permitted Free Writing Prospectus dated [&#9679;],
the Company&rsquo;s Form 10-K for the fiscal year ended December 31, <B>[Insert year covered by most recent Form 10-K]</B> and in the
Company&rsquo;s Quarterly Reports on Form 10-Q for the quarters ended [&#9679;] and [&#9679;] <B>[Insert reference to any subsequent
Form 10-Qs and any applicable Form 8-Ks]</B> (collectively, the &ldquo;<B>Documents</B>&rdquo;). This will confirm that <B>[</B>(a)<B>]
</B>the financial data that is circled or otherwise indicated on Exhibits <FONT STYLE="text-transform: uppercase">A</FONT> <B>[</B>through
[&#9679;]<B>]</B> hereto have been derived from the accounting and other records of the Company and its subsidiaries or <B>[</B>unaudited
financial statements of [&#9679;]<B>] </B>and <B>[</B>in each case<B>]</B> have been prepared, to the extent applicable, in compliance
with the requirements of </FONT>Securities Act and the Exchange Act and in conformity with U.S. generally accepted accounting principles
applied on a consistent basis during the periods involved, and that all such data is accurate and fairly presented in all material respects
<B>[</B>and (b)&nbsp;the statistical or market-related data that is circled or otherwise indicated on Exhibits A <B>[</B>through [&#9679;]<B>]
</B>hereto have been based on or derived from information set forth in or provided by from sources that are reliable and accurate in
all material respects and accurately reflects all such information<B>]</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Capitalized terms used herein
and not defined have the respective meanings ascribed thereto in the Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, I have
hereunto set my hand as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><SUP>1</SUP> If reasonably
requested by the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 51; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit D-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT>Name of Issuer<B>]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in"></P>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Exhibit D-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> </FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.5in"></P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Significant Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>State of Incorporation or Organization</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Residential Acquisition Corporation</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Subsidiary Holdings, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Residential Funding, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance Lender LLC&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit E-1-1</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Excluded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 220.05pt 0pt 0">Sequoia Mortgage Funding Trust 2003-A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 220.05pt 0pt 0">Sequoia Mortgage Trust 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2003-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2003-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Sequoia Mortgage Trust 2003-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Sequoia Mortgage Trust 2003-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Sequoia Mortgage Trust 2003-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 152.1pt 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 152.1pt 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 152.1pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 2003-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2006-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2010-H1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2011-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2011-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2012-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2012-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2012-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 54; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-CH4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0"></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2019-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-MC1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2022-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia CDO 5, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 5, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 6, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 6, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 7, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 7, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 8, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 8, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 9, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 9, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 10, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 10, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 11, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 11, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 12, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">Acacia CDO 12, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia Option ARM 1 CDO, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia Option ARM 1 CDO Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia CRE CDO 1, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">Acacia CRE CDO 1, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">RWT Holdings REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">Redwood Capital Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">Greystone ESS Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0"></P>

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">BDS RWT KS07 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 326.3pt 0pt 0">BDS RWT KW02 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.3pt 0pt 0">BD IV NES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.3pt 0pt 0">BD IV TES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.65pt 0pt 0">MSR Black Diamond Advances (Depositor) IV, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.65pt 0pt 0">MSR Black Diamond Advances Issuer Trust IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">HGI RWT JV, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.55pt 0pt 0">HGI RWT WLIF, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HGI RWT Finance, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HGI RWT CE, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust,
Series 2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2016-K53</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2016-K56</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2016-KS07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2017-KW02</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2019-KC07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2020-KI05</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2020-KI06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Colony American Finance 2015-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-2 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2015-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-2 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2017-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2017-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2018-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2018-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2019-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2019-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2019-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-4 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-5 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-RTL1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Point Securitization Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Warehouse Trust, Series 2022-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit F-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Exhibit G</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Subsidiary REITs, Qualified REIT
Subsidiaries and Disregarded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(* = Dissolved or Sold)<BR>
(** = Inactive) </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Subsidiary REITs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Qualified REIT Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood FinSec, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood BPL Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood BPL Holdings 2, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Juniper Trust, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust Japan, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sycamore Trust, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tanoak Commercial Capital Corporation*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Disregarded Entities and
Other REIT Entities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Capital Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BPL Funding 1, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.35pt 0pt 0">BPL Funding 2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 349.35pt 0pt 0">5 Arches, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 289.05pt 0pt 0">5 Arch Asset Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 289.05pt 0pt 0">5 AIF RW, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">Secured Holdings, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">Redwood Capital Trust II*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">Redwood TALF LLC *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RCMC Texan, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RCMC Broward, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RCMC Brick Row, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RCMC Ashlar, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.4pt 0pt 0">Redwood Commercial Financing (TRS), LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.4pt 0pt 0">RWT Holdings Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 258.7pt 0pt 0">Redwood RPL Administrator, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 258.7pt 0pt 0">Redwood Subsidiary Holdings, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 258.7pt 0pt 0">RSH Depositor, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RRAC Financing I Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RWT Financial, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RRAC Borrower CS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RRAC SPV-FN Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RRAC SPV-FN2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">RRAC SPV-FRE Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0"></P>

<!-- Field: Page; Sequence: 58; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit G-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.35pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.35pt 0pt 0">BD IV NES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.35pt 0pt 0">BD IV TES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSR Black Diamond Advances (Depositor) IV, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT JV Investor, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT CE Investor, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest Holdings II LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CF CoreVest UB Asset Investor II LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CAF Sub REIT DRE, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest Purchaser LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CoreVest American Finance BPH LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CAF REO-2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Term Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower FIG, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower MS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower MS 2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower MGPM, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">CAF Bridge Lending LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 289.55pt 0pt 0">CAF Bridge Depositor, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 289.55pt 0pt 0">CAFL 2021-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 282.25pt 0pt 0">CF CoreVest MHL Investor LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 282.25pt 0pt 0">CF CoreVest MHL HE Assets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CF CoreVest MHL MTMY Assets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CF CoreVest Holdings I LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CoreVest American Finance Lender LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CAF National LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CF CoreVest UST Asset Investor I LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">CAF Hedge MS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Hedge GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CoreVest Purchaser 2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 241.45pt 0pt 0; text-align: justify">CoreVest American Finance Depositor
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 241.45pt 0pt 0; text-align: justify">CAF Term Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 302.95pt 0pt 0; text-align: justify">CAF Term Borrower MS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 302.95pt 0pt 0; text-align: justify">CAF Term Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 302.95pt 0pt 0; text-align: justify">CAF REO-1, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.15pt 0pt 0">CAF Borrower GS LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.15pt 0pt 0">RWT Risk Services, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RWT Financial Services, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RCMC Senior Financing, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RCMC Senior Financing, II, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RCMC MF-I, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RCMC One West, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RCMC/Malkin One West JV, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.9pt 0pt 0">RCMC 2012-1 CREL1, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 206.1pt 0pt 0">Redwood Commercial Financing (REIT) LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 206.1pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 206.1pt 0pt 0"></P>

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit G-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 206.1pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 206.1pt 0pt 0">BDS RWT KS07 LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.15pt 0pt 0">BDS RWT KW02 LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.15pt 0pt 0">RWT LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">Redwood Opportunity Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 253.7pt 0pt 0">Redwood Opportunity Master Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Value LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Value Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Value Master Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 1*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 2*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 3*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 4*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 5*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 6*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.2pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 7*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 248.65pt 0pt 0; text-align: justify">Sequoia Mortgage Funding Trust 2003-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 248.65pt 0pt 0; text-align: justify">Sequoia Mortgage Funding Trust 2004-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 248.65pt 0pt 0; text-align: justify">Sequoia HELOC Trust 2004-1*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 227.3pt 0pt 0; text-align: justify">Sequoia Mortgage Funding Company 2002-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Funding Company 2002-B*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit G-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit -H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Taxable REIT Subsidiaries</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(* = Dissolved, Sold or Inactive) </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Sequoia Residential Funding, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Redwood Asset Management, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.9pt 0pt 0">Redwood Commercial Mortgage Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.9pt 0pt 0">Redwood Residential Acquisition Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 230.9pt 0pt 0">RRAC-NY Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Redwood Millennium Funding, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Redwood BPL Capital, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5 Arch Funding Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">CF CoreVest UB Cayman Ltd. Juniper</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Holdings, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Redwood Commercial Funding, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Redwood Financial Services, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Redwood Mortgage Funding, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Redwood Offshore Opportunity Fund, LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Redwood Offshore Value Fund, LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Redwood Residential Funding, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 245.75pt 0pt 0">Tanoak Asset Management, Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 1, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 2, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 3, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 4, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 5, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 6, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 7, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 8, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 9, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 10, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 11, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 12, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Acacia CDO 13, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Acacia Option ARM 1 CDO, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 274.5pt 0pt 0">Acacia CRE CDO 1, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.1pt 0pt 0">Acacia CRE CDO 2, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.1pt 0pt 0">Crest G-Star 2001-2A, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 304.1pt 0pt 0">GSAA 2006-NIM8, LTD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Markov CDO I, Ltd*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Millstone III CDO, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 322.55pt 0pt 0">Millstone IV CDO, Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESIX Finance Limited*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Madrona LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Madrona Residential Funding LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit H-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Exhibit I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Excluded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 220.05pt 0pt 0">Sequoia Mortgage Funding Trust 2003-A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 220.05pt 0pt 0">Sequoia Mortgage Trust 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2003-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2003-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Sequoia Mortgage Trust 2003-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Sequoia Mortgage Trust 2003-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.05pt 0pt 0">Sequoia Mortgage Trust 2003-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 152.1pt 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 152.1pt 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 152.1pt 0pt 0; text-align: justify">Sequoia Mortgage Trust 2003-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2004-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2005-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2006-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2007-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2010-H1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2011-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2011-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.75pt 0pt 0">Sequoia Mortgage Trust 2012-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2012-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit I-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2012-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2012-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2013-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2014-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2015-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2016-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2017-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.8pt 0pt 0">Sequoia Mortgage Trust 2018-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2018-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2018-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2018-CH4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0"></P>

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit I-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2019-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-MC1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2020-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2021-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Sequoia Mortgage Trust 2022-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia CDO 5, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 5, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 6, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 6, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 7, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 7, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 8, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 8, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 9, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 9, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 10, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 10, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 11, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 11, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 12, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.8pt 0pt 0">Acacia CDO 12, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia Option ARM 1 CDO, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia Option ARM 1 CDO Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.05pt 0pt 0">Acacia CRE CDO 1, Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 310.05pt 0pt 0">Acacia CRE CDO 1, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 310.05pt 0pt 0">RWT Holdings REIT, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 310.05pt 0pt 0">Redwood Capital Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 310.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 310.05pt 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 310.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greystone ESS Trust I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KS07 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KW02 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 316.2pt 0pt 0">BD IV NES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 316.2pt 0pt 0">BD IV TES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.65pt 0pt 0">MSR Black Diamond Advances (Depositor) IV, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.65pt 0pt 0">MSR Black Diamond Advances Issuer Trust IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.65pt 0pt 0">HGI RWT JV, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.65pt 0pt 0">HGI RWT WLIF, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 316.2pt 0pt 0">HGI RWT Finance, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 316.2pt 0pt 0">HGI RWT CE, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust,
Series 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust,
Series 2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2016-K53</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2016-K56</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2016-KS07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2017-KW02</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2019-KC07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2020-KI05</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series 2020-KI06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 96.2pt 0pt 0">Colony American Finance 2015-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-2 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2015-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">Colony American Finance 2016-2 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2017-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2017-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2018-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2018-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2019-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2019-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2019-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-4 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2020-5 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.5pt 0pt 0">CoreVest American Finance 2021-RTL1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Point Securitization Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Warehouse Trust, Series 2022-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm228170d4_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Belvedere Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, California 94941</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Registration Statement on Form&nbsp;S-3:</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><U>Direct Stock Purchase and Dividend Reinvestment
                                            Plan</U></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Redwood Trust,&nbsp;Inc.,
a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law relating to the registration by
the Company of 6,158,931 shares (the &ldquo;Shares&rdquo;) of common stock, $.01 par value per share, of the Company (the &ldquo;Common
Stock&rdquo;), covered by the above-referenced Registration Statement, and all amendments thereto (the &ldquo;Registration Statement&rdquo;),
filed by the Company with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Shares may be issued from time to time pursuant to the Redwood Trust,&nbsp;Inc.
Direct Stock Purchase and Dividend Reinvestment Plan (the &ldquo;Plan&rdquo;), as described under the heading &ldquo;The Plan&rdquo; in
the Prospectus Supplement (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement and the related form of prospectus included therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Prospectus Supplement, dated March&nbsp;7, 2022 (the &ldquo;Prospectus Supplement&rdquo;), relating to the Plan, filed by the Company
with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Resolutions
adopted by the Board of Directors of the Company (the &ldquo;Resolutions&rdquo;), relating to the authorization of the Plan and the issuance
of the Shares, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid, binding and enforceable in
accordance with all stated terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all such Documents are genuine. All public
records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information
contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents,
and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
any issuance of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares
of Common Stock that the Company is then authorized to issue under the Charter. None of the Shares will be issued in violation of the
restrictions on ownership and transfer set forth in Article&nbsp;XI of the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in good
standing with the SDAT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the
Registration Statement, the Resolutions and the Plan, the Shares will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or
effect of any federal or state securities laws, including the securities laws of the State of Maryland. To the extent that any matter
as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do
not express any opinion on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the filing of the Prospectus Supplement
(the &ldquo;Current Report&rdquo;), which is incorporated by reference in the Registration Statement. We hereby consent to the filing
of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein.
In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Venable LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-5.2
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<FILENAME>tm228170d4_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-2img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Belvedere Place, Suite&nbsp;300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, California 94941</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Registration Statement on Form&nbsp;S-3</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Redwood Trust,&nbsp;Inc.,
a Maryland corporation (the &quot;Company&quot;), in connection with certain matters of Maryland law arising out of the sale and issuance
from time to time of shares (the &quot;Shares&quot;) of Common Stock, $0.01 par value per share (the &quot;Common Stock&quot;), of the
Company having an aggregate offering price of up to $175,000,000, covered by the above-referenced Registration Statement, and all amendments
related thereto (the &quot;Registration Statement&quot;), filed by the Company with the United States Securities and Exchange Commission
(the &quot;Commission&quot;) under the Securities Act of 1933, as amended (the &quot;1933 Act&quot;). The Shares may be issued from time
to time in an at-the-market public offering (the &quot;Offering&quot;) pursuant to a Distribution Agreement, dated as of March&nbsp;4,
2022 (the &quot;Distribution Agreement&quot;), by and among the Company, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit
Suisse Securities (USA) LLC, JMP Securities LLC, Nomura Securities International,&nbsp;Inc. and Mischler Financial Group,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &quot;Documents&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement and the Prospectus included therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Prospectus Supplement, dated March&nbsp;7, 2022 (the &quot;Prospectus Supplement&quot;), in the form filed by the Company with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;under the 1933 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &quot;Charter&quot;), certified by the State Department of Assessments and Taxation of Maryland (the &quot;SDAT&quot;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Amended and Restated Bylaws of the Company, as amended, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Resolutions
(the &quot;Resolutions&quot;) adopted by the Board of Directors of the Company (the &quot;Board&quot;), relating to, among other things,
the authorization of (a)&nbsp;the registration, sale and issuance of the Shares, (b)&nbsp;the execution, delivery and performance by the
Company of the Distribution Agreement, (c)&nbsp;the authorization of a pricing committee of the Board (the &quot;Pricing Committee&quot;) and the delegation thereto of the power to set the minimum price of any Shares to sold in the Offering,
and (d)&nbsp;the delegation to designated officers of the Company (the &quot;Authorized Officers&quot;) of the power to determine the
number and price of the Shares and certain other matters in connection with the registration, sale and issuance of the Shares, subject
to the Resolutions and any action of the Pricing Committee, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Distribution Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares will not be issued or transferred in violation of the restrictions on transfer and ownership of shares of stock of the Company
set forth in Article&nbsp;XI of the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number
of shares of Common Stock that the Company is then authorized to issue under the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prior
to the issuance of any Shares, (a)&nbsp;the Board or the Pricing Committee will set the minimum price of any Shares to be sold in the
Offering and (b)&nbsp;the Board, a duly authorized committee of the Board or an Authorized Officer will determine the price and certain
other terms of issuance of such Shares in accordance with and not in violation of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;),
the Charter, the Bylaws, the Registration Statement and the Resolutions and any action of the Pricing Committee (the &ldquo;Corporate
Proceedings&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and existing under the laws of the State of Maryland and is in good standing with the SDAT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the
Corporate Proceedings, the Distribution Agreement, Resolutions, the Registration Statement and the Prospectus Supplement, the Shares will
be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or
effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding
fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction
other than the State of Maryland, we do not express any opinion on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm228170d4_ex5-2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;7, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the Offering (the &quot;Current Report&quot;).
We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use of the name of our firm therein. In
giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the 1933
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Venable LLP</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>tm228170d4_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">10250 Constellation Blvd., Suite 1100<BR>
 Los Angeles, California 90067 <BR>
Tel: +1.424.653.5500 Fax: +1.424.653.5501 <BR>
www.lw.com<BR>
<BR>
FIRM / AFFILIATE OFFICES</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
  <TD STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="tm228170d4_ex8-1img002.jpg" ALT=""><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                              <P STYLE="margin-top: 0; margin-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 7, 2022</P>

</TD>
  <TD STYLE="font-size: 10pt; width: 20%">Austin<BR>
 Beijing <BR>
Boston <BR>
Brussels <BR>
Century City <BR>
Chicago <BR>
Dubai <BR>
D&uuml;sseldorf <BR>
Frankfurt <BR>
Hamburg <BR>
Hong Kong <BR>
Houston <BR>
London <BR>
Los Angeles <BR>
Madrid <BR>
Milan</TD>
  <TD STYLE="font-size: 10pt; width: 20%"><FONT STYLE="font-size: 10pt"> Moscow<BR>
 Munich<BR>
 New York<BR>
Orange County<BR>
 Paris<BR>
 Riyadh<BR>
San Diego<BR>
San Francisco<BR>
 Seoul<BR>
Shanghai<BR>
 Silicon Valley<BR>
 Singapore<BR>
Tel Aviv<BR>
 Tokyo<BR>
Washington,
D.C. </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Belvedere Place, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, California 94941</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Re: <U>Redwood Trust, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressee set forth above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have acted as special tax
counsel to Redwood Trust, Inc., a Maryland corporation (&ldquo;<B><I>RWT</I></B>&rdquo;), in connection with the registration of shares
of common stock of RWT issuable under RWT&rsquo;s Direct Stock Purchase and Dividend Reinvestment Plan, pursuant to a registration statement
on Form S-3 dated March 4, 2022 (such registration statement, together with all exhibits thereto and the documents incorporated by reference
therein, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;) filed by RWT with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<B><I>Act</I></B>&rdquo;), a prospectus dated March 4, 2022 (the &ldquo;<B><I>Base
Prospectus</I></B>&rdquo;) and a prospectus supplement dated March 7, 2022 (the &ldquo;<B><I>Prospectus Supplement</I></B>,&rdquo; and
together with the Base Prospectus, the &ldquo;<B><I>Prospectus</I></B>&rdquo;) filed by RWT with the Commission under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">You have requested our opinion
concerning certain of the federal income tax considerations relating to RWT, including with respect to its election to be taxed as a real
estate investment trust (&ldquo;<B><I>REIT</I></B>&rdquo;). This opinion is based on certain assumptions and factual representations concerning
the business, assets and governing documents of RWT and its subsidiaries as set forth in the Registration Statement and the Prospectus.
We have also been furnished with, and with your consent have relied upon, certain representations made by RWT and its subsidiaries with
respect to certain factual matters through a certificate of an officer of RWT, dated as of the date hereof (the &ldquo;<B><I>Officer&rsquo;s
Certificate</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>March 7, 2022<BR>
Page 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm228170d4_ex8-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In our capacity as
special tax counsel to RWT, we have made such legal and factual examinations and inquiries, including an examination of originals or
copies certified or otherwise identified to our satisfaction of such documents, corporate records and other instruments as we have
deemed necessary or appropriate for purposes of this opinion. For purposes of our opinion, we have not made an independent
investigation or audit of the facts set forth in the above referenced documents or in the Officer&rsquo;s Certificate. In
particular, we note that RWT may engage in transactions in connection with which we have not provided legal advice, and have not
reviewed, and of which we may be unaware. Consequently, we have relied on your representation that the facts, statements,
representations, and covenants presented in the above referenced documents and the Officer&rsquo;s Certificate, or otherwise
furnished to us, accurately and completely describe all material facts relevant to our opinion. In addition, in rendering this
opinion we have assumed the truth and accuracy of all representations and statements made to us that are qualified as to knowledge
or belief, without regard to such qualification. In our examination, we have assumed the authenticity of all documents submitted to
us as originals, the genuineness of all signatures thereon, the legal capacity of natural persons executing such documents and the
conformity to authentic original documents of all documents submitted to us as copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are opining herein only
as to the federal income tax laws of the United States, and we express no opinion with respect to the applicability thereto, or the effect
thereon, of other federal laws, the laws of any state or other jurisdiction or as to any matters of municipal law or the laws of any other
local agencies within any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on such facts and subject
to the qualifications, representations, assumptions and limitations set forth herein and in the Registration Statement and the Prospectus,
it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Commencing with RWT&rsquo;s taxable year ended December 31, 2011, RWT has been organized and has operated
in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the
 &ldquo;<B><I>Code</I></B>&rdquo;), and its proposed method of operation will enable RWT to meet the requirements for qualification and
taxation as a REIT under the Code; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">The statements set forth in the Base Prospectus and the Prospectus Supplement under the captions &ldquo;Material
U.S. Federal Income Tax Considerations&rdquo; and &ldquo;Supplemental Material U.S. Federal Income Tax Considerations,&rdquo; respectively,
insofar as they purport to describe or summarize certain provisions of the statutes or regulations referred to therein, are accurate descriptions
or summaries in all material respects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No opinion is expressed as
to any matter not discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This opinion is rendered
to you as of the date of this letter, and we undertake no obligation to update this opinion subsequent to the date hereof. This
opinion is based on various statutory provisions, regulations promulgated thereunder and interpretations thereof by the Internal
Revenue Service and the courts having jurisdiction over such matters, all of which are subject to change either prospectively or
retroactively. Any such change may affect the conclusions stated herein. Also, any variation or difference in the facts from those
set forth in the Registration Statement, the Prospectus or the Officer&rsquo;s Certificate may affect the conclusions stated herein.
In addition, RWT&rsquo;s qualification and taxation as a REIT depend upon RWT&rsquo;s ability to meet the various qualification
tests imposed under the Code, including through actual annual operating results, asset composition, distribution levels and
diversity of stock ownership, the results of which have not been and will not be reviewed by Latham &amp; Watkins LLP. Accordingly,
no assurance can be given that the actual results of RWT&rsquo;s operation for any particular taxable year will satisfy such
requirements. In addition, the opinion set forth above does not foreclose the possibility that RWT may have to pay a deficiency
dividend, or an excise or penalty tax, which could be significant in amount, in order to maintain its REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>March 7, 2022<BR>
Page 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm228170d4_ex8-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This opinion is rendered only to you and is solely
for your benefit in connection with the Prospectus upon the understanding that we are not hereby assuming professional responsibility
to any other person whatsoever. This opinion may not be relied upon by you for any other purpose, or furnished to, assigned to, quoted
to or relied upon by any other person, firm or other entity for any purpose without our prior written consent, which may be granted or
withheld in our sole discretion, provided that this opinion may be relied upon by persons entitled to rely on it pursuant to applicable
provisions of federal securities law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We hereby consent to the filing of this opinion
as an exhibit to the Prospectus and to the reference to our firm name in the Prospectus under the captions &ldquo;Material U.S. Federal
Income Tax Considerations&rdquo; and &ldquo;Legal Matters.&rdquo; In giving this consent, we do not hereby admit that we are within the
category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD>Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>/s/ Latham &amp; Watkins LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>rwt-20220304_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.22.0.1</span><table class="report" border="0" cellspacing="2" id="idm140202132882600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Mar. 04, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar.  04,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13759<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">REDWOOD TRUST, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000930236<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">68-0329422<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Belvedere Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Mill Valley<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94941<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">415<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">389-7373<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
