<SEC-DOCUMENT>0001104659-25-081501.txt : 20250822
<SEC-HEADER>0001104659-25-081501.hdr.sgml : 20250822
<ACCEPTANCE-DATETIME>20250821193903
ACCESSION NUMBER:		0001104659-25-081501
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20250821
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250822
DATE AS OF CHANGE:		20250821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				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:		251241979

	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="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt 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">Washington, D.C. 20549</p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_906_edei--DocumentType_c20250821__20250821_zZ4elNtQ60p5"><ix:nonNumeric contextRef="AsOf2025-08-21" id="Fact000010" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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<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<span style="text-transform: uppercase">
</span>15(d) of The Securities Exchange Act of 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b><br/>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (see General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 9pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 9pt">&#160;</span></p>

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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">Securities registered pursuant to Section
12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p>

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<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>

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<td style="width: 0"/><td style="width: 1in"><b>Item 8.01</b></td><td><b>Other Events.</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&#160;3, 2025, Redwood Trust,&#160;Inc.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">Pursuant to the
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    <td style="text-align: justify"><span style="font-size: 10pt">Date: August 21, 2025</span></td>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 8.1</B></P>

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<TD STYLE="width: 70%; text-align: left">&nbsp;</TD><TD STYLE="text-align: left; width: 30%"><P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10250 Constellation Blvd., Suite&nbsp;1100&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, California 90067&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +1.424.653.5500 Fax: +1.424.653.5501&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.lw.com</P>
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  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 15%">Austin</TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orange
    County</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;21, 2025&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D&uuml;sseldorf</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
    Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frankfurt</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
    Francisco</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamburg</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seoul</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicon
    Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
    Aviv</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los
    Angeles</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madrid</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
    D.C.</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">Redwood Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Belvedere Place, Suite&nbsp;300&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, CA 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>Current Report on Form&nbsp;8-K</U></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">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: justify; text-indent: 0.5in">We have acted as special tax
counsel to Redwood Trust,&nbsp;Inc., a Maryland corporation (&ldquo;<B><I>RWT</I></B>&rdquo;), in connection with the filing of a Current
Report on Form&nbsp;8-K dated August&nbsp;21, 2025 (the &ldquo;<B><I>August&nbsp;2025 Form&nbsp;8-K</I></B>&rdquo;), 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;).
Exhibit&nbsp;99.1 of the August&nbsp;2025 Form&nbsp;8-K contains a discussion of certain U.S. federal income tax consideration that supersedes
and replaces the discussion under the heading &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; in the prospectus included
in the registration statement on Form&nbsp;S-3 dated March&nbsp;3, 2025 filed by RWT with the Commission under the Act (such registration
statement, together with all exhibits thereto and the documents incorporated by reference therein, including the prospectus included therein,
the &ldquo;<B><I>Registration Statement</I></B>&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-align: justify; 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. 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">&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"><B>August&nbsp;21, 2025 <BR>
Page&nbsp;2</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"><IMG SRC="tm2517625d1_ex8-102.jpg" ALT="">&nbsp;</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; 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: justify">Commencing with RWT&rsquo;s taxable year ended December&nbsp;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: justify">The statements set forth in Exhibit&nbsp;99.1 to the August&nbsp;2025 Form&nbsp;8-K under the caption
 &ldquo;Material U.S. Federal Income Tax Considerations,&rdquo; 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="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; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 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&nbsp;&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">&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-top: 0pt; margin-bottom: 0pt"><B>August&nbsp;21, 2025<BR>
Page&nbsp;3</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"><IMG SRC="tm2517625d1_ex8-102.jpg" ALT="">&nbsp;</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; text-indent: 0.5in">This opinion is rendered only
to you and is solely for your benefit in connection with the August&nbsp;2025 Form&nbsp;8-K 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this letter as an exhibit to the August&nbsp;2025 Form&nbsp;8-K, to the incorporation by reference of this letter into the Registration
Statement (and any post-effective amendment thereto), and to the reference to our firm name in Exhibit&nbsp;99.1 to the August&nbsp;2025
Form&nbsp;8-K and in the prospectus forming part of the Registration Statement (or any post-effective amendment thereto) as having passed
upon certain tax matters set forth in Exhibit&nbsp;99.1 to the August&nbsp;2025 Form&nbsp;8-K. In giving this consent, we do not hereby
admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;or regulations
of the Commission promulgated thereunder.</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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Latham&nbsp;&amp; Watkins LLP</FONT></TD></TR>
  </TABLE>

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

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

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


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2517635d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<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 99.1</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"><FONT STYLE="text-transform: uppercase"><B>MATERIAL
U.S.&nbsp;FEDERAL INCOME TAX CONSIDERATIONS</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; text-align: justify; text-indent: 0.5in">The following is a general
summary of certain material U.S.&nbsp;federal income tax considerations regarding our qualification and taxation as a REIT and the purchase,
ownership and disposition of our capital stock and debt securities, but does not purport to be a complete analysis of all potential tax
effects. Supplemental U.S.&nbsp;federal income tax considerations relevant to the ownership of the securities offered by the prospectus
dated March&nbsp;3, 2025, or the Prospectus, may be provided in the prospectus supplement that relates to those securities. Your tax treatment
will vary depending upon the terms of the specific securities you acquire, as well as your particular situation. For purposes of this
discussion, references to &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; mean only Redwood Trust,&nbsp;Inc. and do not include
any of its subsidiaries, except as otherwise indicated. This summary is for general information only and is not tax advice. The information
in this summary is based on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">current, temporary and proposed Treasury regulations promulgated under the Code, or Treasury Regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the legislative history of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">administrative interpretations and practices of the Internal Revenue Service, or the IRS; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">court decisions;</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">in each case, as of the date of this Current Report
on Form&nbsp;8-K. In addition, the administrative interpretations and practices of the IRS include its practices and policies as expressed
in private letter rulings that are not binding on the IRS except with respect to the particular taxpayers who requested and received those
rulings. The sections&nbsp;of the Code and the corresponding Treasury Regulations that relate to qualification and taxation as a REIT
are highly technical and complex. The following discussion sets forth certain material aspects of the sections&nbsp;of the Code that govern
the U.S.&nbsp;federal income tax treatment of a REIT and its stockholders and the holders of its debt securities. This summary is qualified
in its entirety by the applicable Code provisions, Treasury Regulations, and administrative and judicial interpretations thereof. Potential
tax reforms may result in significant changes to the rules&nbsp;governing U.S.&nbsp;federal income taxation. New legislation, Treasury
Regulations, administrative interpretations and practices and/or court decisions may significantly and adversely affect our ability to
qualify as a REIT, the U.S.&nbsp;federal income tax consequences of such qualification, or the U.S.&nbsp;federal income tax consequences
of an investment in us, including those described in this discussion. Moreover, the law relating to the tax treatment of other entities,
or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment
in a REIT. Any such changes could apply retroactively to transactions preceding the date of the change. We have not requested, and do
not plan to request, any rulings from the IRS that we qualify as a REIT, and the statements in the Prospectus and this Current Report
on Form&nbsp;8-K are not binding on the IRS or any court. Thus, we can provide no assurance that the tax considerations contained in this
discussion will not be challenged by the IRS or will be sustained by a court if challenged by the IRS.&nbsp;This summary does not discuss
any state, local or non-U.S.&nbsp;tax consequences, or any tax consequences arising under any U.S.&nbsp;federal tax laws other than U.S.&nbsp;federal
income tax laws, associated with the purchase, ownership or disposition of our capital stock or debt securities, or our election to be
taxed as a REIT.</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"><B>You are urged to consult your tax advisors
regarding the tax consequences to you of:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>the purchase, ownership and disposition of our capital stock or debt securities, including the U.S.&nbsp;federal,
state, local, non-U.S.&nbsp;and other tax consequences;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>our election to be taxed as a REIT for U.S.&nbsp;federal income tax purposes; and</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>potential changes in applicable tax laws.</B></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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<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"><B>Taxation of the Company</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; text-align: justify"><B><I>General</I></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; text-align: justify; text-indent: 0.5in">We have elected to be taxed
as a REIT under Sections&nbsp;856 through 860 of the Code commencing with our taxable year ended December&nbsp;31, 1994. We believe that
we have been organized and have operated in a manner that has allowed us to qualify for taxation as a REIT under the Code commencing with
such taxable year, and we intend to continue to be organized and to operate in this manner. However, qualification and taxation as a REIT
depend upon our ability to meet the various qualification tests imposed under the Code, including through actual operating results, asset
composition, distribution levels and diversity of stock ownership. Accordingly, no assurance can be given that we have been organized
and have operated, or will continue to be organized and operate, in a manner so as to qualify or remain qualified as a REIT. See &ldquo;Material
U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Failure to Qualify&rdquo; for potential tax consequences
if we fail to qualify as a REIT.</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; text-indent: 0.5in">Latham&nbsp;&amp; Watkins
LLP has acted as our tax counsel in connection with the Prospectus and this Current Report on Form&nbsp;8-K and our U.S.&nbsp;federal
income tax status as a REIT. Latham&nbsp;&amp; Watkins LLP has rendered an opinion to us, as of the date of this Current Report on Form&nbsp;8-K,
to the effect that, commencing with our taxable year ended December&nbsp;31, 2011, we have been organized and have operated in conformity
with the requirements for qualification and taxation as a REIT under the Code, and our proposed method of operation will enable us to
continue to meet the requirements for qualification and taxation as a REIT under the Code. It must be emphasized that this opinion was
based on various assumptions and representations as to factual matters, including representations made by us in a factual certificate
provided by one or more of our officers. In addition, this opinion was based upon our factual representations set forth in the Prospectus.
Additionally, to the extent we make certain investments, such as investments in commercial mortgage loan securitizations, the accuracy
of such opinion will also depend on the accuracy of certain opinions rendered to us in connection with such transactions. Moreover, our
qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, which are
discussed below, including through actual 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&nbsp;&amp; Watkins LLP. Accordingly, no assurance can be given that
our actual results of operations for any particular taxable year have satisfied or will satisfy those requirements. Further, the anticipated
U.S.&nbsp;federal income tax treatment described in this discussion may be changed, perhaps retroactively, by legislative, administrative
or judicial action at any time. Latham&nbsp;&amp; Watkins LLP has no obligation to update its opinion subsequent to the date of such opinion.</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; text-indent: 0.5in">Provided we qualify for taxation
as a REIT, we generally will not be required to pay U.S.&nbsp;federal corporate income taxes on our REIT taxable income that we currently
distribute to our stockholders. This treatment substantially eliminates the &ldquo;double taxation&rdquo; that ordinarily results from
investment in a C corporation. A C corporation is a corporation that generally is required to pay tax at the corporate level. Double taxation
means taxation once at the corporate level when income is earned and once again at the stockholder level when the income is distributed.
We will, however, be required to pay U.S.&nbsp;federal income tax as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We will be required to pay regular U.S.&nbsp;federal corporate income tax on any undistributed REIT taxable
income, including undistributed capital gain.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we have (1)&nbsp;net income from the sale or other disposition of &ldquo;foreclosure property&rdquo;
held primarily for sale to customers in the ordinary course of business or (2)&nbsp;other nonqualifying income from foreclosure property,
we will be required to pay regular U.S.&nbsp;federal corporate income tax on this income. To the extent that income from foreclosure property
is otherwise qualifying income for purposes of the 75% gross income test, this tax is not applicable. Subject to certain other requirements,
foreclosure property generally is defined as property we acquired through foreclosure or after a default on a loan secured by the property
or a lease of the property. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Income
Tests&mdash;Foreclosure Property.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited transactions
are, in general, sales or other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for
sale to customers in the ordinary course of business.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we fail to satisfy the 75% gross income test or the 95% gross income test, as described below, but
have otherwise maintained our qualification as a REIT because certain other requirements are met, we will be required to pay a tax equal
to (1)&nbsp;the greater of (A)&nbsp;the amount by which we fail to satisfy the 75% gross income test and (B)&nbsp;the amount by which
we fail to satisfy the 95% gross income test, multiplied by (2)&nbsp;a fraction intended to reflect our profitability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we fail to satisfy any of the asset tests (other than a <I>de minimis</I> failure of the 5% or 10%
asset test), as described below, due to reasonable cause and not due to willful neglect, and we nonetheless maintain our REIT qualification
because of specified cure provisions, we will be required to pay a tax equal to the greater of $50,000 or the U.S.&nbsp;federal corporate
income tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail such test.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT
(other than a violation of the gross income tests or certain violations of the asset tests, as described below) and the violation is due
to reasonable cause and not due to willful neglect, we may retain our REIT qualification but we will be required to pay a penalty of $50,000
for each such failure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year
at least the sum of (1)&nbsp;85% of our ordinary income for the year, (2)&nbsp;95% of our capital gain net income for the year, and (3)&nbsp;any
undistributed taxable income from prior periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we acquire any asset from a corporation that is or has been a C corporation in a transaction in which
our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired
the asset, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which
we acquired the asset, then we generally will be required to pay regular U.S.&nbsp;federal corporate income tax on this gain to the extent
of the excess of (1)&nbsp;the fair market value of the asset over (2)&nbsp;our adjusted tax basis in the asset, in each case determined
as of the date on which we acquired the asset. The results described in this paragraph with respect to the recognition of gain assume
that the C corporation will refrain from making an election to receive different treatment under applicable Treasury Regulations on its
tax return for the year in which we acquire the asset from the C corporation. Under applicable Treasury Regulations, any gain from the
sale of property we acquired in an exchange under Section&nbsp;1031 (a like-kind exchange) or Section&nbsp;1033 (an involuntary conversion)
of the Code generally is excluded from the application of this built-in gains tax.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we elect to treat property that we acquire in connection with a foreclosure of a mortgage loan or from
certain leasehold terminations as &ldquo;foreclosure property,&rdquo; we may thereby avoid (1)&nbsp;the 100% tax on gain from a resale
of that property (if the sale would otherwise constitute a prohibited transaction) and (2)&nbsp;the inclusion of any income from such
property not qualifying for purposes of the REIT gross income tests discussed below, but the income from the sale or operation of the
property may be subject to regular U.S.&nbsp;federal corporate income tax.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We will generally be subject to tax on the portion of any &ldquo;excess inclusion income&rdquo; derived
from an investment in residual interests in certain mortgage loan securitization structures (i.e., a &ldquo;taxable mortgage pool&rdquo;
or a residual interest in a real estate mortgage investment conduit, or a REMIC) to the extent that our capital stock is held by specified
types of tax-exempt organizations known as &ldquo;disqualified organizations&rdquo; that are not subject to tax on unrelated business
taxable income. To the extent that we own a REMIC residual interest or a taxable mortgage pool through a taxable REIT subsidiary, or a
TRS, we will not be subject to this tax. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Taxable
Mortgage Pools.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our subsidiaries that are C corporations and are not qualified REIT subsidiaries, including our TRSs,
generally will be required to pay regular U.S.&nbsp;federal corporate income tax on their earnings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We will be required to pay a 100% tax on any &ldquo;redetermined rents,&rdquo; &ldquo;redetermined deductions,&rdquo;
 &ldquo;excess interest&rdquo; or &ldquo;redetermined TRS service income,&rdquo; as described below under &ldquo;Material U.S.&nbsp;Federal
Income Tax Considerations&mdash;Taxation of the Company&mdash;Income Tests&mdash;Penalty Tax.&rdquo;</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may elect to retain and pay income tax on our net capital gain. In that case, a stockholder would include
its proportionate share of our undistributed capital gain (to the extent we make a timely designation of such gain to the stockholder)
in its income, would be deemed to have paid the tax that we paid on such gain, and would be allowed a credit for its proportionate share
of the tax deemed to have been paid, and an adjustment would be made to increase the tax basis of the stockholder in our capital stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we fail to comply with the requirement to send annual letters to our stockholders holding at least
a certain percentage of our stock, as determined under applicable Treasury Regulations, requesting information regarding the actual ownership
of our stock, and the failure is not due to reasonable cause or is due to willful neglect, we will be subject to a $25,000 penalty, or
if the failure is intentional, a $50,000 penalty.</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; text-indent: 0.25in">We and our subsidiaries may
be subject to a variety of taxes other than U.S.&nbsp;federal income tax, including payroll taxes and state and local income, property
and other taxes on our assets and operations.</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"><B><I>Requirements for Qualification as a REIT</I></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 0pt 0.5in; text-align: justify">The Code defines a REIT as a corporation,
trust or association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">that is managed by one or more trustees or directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">that issues transferable shares or transferable certificates to evidence its beneficial ownership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">that would be taxable as a domestic corporation, but for Sections&nbsp;856 through 860 of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">that is not a financial institution or an insurance company within the meaning of certain provisions of
the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">that is beneficially owned by 100 or more persons;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">not more than 50% in value of the outstanding stock of which is owned, actually or constructively, by
five or fewer individuals, including certain specified entities, during the last half of each taxable year; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">that meets other tests, described below, regarding the nature of its income and assets and the amount
of its distributions.</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; text-indent: 0.5in">The Code provides that conditions
(1)&nbsp;to (4), inclusive, must be met during the entire taxable year and that condition (5)&nbsp;must be met during at least 335 days
of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Conditions (5)&nbsp;and (6)&nbsp;do
not apply until after the first taxable year for which an election is made to be taxed as a REIT. For purposes of condition (6), the term
 &ldquo;individual&rdquo; includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust
permanently set aside or used exclusively for charitable purposes, but generally does not include a qualified pension plan or profit sharing
trust.</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; text-indent: 0.5in">We believe that we have been
organized and have operated in a manner that has allowed us, and will continue to allow us, to satisfy conditions (1)&nbsp;through (7),
inclusive, during the relevant time periods. In addition, our charter provides for restrictions regarding ownership and transfer of our
shares that are intended to assist us in continuing to satisfy the share ownership requirements described in conditions (5)&nbsp;and (6)&nbsp;above.
A description of the share ownership and transfer restrictions relating to our capital stock is contained in the discussion in the Prospectus
under the heading &ldquo;Restrictions on Ownership and Transfer and Repurchase of Shares.&rdquo; These restrictions, however, do not ensure
that we have previously satisfied, and may not ensure that we will, in all cases, be able to continue to satisfy, the share ownership
requirements described in conditions (5)&nbsp;and (6)&nbsp;above. If we fail to satisfy these share ownership requirements, then except
as provided in the next sentence, our status as a REIT will terminate. If, however, we comply with the rules&nbsp;contained in applicable
Treasury Regulations that require us to ascertain the actual ownership of our shares and we do not know, or would not have known through
the exercise of reasonable diligence, that we failed to meet the requirement described in condition (6)&nbsp;above, we will be treated
as having met this requirement. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Failure
to Qualify.&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"></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; text-align: justify; text-indent: 0.5in">In addition, we may not maintain
our status as a REIT unless our taxable year is the calendar year. We have and will continue to have a calendar taxable year.</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"><B><I>Ownership of Interests in Partnerships,
Limited Liability Companies and Qualified REIT Subsidiaries</I></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; text-align: justify; text-indent: 0.5in">In the case of a REIT that
is a partner in a partnership (for purposes of this discussion, references to &ldquo;partnership&rdquo; include a limited liability company
treated as a partnership for U.S.&nbsp;federal income tax purposes, and references to &ldquo;partner&rdquo; include a member in such limited
liability company), Treasury Regulations provide that the REIT will be deemed to own its proportionate share of the assets of the partnership
based on its interest in partnership capital, subject to special rules&nbsp;relating to the 10% asset test described below. Also, the
REIT will be deemed to be entitled to its proportionate share of the income of that entity. The assets and gross income of the partnership
retain the same character in the hands of the REIT for purposes of Section&nbsp;856 of the Code, including satisfying the gross income
tests and the asset tests. Thus, our pro rata share of the assets and items of income of any partnership, including such partnership&rsquo;s
share of these items of any partnership or disregarded entity for U.S.&nbsp;federal income tax purposes in which it owns an interest,
would be treated as our assets and items of income for purposes of applying the requirements described in this discussion, including the
gross income and asset tests described below. For purposes of the REIT qualification tests, the treatment of our ownership of partnerships
or limited liability companies that are, in each case, treated as disregarded entities for U.S.&nbsp;federal income tax purposes is generally
the same as described below with respect to qualified REIT subsidiaries.</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; text-indent: 0.5in">We generally have control
of our subsidiary partnerships and intend to operate them in a manner consistent with the requirements for our qualification as a REIT.
If we become a limited partner or non-managing member in any partnership and such entity takes or expects to take actions that could jeopardize
our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. In addition, it is possible
that a partnership could take an action which could cause us to fail a gross income or asset test, and that we would not become aware
of such action in time to dispose of our interest in the partnership or take other corrective action on a timely basis. In such a case,
we could fail to qualify as a REIT unless we were entitled to relief, as described below.</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; text-indent: 0.5in">From time to time, we may
own wholly owned subsidiaries that are treated as &ldquo;qualified REIT subsidiaries&rdquo; under the Code. A corporation (or other entity
treated as a corporation for U.S.&nbsp;federal income tax purposes) qualifies as our qualified REIT subsidiary if we own 100% of the corporation&rsquo;s
outstanding stock and do not elect with the subsidiary to treat it as a TRS, as described below. A qualified REIT subsidiary is not treated
as a separate corporation, and all assets, liabilities and items of income, gain, loss, deduction and credit of a qualified REIT subsidiary
are treated as assets, liabilities and items of income, gain, loss, deduction and credit of the parent REIT for all purposes under the
Code, including all REIT qualification tests. Thus, in applying the U.S.&nbsp;federal income tax requirements described in this discussion,
any qualified REIT subsidiaries we own are ignored, and all assets, liabilities and items of income, gain, loss, deduction and credit
of such corporations are treated as our assets, liabilities and items of income, gain, loss, deduction and credit. A qualified REIT subsidiary
is not subject to U.S.&nbsp;federal income tax, and our ownership of the stock of a qualified REIT subsidiary will not violate the restrictions
on ownership of securities, as described below under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the
Company&mdash;Asset Tests.&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-align: justify"><B><I>Ownership of Interests in TRSs</I></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; text-align: justify; text-indent: 0.5in">From time to time, we may
own interests in one or more companies that have elected, together with us, to be treated as our TRSs, and we may acquire securities in
additional TRSs in the future. A TRS is a corporation (or other entity treated as a corporation for U.S.&nbsp;federal income tax purposes),
other than a REIT, in which a REIT directly or indirectly holds stock, and that has made a joint election with such REIT to be treated
as a TRS.&nbsp;If a TRS owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such
other corporation will also be treated as a TRS.&nbsp;Other than some activities relating to lodging and health care facilities, a TRS
may generally engage in any business. A TRS is subject to U.S.&nbsp;federal income tax as a regular C corporation. A REIT is not treated
as holding the assets of a TRS or as receiving any income that the TRS earns. Rather, the stock issued by the TRS is an asset in the hands
of the REIT, and the REIT generally recognizes as income the dividends, if any, that it receives from the TRS.&nbsp;A REIT&rsquo;s ownership
of securities of a TRS is not subject to the 5% or 10% asset test described below. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation
of the Company&mdash;Asset Tests.&rdquo; Taxpayers are subject to a limitation on their ability to deduct net business interest generally
equal to 30% of adjusted taxable income, subject to certain exceptions. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation
of the Company&mdash;Annual Distribution Requirements.&rdquo; While not certain, this provision may limit the ability of our TRSs to deduct
interest, which could increase their taxable income.</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; text-align: justify; text-indent: 0.5in">Non-U.S.&nbsp;TRSs that are
not engaged in trade or business in the United States for tax purposes generally are not subject to U.S.&nbsp;corporate income taxation.
However, certain U.S.&nbsp;shareholders of such non-U.S.&nbsp;corporations may be required to include in their income currently their
proportionate share of the earnings of such a corporation, whether or not such earnings are distributed. This could affect our ability
to comply with the REIT income tests and distribution requirement. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation
of the Company&mdash;Income Tests&rdquo; and &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Annual
Distribution Requirements.&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-align: justify; text-indent: 0.5in">We may hold a significant
number of assets in one or more TRSs, subject to the limitation that securities in TRSs may not represent more than 20% of our total assets.
We may engage in securitization transactions through our TRSs, and to the extent that we acquire loans with an intention of selling such
loans in a manner that might expose us to a 100% tax on &ldquo;prohibited transactions,&rdquo; such loans may be acquired by a TRS.</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; text-indent: 0.5in">Certain restrictions imposed
on TRSs are intended to ensure that such entities will be subject to appropriate levels of U.S.&nbsp;federal income taxation. For example,
if amounts are paid to a REIT or deducted by a TRS due to transactions between a REIT, its tenants and/or the TRS that exceed the amount
that would be paid to or deducted by a party in an arm&rsquo;s-length transaction, the REIT generally will be subject to an excise tax
equal to 100% of such excess. Furthermore, income of a TRS that is understated as a result of services provided to us or on our behalf
generally will be subject to a 100% penalty tax. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the
Company&mdash;Income Tests&mdash;Penalty Tax.&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-align: justify"><B><I>Ownership of Interests in Subsidiary REITs</I></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; text-align: justify; text-indent: 0.5in">We own and may acquire direct
or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a &ldquo;Subsidiary
REIT&rdquo;). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that
are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i)&nbsp;that Subsidiary REIT would become subject
to U.S.&nbsp;federal income tax as a corporation and (ii)&nbsp;the Subsidiary REIT&rsquo;s failure to qualify could have an adverse effect
on our ability to comply with the REIT income and asset tests, and thus could impair our ability to qualify as a REIT unless we could
avail ourselves of certain relief provisions.</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"><B><I>Taxable Mortgage Pools</I></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; text-align: justify; text-indent: 0.5in">An entity, or a portion of
an entity, may be classified as a taxable mortgage pool, or a TMP, under the Code if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">substantially all of its assets consist of debt obligations or interests in debt obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">more than 50% of those debt obligations are real estate mortgages or interests in real estate mortgages
as of specified testing dates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the entity has issued debt obligations that have two or more maturities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the payments required to be made by the entity on its debt obligations &ldquo;bear a relationship&rdquo;
to the payments to be received by the entity on the debt obligations that it holds as assets.</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; text-indent: 0.5in">Under applicable Treasury
Regulations, if less than 80% of the assets of an entity (or a portion of an entity) consist of debt obligations, these debt obligations
are considered not to comprise &ldquo;substantially all&rdquo; of its assets, and therefore the entity would not be treated as a TMP.
We may enter into financing and securitization arrangements that give rise to TMPs.</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; text-indent: 0.5in">A TMP generally is treated
as a corporation for U.S.&nbsp;federal income tax purposes. However, special rules&nbsp;apply to a REIT, a portion of a REIT, or a qualified
REIT subsidiary that is a TMP. If a REIT owns directly, or indirectly through one or more qualified REIT subsidiaries or other entities
that are disregarded entities for U.S.&nbsp;federal income tax purposes, 100% of the equity interests in the TMP, the TMP will be a qualified
REIT subsidiary and, therefore, disregarded as an entity separate from the REIT for U.S.&nbsp;federal income tax purposes and would not
generally affect the tax qualification of the REIT. Rather, the consequences of the TMP classification would generally be limited to the
REIT&rsquo;s shareholders. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Excess
Inclusion Income.&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"></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; text-align: justify"><B><I>Excess Inclusion Income</I></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; text-align: justify; text-indent: 0.5in">A portion of income from a
TMP arrangement, which might be non-cash accrued income, could be treated as &ldquo;excess inclusion income.&rdquo; A REIT&rsquo;s excess
inclusion income, including any excess inclusion income from a residual interest in a REMIC, must be allocated among its shareholders
in proportion to dividends paid. We generally do not expect to generate excess inclusion income that would be allocated to our stockholders.
In the event we do generate excess inclusion income, we are required to notify our stockholders of the amount of such income allocated
to them. A shareholder&rsquo;s share of excess inclusion income:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cannot be offset by any net operating losses otherwise available to the shareholder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of a shareholder that is a REIT, a regulated investment company, or a RIC, or a common trust
fund or other pass-through entity, is considered excess inclusion income of such entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is subject to tax as unrelated business taxable income in the hands of most types of shareholders that
are otherwise generally exempt from U.S.&nbsp;federal income tax;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">results in the application of U.S.&nbsp;federal income tax withholding at the maximum rate (30%), without
reduction for any otherwise applicable income tax treaty or other exemption, to the extent allocable to most types of non-U.S.&nbsp;shareholders;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is taxable at the U.S.&nbsp;federal corporate income tax rate, currently 21%, to the REIT, rather than
its shareholders, to the extent allocable to the REIT&rsquo;s shares held in record name by disqualified organizations (generally, tax-exempt
entities not subject to unrelated business income tax, including governmental organizations).</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; text-indent: 0.5in">The manner in which excess
inclusion income is calculated, or would be allocated to our stockholders, including allocations among shares of different classes of
stock, is not clear under current law. As required by IRS guidance, we intend to make such determinations using a reasonable method.</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; text-indent: 0.5in">Tax-exempt investors, RIC
or REIT investors, non-U.S.&nbsp;investors and taxpayers with net operating losses should carefully consider the tax consequences described
above, and are urged to consult their tax advisors with respect to the U.S.&nbsp;federal income tax consequences of an investment in our
capital stock.</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; text-indent: 0.5in">If a subsidiary partnership
of ours that we do not wholly own, directly or through one or more disregarded entities, were a TMP, the foregoing rules&nbsp;would not
apply. Rather, the partnership that is a TMP would be treated as a corporation for U.S.&nbsp;federal income tax purposes, and potentially
would be subject to U.S.&nbsp;federal corporate income tax or withholding tax. In addition, this characterization would alter our income
and asset test calculations, and could adversely affect our compliance with those requirements. We intend to monitor the structure of
any TMPs in which we will have an interest to ensure that they will not adversely affect our qualification as a REIT.</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"><B><I>Income Tests</I></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; text-align: justify; text-indent: 0.5in">We must satisfy two gross
income requirements annually to maintain our qualification as a REIT. First, in each taxable year we must derive directly or indirectly
at least 75% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions, and certain foreign
currency gains) from investments relating to real property or mortgages on real property, including &ldquo;rents from real property,&rdquo;
dividends from other REITs and, in certain circumstances, interest, or certain types of temporary investments. Second, in each taxable
year we must derive at least 95% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions,
and certain foreign currency gains) from the real property investments described above or dividends, interest and gain from the sale or
disposition of stock or securities, or from any combination of the foregoing.</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; text-align: justify"><I>Interest Income</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: justify; text-indent: 0.5in">Interest income constitutes
qualifying mortgage interest for purposes of the 75% gross income test to the extent that the obligation is secured by a mortgage on real
property or on interests in real property and, if an obligation is secured by a mortgage on both real property and personal property,
the fair market value of such personal property does not exceed 15% of the total fair market value of all such property. In the event
that we invest in a mortgage loan that is secured by both real property and personal property, we may be required to apportion our interest
on the loan between interest on an obligation that is secured by real property (or by an interest in real property) and interest on an
obligation that is not so secured. Even if a loan is not secured by real property or is undersecured, the income that it generates may
nonetheless qualify for purposes of the 95% gross income test.</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; text-indent: 0.5in">To the extent that we derive
interest income from a loan where all or a portion of the amount of interest payable is contingent, such income generally will qualify
for purposes of the gross income tests only if it is based upon the gross receipts or sales and not the net income or profits of any person.
This limitation does not apply, however, to a mortgage loan where the borrower derives substantially all of its income from the property
from the leasing of substantially all of its interest in the property to tenants, to the extent that the rental income derived by the
borrower would qualify as rents from real property had we earned it directly.</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; text-indent: 0.5in">To the extent that the terms
of a loan provide for contingent interest that is based on the cash proceeds realized upon the sale of the property securing the loan
(or a shared appreciation provision), income attributable to the participation feature will be treated as gain from sale of the underlying
property, which generally will be qualifying income for purposes of both the 75% and 95% gross income tests, provided that the property
is not inventory or dealer property of the borrower or ours.</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; text-indent: 0.5in">Any amount includible in our
gross income with respect to a regular or residual interest in a REMIC generally is treated as interest on an obligation secured by a
mortgage on real property. If, however, less than 95% of the assets of a REMIC consists of real estate assets (determined as if we held
such assets), we will be treated as receiving directly our proportionate share of the income of the REMIC for purposes of determining
the amount that is treated as interest on an obligation secured by a mortgage on real property.</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; text-indent: 0.5in">Among the assets we may hold
are certain mezzanine loans secured by equity interests in a pass-through entity that directly or indirectly owns real property, rather
than a direct mortgage on the real property. The IRS issued Revenue Procedure 2003-65, or the Revenue Procedure, which provides a safe
harbor pursuant to which a mezzanine loan will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and
interest derived from it will be treated as qualifying mortgage interest for purposes of the 75% gross income test. Although the Revenue
Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules&nbsp;of substantive tax law. From time to time,
we may own mezzanine loans that do not meet all of the requirements for reliance on this safe harbor. There can be no assurance that the
IRS will not challenge the qualification of any mezzanine loans we may own as real estate assets or the interest generated by such loans
as qualifying income under the 75% gross income test. If we acquire or make corporate mezzanine loans or other commercial real estate
corporate loans, such loans will not qualify as real estate assets and interest income with respect to such loans will not be qualifying
income for the 75% gross income test. To the extent that such non-qualification causes us to fail the 75% gross income test, we could
be required to pay a penalty tax or fail to qualify as a REIT.</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; text-indent: 0.5in">We expect that any commercial
mortgage-backed securities, or CMBS, that we may invest in will be treated either as interests in a grantor trust or as interests in a
REMIC for U.S.&nbsp;federal income tax purposes and that all interest income, original issue discount and market discount from such CMBS
will be qualifying income for the 95% gross income test. In the case of CMBS treated as interests in a REMIC, income derived from REMIC
interests will generally be treated as qualifying income for purposes of the 75% and 95% gross income tests. As discussed above, if less
than 95% of the assets of the REMIC are real estate assets, however, then only a proportionate part of our income derived from the REMIC
interest will qualify for purposes of the 75% gross income test. In addition, some REMIC securitizations include imbedded interest swap
or cap contracts or other derivative instruments that potentially could produce non-qualifying income for the holder of the related REMIC
securities. In the case of CMBS treated as interests in grantor trusts, we would be treated as owning an undivided beneficial ownership
interest in the mortgage loans held by the grantor trust. The interest, original issue discount and market discount on such mortgage loans
would be qualifying income for purposes of the 75% gross income test to the extent that the obligation is secured by real property and,
if an obligation is secured by a mortgage on both real property and personal property, the fair market value of such personal property
does not exceed 15% of the total fair market value of all such property, as discussed 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"></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; text-align: justify; text-indent: 0.5in">We believe that the interest
income that we receive from our mortgage-related investments and securities generally will be qualifying income for purposes of both the
75% and 95% gross income tests. However, to the extent we own non-REMIC collateralized mortgage obligations or other debt instruments
secured by mortgage loans (rather than by real property) or secured by non-real estate assets, or debt securities that are not secured
by mortgages on real property or interests in real property, the interest income received with respect to such securities generally will
be qualifying income for purposes of the 95% gross income test, but not the 75% gross income test.</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"><I>Fee Income</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: justify; text-indent: 0.5in">We may receive various fees
in connection with our operations. The fees generally will be qualifying income for purposes of both the 75% and 95% gross income tests
if they are received in consideration for entering into an agreement to make a loan secured by real property and the fees are not determined
by the income or profits of any person. Other fees are not qualifying income for purposes of either the 75% or 95% gross income test.
Any fees earned by a TRS are not included for purposes of the gross income tests.</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"><I>Dividend and Certain Foreign Income</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: justify; text-indent: 0.5in">We may receive distributions
from TRSs or other corporations that are not REITs or qualified REIT subsidiaries. These distributions generally will be classified as
dividend income to the extent of the earnings and profits of the distributing corporation. Such distributions generally will constitute
qualifying income for purposes of the 95% gross income test, but not the 75% gross income test. Any dividends we receive from a REIT will
be qualifying income in our hands for purposes of both the 95% and 75% gross income tests.</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; text-indent: 0.5in">Income inclusions from equity
investments in certain foreign corporations, such as controlled foreign corporations and passive foreign investment companies, as defined
in the Code, are technically neither dividends nor any of the other enumerated categories of income specified in the 95% gross income
test for U.S.&nbsp;federal income tax purposes. However, under IRS guidance, certain such income inclusions generally will constitute
qualifying income for purposes of the 95% gross income test.</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"><I>Hedging Transactions</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: justify; text-indent: 0.5in">From time to time, we may
enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging activities may include entering
into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward contracts. Income from a hedging
transaction, including gain from the sale or disposition of such a transaction, that is clearly identified as a hedging transaction as
specified in the Code will not constitute gross income under, and thus will be exempt from, the 75% and 95% gross income tests. The term
 &ldquo;hedging transaction,&rdquo; as used above, generally means (A)&nbsp;any transaction we enter into in the normal course of our business
primarily to manage risk of (1)&nbsp;interest rate changes or fluctuations with respect to borrowings made or to be made by us to acquire
or carry real estate assets, or (2)&nbsp;currency fluctuations with respect to an item of qualifying income under the 75% or 95% gross
income test or any property which generates such income and (B)&nbsp;new transactions entered into to hedge the income or loss from prior
hedging transactions, where any portion of the property or indebtedness which was the subject of the prior hedging transaction was extinguished
or disposed of. To the extent that we do not properly identify such transactions as hedges or we hedge with other types of financial instruments,
the income from those transactions is not likely to be treated as qualifying income for purposes of the gross income tests. We intend
to structure any hedging transactions in a manner that does not jeopardize our status as a REIT.</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"><I>Rents from Real Property</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: justify; text-indent: 0.5in">&#8239;To the extent that
we own real property or interests therein, rents we receive from a tenant will qualify as &ldquo;rents from real property&rdquo; for the
purpose of satisfying the gross income tests described above only if all of the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The amount of rent is not based in whole or in part on the income or profits of any person. However, an
amount we receive or accrue generally will not be excluded from the term &ldquo;rents from real property&rdquo; solely because it is based
on a fixed percentage or percentages of receipts or sales or if it is based on the net income of a tenant which derives substantially
all of its income with respect to such property from subleasing of substantially all of such property, to the extent that the rents paid
by the subtenants would qualify as rents from real property if we earned such amounts directly;</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Neither we nor an actual or constructive owner of 10% or more of our capital stock actually or constructively
owns 10% or more of the interests in the assets or net profits of a non-corporate tenant, or, if the tenant is a corporation, 10% or more
of the total combined voting power of all classes of stock entitled to vote or 10% or more of the total value of all classes of stock
of the tenant. Rents we receive from such a tenant that is a TRS of ours, however, will not be excluded from the definition of &ldquo;rents
from real property&rdquo; as a result of this condition if at least 90% of the space at the property to which the rents relate is leased
to third parties, and the rents paid by the TRS are substantially comparable to rents paid by our other tenants for comparable space;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Rent attributable to personal property leased in connection with a lease of real property is not greater
than 15% of the total rent received under the lease. If this condition is not met, then the portion of the rent attributable to personal
property will not qualify as &ldquo;rents from real property.&rdquo; To the extent that rent attributable to personal property leased
in connection with a lease of real property exceeds 15% of the total rent received under the lease, we may transfer a portion of such
personal property to a TRS; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We generally may not operate or manage the property or furnish or render services to our tenants, subject
to a 1% <I>de minimis</I> exception and except as provided below. We may, however, perform services that are &ldquo;usually or customarily
rendered&rdquo; in connection with the rental of space for occupancy only and are not otherwise considered &ldquo;rendered to the occupant&rdquo;
of the property. Examples of these services include the provision of light, heat, or other utilities, trash removal and general maintenance
of common areas. In addition, we may employ an independent contractor from whom we derive no revenue to provide customary services to
our tenants, or a TRS (which may be wholly or partially owned by us) to provide both customary and non-customary services to our tenants,
without causing the rent we receive from those tenants to fail to qualify as &ldquo;rents from real property.&rdquo;</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; text-indent: 0.5in">We intend to structure any
leases so that the rent payable thereunder will qualify as &ldquo;rents from real property,&rdquo; but there can be no assurance we will
be successful in this regard.</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"><I>Phantom Income</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: justify; text-indent: 0.5in">Due to the nature of the assets
in which we may invest, from time to time we may be required to recognize taxable income from those assets in advance of our receipt of
cash flow on or proceeds from disposition of such assets, and may be required to report taxable income in early periods that exceeds the
economic income ultimately realized on such assets.</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; text-indent: 0.5in">If we were to acquire debt
instruments in the secondary market for less than their face amount, the amount of such discount generally would be treated as &ldquo;market
discount&rdquo; for U.S.&nbsp;federal income tax purposes. Accrued market discount is reported as income when, and to the extent that,
any payment of principal of the debt instrument is made, unless we elect to include accrued market discount in income as it accrues. Principal
payments on certain loans are made monthly, and consequently accrued market discount may have to be included in income each month as if
the debt instrument were assured of ultimately being collected in full. If we collect less on the debt instrument than our purchase price
plus the market discount we had previously reported as income, we may not be able to benefit from any offsetting loss deductions in a
subsequent taxable year.</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; text-indent: 0.5in">If we were to acquire securities
issued with original issue discount, we would generally be required to accrue original issue discount based on the constant yield to maturity
of the securities, and to treat it as taxable income in accordance with applicable U.S.&nbsp;federal income tax rules&nbsp;even though
smaller or no cash payments were received on such debt instrument. As in the case of the market discount discussed in the preceding paragraph,
the constant yield in question would be determined and we would be taxed based on the assumption that all future payments due on securities
in question will be made, with consequences similar to those described in the previous paragraph if all payments on the securities are
not made.</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; text-align: justify; text-indent: 0.5in">In addition, in the event
that any debt instruments or other securities we acquire are delinquent as to mandatory principal and interest payments, or in the event
payments with respect to a particular debt instrument are not made when due, we may nonetheless be required to continue to recognize the
unpaid interest as taxable income. Similarly, we may be required to accrue interest income with respect to subordinate mortgage-backed
securities at the stated rate regardless of whether corresponding cash payments are received.</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; text-indent: 0.5in">We may also be required under
the terms of indebtedness that we borrow from private lenders to use cash received from interest payments to make principal payments on
that indebtedness, with the effect of recognizing income but not having a corresponding amount of cash available for distribution to our
stockholders.</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; text-indent: 0.5in">Finally, we are required to
recognize certain items of income for U.S.&nbsp;federal income tax purposes no later than when we would report such items on our financial
statements. However, under applicable Treasury Regulations, this requirement generally does not apply to an item of income if the timing
of income inclusion for that item is determined using a special method of accounting (e.g., income subject to the timing rules&nbsp;for
original issue discount under the Code).</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; text-indent: 0.5in">Due to each of these potential
timing differences between income recognition or expense deduction and the related cash receipts or disbursements, there is a risk that
we may have taxable income in excess of cash available for distribution. In that event, we may need to borrow funds or take other action
to satisfy the REIT distribution requirements for the taxable year in which this &ldquo;phantom income&rdquo; is recognized. See &ldquo;Material
U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Annual Distribution Requirements.&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-align: justify"><I>Prohibited Transaction Income</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: justify; text-indent: 0.5in">Any gain that we realize on
the sale of an asset (other than foreclosure property, as described below) held as inventory or otherwise held primarily for sale to customers
in the ordinary course of business, either directly or through any qualified REIT subsidiaries or subsidiary partnerships, or by a borrower
that has issued a shared appreciation mortgage or similar debt instrument to us, will be treated as income from a prohibited transaction
that is subject to a 100% penalty tax, unless certain safe harbor exceptions apply. This prohibited transaction income may also adversely
affect our ability to satisfy the gross income tests for qualification as a REIT. Under existing law, whether an asset is held as inventory
or primarily for sale to customers in the ordinary course of a trade or business is a question of fact that depends on all the facts and
circumstances surrounding the particular transaction. We intend to conduct our operations so that no asset we own will be held as inventory
or primarily for sale to customers, and that a sale of any assets we own will not be in the ordinary course of business. However, the
IRS may successfully assert that some or all of the sales made by us, our qualified REIT subsidiaries or our subsidiary partnerships,
or by a borrower that has issued a shared appreciation mortgage or similar debt instrument to us, are prohibited transactions. We would
be required to pay the 100% penalty tax on our allocable share of the gains resulting from any such sales. The 100% penalty tax will not
apply to gains from the sale of assets that are held through a TRS, but such income will be subject to regular U.S.&nbsp;federal corporate
income tax.</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"><I>Foreclosure Property</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: justify; text-indent: 0.5in">Foreclosure property is real
property and any personal property incident to such real property (1)&nbsp;that is acquired by a REIT as a result of the REIT having bid
on the property at foreclosure or having otherwise reduced the property to ownership or possession by agreement or process of law after
there was a default (or default was imminent) on a lease of the property or a mortgage loan held by the REIT and secured by the property,
(2)&nbsp;for which the related loan or lease was acquired by the REIT at a time when default was not imminent or anticipated and (3)&nbsp;for
which such REIT makes a proper election to treat the property as foreclosure property. REITs generally are subject to tax at the U.S.&nbsp;federal
corporate income tax rate (currently 21%) on any net income from foreclosure property, including any gain from the disposition of the
foreclosure property, other than income that would otherwise be qualifying income for purposes of the 75% gross income test. Any gain
from the sale of property for which a foreclosure property election has been made will not be subject to the 100% tax on gains from prohibited
transactions described above, even if the property would otherwise constitute inventory or dealer property in the hands of the selling
REIT. If we believe we will receive any income from foreclosure property that is not qualifying income for purposes of the 75% gross income
test, we intend to elect to treat the related property as foreclosure property.</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; text-align: justify"><I>Penalty Tax</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: justify; text-indent: 0.5in">Any redetermined deductions,
excess interest, redetermined rents or redetermined TRS service income we generate will be subject to a 100% penalty tax. In general,
redetermined deductions and excess interest represent any amounts that are deducted by a TRS of ours for amounts paid to us that are in
excess of the amounts that would have been deducted based on arm&rsquo;s length negotiations, redetermined rents are rents from real property
that are overstated as a result of any services furnished to any of our tenants by a TRS of ours, and redetermined TRS service income
is income of a TRS of ours that is understated as a result of services provided to us or on our behalf.</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; text-indent: 0.5in">We do not have any TRSs that
provide tenant services, and we intend to set any amounts payable to us by our TRSs at arm&rsquo;s length rates.</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"><I>Failure to Satisfy the Gross Income Tests.</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: justify; text-indent: 0.5in">We monitor our income and
take actions intended to keep our nonqualifying income within the limitations of the gross income tests. Although we expect these actions
will be sufficient to prevent a violation of the gross income tests, we cannot guarantee that such actions will in all cases prevent such
a violation. If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify
as a REIT for the year if we are entitled to relief under certain provisions of the Code. We generally may make use of the relief provisions
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">following our identification of the failure to meet the 75% or 95% gross income tests for any taxable
year, we file a schedule with the IRS setting forth each item of our gross income for purposes of the 75% or 95% gross income tests for
such taxable year in accordance with Treasury Regulations to be issued; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our failure to meet these tests was due to reasonable cause and not due to willful neglect.</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; text-indent: 0.5in">It is not possible, however,
to state whether in all circumstances we would be entitled to the benefit of these relief provisions. For example, if we fail to satisfy
the gross income tests because nonqualifying income that we intentionally accrue or receive exceeds the limits on nonqualifying income,
the IRS could conclude that our failure to satisfy the tests was not due to reasonable cause. If these relief provisions do not apply
to a particular set of circumstances, we will not qualify as a REIT. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation
of the Company&mdash;Failure to Qualify&rdquo; below. As discussed above in &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation
of the Company&mdash;General,&rdquo; even if these relief provisions apply, and we retain our qualification as a REIT, a tax would be
imposed with respect to our nonqualifying income. We may not always be able to comply with the gross income tests for REIT qualification
despite periodic monitoring of our income.</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"><B><I>Asset Tests</I></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; text-align: justify; text-indent: 0.5in">At the close of each calendar
quarter of our taxable year, we must also satisfy certain tests relating to the nature and diversification of our assets. First, at least
75% of the value of our total assets must be represented by real estate assets, cash, cash items and U.S.&nbsp;government securities.
For purposes of this test, the term &ldquo;real estate assets&rdquo; generally means real property (including interests in real property
and interests in mortgages on real property or on both real property and, to a limited extent, personal property), shares (or transferable
certificates of beneficial interest) in other REITs, any stock or debt instrument attributable to the investment of the proceeds of a
stock offering or a public offering of debt with a term of at least five years (but only for the one-year period beginning on the date
the REIT receives such proceeds), debt instruments of publicly offered REITs and personal property leased in connection with a lease of
real property for which the rent attributable to personal property is not greater than 15% of the total rent received under the lease.
Regular or residual interests in REMICs are generally treated as a real estate asset. If, however, less than 95% of the assets of a REMIC
consists of real estate assets (determined as if we held such assets), we will be treated as owning our proportionate share of the assets
of the REMIC. In the case of any interests in grantor trusts, we would be treated as owning an undivided beneficial interest in the mortgage
loans held by the grantor trust.</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; text-indent: 0.5in">Second, not more than 25%
of the value of our total assets may be represented by securities (including securities of TRSs), other than those securities includable
in the 75% asset test.</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; text-align: justify; text-indent: 0.5in">Third, of the investments
included in the 25% asset class, and except for certain investments in other REITs, our qualified REIT subsidiaries and TRSs, the value
of any one issuer&rsquo;s securities may not exceed 5% of the value of our total assets, and we may not own more than 10% of the total
vote or value of the outstanding securities of any one issuer. Certain types of securities we may own are disregarded as securities solely
for purposes of the 10% value test, including, but not limited to, securities satisfying the &ldquo;straight debt&rdquo; safe harbor,
securities issued by a partnership that itself would satisfy the 75% income test if it were a REIT, any loan to an individual or an estate,
any obligation to pay rents from real property and any security issued by a REIT. In addition, solely for purposes of the 10% value test,
the determination of our interest in the assets of a partnership in which we own an interest will be based on our proportionate interest
in any securities issued by the partnership, excluding for this purpose certain securities described in the Code. From time to time we
may own securities (including debt securities) of issuers that do not qualify as a REIT, a qualified REIT subsidiary or a TRS.&nbsp;We
intend that our ownership of any such securities will be structured in a manner that allows us to comply with the asset tests described
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: justify; text-indent: 0.5in">Fourth, not more than 20%
(25% for taxable years beginning after December&nbsp;31, 2025) of the value of our total assets may be represented by the securities of
one or more TRSs. We currently own, directly or indirectly, interests in companies that have elected, together with us, to be treated
as our TRSs, and we may acquire securities in additional TRSs in the future. So long as each of these companies qualifies as a TRS of
ours, we will not be subject to the 5% asset test, the 10% voting power limitation or the 10% value limitation with respect to our ownership
of the securities of such companies. We believe that the aggregate value of our TRSs has not exceeded, and in the future will not exceed,
20% (25% for taxable years beginning after December&nbsp;31, 2025) of the aggregate value of our gross assets. We generally do not obtain
independent appraisals to support these conclusions. In addition, there can be no assurance that the IRS will not disagree with our determinations
of value.</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; text-indent: 0.5in">Fifth, not more than 25% of
the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would
not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets, as
described above (e.g., a debt instrument issued by a publicly offered REIT that is not secured by a mortgage on real property).</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; text-indent: 0.5in">We believe that the assets
comprising our mortgage-related investments and securities that we own generally are qualifying assets for purposes of the 75% asset test,
and that our ownership of TRSs and other assets have been structured in a manner that will comply with the foregoing REIT asset requirements,
and we monitor compliance on an ongoing basis. There can be no assurance, however, that we will always be successful in this effort. In
this regard, to determine compliance with these requirements, we need to estimate the value of our assets, and we do not expect to obtain
independent appraisals to support our conclusions as to the total value of our assets or the value of any particular security or other
asset. Moreover, values of some assets, including our interests in our TRSs, may not be susceptible to a precise determination and are
subject to change in the future. Although we will continue to be prudent in making these estimates, there can be no assurance that the
IRS will not disagree with these determinations and assert that a different value is applicable, in which case we might not satisfy the
REIT asset tests, and could fail to qualify as a REIT.</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; text-indent: 0.5in">In the event that we invest
in a mortgage loan that is not fully secured by real property, Revenue Procedure 2014-51 provides a safe harbor under which the IRS has
stated that it will not challenge a REIT&rsquo;s treatment of a loan as being, in part, a qualifying real estate asset in an amount equal
to the lesser of: (1)&nbsp;the greater of (a)&nbsp;the fair market value of the real property securing the loan determined as of the date
the REIT committed to acquire the loan or (b)&nbsp;the fair market value of the real property securing the loan on the relevant quarterly
REIT asset testing date; or (2)&nbsp;the fair market value of the loan on the date of the relevant quarterly REIT asset testing date.
We intend to invest in mortgage loans in a manner consistent with satisfying the asset tests and maintaining our qualification as a REIT.</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; text-indent: 0.5in">The proper classification
of an instrument as debt or equity for U.S.&nbsp;federal income tax purposes may be uncertain in some circumstances, which could affect
the application of the REIT asset tests. Accordingly, there can be no assurance that the IRS will not assert that our interests in subsidiaries
or in the securities of other issuers caused a violation of the REIT asset tests.</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; text-indent: 0.5in">In addition, we intend to
enter into repurchase agreements under which we will nominally sell certain of our assets to a counterparty and simultaneously enter into
an agreement to repurchase the sold assets. We believe that we will be treated for U.S.&nbsp;federal income tax purposes as the owner
of the assets that are the subject of any repurchase agreement and that the repurchase agreement will be treated as a secured lending
transaction notwithstanding that we may transfer record ownership of the assets to the counterparty during the term of the agreement.
It is possible, however, that the IRS could successfully assert that we did not own the assets during the term of the repurchase agreement,
in which case we could fail to qualify as a REIT.</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; text-align: justify; text-indent: 0.5in">The asset tests must be satisfied
at the close of each calendar quarter of our taxable year in which we (directly or through any qualified REIT subsidiary or subsidiary
partnership) acquire securities in the applicable issuer, and also at the close of each calendar quarter in which we increase our ownership
of securities of such issuer (including as a result of an increase in our interest in any partnership that owns such securities). For
example, our indirect ownership of securities of each issuer may increase as a result of our capital contributions to, or the redemption
of other partners&rsquo; or members&rsquo; interests in, a partnership in which we have an ownership interest. However, after initially
meeting the asset tests at the close of any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the
end of a later quarter solely by reason of changes in asset values. If we fail to satisfy an asset test because we acquire securities
or other property during a quarter (including as a result of an increase in our interest in any partnership), we may cure this failure
by disposing of sufficient nonqualifying assets within 30 days after the close of that quarter. We believe that we have maintained, and
we intend to maintain, adequate records of the value of our assets to ensure compliance with the asset tests. If we fail to cure any noncompliance
with the asset tests within the 30-day cure period, we would cease to qualify as a REIT unless we are eligible for certain relief provisions
discussed below.</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; text-indent: 0.5in">Certain relief provisions
may be available to us if we discover a failure to satisfy the asset tests described above after the 30-day cure period. Under these provisions,
we will be deemed to have met the 5% and 10% asset tests if the value of our nonqualifying assets (i)&nbsp;does not exceed the lesser
of (a)&nbsp;1% of the total value of our assets at the end of the applicable quarter or (b)&nbsp;$10,000,000, and (ii)&nbsp;we dispose
of the nonqualifying assets or otherwise satisfy such tests within (a)&nbsp;six months after the last day of the quarter in which the
failure to satisfy the asset tests is discovered or (b)&nbsp;the period of time prescribed by Treasury Regulations to be issued. For violations
of any of the asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests,
in excess of the <I>de minimis</I> exception described above, we may avoid disqualification as a REIT after the 30-day cure period by
taking steps including (1)&nbsp;the disposition of sufficient nonqualifying assets, or the taking of other actions, which allow us to
meet the asset tests within (a)&nbsp;six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered
or (b)&nbsp;the period of time prescribed by Treasury Regulations to be issued, (2)&nbsp;paying a tax equal to the greater of (a)&nbsp;$50,000
or (b)&nbsp;the U.S.&nbsp;federal corporate income tax rate <U>multiplied by</U> the net income generated by the nonqualifying assets,
and (3)&nbsp;disclosing certain information to the IRS.</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; text-indent: 0.5in">Although we believe we have
satisfied the asset tests described above and plan to take steps to ensure that we satisfy such tests for any quarter with respect to
which retesting is to occur, there can be no assurance that we will always be successful, or will not require a reduction in our overall
interest in an issuer (including in a TRS). If we fail to cure any noncompliance with the asset tests in a timely manner, and the relief
provisions described above are not available, we would cease to qualify as a REIT.</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"><B><I>Annual Distribution Requirements</I></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; text-align: justify; text-indent: 0.5in">To maintain our qualification
as a REIT, we are required to distribute dividends, other than capital gain dividends, to our stockholders each year in an amount at least
equal to the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">90% of our REIT taxable income; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">90% of our after-tax net income, if any, from foreclosure property; minus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the excess of the sum of certain items of non-cash income over 5% of our REIT taxable income.</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; text-indent: 0.5in">For these purposes, our &ldquo;REIT
taxable income&rdquo; is computed without regard to the dividends paid deduction and our net capital gain. In addition, for purposes of
this test, non-cash income generally means income attributable to leveled stepped rents, original issue discount, cancellation of indebtedness,
or a like-kind exchange that is later determined to be taxable.</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; text-indent: 0.5in">In addition, our REIT taxable
income will be reduced by any taxes we are required to pay on any gain we recognize from the disposition of any asset we acquired from
a corporation which was or had been a C corporation in a transaction in which our tax basis in the asset was less than the fair market
value of the asset, in each case determined as of the date on which we acquired the asset, within the five-year period following our acquisition
of such asset, as described above under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;General.&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"></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; text-align: justify; text-indent: 0.5in">Except as provided below,
a taxpayer&rsquo;s deduction for net business interest expense will generally be limited to 30% of its taxable income, as adjusted for
certain items of income, gain, deduction or loss. Any business interest deduction that is disallowed due to this limitation may be carried
forward to future taxable years, subject to special rules&nbsp;applicable to partnerships. If we or any of our subsidiary partnerships
are subject to this interest expense limitation, our REIT taxable income for a taxable year may be increased. Taxpayers that conduct certain
real estate businesses may elect not to have this interest expense limitation apply to them, provided that they use an alternative depreciation
system to depreciate certain property. We do not believe that we or any of our subsidiary partnerships will be eligible to make this election.</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; text-indent: 0.5in">We generally must pay, or
be treated as paying, the distributions described above in the taxable year to which they relate. At our election, a distribution will
be treated as paid in a taxable year if it is declared before we timely file our tax return for such year and paid on or before the first
regular dividend payment after such declaration, provided such payment is made during the 12-month period following the close of such
year. These distributions are treated as received by our stockholders in the year in which they are paid. This is so even though these
distributions relate to the prior year for purposes of the 90% distribution requirement. In order to be taken into account for purposes
of our distribution requirement, except as provided below, the amount distributed must not be preferential &mdash; i.e., every stockholder
of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class
of stock may be treated other than according to its dividend rights as a class. This preferential dividend limitation will not apply to
distributions made by us, provided we qualify as a &ldquo;publicly offered REIT.&rdquo; We believe that we are, and expect we will continue
to be, a &ldquo;publicly offered REIT.&rdquo; However, Subsidiary REITs we may own from time to time may not be publicly offered REITs.
To the extent that we do not distribute all of our net capital gain, or distribute at least 90%, but less than 100%, of our REIT taxable
income, as adjusted, we will be required to pay regular U.S.&nbsp;federal corporate income tax on the undistributed amount.</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; text-indent: 0.5in">We believe that we have made,
and we intend to continue to make, timely distributions sufficient to satisfy these annual distribution requirements and to minimize our
corporate tax obligations. However, from time to time, we may not have sufficient cash or other liquid assets to meet these distribution
requirements due to timing differences between the actual receipt of income and actual payment of deductible expenses, and the inclusion
of income and deduction of expenses in determining our taxable income. In addition, we may decide to retain our cash, rather than distribute
it, in order to repay debt or for other reasons. If these timing differences occur, we may borrow funds to pay dividends or pay dividends
in the form of taxable stock distributions in order to meet the distribution requirements, while preserving our cash. See &ldquo;Material
U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Income Tests&mdash;Phantom Income.&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-align: justify; text-indent: 0.5in">Under certain circumstances,
we may be able to rectify an inadvertent failure to meet the 90% distribution requirement for a year by paying &ldquo;deficiency dividends&rdquo;
to our stockholders in a later year, which may be included in our deduction for dividends paid for the earlier year. In that case, we
may be able to avoid being taxed on amounts distributed as deficiency dividends, subject to the 4% excise tax described below. However,
we will be required to pay interest to the IRS based upon the amount of any deduction claimed for deficiency dividends. While the payment
of a deficiency dividend will apply to a prior year for purposes of our REIT distribution requirements, it will be treated as an additional
distribution to our stockholders in the year such dividend is paid.</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; text-indent: 0.5in">Furthermore, we will be required
to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of 85% of our ordinary income for
such year, 95% of our capital gain net income for the year and any undistributed taxable income from prior periods. Any ordinary income
and net capital gain on which U.S. federal corporate income tax is imposed for any year is treated as an amount distributed during that
year for purposes of calculating this excise tax.</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; text-indent: 0.5in">For purposes of the 90% distribution
requirement and excise tax described above, dividends declared during the last three months of the taxable year, payable to stockholders
of record on a specified date during such period and paid during January&nbsp;of the following year, will be treated as paid by us and
received by our stockholders on December&nbsp;31 of the year in which they are declared.</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; text-align: justify"><B><I>Failure to Qualify</I></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; text-align: justify; text-indent: 0.5in">If we discover a violation
of a provision of the Code that would result in our failure to qualify as a REIT, certain specified cure provisions may be available to
us. Except with respect to violations of the gross income tests and asset tests (for which the cure provisions are described above), and
provided the violation is due to reasonable cause and not due to willful neglect, these cure provisions generally impose a $50,000 penalty
for each violation in lieu of a loss of REIT status. If we fail to satisfy the requirements for taxation as a REIT in any taxable year,
and the relief provisions do not apply, we will be required to pay regular U.S.&nbsp;federal corporate income tax, including any applicable
alternative minimum tax, on our taxable income. Distributions to our stockholders in any year in which we fail to qualify as a REIT will
not be deductible by us. As a result, we anticipate that our failure to qualify as a REIT would reduce the cash available for distribution
by us to our stockholders. In addition, if we fail to qualify as a REIT, we will not be required to distribute any amounts to our stockholders
and all distributions to our stockholders will be taxable as regular corporate dividends to the extent of our current and accumulated
earnings and profits. In such event, corporate stockholders may be eligible for the dividends-received deduction. In addition, non-corporate
stockholders, including individuals, may be eligible for the preferential tax rates on qualified dividend income. Non-corporate stockholders,
including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated
as qualified dividend income, for purposes of determining their U.S.&nbsp;federal income tax (but not for purposes of the 3.8% Medicare
tax), subject to certain holding period requirements and other limitations. If we fail to qualify as a REIT, such stockholders may not
claim this deduction with respect to dividends paid by us. Unless entitled to relief under specific statutory provisions, we would also
be ineligible to elect to be treated as a REIT for the four taxable years following the year for which we lose our qualification. It is
not possible to state whether in all circumstances we would be entitled to this statutory relief.</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"><B>Federal Income Tax Considerations for Holders
of Our Capital Stock and Debt Securities</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; text-align: justify; text-indent: 0.5in">The following discussion is
a summary of certain material U.S.&nbsp;federal income tax consequences to you of purchasing, owning and disposing of our capital stock
or debt securities. This discussion is limited to holders who hold our capital stock or debt securities as &ldquo;capital assets&rdquo;
within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This discussion does not address all U.S.&nbsp;federal
income tax consequences relevant to a holder&rsquo;s particular circumstances, including the alternative minimum tax. In addition, except
where specifically noted, it does not address consequences relevant to holders subject to special rules, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S.&nbsp;expatriates and former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S.&nbsp;Holders (as defined below) whose functional currency is not the U.S.&nbsp;dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding our capital stock or debt securities as part of a hedge, straddle or other risk reduction
strategy or as part of a conversion transaction or other integrated investment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">banks, insurance companies, and other financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">REITs or regulated investment companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brokers, dealers or traders in securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;controlled foreign corporations,&rdquo; &ldquo;passive foreign investment companies,&rdquo; and
corporations that accumulate earnings to avoid U.S.&nbsp;federal income tax;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S corporations, partnerships or other entities or arrangements treated as partnerships for U.S.&nbsp;federal
income tax purposes (and investors therein);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt organizations or governmental organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons subject to special tax accounting rules&nbsp;as a result of any item of gross income with respect
to our capital stock or debt securities being taken into account in an &ldquo;applicable financial statement&rdquo; (as defined in the
Code);</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons deemed to sell our capital stock or debt securities under the constructive sale provisions of
the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-qualified retirement plans; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who hold or receive our capital stock pursuant to the exercise of any employee stock option or
otherwise as compensation.</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; text-indent: 0.5in">THIS DISCUSSION IS FOR INFORMATIONAL
PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S.&nbsp;FEDERAL
INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CAPITAL
STOCK OR DEBT SECURITIES ARISING UNDER OTHER U.S.&nbsp;FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE,
LOCAL OR NON-U.S.&nbsp;TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.</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; text-indent: 0.5in">For purposes of this discussion,
a &ldquo;U.S.&nbsp;Holder&rdquo; is a beneficial owner of our capital stock or debt securities that, for U.S.&nbsp;federal income tax
purposes, is or is treated as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation created or organized under the laws of the United States, any state thereof, or the District
of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate, the income of which is subject to U.S.&nbsp;federal income tax regardless of its source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust that (1)&nbsp;is subject to the primary supervision of a U.S.&nbsp;court and the control of one
or more &ldquo;United States persons&rdquo; (within the meaning of Section&nbsp;7701(a)(30) of the Code) or (2)&nbsp;has a valid election
in effect to be treated as a United States person for U.S.&nbsp;federal income tax purposes.</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; text-indent: 0.5in">For purposes of this discussion,
a &ldquo;Non-U.S.&nbsp;Holder&rdquo; is any beneficial owner of our capital stock or debt securities that is neither a U.S.&nbsp;Holder
nor an entity treated as a partnership for U.S.&nbsp;federal income tax purposes.</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; text-indent: 0.5in">If an entity treated as a
partnership for U.S.&nbsp;federal income tax purposes holds our capital stock or debt securities, the tax treatment of a partner in the
partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner
level. Accordingly, partnerships holding our capital stock or debt securities and the partners in such partnerships should consult their
tax advisors regarding the U.S.&nbsp;federal income tax consequences to them.</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"><B><I>Taxation of Taxable U.S.&nbsp;Holders of
Our Capital Stock</I></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; text-align: justify"><I>Distributions Generally</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: justify; text-indent: 0.5in">Distributions out of our current
or accumulated earnings and profits will be treated as dividends and, other than with respect to capital gain dividends and certain amounts
which have previously been subject to corporate level tax, as discussed below, will be taxable to our taxable U.S.&nbsp;Holders as ordinary
income when actually or constructively received. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income
Tax Considerations for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Taxable U.S.&nbsp;Holders of Our Capital Stock&mdash;Tax
Rates&rdquo; below. As long as we qualify as a REIT, these distributions will not be eligible for the dividends-received deduction in
the case of U.S.&nbsp;Holders that are corporations or, except to the extent described in &ldquo;Material U.S.&nbsp;Federal Income Tax
Considerations&mdash;Federal Income Tax Considerations for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Taxable
U.S.&nbsp;Holders of Our Capital Stock&mdash;Tax Rates&rdquo; below, the preferential rates on qualified dividend income applicable to
non-corporate U.S.&nbsp;Holders, including individuals. For purposes of determining whether distributions to holders of our capital stock
are out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our outstanding preferred
stock, if any, and then to our outstanding common stock.</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; text-align: justify; text-indent: 0.5in">To the extent that we make
distributions on our capital stock in excess of our current and accumulated earnings and profits allocable to such stock, these distributions
will be treated first as a tax-free return of capital to a U.S.&nbsp;Holder to the extent of the U.S.&nbsp;Holder&rsquo;s adjusted tax
basis in such shares of stock. This treatment will reduce the U.S.&nbsp;Holder&rsquo;s adjusted tax basis in such shares of stock by such
amount, but not below zero. Distributions in excess of our current and accumulated earnings and profits and in excess of a U.S.&nbsp;Holder&rsquo;s
adjusted tax basis in its shares will be taxable as capital gain. Such gain will be taxable as long-term capital gain if the shares have
been held for more than one year. Dividends we declare in October, November, or December&nbsp;of any year and which are payable to a holder
of record on a specified date in any of these months will be treated as both paid by us and received by the holder on December&nbsp;31
of that year, provided we actually pay the dividend on or before January&nbsp;31 of the following year. U.S.&nbsp;Holders may not include
in their own income tax returns any of our net operating losses or capital losses.</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; text-indent: 0.5in">U.S.&nbsp;Holders that receive
taxable stock distributions, including distributions partially payable in our capital stock and partially payable in cash, would be required
to include the full amount of the distribution (i.e., the cash and the stock portion) as a dividend (subject to limited exceptions) to
the extent of our current and accumulated earnings and profits for U.S.&nbsp;federal income tax purposes, as described above. The amount
of any distribution payable in our capital stock generally is equal to the amount of cash that could have been received instead of our
capital stock. Depending on the circumstances of a U.S.&nbsp;Holder, the tax on the distribution may exceed the amount of the distribution
received in cash, in which case such U.S.&nbsp;Holder would have to pay the tax using cash from other sources. If a U.S.&nbsp;Holder sells
our capital stock it received in connection with a taxable stock distribution in order to pay this tax and the proceeds of such sale are
less than the amount required to be included in income with respect to the stock portion of the distribution, such U.S.&nbsp;Holder could
have a capital loss with respect to the stock sale that could not be used to offset such income. A U.S.&nbsp;Holder that receives our
capital stock pursuant to such distribution generally has a tax basis in such capital stock equal to the amount of cash that could have
been received instead of such capital stock as described above, and has a holding period in such capital stock that begins on the day
immediately following the payment date for the distribution.</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"><I>Capital Gain Dividends</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: justify; text-indent: 0.5in">Dividends that we properly
designate as capital gain dividends will generally be taxable to our taxable U.S.&nbsp;Holders as a gain from the sale or disposition
of a capital asset held for more than one year, to the extent that such gain does not exceed our actual net capital gain for the taxable
year, and may not exceed our dividends paid for the taxable year, including dividends paid the following year that are treated as paid
in the current year. U.S.&nbsp;Holders that are corporations may, however, be required to treat up to 20% of certain capital gain dividends
as ordinary income. If we properly designate any portion of a dividend as a capital gain dividend, then, except as otherwise required
by law, we presently intend to allocate a portion of the total capital gain dividends paid or made available to holders of all classes
of our capital stock for the year to the holders of each class of our capital stock in proportion to the amount that our total dividends,
as determined for U.S.&nbsp;federal income tax purposes, paid or made available to the holders of each such class of our capital stock
for the year bears to the total dividends, as determined for U.S.&nbsp;federal income tax purposes, paid or made available to holders
of all classes of our capital stock for the year. In addition, except as otherwise required by law, we will make a similar allocation
with respect to any undistributed long-term capital gains which are to be included in the long-term capital gains of our stockholders,
based on the allocation of the capital gain amount which would have resulted if those undistributed long-term capital gains had been distributed
as &ldquo;capital gain dividends&rdquo; by us to our stockholders.</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"><I>Retention of Net Capital Gains</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: justify; text-indent: 0.5in">We may elect to retain, rather
than distribute as a capital gain dividend, all or a portion of our net capital gains. If we make this election, we would pay tax on our
retained net capital gains. In addition, to the extent we so elect, our earnings and profits (determined for U.S.&nbsp;federal income
tax purposes) would be adjusted accordingly, and a U.S.&nbsp;Holder generally would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">include its pro rata share of our undistributed capital gain in computing its long-term capital gains
in its U.S.&nbsp;federal income tax return for its taxable year in which the last day of our taxable year falls, subject to certain limitations
as to the amount that is includable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be deemed to have paid its share of the capital gains tax imposed on us on the designated amounts included
in the U.S.&nbsp;Holder&rsquo;s income as long-term capital gain;</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">receive a credit or refund for the amount of tax deemed paid by it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increase the adjusted tax basis of our capital stock by the difference between the amount of includable
gains and the tax deemed to have been paid by it; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of a U.S.&nbsp;Holder that is a corporation, appropriately adjust its earnings and profits
for the retained capital gains in accordance with Treasury Regulations to be promulgated by the IRS.</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"><I>Passive Activity Losses and Investment Interest
Limitations</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: justify; text-indent: 0.5in">Distributions we make and
gain arising from the sale or exchange of our capital stock by a U.S.&nbsp;Holder will not be treated as passive activity income. As a
result, U.S.&nbsp;Holders generally will not be able to apply any &ldquo;passive losses&rdquo; against this income or gain. A U.S.&nbsp;Holder
generally may elect to treat capital gain dividends, capital gains from the disposition of our capital stock and income designated as
qualified dividend income, as described in &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations
for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Taxable U.S.&nbsp;Holders of Our Capital Stock&mdash;Tax Rates&rdquo;
below, as investment income for purposes of computing the investment interest limitation, but in such case, the holder will be taxed at
ordinary income rates on such amount. Other distributions we make, to the extent they do not constitute a return of capital, generally
will be treated as investment income for purposes of computing the investment interest limitation.</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"><I>Dispositions of Our Capital Stock</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: justify; text-indent: 0.5in">Except as described below
under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations for Holders of Our Capital Stock
and Debt Securities&mdash;Taxation of Taxable U.S.&nbsp;Holders of Our Capital Stock&mdash;Redemption or Repurchase by Us,&rdquo; if a
U.S.&nbsp;Holder sells or disposes of shares of our capital stock, it will recognize gain or loss for U.S.&nbsp;federal income tax purposes
in an amount equal to the difference between the amount of cash and the fair market value of any property received on the sale or other
disposition and the U.S.&nbsp;Holder&rsquo;s adjusted tax basis in the shares. This gain or loss, except as provided below, will be a
long-term capital gain or loss if the U.S.&nbsp;Holder has held such capital stock for more than one year. However, if a U.S.&nbsp;Holder
recognizes a loss upon the sale or other disposition of our capital stock that it has held for six months or less, after applying certain
holding period rules, the loss recognized will be treated as a long-term capital loss to the extent the U.S.&nbsp;Holder received distributions
from us which were required to be treated as long-term capital gains. The deductibility of capital losses is subject to limitations.</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"><I>Redemption or Repurchase by Us</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: justify; text-indent: 0.5in">A redemption or repurchase
of shares of our capital stock will be treated under Section&nbsp;302 of the Code as a distribution (and taxable as a dividend to the
extent of our current and accumulated earnings and profits as described above under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal
Income Tax Considerations for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Taxable U.S.&nbsp;Holders of Our Capital
Stock&mdash;Distributions Generally&rdquo;) unless the redemption or repurchase satisfies one of the tests set forth in Section&nbsp;302(b)&nbsp;of
the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. The redemption or repurchase generally
will be treated as a sale or exchange if it:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is &ldquo;substantially disproportionate&rdquo; with respect to the U.S.&nbsp;Holder,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">results in a &ldquo;complete redemption&rdquo; of the U.S.&nbsp;Holder&rsquo;s stock interest in us, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the U.S.&nbsp;Holder,</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">all within the meaning of Section&nbsp;302(b)&nbsp;of
the Code.</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; text-indent: 0.5in">In determining whether any
of these tests has been met, shares of our capital stock, including common stock and other equity interests in us, considered to be owned
by the U.S.&nbsp;Holder by reason of certain constructive ownership rules&nbsp;set forth in the Code, as well as shares of our capital
stock actually owned by the U.S.&nbsp;Holder, generally must be taken into account. Because the determination as to whether any of the
alternative tests of Section&nbsp;302(b)&nbsp;of the Code will be satisfied with respect to the U.S.&nbsp;Holder depends upon the facts
and circumstances at the time that the determination must be made, U.S.&nbsp;Holders are advised to consult their tax advisors to determine
such tax treatment.</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; text-align: justify; text-indent: 0.5in">If a redemption or repurchase
of shares of our capital stock is treated as a distribution, the amount of the distribution will be measured by the amount of cash and
the fair market value of any property received. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax
Considerations for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Taxable U.S.&nbsp;Holders of Our Capital Stock&mdash;Distributions
Generally.&rdquo; A U.S.&nbsp;Holder&rsquo;s adjusted tax basis in the redeemed or repurchased shares generally will be transferred to
the holder&rsquo;s remaining shares of our capital stock, if any. If a U.S.&nbsp;Holder owns no other shares of our capital stock, under
certain circumstances, such basis may be transferred to a related person or it may be lost entirely. Prospective investors should consult
their tax advisors regarding the U.S.&nbsp;federal income tax consequences of a redemption or repurchase of our capital stock.</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; text-indent: 0.5in">If a redemption or repurchase
of shares of our capital stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described
under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations for Holders of Our Capital Stock
and Debt Securities&mdash;Taxation of Taxable U.S.&nbsp;Holders of Our Capital Stock&mdash;Dispositions of Our Capital Stock.&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-align: justify"><I>Tax Rates</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: justify; text-indent: 0.5in">The maximum tax rate for non-corporate
taxpayers for (1)&nbsp;long-term capital gains, including certain &ldquo;capital gain dividends,&rdquo; is generally 20% (although depending
on the characteristics of the assets which produced these gains and on designations which we may make, certain capital gain dividends
may be taxed at a 25% rate) and (2)&nbsp;&ldquo;qualified dividend income&rdquo; is generally 20%. In general, dividends payable by REITs
are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding period requirements
have been met and the REIT&rsquo;s dividends are attributable to dividends received from taxable corporations (such as its TRSs) or to
income that was subject to tax at the corporate/REIT level (for example, if the REIT distributed taxable income that it retained and paid
tax on in the prior taxable year). Capital gain dividends will only be eligible for the rates described above to the extent that they
are properly designated by the REIT as &ldquo;capital gain dividends.&rdquo; U.S.&nbsp;Holders that are corporations may be required to
treat up to 20% of some capital gain dividends as ordinary income. In addition, non-corporate U.S.&nbsp;Holders, including individuals,
generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend
income, for purposes of determining their U.S.&nbsp;federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain
holding period requirements and other limitations.</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"><B><I>Taxation of Tax-Exempt Holders of Our Capital
Stock</I></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; text-align: justify; text-indent: 0.5in">Dividend income from us and
gain arising upon a sale of shares of our capital stock generally should not be unrelated business taxable income, or UBTI, to a tax-exempt
holder, except as described below. This income or gain will be UBTI, however, to the extent a tax-exempt holder holds its shares as &ldquo;debt-financed
property&rdquo; within the meaning of the Code or if we hold an asset that gives rise to &ldquo;excess inclusion income.&rdquo; See &ldquo;Material
U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Excess Inclusion Income.&rdquo; Generally, &ldquo;debt-financed
property&rdquo; is property the acquisition or holding of which was financed through a borrowing by the tax-exempt holder.</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; text-indent: 0.5in">For tax-exempt holders that
are social clubs, voluntary employee benefit associations or supplemental unemployment benefit trusts exempt from U.S.&nbsp;federal income
taxation under Sections&nbsp;501(c)(7), (c)(9)&nbsp;or (c)(17) of the Code, respectively, income from an investment in our capital stock
will constitute UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for specific
purposes so as to offset the income generated by its investment in our stock. These prospective investors should consult their tax advisors
concerning these &ldquo;set aside&rdquo; and reserve requirements.</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; text-indent: 0.5in">Notwithstanding the above,
however, a portion of the dividends paid by a &ldquo;pension-held REIT&rdquo; may be treated as UBTI as to certain trusts that hold more
than 10%, by value, of the interests in the REIT. A REIT will not be a &ldquo;pension-held REIT&rdquo; if it is able to satisfy the &ldquo;not
closely held&rdquo; requirement without relying on the &ldquo;look-through&rdquo; exception with respect to certain trusts or if such
REIT is not &ldquo;predominantly held&rdquo; by &ldquo;qualified trusts.&rdquo; As a result of restrictions on ownership and transfer
of our capital stock contained in our charter, we do not expect to be classified as a &ldquo;pension-held REIT,&rdquo; and as a result,
the tax treatment described above should be inapplicable to the holders of our capital stock. However, because our common stock is (and,
we anticipate, will continue to be) publicly traded, we cannot guarantee that this will always be the case.</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; text-align: justify"><B><I>Taxation of Non-U.S.&nbsp;Holders of Our
Capital Stock</I></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; text-align: justify; text-indent: 0.5in">The following discussion addresses
the rules&nbsp;governing U.S.&nbsp;federal income taxation of the purchase, ownership and disposition of our capital stock by Non-U.S.&nbsp;Holders.
These rules&nbsp;are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion
does not address all aspects of U.S.&nbsp;federal income taxation and does not address other U.S.&nbsp;federal, state, local or non-U.S.&nbsp;tax
consequences that may be relevant to a Non-U.S.&nbsp;Holder in light of its particular circumstances. We urge Non-U.S.&nbsp;Holders to
consult their tax advisors to determine the impact of U.S.&nbsp;federal, state, local and non-U.S.&nbsp;income and other tax laws and
any applicable tax treaty on the purchase, ownership and disposition of shares of our capital stock, including any reporting requirements.</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"><I>Distributions Generally</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: justify; text-indent: 0.5in">Distributions (including any
taxable stock distributions) that are neither attributable to gains from sales or exchanges by us of United States real property interests,
or USRPIs, nor designated by us as capital gain dividends (except as described below) will be treated as dividends of ordinary income
to the extent that they are made out of our current or accumulated earnings and profits. Such distributions ordinarily will be subject
to withholding of U.S.&nbsp;federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty,
unless the distributions are treated as effectively connected with the conduct by the Non-U.S.&nbsp;Holder of a trade or business within
the United States (and, if required by an applicable income tax treaty, the Non-U.S.&nbsp;Holder maintains a permanent establishment in
the United States to which such dividends are attributable). Under certain treaties, however, lower withholding rates generally applicable
to dividends do not apply to dividends from a REIT. In addition, any portion of the dividends paid to Non-U.S.&nbsp;Holders that are treated
as excess inclusion income will not be eligible for exemption from the 30% withholding tax or a reduced treaty rate. See &ldquo;Material
U.S.&nbsp;Federal Income Tax Considerations&mdash;Taxation of the Company&mdash;Excess Inclusion Income.&rdquo; Certain certification
and disclosure requirements must be satisfied for a Non-U.S.&nbsp;Holder to be exempt from withholding under the effectively connected
income exemption. Dividends that are treated as effectively connected with a U.S.&nbsp;trade or business (through a U.S.&nbsp;permanent
establishment, where applicable) generally will not be subject to withholding but will be subject to U.S.&nbsp;federal income tax on a
net basis at the regular rates, in the same manner as dividends paid to U.S.&nbsp;Holders are subject to U.S.&nbsp;federal income tax.
Any such dividends received by a Non-U.S.&nbsp;Holder that is a corporation may also be subject to an additional branch profits tax at
a 30% rate (applicable after deducting U.S.&nbsp;federal income taxes paid on such effectively connected income) or such lower rate as
may be specified by an applicable income tax treaty.</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; text-indent: 0.5in">Except as otherwise provided
below, we expect to withhold U.S.&nbsp;federal income tax at the rate of 30% on any distributions made to a Non-U.S.&nbsp;Holder unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a lower treaty rate applies and the Non-U.S.&nbsp;Holder furnishes an IRS Form&nbsp;W-8BEN or W-8BEN-E
(or other applicable documentation) evidencing eligibility for that reduced treaty rate; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S.&nbsp;Holder furnishes an IRS Form&nbsp;W-8ECI (or other applicable documentation) claiming
that the distribution is income effectively connected with the Non-U.S.&nbsp;Holder&rsquo;s trade or business.</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; text-indent: 0.5in">Distributions in excess of
our current and accumulated earnings and profits will not be taxable to a Non-U.S.&nbsp;Holder to the extent that such distributions do
not exceed the adjusted tax basis of the holder&rsquo;s shares of our capital stock, but rather will reduce the adjusted tax basis of
such shares. To the extent that such distributions exceed the Non-U.S.&nbsp;Holder&rsquo;s adjusted tax basis in such shares, they will
generally give rise to gain from the sale or exchange of such shares, the tax treatment of which is described below. However, such excess
distributions may be treated as dividend income for certain Non-U.S.&nbsp;Holders. For withholding purposes, we expect to treat all distributions
as made out of our current or accumulated earnings and profits. However, amounts withheld may be refundable if it is subsequently determined
that the distribution was, in fact, in excess of our current and accumulated earnings and profits, provided that certain conditions are
met.</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; text-align: justify"><I>Capital Gain Dividends and Distributions Attributable
to a Sale or Exchange of United States Real Property Interests</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: justify; text-indent: 0.5in">Distributions to a Non-U.S.&nbsp;Holder
that we properly designate as capital gain dividends, other than those arising from the disposition of a USRPI, generally should not be
subject to U.S.&nbsp;federal income taxation, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the investment in our capital stock is treated as effectively connected with the conduct by the Non-U.S.&nbsp;Holder
of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S.&nbsp;Holder maintains
a permanent establishment in the United States to which such dividends are attributable), in which case the Non-U.S.&nbsp;Holder will
be subject to the same treatment as U.S.&nbsp;Holders with respect to such gain, except that a Non-U.S.&nbsp;Holder that is a corporation
may also be subject to a branch profits tax of up to 30%, as discussed above; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S.&nbsp;Holder is a nonresident alien individual who is present in the United States for 183
days or more during the taxable year and certain other conditions are met, in which case the Non-U.S.&nbsp;Holder will be subject to U.S.&nbsp;federal
income tax at a rate of 30% on the Non-U.S.&nbsp;Holder&rsquo;s capital gains (or such lower rate specified by an applicable income tax
treaty), which may be offset by U.S.&nbsp;source capital losses of such Non-U.S.&nbsp;Holder (even though the individual is not considered
a resident of the United States), provided the Non-U.S.&nbsp;Holder has timely filed U.S.&nbsp;federal income tax returns with respect
to such losses.</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; text-indent: 0.5in">Pursuant to the Foreign Investment
in Real Property Tax Act, or FIRPTA, distributions to a Non-U.S.&nbsp;Holder that are attributable to gain from sales or exchanges by
us of USRPIs, whether or not designated as capital gain dividends, will cause the Non-U.S.&nbsp;Holder to be treated as recognizing such
gain as income effectively connected with a U.S.&nbsp;trade or business. Non-U.S.&nbsp;Holders generally would be taxed at the regular
rates applicable to U.S.&nbsp;Holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the
case of nonresident alien individuals. We also will be required to withhold and to remit to the IRS 21% of any distribution to Non-U.S.&nbsp;Holders
attributable to gain from sales or exchanges by us of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits
tax in the hands of a Non-U.S.&nbsp;Holder that is a corporation. The amount withheld is creditable against the Non-U.S.&nbsp;Holder&rsquo;s
U.S.&nbsp;federal income tax liability. However, any distribution with respect to any class of stock that is &ldquo;regularly traded,&rdquo;
as defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA,
and therefore, not subject to the 21% U.S.&nbsp;withholding tax described above, if the Non-U.S.&nbsp;Holder did not own more than 10%
of such class of stock at any time during the one-year period ending on the date of the distribution. Instead, such distributions generally
will be treated as ordinary dividend distributions and subject to withholding in the manner described above with respect to ordinary dividends.
In addition, distributions to certain non-U.S.&nbsp;publicly traded shareholders that meet certain record-keeping and other requirements,
or qualified shareholders, are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified
shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, distributions to certain &ldquo;qualified
foreign pension funds&rdquo; or entities all of the interests of which are held by such &ldquo;qualified foreign pension funds&rdquo;
are exempt from FIRPTA. Non-U.S.&nbsp;Holders should consult their tax advisors regarding the application of these rules.</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"><I>Retention of Net Capital Gains</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: justify; text-indent: 0.5in">Although the law is not clear
on the matter, it appears that amounts we designate as retained net capital gains in respect of our capital stock should be treated with
respect to Non-U.S.&nbsp;Holders as actual distributions of capital gain dividends. Under this approach, the Non-U.S.&nbsp;Holders may
be able to offset as a credit against their U.S.&nbsp;federal income tax liability their proportionate share of the tax that we paid on
such retained net capital gains and to receive from the IRS a refund to the extent their proportionate share of such tax that we paid
exceeds their actual U.S.&nbsp;federal income tax liability. If we were to designate any portion of our net capital gain as retained net
capital gain, Non-U.S.&nbsp;Holders should consult their tax advisors regarding the taxation of such retained net capital gain.</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"><I>Sale of Our Capital Stock</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: justify; text-indent: 0.5in">Except as described below
under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations for Holders of Our Capital Stock
and Debt Securities&mdash;Taxation of Non-U.S.&nbsp;Holders of Our Capital Stock&mdash;Redemption or Repurchase by Us,&rdquo; gain realized
by a Non-U.S.&nbsp;Holder upon the sale, exchange or other taxable disposition of our capital stock generally will not be subject to U.S.&nbsp;federal
income tax unless such stock constitutes a USRPI. In general, stock of a domestic corporation that constitutes a &ldquo;United States
real property holding corporation&rdquo;, or a &ldquo;USRPHC&rdquo;, will constitute a USRPI unless certain exceptions apply. A domestic
corporation will constitute a USRPHC if 50% or more of the corporation&rsquo;s assets on any of certain testing dates during a prescribed
testing period consist of interests in real property located within the United States, excluding for this purpose, interests in real property
solely in a capacity as creditor. We do not believe we are currently, and do not anticipate becoming, a USRPHC. However, because the determination
of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S.&nbsp;real
property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the
future.</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; text-align: justify; text-indent: 0.5in">Even if we were a USRPHC,
our capital stock will not constitute a USRPI so long as we are a &ldquo;domestically controlled qualified investment entity.&rdquo; A
 &ldquo;domestically controlled qualified investment entity&rdquo; includes a REIT in which at all times during a five-year testing period
less than 50% in value of its stock is held directly or indirectly by non-United States persons, subject to certain ownership rules. For
purposes of determining whether a REIT is a &ldquo;domestically controlled qualified investment entity,&rdquo; ownership by non-United
States persons generally will be determined by looking through certain pass-through entities and U.S. corporations, including non-public
REITs and certain non-public foreign-controlled domestic C corporations, and treating a public qualified investment entity as a non-United
States person unless such entity is a &ldquo;domestically controlled qualified investment entity.&rdquo; Notwithstanding the foregoing
ownership rules, a person who at all applicable times holds less than 5% of a class of a REIT&rsquo;s stock that is &ldquo;regularly traded&rdquo;
on an established securities market in the United States is treated as a United States person unless the REIT has actual knowledge that
such person is not a United States person or is a foreign-controlled person. Although we believe that we are a &ldquo;domestically controlled
qualified investment entity,&rdquo; because our common stock is (and, we anticipate, will continue to be) publicly traded, we cannot make
any assurance that we will remain a &ldquo;domestically controlled qualified investment entity.&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-align: justify; text-indent: 0.5in">Even if we were a USRPHC and
we do not qualify as a &ldquo;domestically controlled qualified investment entity&rdquo; at the time a Non-U.S.&nbsp;Holder sells our
capital stock, gain realized from the sale or other taxable disposition by a Non-U.S.&nbsp;Holder of such capital stock would not be subject
to U.S.&nbsp;federal income tax under FIRPTA as a sale of a USRPI if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">such class of stock is &ldquo;regularly traded,&rdquo; as defined by applicable Treasury Regulations,
on an established securities market, such as the New York Stock Exchange, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">such Non-U.S.&nbsp;Holder owned, actually and constructively, 10% or less of such class of stock throughout
the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S.&nbsp;Holder&rsquo;s holding
period.</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; text-indent: 0.5in">In addition, dispositions
of our capital stock by qualified shareholders are exempt from FIRPTA, except to the extent owners of such qualified shareholders that
are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, dispositions of
our capital stock by certain &ldquo;qualified foreign pension funds&rdquo; or entities all of the interests of which are held by such
 &ldquo;qualified foreign pension funds&rdquo; are exempt from FIRPTA. Non-U.S.&nbsp;Holders should consult their tax advisors regarding
the application of these rules.</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; text-indent: 0.5in">Notwithstanding the foregoing,
gain from the sale, exchange or other taxable disposition of our capital stock not otherwise subject to FIRPTA will be taxable to a Non-U.S.&nbsp;Holder
if either (a)&nbsp;the investment in our capital stock is treated as effectively connected with the conduct by the Non-U.S.&nbsp;Holder
of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S.&nbsp;Holder maintains
a permanent establishment in the United States to which such gain is attributable), in which case the Non-U.S.&nbsp;Holder will be subject
to the same treatment as U.S.&nbsp;Holders with respect to such gain, except that a Non-U.S.&nbsp;Holder that is a corporation may also
be subject to the 30% branch profits tax (or such lower rate as may be specified by an applicable income tax treaty) on such gain, as
adjusted for certain items, or (b)&nbsp;the Non-U.S.&nbsp;Holder is a nonresident alien individual who is present in the United States
for 183 days or more during the taxable year and certain other conditions are met, in which case the Non-U.S.&nbsp;Holder will be subject
to a 30% tax on the Non-U.S.&nbsp;Holder&rsquo;s capital gains (or such lower rate specified by an applicable income tax treaty), which
may be offset by U.S.&nbsp;source capital losses of the Non-U.S.&nbsp;Holder (even though the individual is not considered a resident
of the United States), provided the Non-U.S.&nbsp;Holder has timely filed U.S.&nbsp;federal income tax returns with respect to such losses.
In addition, even if we are a domestically controlled qualified investment entity, upon disposition of our capital stock, a Non-U.S.&nbsp;Holder
may be treated as having gain from the sale or other taxable disposition of a USRPI if the Non-U.S.&nbsp;Holder (1)&nbsp;disposes of such
stock within a 30-day period preceding the ex-dividend date of a distribution, any portion of which, but for the disposition, would have
been treated as gain from the sale or exchange of a USRPI and (2)&nbsp;acquires, or enters into a contract or option to acquire, or is
deemed to acquire, other shares of that stock during the 61-day period beginning with the first day of the 30-day period described in
clause&nbsp;(1), unless such class of stock is &ldquo;regularly traded&rdquo; and the Non-U.S.&nbsp;Holder did not own more than 10% of
such class of stock at any time during the one-year period ending on the date of the distribution described in clause&nbsp;(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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<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; text-indent: 0.5in">If gain on the sale, exchange
or other taxable disposition of our capital stock were subject to taxation under FIRPTA, the Non-U.S.&nbsp;Holder would be required to
file a U.S.&nbsp;federal income tax return and would be subject to regular U.S.&nbsp;federal income tax with respect to such gain in the
same manner as a taxable U.S.&nbsp;Holder (subject to any applicable alternative minimum tax and a special alternative minimum tax in
the case of nonresident alien individuals). In addition, if the sale, exchange or other taxable disposition of our capital stock were
subject to taxation under FIRPTA and if shares of the applicable class of our capital stock were not &ldquo;regularly traded&rdquo; on
an established securities market, the purchaser of such capital stock generally would be required to withhold and remit to the IRS 15%
of the purchase price.</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"><I>Redemption or Repurchase by Us</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: justify; text-indent: 0.5in">A redemption or repurchase
of shares of our capital stock will be treated under Section&nbsp;302 of the Code as a distribution (and taxable as a dividend to the
extent of our current and accumulated earnings and profits) unless the redemption or repurchase satisfies one of the tests set forth in
Section&nbsp;302(b)&nbsp;of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. See &ldquo;Material
U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations for Holders of Our Capital Stock and Debt Securities&mdash;Taxation
of Taxable U.S.&nbsp;Holders of Our Capital Stock&mdash;Redemption or Repurchase by Us.&rdquo; Qualified shareholders and their owners
may be subject to different rules, and should consult their tax advisors regarding the application of such rules. If the redemption or
repurchase of shares is treated as a distribution, the amount of the distribution will be measured by the amount of cash and the fair
market value of any property received. See &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations
for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Non-U.S.&nbsp;Holders of Our Capital Stock&mdash;Distributions
Generally&rdquo; above. If the redemption or repurchase of shares is not treated as a distribution, it will be treated as a taxable sale
or exchange in the manner described above under &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income Tax Considerations
for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Non-U.S.&nbsp;Holders of Our Capital Stock&mdash;Sale of Our Capital
Stock.&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-align: justify"><B><I>Taxation of Holders of Our Debt Securities</I></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; text-align: justify; text-indent: 0.5in">The following summary describes
certain material U.S.&nbsp;federal income tax consequences of purchasing, owning and disposing of our debt securities. This discussion
assumes the debt securities will be issued with less than a statutory <I>de minimis</I> amount of original issue discount for U.S.&nbsp;federal
income tax purposes. In addition, this discussion is limited to persons purchasing the debt securities for cash at original issue and
at their original &ldquo;issue price&rdquo; within the meaning of Section&nbsp;1273 of the Code (i.e., the first price at which a substantial
amount of the debt securities is sold to the public for cash).</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"><I>U.S.&nbsp;Holders</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: justify"><I>Payments of Interest</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: justify; text-indent: 0.5in">Interest on a debt security
generally will be taxable to a U.S.&nbsp;Holder as ordinary income at the time such interest is received or accrued, in accordance with
such U.S.&nbsp;Holder&rsquo;s method of accounting for U.S.&nbsp;federal income tax purposes.</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"><I>Sale or Other Taxable Disposition</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: justify; text-indent: 0.5in">A U.S.&nbsp;Holder will recognize
gain or loss on the sale, exchange, redemption, retirement or other taxable disposition of a debt security. The amount of such gain or
loss generally will be equal to the difference between the amount received for the debt security in cash or other property valued at fair
market value (less amounts attributable to any accrued but unpaid interest, which will be taxable as interest to the extent not previously
included in income) and the U.S.&nbsp;Holder&rsquo;s adjusted tax basis in the debt security. A U.S.&nbsp;Holder&rsquo;s adjusted tax
basis in a debt security generally will be equal to the amount the U.S.&nbsp;Holder paid for the debt security. Any gain or loss generally
will be capital gain or loss, and will be long-term capital gain or loss if the U.S.&nbsp;Holder has held the debt security for more than
one year at the time of such sale or other taxable disposition. Otherwise, such gain or loss will be short-term capital gain or loss.
Long-term capital gains recognized by certain non-corporate U.S.&nbsp;Holders, including individuals, generally will be taxable at reduced
rates. The deductibility of capital losses is subject to limitations.</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; text-align: justify"><I>Non-U.S.&nbsp;Holders</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: justify"><I>Payments of Interest</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: justify; text-indent: 0.5in">Interest paid on a debt security
to a Non-U.S.&nbsp;Holder that is not effectively connected with the Non-U.S.&nbsp;Holder&rsquo;s conduct of a trade or business within
the United States generally will not be subject to U.S.&nbsp;federal income tax, or withholding tax, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S.&nbsp;Holder does not, actually or constructively, own 10% or more of the total combined voting
power of all classes of our voting stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S.&nbsp;Holder is not a controlled foreign corporation related to us through actual or constructive
stock ownership; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">either (1)&nbsp;the Non-U.S.&nbsp;Holder certifies in a statement provided to the applicable withholding
agent under penalties of perjury that it is not a United States person and provides its name and address; (2)&nbsp;a securities clearing
organization, bank or other financial institution that holds customers&rsquo; securities in the ordinary course of its trade or business
and holds the debt security on behalf of the Non-U.S.&nbsp;Holder certifies to the applicable withholding agent under penalties of perjury
that it, or the financial institution between it and the Non-U.S.&nbsp;Holder, has received from the Non-U.S.&nbsp;Holder a statement
under penalties of perjury that such holder is not a United States person and provides the applicable withholding agent with a copy of
such statement; or (3)&nbsp;the Non-U.S.&nbsp;Holder holds its debt security directly through a &ldquo;qualified intermediary&rdquo; (within
the meaning of the applicable Treasury Regulations) and certain conditions are satisfied.</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; text-indent: 0.5in">If a Non-U.S.&nbsp;Holder
does not satisfy the requirements above, such Non-U.S.&nbsp;Holder will be subject to withholding tax of 30%, subject to a reduction in
or an exemption from withholding on such interest as a result of an applicable tax treaty. To claim such entitlement, the Non-U.S.&nbsp;Holder
must provide the applicable withholding agent with a properly executed IRS Form&nbsp;W-8BEN or W-8BEN-E (or other applicable documentation)
claiming a reduction in or exemption from withholding tax under the benefit of an income tax treaty between the United States and the
country in which the Non-U.S.&nbsp;Holder resides or is established.</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; text-indent: 0.5in">If interest paid to a Non-U.S.&nbsp;Holder
is effectively connected with the Non-U.S.&nbsp;Holder&rsquo;s conduct of a trade or business within the United States (and, if required
by an applicable income tax treaty, the Non-U.S.&nbsp;Holder maintains a permanent establishment in the United States to which such interest
is attributable), the Non-U.S.&nbsp;Holder will be exempt from the U.S.&nbsp;federal withholding tax described above. To claim the exemption,
the Non-U.S.&nbsp;Holder must furnish to the applicable withholding agent a valid IRS Form&nbsp;W-8ECI, certifying that interest paid
on a debt security is not subject to withholding tax because it is effectively connected with the conduct by the Non-U.S.&nbsp;Holder
of a trade or business within the United States.</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; text-indent: 0.5in">Any such effectively connected
interest generally will be subject to U.S.&nbsp;federal income tax at the regular rates. A Non-U.S.&nbsp;Holder that is a corporation
may also be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such
effectively connected interest, as adjusted for certain items.</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; text-indent: 0.5in">The certifications described
above must be provided to the applicable withholding agent prior to the payment of interest and must be updated periodically. Non-U.S.&nbsp;Holders
that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under
an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with
the IRS.&nbsp;Non-U.S.&nbsp;Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income
tax treaty.</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; text-align: justify"><I>Sale or Other Taxable Disposition</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: justify; text-indent: 0.5in">A Non-U.S.&nbsp;Holder will
not be subject to U.S.&nbsp;federal income tax on any gain realized upon the sale, exchange, redemption, retirement or other taxable disposition
of a debt security (such amount excludes any amount allocable to accrued and unpaid interest, which generally will be treated as interest
and may be subject to the rules&nbsp;discussed above in &ldquo;Material U.S.&nbsp;Federal Income Tax Considerations&mdash;Federal Income
Tax Considerations for Holders of Our Capital Stock and Debt Securities&mdash;Taxation of Holders of Our Debt Securities&mdash;Non-U.S.&nbsp;Holders&mdash;Payments
of Interest&rdquo;) unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the gain is effectively connected with the Non-U.S.&nbsp;Holder&rsquo;s conduct of a trade or business
within the United States (and, if required by an applicable income tax treaty, the Non-U.S.&nbsp;Holder maintains a permanent establishment
in the United States to which such gain is attributable); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S.&nbsp;Holder is a nonresident alien individual present in the United States for 183 days or
more during the taxable year of the disposition and certain other requirements are met.</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; text-indent: 0.5in">Gain described in the first
bullet point above generally will be subject to U.S.&nbsp;federal income tax on a net income basis at the regular rates. A Non-U.S.&nbsp;Holder
that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income
tax treaty) on such effectively connected gain, as adjusted for certain items.</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; text-indent: 0.5in">A Non-U.S.&nbsp;Holder described
in the second bullet point above will be subject to U.S.&nbsp;federal income tax at a rate of 30% (or such lower rate specified by an
applicable income tax treaty) on gain realized upon the sale or other taxable disposition of a debt security, which may be offset by U.S.&nbsp;source
capital losses of the Non-U.S.&nbsp;Holder (even though the individual is not considered a resident of the United States), provided the
Non-U.S.&nbsp;Holder has timely filed U.S.&nbsp;federal income tax returns with respect to such losses.</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; text-indent: 0.5in">Non-U.S.&nbsp;Holders should
consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.</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"><B><I>Information Reporting and Backup Withholding</I></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; text-align: justify"><I>U.S.&nbsp;Holders</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: justify; text-indent: 0.5in">A U.S.&nbsp;Holder may be
subject to information reporting and backup withholding when such holder receives payments on our capital stock or debt securities or
proceeds from the sale or other taxable disposition of our capital stock or debt securities (including a redemption or retirement of a
debt security). Certain U.S.&nbsp;Holders are exempt from backup withholding, including corporations and certain tax-exempt organizations.
A U.S.&nbsp;Holder will be subject to backup withholding if such holder is not otherwise exempt and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder fails to furnish the holder&rsquo;s taxpayer identification number, which for an individual
is ordinarily his or her social security number;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder furnishes an incorrect taxpayer identification number;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the applicable withholding agent is notified by the IRS that the holder previously failed to properly
report payments of interest or dividends; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder fails to certify under penalties of perjury that the holder has furnished a correct taxpayer
identification number and that the IRS has not notified the holder that the holder is subject to backup withholding.</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; text-indent: 0.5in">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules&nbsp;may be allowed as a refund or a credit against a U.S.&nbsp;Holder&rsquo;s
U.S.&nbsp;federal income tax liability, provided the required information is timely furnished to the IRS.&nbsp;U.S.&nbsp;Holders should
consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such
an exemption.</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; text-align: justify"><I>Non-U.S.&nbsp;Holders</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: justify; text-indent: 0.5in">Payments of dividends on our
capital stock or interest on our debt securities generally will not be subject to backup withholding, provided the applicable withholding
agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S.&nbsp;status,
such as by furnishing a valid IRS Form&nbsp;W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns
are required to be filed with the IRS in connection with any distributions on our capital stock or interest on our debt securities paid
to the Non-U.S.&nbsp;Holder, regardless of whether such distributions constitute a dividend or whether any tax was actually withheld.
In addition, proceeds of the sale or other taxable disposition of our capital stock or debt securities (including a retirement or redemption
of a debt security) within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup
withholding or information reporting, if the applicable withholding agent receives the certification described above and does not have
actual knowledge or reason to know that such holder is a United States person, or the holder otherwise establishes an exemption. Proceeds
of a disposition of our capital stock or debt securities conducted through a non-U.S.&nbsp;office of a non-U.S.&nbsp;broker generally
will not be subject to backup withholding or information reporting.</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; text-indent: 0.5in">Copies of information returns
that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities
of the country in which the Non-U.S.&nbsp;Holder resides or is established.</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; text-indent: 0.5in">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules&nbsp;may be allowed as a refund or a credit against a Non-U.S.&nbsp;Holder&rsquo;s
U.S.&nbsp;federal income tax liability, provided the required information is timely furnished to the IRS.</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"><B><I>Medicare Contribution Tax on Unearned Income</I></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; text-align: justify; text-indent: 0.5in">Certain U.S.&nbsp;Holders
that are individuals, estates or trusts are required to pay an additional 3.8% tax on, among other things, dividends on stock, interest
on debt obligations and capital gains from the sale or other disposition of stock or debt obligations, subject to certain limitations.
U.S.&nbsp;Holders should consult their tax advisors regarding the effect, if any, of these rules&nbsp;on their ownership and disposition
of our capital stock or debt securities.</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"><B><I>Additional Withholding Tax on Payments Made
to Foreign Accounts</I></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; text-align: justify; text-indent: 0.5in">Withholding taxes may be imposed
under Sections&nbsp;1471 to 1474 of the Code (such Sections&nbsp;commonly referred to as the Foreign Account Tax Compliance Act, or &ldquo;FATCA&rdquo;)
on certain types of payments made to non-U.S.&nbsp;financial institutions and certain other non-U.S.&nbsp;entities. Specifically, a 30%
withholding tax may be imposed on dividends on our capital stock, interest on our debt securities, or (subject to the proposed Treasury
Regulations discussed below) gross proceeds from the sale or other disposition of our capital stock or debt securities, in each case paid
to a &ldquo;foreign financial institution&rdquo; or a &ldquo;non-financial foreign entity&rdquo; (each as defined in the Code), unless
(1)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the non-financial foreign
entity either certifies it does not have any &ldquo;substantial United States owners&rdquo; (as defined in the Code) or furnishes identifying
information regarding each substantial United States owner, or (3)&nbsp;the foreign financial institution or non-financial foreign entity
otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence
and reporting requirements in clause&nbsp;(1)&nbsp;above, it must enter into an agreement with the U.S.&nbsp;Department of the Treasury
requiring, among other things, that it undertake to identify accounts held by certain &ldquo;specified United States persons&rdquo; or
 &ldquo;United States owned foreign entities&rdquo; (each as defined in the Code), annually report certain information about such accounts,
and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial
institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to
different rules.</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; text-indent: 0.5in">Under the applicable Treasury
Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our capital stock or interest
on our debt securities. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition
of our capital stock or debt securities on or after January&nbsp;1, 2019, proposed Treasury Regulations eliminate FATCA withholding on
payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations
are issued. Because we may not know the extent to which a distribution is a dividend for U.S.&nbsp;federal income tax purposes at the
time it is made, for purposes of these withholding rules&nbsp;we may treat the entire distribution as a dividend.</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; text-align: justify; text-indent: 0.5in">Prospective investors should
consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our capital stock or
debt securities.</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"><B><I>Other Tax Consequences</I></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; text-align: justify; text-indent: 0.5in">State, local and non-U.S.&nbsp;income
tax laws may differ substantially from the corresponding U.S.&nbsp;federal income tax laws, and this discussion does not purport to describe
any aspect of the tax laws of any state, local or non-U.S.&nbsp;jurisdiction, or any U.S.&nbsp;federal tax other than income tax. You
should consult your tax advisors regarding the effect of state, local and non-U.S.&nbsp;tax laws with respect to our tax treatment as
a REIT and on an investment in our capital stock or debt securities.</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>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>rwt-20250821_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 21, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="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="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="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug. 21,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="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>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred 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="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT PRA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2029Member', window );">9.125% Senior Notes Due 2029 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">9.125% Senior Notes Due 2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWTN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9SeniorNotesDue2029Member', window );">9.0% Senior Notes Due 2029 [Member]</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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">9.00% Senior Notes Due 2029<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWTO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2030Member', window );">Percent 9125 Senior Notes Due 2030 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">9.125% Senior Notes Due 2030<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWTP<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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_DocumentInformationLineItems</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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>
<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_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="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>
<a href="javascript:void(0);" onclick="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_PreCommencementTenderOffer</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>
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